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Fittanrial
Tl|f
/
ontmerria
COPYRIGHTED
IN 1940 8TWTLUAM B. DANA
COMPANY, NEW YORK.
VOL.151. ,S!uedwl,e8kr^Ye8araCop,~
ENTERED AS SECOND-CLASS MATTER JUNE 23, 187®, AT THE
FOST OFFICE AT NEW YORK. NEW
YORK, UNDER THE
NEW YORK, OCTOBER 5, 1940
Ts7,uBo.Ds«nf&Y~-
BROOKLYN TRUST
THE
COMPANY
ACT^F CihJH 3,1^79.
NO
CHASE
NATIONAL
BANK
OF THE CITY OF NEW YORK
Chartered 1866
George V. McLaughlin
-
Maintaining effective cor-^
President
NEW YORK
respondent bank, service
BROOKLYN
is
Member Federal
a
traditional
policy of
the Chase National Bank.
Deposit Insurance
Corporation
Broaden your customer
service
with
Chase
cor¬
respondent facilities.
Hallgarten & Co,
Member Federal
Public
NEW YORK
Chicago
Deposit Insurance
Corporation
Established J850
■-
Utility
Bonds
London
City of
Philadelphia
PUBLIC UTILITY
Bonds
T*hc
INDUSTRIAL
first boston
RAILROAD
CORPORATION
MUNICIPAL
NEW YORK
BOSTON
Moncure Biddle & Co.
CHICAGO
BONDS
PHILADELPHIA
PHILADELPHIA
SAN FRANCISCO
AND OTHER PRINCIPAL CITIES
A.CALLYN«*COMPANY
INCORPORATED
CHICAGO
New York
Boston
Detroit
Philadelphia
Milwaukee
Omaha
PACIFIC NORTHWEST
f-W-1
The
SECURITIES
f
New York Trust
Company
Capital Funds
.
$37,500,000
(Drumhdler, Ehrlxchmati
(Eompany
Exchange Bldg.
Seattle
OTIS & CO.
(Incorporated)
IOO
Established 1899
NewYork
CLEVELAND
BROADWAY
Chicago
We Deal in
Philadelphia Electric Common
Stock
West Penn Power Common Stock
Curtis Pub. Co. Prior Pref. Stock
R. H. Johnson & Co.
MADISON AVENUE
Philadelphia Company $6 Pref. Stock
AND 40TH STREET
Penna. Power Co. $5 Preferred Stock
Members
New York Stock Exchange
New York Curb Exchange
64 Wall
St.
BOSTON
Yvrnall & co.
NewYork
PHILADELPHIA
ONE EAST
1528 Walnut
Street,
Philadelphia
57TH STREET
Carl M. Loeb, Rhoades & Co.
61
NEW Yomc
London
DeHaVen & ToWnsend
BROADWAY
Paris
-
Amsterdam
Established 187 b
-
- ;
Geneva
Member
of the
Federal Deposit
Insurance Corporation
NEW
YORK
SO Broad St.
:
PHILADELPHIA
1513
Walnut St.
V
The Commercial & Financial Chronicle
II
Oct. S, 1940
.
\
,
$20,000,000
Great Northern Railway
Company
4% Collateral Trust Bonds
Dated January 1, 1940
1
OF THE MANHATTAN
Interest payable January
REDEEMABLE: The issue is
on
as
follows:
each July 1, 1941 to 1946
1947 to 1951, inclusive.
$13,000,000 Term Bonds due January 1,1952.
BANK
date
Due
—
$7,000,000 Serial Bonds due $500,000
inclusive and $800,000 each July 1,
COMPANY, Trustee
1 and July 1
less than 45 days' notice on any interest
July 1, 1942 and January 1, 1943—105%;
redeemable at the option of the Company upon not
and after July 1, 1942 at
the following prices plus accrued interest: On
July 1, 1943 and January 1, 1944—1043^%; July 1, 1944 and January 1,1945—104%; July
103^%; July 1,1946 and January 1,1947—103%; July 1,1947 and January
1949—102%; July 1, 1949 and January 1, 1950—101 lA%o\ July 1, 1950—101%; January 1,
1,1945 and January 1,1946—
1,1948—1023^%; July 1,1948and January 1,
1951 and July 1, 1951—100%.
all the bonds outstanding the bonds redeemed shall be of the latest maturity outstanding.
ferial Bonds to be redeemed if any of the Term Bonds are to remain outstanding. The Term Bonds shall be redeemable
whole or in part by lot. The Serial Bonds of each maturity shall be redeemable in whole, but not in part.
Upon redemption of less than
No
in
:
:
'
•:
;
' ■
opinion of counsel these bonds are
■
-
In the
for
Secured by
-, •/
i.
-"
Legal Investment
Savings Banks in the State of New York.
-
deposit with the Trustee of $40,000,000
•
„
principal amount of Great Northern Railway
1952. None of the collateral may
Company General Mortgage 4% Bonds, Series "J" due January 1,
be withdrawn until retirement of all of the Collateral Trust Bonds.
We offer the unsold
portion of the above bonds at the following
prices:
$7,000,000 Serial Bonds
.50%
July 1941
$500,000
July 1942
500,000
1.00
July 1943
500,000
1.50
July 1944
500,000
July 1945
July 1946
July 1947
$500,000
500,000
800,000
2.35%
2.65
2.90
1.90
*
(The above, yields
are to
maturity with the exception of the July 1, 1951 maturity
July
July
July
July
$800,000
800,000
800,000
800,000
1948
1949
1950
1951
3.10%
3.30
3.45
3.60
which is to January 1,1951, at which date the bonds are callable at par.)
$13,000,000 Term Bonds
Due January 1,
1952
Price 103% and accrued interest
Dick & Merle
-
Smith
Salomon Bros. & Hutzler
Stroud & Company
Incorporated
October f, 19W
Dividends
The United
Corporation
$3 Cumulative Preference
The
Board
of
Directors
Stock
of
The
has declared
a
dividend of 75c per share upon *
the
outstanding $3
Cumulative
Preference Stock, payable October
17, 1940, to holders of record at the
United
Corporation
close of business October 10, 1940.
H.
S.' SUTTON, Treasurer.
Wilmington. Delaware,
October 1, 1940.
tor oth«r
divMeede
pag«
iv
Tl|f
onmiEiria1 f
Editorials
1937
The Financial Situation
1949
Hitler in the Presidential Race
The Far East____
.1950
_______
Comment and Review
Capital Flotations During the Month of September. —1954
The Business Man's Bookshelf.___ ——.1959
Week
on
the European
Stock Exchanges.
1941
_.
Foreign Political and Economic Situation__.___-__.__.1942
1946 & 1995
Foreign Exchange Rates and Comment.
Course of the Bond Market
_____
—1953
Indications of Business Activity.
—
Week
on
Week
on
1959
_1939
the New York Stock Exchange.
the New York Curb Exchange
1990
News
Current Events and Discussions
1971
Bank and Trust Company Items
1989
General
..2034
Corporation and Investment News
Dry Goods Trade
State and
.2070
2071
—
Municipal Department
Stocks and Bonds
1999 & 2001
-.1995
Foreign Stock Exchange Quotations.—
Bonds Called and
Sinking Fund Notices—
1995
Dividends Declared
—1995
Auction Sales
Exchange—Stock Quotations
New York Stock
*New York Stock
Exchange—Bond Quotations
2018
2022
Exchanges—Stock and Bond Quotations
2024
New York Curb
Exchange—Stock Quotations
*New York Curb
Other
___2002
Exchange—Bond Quotations. 2002 & 2012
Canadian Markets—Stock and Bond
Quotations.__—2027
Over-the-Counter Securities—Stock & Bond
Quotations.2030
Reports
1945
Foreign Bank Statements
Course of Bank
r
Clearings
-1971 & 1999
Federal Reserve Bank Statements
General
-1991
—
Corporation and Investment News—
.2034
___
Commodities
The Commercial Markets and the
Crops
Bread stuffs
*
on
Attention
—
—2061
—2064
Cotton
-2067
__
is
directed
to
the
new
column incorporated in our tables
New York Stock Exchange and New
tions pertaining to
York Curb Exchange bond quota¬
bank eligibility and rating.
i
The Commercial & Financial Chronicle
XIV
HOW FAR AHEAD
Oct. 5, 1940
CAN
YOU SEE?
A business
man
finds
future
But he is
trying to plan for the
many
likely
of his
...
■,
forget entirely the
uncertainty of all—the length
greatest
...
to
unknown factors.
own
life.
'
TO MAKE YOUR PLANS SECURE
USE
■
■J
'
:
.
LIFE INSURANCE
.
.
^©rutlmitral
Insurance
^ dmnpanij of America
Home Office, NEWARK, N.J.
The Financial Situation
What Is Feared
THE vigorous wayininthis country, the increasing
which the British Empire is
buying goods
momentum of
our
defense
own
What is
preparations and the
feared, of
ordinary domestic demand for goods, albeit in some
at least of which
substantial part what has become known as
Such
"antici¬
situation which has raised the question as to
a
whether the powers
with
rising prices and scarcity of goods, actual
mand for these very
advance
coun¬
goods by
operations
pure
moreover,
have
an
judgment is certainly worthy of
expressing themselves
of the opinion
as
whatever
doing
hold
events
in
which
even
now
getting under
be
of
nomic
develop¬
inflated
an
eco¬
than
situation
proceed in
Others
this
to
ful of such
are
action
are
The demands
,
of
program
defense which
we
have laid
out for ourselves and which
is
commonly regarded
as
the most essential and the
most
urgent of all
our cur¬
rent tasks.
In
view, it would
our
well not to
be
much time
spend too
pondering this
question at this moment.
There
far
are
tal
and
some
which
fundamen¬
more
far
more
urgent,
other avail¬
are
means
against
aspects
situation
and there
able
other
are
the
of
of
Employ
that the
our
methods
safeguards,
these
commend them.
to
and
it
will
be
found
danger of being obliged, for the time being,
will
be greatly
Take
these
reduced
steps,
and
hazardous
work of
Fail to take them,
evitably
be
found
particularistic
bring endless
later
in
be
found
preparedness
pro¬
whether
we
tlish
restrictions
which
always
difficulties and unwanted situations
in their wake.
.
,
tive, nature
velop in
possibly elimi¬
not, to proceed to repressive measures or to
positive,
getting ourselves
con¬
ditions of this sort would
be almost certain to
bring
extended, troublesome and
unnecessary restrictions,
and interference
generally
with the normal processes
both
of
production
and
consumption of the ordi¬
articles
nary
which
the
people of the country want
and need.
The
troubles,
of
or one
them, with what is ordi¬
narily known
as
"applying
the brakes" in this situa¬
is
tion
that
action
such
either would not be effec¬
tive
or
else would
place
restraining hand where
a
re-
"
straint is not needed and
is not
desirable,
those branches and
as
well
caution is in the public interest.
duly large buying of
will
and it will all but in¬
necessary,
where greater
or
that task will have been measurably facili¬
tated.
not
are
we
prepared for defense,
upon some
it
far
impeding
the
more
gram,
from
ma¬
existing sit¬
likely to be willing to tol¬
business trends reflects
imposed
In the
.
uation, since
industrial system
that,
or
chine
as
those departments, if any,
more
least, to employ the other and
nated.
it
tion of the industrial
quarters foreseen and
feared which have much
at
smooth and efficient opera¬
in
now
host
a
impediments to
upon
guarding
what is
conflicts, and
other
of
branches
by war orders and
defense preparations have already reached a
point where serious problems in the form of
rising costs and "bottlenecks" are foreseen.
Shortages of skilled labor are reported in some
lines, with competitive bidding by employers
for the available supply and resulting sharp
increases in wage rates.
The scattered in¬
stances thus far reported are not of primary
importance in themselves but are significant
as indicating the nature of the questions that
may be encountered in the future.
Such de¬
velopments are, of course, the normal conse¬
quences of a sharply rising demand under a
system of free enterprise.
To prevent ten¬
dencies of this kind from developing into seri¬
ous
impediments to the program without un¬
duly' restricting individual liberty of action
may become one of the most difficult prob¬
lems arising in connection with the prepared¬
ness drive.— The Guaranty Survey.
To prevent situations of this kind from de¬
veloping into serious impediments not only
to the preparedness program, but to our nor¬
mal economic life, will be doubly difficult, if
if indeed not impossible, without a sharp
change in the general trend of policy in
Washington*
of
the
present time lest it do real
injury to the
disequilibria—
rising and uncertain costs,
considerations•
fear¬
at
economic
of the program and the increas¬
ing extent to which future economic develop¬
ments, in the absence of changes that cannot
now be foreseen, will be governed by
military
equally worthy of respect¬
ful consideration
are current
econo¬
erate interference with the
on
the vast scope
way.
views
whose
thoroughly^
calls
mist
wage
wait until after the event
to
locations—what the
marked influence
disconcerting, they
ment
be found. The result is dis¬
re¬
prospective needs for additional armaments
that it is idle to speculate on what the situa¬
tion might be in the absence of this factor.
To the continued large foreign orders is now
being added a rapidly growing volume of
domestic>
buying as the defense program
progressively emerges from the planning
stage and takes the form of actual contracts.
The fact that rearmament, though still in its
very early stages, has already had such a
assert, to take such steps
in advance of the
war
trends under the domination of present and
easier, safer and less likely
to
So
weeks.
It is
way.
of
abroad and defense orders at
the level of business activity, in the
United States has risen steadily in recent
be
con¬
unac¬
customed operations are to
combined influence
home,
boom
may
the
quirements
check,
"runaway"
any
Under
to spheres
fundamental
warranting
tf
"To Prevent
be
may
even
no
ditions
to prevent, or at
necessary
all
where
of spreading
way
throughout the economic system,
forelock,"
developments,
Such
unpleasant
that it would be wise "to
take time by the
of hoarding,
reason
and simple.
Some observers whose
are
or
buying, padding of orders, and speculative
try, should not now begin to "apply the brakes."
respect
some
in limited supply.
at present
are
prospective, which, in turn, tend to increase the de¬
that be, particularly those charged
controlling the financial mechanism of the
is the effect of the multi¬
situations, if not relieved, tend to reflect them¬
selves in
patory" buying, have during the past few weeks given
rise to
course,
plication of demand for various types of goods,
may
may
or
or
Un¬
semi-specula¬
threatening to de¬
Fear of shortages which may
be leading
some consumers
to lay
Such situations are, however,
excessive stocks.
unless
speculative,
be developing
some areas.
develop
a
supplies and production
are
inadequate, quite
short period of
apt to cure themselves in a relatively
time, and in
upon
any
event, by and large, the feared strain
stocks and production arises from demand,
realized
or
expected, which is essential either to the
defense program or to the
Welfare of the civil popula¬
tion.
Broadly speaking, what is wanted is not con¬
trol of
consumption
or
of buying, but*greater prodtfc-
r*
The Commercial & Financial Chronicle
1938
tion
in
those
where scarcity is in
areas
In these
developing.
danger of
it is often essential that
areas
prices be permitted to rise in order to induce expansion of
productive capacity
the less efficient
As to the great
industrial
ceed
their
at
raw
and
risk,
own
indicated at
are
to bring into operation
materials, many of
here
In the course of
present.
situation in this
excellent review of the current
an
certainly no
respect the October Monthly Bank Letter of The Na¬
tional
production are both heavily ex¬
ceeding actual consumption, and prices are firm
Other-
few other types need expanding.
a
Chairman of the United States Steel Corporation,
has stated his belief that some system of priorities
become necessary.
may
"The
price
to 7% cents, had its origin in the shutting
up
off of the
This
.. .
tight position in zinc, which has pushed the
Belgian smelters from the English market.
turned
has
both
of
supplies
foreign
con¬
centrates and demands for refined zinc to this coun¬
try, imposing a strain
City Bank of New York at one point says:
"Rubber and tin
1940
5,
wise, the opinion of the steel makers is that present
capacity is adequate, although Mr. Irving S. Olds,
Here speculators will pro¬
them exist in abundance.
"breaks"
or
of existing capacity.
reserves
possibly
Oct.
British
Empire
tdtilized and
on
refining
new
plants
smelting capacity.
our
is
capacity
are
being
fully
being built. Meanwhile,
only because the outlook is disturbed by war and
however, zinc exports are currently running at ap¬
possibility of interference with shipments, and be-
proximately 100,000 tons annually, while
government and possibly some private buyers
cause
are
accumulating huge reserve stocks of both.
United States will need
is
cotton
situations
American
imports of wool, but there
require
products
are;
as
cut off from the Continent of
ages
in June and July,
sumption
Europe."
competently managed,
are
are
most un¬
is
"Lumber is
a
commodity which has advanced in
on
record
money
production, but reconditioning of three plants
way.
"The record buying
price
up
of
mill
costs
considerably, and by providing
vary
profit to higher-cost mills the higher prices will
courage
greater output, thus performing their
a
natural function.
"The Lumber
which makes
of
a
en¬
a
.
.
Survey Committee,
a
body of experts
quarterly report to the Department
Commerce, estimates direct and indirect defense
requirements of lumber and Jimber for the next
twelve months at between 4 and 5 billion
is less than
of
20% of 1939 output
production
now
or
(68% of capacity).
running ahead of 1939.
feet, which
of the August rate
Production is
The refining capacity
"Authoritative opinions as to the ability of the
steel mills to meet
1,572,000 tons annually exceeds by
probable demands have been made
of old scrap
recovered,
domestic copper
can
offer
no
Mills
can
be operated for a time at above
pacity, but not usually for
tion
a
of finished steel in 1939
long period.
was
ca-
Produc-
39,000,000 tons,
and in 1929, the peak
year, 46,000,000. Even should
non-defense requirements
equal the peak year, which
for many reasons
is hardly likely, there would be a
theoretical margin of
14,000,000 to meet defense re-
quirements and the abnormally increased exports,
Estimates of defense
requirements, according to the
between 12,000,000 and 15,000,000
tons, deliverable over a long period; this accords
Institute,
with
an
run,
estimate
by Mr. Edward
"These figures suggest that the steel
be
operating
ever
before.
near
capacity
over a
industry will
longer period than
Facilities for makiiig armor
plate and
1,160,-
requirements
likely to be after the defense program is under
Ml swing. A reassuring fact, however, is that
domestic production can be held for domestic requirements. Foreign copper supplies are excessive
now
that the Continent is
eign markets
are
blockaded, and the for¬
depressed; hence there is virtually
export demand for copper metal of U. S. origin.
Exports of fabricated products
can
also be supplied
by using foreign metal, inasmuch as the brass
of the customs
can
obtain
a
pro¬
drawback
duty when the product is exported."
In such situations
as
these it would appear plain
moderate increase in prices will, in the
absence of restrictive
or
otherwise impeding action
by government itself, call forth production adequate
to satisfy demands now foreseen or foreseeable. To
"apply the brakes" or to take any sort of (action
which would prevent price changes needed to
stimulate production or prevent or impede expansion
of production capacity where such expansion is required would, obviously, merely aggravate the
con-
dition and quite possibly render consumption control, or other equivalent action, unavoidable in some
instances if the defense program is to proceed
vigorously.
L.
Ryerson, Jr.,
Chairman of the Board of Inland Steel
Co., that defense requirements will not be
likely to exceed 6,000,000 or 7,000,000 tons in the
peak year (1942).
was
800,000. We
was
are
that only a
tins.
record
estimates of what copper
Steel Institute at about
82,000,000 net tons, and the
on
1929; in 1939 the total
ducers and other fabricators
capacity at approximately 60,000,000
comfort-
variable figure. The largest
a
consumption
public during the month, and they are generally as¬
suring.
The present ingot producing capacity of
the country is calculated
by the American Iron and
finished steel
a
K&ble margin our mine producing capacity of around
1,150,000 tons, to which must be added the amount
no
...
ex¬
port price of only 9.90, also raises a question as to
000 tons in
.
which moved the
copper,
to 12 cents compared with an
of
saw-
It
to get unused capacity
mining and refining capacity.
industry is highly competitive and
con¬
634,000 tons in 1929.
need to be taken account of in the price
The lumber
cal¬
At present about
a year.
price, and which illustrates most of the points that
situation.
Statistics
Metal
The heaviest domestic
was
require time and
domestic
facts:
814,000 short tons
reported under
analysis sets forth the following
same
of
smelting capacity of the United
ing 74,000 tons unused.
into
affairs
likely, this
;
States at
might under some conditions develop, but which
our
certain other basic
even
740,000,000 tons of this capacity is being used, leav¬
will
to
Bureau
culates the total zinc
products where short¬
As
if
The grain and
description.
South
no
still,
"The American
The
plenty of foreign wool available.
an
larger amount of concentrates is being imported
Where the Shoe Pinches
It is, however, in other areas, particularly in the
manufacturing branches, that the shoe is most likely
to pinch.
way
was
Here, too, fortunately it is possible, by
of illustration, to be specific. On August 15 it
announced that the Government through the
War Department had entered into
a
contract with
Volume
the
Chrysler Corporation
equip
a
then
Jems on the part of public officials is far more important and far more urgent than academic discussion of ways and means of "applying brakes" or
construct and
military tanks esti¬
therein
manufacture
mated to cost about
not
first to
plant to cost approximately $20,000,000 and
to
of the wisdom of
Since the plant is
$33,500,000.
expected to be in operation until about Septem¬
o
Some idea of the magnitude
equipping the plant.
of this task is obtained when it is stated that
the
an
property, plant and equipment of the entire Chrysler
been awarded a contract
to manufacture
Company had
Commission had
mated cost of
is
these orders
fill
Purchasing
is
now
to be constructed and in
cost
reserve
pany's property investment- on Dec. 31, 1939 was
.
0
orTO
,
.,
.
273,412 .Oil Sept 14 also, xt was announced tlia
the General Motors
a
Department contract for the manufacture of
War
machine
$61,398,872 and to install
to cost
guns
equipment for this purpose at an estimated cost of
about
Production is expected to begin
$20,000,000.
in about 15 months.
Here then in
only three contracts recently let, were
a
highly technical nature at a cost of some $70,-
000,000.
It appears to be supposed in some quarters
made adequate ar¬
that since the Government has
capital outlay in¬
volved, and has left the actual work of constructing
and equipping the plants in the hands of competent
rangements for financing the
the
is still
patience we
ever,
a
for the work-
Such is obviously, how¬
In the matter of ordinary con¬
not the case.
struction materials
able.
can summon
completed.
no
particular difficulty is prob-
Equipping and tooling the plants is, however,
gray
horse of an entirely different color. For this
purpose
there must be imposed upon an industry
already
heavily loaded
The
magnitude,
illustration.
upon
and
cases
Many
this industry.
copied.
cited
are,
of
other demands
course
will
but
impinge
The plants in the machine tool
industries
allied
further burdens of large
a
are
ready extensively
oc-
It will be necessary very substantially to
enlarge the utilization of these plants, or construct
additional plants, or
these
enlarge old ones.
It is
almost
as
encountered.
Tax laws
important, administrative rulings
regarding the application of tax legislation), limita¬
tions
upon
the work week, required overtime pay¬
ments, the securities laws, the practical operations
of the National Labor Relations
stant incitement of labor to
a
record of
increase,
together
Washington
experienced
a
Notwithstanding the prodigious
the
on money,
there
sizable increase in the effective demand
no
An
upward trend exists, but
par% seasonal, and not at all in keeping with
vast armaments program
which
now
is begin¬
The condition statement of New York City
ning.
weekly reporting member banks shows
business
Loans
loans
by the
of
same
$14,000,000
to
a
gain in
$1,767,000,000.
banks to brokers and dealers
on
advanced $23,000,000 to $324,-
security collateral
000,000.
Open market operations of the Federal Reserve
were
resumed in the statement
week,
a
decline
$10,000,000 taking place in the holdings of United
securities.
States Government
effected
fell to
were
The reduction
was
entirely in Treasury note holdings, which
$1,105,000,000, while Treasury bond holdings
unchanged at $1,318,600,000.
The Treasury de-
ported $110,003,000 gold certificates with the
re-
gional banks, raising their holdings of such instru¬
ments to
$18,953,303,000.
other cash of the 12
increased
A decline took place in
banks, and their total
eral Reserve notes
Fed¬
in actual circulation moved up
357^253,000 to $0,464,238,000.
the 12
reserves
only $90,445,000 to $19,293,069,000.
Total deposits with
regional institutions advanced $44,176,000 to
|16,064,789,000, with the account variations
,s;sting of
a
con-
gain of member bank reserve deposits
by 597,093,000 to $13,800,205,000;
a
drop of the'
Treasury general account by $114,472,000 to $678,-
precisely in this type of situation that the
most serious difficulties are
(and
Probably all
expedients will be required.
in
Tre
for accommodation.
of
what
currency
gain of non-member deposits with the 12 Fed-
regional banks.
posed of, and that all that is necessary now is to sit
hand to be
The
potential of credit and the low rates
banks
in
contraction of the excess
in it*
sharp reduction in its general account deposits witn
with
private concerns, the matter has been largely dis¬
with
or
Money in circulation increased $82,-
month-end requirements, to
on
^
^
n
it is
plans for the construction and equipment of plants
of
a
reported
eral Reserve banks, depressed the idle credit total.
,
Corporation had been awarded
expansion
$8,172,000,000.
with
now
Other changes in the credit and
position tended to cancel out in their in¬
total.
^000,000
The Com¬
fully equipped, of some $30,000,000.
monetary gold stock in the same
$21,271,000,000.
currency
operation in about ten months or somewhat less at
a
of
reserves
requirements advanced
$105,000,000, and the total
was
fluence for
The plant in which to
$125,000,000.
legal
over
the aggregate to $6,720,000,000, which is only
period
order with the same com¬
an
Excess
of the United States.
banks
The increase of the
$62,448,000, and shortly there¬
placed
inflow of gold,
$160,000,000 under the record established July 17.
for 6,000 such engines and parts at an esti¬
pany
heavy
statistics continue to reflect
advancing tendency in the reservoir of idle credit
ing
by the Federal Government
after it became known that the British
the
to
$70,000,000 in the weekly period ended Oct. 2, rais¬
3,000 airplane engines and parts at
estimated cost of
an
chiefly
official banking
member
On Sept. 14, it was an¬
nounced that the Packard Motor Car
WING
resources
Corporation appears in the March 31, 1940 balance
only $58,327,691.
applying them at this time.
Federal Reserve Bank Statement
ber, 1911, the immediate task is that of building and
sheet at
1939
The Commercial & Financial Chronicle
151
Act, the almost
con¬
make unreasonable de¬
060,090;
an
increase of foreign deposits by $34,-
134,000 to $1,045,458,000, and an increase of other
deposits by $27,421,000 to $511,066,000.
ratio remained
the
unchanged at 89.6%.
The
reserve
Discounts by
regional banks advanced $1,065,000 to $5,647,000.
Industrial
advances
were
down
$289,000 to
$8,-
375,000, while commitments to make such advances
fell
$495,000 to $7,583,000.
mands, and numerous other conditions which spring
directly
or
The New York Stock Market
indirectly from governmental policies and
attitudes, thrust themselves at once athwart the
path of smooth, efficient, and enduring progress. A
realistic and
constructive
approach to these prob-
i
MPROVEMENT remained the rule this week
of
the New York stock
the
on
market, apparently because
proposed early recess of Congress and the
I
The Commercial & Financial Chronicle
1940
i
Oct.
1
■
■
■
.
valiant
manner
in
which
almost
continually
estly, and base metals
un-
foreign exchange dealings remained mostly
dominatSd~the
developments, which
market
after the French collapse
in
official basis, and
though it cannot be said that they have been
en-
a
On
the
touched
York
New
Stock
touched
cautiously at times
Exchange 41 stocks touched
others.
little
Fairly sizable gains
boldly at
more
noted early in the
were
week, with the advance most pronounced
stocks touched
Call loans
Tues-
on
Mild profit-taking followed late in the week,
day.
of
aroused
dictators
possible week-end sensations.
the week nevertheless
which
issues
carried
But the results for
favored holders in the great
majority of stock issues.
industrial
apprehensions
new
Steel, aviation and other
in the
were
of the
van
shares;
noted in
some
leading stocks.
in excellent demand at
doing good business.
to be
are
Railroad shares
were
times, since the carriers
Utility stocks
were
quiet.
the New York Stock Exchange
on
tinued to reflect the many
a
lack of
influences that make for
widespread interest in securities.
session
any
was
con-
Saturday
30,295 shares;
were
The
under the 500,900-
were
so-called
new
excess
profits tax
was one of the obvious
deterrents, since this
extraordinary enactment will cut sharply into corporate profits hereafter.
In the foreign field, portents
measure
much
were
along the line established in previous
weeks, with anxiety widespread
as
effect of the terrible German aerial
don and other British
cities.
years, which
tenacious
is
a
bombing of Lon-
Indications
however, to continuance of the
perhaps
to the ultimate
war
pointed,
for months, and
favorable
for the
omen
British, whose strength improves daily,
The furor with
respect to the Far East which
occasioned
and
had
by the agreement
among
was
Germany, Italy
Japan, proved less unsettling than
many
anticipated.
a
All signs pointed to
experts
halt in law-
making in Washington, at least for the duration of
the election
Ihe most
campaign, and this was perhaps one of
encouraging elements of the market situa-
li°nIn
the listed
bond
market
a
strong demand
ap-
the
more
ury
obligations
tutional
speculative bonds.
were
sources,
a
best-rated
rather: substantial
funds to that
vance
corporate
New issues placed
good response.
rier bonds drew most
a
issues
the
on
The speculative
car-
attention, however, owing to
diversion of private
department of the
market.
of railroad business made less
further
States Treas-
steadily in demand from insti-
and
also tended to advance.
inarket met
United
reorganizations
among
investor
The ad-
probable any
rails
that
have
escaped that unhappy fate, and the related bond
issues
ment
came
was
into
strong demand.
Sharp improveday after day, and scores of
into high
territory for the year. Other
recorded
bonds moved
speculative domestic bonds
proved sentiment.
the trend
lent
most
at
was
times.
sessions
also
reflected
toward
im-
recovery, with movements vio-
Commodity markets
of the week.
the
Among foreign dollar securities
were
firm
in
Grains advanced mod-
Saturday of last week
was
small and the range
a
some improvesteady but dull opening, and closed the
moderately
The
higher and
changing
at
the
complexion
day's
of the
national situation held the market in check
day
speculation grew
as
was
While
stocks did manage to make
ment after
best
interMon-
on
what part Spain and
over
Russia will share in the present
setup.
Steadiness
attended the
opening for the general list, with the
of aviation issues, which reflected a
exception
greater interest.
As the first hour got under way
equipment shares and selected preferred stocks
rail
fell in line and advanced their levels.
was
hour, followed by
noon
hardening of prices which found
irregularly higher on the day. Turnover in
them
sales
of
Some easiness
experienced by market leaders around the
a
Tuesday
on
was more than double the volume
Monday's business,
as
heavier and broader trad-
ing sent values upward from
Brokers
were
view of the
inclined
to
one
take
a
to three points,
more
European situation, and
optimistic
were
further
encouraged by the favorable showing domestic industry is making despite the fact that the present impetus springs in large
orders
peared for both high-grade investment issues and
on
day's volume of business
narrow,
session
figure.
on Wednesday,
Thursday, 103,515 shares, and on
on
composed than in previous sessions.
figures.
dealings last Monday
on
Monday, 63,280
on
Tuesday, 111,350 shares;
on
The stock market
more
Not in
while
on Wednesday,
Thursday, 784,385 shares, and
Friday, 82,300 shares.
the 1,900,000-share level attained,
share
on
On the New York Curb Exchange the sales
the
Trading
on
Monday, 403,170
on
Friday, 466,080 shares.
on
are
relatively
high levels and 14
new
Tuesday, 808,100 shares;
on
769,700 shares;
107,110 shares;
points
On the New York Curb
204,080 shares;
were
shares;
four
to
45 stocks
while 10 stocks
the New York Stock Exchange re-
on
occurred.
of two
year
low levels,
new
point attained last May, before the French collapse
Gains
rate variations.
On the New York Stock Exchange the sales
Saturday
upswing,
general levels approximately to the
an
mained unchanged at 1%.
partly because the Brenner Pass meeting of the
Rome-Berlin
low levels.
new
any
Exchange
high levels for the
new
The
on
further influx of gold reflected
tirely dispelled. Heavier buying of stocks developed,
a
well maintained.
were
the actual situation better than
June, seemed to be less prominent this week, al-
and
t.
out
Fears of
against the German aerial assault.
toward
5, 1940
■
holds
Britain
Great
(
and
our
own
measure
national
from foreign
defense
war
program.
Stocks falling in this category were the most
sought
after, and made the most
progress. Advances ruled
higher from the start, and the only evidence of weak-
ness
the
came
in the
bud, and with
closed
a
closing hour.
a
This was nipped in
minimum of profit-taking, prices
trifle below the
ishing fears of
a
day's best values.
Dimin-
Nazi invasion this winter, coupled
with reported successes of the R.A.F. in attacks
on
important German objectives, played their part in
bringing fresh enthusiasm to the market on Wednes-
day.
Stocks that passed heretofore unnoticed
joyed attention, and
of
defense
our
strength.
groups
program
Shipping shares
coming within the
implemented
en-
scope
market
commanded main inter¬
est in
early trading and spurted forward for gains
running to two points. Late in the afternoon interest centered in the
heavy industries, with steel issues
in the forefront.
All in
and at the
market
crate
all, equities closed higher
day's peak levels.
On Thursday the share
again lifted values, although in
manner
than
in
earlier
sessions.
a more mod-
Much
the
Volume
factors
same
for the
The Commercial & Financial Chronicle
151
as on
active
start,
raised
to
line shares
fairly
a
van-
slight shading of values, air-
a
to within two points after
noon rose
to a firmer trend in the closing minutes,
being irregularly higher
tional
declines
were
stocks,
as
leaned to the side of
Frac-
Friday
among
on
preferred issues
some
much
the day.
on
numerous
while
tended their levels
as
five
points.
Traders
caution, notwithstanding
grow-
small, which cannot fail to have
lion
of
course
of stock
profits, however,
a
prices.
was
a
higher level this week, as
may
seen
by
a com-
of N. Y. at
trie
at
yesterday at 35% against
Friday of last week; Consolidated Edison Co.
on
at
26% against 26%; Columbia Gas & Elec-
5% against 5%; Public Service of N. J.
Friday of last
at 42%
against 40%, and Phelps Dodge at 33% against
31%.
In the aviation group, Curtiss-Wright closed
yes-
terday at 7% against 7% on Friday of last week;
Boeing Aircraft at 16% against 15%, and Douglas
Aircraft at 78% against 75%.
Trade and industrial reports reflected
improvement in business
States, with the tremendous
ing virtual
general
a
conditions in the United
arms
provid¬
program
assurance that the advance will continue,
Steel operations for the
ing figures on Friday of last week.
General Electric closed
&
estimated by American Iron
Prices attained
be
Smelting
Partial realiza-
parison of final quotations for yesterday with clos-
35
on
Refining
American
desirable effect
instrumental in the
irregularly lower trend of the list.
stocks, Anaconda Copper closed
copper
week;
ex-
ing evidence of expansion in business, both large and
the future
Among the
yesterday at 22% against 21%
An easier tone then developed, but
,
stocks
on
week; Shell Union Oil at 8% against 8%, and Atlantic Refining at 21% against 21.
were
By early afternoon the day's high peak
reached.
common
responsible
point, with steel issues in the
by
past neglect.
gave way
were
The list got off to
and fractionally higher prices
one
Following
guard.
was
other occasions
good showing.
1941
week
ending today
were
and Steel Institute at
92.6% of capacity, against 92.5% last week, 82.5%
month ago, and 87.5% a year ago. Production of
a
electric
for the week ended Sept. 28 was reall-time high by the Edison Electric
Institute. The figure for the week was 2,669,661,000
kwh., against 2,628,667,000 kwh. in the preceding
power
ported at
an
week, and 2,469,689,000 kwh. in the corresponding
week of last year. Car loadings of revenue freight
for the week ended Sept. 28 were reported at 822,434
33% against 34%; International Harvester at 48
cars
by the Association
against 46; Sears, Roebuck & Co. at 81% against
This
was a
of
gain of 9,105
American
cars
over
Railroads,
the preceding
81%; Montgomery Ward & Co. at 42 against 40%;
week, but
Woolworth at
ported at this time last year, when the feverish and
abortive early war upswing was reaching its height.
Tel. at
33% against 33, and American Tel. &
163% against 162%.
Western Union closed
18*4
at
on
yesterday at 19% against
Friday of last week; Allied Chemical & Dye
164% against 162%; E. I. du Pont de Nemours at
a
drop of 7,262
cars
from the level
re-
As indicating the course of the commodity markets, the December option for wheat in Chicago
closed yesterday at 81%e. against 79%c. the close
Friday of last week.
178% against 172%; National Cash Register at 14
on
against 12% ^National Dairy Products at 13 against
terday at 57%c. against 57%c. the close on Friday
of last week. December oats at Chicago closed yesterday at 32c. against 31%c. the close on Friday
13%; National Biscuit at 19% against 19; Texas
Gulf
Sulphur at 33% against 33%; Loft, Inc., at
20% against 29%; Continental Can at 49% against
&
6% against 6%; Westinghouse Elec.
Mfg. at 107% against 196%; Canada Dry at 13%
corn
closed yes-
of last week.
39%; Eastman Kodak at 133 against 134%; Standard Brands at
December
The spot price for cotton here in New York
yesterday at 9.74c. against 9.71c. the close
day of last week.
closed
on
Fri-
The spot price for rubber closed
against 13%; Schenley Distillers at 19 against 9%,
yesterday at 19.62c. against 19.62c. the
and National Distillers at
Friday of last week.
the
In
closed
last
rubber
group,
22% against 21%.
Goodyear Tire & Rubber
yesterday at 15% against 16 on Friday of
week; B. F. Goodrich at
United States Rubber at
29%
The railroad stocks sold
svlvania RR. closed
12^|igainst 12%, and
aSnst
20.
week.
Penn-
yesterday at 22% against 21%
on
17% against 16%; New York Central at 14%
against 13%; Union Pacific at 84% against
way
34%c., the close
33%
on
higher ground the present
yesterday at 69%
Friday of last week; Crucible Steel
against
on
at
Friday of last week,
on
London closed yesterday at $4.94% against
$4.03% the close
on
Friday of last week.
European Stock Markets
U*EW changes of importance
-
United States Steel closed
against 56%
on
9% against 8%; Southern Rail¬
Steel stocks moved into
week.
the close
closed
In the matter of foreign exchanges, cable trans¬
fers
at 13% against 12%, and Northern Pacific at
7% against 6%.
at
83;
on
ounce against 23 7/16
Friday of last week,
and spot silver in New York closed yesterday
Friday of last week; Atchison Topeka & Santa Fe
it
Southern Pacific at
In London the price of bar silver
yesterday at 23 7/16 pence per
pence per ounce
higher this week.
close
Domestic copper closed yesterday at 12c. against 12c. the close on Friday of last
29%;
Bethlehem
Steel
at
81%
were noted this week
stock exchanges in the leading European
financial centers, which remain under the depressing
*
on
domination of the great
war.
change was dull throughout,
The London Stock Ex
as
air raids presumably
against 78, and Youngstown Sheet & Tube at 34%
do not contribute to optimism.
against 32%.
variations in British funds left these issues virtually
unchanged for the week as a whole, and industrial
In the motor group,
General Motors closed yester-
day at 49% against 48% on Friday of last week;
Chrysler at 79% against 78; Packard at 3% against
3%; Studebaker at 8 %against 7%, and Hupp Motors at
% against 9/16.
•
" \
'
-
Among the oil stocks, Standard Oil of N.: J. closed
yesterday at 33% against 33%
on
Friday of last
The small daily
securities were almost equally motionless. Japanese
bonds dipped sharply in the foreign division of the
London market. Much interest was occasioned by
permission, Tuesday, for the resumption of external
security sales on private account, from the accumulated holdings now on deposit in Canada. The
1942
The Commercial & Financial Chronicle
interruption
in
to relate
affect
understood at the time
was
only to the difficulties of physical transfer
of the securities.
at
which
transactions,
these
chiefly American stocks,
The Amsterdam market
times, this week, and highly irregular.
the advance
again
The tendency
was
out the issues based
especially
on
seek
or
available
are
Bourse, owing to the
firm
was
by turns, with net changes for the week
altogether inconsequential.
man
oc-
securities
The Berlin Boerse
censorship.
and weak
No reports
the Paris
Even the so-called Ger-
colonial issues failed to attract interest.
.
the investment to be junior to the Export-Import
Bank loan.
Warren Lee Pierson, President of the Export-Import Bank, apparently is making no commitments as
to the $500,000,000 lending power in the course
tour through Latin America.
was
program
States after the collapse
June.
The
new
phases of the extraordi-
found
for the United
necessary
of the French defense in
so-called
profits tax bill
excess
was
adopted last Tuesday, amid general apologies by the
legislators, who admitted that they did not themselves understand the
bill of the
scription
The last
measure.
session, providing for
army,
then
was
taken
expenses
up.
important
of the
con-
President Roose-
yelt toured through the Aberdeen proving grounds
in
Maryland, Monday, and asserted that production
armaments
o
new
is
increasing
satisfactorily.
oston, Wedensday, and produced
*
The
anadian-American Joint Defense Board met in
obvious dec
e
arations, this
ease
0
one
of its usual
being to the effect that
one
^ West Coast of Canada has been
pushed into the foreground by the Axis-Japanese
pact. There were no apparent moves of importance,
however, in the delicate sphere of American foreign
policy.
A formal reminder
Department
on
sent
was
on the debt resulting from
Army of Occupation costs.
The usual
suggestion for
offer of settlement
an
Some, discussions
French
to
be
with
progress
80 American
some
on
Martinique, and possibly with respect
airplanes held there
French aircraft carrier Beam.
were
in
omitted.
Ebassy officials regarding fortifications
1he Island of
to
seemed
was
No definite
a
previously extended
out."
Some difficulties apparently arose in connec-
lion with the credit, which was granted under the
from
Mr.
on
the
moves
Pierson
Buenos
fc-rences
That Argentina felt cool
indicated
was
Aires, but it
appears
in
dispatches
that any dif-
have been
adjusted and that the $20,-
m m wiU be llsed fop
piirchase of machinery and
now
other materials in the United
States.
jmport Bank head left Argentina
and
wni return up
on
The
Export-
Thursday for
the West Coast, but he
stated that this will be for the purpose
of becoming
acquainted with officials of the various countries,
Qf ironic interest is
a
Buenos Aires
dispatch of last
Saturday to the New York "Times," which reports
an
a
intention
«bBateral
j0
by Argentina and Brazil to conclude
compensation trade agreement similar
Argentina has with Germany."
one
Washington,
greeted
a
on
military
Tuesday,
liati0ns.
President
In
Roosevelt
representing almost all
group
Batin American countries
the three
save
great ABC
Why Argentina, Brazil and Chile
were
not
^presented has not been made clear,
•
Aerial Blitzkrieg
by the State
Oct. 1 to Germany, reminding that-
country of payments clue
American
made that details of
credit of $20,000,000 to Argentina had been "ironed
original authority of the Export-Import Bank to
/CONGRESS and the Administration settled down
this week to the last
of his
At the conclusion of
visit to Buenos Aires, last Wednesday, announce-
a
ment
toward
defense
An exchange
will be required
Brazil is to contribute toward this
lend $200,000,000 abroad.
.
merican n e , ense
nary
years
project the milreis equivalent of about $25,000,000,
still*to
Indian
the purchase of materials.
for construction.
good part of
was
over
active
foreign holdings
on
East
in demand.
were
to tendencies
German
largely
Dutch
and
a
and
of letters indicates that 2%
relinguished in later dealings.
in the Holland center
investments,
as
sessions, but
the selection of executives for the new steel plant
Sharp
was
gains, ranging to 8 points in indivdual issues,
eurred in the first two
Oct. 5, 1940
t
^
^
F
T n™.have pas*fd T?e tbe Nazi ^
| maf be^an tbeir serial Blitzkrieg against London and other leading British cities,
in "retaliation"
continued British aerial bombing of
^j€rman military and other centers. Although imIuense damage and dest™ction have been occasioned
*° bcdb s*des ^ these raiding tactics, it is becoming
evident that the aerial arm caimot effect such a
a rapid decision in the conflict as the Reich forces
lor ^be
apparently thought possible.
The issue remains
undecided, however, as to the effect over a long
period of heavy aircraft atacks. There were no im-
reported in either connection.
Latin America
ONLY Administration has been of lending $500,- portant respites this week in the intense air bombing
modest progress
made as yet with conducted by the two great adversaries.
the
program
000,000 to Latin American
with the
measure
►Sept. 26.
signed by President Roosevelt
Concurrently with the signature of
bill, arrangements
for
a
loan of
developing
advance
with
ton
a
a
was
were
concluded
in
$20,000,000 to Brazil, for the
of
This
negotiation for several months
after the United States Steel
on
the
purpose
steel industry in that country.
under
on
Washington
Brazilian mission that arrived in
soon
adversely
own
During
countries, in accordance
Washing-
Corp. decided
the question of building a plant of its
in Brazil.
The incident
typifies perfectly the
readiness of bureaucrats to hand out
of
large amounts
public funds, where private enterprise finds i\-
sufficient incentive
to Brazil
or
too many
obstacles.
The loan
naturally is made through the Export-Import Bank, which is to have a degree of control over
most days and all nights, the German fliers soared
the British Isles, dropping bombs of various
over
sorts
over
military and other objectives.
centrated target
and
the
The
numerical
con-
German
superiority doubtless provided the Nazi fliers with
major opportunities for destructive attacks.
The
British air forces ranged over a much wider terri-
tory from Norway to France, but Berlin
was
treated
to frequent night bombings, and German industrial
plants unquestionably suffered.
fare
seems
This sort of
destined to continue for
some
war-
time in the
main theater of the world
conflict, although the
possibility of further extraordinary developments
is not to be discounted in this
strangest of
wars,
The diplomatic and economic aspects of the struggle tended, this week, to overshadow the grim busi-
Volume
The Commercial &
151
ness
of aerial
that
major importance attaches to the new under¬
It is hardly to be denied
bombing.
standing of the Rome-Berlin Axis with the Japanese
in
Government,
diplomatic
a
real
The
sense.
1943
Financial Chronicle
halted, and perhaps will not be taken up
German
months.
some
concentrations
were
the Continental side of the
on
Channel
repeatedly, and finally were reported
bombed
the
again for
ship
barge and merchant
This relieved the
back to the Reich.
significance of that agreement is only beginning to
on
be
Britislj^fears of an imminent attack overland. But
the Germans asserted, in turn, that the Nazi aim is
explored, and it may even be that the authors are
not
fully aware of the full ramifications.
other
problems of the
seemed
to
meeting, yesterday,
a
nights and uncomfortable quarters.
between Chancellor Adolf Hitler and Premier Benito
British industrial
Mussolini.
in
The two dictators
sleepless
Curtailment of
taken for granted
give London-no relief whatever from
totalitarian States
aggresor
ripe for discussion at
This and
way
met in the Brenner
production was
British air force seemed to make
The
Berlin.
vitiated
of mili¬
tary base bombings over a wide area, including any
points in France or Belgium that Nazis might find
useful.
German agricultural authorities announced
on Monday that crops are ample in the Reich, mak¬
ing the British blockade a matter of little immediate
consequence.
But Hugh Dalton, the British Minis¬
advances, but the efforts plainly were
Pass, but the consequences of the discussion will be
some
disclosed
by the need for observing the requirements
only in the future.
Unfortunately, such
meetings have been taken rather lightly in the past,
is
but there
now
tendency to minimize the im¬
no
portance of the conversations. Spain remains a lead¬
ing problem for
the
who
dictators,
the Rome-Berlin
reviewed
doubtless
position of that country,
along with the Cabinet changes in England, the
of
trend
the
war
situation.
ranean
German leader
closures
Britain, and the Mediter¬
over
The
be
can
personal "timetable" of the
depended upon to bring dis¬
these maters
on
It is
a reason¬
speech in London which emphasized the Ger¬
a
man
lack of oil and rubber.
the Mediterranean
In
only when it suits the con¬
venience of Herr Hitler to make them.
Warfare, countered the next day
of Economic
ter
with
the fighting between
area
British and Italian forces seemed to lack determina¬
able surmise that the attitude of the United States
tion, for there were no engagements of any conse¬
also
was
quence.
that
score
for the
,
reviewed
carefully, since dubiousness on
assuredly supplied the main promptings
blows
Germans and British
of
numbers
exchanged this week by the
were
on
available
in German
changes
hardly
1,000
ing
of
sign
a
were
or more
Shifts
weakness, that is
German
On
Reich airplanes were
the United Kingdom.
over
and the
reported from Lon¬
matter for surprise.
a
only by the
and if London interpreted the'
daily,
as
scale limited
happened to prevail.
fighter tactics
almost
don
a
planes and pilots,
weather conditions that
some
occasions
reported operat¬
destruction
The
wrought by explosive, time and incendiary bombs
the
been
have
must
great, but British crews repaired
damages with
to the United
turn
their
States that the British
concealing little.
are
don
greater speed and alacrity.
ever
visitors to London reported on
American
Admissions
tories.
The British forces
German
re¬
censors
made in Lon¬
are
even
claim
cities, and also to
great damage to
many
ports across the
caused
airplanes
were
by the British bombers.
made
marines
shot down in
a
ratio of about three
shipping.
submersibles
In
and
a
favorable to
aircraft
sank
The
strong British defense caused
calculations,
was
was
This
attained
week.
There
of Italian progress,
leaders
These
to
guide
changes
of
heavy fighting
throughout the winter and
perhaps into next spring.
of
some
Preparations for the in¬
England seemed suddenly to have been
no
counterpart, this
in London that the Ger¬
and has sent in various military
the
Mediterranean
Rome announced last Monday
identified vessel.
of
No admission was made in Lon¬
The British base at
such incident.
any
recently was reinforced, according to London
notwithstanding confident Italian
reports,
tions
that
damage to the un¬
aerial bomb which caused much
don
effort.
battleship had been hit squarely by an
British
Malta
war
accounts, of course, remain without official
confirmation.
a
found
rumors
were
High Command felt distressed over the lack
man
tenable
during warfare.
'
~
'
.
asser¬
station would be un¬
British way
this
that
.
''..'
_
British Cabinet Shuffle
SOME rather important changes in the British
announced
Thursday by Prime
Cabinet
op
were
Minister Winston
Churchill, who took over the direc¬
tion of the British war effort
in May from ex-Prime
Minister Neville Chamberlain.
nificant
Mr. Chamberlain from the
ment of the "inner war
elimination of
Cabinet, and the enlarge¬
Cabinet" through the inclu¬
sion of Labor
party adherents.
Chamberlain
to
health.
By far the most sig¬
change now effected is the
withdraw
The decision of Mr.
was
caused
by
This often has been an excuse for
changes, but on the current occasion
doubt whatever
poor
British
there is no
concerning the validity of the cause,
for the former Prime Minister
long has been unable
his full duties as Lord President of the
A kindly exchange of letters between Mr.
to carry on
Council.
The Nazi High Com¬
said to hold the view that
would have to continue
vasion
of registry
according to reports
Tuesday from Berlin.
mand
159,288 tons
or
extended period in the first World War.
German
last
British
London, the Admiralty admitted.
higher rate of destruction than
for any
on
single week, last month,
shipping under the British flag
a
German sub¬
heightened their depredations
and neutral
The
either side that enemy
on
planes to each home plane.
enemy
in
were
Berlin authori¬
only "negligible" destruction was
in the Reich
usual claims
Nazi
invasion fleet.
an
ties declared that
is
vasion of that country
in airplane fac¬
English Channel, from which the Nazis might at¬
tempt to launch
The swift move into
Egypt that marked the first week of the Italian in¬
dispatches that the frequent air raid alarms are
cutting industrial production,
of
Egypt, and the compliment was invari¬
ably returned with interest.
pact with Japan.
Aerial
Italian bombers attacked British concen¬
trations in
Churchill
and
ditionally clear.
Mr.
Chamberlain
makes
this
ad¬
It is also true, on the other hand,
public criticism has been voiced lately of
retention of Mr. Chamberlain in the Cabinet,
that much
the
and
it may
well be that Mr. Churchill is relieved
by the retirement of his former chief.
Sir John
the
Anderson, former Home Secretary, is elevated to
The Commercial & Financial Chronicle
1944
Iyont vacated by Mr. Chamberlain, and Herbert Mor-
rison, in turn, is assuming the duties of the Home
Sir John became a member of the inner
Secretary.
council
war
Bevin,
as a
consequence
Ernest
of this change.
Socialist" Minister of Labor,
the
Sir
and
Kingsley Wood, the Chancellor of the Exchequer,
both
were
ing the
made members of the narrow circle direct-
Sir Andrew Rae Duncan
effort.
war
linquished his place
Trade to take
over
re-
President of the Board of
Ministry of Supply from Mr.
as
the
Oct. 5, 1940
signed at Berlin eight days ago. The assumption
appeared to be that the United States would be
forced to declare itself with great precision as a neutral
associate in
or an
British Empire.
one
manner
course of extending all possible aid to Britain. The
British Government seemed to gain from the Wash-
ington attitude
greater
a
degree of
ist, was placed in charge of the trade post.
refusing to
with
from
a
tremendous
for mutual "defensive" action in
the
of
event
"attack"
an
new
in
Berlin,
arrangement
Europe
Asia, in
or
from any country
now
officially neutral in the respective wars, little change
appears
to have been occasioned in the international
outlook by the
Italian
inclusion of Japan in the German-
announced
Washington
accord
was
Sept. 27, the immediate reaction in
on
change in
When the
alliance.
military
was
that it amounted only to
view has been borne out in
question still exists
as
some
Russia of the
upon
arrangement for mutual action by countries at either
end of the vast Soviet
Empire.
Moscow revealed
the content of the formal alliance to the people of
Russia
last
without
Saturday,
through
comment
the accepted medium of certain newspapers.
course
of the week
now
In the
ending, however, the spokes-
for the Russian Government took
men
a
view of the
agreement which encouraged the participants.
ferences to Russia
note in the press
suddenly took
on a
a
Re-
highly cordial
of Germany, Italy and Japan.
The
of
as a means
suitable rejoinder to the enlarged axis,
Washington unquestionably is aware that any such
tendencies might readily involve the United States
in a full scale participation in warfare, and it may be
that the next test of the actual foreign policy intentions of the Roosevelt Administration will develop
in this connection.
R
„
p
a
This
general, although
to the effect
hinted at in London
moves were
of making
avenue
Chungking regime of the Chinese
Chiang Kai-shek.
Joint Anglo-
modest
a
situation that already existed.
a
the "appeasement" arrangement
renew
Generalissimo,
American
with
courage
talk in London of
was
Japan for closing of the Burma Road
supply for the
pother
Rome and Tokio about the
at
Washington, which merely held to the prescribed
respect to the Far East. There
APART
occa-
sioned, however, in the Administration circles
Morrison, and Captain Oliver Lyttelton, industrial-
Expanded Axis
another of the
or
No excitement seemed to be
DOLITICAL
an
and
.
,
enm8U a
economic
domination
of
Balkan Peninsula by the German and
*
the
Italian
governments
appears to be increasing daily, with
Russia the principal counterweight along the Danube,
while Britain still exercises great influence in the
countries bordering the Eastern Mediterranean,
The virtual capitulation of Rumania to the dictates
of Berlin made the Danube region
supply for the Reich,
grain and petroleum
a
docile
source
of
and enlarged shipments of
are
reported under negotiation,
Territorial changes may well hamper the Germans,
in such plans, for great unsettlement naturally has
minor di ferences between the fascist and communist
been
regimes
Numerous exchanges of populations are taking
place, with a German exodus from Bessarabia one
and emphasis
lorgotten,
were
the major similarities.
upon
Moscow will
but the
Soviet
was
placed
The degree to which
respond to this wooing is not yet clear,
brutal
realism
displayed heretofore in the
capital suggests that
a
stiff price
will
be
exacted for any acceptance of the arrangement.
If the Axis Powers
in
their
week.
The
was
of the
more
Rumanians
their lot this
Spanish Minister of State, Ramon Serrano
by
the
partition
of
Rumania,
important of these migrations.
returned
areas
to
Hungary and
From the
Bulgaria,
many
fleeing to the region still controlled
These great shifts are hardly con-
are
by Bucharest.
expected Spanish participation
scheme, disappointment
occasioned
ducive to the placid productivity that warring Gerdesires in the Balkans.
many
There is
no
doubt,
however, of the subservience to Berlin of the
new
Suner, ended his visit to Berlin last Sunday, and
departed for Rome in the company of the Italian
Rumanian regime headed by Premier Ion Antonescu.
A sort of drive seems to be in progress against former
Foreign Minister, Count Galeazzo Ciano.
officials who favored the alliance with
After long
conversations in Rome between Senor Serrano Suner
France, which
and
and
Premier
Benito
Mussolini, the rather candid
Italian press admitted that Spain will remain
while
providing
every
possible
short of
long civil
the
position to
wage a
Madrid
was
such
Iberian
war.
war
leaving it
country,
ad-
of
assurance
herence to the German-Italian
cause,
Madrid dispatches stated that the
exhausted
neutral,
in
had
no
major foreign conflict.
Rome and
appeared to be in agreement that
no pressure
exerted to force
Spain into the great
inspired statements
need
not
be
war,
but
taken
too
literally.
The fact is that the diplomatic success
achieved by the Rome-Berlin axis in
bringing Tokio
into closer alliance with these
predatory Powers of
Europe has been offset in part by the obvious failure
to persuade Madrid to take a similar course.
The controlled press in the three countries of the
enlarged Axis Alliance made much
essentially anti-American
nature
this week of the
of
the
document
now
is
American oil
one
dead letter.
a
arrested
men were
Britain and
Five British
over
the last
week-end in Rumania, necessitating representations
by London and, Washington. Relations between
London and Bucharest are becoming ever more
strained.
The
southern
sector
of
the
Balkan
which possibly has been allotted
to
Italy
Peninsula,
as a
sphere
of influence by the Rome-Berlin combination, has
received relatively little attention in recent weeks,
The preoccupation of the Axis with the problems of
Japan and Spain
may account
for this.
Occasional
reports make it clear, however, that Yugoslavia and
Greece entertain
they
may
no
illusions
have to face.
as
The
to
the difficulties
former
country
especially vulnerable, but is reported to be in
tant frame of
mind, which
may
be causing
a
a
is
mili-
degree
of hesitation in Axis circles about territorial demands,
Greece
can
rely
upon
the support of the formidable
Volume
British Navy,
of
a
but
be faced by the alternative
the
may
land attack unless Athens agrees to support
being used
It
axis.
Rome-Berlin
be
may
which would give
Greek concession
are
situation
more
and
dispute with
own
business
finding the
The Ankara
regime lately has displayed signs of turning once
again to Moscow for inspiration as to its foreign
policy orientation.
Far East
*
*
/
'ENSION with respect to the
somewhat this
drive
■
.
Far East lessened
week, notwithstanding
by the Japanese
aggressors
a
steady
through French
Indo-China, with the apparent aim of ending the
the Chungking armies
"China incident" by attacking
Clashes between the
through the French colony.
advancing Japanese and the French soldiers in IndoChina
ended,
week, owing to
last
late
definition of the arrangement
colonial Territory
with
After
fectives.
"limited" number of ef¬
a
advancing
of
a
a
Money on call at London
\
Bank of England
and
are
an
which raised the total outstanding to
circulation,
record high, £613,£538,748,770 a year ago. As
the increase in note circulation was attended by a
decline of £139,506 in gold holdings, the loss in re¬
serves amounted to
£631,000. Public deposits in¬
creased £7,742,000, while other deposits dropped
£13,248,745.
The latter consists of bankers' ac¬
counts, which decreased £14,707,158, and other ac¬
counts, which advanced £1,458,413.
The reserve
ratio is now 14.5%, compared with 14.4% a week ago
and 25.9% a year ago.
Government securities con¬
tracted £5,250,000, while other securities increased
£384,246. Other securities comprise discounts and
advances, which fell off £740,338, and securities,
which rose £1,124,584.
The discount rate remained
unchanged at 2%. Below we show the various items
with comparisons for previous years:
£605,255,000, compared with the
906,516, Aug. 14, and
ENGLAND'S COMPARATIVE
BANK OF
expected
on
Chiang
Generalissimo,
problem of the Burma Road again
The
arises, since the British appeasement closing of that
route for Chinese
Some reports
will be
kept
military supplies terminates Oct. 18.
2,
605.265.000 538,748,770
21,268.000 15,346,129
154.627.334 146,901,190
Bankers' accounts. 101,272,522 106,033,904
53,364,812 40,867,286
Other accounts
142,662,838 113,616,164
Govt, securities
25,814,676 24,727,047
Other securities
Circulation
The
A Tokio attack
already is suggested
on
new
formerly, and
in the Far East needs to be
States
studied with the utmost
retaliatory measure if the
as a
No great concern appears
caused in Japanese circles by
the United
aviation gasoline and scrap iron
on
shipments, possibly because ordinary gasoline
available to Japan,
ore are
still is
while immense quantities of iron
being shipped from the Philippines to Japan.
Central Banks
Discount Rates of Foreign
Securities
Coin and bullion
505,784,303 491,833,760 450,842,095
17,954,078 24,761,671
12,054,590
146,844,041 138,935,409 125,133,867
84,192,276
109,702,885 102,130,521
37,141,156 36,804,888 40,941,591
121,871,164 106,533,165 79,753,337
32,681,786 33,734,081 28,859,933
9,290,887
2,392,463 10,206,045 10.837,347
22,334,584 22,476,741 20,896,734 19,569,046
36,269,961 58,909,018
42,150,959 21,974,338
249.751.113
899,729 327,758,641 328,103,721
2%
....
168s.
Gold val. per fine oz_
THEREdiscount noof
have been changes during the week in
the
of the foreign central
rates
Present
any
at
rates
shown in the table which
leading centers
the
168s.
New York
39.30%
13.8%
2%
25.9%
3%
14 5%
to liabilities
Bank rate
84s.
23.1%
2%
11 Hd. 84s.
llKd. 84s.
2%
llKd.
Money Market
ECTLE businessmarket, andthis week on were New
was done rates still the un¬
York
money
changed in all departments. The supply of bankers'
bills and commercial paper finally shows a modest
improvement so far is on too
ripple in the market.
The Treasury sold on Monday a further issue of
1100,000,000 discount bills due in 91 days, and
accepted tenders only at par, which means that the
borrowing was costless. This situation reflects, of
course, certain approaching idle capital tax dates in
upward trend, but the
small
a
scale to cause even a
Middle Western
banks.
1936
every move
the British base at Singapore
opened.
embargo
Oct. 7.
1937
Proportion of reserve
difficult to deal with than
to have been
2,795,546
23.019,030
25.643,000
899,482
DIscts. & advances..
thereafter, which may involve grave
the Japanese.
Burma Road is
Other deposits
Reserve notes & coin
alliance of the
German, Italian and Japanese Governments ob¬
viously has made the Japanese militarists more
care.
Oct. 6,
1938
4,
1939
1940
Road
from London suggest that ihe
open
decisions by
STATEMENT
Oct. 5,
the forces
Oct
Oct.
Public deposits
Kai-shek.
Statement
THE statement of the Bank for £491,000 inended
Oct. 2 showed
increase of the week
note
certain distance the
fresh attack
Nationalist
Chinese
the
in
engage
clearer
a
for Japanese use of the
Japanese turned abruptly north
momentarily to
against 1 1-32%@1 1-16%
as
1%.
was
leaders, lending
embarrassing.
more
bills,
Friday of last week.
best of its ability, but plainly is
to the
three-months'
Friday
resort to force in any
1-32%@1 1-16% for
Friday of last week, and 1
on
Turkey continues to mind its
Greece.
was
on
on
on
emphasis to the manner in which Bulgaria truckles
to the axis.
The Bulgarian spokesmen insist that
no
IN bills Friday market discount rates for1-32%
LONDON open 1 1-32%, as against 1 short
corridor to the Aegean
a
Mussolini and other German-Italian
there will be
Foreign Money Rates
being named after Hitler,
Bulgaria
Streets in Sofia
is
Greece, for
catspaw for an attack on
as a
Sofia this week hinted broadly at a
Sea.
Bulgaria
that
N—-1945
Chronicle
The Commercial & Financial
151
are
Significant of the steady
rates were fresh an¬
by four New York City
nouncements
that interest to
follows:
areas.
downward pressure on money
savings banks
depositors would be lowered from
Call loans on the New York Stock
all dealings, and time loans
1%%
to 90 days, and 1%% for
2% to l1/2%.
Rate in
Effect
Date
Effect
Effective
Rate
Argentina..
3H
Mar.
Belgium...
2
Jan.
5 1940
Bulgaria
6
Aug.
2K
15 1935
Mar. 11
Country
Oct A
Holland
1 1936
Canada
2K
7
Dec.
16 1936
4
July
18 1933
5
Java
3
Jan.
1 1936
4
4
Nov
H
Jan.
2 1937
3H
6K
4H
...
4K
Sept. 22 1939
Dec. 17 1937
Aug.
3H
May
May 22 1940
June
30 1932
3K
Portugal
2
Oct.
26 1939
3
Rumania
Estonia
4K
Oct.
1
5
S<>utb Africa
Finland
4
Dec.
3 1934
4H
•4
4 1939
2H
.
..
2
Jan.
3K
Apr.
6 1940
4
Spain
Sweden....
Switzerland
6
Jan.
4 1937
7
Yugoslavia.
officially confirmed.
15 1939
May 28 1935
4
Norway
3
•Not
18 1936
7 1936
14 1937
Morocco
Poland...
4K
..
May
July
England
1935
1935
Apr.
6
6
Exchange held to 1% for
remained at
3H
5
Jan.
Eire
France
28
3
Denmark..
Greece
2
Aug
...
5K
Germany
Rate
29 1939
29 1935
Aug
Lithuania..
'
Czechoslo¬
vakia....
Effective
3
3.29
Japan
4
vious
3
Italy
1935
3
Colombia..
Date
4
...
Hungary
India
Chile
Danzig
Pre¬
Rate in
Oct A
Country
Pre¬
vious
4K
four to
six months' datings.
New York
3.65
Money Rates
4
7
4K
3K
5
1937
4X
5 1938
4K
May
15 1933
4K
Mar
29 1939
5
3*
IK
May 17 1940
Feb.
DEALING in detailfrom day toloan rates was the
with call day, 1% on the
Stock Exchange
3
5
3K
11
Nov. 26 1936
1
1935
2
ruling quotation all through the we k for both new
loans and renewals.
The market for time money
continues
6K
up
quiet.
to 90 days
l}4%
months'
Rates continued nominal at
and 1J^% for four to six
The Commercial & Financial Chronicle
1946
maturities.
The
market
for
prime
The demand has been good and the supply of prime
has increased.
paper
all
Ruling rates
%@1% for
are
maturities.
and
out
as
transactions have
light.
reported by the Federal Reserve
Bank of New York for bills up to and
days
are
for four
been
including 90
%% bid and 7-16% asked; for bills running
months, 9-16% bid and %% asked; for five
for bills
running from 1 to 90 days.
THERE have been
Government obligations
of paper at
now
The
are
shown
RATES
bound to have
great
Dale
Previous
Established
Rate
on
1
Sept.
1
Auk. 27.
1937
Philadelphia
Sept
4.
1937
2
IK
May 11.
1935
1. 1939
IK
•IK
Auk
Atlanta...
Aug
21.
1937
Statistics
movements
Aug
21. 1937
2
St. Louis
•IK
Sept
2. 1937
Aug. 24. 1937
2
IK
•IK
27. 1937
2
Sent.
2
2
3. 1937
registered sterling and to the free pound.
rule fractionally above the
by the Bank of England.
The firm¬
sterling is largely the result of belated
covering by commercial interests to meet month-end
registered
present
nearer
the tendency of free
to the levels fixed for official
The range for free
accounts.
week has been between $4.03 and
sight, compared with
$4.05 last week.
been between
range
a range
sterling this
$4.04% for bankers'
of between $4.03% and
The range for cable transfers has
$4.03% and $4.05 compared with
of between $4.03% and $4.05%
a
week
a
ago.
Official rates quoted
by the Bank of England con¬
as follows:
New
tinue
York, 4.02%-4.03%; Canada,
4.43-4.47
(Canadian
United States
official
90.09c.-90.91c.
per
dollar); Australia, 3.2150-3.2280; New
Zealand, 3.2280-3.2442.
rates for official
sterling
are
4.02 buying and 4.04
exchange is not quoted on Germany,
Italy, Poland, Czechoslovakia, Norway, Denmark,
Holland, Belgium, or France.
In New York ex¬
change is nominally quoted for the German so-called
gold mark around
mark at 12.37.
New York at
and
war
Italian
York there
40.00 and for the
Italian lire
are
conditions,
and
units
countries invaded
is
registered
quoted nominally in
extremely limited.
In
New
quotations for the currencies of the
by Germany.
it
so
is
However
increase, it is impossible under
inherent rela¬
no
In this respect the South American,
are
also limited.
exchange.
and
But
all
as
all
countries
same
the main endeavor of
war,
acquire increasing amounts of
the
on
South American
allied
to
sterling
are
necessity, the dollar is at
premium caused by worldwide
the
demand.
a
Interest
increasing gold stocks of the
United States.
In analyzing the growth of United States
gold
holdings, it should not be overlooked that Great
-Britain's
overseas
if not the
dominions
ing
are
large contributors
largest.
\
v
The London "Economist"
a
few
days
ago,
.•
report¬
the British domestic trade situation, noted
that industry is adjusting itself rapidly to the new
on
conditions
imposed by
the intensified
Supplies of most essential
raw
materials
air
raids.
fairly
plentiful because of the available stocks and recovery
of imports in
August.
are
The halt in the decline in exports
during August,
small, is encouraging
because of the difficulty of obtaining outlets to
replace
the markets lost by the extension of German control
the "Economist" said, although
Europe. The London publication notes especi¬
ally the increased imports into Great Britain from
over
other sources,
particularly the United States.
Though the British struggle is bearing heavily
upon
the Nation's financial resources, they are far from
are
being
strengthened from month to month.
Figures announced by the British Exchequer at
September placed the ordinary expenditure
the end of
for the
as
5.05, but business in both the German
are no
trade
measure
owing to the dis¬
exhaustion, and owing to gold shipments
In London
or
available
the free and multi-lateral trade of pre-war
subject to the
American commercial bank
selling.
free
by
to
necessary
now
Since the pegging of sterling to the dollar follow¬
in free
sterling is to rule
taking
exports
a balance between exports and imports.
The
slight improvement in exports results from forced
therefore centers
TRADING in the foreign exchange market con¬
tinues extremely limited both with
respect to
accounts, though at
effected
countries
Sterling Exchange
a
British
ing
dollar
2
Government obligations bear a rate of 1%. effective Sept.
1, 1939,
Chicago; Sept. 16,1939, Atlanta, Kansas City and Dallas; Sept. 21,
1939, 3t. Louis.
ness
not
London has been to
on
official rate set
commonly
are
ing the outbreak of the
2
Sept. 3. 1937
Aug. 31. 1937
•IK
IK
The free pound is as
that
present circumstances to envisage anything approach¬
•
■
2
•IK
official
fact
Asiatic, and other countries
IK
Chicago
British busi¬
improved in August.
2
Course of
from the
British may be.
IK
IK
Cleveland
Advances
comfort
are
the future of
on
the 'preserR time
at
are
at
factors
periods.
It cannot be expected that the loss of
-European markets serving 400,000,000 people can
be offset, however strenuous the export effort of the
FEDERAL RESERVE BANKS
New York
•
commentators
ness
to
Boston
SaD Francisco
important bearing
sterling and all the foreign exchanges.
largely artificial efforts with
Oct. 4
Minneapolis...
an
business
trade
and
Effect
Kansas City
Dallas
outstanding
tion
OF
Richmond
governing international
certain
following is the
Rate In
Federal Reserve Bank
time,
in effect for the various classes
the different Reserve banks:
DISCOUNT
be said relating
can
limited foreign exchange market under the
British exports may
no changes this week banks;
in the
in the footnote to the table.
schedule of rates
nothing of importance
circumstances
ruption
rediscount rates of the Federal Reserve
on
trading shall take place in regis¬
sterling.
impossible to make actual comparisons.
Discount Rates of the Federal Reserve Banks
recent advances
Foreign Exchange Com¬
Oct. 2 the receipt of advices from
on
inter-bank
no
this
and six
months, %% bid and 9-16% asked. The billbuying rate of the New York Reserve Bank is %%
1940
London to the effect that the Bank of England desires
that
While
shown
Dealers' rates
reported
to the very
THE market for activitybankers' acceptances bills
prime this week. Few has
little
come
mittee
tered
Bankers' Acceptances
have
The New York Bankers
commercial
has shown moderate improvement this week.
paper
Oct. 5,
half-year ended March 31 at £1,610,135,776,
against £562,026,216 for the first half of the last
fiscal year. *
Ordinary
revenue
for the first half-year
only £452,518,411, leaving a deficit of £1,157,617,365.
Hence the ordinary expenditures for the
first half of the 1940-41 fiscal year have been three
times as great as for the
corresponding period of
was
1939-1940.
Volume
In
1947
The Commercial & Financial Chronicle
151
commenting
International Settlements, took an encouraging view
the British financial structure
on
its
as to the future of the forieign exchange and monetary
recent monthly letter that thus far the British Governsituation in his report to the general shareholders'
ment has apparently dipped only slightly into its:
bank meeting in September. In part Mr. McKit$5,000,000,000 "war chest" of assets convertible into
trick said:
;
;
;.
>
dollars.
From now on, however, the drain on this
"A large part of the controls imposed by the
City Bank of New York said in
National
the
It does not follow that the
governments as well as the crisis in trade and in the
economic and financial systems will be, we may
hope, of a temporary nature. But under the troubles
of war there is no doubt that basic changes are taking
place, that they are due to have repercussions on the
future of Europe and the world, and that the postwar generation will have to face not only the consequences of the conflict, but also the effects of these
hypothetical and permanent changes. ... . Post-war
regeneration through the means and resources at the
world's disposal, should not be an impossible task,
available for shipment
of $480,000,000 in
and security holdings in the first 10
war is probably evidence that the
deplorable as the ruination may have been. With
the help of national institutions there should be
satisfactory possibilities for a correct analysis of the
international situation as soon as the war ends,
gold, dollar bank balances, and readily convertible
American securities will probably be greater, due to
the sharply
increasing exports of American goods to
the
On
Britain.
Great
question
the British
of
Empire's dollar resources, the Bank's letter says:
striking fact revealed by examination
"The most
newly
of the
figures is that the Empire's output of
mined
gold amounting to more than $750,000,000
during the first
year
of the
war more
than offset the
Empire's unfavorable balance of merchandise
the
in
period.
same
entire output
to this
of
gold
new
trade
was
country; and the reduction
dollar balances
the
months of
.
merchandise trade balance substantially
understates
here.
Nevertheless,
indications are that gold production relieved the
strain on the available gold reserves and dollar assets
the
British
to a
greater extent than may
made
payments
be generally realized."
During the first year of the war Great
up
000,000 with the United States.
its
Britain piled
unfavorable trade balance of about $700,-
an
mined
newly
of
output
In the same period
gold amounted to
Na\yrally the deciding factor, without which
no
amount of competence could be effective, is the
desire of the nations to cooperate and reorganize the
world reasonably. But if this goodwill exists, we
shall have adequate means at our disposal for the
urgent work of reconstruction."
London open market mbney^rates are slightly
firmer so far as call money against bills is concerned,
due to payment of the market syndicate allotment of
Treasury bills. Dividend payments and settling of
month-end commitments were also influential in firmthe total exports of the United States went to
ing call money against bills. Currently the rate is
British Empire countries, about four times United
%% to 1%, against %% f°r several weeks past.
States sales to all Latin America.
On the basis of
Bill rates are unchanged.
Two-months bills are
the September sales to Britain the National City
1 1-32%, three-months bills are 1 1-16%, fourBank believes that with the continuation of the war
months bills 1 3-32%, and six-months bills 1%%/
our exports
to the British Empire for the second
The Canadian Minister of Finance on Sept. 30
year of the war, from September, 1940 to August,
announced to the Bank of Canada the sale of $35,1941 will reach at least $3,000,000,000, compared
000,000 of Dominion of Canada Treasury bills due
with approximately $1,800,000,000 for the first year / Dec. 31A The average discount price of accepted
of the war and with $1,290,000,000 for the calendar
bids was 99.83875 and average yield was 0.648%.
year 1938.
With the passing of pressure on the'Canadian dollar,
United States gold stocks reached $21,271,000,000
which was due to September accumulation of AmeriOct. 2.
With respect to the gold stocks and the
can dollars to meet Oct. 1 obligations in New York,
German
threats and
statements regarding their
the Canadian discount lessened.
Montreal funds
future value, the United States Economists National
ranged during the week between a discount of 15%%
Committee on Monetary Policy has issued a stateand a discount of 12%%.
ment on "Why Germany cannot impair or destroy
The amounts of gold imports and exports which
the value of our gold stock."
^
:
follow are taken from the weekly statement of the
"The German contention that in the future our
United States Department of Commerce and cover
gold stock may not be acceptable in foreign exchange
the week ended Sept. 25, 1940.
:
^
because other nations will not want it for monetary
gold exports and imports, sept, id to 25, inclusive
purposes
presupposes two things (1) that other
o»MdbasetaUio.L..„„..„^.
«S4?*«uoo
nations can devise a satisfactory money system that
Refined bullion and coin
74,036,880 .. 700
$750,000,000.
In
August about $225,000,000, or nearly
65% of
on
be
can
completely divorced from gold and
(2) that
mechanism independent of the use of gold for
*
...
1
r
i
1
settlement of international balances can be perfected.
some
(1,
..
,
,
Nothing in the long history .of money^
$78,384,980
Total.
Detail of Refined Bullion and Coin Shipments—
$3,044,575
Portgual
50,186,719
Canada.
3,503>57
lends any
and no genius has yet
satisfactory outline of the mechanics
significant support to No. 1
Brazil
suggested
coiomiraTJlTrrrilIIIIZ1IIIIIIIIIIIIZIIIIIIIIII
a
imnlipd in No
2 "
implied m 1NO. Z.
The economists
refuse this
,
warn
that if Germany wants to
country's gold and barter
United States
xl
can
,
instead, "The
barter with her as easily as can
jiii
.
1,
n
li
i
nation that does not hold gold. Our gold supply
is not an impediment to our participation in any
any
11
r
,
Thomas McKittrick,
man
of
the
Board
of
the American banker, chairDirectors of the Bank for
2,3i3',548
52,221
523,405
....
Hongkong.-.-.....
2,399,002
—
700
IIIIII,
_r
......
uXofsouthXfricarrrilllllllllllllllllllll 5',779',070 IIIIII'
* chiefly $204,726 Canada, $238,831 Nicaragua, $431,595Chile, $175,281
Ecuador, $132,521 Peru, $210,564 Venezuela, $2,500,777 Philippine
Islands, $164,994 British South Africa (excl. Union of South Africa),
Gold held under earmark at the Federal Reserve ]banks was
$5,304,015 to $1,666,760,121.
during the week ended Sept. 25 by
6
system of barter/7
-----
~~
-
Venezuela.
British India
v
_
$7,309
.
,
.
.
.
reduced
sterling on
$4.03%@$4.03% for bankers'.
Referring to day-to-day rates free
Saturday last was
,
1948
The Commercial & Financial Chronicle
sight and $4.03%@$4.04 for cable
Monday the
range was
transfers.
range was
transfers.
On
Wednesday bankers' sight
cable transfers
the range was
The Swiss franc has been ruling
especially firm in
of the United States dollar.
The firmness in
$4.03%@$4.04.
On Thursday
$4.03@$4.03% for bankers' sight and
funds
were
Friday
on
On
transfers.
$4.03%
were
$4.04% for cable transfers.
and
Commercial sight bills
no
longer quoted.
Word
the
It is
clear
observers point
Impartial
the increasing depres¬
out
sion of the national
economy of these States
Official
cepted.
as
a
reports from Berlin cannot
be
ac¬
on Sept. 29 state that
according to the best neutral opinion the Reich's
military and civilian expenditures amount to between
4,000,000,000
month.
The
expenditures
month,
or
marks
and
5,000,000,000
contribution
of
France
to
marks
the
almost 15% of the Reich's outlay.
a
a
Under
the recent armistice terms the amount of
France's
contribution toward maintenance of the German
armed forces in French
occupied
at
20,000,000 marks
a
territory
was
fixed
What the term "mark"
represents is problematical
cannot be expressed
accurately in sterling or
certainly is not equivalent to
40.33 cents, its nominal
gold parity. Nor can it by
The
mark
be considered the equivalent of the
any means
Oct.
so-
the
1
Exchange
not
relation
the
to
called free
1
state
that
the
current weekly statement of the
Netherlands bank
showed that circulation had increased
by 41,100,000
guilders to a new peak of 1,359,300,000
guilders.
Vichy dispatches of Sept. 29 stated that financial
transfers and commercial
cents
to
authorities
on
or
the countries invaded by Germany is
gold marks
or
in London.
exchanges between France
expected to be resumed.
These
"freezing" the French Govern¬
decree forcing French
ing payments in Switzerland
the French
to pay
are
23.85@23.86.
are
Swiss
francs
are
quoted at 23.06,
The firmer quotation for
against 22.84%@22.90%.
the Swiss franc is due to
an
alteration made last week
of the unit from 4.38 francs
Reich's
customs
union,
restrictions between the
slovakia
to
were
10 Czech
free
lifted.
crowns
to 4.37 francs
to the
dollar, bringing its United States dollar equiva¬
lent from 22.83 to 22.88% cents.
Exchange on Fin¬
land closed at 2.05
(nominal), against 2.05 (nominal).
exchange closed at 0.68 (nominal), against
Greek
0.68
(nominal).
Spanish pesetas
quoted at 9.25, against 9.25.
nominally
are
EXCHANGEheld the Latin American countries is
generally on steady by the various national
exchange control boards.
The
_
exchange situation
in these countries is
strongly against them owing to
the decline in their exports since before the
beginning
of the
United States
war.
show
that
Department of Commerce
imports
American countries fell off
the
same
countries
time
United
remained
about
from
14
persons ow¬
their debts to
so
that
included in
all
exchange
Reich and former Czecho¬
On the
there is
parity of 1 reichsmark
now
the
possibility of
a
Latin
States
these
exports to
unchanged, still further
the United States about half
Apparently this
as
much
as
it
bought.
is being reflected in gold
movements to the United States.
Argentina, trying
hard
to
during
Bank
pressure
"insulate"
her
gold supply,
sent
this
to
than $8,000,000 in gold
Buenos Aires dispatches of
more
September.
Export-Import
has
completed details for the granting of
$20,000,000 credit to the Argentine Government.
The
were
major
sharply in August, while
necessitating firm exchange control operations. For
instance, in August Argentina continued to sell to
Compensation Bureau.
On Oct. 1 Bohemia and Moravia
the
so-
are nominally
quoted
nominally quoted at 5.05.
quoted at 23.85@23.86, against
Italian lire
Oct. 2 stated that the United States
a
German
quoted nominally around
are
of this
replied by
francs,
cents.
country considerably
ment
22.88% cents.
again lifted the
exchanges have been lacking since July, when French
holdings in Switzerland were blocked.
At the time
or
States
40.00, while registered marks
at
dispatches of Oct.
blocking
United
approximately 4.38 francs
22.83
Zurich
quoted in New York
currencies.
gold denominator
are
in
bringing it to 22.99
figures
and Switzerland
Sept. 28 that
on
official price in relation to the dollar to 4.35
called registered mark of around 12 cents.
It must
be some years before
any German financial figures
can
be translated into terms of
Amsterdam
franc
day.
and
dollars.
Swiss
dollar
in the peg
Reich
estimated at 600,000,000 marks
are
franc
Swedish kroner
fully
Berlin dispatches
of the
by the Zurich auth¬
days.
The rate had been
at 12.37.
of this overlordship.
consequence
occasions
the Swiss unit from
that quite all the'European States have fallen under
the domination of the German
economy.
two
and* was changed to 4.37 francs. This
equivalent to increasing the New York price for
On
situation of the Continental countries.
repatriation of Swiss
received in New York
was
Swiss
dollar.
was
NOTHING of a positive character can as yet be
said with regard to the
monetary and exchange
some
revaluation
the Zurich authorities had raised the official rate for
to the
Continental and Other Foreign
Exchange
on
the
orities in the past few
quo¬
demand
and also
undertaken
and
Closing
for
the Swiss franc reflects
Friday the
finished at $4.00; 60-day bills and
90-day bills are
neutral
territory in the Reich's customs union will
terms
$4.p3%@$4.04% for cable
tations
On
$4.03%@$4.04 for bankers' sight
was
in
the
remain in force.
$4.03%@$4.03% and
was
$4.03%@$4.04 for cable transfers.
range
Czech
$4.03%@$4.04% for bankers'
sight and $4.03%@$4.05 for cable transfers.
1940
countries, however, the regulations current
^Chechoslovakia previous to this inclusion of
$4.03%@$4.04% for bankers'
sight and $4.03%@$4.05 for cable
Tuesday the
On
Oct. S,
at
23
Argentine official
or
free market peso closed
7-16@23.65, against 23.25@23.50.
milreis closed at 5.15, against 5.15.
is
Brazilian
Chilean exchange
nominally quoted at 5.17, against 5.17.
nominally
quoted
at
a
16.00,
against
Peru is
16.00.
The
Mexican peso is quoted at 21.00,
against 21.00.
exchange of
money between Czechoslovakia and
Persons having
money in the Reich may
have it transferred to
Czechoslovakia and vice
versa.
All German banks will
exchange crowns for
marks at the official rate.
In
the Reich.
dealings with foreign
EXCHANGE onbeen affected by Japan's
the Far Eastern countries
have
not to
French
Japan
Indo-China
seems
move on
or
by
the
formal
with Germany and Italy in
a
alliance
of
military and
Volume
The Commercial & Financial Chronicle
151
economic pact.
and steady,
dollar
All the Far Eastern units
firm
are
with the exception of the Hongkong
and the
Shanghai
units have fluctuated
widely for
Closing quotations for
23.46, against 23.45
Both the Chinese
yuan.
long time.
a
checks yesterday
yen
Friday of last week.
on
were
Hong¬
he is
here, at least in the vehement asseverations of
who
men
1949
ought to know better and whose reasons for
self-indulgence in these wild and fantastic visions
must be sufficient to themselves.
Indeed, Hitler is
not in the
campaign by choice; he is there, if there at
all,
the invitation of Henry A. Wallace, can¬
upon
the
Ickes,
kong closed at 23%@23 7-16, against 23.16@23%;
didate
Shanghai at 5.60@5%, against 5.40@5.60; Manila
Secretary of the Interior and Public Works Adminis¬
at
trator
49.80,. against 49.80; Singapore at 47%, against
47%; Bombay at 30.31, against 30.31; and Calcutta
at
30.31, against 30.31.
for
statutory rate, 84s.
ll%d.
principal European
banks
dates of most recent statements,
special
cable yesterday
shown
for
the
fine ounce)
per
of respective
as
reported to
by
us
(Friday); comparisons
are
corresponding dates in the previous
four years:
1940
£
1939
£
\
*454,993
327,758,641
328,103.721
249,751,113
328,601,484
3,856,650
63,667,000
293,728.209
293,710.642
458.869,937
3,008,600
2,500.350
87.323,000
88,092,000
Italy
16,602,000
23,400,000
97,714.000
92,696.000
Nat.Belg'm
132,857,000
Switzerland
86,730.000
96,780,000
41,994,000
35.222,000
6,505.000
6,500,000
31,013,000
6,538,000
6,667,000
6,6)6,000
25,232,000
State, would
seek to enter this rather grotesque
ever
grouping of aspiring opportunists
do
to
Democratic
He
tion.
.
But when he chose
at this week's State Convention of the
so,
Party, he submitted
entered,
caveat of reserva¬
no
determined participants in the
as
a
rebuilt
and Joseph Stalin, of the imperialistic
59,047,000
80,827,000
25,965.000
56,590,000
6,549,000
6.552,000
6.602.000
6.604,000
7,442,000
_
Norway
Total week.
699,663,064
Prev. week.
103,665.000 ^88,643,000
699,733,612
In
war
These
were
his amazing words, part of his
"keynote" address, amazing words because they
.
has made It Impossible to obtain
uttered
by
77,873,000
24,157.000
761,509,127 1,084,478,450 1.062,642,713 1,072,038,050
762,188,903 1,083,888,195 1,064,994,632 1,041,041,968
Europe
Soviets.
were
42,575,000
105,490,000
100,340,000
11*431.000
Sweden
many
We had not
expected that Governor Herbert H. Lehman, of this
1,927,000
63,667,000
25,232,000
123,417,000
Netherlands
Noie—The
nating left wing of the last New Deal.
Roman Empire;
*454,868
Spain
from
£
4,020,250
63,667,000
Germany x.
_
Thomas G.
Aloysius Farley; and
Reich; but Benito Mussolini, who would have
1936
£
I-'1''
.
1937
£
1938
242,451,946
England
Denmark
James
pending contest, not only Adolph Hitler, of the Third
Banks of—
France y
of
Corcoran, vertiginous man-of-all-work of the domi¬
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at the
the
chief engineer and author of the
as
Flynn, coyly reluctant occupant of the abandoned
?
Gold Bullion in European Banks
in
L.
pseudo-draft of the third-term candidates; Edward J.
shoes
British
well
as
Vice-Presidency; Harold
who has heretofore walked in the
a man
straight path of political good faith.
Let there be no mistake about this: Nothing that could
happen in the United States could give Hitler, Mussolini,
Stalin, and the government of Japan more satisfaction than
the defeat of
up-to-date reports
...
.
Franklin D. Roosevelt.
.
This is the argument
of the countries shown In this tabulation.
Even before the present
were not obtainable from Spain and Italy, figures for which
turgidly reiterated by Wal¬
war, regular reports
of
April 30. 1938, and Mar
20, 1940 respectively
The last report from
France was received June 7; Switzerland, June 14; Relglum, May 24; Nether¬
lands, May 17; Sweden, May 24; Denmark, March 29; Norway, March I: Ger¬
many Fept. 27.
as
are
•
Pursuant to the Currency and Bank Notes Act. 1939. the Bank of England
statements for March 1, 1939, and since have carried the gold holdings of the
Bank at the market value current as of the statement date, Instead of the statutory
On the market price basis (168s.
£899,482, equivalent, however,
only about £434.868 at the statutory rate (84s. 11 Hd per fine ounce), accord¬
price which
to
was
fine ounce)
per
ing to our
calculations.
former periods
we
formerly the basts of value
the Bank reported holdings
as
In
order
to
make
of
the
current
figure
comparable
well as with the figures for other countries In the
with
lace, Ickes, Flynn, Corcoran, and all the smaller
luminaries of the New Deal.
do
like
not
It implies that
all who
Hitler, Mussolini, Stalin, and those in
authority in Japan, should vote to remove the tradi¬
tional limit upon
the door to
an
thi/Presidential tenure and
tabulation,
so open
In sharp and
American dictatorship.
illuminating contrast with this is the bold and in¬
show English holdings In the above In statutory pounds.
x
Gold
y
The Bank of France gold holdings have been revalued several times In recent
holdings of the Bank of Germany as reported la 1939 and 1940 Include
"deposits held abroad" and "reserves In foreign currencies."
years: on
tuted
basis of latest valuation (23 34 mg. gold 0.9 fine equals one franc). Insti¬
March
1940, there are per British statutory pound about 349 francs;
7. 1940. there were about 296 francs per pound, and as recently
as September, 1936, as few as 126 francs were equivalent to the statutory pound.:
For details of changes, see footnote to this table in Issue of July 20, 1940.
controvertible statement made by
General Hugh S.
Johnson in the current issue of the ^Saturday
Evening
7,
prior to March
Post."
His words
are:
' v
blunderingly preparing to spend billions for pre¬
paredness on the "wolf, wolf" cry that "Hitler is coming; if the
We
are
British navy goes down, we have nothing with which to stop
In an election year, this great apprehension
him."
Hitler in the Presidential Race
.
.
being used as the sole excuse to violate the anti-third-term
tradition, in order to perpetuate an almost unbelievably bad
Administration and to obscure and postpone practically every
is
I The .antics and
absurdities of shallow
pressed politicians intent
upon
hard-
or
bamboozling the voters
to the latter's detriment would be unbelievable if
were
not
seen
remember
evoked
and heard.
when
the
emotional
Many
men now
living
memories
of
the
hardships,
crest of which small and
unworthy
swept into lucrative office.
men
on
en¬
the
sought to be
Nor is it beyond recollec¬
tion that in cruder times multitudes of
issue concerning our badly shattered and
nomic and political structure at home.
President for
It would
unaccountable folly to choose a
four years, incidentally throwing down
the bars that,
throughout the Nation's entire history
the argument, in
be
strange
sympathetic with the National spirit, have prevented
self-perpetuation in that most powerful office, on
of almost
any
pretender to
grounds connected with the pleasure or displeasure of
lion" in the perfervid
suppose
even
rhetoric of the hustings.
The
of the Twentieth Century is dis¬
figured by the record of the mountebank who
successfully, for the office of
England.
approval of all those wisely
English misrule in Ireland could
the
upon
logic and common sense.
and
and with the unanimous
theii favor who would "twist the tail of the British
city, chiefly
eco¬
;
-
immigrants
be lured to the support
political history
sadly ailing
Unquestionably, General Johnson has the better of
can
"waving of the bloodyshirt"
mities, and recriminations of the Civil War,
who had fled from
they
mayor
in
a
ran,
and
great western
his antagonism to George V of
head of any European
or
foreign State.
Hitler,
or
were
Suppose it
But
important at
this extraordinary juncture in American affairs to
choose a President not acceptable to or wanted by
it
not so.
Mussolini,
or
Stalin,
were
or any
Japanese leader.
Who knows that these men,
tentions
are
assumed to
whose interests and in¬
be inimical to those of the
.
"
Upon
an
exact parity with these excrescencies of the
United
States, who
are
assumed to wish to
see
this
badly adminis¬
political method is the present obtrusion of Adolph
country badly led and all its affairs
Hitler in the 1940 contest for the
tered, would not vastly prefer another re-election of
United States.
there is
no
He has not
evidence that he has
Presidency of the
appeared
as a
come
volunteer;
willingly; but
Franklin Delano
pass
Roosevelt, to seeing the succession
to Wendell Lewis Willkie ?
We think that, if
The Commercial & Financial Chrohicle
1950
their
evil
assumed
wisdom
is
in
correspondence with their
era tic
tersely de-
country the sort of mis-government so
superior, business-
like administration that would be
anticipated under
the direction of Mr. Willkie.
who
Those
even
continuance of the Administration and the
Governor Lehman, do not
from
dictator, expressing
any
methods
under which these evils have accumulated,
Hitler and the other dictators have no place in an
represent that they have received any confidential
communication
being steadily weakened, that the
could wish anything worse to befall Americans than
Wallace, Ickes,
the contrary,
urge
Flynn, Corcoran,
are
American people are being pressed towards lower
standards of living and towards impotence in the
political control of their own affairs. No one wishing
ill to them as opponents or rivals, none wishing to see
their progress impeded and thei'efficiency destroyed,
malice, they must infinitely prefer for this
scribed by General Johnson to the
methods
Oct. 5, 1940
any
Those who have introduced them
American election.
candidate in the pending election;
they quote no public expressions favorable to one
candidate and unfavorable to another.
Indeed, their
in the effort to evade discussion of conditions
closer
at home and of genuine domestic importance
have,
lentire
however,
preference for
any
appeal to the voters to sink all their direct and
immediate
interests
ministration in
in
sound
wholesome
and
weapon
admittedly
based upon
as a
bold and unsupported assumption.
assumption is at least
as
good
progress.
One
whether
The dictators
The Far East
week's'treaty
last
not
or
declare,
its attitude towaMs the
final abandonment of the great
esfs.
its
principles of liberty
and greatness have
and
sprung
they look with apprehension
arm
upon a
of all other powers,
they
the continuance of the
and
upon
its decision to
scale of magnitude beyond the
are
was
re-
each other and
whicll wonld take the
injected
leadership
people.
resources
even
their
nationals musk sometimes look enviously at
free
and
self-governing people, deciding their,
own
time and in their
own
way,
a
own
their
deliberations illuminated by candid instruction in the
facts
voluntarily supplied by those whom they have
honored by making them their official servants, they
must prefer to see at the head of the American
Government
a
Roosevelt, who seeks centralized
con-
trol of all industries with regimentation of the workers
and
compulsory governmental service for all
men
and women, who ignores
can
or
and
never
reveals his purposes in any campaign
except under compulsion, to
restore
young
Congress whenever he
a
Willkie who would
private initiative and personal independence,
who abhors the
sterility of unreasoned standardiza-
tion, who rejects needless compulsion, and whose
[practices in all his activities
terized
invariably charac-
by frankness and good faith.
Hitler is
and
are
off
situation
the
Germany's apparent
England for the time being
Nazi
inevitable
the
Some of this still
and surprise.
certainly the published text of the,
if the
0f
,
a
treaty is not a* mere warning in the nature
bluff, but
a
serious agreement—-and it would
be unwise to treat it
tion
inevitably
as
arises
anything else—the sugges-
much
that
arrangement has been kept secret.
0f that aspect
of the
actual
A consideration
of this puzzling subject would lead
that the treaty em-
too far afield.
We will
bodies the full
understanding of the parties.
three of them have
assume
something in
The
The im-
common.
portance of the fact that all three are totalitarian
States
can
be
exaggerated, for ideological affinities
do not bear the test of conflicting interests or plans,
shown by the fate of the Anti-Comintern Pact,
as
Yet the general similarity of
political and economic
structure does facilitate cooperation among them,
Probably the strongest tie
nowT
existing among
Germany, Italy and Japan is that all three
are
"have-not"
the
nations,
present affords,
a
deeply
convinced
that
unique opportunity to improve
their condition, and firmly resolved to "live danger-
ously" and employ dynamically their utmost,
probably not blind to American conditions
developments.
carge
treaty raises more questions than it answers,
compre-
own
problems in their
remains, for
of the American
If they shrink in realization that
into
element of suspense
outlays and aims with
bring all into definite and
right hand man—Mr. Suner—and the ex-
decision not to invade
the first purpose of which would be to bring order out
hensible relation with the
exciting than when it
'Yet the trip to Berlin of General
pected announcement of an arrangement with Spain
self-hindering methods of the present Adminis-
of chaos and to co-ordinate
of the treaty was made
glllky [Nazi-Fascist pomp and bluster
n0VGlty.
a
Franco>g
resources
practical enough to wish
a
signatories and their inter-
announcement
wMch has become much less
If
planless, profligate, heedless,
tration rather than the substitution of
The
wjt]l the asiial
subjection under the deadly blight of impotent
bureaucracy and purblind personal government.
Ger-
impress ug^d to influence our Government in
to
they would certainlHejoice to witness this country's
from which its progress
among
Italy and Japan was «ajmed at the United
States« there can be no doubt that it was intended
many?
If they fear and hate the
nothing if not realists.
United States, as the third-term advocates
*
.
another, and, if in-
as
telligently based, is probably better.
are
sensibly have regarding the electoral contest here in
for the dis-
of the continental dictators is
comfiture
resented any
ad-
Washington inla unique determination
to utilize the current contest
absurdly misconceived or misreppredilections which these dictators might
most
Unless he is blind, he knows that
sources
in
that aim.
re-
opportunistic adventure to accomplish
Moreover, by
reason
of geographical fac-
under President Roosevelt the Federal expenditures
have continuously exceeded the Federal revenues by
tors Japan, at least, and we are here concerned with
aggregates regularly carried into National debt, that
made to harmonize with the immediate ambitions of
the Federal debt has steadily risen until the statutory
her two friends.
limit had to be raised and will have to be raised again,
that after spending more than
$60,000,000,000 in
that, of the three, Japan has the least to gain by
seven
her, has ambitions which, though extensive,
the treaty.
taken
three governments know of facts—of which
without competent
ditures and
revenues
remain
planning, that
expen-
unrelated, that demo-
be
Some commentators have expressed the opinion
years unemployment upon a huge scale still
remains, that the military preparations finally underare
can
on
"We do not know all that has been going
behind the
scenes.
It is also possible that the
we as a
people are not aware or which we have not fully
Volume
The Commercial & Financial
151
appreciated—enabling them
shrewder
make a
to
than we can as to the plans of our Adminis-
guess
tration in relation to the
it would
that
seem
At any rate,
present war.
Japan has her full share of the
Just
are
most promising.
offhand editorial statement,
With the densest population in the world—taking arable land only into consideration—this state
by Tass, the Soviet official news agency,
of affairs presented almost overwhelming difficul-
"pact does not represent anything particu-
ties for this people now with a population of over
the
how
treaty affects Russia is not yet
"Pravda's" easy
clear."
prohibitive tariffs, quota systems, and sometimes
exchange restrictions. Also treaties with Western
Powers prevented the average Japanese from establishing themselves in countries where economic
opportunities
benefits.
1951
Chronicle
broadcast
that the
increasing at the rate of about
larly unexpected for the Soviet Union, both because
73,000,000 and
it constitutes in effect the embodiment of relations
1,000,000
already formed among Germany, Italy and Japan
teeming population, Japan must develop her industries and her foreign trade, as well as secure raw
the
on
hand, and England and the United States
one
of the other
hand, and because the Soviet Govern-
ment has been informed
about
the
by the German Government
impending conclusion of the tripartite
pact before it was published" does not seem a wholly
convincing effort to
measure
of
as
no
have
the
world
the
accept
Russia.
to
consequence
That
country has enormous holdings in what most of us
regard
Greater East Asia—given
as
leadership
by
treaty-j-ancl
the
over
to Japan's
Russia
been
has
Russia has established
Chinese
northern
garded Russia
a
a very
protectorate over Outer
similar arrangement in
Turkestan.
Japan has long
the greatest obstacle to her
as
ream-
bitions, including those relating to the establishment of the New Order in
China.
time Russia is the most effective
At the present
"
source
of the sup-
plies which assist Chiang Kai-shek to resist Japan,
If,
were
to undertake
East
of
the
to
negotiate
Thus,
attack
the European side.
Also,
a
in
now
a more
favorable position
as concerns
Russia, Japan
seems
good bargain in this treaty.
very
to
In
of the United States—the country most gen-
case
erally believed to be "aimed at" by the treaty, the
weight of the benefits from the point of view of the
signatories
pean
well be in favor of the two Euro-
may
countries.
In fact,
this country to engage
that
would
we
strued
do
most of
as
any war,
not, however,
subject
race, as
other countries have done and are
doing—witness Russia's "penetration" of Outer
Mongolia and northern Chinese Turkestan as well
now
as
Great Britain's less publicized operations in Chi-
nese
Thibet and southern Turkestan.
At any rate,
economy on a
The Japanese were and are in dead earnest in
likely
more
as
a
death to them.
While frankly admitting that
their aim was profit to Japan, they have wisely
the mainland would, in order to offer guarantees
of stability, have to be soundly entrenched on
a
They believe that
-they have demonstrated the sincerity and effectiveness with which they render services where they
penetrate, by their record in Korea and Manchnkuo.
As has been said, they claim, with justice, to have
wider basis than profit to Japan.
established there not only "regimentation, strict
education, cleanliness, security and great industrial
enterprise." They also contend that the important
The latter does
To under-
to review briefly the
beginning of which period Japan
because of their conviction that it is a matter of life
or
European totali-
history of Japan during the last 40
time, generally recognized
their plans for expansion—economic or otherwise—
supervision, wanted or otherwise," but also "order,
to take this view.
necessary
colonial basis subordinate to that of
Japan.
con-
against Japan.
appear
why, it is
do not wish
us
it is
something which could be
tarian Powers than
stand
in
"attack" against the
an
as
really to seize portions of Chinese territory and
make them her own, treating the local Chinese as a
realized that any regime they might establish on
understanding with Russia.
an
far
as
have driven
the
on
by fear of
an
or
arrangements have already been made with
Russia, Japan is
poverty where plenty was available—feared na¬
experience had taught them that Japan desired
arrangement, if any such is included in
background of this treaty,
no
intensely conservative and spiritually self-satisfied
in
tration," if permitted, would establish the Chinese
2,500 miles away—it would be
by Germany and Italy
if
Japan aimed her "economic penetration" in that
direction.
It was equally natural that individualistic China—
military operations in the Dutch
Indies—some
secret
potential wealth, and the entire area was
backward and undeveloped, it was natural that
enormous
they were convinced that Japan's "economic pene-
now
great use to her to have Russia immobilized by
some
materials on a stable basis. Since China and her
possessions were close my, were known to include
planning to do, Japan
thing she is
as many
Obviously if she is to support her
tionalistic, dynamic Japan. JEbe-Chinese felt that
adding to them whenever opportunity offered.
Mongolia, and has
a year.
years,
was,
at the
for the first
fully independent
sovereign State.
industrial nations of the world, including the United
States, will have to be called upon—at least to the
extent of selling products—td participate, to their
own
profit, in the development of the areas con-
cerned.
'
The Japanese are convinced, and many others
'
Only 29
years
autonomy.
ago
did Japan achieve full tariff
While making extraordinary progress in
adapting herself to modern conditions, it
until the last
war
that her real chance
was
came.
agree
with them, that if foreign pressure is removed
China will slip back into the chaos and virtual
which have prevailed in vast areas of
not
anarchy
She
China most of the time, at least since
1911.
The
emerged from that long strife a great industrial
Chinese are wont to point to the activities of for-
nation
pro-
eigners and their governments—by no means thus
ficiency,'.abundance of cheap labor and organizing
referring only to the Japanese—as the greatest
obstacle to the advancement of China and the solu-
and
a
great
Power.
Her
technical
ability equipped her to compete effectively in the
markets
were
to
difficult
of
a
the
made of
lion of its enormous complex problems. It may be
that eventually the newer element will contrive to
through the world-wide adoption of
put an end to the "chronic conditions of disorder,
world.
Presently, however, these
great extent closed to her
access
or
The Commercial & Financial Chronicle
1952
the
crushing exactions of
Great Britain and the Western Hemisphere, effec^
lords, the unchecked
war
Oct 5, 1940
steel and scrap iron, all appear
depredations of bandits, the confiscatory taxes by
tive Oct. 16, of
provincial despots," and the paralvzation of rail-
to Japanese public opinion as conceived for the pur-
which have
ways
long obtained in China.
so
by
which she has expended so much of her wealth and
countries.
She could
indefinite
would
gravely affected her
future
own
has already incurred, according to some sources,
of the geographical position of the two
reason
not, therefore, wait for
period when China by her
begin to
play
modern world in
years
waiting, Japan renewed in Manchuria the
she had been induced to
She then
found,
that the United States
Powers most
lions
on
of them have vast
to
eye
with her.
eye
cause
being considerably less
of our
than
such
on
on
the basis of the old
considered,
been
restriction
that
Asia, and it
one
succeeding finally in securing
on
played
efforts
up
was
accordingly,
made public.
It could not,
the
among
Government has long been making to
our
consideration,
our
means
torial
would be appropriate enough to defend
Public
was
opinion in Japan felt that the United States
mainly responsible for her fruitless surrender
of what she
regarded
her rights in China at the
as
Washington Conference in favor of
to
enable
China to get up on
subsequent 15
firmed
her
of chaos in
years
an
own
experiment
feet.
China only
Japan's opinion, held from the start, that the
experiment
While
some
Alliance
of
bound to fail.
was
would have
duct.
Anglo-Japanese
stood
in the way
of
But to deter
on a course
have
as we
far adopted
so
as
a
im
our own
con-
great Power from continuing
which its considered judgment, tested,
it believes,
over a
long period of years, has deemed
essential to its national life, much stronger medicine
would be required.
This lack of realism in dealing with Japan is
monopoly
of
the
present
Administration.
whole Nation is shot through with it.
of
of the terms of the
1905
,
The
con-
Such expedients
mediate interests adversely affected by Japan's
_
our
policy has been extraordinarily
naive.
France and Russia had entered into secret
arrangemen ts
with Japan of which we were not aware.
of
Taking everything into
We endeavored
consistently to block Japan's terriclaims, and failed only where Great Britain,
of the
causes
Nevertheless, it is typical of the studied
trade relations with her.
China—
or
announced the day before the
control Japan's expansion policy by
op-
changes therein,
some
our
as a
therefore, have figured
the United States
posed to Japan's "Twenty-one Demands"
on
Administration intended it
was
tripartite accord
treaty.
war
was
The embargo
more
energetic and tenacious of those
our
sanction against Japan's attempt to dominate
as a
difficult.
During and after the last
exports under similar circum-
on
reprisal for the Japanese invasion of Indo-China
States, with much less at stake
relatively
A totalitarian country,
The impression, however, made
another in relation to her territorial aspiraThe United
a
our
said to
are
press was
the whole, been able
tions.
Purchases of
measures.
stances.
might
get along pretty well with both of them in
the most
Japan has
Japan is, would not have hesitated to place
as
such
of those of
they
defense
own
have been inconsequential.
Both
way or
was
defense requirements.
our own
by countries other than Japan
scrap
Great Britain had built up an
condition^fJapan has,
has,
long over-
hostility to Japan, but be-
to the forcing up of the price since the war began
$13 to $21 per gross ton, increasing the cost
clashing interests in East Asia,
Japan has been the effective
China,
rate, it has been
4.000,000 tons annually, thus contributing greatly
foreign
part has always ppzzled
important position in China
in
of
any
any
from
our
see
otherwise have been.
to
of the
At
measure was
been purchasing scrap iron from us at the rate of
She thoroughly understands why
Japan.
Russia should not
Russia
cause
war.
intransigent^ opposed to her aspira-
opposition
realistic
and
van
situation.
due, not because of
the mainland.
on
This
in the
was
our own
pointed out that the last
of
course
interrupt after the last
perceive no inter-
Some of these steps were justified by the exigencies of
she had previously experienced,
as
can
costly sacrifices illusory.
harmony with her great potential
Consequently in 1931, after 10
resources.
She
est of our own justifying this effort to make her
efforts
own
1,060,000 casualties.
over
some
cooperative part in this
a
of compelling Japan to change her course, on
pose
were
Japan, however, felt that these conditions
endemic there and
scrap
our
our
leading newspapers, in
efforts "to avoid
Recently
no
Our
one
editorial reviewing
an
conflict of purpose with
a
Japan," said "by that time [1938],
the record
as
Japan's eventual activities against China, at least
shows, Japan had already joined the Anti-Comintern
without British
Pact and revealed that she cared
its
consent, the Japanese resented that
abrogation and supersession by the Washington
Conference treaties
Mr. Stimson's
the
Hoover
were
mainly due to
endeavors,
as
efforts,
Administration, to thwart Japan in
Manchuria, and Sir John Simon's
not been
our
Secretary of State in
forgotten.
snub
More recently
our
China
than
ests
more
compara-
recently in Southern Asia,
our own views.
a
The moral
July embargo of aviation gasoline, the introducof a
licensing system for scrap and the an-
tion
nouncement
of
the
I
'
not
"encircle-
embargo of airplanes, airplane engines, aluminum,
&c., the abrogation of our commercial treaty of 1911,
the
does
tively slender island
in
there, and
This
deep understanding of the desperate
situation in which Japan believed herself because of
any very
her large, rapidly-growing population, her
inducing Japan, by economic
adopt towards China, the British inter-
policy in harmony with
friendship of the United States."
reveal
actions have
Japanese opinion that we are
preoccupied less in protecting American interests
pressure, to
for conquest
thereof, have
tended to confirm the
in
more
in the Pacific than for the continued respect and
complete embargo, except for
resources
and
her
ment" by almost world-wide restrictions
foreign trade.
on
her vital
Nor did Mr. Willkie—a representa-
tive American if there
ever was
one—show any bet-
ter understanding of the fundamental situation in
East Asia when he said the other day:
Pacific
our
best ends will be served
by
a
and democratically progressive China.
.
Our basic trouble in
our
since 1915 has been that
"In the
free, strong
.
relations with Japan
we
have wanted her to
adjust her policy not merely to harmonize with
our
present interests in the Far East but also with those
-
Volume
which
hope to develop in the future, but that we
we
have not been
willing to prepare to use, and to em¬
ploy, the power necessary to enforce our wishes, or
make the sacrifices
to
conform to them
required to induce Japan to
more
less
or
eign Policy Association
willingly.
in
In
For¬
a
published last
pamphlet
"Showdown
entitled
April,
Orient,"
the
its
author, T. A. Bisson, outlines a possible eventual
of
settlement
1953
The Commercial & Financial Chronicle
151
the
He be¬
Sino-Japanese conflict.
effort and
the
promising earlier economic returns than
complete subjugation of a devastated China.
is
This
evidently
nolotive back
leading
the
We
Japan's entrance into this new pact.
are
of
strong
enough, especially if we do not indulge in far-flung
In the
adventures, to await the outcome calmly.
meantime let
of
hope that we will discard our policy
us
futile, unfriendly, irritating pin-pricks, plotting
and
following instead
well
as
sounder and
a
urbane,
more
lieved, at any rate at that time, that a return to
as
the
more
realistic,
with respect to
peoples in great travail.
door system
open
broad modifications
possible, provided two
was
were
made in it,
China the full exercise of its
other
Of course,
before the Nazi
sovereignty, and the
this pamphlet
line of
settlement
a
the
plan
placed in his out¬
major Powers interested in the Far East
underwrite
the
settlement
and
participate in the
last week's
her
Western democracies to
The author
have to
within the
highs have been recorded.
touched
a
den—including the extension of credits to Japan,
tariff rates
the
on
Japanese goods wherever practicable,
also foreseen that
-freer
to
access
on
quota basis.
a
It
a
Philippines
well
as
as
was
methods
the
caters to
desire
have
we
essential
according to
substantial
taste,
our
an
difficulty.
Japan
China.
It would
may
have made
a
of
that for the present
The Chinese say
conquered by force of
weakness.
most
gains
as
have
been
mistake in invading
but
never
adventure, but early this
were
very
in the
heavy—about 1,000,000.
000,000, and the end
the
advices from
Japanese
army
flank them in the
come
them
are
may
not yet be in sight, though
Chungking indicate that with
being allowed to threaten to out¬
south, the leaders there have be¬
disgusted with the amount of support afforded
by Great Britain and the United States, and
beginning to entertain doubts
"democratic"
regime has
any
as
to whether
application
to
a
the
needs of China.
This
summer
a
new
Japanese
Administration
apparently under
a
mandate to
exploit fully the intoxicating possibilities resulting
war
preoccupation of the West in the present
and to test out for the time
prospects of association with
excluded
German
a
being, at least, the
by
no means
to be
victory in fields requiring less
In the speculative
The International Telephone &
•;
-r-vT--
-
appearing toward the close of the week,
in the industrial section of the list showed
compared with last week. Gains of
registered
among
the
more
a
point
or
better
speculative issues,
1960, Hudson Coal 53,
General Steel Castings 514s,
Steel Car 5s, 1951.
The last two named
3% and 334 points, respectively. Among the steels,
gains have been confined to fractions, but the Otis
and the Youngstown
4s, 1948, were up 1 point at 10334*
Oils have been
steadv to fractionally higher, and the same has been true
of paper company
and rubber company obligations.
'
The foreign
bond market has not been devoid of
interesting developments.
trend has been
almost every
the
After
a
A feature of the rally has been
strength in the German bond group and the advance
Japanese government loans.
in
some
slack opening the general
upward and gains have been registered in
department.
weak and changes in
been unimportant.
points in Australian
entered into power,
from the
up
conv.
between
1,000,000 and 4,000,000, her refugees at least 40,recent
particular attention.
434s, 1962, gained 1 % points at 7834
Her civilian
casualties have been estimated at anywhere
groups
most
China has lost
fighting not far from 3,€00,000.
-
1949, and Pressed
were
her casualties
year
Secondary issues have
Sound Power & Light 434s, 5s
1962;, Studebaker conv. 6s, 1945,
Not
beaten.
registrations.
including Consolidation Coal 5s,
that China has often been
arms
new
recovery..
With strength
only has Japan expended huge amounts in her Chi¬
nese
good
an
a grave
High
Telegraph debentures also rallied after a sustained period of
method must be deferred.
seem
employ such
active market.
gains have been relatively small but International
showed
Japan's vital economic problem, which is her basic
effort to
an
Hydro-Electric 6s, 1944, and Laclede Gas Light 534s, 1960,
order
solution
registered gains in
and 534s attracting
a
the
last
Proceeds of the issue will be used to redeem
3%s, 1965.
g-oup
really
we
must make
we
contribution Jo
bonds
also advanced with Puget
adopted, and
point, namely, if
over
sympathy with actively higher stock prices de¬
resulted in further
hitherto
St. Louis 6% notes, 1941,
gaining 3% points
grades have been in demand, and the satisfactory trend has
realistic ap¬
more
peacefully to establish in that region
of affairs
very
much
high at 90,
Utility bonds have improved in price this week.
to the
solution of the major East Asia problem
a
than
the
a
high of 96% and closed 1 point higher
$27,333,000 1st 5s, 1953, callable at 105.
British, French and Dutch colonies.
This would constitute
1940
$27,333,000 issue of New York Connecting Railroad Co.,
1st
Japan would have to be assured
the
proach to
rail
new
Toward the close of the week, a group of underwriters offered
repeal of the Exchange Act, and the placing of
Japanese immigration
In
faulted
a
reciprocal trade agreement, the liberalizing of
a new
new
week.
new
The advance of
Louisville & Nashville 434s,
New York, Chicago &
96.
at
considerable share of the bur¬
a
at
% at 12534 and
ing in the bond market and in many instances
suggests that the United States would
shoulder
Norfolk & Western 4s, 1996, off
are
2003, scored
grant.
up
high mark.
Dew
medium-grade and speculative rail issues has been outstand¬
of the
power
while high grades have held
Virginian 3 %s, 1966, down % at 10734*
feet, but also in offering to Japan the maxi¬
economic guarantees
mum
1940 highs for
new
Among high-grade railroad bonds which lost ground this
week
heavy sacrifices involved not only in putting China
on
of the Baa groups,
all
the necessity of having
on
Course of the Bond Market
The
A firm bond market has resulted in
written
was
victories, but it is still significant
because of the stress the author
all
"one assuring
making adequate provision for Japan's eco¬
nomic needs."
course
There have been gains of about three
and Canadian obligations but South
American loans have been mixed.
loans have been
Italian bonds continued
Norwegian and Danish issues have
Argentine government
inclined to softness in contrast with higher
prices obtaining for Bueno3 Aires bonds.
The large list of
Brazilian issues failed to attract interest and closed little
changed.
Moody's computed bond prices and bond yield averages
are
given in the following tables:
The Commercial & Financial
1954
MOODY'S BOND
PRICES t
(Based on Average Yields)
U.
All
8
1940
Daily
120 Domestic Corporals *
120 Domestic
by Ratings
120
Corporate by Croups *
Domes¬
Govt.
Bonis
f.
RR.
U.
109.84
124.25
119.25
109.24
90.90
97.28
116.00
3.. 116.82
109.84
124.48
119.25
109.24
90.90
07.28
116.00
109.05
119.47
109.84
124.48
116.76
109.64
124.48
119.47
109.05
90.44
96.94
115.78
124.48
119.47
109.05
90.14
90.78
115.78
109.44
124.25
119.25
108.85
89.84
96.61
115.78
115.78
27..
116.67
124.02
119.25
108.85
89.99
26
116.78
109.64
124.25
119.47
109.05
90.14
96.78
116.00
124.48
119.47
109.24
90.14
96.78
118.00
116.68
109.64
124.25
119.69
96.94
115.78
116.64
109.44
124.02
119.47
109.05
90.14
96.61
115.78
119.47
89.69
90.28
115.78
21.
109.24
116.54
123.79
90.14
109.05
115 57
J0'».24
123.79
119.47
108.00
89.55
1 16.49
109.24
123.79
119.47
108.66
89.55
96.28
115.57
116.39
109 05
124.02
1)9.47
108.06
89.25
96.11
96.11
115.57
116.27
109.05
123.79
119.69
108.66
89.10
95.95
115.57
3.51
4.59
4.18
3.51
4.61
4.19
3.18
3.08
2.80
3.02
3.52
4.63
4.20
3.18
3.09
27
3.49
2.81
3.02
3.52
4.62
4.20
3.18
115 35
117 .29
16..
116.24
108.85
123.79
119.25
108.46
88.80
14..
116.17
108.85
123.79
119.25
108.66
88.80
95.62
1)5.57
116.17
108.85
123.56
119.25
108.66
88 80
95.0a
115.5/
116
19
108.85
123.60
119.47
108.66
88.05
95.62
115.5',
116.19
103 85
123.56
119.25
108.85
88.95
95.62
115.57
108.66
95.78
115.57
116.07
108.85
123.50
9..
116 09
108.86
123.79
119.47
108.00
88.80
95.b2
115.57
116.18
109 05
123.79
119.47
108.85
89.25
95.78
1J 5.67
6
116.17
109 05
123.56
119.69
108.85
89.10
95.78
115.57
116.13
109.05
123.56
119.47
108.85
89.10
95.78
115.35
4
108.66
2_.
123.33
119.25
108.66
88.65
95.20
115.35
123.33
119.25
108.66
88.51
95.29
115.14
3.51
4.61
4.18
3.01
3.51
4.61
4.20
3.18
3.08
3.01
3.52
4.64
4.22
3.18
3.09
3.19
3 09
3.19
3.09
3.50
2.82
3.01
3.53
4.65
4.23
3.50
2.82
3.01
3.53
4.65
4.22
3.51
2 81
3.01
3.53
4.67
4 23
3.19
3.51
2.82
3.00
3.53
4.68
4.24
3.19
3.10
3.52
2.82
3 02
3.54
4.70
4.26
3 20
3.11
3.52
120365
3.10
2.82
3.02
3.53
4.70
4.26
3.19
3.11
3 62
2.83
3.02
3.63
4./0
4.20
3.19
3.11
3.52
2.83
3 01
3.53
4.71
4.26
3.19
3.10
3.52
2.83
3.02
3.52
4.69
4.2b
3
19
3.10
3.52
2 83
3.01
3.53
4.69
4 25
3.19
3.10
3.10
3.19
3.52
2.82
4.70
4.20
7
3.51
2.82
3 01
3 52
4.07
4.25
3.19
3.09
6
3.51
2.83
3 00
3.52
4.68
4 :/h
3.19
3 09
5
3.51
2.83
3:oi
3.52
4.68
4.25
3.20
3.09
9
3.02
3.53
4.71
4.28
3.20
3.10
2.84
3.53
3
3.53
3 01
2.84
3.53
4_
3.02
3.53
4.72
4.28
3.21
3.10
3.21
3 11
Exchan ge Clos ed
Stock
Weekiy—
Weetly
115.70
108.46
123.33
119.03
108.46
88.36
95.13
115.14
117.29
23..
115.66
108.27
123.33
118.81
108.46
87.93
94.81
114.93
16..
115.14
108.08
122.86
118.81
103.08
87.49
94.05
114.72
116.64
9.. 115.45
108.46
122.80
119.25
108.46
88.07
95.29
114.93
11, .0/
114.72
116 86
95.29
115 68
108.27
123.10
119.25
108.27
87.93
July 26.. 115.56
108.08
122.63
119.47
107.88
87.64
95.13
114.51
116.43
87.93
95.13
114.72
19..
115.63
108.27
122.63
119.47
107.88
12.
1 15.66
107.88
122.40
119.47
107.69
87.49
94.05
114.93
115.58
107.69
122.63
119.25
107 69
80.50
93.69
114.72
4.28
3 23
4.78
4.29
3.24
3.15
4.29
3.23
3.15
3.57
2.88
3 01
3.58
4.32
3 22
3.58
2.87
3 02
3.58
4.86
4.38
3 23
3 15
4.44
3 26
3.18
4.50
3.29
3.19
12
114.09
115.78
113.48
115.57
105.41
90.44
112.45
89.40
111.43
113 14
103.56
111.
3
112.60
113.06
103.56
118.81
115.57
104
11
81.87
89.69
111.03
92.28
112.00
115.51
108.46
123.33
119.25
107.88
88.30
94.97
114.72
116.36
109.24
123.79
120.37
108 66
88.95
95.29
115.57
108.85
123.79
120.14
108.08
88.51
94.81
114.93
118.81
Apr. 26..
116.18
120.37
84.90
105 79
117.72
19..
115.94
108.40
123.56
119.92
107.30
88.07
94.33
114.51
3.72
116 38
108 27
123.56
119.69
107 11
87.93
94.33
114.30
3.70
3 23
3.34
3.10
5.14
4.59
3.01
3 15
3.75
5.20
4.66
3.39
3.30
3.16
3.78
5.22
4.67
3.41
3.33
3.80
3.04
3.19
3.77
5.20
4.64
3.41
3.35
4.47
3 33
3.68
3 09
2 97
3.68
4.97
3 23
10
3.54
2.84
3.02
3.57
4.73
4.30
3.23
3 09
3
3.50
2.82
2.97
3.53
4.b9
4.28
3.19
3 04
Apr. 26
3.52
2.82
2.98
3.56
4.72
4.31
3.22
3.04
118.38
4.34
3 08
3.24
118 81
3.54
2.83
2.99
3.60
4.75
3.55
2.83
3 00
3.61
4.76
4.34
3 25
3.06
5
118.38
12..
5.02
3.05
118.81
105.79
113.73
3.65
2.93
117.72
3..
3.63
3.78
<
114 72
10..
3 04
3 06
3.80
112.25
17..
2.89
2.89
7
113.27
89.25
24..
3.62
—
3.15
May 31
114.72
81.87
81.61
4.79
4.93
3.66
21
82.60
May 31.
-
5
91.81
104.48
3.13
4.76
92.75
13.093
3.11
4.76
84.28
117.50
3.12
3.55
85.52
110.43
3.22
3.57
106.73
110.21
4.28
3.57
100.36
119.47
4.75
3.02
118.38
121.27
3 54
3.01
118.81
118.60
3.02
3.01
122.17
105.04
3.14
2.80
2 85
122.17
103.93
3.23
2.87
106.17
114.73
3.22
4.32
2.87
106.92
113.15
4.31
4.79
3.55
115.21
7..
4.29
4.76
3.50
June 28
14..
4.73
3.56
3.55
2
115.37
21.
3.54
3.54
3.01
19
116.43
June 28..
3.03
3.04
2.86
26
July
116.43
5.
2.84
2.84
3.54
9
116.43
2..
3.54
3.55
3.56
Aug. 30
117.29
3.53
2.80
2 99
3.60
4.72
4.31
3 24
3.04
4.37
3 27
3 08
10
108.66
124.25
119.92
107 30
88.51
94.81
114.51
116.87
5..
107 88
123 56
119 25
106 92
87 49
9385
113 89
118.38
Mar. 29
3 57
2.83
3 02
3 02
4.79
21
3 58
2.83
3 03
3 65
4.79
4.37
3 28
3.59
2.84
3 04
3 66
4.80
4.38
3 28
3 10
8
3 59
2 85
3.06
3 66
4.81
4.38
3.31
3 09
1
3.61
2.87
3.06
3 68
4.82
4.39
3.
Feb. 23
3.60
2 85
3 05
3 68
4.83
4.37
3 33
3.12
3 69
2.84
3.04
3 07
4.82
4 36
3 32
3 10
3 60
2.80
3 04
3 67
4 83
4.36
3 33
3 11
3.70
4.84
117
Mar.29..
21..
116 30
107 69
123.56
119.03
100 36
87.49
93 85
113 68
117.94
16..
116 74
107.49
123 33
118.81
107
17
87.35
93 69
113 68
117 50
8..
116 03
107.49
123
118.38
100
17
87.21
93 69
113 07
117 72
93.63
112 86
117 07
10
87.07
122.03
118.38
116 32
107 30
123 10
118 60
105 79
80.92
93.85
112.60
117 07
116.48
107 49
123.33
118.81
105.98
87 07
94.01
112.80
117.50
116 44
1..
107 30
122 80
118.81
105.98
80.92
94 01
112.60
117 29
107.11
116.42
Feb. 23
.
9..
105.79
100.92
122 63
112.45
100.92
122.63
118.38
105.41
80 64
93.69
112.25
110.80
106 54
122.40
117.94
105 41
86 21
93.21
112.25
80 50
93.63
112.25
116.64
37.07
93 85
112.45
110 64
105.41
118 60
93.69
86 78
Jan.
3.08
3.12
3 02
2.87
4.38
3-34
3 13
3.62
2.87
3 00
3.70
4.85
4 38
3.35
3
13
3.64
2.88
3.08
3.70
4.88
4.41
3.35
3
15
3.03
2.88
3.07
3.69
4.80
4.39
3 35
3.14
3 62
2.86
3.09
3.69
4 82
4.37
3 34
3.14
2
110.43
116.43
.
20..
9
110.86
116 64
116.65
2..
Jan. 27
3.08
3.00
2.81
2.82
10
117.50
Aug. 80..
16
3.18
2.80
3.49
3.50
11
Exchan ge Clos ed
Stock
3.48
12
117.50
108.66
116.03
115.98
3.08
13
117.72
3.
3.08
3.17
14
117.72
6
3.17
4.19
16
,
117.72
119.47
4.19
4.61
17
117.50
7.
10.
4.61
3.50
18
117.50
,
3.51
3.01
19
117.50
88.95
3.01
2.79
20.
11 / .50
11.
2.80
3.48
23
117.29
12..
3.10
3.48
24
117.29
18.
3.08
3.18
25
117.50
95 62
2211193746
3.01
3.49
117.50
17..
3.01
4.58
28
117i72
18.
4.56
3.51
3.01
117.72
116.54
19.
3.08
3.50
2.79
117.94
20.
3.08
3.17
3.02
2.79
117.72
23.
3.09
3.17
4.17
4.16
2.79
117.94
108.85
24.
Indus.
U.
4.16
4.56
2.79
3.47
P.
3.17
3.50
3.48
117.94
109.44
RR.
Baa
3.02
3.48
117.94
109.64
A
Aa
2.80
3.47
117.50
25.. 116.82
Aa\
'
1
117.72
96.61
Corporate by Croups
by Ratings
2
117.94
28.. 116.66
3.47
120 Domestic
Domestic Corporate
Sept. 30
117.94
109.64
4
3
117.94
116.00
97.11
90.59
116.78
116.78
l._
2210
tic
117.94
2.
dh
\
120
Domes¬
Corp,
Oct.
117.72
Sept.30
AH
Averages
Indus.
4., 116.81
Oet.
Individual Closing Prices)
Daily
Baa
A
Aa
Aaa
1940
5,
MOODY'S BOND YIELD AVERAGES
1940
tic
Corp*
Averages
Oct.
Chronicle
27
3 05
13..
116.96
106 73
122.40
118.10
105 60
6..
116.03
106 92
122.86
117 72
105 60
High 1940 117.18
109.84
124.48
120.59
109.24
90.90
97.28
110.00
119.25
High 1940
3.05
3.19
3.78
5.24
Low
1940 113.02
103.38
118.60
115.59
103.93
81.35
89.10
110.83
112.05
Low 1940
3.47
2.79
2.96
3.50
4.56
4.16
3.17
3.02
High 1930 117 72
106.92
122 40
118 60
105.22
87 78
94.33
112.05
110 43
High 1939
4 00
3 34
3 55
4
10
5 20
4 70
3 76
3.64
112.45
108.27
98.28
81.09
87.93
104.30
106.54
Low 1939
3.62
2.88
3.05
3.71
4.77
4.34
3.36
3.15
109.84
99.66
85.52
90.90
106.17
108.85
Oct. 4, 1939
2 Years Ago—
3.91
3.22
3.47
4.02
4.93
4.56
3.60
3.52
98.62
115.78
108.08
97.95
78.45
84.01
104.11
110.24
Oct. 4,
4.08
3.18
3.56
4.12
5.47
5.04
3.77
3.45
1
Oct. 4 '38 112.32
or
nrl(W?
arp
comnnted from average yields on the basis of one "typical"
the average movement of actual
price quotations.
Year
—
...
.
Ago—
1938
bond (4% coupon, maturing In 30 years), and do not purport to show either the *v«*ago
They merely serve to illustrate in a more comprehensive way the relative levels and the relative movement
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
New
of corporate entities in September
security issues
of
published In the Issue of July 13, 1940, page 160.
The Capital Flotations in the United States During the Month of
and for the Nine Months of the Calendar Year 1940
reached
3.30
3.42
114.93
2 Yrs.Ago
level
4.68
100.00
Yr. Ago
Oct. 4 *39 109.94
/ThMfl
3.81
101.58
Low 1939 108.77
1
6
Sept. 25, while the
average
yield
on
September
120 domestic corporate
bonds, ranging in grade from Baa to Aaa, dropped
low
compared with
$179,431,672 in August and $270,612,400 in July.
The
3.48%.
The lowest yields reached in 1939, according to
amendments to the Securities Act which
signed Aug. 22,
Moody's,
were
Commission
of 120 issues.
an
permitting
aggregate of only $130,471,250,
the
and
Securities
was
Exchange
to
shorten the
offering of
There
20-day waiting period between dates of regis¬
tration and
the immediate effect of
Evidence is also
replaced
issues, obviously did not have
new
stimulating the
new
issues market.
lacking that private placements
as a consequence
for the $36,962,000
of the
sold in that
new
are
to be
law by public offerings,
manner
in September repre¬
sented 28.32% of the month's total, which is about average.
However, this test probably is not conclusive, for
sold
privately last month
carried
od
no
doubt resulted from negotiations
capital issues and $62,464,785 refunding issues.
new
new
capital volume
and
considerably higher than July and June.
the
$68,006,465
was
May's total of $89,287,130, it
new
The
slightly above August's $67,938,134,
was
capital bracket since April, 1939.
It is apparent
therefore, that the smaller volume of financing operations
was
entirely due to
ber's
an absence of refunding issues.
Septem¬
refunding total of $62,464,785 was the smallest since
March, 1939, comparing with $111,493,538 in August and
$225,622,950
in
July.
The
smaller
volume
of refunding
occurred in face of record low yields established in the bond
market
yields
during the month.
on
According to Moody's
Aaa bonds dropped to
Chemical Co.
an
no
more
averages,
than 2.79%
on
debentures of Dow
The latter issue shares the distinction with
offering of $3,500,000 first mortgage bonds of Houston
Natural Gas Co. of being the
first issue brought out after
being in registration for less than 20 days.
Our
rights
■.
September compilation omits the offeiing through
stockholders
to
103,199
of
shares
stock of Dow Chemical Co. for the
rights do Dot expire until Oct. 11.
($10,319,900)
reason
that the
We believe such place¬
ments should be included in the month in which the
rights
expire.
Extremely low rates
In fact, except
the largest amount in
group
only two large issues offered to the public last
California Gas Co. and the $15,000,000
common
financing comprised
corporate
2.88% for Aaa bonds and 3.62% for the
as
month, the $30,000,000 first mortgage bonds of Southern
issues
in prior months.
September's
for
many
were
as
were
carried, in the industrial field, by
the Dow Chemical Co. debentures, and in the railroad equip¬
ment field
tificates.
by the Duluth Missabe & Iron Range trust
The
10-year
debentures
carried
a
cer¬
2\i%
were
offered at 101and the Dow serial de¬
bentures' coupon
ranged from (K35% to 2.05%, and the issue
coupon
was
a
1
and
Dow
offered at 100.
M%
coupon
and
The D. M. & I. R. equipments carried
were
offered at prices to yield from
0.20% to 1.65%.
Last month's
was
municipal financing aggregating $65,767,276
in the smallest volume of any month
'
\
this
year,
with the
Volume
The Commercial & Financial Chronicle
151
exception of May.
most of the
In
the
the only
Below
In August municipal placements totaled
financing
proceeds represented "new money."
Loan, Government Agency, classification,
Farm
issue sold last month was
a
as
OF
well
Further revisions of the 1939,
revised to date.
as
the
as
1940, figures will undoubtedly be necessary
from time to time,
consolidated debenture
particularly
CORPORATE
FIGURES
1939 AND
1940,
MONTHS.
BY
1938
*1938
Refunding
Total
New Capital
Refunding
%
%
%
S
$
New
Total
$
137,459.832
35,404,718
additional private financ¬
*1939
*1940
New Capital
January
as
ing is brought to light in annual reports and other places.
issue of the Federal Intermediate Credit banks.
SUMMARY
172,864,550
Total
Refunding
I
S
%
5.926.032
10,386.300
16,312,332
46,364.596
4,141.400
50.505.996
23,833.072
136.115.000
159,948.072
40.851.910
62.224,590
103.076,500
1
I
Capital
45.404.059
210,841.581
256.245,640
30,527,491
103,799,050
134,326,541
56.879,191
48.688,660
105,567.851
23,995.213
58,643,000
82.638,213
111.336.268
452.100,463
563,436,731
86.638,295
195,189,960
281.828.255
111,211.719
125,008,990
236,220.709
11.683,361
66.750.000
February
March—-
-
First quarter
April
53,925.210
192,353,442
246.278.652
78.200.042
89,287.130
>82,660.300
171.947.430
21,740.443
181.769.350
161.502.000
259.969,392
May..
9,339,328
102.276,480
111,615.808
31.241.064
251,798.424
283.039,488
37,574,800
202,315,995
Second quarter..
152.551,668
377.290,222
529,841.890
131,181.549
595,069.774
726,251,323
Six
263 887,936
829,390,685
1,093,278.621
217,819,844
790,259,734
1,008,079,578
July
44,989,450
225.622.950
270,612.400
49.703.366
180,669,959
August
67,938.134
111,493.538
179.431.672
•25.894,844
September...
68,006,465
62,464.785
130.471.250
16.019,150
Third quarter..
180,934,049
399,581.273
580,515,322
Nine months
444,821.985
1,228,971,958
1,673,793,943
78.433.361
month*
25,691.650
63.266,450
98,791,000
301.106.995
251.574.156
191,232.650
442,806.806
362,785.875
316.241.640
679,027,515
230,373,325
HO.274.60fl
55 54 5 30 K
317.462,641
343.357,485
128,263,570
211,140,930
185.820,831
339,404,500
79,195,000
95,214,150
84,937.241
65.135,600
150.072.841
91,617,360
j 577,327,600
668,944,960
343,476.317
331,821,855
675.298,172
309,437.204
1,367,587,334
1,677.024,538
706,262,192
648,063,495
1,354,325.687
20.297.396
June
157.474.063
177.771,459
63,921.610
274.237,144
183,242.443
21.640.375
'
Fourth quarter
<
Twelve months
112,475.208
43.520.873
107,701.800
338,158.754
151,222.673
226,345,215
59,644.275
237.143,300
296,787,575
444,126.054
616,591.882
167.086 758
619,082.244
786,169,002
381,903,032
—
December
195,817,158
72,465,828
November.....
90.834.833
30.528,057
October.
•
Januaryf
present a tabulation of figures since
we
1938, showing the different monthly amounts of corporate
In all three months
$74,849,089 and in July $81,757,912.
1955
1,811,713,388
2.193,616,420
873,348,950
1,267,145,739
2.140,494,689
Revised.
Treasury Financing for the Month of September, 1940
the best terms yet
1953-55,
The
announced by Secretary Morgenthau Sept. 25.
securities were offered only in exchange for the
was
new
cash subscriptions were accepted;
the exchange was made on a par-for-par basis.
Of the
$737,161,600 series C
notes outstanding, $724,847,900
maturing notes and
no
This is the third issue of 2% bonds
in recent
years,
and 11 years,
FINANCING
MONTHS
OF
DURING THE FIRST NINE
1940
Amount
Amount
Applied for
Accepted
Date
Due
Offered
Dated
First six
months
Price
Yield
4 July
11 July
12 July
July
July
July
19 July
26 July
July
July
July
respectively, whereas the latest flotation does
less only
a
4,394,061,340
total.
3
10
91
days
337.958.000
100,294.000
99.994
91
days
287.791,000
100.384,000
99.996
22
16 years 6.605.071,550
671,319.850
17
2
31
91
days
247,377 000
days
91
days
259,942,000
237.621,000
100.098,000
100,407,000
99.998
91
100,424,000
99.999
10 years
72,997,075
72.997,075
100
99.998 +
Last July,
few months.
ance,
bonds to replenish its working bal¬
the issue sold had a 16-year maturity and carried a
2
coupon.
*0.024%
*0.017%
2^%
*0.008%
*0 006%
*0.004%
1-
31.
July
total.
75
*2.90%
1,245,923.925
disposed of by the Treas¬
but the other two matured in nine years
not fall due for 15 years,
June 28 July
July
accepted the 2% bonds.
ury
TREASURY
obtained for a-long-term Treasury issue.
the refunding issue, 2% Treasury bonds of
The offering of
STATES
undertook successfully last month the re¬
The Treasury
funding of its $737,161,600 series C notes, due next Dec. 15,
on
UNITED
Aug.
2 Aug.
7
91
days
208,956,000
Aug.
9 Aug. 14
91
days
Aug. 16 Aug. 21
91
days
days
156,332.000
211,381.000
235,835,000
10 years
53,358,894
91
Aug. 23 Aug. 28
99.999
100,372,000
100.071.000
99.998
100,166,000
99.995
*0.007%
*0.021%
100,026,000
99.993
*0.028%
75
*2.90%
*0.036%
*0.038%
*0.032%
*0.013%
2%
*0.004%
Aug. 1-
31... Aug.
I
63,358,894
when the Treasury sold
;
1939.
In the tabulations which follow we
outline*the Treasury's
91
91
days
91
days
Sept.
30... Sept.
100,100,000
100,120,000
99.991
100,298,000
99.992
100,019,000
99.997
724,847,900
724,847,900
*
x
10 years
100
x44,245,406
x44,245,406
1
75
months
9
Retired
7,263,609,465
.....
bank discount basis,
sold only up to and Including Sept. 28.
Amount
USE OF FUNDS
Type of
Total Amount
Security
Dated
Accepted
%
First six months
July
%
I
bills
bills
100,294,000
fdd.b98.ddo
100,407,000
100,407,000
bills
100,424,000
72.997,075
100,424,000
1,245,923,925
501,607,000
100,372,000
100.071,000
100,372.000
100,071,000
100,166,000
100,166,000
100,026,000
91-day Treas.
Treas.
91-day Treas.
91-day Treas.
31
1.
------
2,422,565,000
U. S. Savings bonds
1,879,071,000
543,494,000
7
91-day Treas. bills
Aug. 14
91-day Treas. bills
91-day Treas. bills
91-day Treas. bills
Aug. 21
Aug., 28
U. S. Savings bonds
July——
25,500,000
25,000,000
65,969,000
128,969,000
100,026,000
50,500.000
78,469,000
400,635.000
100,100,000
4
91-day Treas. bills
91-day Treas. bills
100,100,000
100,120,000
91-day Treas.
85,000,000
85,000,000
6,130,000
To',782:666
x4,652,000
91,130,000
Notes
10,782,000
bills
100,298,000
Sept. 25
Oct.
7
91-day Treas.
bills
100,019,000
724,847,900
Sept.
53,358,894
100,120,000
100,298,000
100,019,000
724,847,900
80,348,000
_
Sept.
August total
744,316.925
53,358,894
453,993,894
August total.
August—
Certificates
"72",997:675
53,358,894
Sept. 11
July total
671,319,850
12,500,000
38,000,000
90,969,000
Certificates
Notes.
%
786,066,240
100.384,000
bills
Indebtedness
100.294,000
100,384,000
671,319,850
100,098,000
91-day Treas. bills
22
17
Aug.
First six months total
$
3,607,995,100
bonds
91 -day Treas.
3
10
July
July
July
4,394,061,340
total
New
Refunding
Net Issued
I
*2.90%
Average rate on a
July totalIssued
1940
99.990
1,169,630,306
total...
Sept.
Total
July
"
212,900.000
255,518,000
283,273.000
322,058,000
Sept. 1-
July
INTERGOVERNMENT FINANCING
day8
91 days
Sept. 20 Sept. 25
7 14 2-3 yrs.
Sept. 25 Oct.
July 24
financing activities in the current year:
♦
4
6 Sept. 11
Sept. 13 Sept.18
Aug. 30 Sept.
financing operation, the Treas¬
ury has relieved itself of the necessity of refunding maturities
other than bills until it has to pay the $676,707,600 llA%
series A notes due March 15, 1941, and can therefore concen¬
trate its attention toward acquiring funds to pay for the
huge defense program.
The Treasury has in recent years
regarded a working balance of $1,000,000,000 as of about
minimum size, and on Sept. 25 the balance amounted to
$1,767,586,797.
Ideas on minimum
requirements will
probably be revised upward, however, with expenditures in
the future obviously due to achieve new heights.
Other Treasury operations last month comprised only the
usual weekly bill sales of approximately $100,000,000 each,
refunding maturities of like amounts, and baby bond sales
which totaled $44,245,406 in the month to Sept. 28, compared
with $53,358,894 in August and $47,234,254 in September,
With this latest long-term
453,993,894
Augu st total.
2% Treasury bonds i
U. S. Savings bonds
1
>44,245,406
x44,245,406
September to tal
1,169,630,306
1,125,384,900
44,245,406
Total
7,263,609,465
5,635,622,000
1,627,987,465
September y—
23,500,000
Certificates
x23,500,000
161,040"", 000
12,937,000
36,437,000
124,603,000
2,803,704,000
1,976,790,000
826,914,000
Notes
x
September total
Total 9 months
•
series certificates and notes; certificates sold to
Adjusted Service Certificate Fund and Unemployment Trust Fund and notes to
Old Age Reserve Account, Railroad Retirement Account, Civil Service Retirement
Fund, Foreign Service R£irement Fund, Canal Zone Retirement Fund, Alas) a
Railroad Retirement Fund, Postal Savings System, and Federal Deposit Insuranoe
Comprises sales
Corporation,
x
of special
Excess of retirements,
ing Sept. 28.
mos.
148,103,000
161,040,000
9
y
Amounts Issued only up to and includ¬
Amount sold only up to and
Including Sept. 28.
comprehensive tables on the succeeding pages we
compare the September and the nine-month figures with
those for the corresponding periods in the four years preced¬
In the
ing, thus affording a five-year comparison.
Following the full-page tables we give complete details of
the capital flotations during September, including every issue
of any kind brought out in that month.
.
2.
O
a
g
g
o
Jj*.
Or
CO
18,694",3053 .0 0
156.23 0
175.4603 56,014.09 231.47 39
74.589 10 102.7 ,14 17,859. 4
Refundi g
%
Total
87,0250 10 ,0 053.94,0 1.73409
-
153. 149S3,250, 0 20. ,0 48,35 8
4,60.56 750. 0 26.193,485 10. 98, 30 3,569,3 0 6,873,40 45,2.140 24. 75,0 12,05 0 5,70. 2.93*.4801 ,098 30 4,50 , 0 3.509*3 6 8.37 ,465 250,f1t4
4,50 . 0
4.0 .0 1 .718.65 3,509*,3 0 19.2 73 0 20, .0 12,05 0 14,6830 1 .7 8,0 47560",5 3,569,3 0
Total
if—
:::
-
——
Refundi g 20. ,0 16,05. 0 14,683.0
$
1936
50 .CO
%
New
rs 8 ^ k.vo^
t3*
250. ,140 158.7453 409,34693
Capit l 48.3920 7,439,3618.75,874
1936
^824,75.0 1a7,05 0Q,5.0 0 8:: : 2,1o0,0 f4i,50.0. *: >: : U"i,5o65 204,650 si:: : 2 a r> a
50 ,0 0
204.65,0 26,13426 19,20874
$
Total
Capit l 4.75.0 40",3170
156.23 0
2",l6 ". 6
750, 0
1.50 , 0 48.392,0
New
162,50
10 ,0 0
10 .0 0
8,475,480 10, 98 30
575.078
8.37 .40 74.589, 10
6,873,40 26,197810 4, 75,0 41,067.0 10,57 480 1 ,098 30
20.347,1204,24,30
175.4603
575.078
65,3289 1.30 , 0 1,50 048,0 0 *8562"0 ,45,8936204,2430 756,0 0
87.0250
381.0 0
381,0 0
1.30 , 0 1,50 0 48,0 0 "706^ 6 25.4 650 "375.6 6
87,321.50
740, 0
4,360 30. ,0 40, .0 25.0 0 7.8 9,0
148.05, 0
2,017.841
2,017,841 740. 0 4,360 30, .0 42,017841 25.0 ,0 7.8 9,0
41,824.0 16.0 0 7,'l3",6
64.95,60
180, 0
180, 0
41,8240 16.80, 7*,13V,6
65.13 60
740, 0
747,40
Cjpa it l 2.612,0 30, .0 24,0 .0 25,0 .0
24,816 3
1,30 , 0 1,530. 48.0 0 7"o6~, 6 25.4 6,50 756",06
83,09 40
1.837,841
1,837.841 740, 0 2,612,0 30. 0 25,837 41 25.0 ,0 747,40
84.937,241
$
Total
"
"
153. 1,498
_
381,0 0 574,0 0
Refundi g 38.40~.63
39.85,63 20, 0 7.384.50 6,70136
10 ,0 0
Capit l 87,2150 15,64281,60 94
13,745862 3,250, 0 41,05^83
$
1937
$
New
Total
$
148,05. 0
i,6 5",6 1,0 7.841
1937
$
Capit l
158,046.70
New
150.72841 14,65",06 74,29541 238.625
—
Refundi g
Total
6,0 4.63 3 .0 .0
10 ,0 0
10 ,0 0
162.50
6,0 4,63 3 .0 ,0 381.0 0
39,0463
575.078
14,3248 1,24 30
39,8563
575.078
26.34 62 1.30,0 1,50 0 48.0 ,0 862",50 39.8 ,984 1,24 30C 375,0 0
"
150,7284
.
—
Refundi g 64,95 60
$
1938
180. 0
65,13 60 5.60 , 0 21.59,263 92.34863
1938
FTINMOSFYAEHPICVARGRB fSFGtroaa\etmohvudgnicrnepmdlsaeysl.CITUSOSFTRNMOSPHFYEAIHPEIAENVRADBR
820, 0
Capit l 83,09 40 1.07,841
Refundig
84.937,241 8,40,0 52.69 15 146,03 92
$
New
8
New
...
Total
$
50 ,0 0
0.215.0 C 53, 0 0 1, 9 ,150
95,214.50 60.8 0 24,03498 180, 7648
.
79,150 50.8 ,0 8,30.35 138,4 35
Refundi g 25.89,0 53, 0 . 0
$
1939
GFLAOMVUENRICMDPLT,
CFOORRPEIGANT,
Capitl
$
New
Total
$
56 ,6 6
14,320 1,9,150
124,7 0
_
-
.
836,0 0
Refundi g 60,48.95 1, 79,80
_
$
1940
•
OGNARENUFPWDI
-. 62,4 785 26,5 "60 23,087 50 3,20,0 14,751.83
—
SOUM FARY Capit l
New
$
63,728015 2,76,26 1,58,250
68,0 465 42,68026 10,68 91
Com on Other Long-term Com on Total
Can dian Other Loan
Farm
Grand
United
60 .0 0 230~,6
3,70 . 0 25,89 0 3~,0",0
"
70 ,0 0
50, .0 53,0 0
23.965,0
60 ,0 0 23"o 6
53,70 0 79,150
~
—
Capit l 13,065 0
125,0
1.0 ,0 130"6
New
1.60 , 0 1,69 .150 13.065 0 125,0 0 1,09 ,150 130*6 1.60 , 0 16,09150
"
3,4760 61,82 0 19,05 0 530", 0 9.30,0 124,7 0
836,0 0
836,0 0
4.058,250 875,0 0
52 ,0 5,4 8,250
3,476.0 61,82 0 23,94 250 875,0 0 530, 0 9,825,0( 130,471250
Refundi g 7,90 , 0 43,0 0 5,4 8,9 5 "490", 0 3",6",6 60,4895
836.0 0
836,0 0
979,80
20 ,0 1, 79,80
7,90 , 0 43,0 0 7,2 4,785 490.6 0 3,50 , 0 62,4 785
325.0 4,278,450
875,0 0 40,0 0
Total
1940
9 .150
14,320.
"
"
CHAR TE Capitl 25,760o 18,520
New
3,078,450 875.0 0
13,59105 "40,6 6 6,0 ,0 63,728015
"
25,760 18,5210 16, 9465
6,325.0 68,0645
botayined SEPTMBR Notaesn-d &cop,manufctres oimanufctrig _ h&troalddciinngg,, Noteas—nd &cope,manufctre soimanufctrig h&troalddicinngg,, &cop,manufctres oimanufctrig h&troalddciinngg,, -&cop,manufctres oimanufctrig h&toracldd—iinngg,, securit
SEPTMBR naonteds. anonteds- stockforeign— bonanondtedss. stock corpateGovernmtforgeoviergnmnt-.Goaavncit_s,&♦Municpal—eSts,PoSstaiens toal fdifunigculodresest
OFMONTH Corpate— Domestic— Lboongn-tdersmShort-emPresftorcekd Candi — bLoongn-tdersm
Refundi g 20,650
1.60 . 0 1,69 ,150 13,765.0 24.09,0 1,69 .150 3*60', 0 5.30 0 95.214,50
1
130,47250 6"6,2 0 65,7 2763,20,0 25.438,26
1,5 8,250
70 ,0 0
9 .150
50. 0 53,0,0
"
$
1939
16.ol9150 9.50.6 15.70,145 41,6925
836,0 0 3,90 , 0
13,765.0 20,79 0 1,60,0 36"O.6 30.700", 40,2150 3~,O ",6
Total
13.745862
These
*
Bonds and &c Bonds and &c
OFMONTH Long-Term Railroads Equipment Maotnords industrial buildngs.Rub er Miscelanous Short-Tem Railroads Equipment Maotnords industrial buildngs,Rub er Miscelanous
utiles sctoeall,, Shipingtrust, utiles sctoeall,, Shipingtrust,
Total
Public Iron,
Other
Oil
Land,
Inv.
Public Iron,
Other
Oil
Land,
Inv.
Total
coMiscelanus orpate
utiles sctoeall,,Equipment andindausntridl b&uildcngs, Shipi_ngtrust,Miscelanous Railroads utiles sctoeall,,Equipment andindausntrdl b&uildcngs, Shipingtrust,
Stocks— Railroads Public
Total
Iron, Motors Other Land, Rub er
Oil
Inv.
Total—
Total
Public Iron, Motors Other Land, Rub er
Oil
Inv.
2,95872,90 54,70 204.97,312 38.17,58 38,0 .0
423.60 7,30 8,0 .0 5,0 0 34,09860 872,306815 5,0 0 4,68235.14
Refundi g 2,36 0 4 35,76250 143,675230 1.371,43 30. 0
2,58 4,1348,0 .0 5,0 0 321,9860 312,4*538 1,750, 0 3.21 9.801
Capital 563,8 560 18,70 50 6,42 082126,85.7 8.0 .0
7 ,8197 21,90 56 59,87142 1,57,0 1,36 28.4
Total
%
$
1936
$
New
Total
$
1,3945,0 82,0 n( 438,6413 278,461. 9
2,19048.60 8,250. 134,0 0328,7140 741.68,52
-—
Refundi g 726,09351 36,823.9 0 263,57906 8.14280
$
1937
1,304 9.65
6,0 ,0 34.1052 9,81 ,267
Refundi g 64,102695 2.758,0 1,20 ,80
Total
Total
1939
1,3576 0 78,10 146,08940 56.8 ,598 79,50. 0
62,50
706,2 192
Total
1,36758 34 1,2578,325149,73210 2,78316,9
1,4537,0 19,8460 147.32,79052.49,853
1,6739,43
548,390 72,1 865,325,0
1.28,97158
241,7820 297,861 743,20,0 1,7 .85,632
4 ,82195
306, 80U 47,850 122,15,0
New
8,250, 0
GOINCSORREPUUFPWEIAT
CFGOOORVREPERNIGMANTT,,
notes. notes. . stock notes. . fbSuotnadyniesds
Total
1940
Refundi g 1,09725, 08, 36,0 107,8 96 3,2 .24
Capital 34,69580 1.0 ,0 40,13479 49,02761
New
SOUM FARY
ES3NEDP0T.
CAHARNTDE
1,28405,97
95
36.82390 86,31025 54,9109 162,850 62,07"581 21,06.75
107,2680 480.213 4.076,50 4,93~,60 38,768 27,3480 21. 4,0 5O0O". 726,09351 1,450, 034,573920 "80 ,6 6
2
3",
$
25.93,0 720,6 195 13,507.
7,702
"
2,0 ,0 6,0 ,0
1,304.965
890, 0
000 120, 0 21 .0 0
64.102,695
30,0 0 8 9,0 0
323,0 0 3,24 .0
000
New
91,37 0 83,2930 103,5 0 3,90,0 56,39206 217,0 9,25,0 14,75.0 65,7 0 1,39526,0 9,50,0 7,260, 0
5 0, 0
9,0 ,0
Refundi g 31, 80 789,63210 94,0 0 23,67016 16,72 53 5,49 ,0 12,75 0 45,92.0 1,65.23879 9,50 , 0 5,80 . 0
1939
52
9,0 .0
Refundi g
1,20 .80 10, 0 50,73 965 5,302, 0 39,184325 32,90 3 5 12.358,60 45,0 ;0 2,587,30 648,03.495
10 ,0 02,46 ,2 0
42,783192 15,930 24,60.5 10,321.9 12,06293 180,62.195 4,270,90 4,10,0 4,687,2 0 706,2 192
213,90
213,90
,50.6O 78.10 C 13,6 10 2,0 ,0 2",680",6 57,12016 1,275,0 10 ,0 0 7,891,02 20,94803 10,873.0 972,1540 16,05 0 3,90,0 2,680, 0 13,54126 27,350 9,35,0 14,75 6 126, 02 1,67 024,538
365,18
1.53 .571 128,04 5 40,6380 921,6 06 94,0 0 23,92 04 170,2653 5,49 ,0 12,75 0 97,460571
1,36758,34
2,50 , 0 4,510, 0 5,468,304 2,0 ,0 2,680", 0 56,80.28 1,275,0 10 ,0 0 213,90 6,35 ,451 74,89 483 60,2350 50,49 34 1,50 3,90 , 0 2,680, 0 89,54 .012 56,48 7 3,861,0 213,90 2,6~0 6 28,7054 1 309,47204
Neto
1940
3~,09*l".425 1.36 .92 34,89 .1 8862,50
1,3542,687
20,30
1, 82,50
50, 0 74,30. 0 126,47 96
5 0, 0
60,2350 43,56 09 8,60,0 3,90,0 32,74 184 5,37 47 3,761,0 2,0 ,0 19,850 230, 7 21 1,460, 0
Capital
Total
43,985 92
1,67 ,0 2.758,0
750
4
Total
26,39l"859 351,72 906 108,7 .0 601, 548 9,067149 162.8504,934,60 10,253.469 148,5 76 21, 40 682,50 29.52",359 1, 5 ,17
682,56
35.90~,6 45,37608 4,978,142 40.6 ,54 304,650 12,73453 18,43198 46,38037 2,49",490 6197,1991 365,103.694 21,8450 107,8190 130, 9604 1,40.650 18,49 53 271,80.61 69.25,37 0 03.14,90 "250"6 6 143,52 679 1,075329,4
I,7"O ",6
664
Capit l 15,930 219,5 230 148,95.0 87.28,175178,30695 4.270,90 0 01,90,0 60,237.0u 2,0 ,56
3,0 21, 9
910, 0
85,92 0 17,30 7,98,0 1,350, 0153,80 1,45 37,0 5,0 ,0
264,7 0 562,13 0 261,5 0
936,0 0
875,0 0
13,0 0 19,8460 95,7651 1,935,0 5,40,0 -53,674 1,40.0 2,530, 0 38,10",659 19,572643 269,740 658,79 10 263,490 5,40,6 140,2847 18,750 7,98,0 1,40,0 2,530, 0 1,350, 0 204,95869 1,673 9,43
170,945602 47,1940325,80 46.28,95 105, 0 7,138,0 49,67930 1.09,725 0 5,0 ,0
836,0 0
3,0 ,0 8, 36,0 70,6 19 1.306, 0 2 ,45021 1,530, 0 14,52"167 10,4 238
10 ,0 0
859,70
875,0 0
10, 60 1,0 0 25,084591 ,935,0 4,09*,0 31, 726 1,40,6 1,0 ,0 23,65",52 89,162405 93,2839 13.92 8 7,640, 0 4,094,6 70,51327 12,6750 1,40,0 1.0 ,0 1,350, 0138,0 62 4 ,82195
859r70
93,2839 87,928397 5,705,0 39,26015 1,80 0 1,350, 0 104,38207 34,69580
Capital
910, 0
New
gGove . overnmtacis.&teP,osin include S8EP0T. Notes— _manufctrig h&oldcing, Notei manufctrig &holdcing,
175,94602 54,86 2 5,80 1,306, 669,15.97105, 0 7,138.0 1,530, 0 6,920637 1,28971,58
manufctrig jh&oldcing, manufctrig h&ocld_ing.
boanndds stock stock boands stock boanndds stock. stock corpate Goavndt,♦Municpal—Stes, toal. dnot MENONDTHS LoBnoga-nTedrmsRailroad.s utiles&sccotoepall,,,Equmaipnumfcternets anodi indausntridl b&uildcngs, ttrraudsintg,,Miscelanous SBhoort-anTedmsRailroads utiles&sccotoepaell,r,,Equmiapnumfcetnts aenodri indausntridl b&uildcngs,Ruber,.Shipng.. ttrraudsintg,,Miscelanous Railroad.s utiles. &sccotopeaellr,,,Equmipnumfetnt aacensordi indausntridl b&uildcngs, ttrraudsintg,,Miscelanous Railroad.s utiles&ccsotopeaelrl,,,Equmaipnumftent aacesnordi indausntridl b&uildcngs,: ttrraudsintg,,Miscelanous cseocrpuritate.
DaCorp te- omestic— Long-termShort-em Pref red Com on Candi — Long-termShort-em Pref red Com on Oforetighn—er Long-term Short-emPref red Com on TotalCan dianOfotrheiergnLoan SUtaniteeds Grand Tfighuersees
MONTHS
9
1.39,45.0
$
450. 0
309,47204 59,20 648",5 0 753,4 150 1.7 , 435
Capital
$
250, 0
35,90", 0 82,0 0 91,28*.394 5,91753 467,50 12,73453 250, 8570 167,4 802 3,176",90 58330 8 716,825 0 30,5630 708.967,34 29,076 53 1,567.50 23,4 .53 37,1407 317,203 28, 60 3,826.90 173, 803 2,19048,60
60 ,0 0
650, 0 250, 0
324,7630 580.3290 132,850 1,0,0 10,7 .0 120, 50 150,2450 28, 60 41,58 0 5,80,0 37.50, 2.5o6', 6
Refundi g 10, 0 50,73 965 4,5 2,0 37,8 1 25 32,689305 12.358,60 45,0 0
1938
601,67 24.538 7,50 1,906532 903.21,60 450, 0 4,5 36,2
230, 721 4,510, 018.406,7356,493 10
$
523.90
50 ,0 0
18,70 50 2.768,35 4,702.7567,462,40 3,961.0 9.52,61 4,76.094 1.925,0 41,57941 187,23 857 21,47.58 74,158601 1 ,3049 9,58,9503,961, 0 13,68305 40.916,31 4,312,0 "60 .6 5 1,9250 165,08.41 7 ,68197
2, 12,50 245.0 0
$
1,72645,98
365.18
Refundi g 1,08573. 9 74,30 0 127,683 7 79,50 0
49,8763151,28965, 2 219,78 52 20.73,450 214.0 ,92 58.473,21 9.712.0 3,509,36 74,259,16
13
New
726,35~6 95.43,56 5,236,0 2,78132,
425.80C 58.79, 75,236.0
7. 50"6 35.7625C0 II,2885 27,4,184,0 523,90 69,7036 1 , 43" 9 3,509",3 0 35,08 ",530 15,046973
294,748, 6315 125 38 213,57 2 0,73450 7,12576 240, 1963 9.712.0 31.420",576 2,39.0634 15.0 ,0 60 ,0 02,0 ,0 8,125"6O 2,87,50
60 ,0 0
650, 0 250. 0
Capital 217,495.0 10,47.68 8.08950 1,0,0 5,765,40 81,748612 12,89/50 7,02,0 38, 450 849,649 4,350, 0 2.76.08
FfFGtroevmahodugrnnicmplyelsYES3UFTMITSNIOAVODHNHAPR0TER.D
FYFESFLTN3AMMIIUOOAHAVNDR0RCPRDPMTGL,
Capital
New
60.237,0 3,24,0 32.902,459,81,267
Refundi g
1937
648,03495 30.85,0 106,37 49 1.05,8624
$
1938
721,93.0 1,35624 3 31,086 5 30,68240 4,85,0 347,6937 29,38 43 14,02 0 4.109~,351,9250 239,867941
New
1,075329,4 132.0 , 0571.90,763 1,78241,86
1,3542687
8,"125",6 5 4,50 , 0 245,0 0 65557,7 0", 54,70 28,59",763 8, 6, 56 7,462,40 4. 85,0 169,32897 30,89 43 50 ,0 0 3,509*",3 01 .9250 76. 7,941 342,8 30
Capit l 206,417.58 70,139 6 106, 248 2,496,50 34,02574 23,9580373.567,0 "60 ,6 0 124,09~430 571,83650 15,0 0 1,250, 0
1,70648,92
62,56
$
691,2390 1,3256780 320, 0 23, 0. 170,51" 0 264,0 0 13,2790 ~60 ",6 5 6"054,1 5 2,963872,90 30, 0 1,850, 02,0 .0
$
3,250. 0
$
New
$
85.0 ,0 134,0 0 196,740 169^7,65
Refundi g
1936
3,4810,28
1,5. 17
Capital 64,8964 45,376.08 174,85.06 190.38629
Total
$
Total
3.3
Total
*
Farm
9
Public Iron, Motors Other Land,Rub er
Oil
Ship ingInv.
Public Iron, Motors Other Land,
Oil
Inv.
Tota_l
Stocks—
Total
Public Iron, Motors Other Oil_ _ Land,Rub er Ship ingInv.
Total—
Public Iron, Motors Other Land,Rub er Ship ingInv.
Oil
Total
The Commercial & Financial Chronicle
1958
BONDS
(ISSUES MATURING
NOTES
AND
FIVE
THAN
LATER
YEARS)
7,500,000 Dow Chemical Co. 10-year 2M% debentures, due Sept. 1,
1950.
Purpose, refunding ($5,000,000). capital additions,
&c. ($2,500,000).
Price, 101A and int.
Offered by Smith,
Barney & Co.; Dillon, Read & Co.; The First Boston Corp.;
Harriman Ripley & Co., Inc.; Kuhn, Loeb & Co.; Lee Higgin¬
son Corp. and Morgan Stanley & Co., Inc.
RAILROADS
$8,15Q,000 Atlantic Coast Line RR. series G 2% equip, trust certifi¬
cates, due Oct. 15, 1941-1950.
Purpose, purchase of equipment.
Priced to yield from 0.45% to 2.40%, according to
maturity, i Offered by Drexel & Co. and Laurence M. Marks
& Co.
:v:-v.
.">•'■■■
'
'r-v-V
877,000 Chicago Milwaukee St. Paul & Pacific RR. 2A% equip,
trust certificates, series M, due 1941-1947.
Purpose, purchase of equipment.
Priced to yield from 0.40% to 2.05%,
according to maturity.
Purchased from RFC and reoffered
by Salomon Bros. & Hutzler, Dick & Merle-Smith and Stroud
& Co., Inc.
'
1,500,000 Duluth
Miasabe & Iron Range Ry.
1950
pose,
same
150,000 Southwestern Engineering Co., Los Angeles, 15-year
7% sinking fund conv. debentures, due
une 1, 1955.
Pur¬
pose, refunding ($58,985) and working capital.
Price, 100
and int.
Offered by William A. Lower & Co.
*3,500,000 Worthington Pump & Machinery Co. 10-year 4% deben¬
tures, due Sept. 1, 1950.
Purpose, repay bank loan, addi¬
tional working capital.
Placed privately with an insurance
company.
$19,050,000
LAND, BUILDINGS, ETC.
1^% serial equip.
$490,000 Roman Catholic Bishop of Toledo, Ohio, 1st & ref. mtge.
seriil 3,3H,3H.3H and 4% bonds, due 1941-1953. Purpose,
refunding.
Price, 100A and int.
Offered by B. C. Ziegler
& Co. and Bitting, Jones & Co., Inc.
1, 1941-1950.
Purpose, purchase
of equipment.
Priced to yield from 0.20% to 1.65%, accord¬
ing to maturity.
Offered by Alex. Brown & Sons, Harris,
Hall & Co., Inc., and The Illinois Co. of Chicago.
trust certificates, due Oct.
Chemical Co. serial debentures, due annually 1941(interest rates ranging from 0.35% to 2.05%).
Pur¬
capital additions, &c.
Price, 100 and int.
Offered by
bankers as offered the 10-year 2 A % debentures.
7,500,000 Dow
4,922,000 Chicago Milwaukee St. Paul & Pacific RR. 2lA% equip.
trust certificates, series U, due Dec. 1, 1940-1949.
Purpose,
purchase of equipment.
Priced to yield from 0.25% to
2.25%, according to maturity.
Purchased from RFC and
reoffered by Salomon Bros. & Hutzler, Dick & Merle-Smith
and Stroud & Co., Inc.
'
1940
$400,000 Central Newspapers, Inc., 1st lien & collateral serial 4A%
bonds, due Aug. 1, 1941-Feb. 1, 1951.
Purpose, refunding.
Priced to yield from 100 and int. to 101A and int., accord¬
ing to maturity.
Offered by City Securities Corp.
SEPTEMBER, 1940
LONG-TERM
5,
MANUFACTURING
INDUSTRIAL AND
OTHER
DETAILS OF NEW CAPITAL FLOTATIONS DURING
Oct.
40,000 St.
Peter's
Roman
Catholic Church, Covington, La.,
bonds, due Sept. 1, 1940-4955.
99 for 3Ms,
1st mtge. 4% and 3A% serial
1,056,000 Kansas City Southern Ry. 2^% equip, trust certificates,
series G, due 1941-1950.
Purpose, purchase of equipment.
Priced to yield from 0.30% to 2.30%, according to maturity.
Purchased from RFC and reoffered by Salomon Bros. &
Hutzler, Dick & Merle-Smith and Stroud & Co., Inc.
construction of new church.
Price,
101 for 4s.
Offered by Weil & Arnold.
Purpose,
$530,000
MISCELLANEOUS
1,403,000 New York New Haven & Hartford RR. 2XA% equip, trust
certificates of 1934, due 1941-1945.
Purpose, purchase of
equipment.
Priced to yield from 0.40% to 2.40%, accord-'
ing to maturity.
Purchased from RFC and reoffered by
Salomon Bros. & Hutzler, Dick & Merle-Smith and Stroud
& Co., Inc.
..i
*$2,100,000 Halle Brothers Co. secured 2%%-4% notes, due Sept. 21,
1941rl960.
Purpose, refunding.
Sold privately to an in¬
surance company through
Paul Hammond Co.
*1,200,000 St. Paul Union Stockyards Co. 1st mtge. 3?^% bonds.
Purpose, refunding.
Sold privately to Northwestern Mutual
.
Life
4,750,000 Northern Pacific Ry. 2% % equip, trust certificates of 1940,
duo 1941-1950.
Priced
Purpose, purchase of equipment.
to yield from 0.30% to 2.30%, according to maturity.
Pur¬
chased from RFC and reoffered by Salomon Bros. & Hutzler,
Dick & Merle-Smith and Stroud & Co., Inc.
168,000 Pittsburgh & West Virginia Ry. 4% equip, trust certifi"
cates, due serially, Feb.
1, 1941-1948.
Purpose, purchase
of equipment.
Priced to yield from 1.50% to 2.95%, accord¬
ing to maturity.
Purchased from RFC and reoffered by
Blair, Bonner & Co.
NOTES
(ISSUES MATURING UP TO
FIVE YEARS
*$836,000 Brown Co. (Me.) trustees' certificates (3% discount), due
Sept. 9, 1941.
Purpose, refunding.
Sold to a syndicate of
banks on a 3% discount basis.
STOCKS
(Preferred stocks of
stocks of
at their
$33,476,000
no
a
are taken at par, while preferred
and all classes of common stock are computed
stated par value
par value
offering prices.)
OTHER INDUSTRIAL AND MANUFACTURING
PUBLIC
UTILITIES
$85,000 Central Wisconsin Gas Co. 1st mtge. 5% bonds,
Aug. 1, 1960.
Purpose, refunding.
Price, 101 and
Offered by Ray T. Hass, Chicago.
$217,000 Aircraft Accessories Corp., 108,500 shares class A capital
stock (par 50 cents).
Purpose, expansion, purchase of ma¬
chinery and general corporate purposes.
Price, $2 per share.
Offered first to holders of class A and class B capital stock;
unsold portion (65,000 shares) offered by Sutro & Co.
due
int.
3,500,000 Houston Natural Gas Co.
1st mtge. 15-year 4% sinking
Purpose, refunding ($2,805,($695,000).
Price, 100 and int.
Offered by Mackubin, Legg & Co.; Whitaker & Co.; Gregory,
Eddleman & Abercrombie; Paine, Webber & Co.; White,
Weld & Co.; Baker, Watts & Co.; Boenning & Co.; Alex.
Brown & Sons; Estabrook & Co.; Robert Garrett & Sons;
Moroney & Co.; W. W. Lanahan & Co.; Stein Bros. & Boyce;
Beckett, Gilbert & Co., Inc.; Dewar, Robertson & Pancoast;
Mahan, Dittmar & Co,; Pitman & Co.; I. M. Simon & Co.;
A. W. Snyder & Co.; Milton R. Underwood & Co.# and
568,750 Hilton-Davis Chemical Co., 25,000 shares of common stock
(par $1).
Purpose,
working capital,
building extensions
to plant,
&c.
Price, $22.75 per share.
Offered by Dis¬
tributors Group, Inc.
fund bonds, due Sept. 1, 1955.
000),
corporate
purposes
2,500,000 United Biscuit Co. of America, 25,000 shares of 5% cumu¬
lative
preferred
stock
(par
$100).
Purpose,
refunding
($979,800), construction and general corporate purposes.
Price, $102 per share and divs.
Offered by Goldman, Sachs
& Co., Lehman Brothers, Blyth & Co., Inc., and Kidder,
150,000 Northern Wisconsin Power Co. 1st mtge. sinking fund 4s,
series A, due
July 1, 1965.
Purpose, refunding.
Price,
100H and int.
Offered by Bell & Farrell.
)■':
and Otis & Co.
$4,058,250
OIL
$875,000 Midwest Refineries, Inc., 35,000 shares of $1.50 dividend
cumulative convertible preferred stock (par $25).
Purpose,
repay (or to reimburse treasury for payments made since
June 30, 1940) certain obligations of Imperial Refining Co.
($332,060), balance working capital, &c. ($542,940).
Price,
$25 per share.
Offered by J. G. White & Co.; Bond & Good¬
win, Inc.; Kirchofer & Arnold, Inc.; G. H. Crawford Co.,
Tnc.; McAlister, Smith & Pate, Inc.; Milhaus, Gaines &
Mayes, Inc.; Baker, Simonds & Co.; S. K. Cunningham &
Co., Inc.; Clement A. Evans & Co.; Frost, Read & Co., Inc.;
Johnston, Lemon & Co.; Kinloch, Huger & Co.; Southgate
& Co., and James Conner & Co., Inc.
*10,000,000 Potomac Electric Power Co. 1st mtge. bonds, 314% series
due
1975.
Purpose,
working
capital,
construction,
&c.
Price, 108.7743701 and int.
Sold privately to Metropolitan
and Mutual
Life Insurance Co.
*1,500,000 Rumford Falls Power Co. 1st mtge. 3%% bonds, due
Sept. 1, 1950.
Purpose, refunding.
Placed privately.
30,000,000 Southern
series
burse
fixed
California Gas Co. 1st mtge. bonds, 314%
due 1970.
Purpose, refunding ($27,500,000), reim¬
treasury for moneys actually expended from income for
capital purposes ($2,500,000).
Offered
by Blyth &
Price,
103 A
MISCELLANEOUS
and int.
$350,000 Fleming-Wilson Mercantile Co., 3,500 shares of 5% cumu¬
lative
preferred
stock
(par
$100).
Purpose,
refunding
($200,000), provide increased inventories and accounts re¬
ceivable required by increasing sales.
Price, 103 per share.
First offered in exchange (2,000 shares) for outstanding 6%
I
preferred.
Unexchanged portion offered by Estes, Snyder
Co., Inc.; Dean Witter & Co.; Harriman
Inc.; Stone & Webster and Blodget, Inc.;
Ripley &
Co.,
First Boston Corp.; Smith,
Barney & Co.; Bonbright
Co., Inc.; Lehman Brothers; Mellon Securities Corp.;
Halsey, Stuart & Co., Inc.; W. C. Langley & Co.; Lazard
Freres & Co.; Baker, Weeks &
Harden; Bankamerica Co.;
Banks. Huntley & Co.; Bateman, Eichler & Co.; Brush,
Slocumb & Co.; II. M.
Byllesby & Co., Inc.; R. S. Dickson
& Co., Inc.; Drexel &
Co.; Eastland, Douglass & Co.; East¬
man,
Dillon & Co.; Elworthy & Co.;
Equitable Securities
Corp.; Glore, Forgan & Co.; Goldman, Sachs & Co.; Graham,
Parsons & Co.; llallgarten &
Co.; Harris, Hall & Co.; Hayden, Stone & Co.; Hemphill,
Noyes & Co.; Hill Richard
& Co.; J. J. B. Hilliard &
Son; W. E. Hutton & Co.: The Illi¬
nois Co. of
Chicago; Kidder, Peabody & Co.; Lee Higginson
Corp.; Mitchum, Tully & Co.; G. M.-P.
Murphy & Co.;
O Melveny-Wagenseller &
Durst; Pacific Co. of California;
Arthur Perry & Co
Lac.; Riter & Co.; E. H. Rollins & Sons,
Inc.; Schwabacher & Co.; William R. Staats
Co.; Stern,
Wampler & Co., Inc.; Stifel, Nicolaus & Co., Inc
; Weeden
I he
&
-
? a.°i^elis~Dl^y
Stubbs,
&
(Me.)
RffoVi k96?;
Offered by Bond
*15,000,000 Western
j
& Co., Inc.
175,000 Rand's,
Water
Co.
Massachusetts
1st
refunding.
Goodwin,
Cos.
Inc.
mtge.
4%
bonds,
Price, 102X
Reserve Telephone
FARM LOAN AND GOVERNMENT AGENCY ISSUES
6,000,000 Federal
n^V°Kd«sen^' 2ue
1st
°cf*
Offered by BancOhio SecuritiesL 1Q60.
Co.
$61,821,000
Intermediate
Credit
Banks,
%%
consolidated
debentures, dat d Oct. 1, due $10,575,000 April 1, 1941, and
$15,425,000
Oct.
1,
1941.
Purpose,
refunding.
Price,
slight premium over par.
Offered by Charles R. Dunn,
New York, fiscal agent.
due
and int.
ISSUES NOT REPRESENTING NEW FINANCING
$227,500 Hilton-Davis Chemical
Co.,
stock (par $1).
Price, $22.75
tributors Group, Inc.
secured
Co.
pre¬
$525,000
2.70% notes, first
series, due Sept. 1, 1955.
Purpose, refunding ($11,000,000),
pay bank loans of subsidiaries and
provide for plant expan¬
sion.
Sold privately to six insurance
companies.
125,000 Western
„
(with common stock purchase warrants).
Purpose, working capital.
Price, $5.50 per share (with one
common stock purchase warrant entitling holder to purchase
one common share at $3 per share at any time up to and incl.
Dec.
31,
1945).
First offered to common stockholders.
Unsubscribed portion offered by Floyd D. Cerf Co. and
Grubbs, Scott & Co.
Whjte, Weld & Co.; Whiting, Weeks
&
,
Pittsburgh, 35,000 shares of 8% cumulative
ferred stock (par $5)
Inc.; The Wisconsin Co., and Kuhn, Loeb & Co.
35,000 Washburn
;r
772,500 United States Plywood Corp., 30,000 shares of common
stock (par $1).
Purpose, expansion of plant facilities, repay
bank
loans,
&c.
Price,
$25.75
per
share.
Offered
by
Eastman, Dillon & Co.; Merrill Lynch, E. A. Pierce & Cas¬
satt; Dominick & Dominick; Hemphill, Noyes & Co.; Riter &
Co.; E. H. Rollins & Sons, Inc.; G. M.-P. Murphy & Co.,
*1,326,000 Philadelphia Transportation Co. equip, trust certificates,
series B (int. rate A of 1% to
3%), due Sept. 16, 1940-1950.
Purpose, purchase new street cars.
Placed privately with
seven Philadelphia banks and insurance
companies.
Life Insurance Co.
Peabody & Co.
■yr-~ —
Chas. B. White & Co.
100,000 Lincoln (Me.) Water Co. 1st mtge. 4% bonds, due Oct. 1,
1960.
Purpose, refunding.
Price, 102A and int.
Offered
by Bond & Goodwin, Inc.
r
AND
INCLUDING
OTHER INDUSTRIAL AND MANUFACTURING
1940-1947.
'
BONDS
AND
9,150,000 Wabash Ry.
>
Co.
$9,300,000
SHORT-TERM
*1,500,000 Vermont Valley RR. 1st mtge. sinking fund 4% bonds, due
Oct. 1, 1955.
Purpose, refunding.
Price, par and interest.
Sold privately to Equitable Life Assurance Society of the U.S.
2A% equip, trust certificates, series H, due
Purpose,
purchase and repair of equipment
($2,750,000), retire old equip, trust certificates ($6,400,000).
Priced to yield from 0.25% to 2.15%, according to maturity.
Purchased from RFC and reoffered by Salomon Bros. &
Hutzler, Dick & Merle-Smith and Stroud & Co., Inc.
Insurance
6,000,000 Western Auto Supply Co. 15-year 3H% sinking fund de¬
bentures, due Sept.
1,
1955.
Purpose, pay bank loans
($3,000,000), additional working capital.
Price, 99 A and
int.
Offered by Merrill Lynch, E. A. Pierce & Cassatt;
A. G. Becker & Co., Inc.; Lazard Freres & Co.; Stern, Wamp¬
ler & Co., Inc.; Stern Brothers & Co.; Johnson, Lane, Space
& Co., Inc., and Merrill Lynch & Co., Inc.
515,000 United
stock
States Plywood
(par $1).
bankers
mtge. sinking fund
as
Corp., 20,000 shares of common
Price, $25.75 per share.
Offered by same
30,000 shares in behalf of company (see
offered
above).
Purpose, refunding.
$742,500
*
Indicates
issues
10,000 shares of common
share.
Offered by Dis¬
per
placed privately.
Volume
The Commercial & Financial Chronicle
151
^
======
■
■
,,
1959
~
;
;
The Business Maris Bookshelf
restraint
unreasonable
The Bottlenecks of Business
of
dence of the violation of
By Thurman W. Arnold.
335
Reynal
& Hitchcock.
Price,
The
who
author,
Assistant
is
obtain convictions,
pages.
$2.50.
For
Attorney General in
the
Department of Justice, Washington, tells us that "the pur¬
of this book is to explain to the consumer what
pose
can
pursuing our traditional ideals
of an economy of free and independent enterprise."
And the "consumers"
are
(p. 2€0) "the 87% of the
families who are getting $2,500 a year or less."
On page 8
you may gather that 8,(M),UOO families are continually "fac¬
ing starvation" on an income of $750 a year; 11,000,000 fam¬
ilies are "fighting poverty" on $750 to $1,500 a year.
The
laws
existing
by
and
class"
"comfortable middle
comprises 8,000,000 families
on
$1,500 to $3,000 a year.
(Of this number, some 0,400,000
families get $2,500 or less a year, as this reviewer reads
the
25,000,000 families
the distribution of
this
For
author's purpose is to tell some
what can be done for them "to increase
goods under our laws."
aim the book seems ill devised.
Little
popular education.
Largely it dispenses
Hence,
chart.)
worthy
about it smacks of
of
economist.
"The great
author affirms, "sell their
goods, services, and iaoor in a competitive market.
They
buy their necessities in a controlled market.
Thus our
economic structure consists of two separate worlds."
rather
than
of
mass
a
profound
sage,
population,"
our
the
.
"In
prices
no
falls off.
creases
or
producing
on
will
market
such "conditions,
and
consequences,
"The
right
go
the
of
course
ordinary
structures."
much
as
has
man
remark
this
might
one
conclude
is
extraordinary statements.
(page 28), "There is no economic reason why
stores should not sell spectacles.
The argument
make
he- can
The
else.
anyone
willing
health of the public that
fact
that
is
merchants
who
are
distribute
spectacles cheaply have been unable
to get hold .of the best type of product."
Probably, also,
merchants
who
are
willing to distribute oil paintings
to
unable
cheaply are
of the best type of land¬
get hold
to
scapes.
conclusion
reached
by
Mr. Arnold in
the field
of
economics is that the "uncurbed activities of private groups
who have seized control of our economic toll-bridges have
been
destroying the free market in this country since the
depression"
58).
(page
Maintain
other cause of injury
every
ondary
import.
The
"free
a
market"
and
to our body politic is of
author
does
not
merely
sec¬
believe
it,
he knows it.
Even the problem of penetrating South Amer¬
markets in competition "with totalitarian countries"
ican
is
since "under
solvable,
absorb
free internal
a
vast amount of South American
a
counterbalance German
The
"only
which
could
we
products and thus
economic penetration."
instrument
one
market
can
Ipse dixit.
accomplish
any
practical results in freeing the channels of trade" is—the
Sherman Act.
conjecture
At last
whether
we
the
have it!
object
of
At this stage one may
this
book
was
to
teacn
25,000,000 distressed and uncomfortable families how to get
a
"better distribution of goods under existing laws," or
whether it was further to impress upon the comfortable
and capitalistic other world the benefits conferred
upon it
Mr.
since
Arnold
headed
Department of Justice.
While
we
we
the
Anti-Trust
Division
of
the
N
dubiously harken to Mr. Arnold the economist,
respect his earnestness, energy and origi¬
profoundly
nality
Act.
self
200
as
to the community.
It
can
sympathize with
the
do
author's
men,
one
can
establish
desire to
two
permanent deputies in each
State,
solely to prevent backsliding, and to furnish prompt relief
to those suffering from abuses shown to be curable through
Sherman Act.
the
In addition, one can ask that the cases
cited in illustration of the workings of the Act be carefully
considered by those who
selves
open
In two
Act and
unwittingly may be leaving them¬
to prosecution for reasons here analyzed.
appendixes we are given the text of the Sherman
summary of the leading judicial decisions inter¬
a
preting the Act in general, and as to consolidation of com¬
petitors, price-fixing, the abuse of patent or copyright privi¬
leges, and in regard to the activities of labor organizations.
It is regrettable that the core of this book was reached
only after wading through much irrelevant and even tire¬
matter,
some
to
carry
which a
questionable
and
even
inadmissable
the qualities of the book suffice
the reader safely through the extraneous matter
careful editing would have deleted.
(By the
more
some
way,
much
Fortunately,
theorizing.
of index may afford comic
book becomes tedious.)
20 columns
relief
if and when any part of the
W.
the
upholder
of
the
provisions of
His is the spirit of the crusader.
the
C. B.
;i
Forecasting Sales
Prepared by Policyholders Service Bureau.
57 pages.
Metropolitan Life Insurance Co.
Gratis.
will result in
and more stable employment
among its group policyholders will prove mutually beneficial,
the Metropolitan conducts studies in industrial management
On the assumption
profitable
more
and relations.
that any action which
operation
These are made available to business execu¬
applying for them on their business stationery. Much
of this information takes the form of a composite expres¬
sion of views and factual data furnished by large numbers
tives
of
outstanding business organizations.
most useful summary
of 33 companies who make
of the volume of sales, and the manner in which
The last of these reports presents a
It is interesting to note that out
forecasts
the forecasts.
they secure or prepare
The
can
and^jrobably (because of fines collected)
that,
However, Woolworth's is
good a financial position to hire a good optometrist
as
as
about
would expect, breed dire
attempted cures; specially as
little understanding of economic
optometrists be employed.
in
Act
Viewing the excellent achievement secured with a staff
of
permit."
made that it is necessary to the
good
Sherman
cost, or even a profit to the Treasury.
at no
strange
From
However,
10c.
the
beneficial
highly
prove
this economically,
one
For instance
is
the
the
as
conversely, Mr. Arnold himself may not be an extraordinary
men.
him,
by
.
people
conditions
Of
.
world, there is the power to maintain high
matter how much the demand for the product
In the second world, when the supply in¬
the demand falls off, prices drop to the bottom,
.
the
but
.
first
the
of his book, Mr. Arnold earns our un¬
For he proves clearly that, used in the
advocated
way
evi¬
unshakable
the Government's case,
extirpate the evils of unreasonable restraint of trade, and
our
doctrine after the manner of a pontifying lawyer
economic
practical
gather
prove
and bring relief to the injured public.
aspect
grudging thanks,
so
be done for him to increase the distribution of goods under
our
this
trade,
law,
Sherman
Surrounding him¬
with
a
staff of keen, adroit and
unflinching young
lawyers, he has shown that the Anti-Trust Division of the
Department of Justice under his direction can ferret out
Forty-five corpora¬
of them in the front rank of industry, -have
contributed their share to the preparation of this report.
tions,
many
It is interesting to
note that out of 33 companies who make
periodical forecasts the principal objective of this work is:
As to 18, operating budgets and standard costs; as to 18,
production planning, and employment stabilization; as to 17,
financial planning; as to 12, inventory control; as to seven,
to determine sales quotas.
the calculations affecting the
some, internal conditions of
many types are the predetermining factors.
Others seem
to attach even more importance to influences and conditions
outside of tlie companies' industry.
' ■.(
The procedure leading up to the desired results varies
extensively in the many industries considered in this com¬
pilation.
So much so, in fact, that any one to whom pich
results from part of the periodical statistical requirements
would benefit, largely perhaps from a consideration of the
methods
and
processes
described in detail.
Nineteen
highly diversified industries furnish specific information
in regard to their own enterprises.
The resultant cooperative report is strictly factual, devoid
Many
final
factors enter
secured.
results
of comment except that
into
As
to
made by the individual contributors.
Metropolitan's task has been confined to acting as the
vehicle through which the information is secured, edited,
The
and
presented.
This part of the work has been done ad¬
mirably, in manner typical of the excellence which charac¬
terizes
this
company's numerous
distributed to the public.
informative publications
W. C. B.
Indications of Business Activity
THE
STATE
OF
/
Business
TRADE—COMMERCIAL
EPITOME
Friday Night, Oct. 4, 1940.
activity showed further expansion this week,
sending in highly favorable
with most of the major industries
reports. Business is swelling to unprecedented proportions in
steel, with indications that the fourth quarter will be one of
periods ever experienced by the industry.
production reached a new high the past
week, while the automobile industry shows signs of keeping
right up in the front line. However, with all these glowing
reports, the war continues the great overshadowing influence.
The feeling prevails generally that things are rapidly nearing
the most active
Electric
power
The Commercial & FinanciaJ Chronicle
1960
a
crisis
in
the
great
European conflict, and something is
a year ago, it was noted that this year the
trend appears to be more healthy because there is no evidence
of anticipatory or speculative buying in sufficient volume to
be
stated.
The automobile industry, facing
the prospect of delayed
spring selling season,
is apparently bent on building up stocks of assembled cars
in advance of such a contingency and a high rate of produc¬
tion is expected to continue for some months, the magazine
steel deliveries when it enters its active
says.
program,
which is now making
most
progress in its preliminary construction plans,
ac¬
counts for a good snare of this week's total of 56,000 tons of
fabricated structural steel contracts, the largest weeklv total
in more than two years, while August shipments of 124,301
highest for
any
quite satisfactory
the Rocky
conditions
more western States.
In
rains during the first part of
especially in the
South, the Atlantic States, and eastern Ohio Valley.
Rain
is still needed in some southeastern sections, especially parts
of Georgia and South Carolina.
Farm work made good
progress during the week, Government advices state, but
the abnormally cold weather resulted in more or less frost5
damage, principally in exposed places, over large areas in¬
cluding the Northeast, Appalachian Mountain sections,
northern Ohio Valley, Lake Region, and the central-northern
States.
Fall plowing is still hampered by dry soil over large
interior and north-central sections.
In the New York City
area the weather has been more or less unsettled
during the
week, with extremely cool to warm temperatures prevailing.
Today was fair and temperatures ranged from 50 degrees
to 62 degrees.
Partial cloudiness tonight and Saturday,
followed by warmer weather on the latter day is the current
forecast.
The mercury tonight is expected to touch a mini¬
mum of about 50 degrees in the city and about 40
degrees
these
over
the South and East generous
the week improved conditions materially,
in the suburbs.
Overnight at Boston it
49 to 62 degrees; Baltimore,
was
53 to 73; Pittsburgh, 50 to 70; Chicago, 50 to 72; Cincinnati,
44 to 76; Cleveland, 44 to 72; Detroit, 52 to 72; Milwaukee,
49 to 70; Charleston, 47 to 81; Savannah, 51 to 84; Dallas,
68 to 88; Kansas
City, Mo., 68 to 80; Springfield, 111., 53
80; Ohlahoma City, 71 to 84; Salt Lake City, 37 to 57,
and Seattle, 53 to 60.
to
Moody's Commodity Index Advances
Department.reveals that August exports of
the highest for any month in history.
Shipments, mostly to the United Kingdom, totaled 1,046,084 gross tons, worth $53,870,693.
This total compared
with 707,809 tons worth $39,511,996 in July and 185,182 tons
valued at $12,282,599 in August last year.
Production by the electric light and power industry of
the United States reached a new all-time high during the
week ended Sept. 28th, when 2,669,661,000 kilowatt hours
were produced, an increase of 8.1 % over the like 1939 period,
according to figures released by the Edison Electric Institute.
The previous all-time high was recorded during the week
ended Dec. 23, 1939, when 2,641,723,000 hours were pro¬
duced. Output for the latest reporting period was 40,994,000
hours over the total of 2,628,667,000 for the previous week,
and 199,972,000 hours above the 2,469,689,000 recorded for
the week ended Sent. 30, 1939.
Loading of revenue freight for the week ended Sept. 28th
totaled 822,434 cars, the largest since Nov. 28, 1939, ac¬
cording to reports filed by the railroads with the Association
of American Railroads arid made public today.
This was an
increase of 9,105 cars from the preceding week this year,
7,262 under the corresponding week in 1939, and 125,526
above the same period two years ago.
This total wasf
109.80%, of average loadings for the corresponding week o
steel
were
preceding
years.
American Telephone & Telegraph Co. reports a gain
about 109,900 telephones in service in the Bell System
September against
an
of
in
increase of 66,300 in August and
93,900 in the 1939 month. For nine months the gain was
647,500, against 527,300 in the 1939 period.
At the end
f September there were about 17,181,800 telephones in
service.
Ward's automotive reports
estimated today that motor
production this week would total 105,153 units,
compared with 95,990 last week and 76,095 last year.
Terming this week's output the best level since last January,
the trade publications said there would still be some slight
advance next week, but that volume was leveling out for
a sustained
period through this month.
Sears, Roebuck & Co. reported sales for September of
$65,650,020, an increase of 4.6% over the same month of
the previous year and a rise of 11.6% from August.
Sales
for the eight months ended Sept. 30 were $453,219,794, an
increase of 11.3% over the corresponding period a year ago.
Montgomery Ward & Co., Inc., reported sales for Septem¬
ber of $15,971,673, an increase of 2.7% over the same
month of the previous year and a rise of 7.6% over August.
Sales for the eight months ended Sept. 30 were $330,113,607, an increase of 8.9% over the corresponding period a
this week said evidence was multiply¬
ing of freer spending by consumers. Business activity was
holding at peak levels for the year. Industries were con¬
tinuing to expand employment. Low trade inventories and
quickened turnover of merchandise were indicated in the
brisk re-order activity in wholesale markets.
These points
high-lighted the report today of Dun & Bradstreet, Inc.,
the condition of trade
an
.
advances in wheat and hides.
The movement of the Index
Fri.
Sat.
Sept. 27.
Sept. 28
Mon.
Tues.
Oct.
I..
Wed.
Oct.
2
Thurs.
Oct.
3.
Fri.
Oct.
4-
„
was as
Month ago-, Sept. 4_
Year ago, Oct. 4
-_._.-160.9
August
160.4
Truck
The volume of
168.1
172.8
.138.4
Low, Aug. 15
1940 High, May 13.Low, Aug. 16
-160.4
---
157.9
________.155.4
1939 High, Sept. 22
160.8
—
follows:
Two weeks ago, Sept. 20
-.-159.1
160.1
-.160.3
Sept. 30
—
Freight
11%
Ahead
166.8
149.3
of
1939
freight transported by motor truck
during August represented an increase of 4.6% above July,
and an increase of 11.1% above August, 1939, according to
tonnage reports compiled and released on Sept. 30 by the
American Trucking Associations.
The report further dis¬
revenue
closed:
Comparable reports
The reporting carriers
as
were
received from 223 motor carriers in 38 States.
transported
The A. T. A. index figure,
aggregate of 1,373,013 tons in August,
139.82 for August.
was
ye*r.
computed on ths basis of the 1936 monthly
of the reporting carriers
tonnage
average
it
an
against 1,312,067 tons in July, and 1,236,150 tons in August of last
as
representing
100,
stood
at
In July, the index figure was 133.75; in August, 1939.
126.02.
Approximately 73% of all the freight transported during the month
reported
"general merchandise."
by carriers ot
was
The volume of genera!
merchandise carried increased 8.3% over July, and 9.8% over August, 1939.
Transporters of petroleum products, accounting for slightly more tnan
16% of the total tonnage reported, showed a decrease of 0-2% in August,
as
compared with July, but their volume represent d an increase of 16.8%
over
August of last year.
Movement
the
total
of
new
tonnage,
automobiles
change
over to
1.4%
of
move
1941 models.
Iron and steel products represented
The volume of these commodities
over
constituting only
under July and 49.5% under
The decrease in this class was attributed to fact.ry
August, 1939.
shutdowns due to
and trucks,
decreased 53.7%
3.8% of the total reported tonnage.
increased 12.5% over July, and 30.7%
August, 1939.
Five
per
cent of the
total tonnage reported was
miscellaneous
com¬
modities, including tobacco, textile products, bottles, building materials,
coal, cement and household goods.
over
Tonnage in this class increased 1.2%
July, and 45.1% over August of last year.
♦
Loadings of Revenue Freight Off 7,262 Cars in Week
Ended Sept. 28
Loading of
revenue
freight for the week ended Sept. 28,
totaled 822,434 cars, the Association of American Railroads
announced on Oct. 3.
This was a decrease of 7,262 cars or
nine tenths of
same
one
per
cent below the corresponding week in
increase of 125,526 cars or 18.0% above the
week in 1938.
Loading of revenue freight for the week
1939 but
an
of Sept. 28 was an
year ago.
Retailers in reports
retail sales showed
Moody's Daily Commodity Index continued a moderately
upward trend, closing at 160.4 Friday, as compared with
159.1 a week ago. The principal individual changes were the
ments of
vehicle
A
average
month this yeat," the trade journal
The Commerce
iron and
on
an
was the widespread, generous rains from
Mountains westward.
In general, soil moisture
are
says.
the ten
1939 revealed
that the outstanding feature
weeks, and especially for that just
of the weather in recent
inquiries and the volume of
prospective work is upward, with backlogs being accumulated
and deliveries on a number of products lengthening, "Iron
Age" says in its weekly review of the industry, which places
ingot production at 93 per cent for the third consecutive
week.
Notwithstanding the fact that the bulk of national
defense requirements will probably come later, the fourth
quarter may be one of the most active periods ever experi¬
enced by the steel industry in ptoduction, shipments and
bookings, the periodical says.
In addition to the national defense requirements are
expanding railroad purchases, a corollary of defense activity,
and increasing automobile production, which has now
reached a weekly rate of 100,000 units, it is stated.
"Iron
Age" places railroad freight car orders at 11,220, the highest
for any month since last October, while rail orders were
132,800 tons.
The cars will require 150,000 tons, it is
the
week of
same
closed,
The trend of steel orders and
were
trade in the
increase of 7 to 12 per cent.
The Weather Bureau reports
circles to watch and wait.
defense
Comparisons of total retail volume
important factor.
an
with
becoming involved, and taking into consideration the un¬
certainty connected with the domestic political situation—
warrant no small degree of caution.
The absence of a strong
vigorous stock market reflects the disposition in Wall Street
national
5, 1940
sponding week
about to "break"; that this something could have a drastic
effect on the commercial and financial centers of the world.
All this, together with the possibility of the United States
"The
Oct.
over
the last
improvement
days. While
those of the corre¬
seven
over
preceding week.
increase of 9,105 cars or 1.1% above the
The Association further reported:
Miscellaneous freight loading
cars
below the preceding
totaled 329,434 cars, a decrease of 2,155
week, but an increase of 687 cars above the cor¬
responding week in 1939.
Loading of merchandise less than carload lot freight totaled
158,034
preceding week, but a decrease of
4,370 cars below the corresponding week in 1939.
Coal loading amounted to 158,484 cars, an increase of 14,001 cars above
the preceding week, but a decrease of 5,885 cars below the corresponding
cars,
an
increase of 833 cars above the
week in 1939.
The Commercial «£ Financial Chronicle
Volume 151
Grain and grain products
cars
loading totaled 39,392
cars, a
decrease of 1,551
below the preceding week, and a decrease of 5,978 cars below the
responding week in 1939.
products loading for the week of Sept. 28 totaled 26,042
of 1,394 cars below the
cor¬
In the Western Districts alone, grain and grain
preceding week, and
a
cars,
decrease
a
1961
ceding week and 383,894 cars in the seven days ended Sept.
30, 1939.
A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM
CONNECTIONS
(Number of Cars)
decrease of 2,133 cars below
the corresponding week in 1939.
Live stock loading
below the
amounted to
preceding week, and
a
Loaded
17,517
cars,
decrease of 2,735
a
decrease of 1,075 cars
cars
In the Western Districts alone, loading of live stock for
the week of Sept. 28 totaled 13,968 cars, a decrease of 844 cars below the
in
decrease of 2,442
a
below the corresponding week
cars
week, but
an
increase of 3,552
cars
below
cars
above the corresponding
week in 1939.
Ore loading amounted to 67,215 cars a decrease of 1,182 cars below the
an
increase of 6,815 cars above the corresponding week
1939.
Coke loading amounted to 11,690 cars, an increase of 588
preceding week, and
increase of 652
an
cars
cars
above the
above the corresponding week
in 1939.
,
.
All
with the corresponding week
in 1939 except the Allegheny, Southern and Northwestern but all districts
over
1938 except the Southwestern.
1940
Four weeks of January...
Four weeks of February
Five
Four weeks of A prll
Four weeks of May
Five weeks of June
Four weeks of July.................
Five weeks of August..............
Week of Sept.
Week of
7
Sept. 14..................
36,565
26,428
17,690
22,820
17,755
Pittsburgh & Lake Erie RR
27,680
17,707
23,064
18,159
2,635
1,014
4,757
17,106
48,085
6.493
23,799
75,781
6.494
8,018
33,325
-
2,288,730
2,282,866
2,976,655
2,225,188
2,363,099
Coast Lines
3,127,262
2,532,236
3,387,672
662,357
Missouri-Kansas-Texas
RR
Missouri Pacific RR
New York Central Lines.N. Y. Chicago & St. Louis Ry
Norfolk & Western Ry
...
Pere Marquette Ry
_____
Ry
Weeks Ended—
5,645
3,040,100
568,707
660,163
813,329
829,696
696,908
26,585,827
24,285,944
1940
2,764
2,179
4,993
16,189
46,817
6,194
23,382
75,274
6,431
8,038
33,281
5,946
23.017
36,475
29,117
18,057
24,190
17,946
2,357
2,128
5,349
18,475
45,816
7,466
24.018
76,792
6,618
7,187
32,825
6,061
1940
6,974
6,592
19,697
12,368
10,242
9,257
19,579
12,810
10,146
8,868
12,339
1,533
2,156
3,017
10,070
45,660
11,100
5,617
48,315
5,527
8,117
9,335
9,839
12,227
1,460
3,182
3,191
10,772
45,028
11,708
5,632
49,637
5,647
8,091
9,226
9,703
1939
6,639
19,512
12,082
10,324
9,817
13,250
1,600
2,085
3,149
10,709
47,919
11,999
5,494
48.304
6,465
8,448
9,022
9,768
377,700 374,2521383,894 233,881 236,781 236,676
TOTAL LOADINGS AND
RECEIPTS
FROM
CONNECTIONS
(Number of Cars)
Sept. 21, 1940
Sept. 28, 1940
Sept. 30, 1939
Weeks Ended
Not available
27,951
Not available
37,884
36,505
39,926
14,940
14,986
16,223
52,824
Chicago Rock Island k Pacific Ry.
Illinois
79,442
56,149
Central System.....
22,139,155
669,704
St. Louis-San Francisco Ry
Total.
In the
The first
._.
International Great Northern RR.
2,256,717
2,155,536
2,746,428
2,126,471
2,185,822
2,759,658
2,272,041
800,431
809,752
______
_______
Gulf
Total...
1938
822,434
Week of Sept. 21
Week of Sept. 28
Total
36,871
Chesapeake k Ohio Ry
Chicago Burl. <fc Qulncy RR
Chic, Milw. St. Paul & Pac. Ry__
Wabash
1939
2,555,415
2,486,863
3,122,556
2,494,369
2,712,628
3,534,564
2,825,752
3,718,350
695,258
804,309
_________
weeks of March
Received from Connections
1939
21,506
Pennsylvania RR_—
districts reported decreases compared
reported increases
1940
20,867
Chicago & North Western Ry
preceding week, but
in
1940
Atchison Topeka & Santa Fe Ry_
Baltimore & Ohio RR
Southern Pacific Lines
1939.
Forest products loading totaled 40,668 cars, a decrease of 354
the preceding
Own Lines
-Sept. 28 -Sept. 21 Sept. 30 Sept. 28 Sept. 21 Sept. 30
ing week in 1939.
preceding week, and
on
Weeks Ended—
below the correspond¬
18 major railroads to report
for the week ended
Sept. 28. 194Q loaded a total of 377,700 cars of revenue freight
on their own lines,
compared with 374,252 cars in the pre-
following
we
undertake to show also the loading
for separate roads and systems for the week ended Sept. 21.
1940.
During this period 50 roads showed increases when
compared with the
week last
same
year:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)—WEEK ENDED SEPT. 21
Total Revenue
Total Loads Received
Freight Loaded
Raxcuo
from Connections
1940
1939
1938
1940
1939
542
Bangor & Aroostook——..,
Boston & Maine
Chicago Indianapolis k Louisv
Central Indiana......
623
694
1,371
1,335
718
1,033
984
215
255
7,714
1,531
8,328
4,817
1,971
10,635
2,481
11,167
1,842
2,485
12
18
26
52
70
1,345
Central Vermont..
Delaware & Hudson
1939
1940
Eastern District—
Ann Arbor
Total Revenue
663
2,219
9,478
1,332
6,255
11,588
4,414
8,821
8,062
Delaware Lackawanna & West
Detroit & Mackinac
Detroit Toledo k Ironton
7,734
2,151
9,079
7,193
387
456
539
147
128
2,066
2,202
1,469
Detroit k Toledo Shore Line..,
304
263
218
1,238
3,307
1,487
3,508
14,256
14,449
7,946
234
161
151
2,210
9,543
2,627
2,330
10,487
2,929
1,429
2,159
1,031
7,118
1,917
8,135
2,247
1,539
7,353
2,203
5,292
2,304
47,475
10,636
1,365
6,194
5,105
234
221
2,219
46,579
10,984
1,169
6,940
391
495
8,084
6,811
6,197
5", 158
6,431
948
600
Southern District—(Concl.)
Mobile & Ohio
1,573
1,796
3,190
1,304
3,244
1,155
from Connections
1938
2,033
3,153
1,219
1939
1940
2,410
386
1,080
415
398
331
9,223
23.468
9,037
22,984
8,724
21,084
3,050
4,589
15,806
2,517
2,765
1,205
1,335
3,550
4,662
16,545
451
470
486
683
849
166
190
169
989
866
111,359
113,564
106,345
72,054
73,294
22,399
2,787
22,144
4,450
22,015
1,211
8,432
21,141
2,881
12,339
13,025
4,722
16,756
2,532
20,339
3,861
3,514
9,257
4,398
9,576
4,251
14,136
1,474
7,735
879
530
485
5,448
7,131
5,604
089
597
498
181
182
24,021
22,778
19,169
3,684
3,454
599
715
724
679
634
2,302
2,478
8,164
12,299
3,242
2,051
8,230
1,191
2,096
5,894
10,672
72
93
2,213
2,839
4,071
2,196
2,580
4,043
Nashville Chattanooga & St. L.
Norfolk Southern
401
Piedmont Northern.
Richmond Fred, k Potomac-
452
2,719
1,318
14,097
4,774
11,250
3,627
14,415
5,102
Total Loads Received
Freight Loaded
Railroads
5,812
Erie.....
Grand Trunk Western
Lehigh k Hudson River......
Lehigh k New England
Lehigh Valley
Maine Central..............
Monongahela.
Montour
New York Centra! Lines'.....
N. Y. N. H. k Hartford
New York Ontario k Western
N. Y. Chicago k St. Lout*
N. Y. Susquehanna k Western
Pittsburgh k Lake Erie
Pere Marquette
Pittsburgh & Shawmut.
Pittsburgh Shawmut & North.
_
8,414
2,220
3,604
1,899
33,238
02
37
Wabash..
...
Wheeling k Lake Erie
...
Winston-Salem Southbound...
Total....
Northwestern District-
Chicago
Chicago
Chicago
Chicago
& North Western....
Great Western...—
Milw. St. P. k Pacific
St. P. Minn. k Omaha
Duluth Mlssabe k I. R
45,845
Duluth South Shore k Atlantic
13,416
Elgin Joltet k Eastern.....J..
Ft. Dodge Des Moines k South
5,192
13,438
1,908
11,100
1,425
8J071
5,527
297
65
49
^
1,329
5,343
2,072
11,561
1,851
Great Northern..
7,454
Green Bay & Western.......
Lake Superior k Ishpeming
5,995
Minneapolis k St. Louis......
420
463
318
237
227
951
1,179
976
1,870
749
351
943
5,946
4,895
6,132
5,480
5,209
3,930
9,839
3,723
1,871
1,043
9,241
3,800
165,837
__
Rutland..
Southern System.
Tennessee Central....
45,003
6,180
624
Pittsburgh k West Virginia.
Seaboard Air Line......
170,172
124,791
176,092
179,175
550
476
435
952
36,565
6,519
35,397
5,025
27,080
3,083
1,013
19,097
19,504
2,545
2,384
Minn. St. Paul k S. S
M
Northern Pacific
...
22,231
11,318
7,261
298
3,645
224
306
284
288
296
303
2,127
1,726
2,015
2,042
1,700
137,023
125,267
99,633
53,544
51,995
23,157
3,461
21,230
3,109
3,114
6,692
2,380
6,835
2,753
463
474
381
87
81
17,690
2,233
13,693
17,199
1,887
13,338
2,046
10,242
10,111
828
679
3,010
17,811
1,677
13,643
2,934
757
863
840
3,690
1,049
1,124
1,937
3,988
3,531
1,072
1,218
9,994
2,916
1,455
3,905
10,149
2,890
1,627
3,771
Spokane International
Spokane Portland k Seattle...
Total....
.......
1
■
Total..
Atch. Top. k Santa
Alleghany District—
Akron Canton k Youngs town..
Baltimore & Ohio...
Bessemer k Lake Erie..
Buffalo Creek & Gauley
Fe System
Alton
362
282
301
1,558
7,276
Cambria & Indiana
Central RR. of New Jersey
Cornwall
1,013
1,377
10
19
7,617
5,408
12,700
12,884
5
5
Bingham k Garfield
Chicago
Chicago
Chicago
Chicago
Burlington k Qulncy.
k Illinois Midland...
Rock Island k Pacific
& Eastern Illinois
Colorado & Southern
—
703
596
628
Cumberland k Pennsylvania
Llgonier Valley.
249
264
255
32
42
Denver & Salt Lake...
109
133
127
40
25
Fort Worth k Denver City—
Long Island.
Penn-Reading Seashore Lines
Pennsylvania System
Reading Co
883
650
773
2,985
1,675
75,274
15,900
1,003
55,490
11,890
Union
19,228
1,510
74,404
15,546
14,852
4,339
2,787
1,766
48,315
18,825
6,009
(Pittsburgh)..
Western
.......
3,612
Maryland
Total
170,383
102,723
53
6,179
3,032
117,747
7,489
121,286
54
Denver & Rio Grande Western
2,005
49,024
18,262
Virginian.
28,414
22,840
4,303
23,136
12,368
5,617
1,783
21,713
4,602
944
1,228
North Western Pacific
30
1,648
1,163
1,723
...
Northern
573
383
2,056
1,494
136
114
839
778
443
561
15
19
0
0
5,431
1,375
10,659
5,571
1,564
11,286
913
388
5,356
Peoria k Pekln Union
6,934
Southern Pacific (Pacific)
Toledo Peoria k Western
27,058
27,340
25,376
408
460
374
Union Pacific System........
15,260
16,760
14,946
120,435
14
1,010
2,037
1,391
1,063
7
Missouri-Illinois
Nevada
21,506
777
—
497
598
348
1,801
Western Pacific....
26,428
23,382
4,728
■
1,524
Illinois Terminal...
Utah
Pocahontas District—
Chesapeake & Ohio
Norfolk k Western.....
Vg
Central Western District—
1,915
1,885
2,686
3,105
118,606
122,598
114,120
62,381
64,307
11
12,869
5,056
Total
—
1,128
Southwestern District—
Total
54,538
55,557
49,451
19,768
19,053
Burlington-Rock Island—..
Fort Smith k Western
Southern District—
Alabama Tennessee & Northern
Atl. & W. P.—w. RR. of Ala..
Atlanta Birmingham k Coast..
Atlantic Coast Line....
Central of Georgia.—
....
212
199
2",274
2,223
2,401
293
213
185
207
891
905
834
1,016
1,676
767
646
628
772
849
10,102
8,756
4,283
8,595
5,029
Louisiana k Arkansas...
3,401
1.160
2.161
Midland Valley
618
757
Missouri k Arkansas
239
214
238
4,993
16,217
5,419
18,033
5,096
264
International-Great Northern
Kansas Oklahoma k Gulf
Kansas City
Southern......
246
337
1,533
2,156
1,052
2,129
1,631
1,081
1,502
2,087
1,005
2,120
1,493
1,065
243
2,091
210
333
192
2,326
1,929
1,908
2,349
1,890
2,059
348
392
268
Gainesville Midland...
434
448
1,471
1,304
279
526
487
339
337
Missouri-Kansas-Texas Lines
193
166
367
412
Missouri Pacific
516
409
836
679
Quanah Acme k Pacific
103
105
101
120
141
29
Durham & Southern.......
Florida East Coast
472
1,359
459
Charleston k Western Carolina
Clinchfield
Columbus k Greenville..
5,577
3,220
1,235
2,027
178
...
Georgia.
Georgia k Florida—.
180
2,764
2,179
x_—,
Gulf Coast Lines
36
26
175
132
St. Louts-San Francisco..
8,536
1,027
2,757
7,897
4,219
9,532
3,392
7,864
4,769
8,989
3,033
7,320
4,728
5,155
2,205
3,224
3,960
5,271
932
Wichita Falls k Southern...
153
214
251
45
58
Wetherford M. w. & N. w._
15
13
26
23
41
55,683
59,871
57,617
38,194
38,620
4,348
3,863
Litchfield k Madison.......
1,766
St. Louis Southwestern.....
315
444
409
470
501
Texas k New Orleans.......
1,082
24,607
23,693
1,945
26,922
25,023
2,036
25,622
22,430
1,147
12,834
1,339
6,041
12,576
5,855
Macon Dublin k Savannah....
133
155
163
510
163
263
195
271
381
16,901
222
325
3,017,
10,070
276
329
3,118
10,068
2,331
3,333
4,039
539
Mississippi Central
799
...
Gulf Mobile k Northern
Illinois Central System
Louisville k Nashville
1,437
Note—Previous year's figures revised.
* Previous figures,
1,728
x
Texas k Pacific
Total
Discontinued Jan. 24, 1939.
The Commercial & Financial Chronicle
1962
Selected
Items of Class
Balance Sheet
and
Income
I
Commerce Com¬
The Bureau of Statistics of the Interstate
statement showing the aggregate totals
a
of Class I steam
of selected income and balance sheet items
of June.
These figures are subject to revision and were compiled
from 132 reports representing 137 steam railways.
The
present statement excludes returns for Class I switching
railways in the United States for the month
and terminal
The report is as follows:
companies.
needed weekly for national defense
said, the railroads of the United
little or no difficulty, in addition
Central
ordinary commerical traffic that now seems to be
transporting all
to
-..sight.
and
in
the
of
of
1939
1940
1939
1940
complete production, this will require a movement
to
9,8 0 cars weekly, an average
Yt, % of the weekly carloadings in 1939, in which year the American
handled
readily,
from
May
October,
to
over
period of six nonths,
a
would not exceed one million
soldiers would
million
$62,189,907 $52,659,002 $311,394,072 $232,517,176
—
Inc. avail, for fixed charges..
11,828,937
13,011,613
2,044,259
2.358,290
Misceli. deductions from income
$59,831,617 $50,614,743 $298,382,459 $220,688,239
11,870,161
Other deductions
11,369,653
67,139,614
38,416,653
230,701,963
776,633
798,381
$.50,818,781 $49,918,522 $298,621,210 $298,942,230
696,221
Contingent charges
f78,2.53,991
11,769,703
f238,751
1,961,167
9,012.836
1,963,278
Income after fixed charges....
11,794,875
$7,049,558 f $1,264,946 f$12,033,626 f $90,023,694
Net Income.b
Depreciation (way & structures
and equipment)...
17,143,554
16,805,486
5,129,554
2,132,377
21,660,675
Dividend appropriations:
On common stock
2,039,208
2,451,532
36,786,230
340,746
672,617
100,950,683
9,474,945
102,055,501
Federal Income taxes
9,568,822
On preferred Btock
34,672,276
9,446,493
the
Central
concluded,
president
this defense activity for both army and navy
movement of a little over 25.000
would require only an average
a
cars
"to maintain all
week,
or
4%
1939
1940
Slight Advance in Wholesale Commodity Prices During
Week Ended Sept. 28,
According to "Annalist"
Index—September Average Above August
Selected Asset Items—
in
Advances
grains and non-ferrous metals more
food
"Annalist" weekly
further stated:
week the index for the metals advanced from 97.3 to 98.0,
following increases in the prices of copper, zinc
from 75.0 to 75.3, while
rose
e
■
and lead.
miscellaneous group to
77.3 from 77.0 in the preceding week.
$599,914,535
$636,370,943
$479,367,157
"ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
Demand loans and deposits.,
26,278,683
Time drafts and deposits
15,818,855
20,838,102
'
Traffic and car-service balances receivable
Net balance receivable from agents and conductors..
Miscellaneous accounts receivable
L
75.0
77.1
Food products..—..
70.6
71.1
73 5
Textile
67.4
67.2
72.9
84.4
84.6
84 7
98.0
97.3
71.3
71.3
70 8
Chemicals
86.7
86.7
85 4
6,228,835
Miscellaneous
77.3
77.0
76.3
80.2
80.1
81.5
54,424,102
46,674,290
49,643.789
116,853,707
Metals
17,912,065
1,403,801
6,302,403
assets
Total current assets
$1,279,696,964 $1,101,884,172
Selected Liability Items—
Funded debt maturing within 6 months.c
$148,821,071
Traffic and car-service balances payable
Audited accounts and wages payable
$212,683,918
Miscellaneous accounts payable
Interest matured unpaid
50,063,089
9,390,963
4,293,297'
4,293,240
Unmatured Interest accrued
71,687,685
Unmatured rents accrued
71,653,641
16,510,929
17,378,933
78,883,045
33,717,602
$789,365,291
$769,872,720
U. 8. Government taxes.-
$85,070,860
$55,017,951
Other than U. S. Government taxes
138,628,338
156,251,604
.......
liability:
Represents accruals, including the amount in default,
in receivership or trusteeship the net income or deficit was
a
b For 99 railways not
as follows:
June, 1940,
$17,387,346; June, 1939, $11,331,691; six months 1940, $49,344,895; six months
1939, def. $15,249,751.
c Includes payments of principal of long-term debt (other
than long-term debt in default) which will become due within six months after
close of month of report,
d Includes^obligations which mature not
after date of Issue,
......
materials..
commodities...
All
"Annalist"
more
Index
of
Business
Annalist"
"The
index
Sept. 19 issue of the publication.
The index in August was
the highest level since December, 1939.
The Advance
from July to August was caused by gains in the seasonally
at
adjusted monthly indices of freight car loadings, electric
power production, steel ingot and pig iron production, cot¬
ton, silk and rayon consumption, and lumber production,
which more than offset moderate declines in the seasonally
adjusted indices of footwear production and automobile and
zinc production.
INDEX OF BUSINESS ACTIVITY AND COMPONENT
(ESTIMATED NORMAL=100)
THE "ANNALIST"
GROUPS.
than two
August, 1940
President Williamson of New York Central Sees Load¬
The
national
of the average
Cars
Weekly
By
defense
approximately 25,COO
an
average
week,
cars a
or
Oct.
1
at
the
World's Fair.
He spoke
following the
the
Board
Award for
of
the
F.
Goodrich
Co.,
Chairman of
of the
our
country
124.5
39.6
114.4
126.8
*115.7
117.7
112.4
98.7
114.8
*72.2
Automobile production..
Mining
Lead
92.6
production
production—.....
THE
89.8
99.2
*107.5
Subject to revision,
79.8
90.7
a96.1
production
66.8
a97.1
Cement
76.6
62.5
84.9
Lumber production.
Zinc
94.3
a
92.5
105.9
105.4
Revised.
a
COMBINED
INDEX SINCE
1934
the important field
as
Railroads; of
your
president of the New York
several
thousand
persons
gathered in
the
its subsid-
rubber
company's
the Fair for the award ceremonies, Mr Williamson
gave assurance
the railroads of today, due largely to a
program of research, "are
arena at
ready to meet any situation that
More than
200
can
committees
now
are
be
foreseen, in either
actively at
railroad operation safer, more efficient and
more
work
104.3
92.3
87.2
79.6
February
98.9
89.4
78.5
105.7
89.0
86.7
83.2
96.5
90.1
77.5
106.9
89.5
84.4
84.6
95.2
87.0
74.3
107.1
94.1
82.8
85.9
May
99.7
86.8
74.1
109.0
95.9,
81.8
86.4
June
105-4
92.2
74.6
107.8
97.6
82.0
83.8
al05.9
93.2
79.6
108.9
102.4
82.7
78.0
75.1
January
July
1936
1935
1934
or
trying to make
economical, he explained.
September.
.
W
*.
m
•
December
*
84.1
111.2
102.5
84.9
84.7
106.5
102.9
86.1
71.4
107.1
_
October
Novemoer.
95.1
100.7
87.8
98.5
103.3
89.1
74.6
108.1
94.5
87.8
107.1
82.0
76.0
110.1
94.4
81.3
110.5
96.7
82.4
*107.5
August
peace
In the matter of facilities, he pointed out, the railroads even
during
the peak week of last year had a comfortable
surplus of cars—more than
*
79.5
April
railroad and
aries."
the
1937
91.8
1939
1940
interest in the
leadership in the transportation
Central
1938
105.0
March
industry
war."
132.0
a46.8
119.5
Footwear production
*
Administration during the World War; of your executive
Association of American
that
112.0
118.0
Rayon consumption...
of transportation; of your helpful association with the United States Railroad
To
130.2
119.0
55.2
Combined index.
in
129.9
140.1
134.6
Silk consumption
Goodrich told the Central President that the award
recognition of your service to
132.6
144.0
Goodrich
"distinguished public service."
In his citation Mr.
"in
B.
117.1
Wool consumption
4%
weekly loadings in 1939, Frederick E. William¬
107.3
120.1
135.5
production...
production
99.9
105.7
*120.3
Steel Ingot
82.7
100.7
*109.0
production..
Manufacturing
Cotton consumption...
will require
program
90.0
85.1
83.8
*122.7
Electric power
Pig iron
June, 1940
88.7
102.5
Textiles
presentation to him by David M. Goodrich,
is
National
President- of the New York Central railroad, estimated
son,
on
25,000
Plan
July, 1940
90.0
Freight car loadings
Miscellaneous—
rail movement of
1939
of business activity for August is
Other
Boosted
August
in
e
f Deficit or other reverse items.
Defense
Activity
107.5 (preliminary), as compared with 105.9 for July, 105.4
for June and 95.1 for August, 1939, it was reported in the
1939 figures for certain liability items have been re¬
vised, for comparative purposes, to conform with changes prescribed in the Uniform
System of Accounts by Commission's order of Dec. 6, 1939, effective Jan. 1, 1940.
ings
98 5
Reached Highest Level Since December,
222,866,024
71,711,680
49,446,074
14,322,809
Dividends matured unpaid
Unmatured dividends declared
years
.
_
Building
76,113,573
70,550,677
Total current liabilities.
....—.
„
$188,494,605
$177,441,113
80,487,195
225.742,524
Loans and bills payable.d
products
Fuels
318.849,539
Rents receivable
Tax
products..-..
122,669,701
Interest and dividends receivable
Other current liabilities
Farm
351,336,854
20,841.608
and supplies
Sept. 30. 1939
Sept. 21, 1940
75.3
71,212,040
1,498,419
1,961,119
60.959,319
_
Sept. 28, 1940
1,271,888
27,086,224
131,846,406
...
Loans and bills receivable
PRICES
$430,302,330
(1926=100)
Cash
current
Farm products
textile products moved up slightly from 67.2
An increase in rubber helped lift the
67.4
bonds, <fcc., other than those
of affiliated companies
Special deposits
than
products with the result that the
index of wholesale commodity prices for
the week ended Sept. 28 moved to 80.2 from a level of 80.1
in the week preceding, it was announced Sept. 30.
The
index for the month of September is 80.1 as against 79.3 in
August and 81.3 in September of last year.
The "Annalist"
in
declines
offset
to
Other
of the average
1939."
weekly loadings in
In the past
Balance at End of June
Materials
1 8-10%
weekly loadings in 1939.
words,"
other
231,568,987
132,216
To maintain an army of three
11,750 carloads a week, or
require only
66,574,862
38,819,501
129,119
Interest deductions.a
Total fixed charges
"In
rail
Fixed charges:
Rent for leased roads & equip.
3,846 cars weekly, six-tenths of 1%
or
of the average weekly loadings last year.
of the average
Total Income
increase in traffic
an
55%, greater than ever known before.
cars
66,893,963
68,962,017
13,492,219
14,705,250
Other income
Williamson
analysis of defense needs, "extends over two years
detailed
material
"Materials for training camp construction
Net railway operating income.. $47,484,657 $39,166,783 $242,432,055 $165,623,213
including both army
preparedness program,
plans, as well as industrial plant expansion," Mr.
his
raw
that
assume
we
navy
from
in
.
"If
said
business with
handle the
States could
Income Items
Investments In stocks,
the
of little more than one million cars by rail, or
For the Six Months
of June
increased their motive power
materially and still further orders of magnitude are
president
doubled,
railroads
For the Month
1940
Even if the estimate of 25,000 cars
were
of only 1
TOTALS FOR THE UNITED STATES (ALL REGIONS)
5,
being placed.
now
mission has issued
Since then, he said, they have
64,000 daily.
and other equipment
Railways for June
Steam
Oct.
Subject to revision,
a
Revised.
Volume
Wholesale Commodity Prices Advanced
Ended
Week
Slightly During
According to
National
28,
Sept,
Fertilizer
Association
small rise
took place last week in
A
the wholesale com¬
modity price index compiled by The National Fertilizer Asso¬
ciation, following declines in the two preceding weeks. This
index in the week ended Sept. 28 was 75.3 compared with
75.1 in the
reached
At banks in New York City there was a de¬
% compared with the corresponding period a year
ago, while at the other reporting centers there was an increase
of 4%.
These figures are as reported on Sept. 30, 1940, by
the Board of Governors of the Federal Reserve System.
a
year ago.
of 9
crease
SUMMARY BY FEDERAL RESERVE
by .the index this
The lowest point
74.1, in the week of
was
year
13 Weeks Ended
Week Ended
the 1926-28 average as 100.
on
DISTRICTS
In Millions of Dollars
preceding week, 75.6 a month ago, and 76.9 a year
based
ago,
1963
The Commercial & Financial Chronicle
151
Federal Reserve District
Sept. 27,
1939
Sept. 25,
Sept. 27,
1939
Sept. 25,
1940
1940
Aug. 3, and the 1940 high point was 78.5, in the first week
of
the year.
The
this
food
price
decline
industrial
was
commodity
offset
than
more
last week, but the effect of
by advances in the farm product and
again
was
lower
Twelve items in the food group, including
averages.
such important foodstuffs as meats, eggs,
week while only three advanced.
the
livestock
the
in
average
was
and flour, declined in price during
In the farm product
group
than offset by advances in
more
a
decline
cotton and
grains.
The index of grain prices is now at the highest point reached in
the
three
last
metal
took
index
Rising
months.
to
the
highest point recorded since last January.
A
mark-up in lumber quotations caused a sharp rise in the building material
index,
which
index
also advanced,
the prices
is
now
Cleveland
607
520
Richmond
308
290
...
251
231
3,942
3,141
.......
1,168
1,116
14,873
2,963
14,553
242
Atlanta.
.
„
...
Chicago.
.4,
«.
*
y
5,262
6,514
3,691
256
3,026
2,984
Minneapolis
158
162
2,071
2,092
Kansas
270
263
Dallas
204
203
San Francisco
675
643
3,405
2,506
8,635
3,471
2,477
8,203
88,097
3,112
$102,291
40,953
St. Louis
City
$101,113
3,045
4,136
37,172
55,093
693
140 Other leading centers*
$7,830
4,292
Total, 274 reporting centers
New York Clty*__
648
8,847
133 Other centers
at the highest point reached this year.
The fuel
while declines took place in the indexes representing
*
Centers for which bank debit figures are
53,036
8,301
available back to 1919.
of fertilizer materials and miscellaneous commodities.
Twenty-eight
week
32
$5,577
40,987
5,391
7,450
44,502
404
A rise in the
upturn in the textile price average.
it
$5,686
3,312
399
Boston..;
textiles, wool, and hemp
prices for cotton
an
responsible for
were
$430
3,384
Philadelphia
average
$431
New York..
The announcement by the Association, dated
Sept. 30, continued:
and
24
series
price
included
the
in
index
advanced
during the
in the preceding week there wer 33 advances and
declined;
declines; in the second preceding week there were 21 advances and 28
100% of the electric light and power industry, were
Sept. 24 by the Edison Electric Institute:
declines.
11926-28=100)
Compiled by the National Fertilizer Association.
Each Group
•
'
'
'
'
■:
.
Bears to the
'
■
vV
,
'. '
undergoing revision as to classification of industry
Preced'g
M onth
Year
of presentation.
Week
Week
Ago
Ago
for the month of July was as
♦
DURING MONTH OF JULY
SOURCE AND DISPOSAL OF ENERGY
Data
Latest
Percent
released
on
WHOLESALE COMMODITY PRICE INDEX
WEEKLY
July Statistics of the Electric Light & Power Industry
The following statistics for the month of July, covering
generating plants and form
supply as a whole
The generation for the United States power
follows:
Sept. 28, Sept. 21, Aug. 31, Sept. 30,
Group
1940
1940
1940
70.1
70.7
72.1
75.1
44.0
44.1
44.8
57.0
51.7
52.7
54.9
66.9
Fuel
62.3
62.1
63.4
63.2
Hydro-....
52.1
Total Index
1939
51.6
52.5
49.4
62.0
59.8
58.0
60.8
Percent
Foods
25.3
Fats and oils
.
Cottonseed oil
23.0
Farm products
Cotton
...
—
-
Grains
...
63.4
63.8
66.4
Fuels
80.7
80.5
80.7
Miscellaneous commodities..
84.9
85.5
84.6
88.2
Textiles
69.3
69.0
68.7
Change
7,682,954,000
6,975,255,000
3,395,650.000
+ 10.1
5,694,331,000
6,783,862,000
+ 19.9
3,622,831,000
3,340,268,000
11.754,078.000 10,370,905,000
+ 13.3
9,317,162,000 10,124,130,00o
......
Total
70.0
10.8
1939
4,071,124,000
—
64.5
17.3
1937
1938
1940
72.1
Livestock
CLASSIFICATION OF SALES (REVISED
JULY
SERIES) DURING MONTH OF
-
8.2
7.1
Metals
93.2
92.4
91.6
93.6
6.1
Building materials
90.4
87.3
86.1
85.5
1.3
Chemicals and drugs
97.8
97.8
97.8
92.4
0.3
Fertilizer materials
70.3
70.4
70.1
72.5
0.3
Fertilizers
78.6
78.6
78.6
Farm machinery......
93.8
93.8
93.8
95.0
Number of
Residential
75.6
75.1
75.3
76.9
24,525,325
233,603,461
+ 3.9
672,289
608,698
+ 10.4
4,237,728
4,183,594
180,277
185,622
+ 1.3
—3.0
24,024
domestic
Commercial or Industrial:
24,956
75,729
'
Small light and power
Large light and power
Street and highway
Electric
lighting
Other public authorities
Railways and railroads:
Output for Week Ended Sept. 28, 1940, 8.1%
Above
a
Year
Ago
...
85,212
Electric
Edison
Institute, in its current weekly re¬
port, estimated that production of electricity by the
27
30
1,251
Interdepartmental
electric
1,125
28,683,433
+ 3.6
1,769,052,000
260,502,000
1,617,636,000
247,172,000
+ 9.4
Small light and power.
1,819,501,000
Large light apd power....
4,908,323,000
1,718,977,000
4,101,896,000
133,189,000
213,105,000
Total ultimate customers
light and power industry of the United States for the week
ended
Sept. 28, 1940, was 2,669,661,000 kwh.
The current
8.1% above the output of the corresponding
week of 1939, when the production totaled 2,469,689,000 kwh.
The output for the week ended Sept. 21, 1940, was esti¬
mated to be 2,628,667,000 kwh., an increase of 7.3% over
week's output is
the like week
a
year ago.
INCREASE FROM
PERCENTAGE
Kilowatt-hour Sales During Month of
Reeidentlal
29,726,340
.....
135,954,000
lighting....
Other public authorities
Railways and railroads:
\
Street and highway
212,281,000
Week Ended
Week Ended
Regions
Sept. 28,1940
Sept. 21,1940
Sept. 14, 1940
Sept. 7, 1940
1.1
4.5
6.1
4.5
Interdepartmental
New England
'
5.6
7.6
7.9
11.9
11.8
293,513,000
150,373,000
60,716,000
292,340,000
+ 0.4
142,927,000
52,613,000
+ 15.4
8,519,855,000
+ 12.7
$195,555,900
$184,318,700
+6.1
......
.... —
Total ultimate customers
Revenue from ultimate customers.
12.4
+ 2.1
—0.4
+ 5.2
5.4
11.0
Middle Atlantic
Central Industrial
+ 5.8
+ 19.7
9,610,215,000
—
Electrified steam railroads
Week Ended
+ 5.4
Commercial or Industrial:
Street and Interurban railways
Week Ended
'.A
July-
domestic
or
Rural (distinct rural rates)
PREVIOUS YEAR
Major Geographic
218
207
Street and Interurban railways..
Electrified Steam railroads
The
Change
Customers as of July 31—
or
Rural (distinct rural rates)
All groups combined.
100.0
1939
1940
77.2
0.3
PerCt.
v
RESIDENTIAL OR DOMESTIC
4.6
4.6
2.7
Southern States
7.7
3.2
2.9
Rocky Mountain
3.9
9.4
12.0
Pacific Coast
7.7
2.8
6.1
3.9
7.9
SERVICE (REVISED SERIES)
6.2
2.9
7.5
9.0
West Central
FOR
RECENT
7.3
8.1
Total United States.
DATA
WEEKS
OF
(^THOUSANDS
KILOWATT-HOURS)
Average Customer Data for
Ended July 31
Kilowatt-hours
per
931
879
$36.31
$35.69
customer
Average annual bill.
Percent
1939
1940
Revenue per
-
the 12 Months
4.06c
3.90c
kilowatt-hour.
% Change
+5.9
«
+ 1-7
—3.9
Change
1940
1939
1940
Week Ended
1932
1937
1929
from
Life Insurance Sales for First
1939
over
June
1
June
8
June
15
__
2,332,216
2,452,995
2,516,208
June 22
2,508,825
June 29
2,514,461
2.264,953
July
July
July
July
6
13
2,483,342
27
Aug.
3
2,524,084
2,600,723
2,604,727
Aug. 10
2,589,318
20
Aug. 17
...
__
Aug. 24
Aug. 31
Sept.
7
Sept. 14
Sept. 21
__
Sept. 28
Oct.
5
2,606,122
2,570,618
2,601.127
2,462.622
2,638.634
2,628,667
2,669,661
2.113,887
2,256,823
+ 10.3
2,264.719
2,285,083
2,300.268
2,077,956
2,324,181
+ 11.1
+ 9.8
2,294,588
+ 10.0
2,341,822
2,325,085
2,333.403
+ 11.1
+ 8.7
+ 9.3
+ 9.0
+6.8
+ 12.0
+ 11.0
2,367.646
2,354,750
+ 10.1
2,357,203
2,289,960
2,444,371
2,448,888
2,469,689
+ 10.3
+ 7.5
+ 9.2
+ 7.9
+7.3
+ 8.1
2,304,032
2,294.713
2,320,982
2,154,276
2,280,792
2,265,748
2,275,724
2,280,065
2.465.230
...
2,131,092
2,214,166
2,213,783
2,238.332
2,238,268
2.096,266
2,298,005
2,258,776
2,256,335
2,261,725
2,300.547
1,381,452
1,435,471
1,441,632
1,440,541
1,456.961
1,341,730
1,415,704
1,433,993
1,440.386
1,426,986
1,415,122
1,431,910
1,436,440
1,464,700
1,423,977
1,476,442
1,490.863
1,499,459
1,506,219
1,615,085
1,689,926
For the first time in 1940 the sales of
1,699,227
1,702,501
1,723,428
1,592,075
1,711,625
1,727,225
1,723.031
1,724,728
1,729,667
1,733,110
1,750,056
1,761,594
1,674,588
1,806,259
1,792,131
1,777,854
1,819,276
Eight Months Show Gain
1939—August Sales 10% Above Year
ance
for
the
year
Ago
ordinary life insur¬
to date show a gain over
sales for the
corresponding period of 1939, according to figures released
on Sept. 16 by the Life Insurance Sales Research Bureau
of Hartford, Conn.
Sales for the first eight months of this
year are
101% of sales for the same period last year.
the month
ago.
The
a
of August
For
sales were 110% of August one year
All sections of the country participated in the
England States registered the largest gain
New
15% increase over August, 1939.
gain.
with
The Bureau's announce¬
ment further said:
The States
showing the largest gains for August were:
51%; Vermont, 34%; Nevada,
Oklahoma, 21%.
New Hampshire,
31%; Virginia, 34%; Connecticut, 23%,
and
Debits
for
Debits to
Week
Ended
Above
Bank
a
Sept.
25,
1940,
3.4%
Year Ago
deposit accounts (except interbank accounts),
as reported by banks in leading cities for the week ended
Sept. 25, aggregated $8,097,000,000.
Total debits during
the 13 weeks ended Sept. 25 amounted to $101,113,000,000,
or 1 % below the total reported for the corresnonding period
principal cities are
102%; Cleveland.
125%, 109%; Detroit, 91%, 99%; Los Angeles, 129%, 97%; New
York, 111%, 102%; Philadelphia, 109%, 101%; St. Louis, 108%, 98%.
The experience for the month and year-to-date period are given below
by sections.
Figures cover new ordinary insurance only exclusive of
revivals, increases, and group insurance.
They are based on sales reports
as
of
for
Monthly and year-to-date comparisons with 1939 for
follows:
Boston, 103%, 93%; Chicago, 116%,
53
companies which have been increased to an
all companies
operating in the United
States.
estimated total volume
The Commercial & Financial Chronicle
1964
Compared
of
1,202.612,000
1,010,350,000
108
111
54,877.000
107
427,712,000
52,751.000
107
430,671,000
105
East South Central
105
167,875.000
98
West South Central
20,882,000
42,674.000
110
334,269,000
98
Mountain
15,994,000
110
116,738,000
100
48,652,000
114
362,435,000
97
.
Pacific
United States total
102
in
level
since
Employment and payrolls in the manufacturing industry
Pennsylvania increased, respectively, 3% and 0% from
July to August, according to reports received by the Phila¬
delphia Federal Reserve Bank trom 2,414 factories in that
State.
Employment increased to an estimated 930,000 work¬
ers, or within less than 3% of the high point late last fall,
and in August was 8% greater than a year ago.
It is
added that wage disbursements have been increasing since
April; estimated weekly payments of $23,800,000 in August
were
only 2% under the December peak and were 19%
higher than in August, 1939.
The total number of employeeof
from
consumers'
in
July
August
to
goods industries.
both
in'
durable
the
and
The outstanding increase in durable products
recorded
were
disbursements for automotive production, at railroad repair shops,
plants manufacturing locomotives and cars.
Iron and steel payrolls
at
were
0%,
up
principally to
owing
increases
the
in
crude
of
case
steel,
forgings, foundries, structural products, hardware and tools, and stoves and
furnaces.
Increases
also
the brick,
for
except
tile and terra
virtually unchanged.
were
general
were
in
clay
stone,
and
the
which
5%
still
were
clothing industry,
showed
increase
an
factories
products,
and
2%,
as
whole show
a
1939.
over August,
in the consumers'
respectively,
lower
of
the
fiom
earnings
been
have
silk
of
fractionally
declined
August
the
with
July
in
than
$220,000,000.
Imports from
maintained throughout the
to
well
shipments
the
to
dead
textiles,
of
creosote
or
oil,
and
heavy arrivals of undressed furs and manganese
Republics, and total receipts from this
were
Soviet
Socialist
highest level for the year.
North America was
from Cuba; from
Brazil and copper from
Chile; and from Africa by much smaller receipts of rough, uncut diamonds.
Increased shipments (4 rubber and tin from The Netherlands Indies and of
silk from China more than counterbalanced the drop in imports of burlaps
decline
The
India
from
in
As
the
imports
general
primarily
America
South
rise
in
for
accounted
from
and
other
of
southern
arrivals
smaller
by
coffee
by smaller entries of
from
commodities
of
sugar
from
in
sources
Asia
to
produce a
imports for the axea as a whole during August.
compared with the
eight
months
ended
same
with
period of 1939, imports from Asia during
August
were
by 60%.
larger
There were
with other important raw material
for South America, 31% for northern
southern North America.
Imports from
in import trade
North
America,
24%
and
for
Europe were curtailed to the extent of a fourth as a result of the
of
oft
numerous
of supply on
sources
the Continent.
cutting
:
Exports to all major geographic areas were higher during the first
months
of
1940
than
the
in
eame
period
the
of
preceding
year.
eight
The
principal increases both in dollar value and on a percentage basis were
in trade with Europe, northern North America, and South America.
shown
Following
complete
the
are
covering
tabulations
the
month of August:
a
IMPORTS
EXPORTS
Month of August
Month of August
Geographic Division
and Country
goods,
1940
1939
from
July
1939
1940
113,315
143,754
47,983
26.566
43,061
20,120
71,800
Southern North America
27,888
South Amerloa
production
the
Union of
advanced
source
in
lower
$232,000,000
which
reduced
There
art.
were
from
fell off sharply from $20,000,000 to $13,000,000 as a
war,
cf
consequence
works of
Oceania
total
Kingdom,
period of the
increased 13%, and in textiles,
The largest gains within these groups
10%.
in
and
the
United
were
21,868
Asia
37,496
carpets
72^c. in
August, but were still nearly 4e. an hour higher than in August, 1939.
An increase in the hours worked jjcr employee from 36^ in July to 38
hours a week in August was reflected in a rise in average weekly earnings
hourly
the
where payrolls
engaged
imports into the United States from all major geographic areas
in
goods
than
turning out confectionery and explosives.
Average
decrease
Thousands of Dollars (000 Omitted)
and
rugs, and shirts and
furnishings.
Among the other individual lines of
manufacturing, sharply greater than seasonal gains were shown at plants
at
were
than $7,000,000 to the highest
in a fairly wide range of
more
increases
ammunition.
Asia
except
payments
The principal advances in activity from July to August
earlier.
year
in
August
glass
wage
The durable goods industries
Despite recent gains, employment and payrolls
in
and
where
division,
cotta
gains of 22% in employment and 34% in payrolls
industries
by
up
covered
producing areas, amounting to 33%
wage
and
were
1929,
substantial
were
of
products.
which
significant gains also
10% in transportation equipment, where sharp increases
was
amounts
increased by approximately $6,000,000, of
Sept. 18 continued:
The Bank's announcement of
Gains
related
larger
considerably
copper
October,
General
7% in the month and 21% in the
according to data from 90% of the reporting concerns.
year,
aircraft,
August.
in
manufactures,
Factory Employment and Payrolls In¬
creased from July to August—Conditions in Dela¬
ware Factories also Improve
advanced
Spain,
including automobile parts for assembly, tractors, iron and steel
metal-working machinery and electrical machinery, and fire¬
products,
Pennsylvania
worked
included
July,
Sales to Canada,
arms
hours
recurred
which
chemicals and
101%
$4,385,261,000
110%
$528,330,000
of
case
Portugal, July exports included shipments of railway cars and
Shipments of refined
97
South Atlantic
...
the
$10,000,000 above
various metals.
iron
and
steel
semi-manufactures
(scrap,
bars,
ingots, &c.)
by more than
$2,000,000, and of metals as a group by $10,000,000.
There were heavier
shipments to Japan also of lubricating oil, metal-working machinery, and
119,572,000
West North Central
In
Exports to Japan in August, which were approximately
98%
102
133,296,000
..
East North Central
the
the tightening of
related to
circumstances.
war
merchant vessel of considerable value; in the case
a
neither of
those
Middle Atlantic
other
1940
with
$332,599,000
116%
$39,632,000
directly
not
was
to
or
5,
1939
Volume
with
1939
New England.
blockade
July exports included
1940
1940
Compared
Volume
apparently
August
in
Dritish
Year to Date
August, 1940
Oct.
to
Europe
Northern North America
26,681
18,499
22,396
41.Q29
34,137
52,781
52,306
88,493
19.571
30.355
.
5,865
__
Africa
6,954
2,056
8,379
Oceania
12,615
5,702
2,302
11,901
349,928
175,623
220,217
4,675
10,170
4,787
Australia
4,238
5,379
5,508
1,110
5,170
1,862
5,434
8,281
8,396
Total
to $27.31.
Regarding conditions in Delaware factories, the Reserve
Bank had the
following to
4%.
payrolls
Sharp seasonal
canning
establishments,"
payrolls
increased
in
expansion
in
food lines, particularly at
primarily responsible" for this
was
all
lines
and
in
except
Belgium
metal
gain, although
chemical products and
and
b
5,135
British India........
....
7,522
3,624
Brazil
say:
Employment at 79 Delaware factories increased 8% from July to August,
and
250,102
Argentina
from $26.39
5,589
829
British Malaya
542
6,103
4,439
10,874
1,149
22,607
471
866
26
25
42,230
70,707
25,970
260
832
39,467
1,791
Burma
Canada
179 i
Ceylon
than
greater
a
United
Japan
with
Foreign Trade During August
Geographic Divisions and Countries
were
States
slight decline in August, principally as a
shipments to China, British India and
These
declines
more
than
offset
some
gains in
Europe and with
Exports to South America and to
maintained at approximately their July levels.
in
exports
mainly
the
month.
a
the
a
United
Kingdom
hi
August
further expansion in British purchases
a
war
economy.
Shipments of
high level at nearly $30,000,000 for
of iron and steel semi-manufactures
new
Exports
an
to
essential in
reached
continued
upward trend unbroken since the first of the
and experts of metal-working machinery showed a sub¬
stantial increase.
On the other hand, the sale to the United
Kingdom of firearms, ammunition and explosives dropped
sharply in August as compared with July, when there were
year,
sizable shipments of surplus stocks from the United States.
The Commerce Department also noted:
As
228
520
436
235
428
933
year
was
in
July, total exports to the United Kingdom in August were higher
than exports to all European countries in the same month a
ago.
The moderate rise in shipments to other European countries
accounted
Socialist
for
chiefly by the gain in trade
Republics, which during the month took
refined
612
380
15
1,261
2,018
1,891
947
22,302
89
5,713
5,130
665
606
1,788
283
817
Finland
France
copper.
There
were
land, Yugoslavia, and Greece.
gains
The
in
with
a
the
Union
of
Soviet
relatively large amount
trade with
Sweden, Finland,
Ire¬
drop in exports to Spain and Portugal
186
377
285
292
796
592
805
1,065
321
641
440
27
427
377
447
1,008
73
368
3,027
6
2,080
540
178
103
140
12,126
25,188
13,168
13,277
393
Hongkong
...
(Persia)
Ireland
Italy
Jamaica
...
Japan
K
'
508
Honduras
Iran
b
1,451
Haiti
158
293
211
996
987
Mexico
4,606
7,198
3,543
6,330
Netherlands Indies..:
2,774
3,747
2,035
6,747
20,348
2,033
2,051
8,115
2
1,954
48
815
1,037
505
1,097
1,521
1,402
822
394
230
wantung
Netherlands West Indies
3,157
(Curacao)
Netherlands
Newfoundland and Labrador
New Zealand
Norway
1,531
27
1,507
Panama, Republic of
1,007
1,610
309
Panama Canal Zone
1,569
4,235
29
45
Peru
1,213
1,692
875
7,855
7,797
6,938
1,372
9,094
Philippine Islands
358
412
1,408
Spain
2,371
762
720
1,272
Sweden
5,711
1,804
3.457
899
71
2,577
1,300
1,218
4,583
394
277
1,364
3,889
562
Portugal
Switzerland
Turkey
Union of South Africa
U. S
8. R. (Russia)
987
9,360
847
1,828
3,712
9,815
4,421
4,085
47,090
125,309
10,961
13,280
440
822
592
740
4,114
United Kingdom
5,461
1,820
3,292
Uruguay
Venezuela
• For purposes of statistical comparability, trade with Austria. Czechoslovakia,
and Poland and Danzig has beeD combined with Germany for both years,
b Less
than $500.
Gains
in
New
value
in
of
306
378
of commodities
aircraft
660
300
were
reflected
526
496
a
2
Dominican Republic
260
reduced
rise
7,473
262
8,131
southern North America.
The
9,770
Greece
trade with northeastern and southeastern
Africa
6,129
1,324
Gold Coast
showed
of
3,719
4,765
Germany. •
$350,000,000 in
November, 1924.
Exports to Canada were
valued at $63,500,000 and $71,000,000 in the two months,
respectively, and shipments to Japan increased from $15,000,000 to $25,000,000.
Exports to all other countries com¬
result
11,491
3,569
August from $317,-
trade to
since
Australia.
6,372
5,704
Egypt
Canada and
000,000 in July, the Commerce Department reported today.
Exports to the United Kingdom rose from $108,000,000 in
July to $125,000,000 in August—the highest level for any
bined
1,659
3,763
3,495
primarily responsible for the rebound in United
export
month
3,543
3,538
Eouador
States
Increased shipments to the United Kingdom,
1,818
2,508
Denmark
26%
were
Chile
Cuba
aggregate
the
China
Colombia
printing,
and
paper
year ago.
York
Payrolls
According
to
a
State Factory Employment
Continue in August
statement
issued
Sept. 12
Commissioner Frieda S. Milter, there were
ers
by
3.4%
and
Industrial
more
work¬
employed by the factories of New York State in August
than in
July.
Payrolls
rose
4.9% in the month.
The state-
Volume
points out that although gains from July to August
expected on the basis of the average changes over
ment
to be
are
26 years, the increases this month were much
greater than the average gains of 1% in forces and of 2%
the
in
past
It is added that August marks the third con¬
payrolls.
gains
which
in
month
secutive
better
are
than
the
It is noted that
despite
June and July were recorded
increases in
net
that
been recorded.
usual seasonal changes have
the
at the important clothing and milli¬
large seasonal losses
industries of the State.
In August the large seasonal
in these industries were mainly responsible for the
good net gains in the totals.
Participation by many of the
nery
gains
and
textile
and
The New York State Department of
based
since
January,
activity in the paperboard industry.
members of this Association represent
industry, and its program includes a statement each
from each member of the orders and production, and
total
week
also
was
State.
These
weekly
with
indexes
factories
payroll
for August,
those
employed
index
Com¬
91.1.
was
of
E.
Dr.
reveals that
1939,
factories throughout the
442,896 workers
in August at
an
average
The Division of Statistics and Information, under
B. Patton, is responsible for the collection and
of $28.67.
wage
direction
analysis of these reports.
Gains
Employment
Five
of
the
seven
districts
industrial
main
Industrial Districts
in Five
100%,
writer
the
of
State
payrolls from July to
employment and
rehired
factories
the
laid
workers
off
last
reported
net
for
last
the
not
by
reported
textile
Unfilled
these gains,
and
The largest gains from
the 1937
exceeded
district
the
levels, the
August,
still below the December,
is
loss of
net
Activity
Production
Remaining
Tons
Tons
Tons
Current
528,155
420,639
579,739
453,518
167,240
72
137,631
70
429,334
520,907
449,221
456,942
129,466
193,411
69
624,184
509,781
587,339
487.127
247,644
76
236,693
79
196,037
72
August
682,490
508,005
544,221
452.613
162,653
74
September
468,870
470,228
163,769
72
113,834
106,901
122,037
196.037
74
73
Aug. 10
123,429
179,044
74
73
Aug. 17
117,268
120,260
173,438
73
73
112,970
121,226
169.142
74
73
115,474
122,212
74
73
January
_
February
March
April
May
June
July
Cumulative
"
■
--
m
-i
m
-m
70
m
-
-
*
Week Ended—
3
Aug.
7
Sept. 14.
92,066
97,766
120,662
Sept.21
128,087
123,418
123,281
162,653
157,043
154,311
159,161
128,055
125,763
163,769
Sept. 28..
-
Note—Unfilled orders of the prior week plus orders
not
73
60
76
73
74
73
78
73
received, less production, do
necessarily equal the unfilled orders at the close. Compensation for
delinquent;
filled from stock, and other items make necessary adjust¬
reports, orders made for or
ments of unfilled orders.
Automobile Financing in
July to August in that district
instruments, men's furnishings, canning and
the factory employment index for Buffalo has
1940, index for the first
higher than that for December, 1939. Further increases
at the important metals and machinery plants of Buffalo were reported
from July to August.
Although very good gains were noted this month
at Utica non-ferrous metal, firearms and textile plants, total employment
A
Percent of
Orders
.
total employment index
time this year wq3
in
Orders
machinery,
Although
firms.
yet
ACTIVITY
MILL
Received
Period
highest point reached since February, 1930.
A new
decade was also recorded by the factory employment
index for Rochester.
were
PRODUCTION,
REPORTS—ORDERS,
to the
Syracuse
high
August.
month,
added to further increases at steel mills, raised the
for
so
STATISTICAL
Sept.
Although
the maior portion of the large gains in New York City was due to the
seasonal expansion at clothing and millinery firms, the majority of other
factories in the city were also busier.
In Syracuse, automobile and type¬
both
in
gains
operated. These figures are advanced to equal
that they represent the total industry.
Aug. 31
the highest point reached
tabulations of reports covering 2,342
preliminary
based
figure which indicates the activity of the mill
a
the time
on
Month of—
9.5%
factory workers were employed this August on a total payroll that
13.6% higher.
All of the statements in this release are based on
more
93% of the
The
categories.
Labor's index of factory employment,
corresponding
The
1930.
of these
parison
the
industrial
the 1925-27 average as 100, rose to 92.0,
on
Paperboard Association, Chicago, 111., in
National
to
the
relation
herewith latest figures received by us from
Aug. 24
machinery
Miller's statement continued:
Miss
Industry
Weekly Statistics of Paperboard
We give
plants of the State in the national defense program is re¬
flected in the continuation of the recent uptrend in the
metals
1965
The Commercial & Financial Chronicle
151
0.7% in
forces
1939,
level.
reported by the factories of both the
was
Albany-Schehectad.v-Troy and Binghamton-Endicott-Johnson City areas. The
in the'Albany-Scheneetady-Troy area was caused by a sizable reduc¬
tion at one large firm due to vacations.
In Binghamton-Endicott-Johnson
City, small layoffs were general at most firms.
net loss
Per Cent Change
citv
Employm't
Payrolls
+10.0
+ 12.6
+4.4
+6.7
+3.9
+ 4.3
+ 29.8
+ 36.0
+3.4
+3.8
+25.3
+31.2
+ 7.7
+ 17.4
New York City
Syracuse
j
Buffalo
+ 8.4
+ 2.7
Utica
Employm't
Payrolls
Rochester
+ 2.4
+ 1.1
+ 7.4
+ 8.8
Albany-Schenectady-Troy
—0.7
—0.6
+ 15.5
+ 23.7
—0.7
—0.7
—2.2
+ 2.9
Binghamton-Endicott-Johnson City
_
organizations amounted to $166,921,910, a decrease
the 400
with May, 1940; an increase of 20.5%
compared with June, 1939; and an increase of 79.8%
as
compared with June, 1938.
The volume of wholesale
financing for June, 1940 amounted to $162,100,918, a de¬
crease of 19.4% compared with May,
1940; an increase of
of 32.1% as compared with June, 1939, and an increase of
118.4% as compared with June, 1938.
of 1.9% as compared
as
The volume of retail automobile receivables
outstanding
June, 1940, as reported by the 214 organiza¬
amounted to $1,063,638,542.
These 214 organiza¬
at the end of
tions
Aug. '39 to Aug. '40
Per Cent Change
Jidy to Aug., '40
June
financing for June, 1940 for
The dollar volume of retail
tions accounted for 94.8% of the total volume of retail
financing, $166,921,910, 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 June, 1940, are as reported by the
Bureau of the Census, Department of Commerce.
Figures
on automobile financing for the month of May, 1940, were
published in the July 13, 1940, issue of the
page 168.
"Chronicle",
'
AUTOMOBILE
.
Report of Lumber Movement Week Ended Sept. 21, 1940
FINANCING
-
Summary for 400 Identical Organizations
r-.—
-
Lumber
production during the week ended Sept. 21, 1940,
.05% greater than in the previous week; shipments were
10% greater; new business 9% less, according to reports to
Retail Financing
was
Wholesale
Manufacturers
Lumber
National
Association
The Association further
Month
reported:
weeks of
orders were
new
weeks of 1940 to
ments
were
1939:
shipments were 6%
above
above the shipments
P*The ratio of unfilled orders to
compared with 27%
year ago- gross
a year ago.
gross
were
15% greater than a
stocks were 2% less.
of
softwoods
hardwoods
and
were
combined;
shipped
or
mills.
309,730,000
feet;
Revised figures for the preceding week
as
feet; or 13% above the production of the
reported
100 hardwood mills give new business as
duction.
or
Shipments
as
the same week were 296.954,000
for
Production was 263,266,000 feet.
12,031,000 feet, or
Reports from
5% below pro¬
reported for the same week were 12,776,00G feet,
1 % above production.
Dollars
145,952
96,517
256,507
73,633
166,921
141,891
95,038
247,870
71,883
1,168,967 2,028,206
861,508
745,731 490,437 1,282,475 371,071
6
mos.
1939—
78,587
76,249
227,630
63,202
62,322
May..
145,457
351,217
141,789
June...
122,684
340,245
138,571
123,587
116,993
849,665 1,707,017
686,854
589,814 375,853 1,117,203 311,000
246,499
94,917
77,630
48,594
168,869
244,142
92,818
72,969
46,202
171,173
501,262 1,343,922
516,200
Total
6
223,252
mos.
June.
85,744
74,212
May
June
a
6
Of
Production was 12,630,000 feet.
46,322
46,615
mos.
June.
number
this
36.4%
were
new
cars,
412,222 259,533
63.2%
were
931,700 256,666
used cars, and 0.4%
unclassified.
RETAIL AUTOMOBILE RECEIVABLES
AS
281,313,000 feet;
reported tor the week ended Sept. 21, 1940, by 424 soft¬
Shipment
i
170,151
BY
REPORTED
214
February...
April
June
»
Of
1940
696,959,547
691,191,242
$
918,645.709
709,667,390
September..
739,798,724
779,381,455
817,788,623
October
the 224
1939
$
840,491,007
854,629,839
848,528,973
849,831,661
July
August.
971,940,670
1,021,533,732
1,063,638,452
March
May
ORGANIZATIONS *
$
876.699,079
887,096,773
January
OUTSTANDING END OF MONTH
IDENTICAL
1939
$
13% above production.
Dollars
402,459
1940
wood mills totaled 296,942,000
same
sand
a389,761
orders, 338,123,000 feet.
Lumber orders
Thou¬
Cars
162,100
end.
mills, 505; production, 275,758,000 feet; shipments,
in
of
sand
201,068
Total
During the week ended Sept. 21, 1940, 506 mills produced 275,896,000
booked orders of 308,973,000 feet.
Number
Thou¬
Cars
•
1940—
Softwood and Hardwoods
feet
in
of
sand
1938—
.
stocks was 31% on Sept. 21, 1940,
Unfilled orders
Number
Thou¬
May
end.
Supply and Demand Comparisons
in
of
June
4% above production.r
»
Number
Dollars
For the 38
date, new business was 9% above production, and ship¬
Cars
Volume
Cars
end. June.
7% above the orders of the 1939 period.
Unclassified
Volume
Volume
Dollars
Total
Reported production for the 38 weeks of 1940 to date was 8%
and
in
Thousand
Year-to-Date Comparisons
corresponding
New Cars
Total
ing
Volume
from
regional associations covering the operations of representative
hardwood and softwood mills.
Shipments were 12% above
production; new orders, 12% above production. Compared
with the corresponding week of 1939, production was 9%
greater, shipments 12% greater, and new business, 19%
less.
The industry stood at 80% -of the seasonal weekly
average of 1929 production and 93% of average 1929 ship¬
ments.
Year
and
the
Used and
Financ¬
859,989,858
875,078,033
November..
December..
automobile receivables,
by reporting companies prior to January, 1940.
organizations formerly Included in retail
10 have been taken over
Identical Mill Comparisons
Production during week ended Sept. 21,
mills
was
1940, of 403 identical softwood
260,719,000 feet, and a year ago it was 239,662,000 feet; ship¬
ments were
respectively 293,689,000 feet,
received 294,448,000
and 26,018,000 feet; and orders
feet, and 360,762,000 feet.
In the case of hardwoods.
88 identical mills reported production this year and a year ago
eet,
10,894,000
and 9,292,000 feet; shipments 11,186,000 feet, and 12,888,000
and orders 10,952,000 feet and 16,860,000 feet.
feet,
Cuban
Sugar
Exports to
United
States Increase
during the period Jan. 1 to
July 31, 1940 totaled 1,532,326 Spanish long tons, compared
with 1,563,436 tons during the corresponding period of 1939,
according to
report received by the Department of ComCuban exports of raw sugar
>
The Commercial & Financial Chronicle
1966
the
from
merce
The
General
Consulate
American
Havana.
at
amounted to
The stock of sugar on hand in Cuba on July 31,
responding 1939 period.
1940
1,776,291
aggregated
tons on the same date in
United
States
Months of
Spanish
compared with
long tons,
Sugar in Eight
153% Over Same Period
Increased
exports by the
trasted with 52,123 ton3 during the similar period last year,
increase of 79,891 tons or 153%, according to Lamborn
an
&
brokers. The exports for the eight
months of 1940 are the largest in 15 years, or since 1925 when
the shipments for the corresponding period amounted^to
256,401 tons.
The firm's announcement continued:
Co., New York,
The
refined
the list,
sugar
Present prospects are for
50 different countries.
France with 35,973 tons leads
being followed by Greece with 26,084 tons and Colombia with
8,522 tons.
Last year the United Kingdom topped the list with 19,491
tons, being followed
cluding
by Belgium with 6,882 tons and Norway with 5,102
Government
monthly
analysis
of
the
of
result
recent
An embargo on Japanese raw silk imports would be a great tragedy to
the hitherto friendly relations between Japan and America.
ably, there would be
the
the
of
use
Should
1930.
1937
In
This
from
tentative
farm
last
of
1940
months
five
of
of
It
embafgo would
any
increased
would result in
says
rayon
to
around
industry is about 32,000,000
yarn
By next year, this figure
spun.
35,000,000 pounds per month.
hosiery.
About 78%
of this silk
imported
was
Should the Japanese supply of raw silk be shut off, the Organon
says,
silk
double this
hosiery
production,
and
machinery
nylon output by early 1941.
is
installed
If silk imports from Japan
eliminated, the 2,300,000-pound monthly fiber deficiency could be
by 650,000 pounds of nylon and the balance by increasing rayon yarn
production plus
a
larger
use
of Vinyon and the natural fibers.
>-
Rayon Yam Output Continues at High Level
Deliveries of rayon filament yarn to domestic mills amounted to 30,800,000 pounds during September as compared with 35,400,000 pounds delivered
in August and 34,300,000 pounds in
September
1939.
For the first three
quarters of 1940 rayon yarn deliveries aggregated 285,100,000
compared
with
shipments
period last year,
ducers
an
amounted
of
262,400,000
increase of 8H%.
to
8,400,000
10,000.000 pounds held
at
pounds
Stocks of
pounds
of
as
for
yarn
the
pounds
in the hands of
September
as
30,
pro¬
against
as
the close of August.
Increased domestic
1940
demand
for
farm
products lias
more
situation.
Prices received by farmers advanced
moderately
August and September, said the Bureau, which went on
to state:
production
is
expected
to
show
some
additional
year
as
whole
a
1939.
is
Industrial
production
during
the
expected
workers'
to
show
incomes
an
rose
average
more
gain
slowly
May-June advance, but continued
of about
than
to
industrial
improve after
in production in June.
The general export outlook for farm products remains
very unsatisfactory,
even
though it is possible that Great Britain, because of the difficulties
of
maintaining plant operations and storage supplies under the stress of
intensified German air raids,
may turn to the United States for increasing
amounts of processed farm commodities.
Wholesale
commodity prices
since
defense have
buyers
also
improved
have
consumer
demand.
industrial
farm and
in
on
the
States
have
advanced
mod¬
raw
food
Price advances
materials and
after
mid-August included
finished goods,
product prices.
Wheat
a
but the largest
prices
rose
sharply,
substantial advances
in livestock and meat
prices.
Growing
purchasing power, expanding exports of
important industrial products, and apparently increased confidence
part of business men indicate the probability of a further moderate
were
defense needs,
several
the United
rising about 3%.
Government purchases for
important price influence in some lines, but private
increased their buying activity, partly in response to
an
gains
and there
in
mid-August,
been
wide range of
were
increasing
consumer
gain in wholesale prices during the last quarter of 1940.
result of higher farm prices than in August, income from
marketings in September probably will increase more than is usual,
Largely
farm
value of products
probably
will
improvement
during
crops,
in
first
during
prices
the
for
the
assumed
was
demand
consumer
marketings
and
based
were
the number of livestock
the remainder
of
retained
slightly
be
and
the year,
farms for home consumption in
on
higher
than
in
1939,
when
The low price of hogs probably has been
more
it
totaled
than offset
by higher prices of dairy products and fruits and vegetables.
Gross farm
including Government payments, in 1940 is expected to total
$10,150,000,000, compared with $9,769,000,000 in 1939.
The esti¬
income,
of
mates
for
1936
gross
cash
and
through
1940
incomes,
farm
are
including
Government payments,
follows:
aB
Government Payments
Government Payments
Calendar Year
1936
$9,915,000,000
10,569,000,000
9,362,000,000
9,769,000,000
10,150,000,000
$8,499,000,000
1937
9,111,000,000
-
...
8,072,000,000
8.540,000,000
8,900,000,000
x
1940.
x
Tentative estimate.
wlu-n'they
payments
During the first
totaled
seven
$359,000,000
been about the
from farm
in
1940
same
a
year
slightly
be
smaller
than
in
1939,
months of 1940 cash income from farm marketings
more
as
in
than in
1939,
It
1939.
now
and Government payments have
probable that cash income
seems
marketings in August will total higher than in 1939, but income
during the remainder of the
of
may
$807,000,000.
totaled
may
year
not be greatly different from
that
earlier, because of the marktnl rise in prices last year following
the wai in Europe.
the outbreak of
Cash income from farm marketings and Government pay¬
in July, 1940 amounted to $703,000,000, compared
ments
with $641,000,000 in July, 1939 and $587,000,000 in June,
1940, it is reported by the Bureau.
The increase in farm
July was slightly more than usual for
this period.
Income from livestock and livestock products
and from grains increased more than seasonally from June
to July, but income from most other crops was lower after
correction for seasonal changes.
The Bureau's report also
income from June to
said:
•
■•
■
of grains increased sharply after the late start in June,
Farm marketings
and
total
income
from
grains
higher than in
was
advance in prices of meat animals was
July last year.
The
accompanied by larger marketings,
from June to July.
Dairy production
restricted somewhat by the decline in pasture conditions, but
with the advance in prices farm
income declined slightly less than usual.
Income from poultry and eggs increased seasonally
in July was slightly
lower than a year earlier.
from June to July, but
Government payments in
July totaled $35,000,000, compared with $36,000,000 in July last year and
were
$10,000,000 more than in June, 1940.
For the first 7 months of 1940 cash farm income
payments was $354,000,000
total
was
including
Government
(about 8%) higher than a year earlier.
The
$4,527,000,000, compared with $4,173,000,000 during the first
7 months of 1939.
Cash income from farm marketings amounted to $4,-
082,000,000, compared with $3,723,000,000 during the first 7 months of
1939.
The greatest increases in farm income so far in 1940 have been
from
as
a
Farm Products Prices Continue to Advance from Mid-
August
10%
the halt to the upward trend
erately
Europe
prospective
for
of
improvement
during the remainder of this year, and probably will be about as high
by the year-end as it was at the end of 1939.
Industrial production for
the
marketed
in
prices
trend
from
the
in
grains, cattle and calves and dairy products.
Industrial
over
of
estimates
received
and
income
and
about
unfavorable
developments in the export situa¬
tion, the Bureau of Agricultural Economics reported on
Sept. 18 in its monthly analysis of the demand and price
in
war
further
some
and cash income increased sharply
of
offset
be
to
$1,229,000,000.
corresponding
Agricultural Economics Reports
Better
Demand, Higher Prices for Farm Products in
August and September
than
the
includes
loan,
probable volume of dairy and poultry production.
in July was
Bureau
for
marketings
estimating the
of
1940
under
income
upon
1 forecast of production
likely
The total
of the current
being
were
up
In
for
placed
1939
the belief is that "the
the Bureau's announce¬
the present production of nylon can provide for about
10%
to
based
year.
The
income
1938
from Japan.
full-fashioned
farms
the
made
cash
prospective
continuation
products.
the Aug.
farm
Cash Farm Income and Gross Farm Income and
1940 has approximated 2,700,000 pounds monthly, of which 97% or 2,000,^used in
income, including Govern¬
The Bureau's anal¬
in
Consumption of silk in the United States for the first eight months of
was
was
farm
upon'
Government
capacity of the
been
OO0 pounds
for
cause
those
except
undoubtedly
pass,
pounds monthly, based on current deniers
have
farm
commodities
is
and
the
1940
of
and
payments.
months
seven
estimate
marketings
Government
added:
The present
will
en
to
employment in this country.
an
which
cash
ysis continues:
Unquestion¬
In fact, on the score of employment,
embargo come to
textile industry can carry on,"
ment
that such
and other hardships
domestically-made textile fibers
increase in
an
But to say
unemployment
silk trade would be incorrect.
raw
This,
situation.
aggravations all the way from the yarn fabri¬
some
cator to the final consumer.
widespread
income
farm
payments, totaled $9,111,000,000.
on
signing of the Rome-BerlinTokyo Axis Agreement, the textile industry began to weigh
the possible effects of a cessation of Japanese raw silk im¬
ports into the Umted States, it is pointed out by the "Rayon
Organon," published by the Textile Economics Bureau, Inc.,
New York.
The publication states:
a
the
since
allowance
Weighs Effects of Possible Embargo on
Continues at
Japanese Raw Silk—Rayon Output
High Level
total casli farm income, in¬
a
payments
ment
remainder
As
in
according to the Bureau, is about $360,000,000, or 5% higher
than in 1939, and will he the second highest for any year
tons.
Textile Trade
rose
further relative
a
of about $8,900,000,000 in
1940, the Bureau of Agricultural Economics, United States
Department of Agriculture, reported on Aug. 23 in its
the January-August period of 1940
during
exports
sugar
to more than
went
by fanners
$8,900,000,000
by Bureau of Agricultural Economics—Income in
July Totaled $703,000,000
Refined
of
United*States durin g the
eight months of 1940 totaled 132,014 long tons as con¬
first
Prices received
August, and probably will show
Cash Farm Income for 1940 Estimated at
Exports
sugar
September, 1939, payments.
gain in September.
in 1939
Refined
the
relation to prices paid in
1,862,253
1939.
1940
1940
higher than a year earlier; Government payments
larger than in August, but will be considerably less
farmers also will be
than
1,119,491 tons, compared with 992,906 tons during the cor¬
5,
but will be little if any
to
Department states:
Shipments to the United States during the first seven months of 1940
Oct.
Mid-September
to
Mid-September prices of all farm products at local markets
throughout the country averaged 1 point higher than a
month
earlier, the Agricultural Marketing Service an¬
nounced on Sept. 30.
And at 97% of the 1910-14 level, the
general index of all agricultural commodity prices averaged
only slightly lower than a year earlier.
But the ratio of
prices received to prices paid, interest and taxes was still
24 points below the level of the 1910-14 base period.
The
announcement further stated:
Local market prices of most
the month.
agricultural commodities advanced during
Grain prices, at 77%
higher than in mid-August.
of the 1910-14 level, averaged 1 point
Meat animal prices advanced 4 points; and
prices of dairy and poultry products, continuing their seasonal rise, were
up
2 and
14 points, respectively, from the August averages.
But sagging
the cotton and cottonseed index
1 point, and
cottonseed prices lowered
fruit prices were down 6 points.
Compared with a year earlier, grain prices were down 6 points and meat
animals 3 points.
as
Fruit, cotton and cottonseed prices averaged the same
in September, 1939.
and eggs, 2 points,
But dairy product prices were up 4 points; chickens
and truck crops, 1 point.
Volume
outstanding change in prices paid by farmers was
No
the
there
though
month,
been some strengthening
has
reported during
in the food and
The all-commodity prices paid index was
building material groups.
esti¬
Sept, 15, the same as a month
With prices received advancing slightly,
mated at 122% of the 1910-14 average on
and
earlier
at 80
a
on
year
1939.
15,
Sept.
This ratio stood
received to prices paid rose to SO.
of prices
the ratio
earlier.
books since 1903.
is
of
one
Its
and
Products—Anti-Trust
Suits
Filed
Crude
Bill Defeated in House—Daily Average
ners
Output Jumps
suits
Department of Justice on Sept. 30 filed atiti-trust
against 22 major oil companies, their subsidiaries and
affiliates and
the American Petroleum Institute in United
District
States
Washington
Court in
seeking Federal
junctions against alleged monopolistic practices of
Originally designed to break up the
companies.
fendent
oil companies,
integrated
in¬
the de-
the suits
were
modified to hit
alleged price-fixing activities of the oil companies involved.
This was done on the recommendation of the National De¬
fense
suits
Advisory
Commission which held that the original
the defense plans of the government.
would hamper
The
Justice
of
Department
complaint
filed
Monday
charged that the companies conspired:
1.
To fix and maintain
uniform, noncompetitive prices to
paid by them for the crude oil purchased from independent
be
producers, and to be charged by them for crude
oil sold to
independent refiners.
2.
filing
of Indiana,
said that while the company has not yet been served and
therefore has not had an opportunity to examine the plead¬
ings, advance information released by the Department of
statement
a
3.
cal
To
Justice indicated the action involved only a
of transportation to competitive
crude oil to the defendents at the well
them to
4.
use
markets, to sell
rather than permitting
major companies' oil pipelines.
transportation of crude oil, gasoline
To file tariffs for
petroleum products which require shippers "to tender
unreasonably large quantities, to maintain Uniform non¬
competitive, onerous and oppressive rates."
5. To charge excessive rates for use of pipelines "and to
receive back as refunds and rebates on the rates charged to
and
themselves
a
substantial part of the revenue
from pipeline
operations."
6.
To
cause
railroads to establish rates favorable to them
and unfavorable to small
7.
distribute
To
their
independent refiners.
products "only through facilities
operated by persons or companies whose buying, selling and
operating policies defendents can control."
8. To distribute products only through service stations
"whose policies they can control."
9. To fix prices for sale of petroleum products, "lowering
prices wherever they wish to eliminate independent com¬
petitors and raising prices wherever the competition of in¬
dependent competitors has been eliminated."
In addition to the charges specifically made, the com¬
plaint named the American Petroleum Institute, an oil trade
association, as having been useci by the defendents as "an
instrumentality for promoting, supervising, and enforcing
the various illegal policies and practices set forth in the com¬
plaint."
The Department of Justice asked the dissolution
of the Institute in its complaint.
The following oil firms are the defendents:
Refining Co.,
Atlantic
Barnsdall Oil Co., Cities Service Co., Consoli¬
Gulf Oil Corp., Mid-Continent
Petroleum Corp., Ohio Oil Co., Phillips Petroleum Co., Pure Oil Co.,
Shell Union Oil Corp., Skelly Oil Co., the Socony-Vacuum Oil Co., Standard
Oil Co. of California, Standard Oil Co. (Indiana), Standard Oil Co. (Ken¬
dated
Oil
Corp.,
Continental
Co., Texas
fornia, and
At the
Oil Co.,
Oil
Corp., Tidewater Associated Oil Co., Union Oil Co. of Cali¬
approximately 300 subsidiaries of all the defendant firms.
tucky), Standard Oil Co.
same
(New Jersey), Standard Oil Co. (Ohio), Sun
time that he announced filing of suits
against
the oil companies, Attorney-General Jackson strongly urged
enactment of legislation providing for complete Federal con¬
trol of petroleum
production.
In
a
letter to Senator Gillette
(D., Iowa) the Attorney General said that it was his opinion
that the doctrine of compulsory competition embodied in
the anti-trust laws is unwisely applied to oil production,
"where the principle of conservation of an exhaustible and
irreplaceable national resource should replace the principle
of competitive exploitation/'
"Only Congress can protect the future economic life of
this country by protecting oil reserves in the ground," he
stated.
"It has made several efforts to do so, some of which
have failed.
devised
now
question of law
of dividends by a subsidiary to its
parent company constitutes a rebate of the nature forbidden
by the Elkins Act.
"Stanolind Pipe Line Co. has been for years a whollyowned subsidiary of Standard of Indiana," Mr. Jones de¬
clared.
"It constitutes merely a plant facility for trans¬
porting crude oil from oil fields to refineries.
There are
consequently no profits in the usual meaning of the word.
Standard of Indiana has paid transportation charges at
rates approved by the Interstate Commerce Commission.
The pipe line company has from time to time accumulated
surplus cash and this has been returned to the parent com¬
pany in dividends.
The Government in the meantime has
collected a substantial tax on both the transportation charges
whether payments
to
and the dividends so
paid.
pipe line company were organized as a department
of the Standard of Indiana, there would be no question of
rebate because there would be no dividends." he continued.
"If the
"If dividends
paid under the circumstances herein mentioned
a rebate it will be a very new and revolution¬
found to be
are
construction of the Elkins Act.
The question has never
if such payments as are involved in
this case should be held to be rebates under the Elkins Act,
ary
comprehensive plans could be
which would be successful.
Therefore, I urge
I believe
other parent companies are in for prosecution
accepting dividends from companies which
they own in whole or in part."
The Government suits against the 22 oil companies, among
which was Sun Oil Co., brought forth a statement from J.
Howard Pew, President of Sun Oil, that the suits are "an
attempt, in a smear proceeding against the industry, to
convince the American public that a conspiracy of monopoly
exists, and that the industry is mulcting consumers by charg¬
ing excessive prices for petroleum products."
Stating that
then
products.'
compel independent producers, who have no practi¬
means
following the announcement of the
Buell Jones, counsel for Standard
been raised before, but
production of crude oil and the manu¬
To restrict the
facture of petroleum
The suit
against oil companies having
civil character.
as
The
cases
pipeline subsidiaries planned by the Department of Justice.
Two more cases are expected to be filed shortly with the
Federal Court at Wilmington, Del.
All of the suits are of
In
by Government—Pipe Line Units Also Under Court
Attack—Mr. Pew Holds Suits "Political"—Sum-
It seldom has been enforced.
"test"
three
of the suit,
Petroleum
1967
The Commercial & Financial Chronicle
151
more
do not let the pendency of litigation delay or deter
Congress from giving this basic industry consideration in the
orderly utilization of our basic
that you
as
many
the result of
he had not been unable to get a copy
t
y
...
•
;
.
'
companies with copies of the
charges and allowing that paper to speak for itself, the
Attorney-General is making a deliberate effort to convict
these companies in the eye of the public, not only before the
trial, but even before they know what the charges are.
It
is obvious that the real purpose of this action at this time is
political and in line with the known policy of the Administra¬
tion to create hostility toward business."
The Sumners bill, designed as a substitute for the McCormack "stolen property" measure, and under which the
President was given discretionary power to impose an em¬
bargo upon imports into the United States of property con¬
"Instead of supplying the oil
foreign governments, was killed in th9 House of
Representatives on Oct. 1.
The House previously had re¬
fused to give the measure another chance when a motion
to send it back to committee for further study and amend¬
fiscated by
ment was
killed.
sharp rise in Texas production sent the nation's daily
average output of crude oil for the final week of September
above the market demand estimate for the month set by
the United States Bureau of Mines.
The American Petro¬
A
leum Institute
barrels
for
reported
the
net gain for the nation of 178,900
Sept. 28, the total rising to
a
week ended
3,799,950 barrels, which was 175,000 barrels above the in¬
dicated market demand for September set by the Federal
agency.
A gain of better than 200,000 bairels for Texas lifted the
daily average output there to 1,517,300 barrels of crude oil.
Illinois ended a long period of consistently declining pro¬
duction with a gain of 7,200 barrels during the Sept. 28
period to rise to 361,500 barrels.
A nominal gain of 750
barrels lifted the Oklahoma daily figure to 405,000 barrels.
Sharpest decline was scored by California where output fell
off 18,400 barrels to drop to 588,600 barrels.
Kansas was
off 8,150 barrels to a daily average of 193,550 while Louisiana
dropped 1,200 barrels to 283,450 barrels.
The United Press reported from Bucharest that seven of
the
largest oil companies in Rumania, all
operating under
British*and American capital, had been placed under state
control following the arrest of five Britons on charges of
plotting sabotage in the Ploesti Oil district.
The com¬
panies are: Colombia, Anglo-Rumanian, Rumanian-Ameri¬
can, Unirea, Concordia, Steaua and Disiributzia.
There were no price changes posted during the week.
Sept.
30—Standard of Louisiana posted an
Schuler, Ark., crude of 95 cents for 40
interests of conservation and
petroleum resources.''
Following the filing of the anti-trust suits on Sept. 1, the
Department of Justice on Oct. 2 filed suit in the Federal
District Court in Hammond, Ind., against the Standard Oil
Co. of Ihdiana, charging violation of the Elkins Act.
The
Elkins Act prohibits the return of part of a purchase price to
the original seller by the buyer and has been on the statute
of the charges, Mr.
Pew said:
Prices of Typical
initial price schedule for
gravity and above.
Crude per Barrel at Weils
(All gravities where A. P. I. degrees are not
11.85
1.02
Bradford. Pa
Corning, Pa
Illinois
Western
Kentucky.
...
Mld-Cont't, Okla., 40 and above..
Rodessa, Ark., 40 and above
Smackover, Ark., 24 and over
1.05
.90
1.03
1.25
73
shown)
Eldorado, Ark. ,40
J1.0S
Rusk, Texas, 40 and over
1.10
Darst Creek
75
Michigan crude
1--— .76-1.03
Sunburst, Mont
1
.90
Huntington, Calif., 30 and over— 1.15
Kettleman Hills. 39 and over..—. 1.38
The Commercial & Financial Chronicle
1968
OF
CUTS
CALIFORNIA
FUEL
PRICES—OIL TANKER
OIL
United States ports, for the week
rels,
INVENTORIES OFF-
RATES STRENGTHEN—MOTOR FUEL
OPERATIONS
REFINERY
DECLINE
^
'
strengthening in
the
gasoline of from l-10th to 2-lOth cents a gallon throughout
the New York-New England market.
Dealer tank wagon
greatly depressed will be adjusted
in accordance with local competitive conditions.
The ad¬
vance becomes effective Monday, Oct. 7.
Posted prices for fuel oil were reduced 15 cents a barrel by
Standard Oil Co. of California on Sept. 28 to 80 cents in the
Bay region and 75 cents a barrel at San Pedro.
The reduc¬
tion represented in reality recognition by the company of
the going market price with the opening of the new contract
period.
A similar price cut was made in January after yearend selling had sent the actual market down to 75 cents a
prices in
which
areas
are
ended
weeks
whether bonded
in
ration
for
or
weekly statistics.
week ended
barrels.
Receipts were as follows: at Philadelphia, 128,000 barrels of gasoline; at
Providence, 76,000 barrels of fuel oil; at Baltimore, 63,000 barrels of other
Receipts of California Oil at Atlantic Coast ports during the
Sept. 28 amounted to 267,000 barrels, a daily average of 38,143
'
"
petroleum products.
barrel
estimated
potential refining capacity of the United States,
daily
indicate that the industry as a whole ran to stills, on a
of heavy consumption
summer season
pipe lines
finished
stocks of finished
gasoline below the 82-million-barrel level.
This means that the industry is starting the winter, when
stocks of gasoline normally spurt due to lower consumption
and increased production as an offset of fuel oil refining,
unfinished
with inventories at the level set for next March.
It is
cer¬
spring-summer season of heavy con¬
sumption of gasoline next year will find the industry in as
precarious a position as regards excessive supplies as at any
time in its history.
The answer to the situation is excessive refinery operations
as
The total amount of gasoline produced by all companies
gasoline.
CRUDE
RUNS
STILLS
TO
AND
ENDED
Demand for motor fuel in the
domestic market ran ahead of the record-breaking totals for
the summers of 1939 and 1938.
The slump in export de¬
mand had some effect, but most of the blame for the current
topheavy supply situation for gasoline lies in the hands of
the refiners.
Despite all efforts to curtail refinery opera¬
tions and hold down production of gasoline to a level equal
to the current market demand, refineries ran consistently
at levels far above the market's ability to absorb the flow
PRODUCTION
SEPT. 28,
the week.
OF
WEEK
GASOLINE,
1940
(Figures in Thousands of Barrels of 42 Gallons Each)
Gasoline
Crude Runs
Daily Refining
Capacity
Production
to Stills
Refineries
at
District
•:
Rate
East Coast
Daily
Percent
Inc. Natural
Average
Operated
Blended
Percent
Potential
Reporting
543
100.0
643
1,507
84.4
Appalachian
156
91.0
120
84.5
466
Indiana, Illinois, Kentucky.
743
90.2
627
93.6
2,355
Oklahoma, Kansas, Missouri
Inland Texas........
■Texas Gulf...............
Louisiana Gulf......
420
76.9
270
83.6
fc:
z989
280
59.6
109
65.3
473
1,071
85.3
834
91.2
2,557
164
97.6
120
75.0
288
North Louisiana & Arkansas
101
51.5
Rocky Mountain
California................
121
56.0
55
80.9
216
836
87.3
514
70.4
1,445
85.3
3,240
83.7
10,412
......
Reported
Estimated
*
48
1,420
11,832
12,135
Estimated total U. 8.:
Sept. 28, 1940
*
4,535
3,600
4,535
3,680
yll,846
x3,517
U. 8. B. of M. Sept. 28, *39
*
a
116
92.3
360
unreported
Sept.
tain that the start of the
throughout the
and that all
transit and in
of the end of the week, 82, 373,000 barrels of finished and un¬
is estimated to have been 11,832,000 barrels during
reached, the industry was unable to bring
and
Bureau of Mines'
basis, 3,600,000 barrels of crude oil daily during the week,
companies had in storage at refineries, bulk terminals, in
by the seasonal gain in demand for heating oils and
the rising trend of consumption in defense-spurred industries,
tanker rates in the Gulf Coast-North Atlantic routes have
With the end of the
4,535,000
Reports received from refining companies owning 85.3% of the
Aided
low.
of
barrels daily for
Sept. 28.
These figures include all oil imported,
domestic use, but it is impossible to make the sepa¬
barrel.
strengthened sharply during the past week or so.
Until
the closing of the Continent by the English blockade, fol¬
lowing the defeat of France by the Axis Powers, the tanker
market was high, due to so many ships being used in trans¬
atlantic movements.
However, the market collapsed with
the defeat of France and since then prices have remained
Sept. 28, totaled
ended
of 163,143 barrels, compared with a daily average
average
196,143 barrels for the week ended Sept. 21, and 202,643
the four
the price structure of
motor fuel in the Gulf Coast markets plus the advancing
tanker rates, Socony-Vacuum Oil Co., Inc., on Oct. 3 an¬
nounced an increase in tank car and tank wagon prices of
Reflecting
daily
a
1940
5,
in bond at principa
1,142,000 bar-,
Imports of petroleum for domestic use and receipts
PRICES—STANDARD
REFINED PRODUCTS—SOCONY LIFTS GAS
Oct.
Estimated Bureau of Mines basis,
x
September 1939 dally
y
average,
This Is
production based on the U. 8. Bureau of Mines September 1939 daily
week's
12% reporting capacity did not report gasoline production.
average,
z
STOCKS
OF FINISHED
AND
UNFINISHED
GASOLINE
AND
GAS AND
FUEL OIL, WEEK ENDED SEPT. 28, 1940
(Figures in Thousands of Barrels of 42 Gallons Each)
'
summer.
Slocks of Finished and
Stocks of Gas Oil
Unfinished Gasoline
and Distillates
District
Total
and
reported that stocks of
motor fuel, finished and unfinished, were off 587,000 barrels
during the week ended Sept. 28 to 82,373,000 barrels.
Re¬
finery operations dropped 2 points to 83.7% capacity, far
above normal for this season.
Daily average runs of crude
oil to stills were off only 80,000 barrels, dropping to 3,600,000
The American Petroleum Institute
barrels.
Refineries
and in
19,898
East Coast.
Pipe Lin s
Pipe Lines
8,717
9,439
20,804
3,213
335
269
587
13,703
6,074
3,774
1,934
3,073
Okla., Kan., Mo
5,809
1
117
2,246
1,495
1,247
9,410
Texas Gulf
385
6,675
l",620
7,554
"236
1,313
15
1,530
221
9
471
1,544
Gulf
2,246
10,863
2,515
No. La. & Ark
461
483
Rocky
827
916
1,519
337
129
Mountain..
California..
Reported
.
6,062
6,750
2,669
Indiana, ru.,Ky.._
and in
Refineries
13,086
Appalachian...
Louisiana
in Transit
At
in Transit
Unfin'd
469
13,682
15,327
8,263
2,091
53,376
21,943
69,335
75,393
32,194
14,172
77,575
28,760
6,870
......
...
Est. unreported—..
*
6,980
950
670
1,965
150
!
Est. total U. S.:
Sept. 28, 1940
Representative price changes follow:
At
Finished
Finished
At Terms,
At Terms,
Total
Inland Texas......
of motor fuel.
Stocks of Residual
Fuel OU
76,205
82,373
33,144
14,842
79,540
28,910
76,682
82,960
32,443
14,720
79,517
28,674
65,561
—
Sept. 21, 1940—
71,082
28,011
10,093
86,663
27,583
Sept. 28—Standard of California cut fuel oil prices 15 cents a barrel to
*U. S. B. of Mines
75 cents in San Pedro and 80 cents in the Bay region.
Oct. 3—Socony-Vacuum lifted tank car and tank wagon prices
l-10th to 2-10th cents
a
of gasoline
gallon in the New York-New England market,
Sept. 28, 1939—
*
Estimated Bureau of Mines basis.
effective Oct. 7.
DAILY
AVERAGE
New
York—
-.06H
Texas
Socony-Vac. .06
-.06 H
Gulf
MH-MK
New
Orleans-
SheU East'n
.07H-.0S
Gulf
ports...
T. Wat. Oil_.08tf-.08?*
PRODUCTION
Other Cities—
New York—
Std.OH N.J.J.08
.
CRUDE OIL
(Figures In Barrels)
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B. Refinery
Chicago
J.07H-.08
9.04H-.05X
Actual Production
(a)
B.OfM.
.00H-.07
.05M
Four
Week
Weeks
lated
Kerosene, 41-43 Water White, Tank Car. F.O.B. Refinery
New York—
Ended
Change
from
Ended
Ended
Allow¬
Sept. 28,
Previous
Sept. 28,
Sept. SO,
ments
.04K-.05H
Tulsa
State
Require¬
RichOil(Cal) .OStf-.08tf
Warner-Qu. .07tf-.08
ables
1940
Week
1940
1939
Calcu¬
Week
(.Sept.)
I North Texas........
$.04} New Orlean8.$.05tf-.05tf
tf-.051 Tulsa
04
-.043*
03
Fuel OH, F.O.B. Refinery or Terminal
N. Y. (Harbor)—
Bunker C
...
Diesel
11 00
1.50
2.10-2.20
i
z
New York
28.30 D
$.171 Newark
Brooklyn
z
b405,000
+750
410,200
394,000
190,000
bl93,550
—8,150
188,900
157,200
b400
+ 150
250
79,300
North Texas
ITulsa
$.053
East Central Texas
$.02tf-.03
I
.17 'Boston
Texas
Coastal Texas
$.17
17
Chicago
Not Including 2% city sales tax.
The
American
Petroleum
Institute
estimates
that
the
daily average gross crude oil production for the week ended
Sept. 28, 1940, was 3,799,950 barrels.
This was a gain of
178,900 barrels from the output of the previous week.
The current week's figures were above the 3,624,300 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by the various
oil-producing States during September.
Daily average pro¬
duction for the four weeks ended Sept. 28, 1940 is estimated
at 3,673,050 barrels.
The daily average output for the week
ended Sept. 30, 1939, totaled 3,658,200 barrels.
Further
details as reported by the Institute follow:
247,850
+3,350
+73,200
+ 24,950
+34,350
77,450
92,800
393,200
491,800
233,950
222,300
219,650
233,650
64,400
Louisiana
Total
233,400
68,350
Louisiana
—1,100
65,000
66,200
219,050
North Louisiana.
Daily Average Crude Oil Production for Week Ended
Sept. 28, 1940, Gains 178,900 Barrels
30,800
1,320,300 C1266065 1,517,300 + 200,650 1,360,350 1,485,100
Total Texas
Coastal
30,500
243,750
246,850
—
Texas
Southwest
$.168 I Buffalo
1851
East
85,900
+2,850
+ 24,200
78,100
448,050
:
77,650
106,200
254,100
—
+36,700
32,750
...
+ 1,050
134,400
Panhandle Texas
West Texas
Terminal
Chicago—
$.041
or
Gasoline, Service Station, Tax Included
z
390,000
170,700
West Central Texas
Gas Oil, F.O.B. Refinery
N. Y. (Bayonne)
7 plus
397,000
Nebraska
California 24 plus D
i New Orleans C
$1.00-1.25 Phlla., Bunker C
$1.50
Oklahoma
Kansas
$.061 Los Angeles
(Bayonne)
—100
217,900
180,900
247,100
274,700
—1,200
282,900
74,450
b22,450
+ 1,900
73,400
9,700
Illinois
283,450
72,955
—4,550
26,000
430,000
Mississippi
274,854
69,700
Arkansas..
361,350
+ 7,200
364,400
65,850
343", 900
9,300
bl7,900
—50
18,150
91,900
89,900
+ 600
90,000
Michigan
55,700
50,300
+ 300
50,650
68,350
66,250
98,650
Indiana
—
Eastern (not inch Illi¬
nois and
Indiana)
__
103,850
Wyoming
75,300
76,900
—900
Montana
17,700
+ 50
Colorado
4,000
17,250
3,550
+ 100
74,850
17,400
3,500
97.600
+ 450
98,200
New Mexico..
105,300
100,300
Total east of Calif- 3,031,300
California
593,000
Total United States 3,624,300
a
d571,000
'
16,450
3,600
3,211,350 + 197,300 3,059,150 3,050.300
588.600
—18,400
613,900
607,900
3,799,950 + 178,900 3,673,050 3,658,200
These are Bureau of Mines' calculations of the requirements
of domestic crude
oil based upon certain premises outlined in its detailed forecast for the month o
"vfc ;
Sfe
Volume
September.
duction,
The Commercial & Financial Chronicle
151
As requirements may be supplied either from stocks, or from new pro¬
withdrawals from crude oil Inventories must be deducted
contemplated
from the Bureau's estimated requirements to
to be produced.
b
Oklahoma, Kansas,
determine the amount of new crude
Nebraska, Mississippi and Indiana figures are for week
ended 7 a. m. Sept, 25.
Past experience Indicates it
This Is the net basic 30-day allowable as of Sept. 1.
c
144,600 tons, compared with 87,300 tons in the corres¬
ponding period of 1939.
The exports from the countries
signatory to the International Tin Agreement, and the overexports and under-exports at the end of August are given
below in long tons of tin:
It
will increase as new. wells are completed and if any upward revisions are made.
includes
1969
of approximately 366,447 barrels for East Texas after deduction
All fields In the State were ordered shutdown for 9 days, namely,
net figure
a
for shutdowns.
Sept. 1, 2, 8, 14, 15, 21, 22, 29 and 30.
June
July
*
*
3,261
3,068
*
Bolivia
d Recommendation of Conservation Committee of California Oil Producers.
....
*
French Indo-China
against 9,100,000 tons in the preceding week.
Production
in the corresponding week last year amounted to 9,344,000
.3,162
reported that the total estimated
production of Pennsylvania anthracite for the week ended
Sept. 21, amounting to 1,084,000 tons, is an increase of
57,000 tons over the total for the preceding week.
Com¬
parison with the corresponding week of 1939, however, shows
a decrease of 278,000 tons
(about 20%).
PRODUCTION
STATES
UNITED
ESTIMATED
OF
COAL,
SOFT
United States deliveries totaled 70,404 tons in the first
1940
showing
an
tons in the first
increase of 69%
Stocks at the end of
The average cash price for
1940,
as
Crude
a
Includes
for
of
purposes
9,344 321,986 255,094 377,286
1,679
1,140
1,441
1,557
5,842
5,800
historical
5,896 225,221 203,476 167,438
and
comparison
statistical
convenience
b Total barrels produced during the week converted to
the production of lignite,
13,100 B.t.u. per
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 38 full
weeks ended Sept. 21, 1940, and corresponding 38 weeks in 1939 and 1929.
d Sub¬
equivalent coal, assuming 6,000,000 B.t.u. per barrel of oil and
ject to current adjustment.
ESTIMATED
ANTHRACITE
PENNSYLVANIA
OF
PRODUCTION
BEEHIVE
Sept. 14,
AND
1940
The
1929
1939
1940
Metals
Sustained
the
copper,
1,084,000 1,027,000 1,362,000 36,119,000 37,328,000 50,495,000
in the domestic market during the last week involved
the week previous.
placed on the basis of 12c., Valley.
Washington during
in
All of the business
Despite the warning
the last week the undertone in
73,200
65,300
17,200
1,591,900
446,400
12,200
10,883
2,867
7,013
1,967
5,023,100
22,128
was
had to buy copper
(In Thousands of Net Tons)
Sept. f
•
Sept. 14 Sept. 6 Sept. 16 Sept. 17 Sept. 14
1929
1939
1938
1940
1940
was
f
266
248
194
338
75
67
68
61
123
96
226
214
117
131
*
1
406
of shipments
f
f
1
1
788
848
769
1,143
1,587
349
313
330
253
343
—
-—-* *-
46
55
48
90
106
120
112
140
168
Kentucky—Eastern.
754
673
907
734
965
713
162
125
160
146
287
248
Maryland
25
20
32
27
52
40
Michigan
12
5
11
10
16
27
54
Western..
V
North and South Dakota
74
68
...
48
47
18
20
23
48
56
33
—
45
20
Montana
New Mexico
21
36
37
f47
f27
430
437
389
522
861
1,990
2,916
3,585
108
2,208
11?
1,753
107
Pennsylvania bituminous
Tennessee.
392
2,434
Ohio
110
111
119
—
Texas
20
16
18
-
—
19
23
26
74
58
95
74
110
103
293
261
324
286
265
245
Utah
Virginia
36
31
36
47
March..
April
May—.—
-
55,000
July
54,000
2,081
1,670
2,230
61
484
774
106
133
106
166
f6
f4
11,062
11,814
16,701 tons, against 12,191 tons
1940
1939
63,000
68,000
October
84,000
68,500
71,000
74,000
78,000
November
82,000
89,000
73,000
December
71,000
Total
759,000
the last week brought out sales totaling
in the previous seven-day period. The trade
substantial improvements in buying by cable makers and sheet
reports
lead and pipe
manufacturers whose requirements for metal have increased
Requirements for October are estimated at
due to the defense program.
75% covered, with
November at 25%.
Producers estimate shipments
The
tract
during September at between 50,000 and
another decrease in refined stocks.
52,000 tons, bringing
New York, which was also the con¬
American Smelting & Refining Company and
quotation remained firm at 5c.,
settling basis of the
4.85c., St. Louis.
165
120
*
*
*
Zinc
7,912
9,060
7,523
1,027
814
1,215
879
1,434
714
10,127
8,726
10,275
8,402
12,496
12,528
of zinc showing no signs of abating, demand for the
With consumption
metal
week
9,100
Pennsylvania anthracite-d
ex
Lead
857
*
Total bituminous coal
and
1,474
557
Wyoming..
Other Western States.c
kinds
August
September..
Good demand for lead during
68
1,795
640
Northern b
28
1,995
Washington
West Virginia—Southern .a
of all
1940
117
126
-
Iowa
mills
65,000
74,000
550
54
Kansas and Missouri
Indiana
ex
Statistics:
58,500
53,500
58,000
53,000
54,000
—
June
876
Illinois
content
American Bureau of Metal
February
f
3
Georgia and North Carolina
The price warning
moderate.
copper
1939
4
105
record.
market held at 9.90c., f.a.s. United States ports all week.
The export
Demand
January
2
123
on
said, fabricators
supply situation from that angle.
e
287
Colorado
well ahead as a protective measure.
Avge.
1923
2
Arkansas and Oklahoma
was
foundries, allowing for normal return of processing scrap, according to the
Week Ended—
Alabama
orders coming into the market, it
quieted the fears of consumers on Oct. 2, it became known that the
Estimated
Alaska
the bulk of which
Defense Commission has sent a questionnaire to consumers to explore the
(The current weekly estimates are based on railroad carloadlngs and river ship¬
ments and are subject to revision on receipt of monthly tonnage reports from
district and State sources or of final annual returns from the operators.)
% \
State
re¬
The quotation
The month's total in sales is the largest
for forward delivery.
With large defense
has
ESTIMATED WEEKLY PRODUCTION OF COAL, BY STATES
prices
remarked, is necessary to bring out the domestic production
Domestic sales for September totaled 255,257 tons,
976,000 1,294,000 34,316,000 35,462,000 46,859,000
on
copper
Producers, generally speaking, were of the opinion that the
needed to meet the extraordinary demands of consumers.
Beehive Coke—
average..
lead, and
Washington last Friday (Sept. 27) attracted
wide interest.
Excepting tin, which strengthened on de¬
velopments in the Far East, quotations remained unchanged.
The undertone in copper, lead, and zinc remained firm.
England is expected to switch to bonded metals to a greater
extent on orders placed here for fabricated materials, should
any shortages develop against domestic needs.
The pub¬
lication further reported:
at present, some
United States total
on
ma¬
mounting volume of defense orders.
price situation in copper did not call for any official action.
1,030,000
pound,
zinc issued in
mained firm.
Commercial pro¬
Daily
for
warning against- unstable prices for
19,239 tons, against 84,398 tons in
Anthracite—
duction, b
per
c
Total, incl. colliery
fuel.a.
51.17 cents
consumption of major non-ferrous metals continues
issued
1939
was
a year ago.
Copper
Sept. 23,
1940
New York
51 59 in July and 48.76
Metals—Demand
Sales of copper
Calendar Year to Date
Sept. 21,
£262.6 in August,
was
high plane, with consumers still anxious for forward
was
Pa.
standard tin in London
COKE
(In Net Tons)
Week Ended—
increased
"Metal & Mineral Markets" in its i»sue of Oct. 3 reported
a
1929
1939
1940 d
1939
Petroleum—b
Coal equivalent of weekly output.
stocks and carry-over
against £265.8 in the previous month and £229.9 in August, 1939.
in August as against
Calendar Year to Date c
9,100
1,517
1,550
smelters'
The average price for Straits tin in
terial because of
average.—
months of
eight
compared with deliveries of 41,570
August, 1939, amounted to 34,608 tons.
Coal—a
Dally
as
eight months of 1939.
Non-Ferrous
Sept. 21 Sept. 14 Sept. 23
9,300
+ 114
by 2,402 tons during August, 1940, to 51,232 tons at the end of the month.
that
Bituminous
—2,325
Despite Price Warning by Defense Commission
Week Ended
Total, including mine fuel
+ 1,609
1,460
Not yet available.
(In Thousands of Net Tons)
1940
409
1,118
WITH
COMPARABLE DATA ON PRODUCTION OF CRUDE PETROLEUM
1940
4,347
2,068
3,571
860
1,786
World stocks of tin including
Bureau of Mines
—3,701
The announcement in the matter further stated:
tons.
The
*
*
*
7,222
Thailand
*
.
6,126
Nigeria.
The Bituminous Coal Division, U. S. Department of the
Interior, in its current weekly report showed that production
of soft coal increased slightly in the week ended Sept. 21.
The total output is estimated at 9,300,000 net tons, as
*.
*
y
/
7,928
Malaya
Netherlands East Indies.
Weekly Coal Production Statistics
End Aug.
August
*
Belgian Congo
active.
Sales of the common grades during the
amounted to 9,180 tons, against 6,989 tons in the
again was fairly
ended Sept. 28
Shipments of common zinc to consumers during the last
totaled 5,923 tons.
Orders now on hand by the Prime Western divi¬
week previous.
week
ontheN. & W.; C. & O.; Virginian; K. & M.; B. C. & G.;and
on the B. & O. in Kanawha, Mason and Clay counties.
b Rest of State, including the
Panhandle District and Grant, Mineral and Tucker counties,
c Includes Arizona,
a
Includes operations
d Data for Pennsylvania anthracite from
e Average weekly rate for entire month,
Alaska, Georgia, North Carolina and South Dakota Included with "other Western
California, Idaho, Nevada and Oregon,
94,374 tons.
Whether Great Britain is in a position to ship slab
zinc into this country
Total, all coal
against orders placed here for fabricated materials,
sion total
as
suggested in Washington, is not known here, but it is hoped that some
remedial action will
uation.
be taken by the British authorities to relieve the sit¬
The quotation for Prime Western
held at 7Mc., St. DaM*.
published records of the Bureau of Mines,
f
States."
* Less than
Tin
1,000 tons.
Sales of tin
were
in fair volume during the last week, with.prices for
Straits, spot delivery,
World
Tin
Production
Tons—Eight
Period
in
Months*
August Estimated at 19,100
Output
Far
Above
1939
"
According to the September issue of the Statistical Bul¬
published by the International Tin Research & De¬
velopment Council, world production of tin in August, 1940,
is estimated at 19,100 tons, compared with the revised figure
of 19,900 tons in the previous month.
This brings the total
production in the first eight months of the current year to
letin
Tension in the Far
consumers
however,
averaging slightly higher than in the previous week.
East provoked nervousness in the industry and some
entered the market for supplies.
H. Jones,
At the close of the week,
offerings were made at 51.375c.
Discussion continues in Washington
about a domestic tin smelter. Jesse
Federal Loan Administrator, recently said. "We do not want to
build a smelter unless we can get a constant
Deliveries of primary tin in
11,410 long tons,
of tin during
supply of ore."
the United States during September totaled
which compares with 12,470 tons in August.
Deliveries
the first nine months of 1940 amounted to 81,814 tons, against
46.629 tons in the same
period last year.
The Commercial &
1970
Straits tin for future arrival was
/r'v'','
1.
Oct.
51.500
2..
51.375
50.350
51.250
51.250
51.250
51.250
51.250
51.375
51.375
51.500
........
51.250
t<j>ns, compared with an actual
51.250
On
51.250
136,711 tons in August, or a rise of 1.4%.
51.250
51.250
nominally as follows: Sept. 26th, 49.625c.
27-th, 50.750c.; 28th, 50.750c.;30th, 50.750c.; Oct. 1st,50 750c.;2d, 50,750c;
Chinese tin, 99%. spot,
was
ing
production in August of 4,238,041 tons.
to 138,600 net tons against
daily basils September production rose
a
There were 193 furnaces operat¬
Sept. 1. Four furnaces were
blown out during the month.
Oct. 1, compared with 190 in blast on
on
blown in and one was
COMPOSITE PRICES
THE "IRON AGE**
("E. & M. J." QUOTATIONS)
DAILY PRICES OF METALS
took 653,866 tons and
which has lifted its temporary import
The Argentine,
Dec.
50.375
50.450
51.375
51.375
51.375
51.500
51.500
Jan.
1940
5,
Canada 108,017 tons.
embargo, imported
37,156 tons of iron and steel from the United States in August.
Estimated production of coke pig iron in September totaled 4,159,700 net
The United Kingdom
month.
follows:
as
Not.
50.500
Sept. 26—>
Sept. 27
Sept. 28...
Sept. 30
Oct.
quoted
Oct.
Oct.
Financial Chronicle
Finished Steel'
Electrolytic Copper
Zinc
Straits Tin
Dom.,Refy. Exp., Refy.
New York
New York
11.775
9.850
60.500
6.00
4.85
9.850
51.500
6.00
4.85
wire, rails, black pipe, sheets, and hot
These products represent
2.261c.
rolled strips.
2.236c.
85% of the United States output.
7.25
7.25
2.261c.
Eigh
11.775
9.850
61.600
6.00
4.85
Sept. 30....
Oct.
1
11.775
9.850
51.500
5.00
4.85
7.26
1940................
1939.......
11.775
9.850
51.500
5.00
4.85
7.25
1938...
Oct.
11.775
9.850
51.375
5.00
4.85
7.25
5.00
4.85
7.25
.
tank plates,
Based on steel bars, beams,
Lb.
a
One year ago
7.25
11.775
Sept. 26
Sept. 27
Sept. 28—.
1. 1940, 2.261c.
Oct,
One week ago
One month ago
St. Louis
St. Louis
...
Low-'^Zy-;
Y \;r
2.211c.
Apr.
2
3
2.236c.
May 17
2.211c.
Jan.
Jan.
......^.w.....2.512c.
2.612c. •:
16
Oct.
.2.261c.
2.286c.
.......
May 16
18
.
51.313
9.850
11.775
.
4
New
York
St.
5.000c.;
lead,
sliver, 34.750c.
i
are:
both prompt and future
Copper, lead and zinc quotations are based on sales for
deliveries; tin quotations are for prompt delivery only.
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 prices 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.a.s. 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.s.
basis (lighterage, &c.) to arrive at the f.o.b. refinery quotation.
domestic copper prices are quoted on a
trade,
2.016c.
Mar. 10
Oct.
1
2.056c.
Jan.
8
2.118c.
Jan.
2
1.953c.
Apr. 24
Oct.
3
1.945c.
1933
L792C
May
2
usual table of daily London
Due to the European war the
Mar.
.....
1932
1.915c.
6
1.870c.
Mar. 15
1931
....1.981c.
Jan.
13
1.883c.
Dec. 29
...2.192c.
Jan.
7
1.962c.
Dec.
9
May 28
2.192c.
Oct.
29
1930....
"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
Pound.
■
:^-vVv.vv
V The above quotations are
In the
Jan.
Dec. 28
2.062c.
1937
Domestic copper, f.o.b.
9.850c.; Straits tin, 50.675c.;
LouLs lead, 4.850c.; St. Louis zinc, 7.208c.; and
Average prices lor calendar week ended Sept, 28
refinery, 11.692c.; export copper, f.o.b. refinery,
2.249c.
2.249c.
1935
1934.....
Average
9
1936.—.;..;—.^..
2
Sept.
2.236c.
1929
Pig Iron
Oct. 1, 1940,
One week ago..
Based on average for basic iron at
$22.61 a Gross Ton
furnace
$22.61
22.61
One month ago
One year ago
Buffalo,
Low
High
1940
..$22.61
2
$22.61
1939
22.61
Sept. 19
Sept. 12
1938
23 25
June 21
1937
23.25
Mar.
20.61
19.61
20.25
1936
19.73
Nov. 24
18.73
17.83
16.90
Aug. 11
Jan.
9
18.84
months £259.
One month ago
1930
1929.—
Stee
Oct.
5
1
Dec.
Jan.
5
5
15.90
18.21
18.71
1932
May
16.90
14.81
.............
Nov.
17.90
1935
1934
1933
prices is not available. '"Prices on standard tin, the only
prices given, however, are as follows: Sept. 26, spot, £257,
three months, £260; Sept. 27, spot, £2593^, three months;
£2623^; Sept. 30, spot, 257Yi, three months, 261. Oct. 1,
spot, £256, three months, £260 and Oct. 2, spot, £255, three
Jan.
on
1
No.
Age" of Oct. 3 reported that although steel
ingot production for the industry as a whole has remained
almost stationary for three consecutive weeks at 93% of
capacity, the trend of orders and inquiries and the volume of
prospective work is upward, backlogs are being accumulated
and deliveries on a number of products are lengthening. The
"Iron Age" further states:
'"Iron
In production, shipments
and aggregate tonnage of bookings, the fourth
steel industry has
quarter may be one of the most active periods the
experienced, notwithstanding the fact tha
the bulk of the national defense
requirements probably will come at a later time.
since
"Iron Age" capital goods index,
the
quarter
April,
ever
At the end of the last
106.7,
at
the highest
was
1929.
Coming on top of national defense requirements are expanding railroad
purchases, which
of course, a corollary of the defense activity, and
are,
automobiles,
production of
growing
approaching a
now
weekly rate of
100.000.
These
highest monthly total since October of last year.
about
of
a
Traffic expansion points to the probability
150,000 tons of steel
continued high volume of orders over the next several
months.
Already
shortages have developed, especially in large box cars.
some car
In addition to purchases of 1,900 cars in the past
week, railroads ordered
132,800 tons of rails, of which 71,300 tons is for New York Central
Lines,
31,000 tons is for the Louisville & Nashville, 16,500 tons for the Baltimore
&
Ohio, 10,000 tons for the Virginian and 4,000 tons for the Wheeling &
Lake Erie.
mate
It is expected that the total rail
buying movement will approxi¬
million tons.
a
The
Low
$16.04
Mayl 6
June
bent
on
gency
,
building
and
facing the prospect of delayed
a
up stocks of
assembled
cars
preliminary construction phase, accounts for
total of 56,500
tons
weekly total in
more
making most progress in its
a
good share of this week's
than two
the largest
Shipments of fabricated structural
years.
21.92
Mar
30
were
the highest of any month this
are
spreading to a number of products
pipe and sheets.
Foundries
are
getting
some
indirect orders, with resultant
increase in operations, which in some districts are now on a
Pig iron orders and shipments
Shell steel orders
are
are
increasing.
six-day week.
12.92
About 100,000 tons has been tentatively
allocated to mills in the Chicago district, while 20,000 tons will
by two Pittsburgh shell makers.
be required
The demand for forging billets and bars
only tax the mills but will be
a
heavy load
on
forging manufac¬
turers, even with the new forging equipment which is to be supplied by the
To provide for the large quantities of alloy steel that will be
Government.
required,
an
addition
of two
electric
furnaces
with
annual
capacity
of
100,000 net tons has been decided upon at the South Chicago works of the
ban
on
scrap
exports to Japan
has had
no
effect
scrap
on
prices
except to halt advance at such export shipping points as New York, Boston,
Dec. 21
12 67
June
Dec.
10
10.33
Apr
1934
13.00
Mar. 13
9.50
Sept. 25
1933................................
12.25
8
Jan.
3
6.43
July
5
8.50
Dec. 29
11.25
Dec.
9
17.58
......
...
Jan. 29
14.08
Dec.
3
Aug.
Jan.
The American Iron and Steel Institute on
nounced that
operating rate of steel companies having 97%
capacity of the industry will be 92.6% of capacity
for the week beginning Sept. 30, compared with 92.5% one
week ago, 82.5% one month ago and 87.5% one year ago.
This represents an increase of 0.1 point, or 0.1%, from the
estimate for the week ended Sept. 23, 1940.
Weekly indi¬
cated rates of steel operations sfitee Sept. 4,1939, follow:
1939
18
Dec.
25
Oct.
2
9
Oct.
16
90.3%
Oct.
23
Oct.
30
Sept. 11
Sept. 18
Sept. 25
Nov.
6
Nov. 13
Nov. 20
Nov. 27
4
Dec. 11
Mar. 25
90.0%
73.7%
90.2% Jan. 29
5
91.0% Feb.
92.5% Feb. 12
93.5% Feb. 19
93.9% Feb. 26
94.4% Mar. 4
92.8% Mar. 11
91.2% Mar. 18
4
67.1%
June
65.9%
June
10
64.6%
June
17
64.7%
62.4%
July
1940—
Apr.
1
Jan.
8
85.7%
86.1%
Apr.
Jan.
15
84.8%
Apr.
Jan.
22
82.2%
77.3%
71.7%
68.8%
May
Jan.
on
Apr.
May
May
May
1
other products used for
munitions, including steel, pig iron, copper and cotton, is being studied in
Washington.
Japan took 66,829
gross tons of steel from the
United States
July
July
22
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
84.6% Sept. 23.....92 5%
87.7% Sept. 30
..92.6%
June 24
86.5%
74.2%
1
orders identified with the defense program still hold the
spotlight in steel markets, expanding requirements of the railroads, auto¬
motive
industry
and
miscellaneous
consumers
factors in
important
are
sustaining total demand and production.
Mill
backlogs of most products
armament steel needs will lead to a
are
steady or heavier,
delivery delays,
are
reflected in
as
some
buyers that
least to serious
or at
not shared by producers who maintain that capacity is
adequate to meet orderly buying.
are
Fears of
shortage of material,
However, consumers in
some instances
anticipating their needs further ahead.
shape
deliveries
have
;
been backed
up
six
eight
to
weeks,
partly the result of awards for armament plants, and with the time element
an
important factor in placing of building contracts, fabricators
are attempt¬
ing to build up stocks of standard sections.
The navy continues a source
of substantial orders, although in the
shipbuilding requirements steel deliveries will be spread
period.
over an
case
of
extended
Recent navy awards include 44 destroyers and four cruisers, in¬
volving 54,000 tons of plat63 and 26,400 tons of shapes, and 7,000 tons of
structurals for drydocks, hangars
on
and other facilities.
In addition, bids have
85,000 tons, of plates, shapes, bars, sheets and strip for
miscellaneous naval purposes.
Railroads
pl&ced
more
far this year,
freight cars the past week than in
and several large rail orders
are
any
entire
in early prospect.
awards, involved 7,985 units, bringing the September total to
date to 9,735.
September,
While the latter is far short, of the 23,000
1939, orders
so
far this
year
cars
of 39,297 units
booked in
compare
with
35,456 in the first nine months of last year.
Principal
car
purchases include 3,230 for the Southern,
1,050 for the
Reading, 1,000 each for the Union Pacific and Norfolk & Western, 600 for
August
Total exports of iron and steel in August, reaching 1,046,084 gross tons,
broke all records and
86.4%
86.8%
88.2%
29
90.4%
5
90 5%
12
89.5%
19
89.7%
26
91 3%
2
82 5%
9
91.9%
16.....92.9%
8
15
July
Sept. 30, stated:
While heavy
car
,
cover
60.7% July
61.7%
8
61.3%
15_....60.9%
22
60.0%
29
61.8%
6.....65.8%
13
70.0%
20
73.0%
27
76.9%
3
80.3%
Apr.
"Steel" of Cleveland, in its summary of the iron and stee]
markets,
Latest
Pittsburgh carries the "Iron Age" scrap composite
mo-
1940—
Dec.
58.6%
70.2%
79.3%
83.8%
87.5%
88.6%
Sept.
An advance of 75c. at
of extending the embargo to
an¬
of the steel
so
The question
Sept. 30
telegraphic reports which it had received indi¬
cated that
month
in
6.75
12
Jan.
6
Feb. 18
8.50
11.33
1931....
1930
1929
9
29
15.00
1932
Philadelphia and San Francisco, but in the interior prices have again risen.
price to $20.54.
10
17.75
13.42
been opened
Carnegie-Illinois Steel Corp.
Nov
1936
1935
Structural
gaining sharply.
Apr.
11.00
gradually lengthening deliveries on certain items.
defense requirements
which hitherto have not been greatly affected, including pig iron, merchant
The
3
Nov. 22
the spring, is apparently
■.
National
will not
Oct.
15.00
In advance of such a contin¬
for fabricated structural steel contracts,
August, totaling 124,301 tons,
year.
deliveries of
high rate of production is expected to continue for some months.
The national defense program, which is now
steel in
22.50
1938
Dec.
automobile industry,
steel at the time of its most active selling season in
steel
1
Oct.
1939.
Oct.
will require
cars
8
6
Dec. 15
Dec. 16
Dec. 17
14.08
1939—
During September the railroads purchased a total of 11,220 freight cars,
May 14
27
Jan.
Jan.
Dec.
melting
heavy
1937
The
6
16
and Chicago.
.$20.54
1940
Feb.
2
quotations at Pittsburgh, Philadelphia,
High
Production Remains at 93% But Orders
Keep Piling Up
July
13.50
13.56
14.79
15.90
18.21
6
Jan.
7
May 14
Based
$20.29
19.29
22.50
One week ago-.
Jan.
Scrap
1,1940, $20.54 a Gross Ton
One year ago.
Ingot
and
Valley,
Southern iron at Cincinnati.
22.61
1931«...
Steel
Valley
foundry iron at Chicago.
and
Philadelphia,
compared with 707,809 tuns in July, the previous peak
the Pere Marquette
Rail orders
are
and 500 each for the Soo line and Louisville & Nashville.
headed by 31,000 tons for the Louisville & Nashville and
Volume
The Commercial & Financial Chronicle
151
Pending rail business is topped by 65,000
2 points to 86 at Cleveland were offset by gains of 9 points to 88 at Cin¬
New York Central, 60,000 tons for the Southern Pacific and
cinnati, 3 points to 94 at Detroit, 5 points to 85 in New England and 1
10,000 tons for the Virginian.
tons for the
point to 84 at Youngstown.
35,000 tons for the Northern Pacific.
at
Fabricated shape and concrete reinforcing bar orders hold at a brisk rate.
4,550 tons of shapes for an air crops hangar and repair shop, Mobile, Ala.,
and 7,000 tons
rapidly, with an accompanying stimulating effect on steel consumption.
almost 50%
trucks,
and
Sustained
of
output
17,000 units to
total of 95,990
a
above the 64,365-unit output
better than
100,000
year
a
ago.
indicated well
units weekly is
U.
into fourth quarter.
and shipments have expanded
buying
iron
Pig
buying lags, partly because of the
season,
is estimated
Steel
at
94%, against 96% in the week before and
Leading independents
two weeks ago.
are
credited with 93 X%,
The following table gives a comparison of the percentage of production
demand largely is
with the nearest corresponding week of previous years, together
predicated on estimated requirements and is not of a speculative nature.
Tin plate
and eastern
Buffalo at 90 H
compared with 92 X % in the preceding week and 92% two weeks ago.
month, deliveries in most districts reaching the best pace so far this year.
Consumers are interested in covering forward needs, but
8.
95 X%
noticeably this
more
Birmingham at 97, St. Louis
were
Steel ingot production for the week ended Sept. 30 is
placed at 92J^% of capacity, according to the "Wall Street
Journal" of Oct. 3.
This compares with 93^% in the
previous week and 93% two weeks ago the "Journal" further
reported:
of bars for Bonneville dam.
Spurred By an active retail market, automobile production is expanding
Assemblies last week jumped more than
Unchanged
Pittsburgh at SiX, Wheeling at 97,
80,
Pennsylvania at 92.
Outstanding are 6,210 tons of shapes for a Charlestown, Ind., powder plant,
cars
1971
with the
approximate changes, in points, from the week immediately preceding:
with some shipments
Production holds around 40%.
still being made from mill stocks.
Restriction of iron and steel exports to
Great Britain and the western
Independents
U. S. Steel
Industry
hemisphere is seen as unlikely to have an important effect on the domestic
market.
1940
92X
—1
94
—
1939
85
+4 X
82
+
1938.
1937
47 H
71
—6
1936
75 X
—1
52 X
+ 1
41X
+
1934
24 X
21 x
although attractive tonnages
1933
40
However, dollar realization per ton of
1932
\7X
1931
29 H
+ 1X
1930
56 H
—3X
61H
—1
A year
it
ago
was
Finished steel prices generally are steady,
steel
shipped this half
week to
cents last
$20.75.
occasionally bring out concessions.
likely to be well above the average return the
appears
first six months.
Treasury
Treasury notes decreased $10,2 will be
2300 and 2301.
changes in member bank reserve balances and related
items during the week and year ended Oct. 2, 1940, follow:
pages
on
Increase
■
:•.'
■
1
;
$
and
(—)
v\
-----—
2,424,000,000
—10,000,000
—361,000,000
8,000,000
—1,000,000
—4,000,000
1,855,000,000
—
+60,000,000
45,000,000 +20,000,000
+12,000,000
Total Reserve
2,482,000,000 +10,000,000
—355,000,000
Gold stock
21,271,000,000 +105,000,000 +4,313,000,000
Treasury currency
3,046,000,000
+5,000,000
+126,000,000
Member bank reserve balances
13,800,000,000 +97,000,000 +2,128,000,000
Money in circulation.....
8,172,000,000 +82,000,000
+863,000,000
Treasury cash
'.
2,294,000,000
—4,000,000
+ 44,000,000
Treasury deposits with F. R. banks..
678,000,000
115,000,000
+209,000,000
credit
Bank credit.
Other Reserve Bank
—...
,
—
-
—
— -
— .
X
80
»._1
86
+3
+1
+ 1H
-Chicago-
Serf. 25
Oct. 4
Sept. 25
Oct. 4
1940
1939
.49
1940
1939
$
$
»
$
$
Oct. 2
$
9,685
721
35
8,210
654
49
1,971
506
94
1,977
506
94
1,776
U. S. Government deposits—
9,688
725
36
Inter-bank deposits:
Domestic
banks..
3,790
3,687
3,389
675
1,001
7
1,002
8
862
Demand deposits—^adjusted
Time
deposits..
14
301
248
14
14
14
1,495
Capital accounts
1,491
1,476
261
258
266
Returns of
System
Complete
,63
....
....
....
498
291
Other liabilities—
Banks of the Federal
Preceding Week
Member
Reserve
As
636
623
....
for
the
explained above, the statements of the New York and
out on Thursday, simul¬
Chicago member banks are given
and covering
the
same
week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be
compiled.
will be found the comments of the Board
Governors of the Federal Reserve System respecting the
In the following
of
banks of the
returns of the entire body of reporting member
Federal Reserve System for that
week ended with the close
Sept. 25:
statement of weekly reporting member
The condition
banks in 101 lead¬
ing cities shows the following principal changes for the week ended Sept. 25:
of $54,000,000 in holdings of United States Treasury bills and
Decreases
of United States Treasury notes, increases of
balances with Federal Reserve banks, and $96,000,000 in demand deposits—adjusted, and a decrease of $146,000,000 in
deposits credited to domestic bunks.
Commercial, industrial and agricultural loans decreased $8,000,000 in
the Chicago district and $3,000,000 at all reporting member hanks.
Loans
to brokers and dealers in securities increased $6,000,000 in New York City
$35,000,000
(not including
commitments—Oct. 2)
advances
$8,000,000
—3X
68 X
of business
—1,000,000
1,000,000
+1,000,000
securities, direct
guaranteed..
Industrial
Decrease
Oct. 4, 1939
§
Sept. 25, 1940
$
—
S. Government
or
Since
6.000,000
Bills discounted
U
(+)
:
Oct. 2, 1940
Bills bought
+ 1X
53
taneously with the figures of the Reserve banks themselves
'•.^+\++r:V
000,000 during the week.
The statement in full for the week ended Oct.
found
28
—
63 X
89
+1
Foreign banks
credit and $5,000,000 in Treas¬
ury currency, offset in part by increases of $82,000,000 in
money in circulation and $60,000,000 in non-member de¬
posits and other Federal Reserve accounts.
Excess reserves
of member banks on Oct. 2 were estimated to be approxi¬
mately $6,720,000,000, an increase of $70,000,000 for the
Holdings of United States
1
3X
—
xc.
+ 1X
66
Borrowings
$10,000,000 in Reserve bank
week.
17
New York City
with Federal Reserve banks and $4,000,000 in
cash and increases of $105,000,000 in gold stock,
deposits
X
+
87
1940 ;
ended Oct. 2, member bank reserve bal¬
ances
increased $97,000,000.
Additions to member bank
reserves arose from decreases of $115,000,000 in Treasury
X
+4
+
32
Oct. 2
During the week
X
+
42
1927
Liabilities—
4-
26^
X
+3
62
IX
37
18
the Federal Reserve Banks
The Week with
79X
1928
Losses of 23^ points to 96% at Chicago
.
+ 3X
—2X
75
—10
66
+2X
+ 1
52 X
42
1929
national
and
Ingot production was steady in six districts last week as the
steelmaking rate held at 93%
87
so
continue to rise, the composite increasing 33
320.46.
93 X
5X
—
This compares with
Meanwhile, domestic scrap
136,604 tons shipped to the United Kingdom.
prices
137,429 tons of
took
exported to all countries in August.
the 346,087 tons
2
70 X
1935
outlet shut off is Japan which
Principal
in
$126,000,000
holdings
in
reserve
-
Non-member deposits
and other Fed-
eral Reserve accounts....
„
■
_
and
$11,000,000 at all reporting member hanks.
States Treasury bills decreased $45,000,000 in New
$54,000,000 at all reporting member hanks.
Holdings of
New York City and $35,000,000 at
all reporting member hanks.
Holdings of United States Government bonds
decreased $9,000,000 in New York City and $13,000,000 at all reporting
member banks.
Holdings of obligations guaranteed by the United States
Government decreased $18,000,000 in the Chicago' district and $7,000,000
Holdings of United
,
+840,000,000
York
City and
Treasury notes decreased $31,000,000 in
Banks in New York City and
Chicago—Brokers' Loans
of Member
Returns
Below is the statement
of the Board of Governors of the
Reserve System for
Federal
the New York City member
the Chicago member banks for the cur¬
rent week, issued in advance of full statements of the member
banks which will not be available until the coming Monday:
banks and also for
ASSETS AND
MEMBER BANKS
LIABILITIES OF WEEKLY REPORTING
IN CENTRAL RESERVE CITIES
(In Millions of
New York City
Sept. 25
Oct. 4
1940
1939
Oct. 2
1940
^
investments—total..
Loans—total
-
^
$
9,687
2,870
9,596
2,828
Commercial, industrial and
agricultural
loans
Open market paper
Loans to brokers and dealers..
Demand
deposits—adjusted
member banks.
$71,000,000 in New York
$16,000,000 in the Philadelphia
all
reporting member hanks.
Deposits credited to foreign banks increased
$9,000,000 at all reporting member banks,
Deposits credited to domestic banks decreased
1940
Loans and
reporting member banks.
all
$6,000,000 at all reporting
City, $18,000,000 in the Chicago district,
Dollars)
Oct. 2
Assets
Holdings of "other securities" decreased
member banks.
increased $39,000,000 in the Chicago dis¬
trict, $30,000,000 in New York City, $8,000,000 in the St. Louis district,
$7,000,000 in the Philadelphia district, and $96,000,000 at all reporting
at
Chicago
Sept. 25
1940
*
,
Oct. 4
1939
$12,000,000 in the Kansas City district, and $146,000,000 at
$
$
2,220
623
2,217
612
...
8,525
2,875
district,
2,071
5.j5
...
1,767
79
1,753
74
1,655
117
432
22
425
22
324
301
412
27
25
379
18
A
summary
of the principal assets and liabilities of re¬
porting member banks, together with changes
and the year ended Sept. 25, 1940, follows:
Increase
27
carrying securities
....
161
163
173
59
59
66
123
27
387
117
26
375
....
—-
----
.....
120
33
386
292
1,054
274
1,014
2,645
320
Loans to banks
Other
loans
Tre^ bms::::::::::::::..
Treasury
notes
Unlted^Btatesbonds. 1
2!621
guaranteed by the
United States Government—
Obligations
.
Other securities
R^erv^vrith
Fed." Res",
banks..
Balances with domestic
banks..
Cash in vault
Other assets—net
18
18
14
_
65
63
51
250
177
713
264
162
702
249
669
...
786
2,174
...
_
104
124
121
157
1,381
1,454
6,474
84
82
1,128
1,445
6 460
81
82
1,242
006
006
6Z\j
1,281
42
332
320
5,651
78
74
373
1,297
42
261
42
1,093
40
241
48
1,405
267
44
for the week
or
Decrease
(—)
Since
Sept. 25, 1940
Other loans for purchasing or
Real estate loans
(+)
S
Assets—
24,166,000,000
8,689,000,000
Loans and investments—total
Loans—total
*
Sept. 18, 1940
Sept. 27, 1939
8
S
—118,000,000 +1,747,000,000
—3,000,000
+339,000,000
Commercial, industrial, and agri¬
loans
for
purchasing
carrying securities..
Real estate loans
Loans to banks.
Other loans
....
—3,000,000
295,000,000
—1,000,000
—21,000,000
415,000,000
securities
Other
+ 346,000,000
4,575,000.000
cultural loans
Open market paper
Loans to brokers and dealers in
+11,000,000
—118,000,000
or
....
•—48,000,000
462,000,000
1,223,000,000
35,000,000
1,684,000,000
+1,000,000
—10,000,000
—1,000,000
+ 43,000,000
—
+137,000,000
Increase
(—)
Decrease
Sept. 27, 1939
Treasury notes
-54,000,000
-35,000,000
-13,000,000
Obligations guaranteed by United
+200,000,000
—7,000,000
6,528,000,000
-—-
+ 344,000,000
+ 298,000,000
—81,000,000
+ 647,000,000
«
2,576,000,000
States Government
—6,000,000
Other securities.^-3,698,000,000
Reserve with Fed. Res. banks
11,616,000,000
of
announcement
suspension
Argentina's
1940
of import licenses for
entirely as a surprise, nor was it interpreted
Due to erroneous
circles as constituting an embargo.
trade
foreign
5,
Control Board
the effect that a
suspension of 15 days in the issuance of permits was necessary in order to
reclassify goods in their relative degree of necessities, so a$ to bring the
issuance of import permits within prospective dollar exchange availables.
however, the Argentine
interpretations in some quarters,
subsequently deemed it advisable to issue a statement to
+ 126,000,000 +-1,822,000,000
508,000,000
3,248,000,000
+6,000,000
—48,000,000
+ 22,000,000
+ 230,000,000
21,080,000,000
5,352,000,000
+ 96,000,000
+2,747,000,000
+121,000,000
—11,000,000
Cash In vault
Balances with domestic banks....-
The
United States goods did not come
in
619,000,000
2,056,000,000
—....
United States bonds.
or
Since
$
"•
A $getS**~
Treasury bills
(.+)
Sept. 18, 1940
Sept. 25,1940
.
.
Oct.
The Commercial & Financial Chronicle
1972
of the temporary "embargo" was
Sept. 21, page 1647.
The imposition
to in our issue of
referred
Liabilities—
Demand
deposits—adjusted
Time deposits
....—.—
529,000,000
United States Government deposits
Inter-bank deposits:
'
Domestic banks.--.....--.—-
Foreign banks
...—...—
Borrowings.....—........
British
—3,000,000
—1,000,000
-146,000,000
+ 9,000,000
8,541,000,000
692,000,000
1,000,000
The Cash
—61,000,000
Suspends Plan to Send Children
and Recent Sinking of City of
Cited—U.
S.
Committee
Halts Fund-
Government
Raising Campaign
announced in London on Oct. 2
suspending "until further notice" its arrange¬
ments to send thousands of children/to sanctuary in the
United States, Canada and the Dominions.
The decision,
it is pointed out, was influenced by the recent sinking of the
City of Benares by an unidentified submarine with a loss of
SO of a total of 90 children abroad and because of Weather
conditions now prevailing on the Atlantic.
The City of
Benares was sunk on Sept. 22 as noted in our issue of Sept. 28
was
1812.
The announcement of the British Government
said that although the plan has been suspended it has not
been abandoned and will be held in abeyance pending future
conditions.
The announcement pointed out that
some
2,650 children had already been sent overseas and expressed
"warm thanks to the very many people in the dominions
and in the United States who have so generously offered
We Will not dissolve our organization
sible for about 2,000
'
I believe the British Government
for the transportation
$8.75
Foreign
of
per
Three Bond
on
Coupon
Credits, at Budapest, Hun¬
on
offer, which expires March 31,1941, and which
is made only
resident outside of Hungary, must be transmitted
Schroder Trust Co., 46 William Street, New York City.
to
Tenders Invited for Sale of New South Wales (Australia)
Exhaust $184,262 in Sinking
6% Gold Bonds to
Fund
The Chase National Bank,
New York,
as successor
fiscal
inviting tenders for the sale to it at prices not
agent, is
exceeding par and accrued interest of State of New South
Wales, Australia, external
5% sinking fund gold bonds, due
April 1, 1958, in an amount sufficient to exhaust the sum
of $184,262 now in the
sinking fund.
Tenders will be
received to 12 noon on Oct. 8, 1940, at the corporate trust
department of the bank, 11 Broad Street, New York.
State
of
Paulo
San
Loan
(Brazil) to Pay 50% of April 1
7% Gold Bonds, Coffee Realization
of
Coupons
1930
Britain.
Schroder Trust Co., New York, as
special agent, is noti¬
fying holders of State of San Paulo (United States of Bra¬
AC V'.
might agree to American arrangements
of refugee children to this country in American ships
reasonable guarantees for the safe
Spring if we could offer
before next
1 Coupons
to persons
enough money already to care for the children now
here,'
of
bonds, dollar issue, and Hungarian-Italian Bank, Ltd., 7%%
35-year sinking fund mortgage gold bonds, dollar issue,
series
"AC".
Coupons presented in acceptance of this
altogether because we are respon¬
children already brought to this country from
I believe we have raised
Office
Rate
Oct. 1, through Schroder Trust Co., its
central paying agent in New York, that it will redeem
coupons due Oct. 1, 1940, on the following bonds at the
rate of $8.75 per coupon detached from a $1,000 bond;
Farmers National Mortgage Institute 7% Hungarian land
mortgage sinking fund gold bonds of 1928, dollar issue;
Farmers National Mortgage Institute 7% land mortgage
page
hospitality to children from vulnerable areas in this country."
In New York, Marshall Field, President of the United
States Committee for the Care of European Children, an¬
nounced on Oct. 2 that the fund-raising campaign of the
Committee would be called off immediately because of the
British Government's decision.
Mr. Fields said:
at
announced
gary,
The British Government
that it
Issues
+874,000,000
Over Seas—Storms
Benares
Hungary to Redeem Oct.
execution of such a plan.
7%
zil)
sinking fund gold dollar bonds, Coffee
1930, that funds have been deposited with
make a payment, in lawful American cur¬
secured
Realization Loan,
sufficient to
it
of 50% of the face amount of the coupons due
April 1, 1939, amounting to $17.50 for each $35 coupon and
$8.75 for each $17.50 coupon.
The acceptance of such pay¬
ment is optional, but the payment, if accepted by the hold¬
ers of the bonds and coupons, must be accepted in full pay¬
rency,
contained as follows in
Associated Press advices from London, Oct. 2:
British
The
The government
can
sent
be
scheme.
announcement
was
has decided that until further notice no more children
under the Children's Overseas Reception Board
overseas
:v.'V,;.'/;
'
The recent loss of a number
of children who were traveling in the City
of Benares has illustrated the dangers to
which passenger vessels are ex¬
posed even when in convoy under the weather
conditions now prevailing
and the government have come reluctantly to the con¬
in the Atlantic,
of gales and heavy seas they cannot
clusion that during the Winter season
take the
responsiblity of sending children overseas under the Government
scheme.
+':V
The Government recognize
the keen disappointment that will
by parents who had hoped to be
the Government scheme, and
many
be felt
able to send their children overseas under
may
obtain payment at the Trust Department of Schroder
Trust
Co., 48 Wall Street, New York City.
The
are
to
have so gen¬
this country.
sure, however, that our friends and kinsfolk overseas will be
appreciate that the government's decision is taken solely out
Although operation of the scheme has been suspended for the time being,
to resume its
Some
The question whether the Board will be able
operations next year must turn on conditions then obtaining.
2,650
children already
have
gone
overseas
The parents of these children may be assured that
•
slon of the arrangements
Japanese
under
this
scheme.
there will be no suspen-
made for their welfare in their new homes.
Retaliating for Embargo
Steel
on
Iron and
Scrap
Indicative of the swift development of the policy of retaliation against
in North China toward throttling the remaining
of
Inner
Peiping the North
porters
China regime is preparing to ban
ruling will seriously
shipments of
affect the American automobile im¬
China ban will probably force the
The United States embargo on iron and steel scrap
reported in
our
of
Brazil,
announced
due
April 1, 1933, for the six months' period ended Oct. 1,
1938, at the rate of $3.90 per $1,000 bond, or 13% of the
dollar face amount of such interest.
This payment, which
provisions of Presidential Decree No.
special agents, White, Weld & Co., 40
Wall Street, New
or
59 Wall
York,
Brown Brothers Harriman & Co.,
Street, New York.
Time
Extended
Dollar
The
for
Bonds
Exchanging Republic of Uruguay
New Readjustment Bonds
for
Republic of Uruguay is notifying holders of its dollar
an extension to June 30, 1941, of its offer dated
issue of Sept. 28,
page
Argentina Removes Suspension
ship¬
1816.
on
of
view
in
the
large percentage
of holders who have
ex¬
tion with the Foreign Bondholders Protective
according to notice.
Holders
their
Issuance of Import
Permits for United States Goods
Advices from Buenos Aires
Sept. 1, 1937, to exchange outstanding bonds for new read¬
The time has been extended
justment bonds of the republic.
changed their securities for new bonds and after consulta¬
■»
(Sept. 26) announce the re¬
moval of the suspension of issuance of import licenses for
United States goods into that country, according to a state¬
ment issued Sept. 27 by the National Foreign Trade Council,
New York, which says:
Interest on City of
6% External Gold Bonds
Payment of
Janeiro
bonds of
in Tientsin, while the North
was
date
Federal District of the United
Oct. 1 that funds have been
remitted to its special agents in payment of interest on
its outstanding five-year 6% external secured gold bonds,
Japanese-dominated govern¬
closing of many long established American fur-buying agencies.
ments
maturity
the
taken
hides and furs to the United States.
Kalgan
the
The City of Rio de aneiro,
imports of automobiles and trucks
Mongolia prohibiting
de
Rio
American trade.
except those of Japanese make.
The
while
tion of the bonds to the
United States embargo on scrap iron shipments to Japan steps were
From Kalgan comes word of an edict by the
for
Remitted
Funds
is in accordance with
in a wireless dispatch to the
New York "Times" from Peiping, Sept. 29:
In
that
23829 of Feb. 5, 1934, as reenacted and modified by Decree
Law No. 2085 of March 8, 1940, will be made upon presenta¬
^he following was contained
ment
states
1939, the presidential decree of the
United States of Brazil provides for payment of interest
at the same rate of 50% during the four-year period ending
March 31, 1944.
States
of the children themselves.
of consideration for the best interests
it has not been abandoned.
further
they express their warm tahnks to the very
people in the dominions and in the United States who
They
notice
of the bonds is Oct. 1,
erously offered hospitality to children from vulnerable areas in
the first
Holders of the April 1, 1939, coupons
ment of such coupons.
nal
debt
trust
nal
bonds
of
dollar
bonds
Council, Inc.,
The announcement continued :
who
desire
to
the
1, 1937,
offer should
deliver
follows:
Exter¬
as
5% gold bonds of 1915 to The Chase National Bank, corporate
division, 11 Broad Street, New York;
loan
accept
with coupons maturing after Nov.
25-year 8% sinking fund exter¬
gold bonds due Aug. 1, 1946, to The National City Bank of New
20 Exchange Place; and 6% external
York, corporate agency department,
sinking fund
gold bonds due May 1, 1960 and 6%
external sinking fund
gold bonds, public works loans, due May 1, 1964, either to Hallgarten & Co.,
44 Pine Street, New York, or to Halsey, Stuart & Co., Inc., 201 South
La Salle
Street, Chicago.
Volume
The Commercial & Financial Chronicle
151
fee of
Increase of $31,495,962 in Outstanding Brokers' Loans
on New York Stock Exchange
During September—
Total
is
Sept.
30 Reported
tion
not
such application
nevertheless, elect
associate membership, without payment of any initiation fee, one who
was a partner of the President of the Exchange at the time of his election,
but such associate membership shall continue only so long as such President
shall continue in office.
The Board may also permit a former President
$358,686,562—Amount
at
for
shall
$108,373,305 Below Year Ago
of
the
Exchange to
New York Stock
Exchange member total net borrowings
contracted for and carried in New York
1940, aggregated $358,686,562.
as
made
as
of the close of business Sept. 30,
The detailed tabulation follows:
Time
Demand
trust companies
(2) Net borrowings
become
Value
without payment of
associate member,
an
any
associate member of the Exchange by
an
Listed
of
Stocks
York
New
on
Stock
on
The New York
Stock Exchange announced Oct.
3 that
as
of the close of business
Sept. 30, 1940, tliere were 1,228 stock
issues aggregating 1,452,946,431 shares listed on the New
York Stock Exchange with a total market value of $41,491,This compares with 1,230 stock issues aggregating
1,453,708,786 shares listed on the Exchange Aug. 31 with a
collateral from private bankers,
bank agencies or others In the
on
foreign
the
close
total
net
of
member
200,000
$10,736,500
..
value of all
of
business
listed stosks,
rowings are not broken
Combined total of time and demand borrowings....
$358,686,562
Total face amount of "Government securities" pledged as collateral
for the borrowings included in items
The scope of the
24,564,275
(1) and (2) above
is exactly the same as in the loan
above compilation
report issued by the Exchange a month ago.
furnish
Time Loans
Loans
541,490,407
524,202,538
508.992,407
484,019,538
32,498,000
40,183,000
31
540,439.140
40.302,497
580,741,637
Nov. 30
577,441,170
681,885,192
42,514,100
35.199.137
619.955.27U
717,084,329
666,496,877
683,432,399
654,855,671
547,443,175
545,975.979
537.261.959
553,767,240
—
Sept. 30
31
on
relationship
on
this date,
As
was
York
New
1940,
Stock Exchange
collateral amounted to
on
borrowings to the market
Member bor¬
therefore 0.86%.
to separate those only on listed share col¬
thus these ratios usually will exceed
down
other collateral;
between
borrowings
on
^
listed
all
shares and their
:
in
York Stock Exchange member
New York City on collateral
$327,190,600.
The ratio of these member total
of Aug. 31, 1940, New
borrowings
net
amounted to
$
$
30,
market value.
borrowings to the market value of all listed stocks, on
net
Total Loans
$
Demand
those
from
true
total
two-year compilation of the figures:
a
1938—
lateral
the
Sept.
borrowings in New York City
The ratio of those member total
$358,686,562.
31,767,500
.$347,950,062
________
_
and with 1,228 stock
1,430,8S4,863 shares with a total market
value of $47,440,476,682 on Sept. 30, 1939.
In making public
the figures for Sept. 30, the Exchange said:
issues aggregating
As
$10,536,500
$316,182,562
...
City of New York.
Dec.
may,
total market value of $40,706,241,811,
collateral,
on
(1) Net borrowings on collateral from New York banks
Oct.
Board,
(J9S,705.
following is the report for Sept. 30, 1940
available by the Stock Exchange:
Aug. 31
the
Listed Stocks
as
The
we
by
The Board
Sept. 30, $41,491,698,705, Compared
with $40,706,241,811 on Aug. 31—Classification of
earlier dates.
Below
considered
election to the Presidency.
Exchange
compared with
$315,979,600
Aug. 31 and $433,556,992 on Sept. 30, 1939.
Time loans
at the latest date were reported at $10,736,500, against
$11,211,000 and $33,502,875, respectively, on the two
brokers,
be
to
fee, if he ceased to be
of his
Market
Demand loans outstanding on Sept. 30 were above Aug. 31
but below Sept. 30, 1939, while time loans were under both
a month and a year ago.
The demand loans on Sept. 30
$347,950,062,
is
be brought before the Board.
initiation
reason
373,305.
or
membership
to
According to the monthly compilation of the New York
Stock Exchange, issued Oct. 2, outstanding brokers' loans
on the Exchange increased $31,495,962 during September to
$358,686,562.
As compared with Sept. 30, 1939, when the
loans outstanding amounted to $467,059,867, the figure for
the end of September, 1940, represents a decrease of $108,-
totaled
1973
applicant for associate membership is not paid before his applica¬
an
this
0.80%.
date, was therefore
In the
following table listed stocks are classified by lead¬
value and
ing industrial groups with the aggregate market
price for each:
average
1939—
632,513,340
33,983,537
28
646,178,362
37,254,037
Mar. 31
617,191,932
37,663,739
Apr. 29
May 31
515,173,525
516,483,090
June 30
509,021,637
Sept. 30
526,691,740
478,060,007
433,556,992
32,269,650
30,492,889
28,240,322
27,075,500
30,517,547
33,502,875
Oct.
502,025,629
32,202,875
543,875,683
30.996,000
564,642,938
29,646.000
Jan.
31
Feb.
31--.
July
Aug. 31
31
Nov. 30.
Dec. 30
508,577,554
467,059,867
534,228.504
573,871,683
594,288,938
1940
560,050,900
555,474,347
569,813,480
Feb. 29
529,478,347
27,046,000
25,996,000
Mar. 30
549.692,430
20,121,000
Apr. 30
May 31
559,505,870
391,388.100
19,981,000
17.521,000
June 29...
317,187,505
14,666,000
408,909 100
331.853,505
July 31
329,833,543
12,451,000
342,284,543
Aug. 31
315,979,600
11,211,000
327,190,600
358,686,562
Jan.
533,004,900
31:
Sept. 30
347,950,062
...
579,486,870
10,736,500
/
The Board of Governors of the New York Curb
Oct. 2, approved a proposed amendment to the
on
tion
covering
a
Constitu¬
change in the initiation fee for associate
membership from $2,500 flat to a progressive fee starting
at $1,500, based on the price of regular memberships.
The
fee shall be
payable in three equal annual installments. The
of Article VII of the Constitu¬
tion which affects this change and which was sent to the
proposed
new
Section 1 (b)
regular membership for its approval, reads as follows:
(b) Associate
shall
be
based
or
through
such
and
initiation
for
fee
the latest price at which
a
Electrical equipment manufacturing..
Foods
Rubber and tires
....
Farm machinery..
Amusements
Land and realty
ceeded
regular
a
shall
membership
increased
be
by
$500
have been
shall
for
each
by which such rale price of
thereof,
63.16
5,679,214,873
61.54
22.78
465,416,904
21.67
37.88
1.431.689.108
2.648.980.109
36.50
302,954,085
530,163,305
196,875,314
14,449,367
28.61
22.77
Miscellaneous utilities
23.70
40.45
10.10
2.93
25.15
45.53
2,178,628,771
44.28
22.03
245,002,747
21.29
26.76
2,271,836,029
1,268,040,685
3,529,876,586
99,788,303
26.98
590,971,390
251,140,834
20.12
...
Aviation
Miscellaneous businesses
...
Tobacco
Garments
abroad
Foreign companies (incl. Cuba & Can.)
-.
22.57
17.80
20.50
30.79
12.84
85.82
12.96
19.98
23.34
267,540,401
6,760,138
46,980,923
110,318,689
160,646,958
1,488,905,134
37,938,696
453,250,013
666,859,207
equipment
Shipping services
Ship building and operating.
We
3.17
2,253,950,818
1,230,262,430
3,549,708,465
100,343,696
587,009,338
-
Gas and electric (operating)
value
10.35
28.22
2,290,102,653
253,457,262
Ry. oper. & holding co's & eqpt. mfrs.
U.S. companies operating
43.10
3,436,911,683
401,302,074
2,322,941,790
2,929,420,643
Paper and publishing
Retail merchandising
Leather and boots
27.60
1,509,120,873
1,451,340,679
Petroleum
Business and office
28.61
1,450,357,819
1,362,684,940
3.513,491,908
427,802,704
2,255,821,760
2,819,320,180
Mining (excluding Iron)........
membership
shall
to Article
as
$10,000
the nominee of
a
firm
or
payable by
annual installments
a
less and
or
3.68
21.20
18.20
21.14
29.90
23 87
13.24
85.34
12.64
21.91
3.19
15.73
5,860,729
46,127,403
15.44
19.91
106,501,259
19.22
21.52
156,136,866
1,454,658,764
38.079,919
447,527,238
679,191,639
20.92
28.56 40,706,241,811
28.00
53.25
22.62
13.28
16.47
41,491,698,705
52.03
22.70
13.11
16.78
give below a two-year compilation of the total market
and the average price of stocks listed on the Ex¬
change :
\
such
of
a
corporation, pursuant
nominee, shall be due and payable in three equal
follows: The first
1938—
30
Aug. 31....
Sept. 30
Oct.
31....
Nov. 30
ing at which the application for associate membership is considered by the
Dec. 31
Hoard,
month
before the termination of each twelve
and subsequent installments
initiation
fee
prior to the date
becomes
resigntaion
a
nominee
to
has resulted
associate
liable for each
shall
due
such
in
membership
associate
elected
as
Section
1
46.467.616.372
32.37
45.636,655.548
46,058,132.499
31.96
31.50
Mar. 30
32.44
28.69
April 30
May 31
28.51
June 29
July
32.30
Jan.
31....
Feb.
33.34
29....
43,229,687,173
30.29
June 30
41,004,995,092
44,761,599,352
28.70
31
Aug. 31
31.31
Sept. 30
any
the election of a firm or corporation
in which case such nominee shall be
Jan.
31....
Feb.
28
31
July
33.11
31.79
1940—
May 31
fee is
46,694,763,128
46,769,244,271
36,546,683,208
38,775,241,138
39,991,865,997
40,706,241,811
41,491,698,705
31.68
32.34
32.35
25.26
26.74
27.51
28.00
28.56
Stock of
Presidency.
members.—The
provided,
The
the nominee of
a
(b) hereof, shall
firm
or
pay an
of
that
a
Treasury Department in Washington has issued the
customary monthly statement showing the stock
fee
an
for
associate
associate
ing the moneys held in the United States Treasury and by
membership
who
is
corporation, pursuant to Article IV,
initiation fee of $100.
Reserve banks and agents.
are
member
If the initiation
of money
the amount in circulation after deduct¬
in the country and
Federal
initiation
however,
Money in the Country
an
present Section 1 (b), Article VII reads:
$2,500;
Dec. 30
Apr. 29
which
payment of
without
of his election to the
be
32.96
33.15
installment.
membership,
(b) Associate
shall
Nov. 30
unpaid installment of an
be liable for such installment, unless
or
initiation fee, one who
partner of the President of the Exchange at the time of his election,
hut such associate membership shall continue only so long as such President
shall continue in office.
The Board may also permit a former President of
the Exchange to become an associate member, without payment of any
initiation fee, if he ceased to be an associate member of the Exchange by
The
30.54
141,652,664,710
47,440,476,682
47,373,972,773
45,505,228,611
31.38
1939—
a
reason
Sept. 30.
Oct. 31
Aug. 31
$29 41
Notwithstanding the provisions of this sub-section the Board may elect
was
$29.12
30.55
$41,961,875.154
44,784,224.215
43.526.488,215
43,526,688,812
47,001,767.212
46,081.192,347
47,490.793,969
44.884,288,147
46,270,987,418
40,921,074,970
40,673,320,779
on
not
Price
1939—
Mar. 31
Associate members who die
ciate membership
Average
Value
resign the privileges of asso¬
period following such meeting and until the balance of such
paid in full.
such
or
Market
Price
~
June 30....
July
Average
Value
before the meet¬
as
installment, at
Market
fraction
The initiation fee, other
IV, Section 1 (b) hereof, shall be $100.
than the fee
or
$10,000,
additional
regular membership shall have ex¬
a
however, that the initiation fee for an associate
$10,000; provided,
member who is elected
to
15.95
Machinery and metals
All listed stocks
private sale, prior to the date when the first installment of
fee is due.
Such initiation fee shall he $1,500 if such sale
a
28.63
824,910,266
1,485,659,588
2,685,482,977
293,233,232
564,912,727
201,667,982
15,648,174
...
3,412,841,207
15.87
489,152,788
Chemicals.
nominal consideration
associate
$
29.48
Building
regular membership
a
transferred, otherwise than for
Price
$
initiation
price of
fee
members.—The
upon
have been sold
Value
3,514,975,308
-
Financial.....
Communications (cable tel. & radio)..
Exchange
Aver.
Price
820,545,598
5,865,347,768
Autos and accessories-..---.
Gas and electric (holding)
Membership
Market
$
Textiles
in Initiation Fee for Associate
Aver.
Value
Steel, Iron and coke-
New York Curb Exchange Members to Vote on Change
Aug. 31, 1940
Sept. 30, 1940
Market
for Aug.
at
that
vaults
was
date
of
The figures this time
31,1940, and show that the money in circulation
(including, of
member
banks of
$8,058,981,134,
as
course,
the
what is held in bank
Federal
Reserve
System)
against $7,883,335,379 on July 31,
The Commercial & Financial Chromcle
1974
1940, and $7,171,434,321
Aug. 31, 1939, and comparing
on
with $5,698,214,612 on Oct. 31, 1920.
Just before the out¬
Oct.
total
the World
of
was
War, that is, on June 30,
only $3,459,434,174.
The following is the full
Secretary of the Treasury Morgenthau announced on Oct. 1
8.11118.
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SUBSCRIPTIONS
TOTAL
CD
District—
$15,348,000
452,610,900
19,477,600
15,494,300
New York
Philadelphia
^ 5
Richmond
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$12,914,300
11,310,500
San Francisco..-...-.
....
Minneapolis
12,263,900
6,475,600
18,061,200
831,400
Kansas City
Dallas
Treasury..
o ©
25
Atlanta
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Cleveland
St. Louis
45,117,800
14,004,600
100,937,900
Boston
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AND ALLOTTED
RECEIVED
District—
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H
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Chicago
.....
Total.....
.......$724,847,900
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from the Federal Reserve banks indicate that
$724,847,900 of Treasury notes of Series C-1940, maturing
Dec. 15, 1940, have been exchanged for the 2% Treasury
bonds of 1953-55.
The \ XA% maturing Treasury notes were
outstanding in amount of $737,161,600 and those not so
exchanged will be paid in cash on Dec. 15.
The offering was
given in our issue of Sept. 28, page 1815.
Subscriptions and allotments were divided among the
several Federal Reserve districts and the Treasury as follows:
NWONOfl
©
eo
15
$724,847,900 of
Treasury
Notes
Maturing
Dec.
Exchanged for New 2% Bonds of 1953-55
2 2 2 2 ® ©
©
In process of retirement.
1914, the
statement:
<-l
Federal
credits with the Treasurer of the United States payable In gold certificates.
Reserve bank notes and National bank notes are
break
5, 1940
which must be deposited with the Treasurer of the United States, against Federal
Reserve notes In actual circulation.
"Gold certificates" as herein used includes
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amount of $100,384,000.
In his announcement of the offer¬
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Offering of $100,000,000 or Thereabouts of 91-Day
Treasury Bills—To Be Dated Oct. 9, 1940
Secretary of the Treasury Morgenthau announced Oct. 4
are invited to a new offering of 91-day Treasury
$100,000,000, or thereabouts, to be
sold on a discount basis to the highest bidders.
Tenders
will be received at the Federal Reserve banks and the
branches thereof up to 2 p. m. (EST) Oct. 7, but will not
be received at the Treasury Department. Washington.
The
Treasury bills will be dated Oct. 9, 1940, and will mature
on Jan. 8, 1940, and 011 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. 9, in
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offering last week of $100,000,000, or thereabouts, of 92-day Treasury bills totaled
$372,466,000, of which $101,450,000 was accepted at par.
The Treasury bills are dated Oct. 2 and will mature on Jan. 2,
1941.
Reference to the offering appeared in our issue of
»Sept. 28, page 1814.
The following regarding the accepted bids to the offering
is from Mr. Morgenthau's announcement of Oct. 1:
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Secretary
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total, since the gold
branches thereof up
follow
as soon as
possible thereafter, probably
on
the follow¬
The Secretary of the Treasury expressly reserves the right to
all tenders
or
or
of tenders, and to allot less than the
parts
applied for, and his action in any such respect shall be final.
submitting tenders will be advised of the acceptance
or
Those
rejection thereof.
Payment at the price offered for Treasury bills allotted must be made at
the Federal Reserve banks in cash
or
other immediately available funds on
Oct. 9, i94o.:
or
silver held
as
This total Includes credits with the Treasurer of the United States
payable In
gold certificates in
(1) the Gold Certificate Fund—Board of Governors Federal
Reserve System, In the amount of $15,790,855,671, and (2) the redemption fund for
Federal Reserve notes in the amount of $11,398,771.
d Includes
$1,800,000,000 Exchange Stabilization Fund and $142,818,247 balance
lncrement-resultlng from reduction in weight of the gold dollar.
Includes $59,300,000 lawful money deposited as a reserve for Postal Savings
deposits.' :.
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f The amount of gold and sliver certificates and Treasury notes of 1890 should
be
deducted from this amount before combining with total money held In the
Treasury
to arrive at the total amount of money in the United States.
$ The money In circulation Includes any paper currency held outside the
tinental limits of the United States.
/
con¬
Note—There is maintained in the Treasury—(I) as a reserve for United
States
notes and Treasury notes of 1890—$156,039,431 In gold
bullion, (ii) as security for
Treasury notes of 1890—an equal dollar amount In standard silver dollars (these
notes are being canceled and retired on receipt), (ill) as
security for outstanding
silver certificates—silver in bullion and standard silver dollars of a
monetary value
equal to the face amount of such silver certificates, and (iv) as security for gold
certificates—gold bullion of a value at the legal standard equal to the face amount
of such gold certificates.
Federal Reserve notes are obligations of the United
States
and a first lien on all the assets of the issuing Federal Reserve Bank.
Federal Reserve
notes are secured by the deposit with Federal Reserve agents of a
like
amount of
gold certificates or of gold certificates and such discounted or purchased paper as is
eligible under the terms of the Federal Reserve Act, or, until June 30, 1941 of
direct obligations of the United states If so authorized by a
majority vote of the
Board of Governors of the Federal Reserve System.
Federal Reserve banks must
maintain a reserve In gold certificates of at least 40%, Including the
redemption fund
or
ing morning.
ts
w
£
Reserve banks
reject any
co
amount
a
Federal
closing hour will be opened and public announcement of the accept¬
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security against gold and silver certificates and Treasury notes of 1890 Is included
under gold, standard silver dollars, and silver bullion, respectively.
of
express guaranty
all tenders received at the
to the
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Does not Include gold other than that held by the Treasury.
b These amounts are not included In the
c
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company.
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bank
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Tenders from others must be accompanied by a deposit
ment securities.
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and trust companies and from responsible and recognized dealers in invest¬
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The price offered must be expressed
The Treasury bills will be exempt as to principal and interest and any
gain from the sale
taxation,
except
or
other disposition thereof will also be exempt, from all
estate
and
inheritance
(Attention
taxes.
Treasury Decision 4550, ruling that Treasury bills
gift tax.)
No lass from the sale
shall be allowed
as
a
deduction,
of any tax now or hereafter
or
or
is
invited to
are not exempt
from the
other disposition of the Treasury bills
otherwise recognized, for the purposes
imposed by the United States or any of its
possessions.
Treasury Department Circular No. 418,
as
amended, and this notice
prescribe the terms of the Treasury bills and govern the conditions of their
issue.
v:'•■■■■•
-
Large
Movement
of
Short
Term
Banking Funds
France
to
United States in June—Mostly from
Net
capital inflow into the United States totaling $300,-
903,000 for the five weeks ended July 3 was the largest for
similar period since the outbreak of the European war,
September Treasury Bulletin disclosed today.
In only two pre\ious instances was the movement ex¬
ceeded—in April, 1939, when the net inflow totaled $389,000,000 and in September, 1938, when it was $386,000,000.
Both figures were recorded at a time when fear of impending
war weighed heavily on Europe.
An announcement of the
Treasury Department went on to say:
any
the
Volume
inflow in the week ended
Featuring the movement in the 35 days was the
June 19 of $211,589,000
for French account resulting mostly from the sale
which were credited to French balances here,
Proceeds of the gold sale
together with changes in dollar balances of other countries, brought foreign
short-term funds in the United States on July 3 to the unprecedented amount
This compared to the previous record high of $3,126,-
of $3,342,819,000.
35 day period jumped $185,708,000 to $504,-
French funds during the
British short-term balances here increased $43,396,000 to
903,000; Switzerland $27,459,000 to $441,046,000;
$397,-
Canada $23,188,000 to
$259,171,000; and Sweden $20,927,000 to $187,636,000.
The net outflow of balances
occurred primarily from Italian, Netherlands,
Funds of the three last named had been
Italian balances dropped $35,184,000 to $29,816,000. The
Belgium and Norway accounts.
"frozen" here.
balances to $184,716,000.
Netherlands withdrew $13,583,000 bringing its
These funds possibly were
transferred to Dutch East Indian account after
Funds of Belgium declined $10,705,000
the invasion of the Low Countries.
000 to $88,736,000; Chile $5,363,000 to $30,159,000;
and Brazil $4,199,000
Changes in balances of other Latin American and
$39,027,000.
countries
Eastern
were
were
with
net
in the five weeks
and gross
Gross purchases amounted to $47,434,000
totaled $10,487,000.
sales
securities
Italy led in the acquisition of American
$36,947,000.
This partially was offset by net sales
purchases of $19,012,000.
and $6,974,000
of American securities by the United Kingdom
of $2,561,000
Far
relatively small.
purchases of foreign-owned American securities
Net
here $5,408,-
by Canada.
The decrease in British sales for the third
reflected
figure
conditions
market
the
successive month apparently
the United Kingdom are not
included in
little changed in the period.
Total American short-term assets abroad were
$475,045,000 on
Italy $4,504,-
amounted to $475,005,000 compared with
On July 3, they
Claims
on
Japan were reduced $12,607,000 and on
balances
American
000.
The
securities by
statistics appearing in the Bulletin.
have been higher since private sales of American
may
May 29.
here at the time.
which prevailed
$8,511,000 and in China
Canada increased
in
$5,756,000.
Of
total of $10,180,000 of securities
a
United States.
were
repatriated by foreign
bought
Canada increased its brokerage balances
$1,587,000.
Asia
securities and
which
back $4,979,000 of its securities held in the
Latin American countries repatriated $3,685,000 of their
Canada
countries,
$1,254,000 and the Netherlands $928,000.
here $1,649,000, Latin America
The following tabulation has been prepared from figures
appearing in the September issue of the Treasury "Bulletin":
BETWEEN
MOVEMENT
CAPITAL
NEW
COUNTRIES, JAN. 2,
FOREIGN
4- Indicates Inflow.
—
THE UNITED STATES
1935, TO JULY 3, 1940
AND
Indicates Outflow.
Jan. 2, 1935,
Of Which from
to
June 5 to
July 3, 1940
July 3, 1940
But the
+ 545,300,000
Germany
4.11
+ 14,677,000
+ 163,990,000
—140,000
+ 1,885,484,000
+32,961,000
.
other
+ 187,459,000
+220,061,000
_
Canada
.w
+3,400,704,000
+276,449,000
+ 16,592,000
Total
Kingdom
+ 18,481,000
All
.
»
other..
Total
—2,561,000
+278;783,000
Kingdom
France
+ 74,715,000
—1,040,000
19,421,000
—28,724,000
—6,974,000
—11,000
+ 786,661,000
+21,073,000
+ 1,092,014,000
+ 10,487,000
...
.........
—
Canada
Germany
.All other-..--.-_«-..-»i—
Total..
—
Movement in Transactions in Foreign Securities—
United
+42,893,000
.
+4,979,000
—5,000
+36,160,000
.....
+ 557,251,000
+ 10,180,000
+ 1,013,085,000
Total-
+37,376,000
....
Kingdom
+ 186,600,000
France
+ 681,389,000
Canada
+ 230,190,000
Germany..
+17 a,383,000
+14,331, (X)0
—152,000
+3,281,302,000
+ 62,748,000
+5,377,349,000
+300,903,000
•
All
other.—,*—....
—
Total.
indeed, and say the problem has existed ever
Langley tried to fly his "aerodrome" from a barge anchored just
below
here
us
Potomac.
the
in
problem became so acute as, literally, to give me bad
upon the passage of the Civil Aeronautics Act, one of the
asked of the new agency was the creation of an adequate
Two years ago the
So
tasks
first
That
stand.
now
They told
It "Will Draw Men Freely
Time Implement of Commerce"
—Says
of civil
plan other
subsidiary airports for Washington as we must do throughout the Nation.
For proof of the value of the growth of aviation to the Nation's defense,
it
that
me
will
be
so
to
Airport
Use Peace-
400 army
planes flying over the new Washington
National Airport as "a gratifying flexing of the kind of
fighting muscle that democracy can produce," President
Roosevelt, in laying the cornerstone of the Administration
Building, said that "we shall strive to see to it that they
added that
are
to
"the
have
attacked
more
to
from
use
missions of war."
The President
of them we have the less likely we
them—the
less
Describing
abroad"
likely are we to
the new airport
be
the
to
speech follows, according to the Associated Press:
First of all, I make this signal to the army and the navy that flies:
"Well chue!
The Commander in Chief's compliments and thanks to
all
hands."
The
roar
,
above
us
■
of American airplane engines
in hundreds of American
planes is symbolic of our determination to build up a defense on sea, on
land and in the air capable of overcoming any attack.
They represent
in
a
small
way
the
power
we
because of the growth
we
make
can
comparisons
with
Washington's
He
day.
had
a
citizenry
ready to spring to arms because nearly every citizen had arms and knew
how to use them.
Every gentleman wore a sword and every farmer had a
musket which he used almost daily to bring food to his table.
But two
years
less than 25,000 of our people—only 1/50 of 1% of the popula¬
fly an airplane.
If only that proportion of the Amer¬
ago
tion—knew how to
ican
people
Continental
guard.
Today
had kr.own how to use a market in Washington's day the
woubl have consisted of little more than a corporal's
Army
.
,
Americans are licensed fliers and the number is
growing by almost 2,000 a month.
They are not all military pilots—but
they are as ready to become military pilots as were the fgarmers of Wash¬
ington's day to become riflemen of the line.
Whereas two years ago not
more
than a quarter of a million of our people used the air lines and
private planes to travel in, that number—the number of citizens at least
familiar with the airplane—has doubled and will soon be tripled.
That is why an airport like this is important to the national defense.
That is why this airport, soon to be one of the world's greatest facilities,
surely its most convenient and probably its most beautiful, should be
brought with all possible emphasis to the attention of our people during
this awakening of America to the needs of national defense.
This airport
and many others which we hope will follow will draw free men freely to
use
a
peace-time implement of commerce which, we hope, will never be
50,000 young
Our
war-time service.
newspapers
and
\
the radio tell
day after day how increasingly
us
important aircraft has become both as a weapon in the hands of aggressors
and to those who fight
for their continued national existence.
These
reports easily explam why these squadrons of the army and navy air forces,
the thunder of which still rings in our ears, were a prelude to the ceremonies
here
prelude to the completion and operation today even
this afternoon—a
aviation center—the Washington National Airport.
civilian
Roosevelt
President
Tour of
Military Leaders from
Countries—Makes Defense
Greets
Several Latin-American
Maryland
of 20 high military officers from 9 Latin-American
Republics were told by ^President Roosevelt on Oct. 1 that
the defense of the Americas was a common problem and a
matter of "one for all and all for one."
This group, which
A group
exchanged greetings with Mr. Roosevelt at the White House,
was the first of several which will tour the United States
inspecting military posts and industrial plants in an effort
to strengthen hemisphere defense plans.
Regarding the
matter, a Washington Associated Press dispatch of Oct. 1 said:
received
Roosevelt
Mr.
with
hands
all its
of
the delegation
in his executive office, shook
members, and heard General Felipe Rivera,
cordiality and happy relations
the assurance of the
Bolivian
that the visit would forge "another link in the chain
between our countries, which must produce
continuation of our ideals and capabilities of defending
them."
'
■
■;
;•
■
Mr. Roosevelt asserted:
have one common problem and that is the defense of the Americas.
In response,
"We all
the Latin American
The
Marshall, United States Chief of Staff, accompanied
military officials to the White House,
were from Bolivia, Colombia, Costa Rica, the
Guatemala, Honduras, Panama, Peru and Uruguay.
representatives
The visitors
will leave by plane tomorrow on an
which ends Oct.
This visit
to
of the 21 Republics—'one
expression which is common in all
and all for one.' "
followed President Roosevelt's tour on Sept. 30
inspect defense progress
After his
8,000-mile inspection trip
17 at the Panama Canal.
in the Chesapeake Bay area.
weekend cruise the President went ashore Monday
morning (Sept. 30) and made a motor tour of the Aberdeen
(Md.) Army ordnance proving ground, the Glenn Martin
plane factory neat Baltimore and Fort Meade.
He motored
back to Washington the same afternoon.
as
national defense, Mr. Roosevelt said it
"will draw free men freely to use a peace-time implement
of commerce which, we hope, will never be converted to
war-time service."
The text of the President's dedication
importsnt
used,
during these two years, that already we must begin to
Dominican Republic,
Describing the performance on Sept. 28 of over
for
extensively
aviation
and navy transport
on
me
Today, well within that promise, the field was used.
It will be in regular
use
within three more months.
And Assistant Secretary Hinckley tells
We have an
President Roosevelt Dedicates New Washington
called
1938, I watched a dredge bring the
the spot where
this field would be usable within two years.
On Nov. 19,
in August.
General George C.
never
capital.
Nation's
the
was
mucky soil from beneath some 10 feet of water near
first
we
I
for
airport
for all
are
We
since Dr.
chief of staff, declare
Capital Movement-
United
had
might go even further hack,
+ 5,746,000
+ 785,734,000
I
other
Net
+ 52,000
+ 17,589,000
........
..........
Germany...
All
—592,000
+ 131,841,000
Kingdom
France
'Canada.
broad Potomac Valley,
in this
adequate flying field has been a Washington problem since the Wrights
first crash on the parade ground at Fort Mayer 30 years ago.
+ 3,787,000
Movement in Transactions in Domestic Securities-
United
have to use them—
likely are we to
their
+2,9b8,000
+ 98,897,000
.
.
+ 1,649,000
+4,000
+ 51,906,000
__ „
for missions of war.
upon
+ 129,000
+11,961,000
—43,000
Canada-
called
of them we have the less likely we are to
be attacked from abroad.
George Washington and the other
Fathers sought to place the Nation's capital at a center of the then chan¬
nels of transportation.
There was long dispute about the plan.
So, too,
there has been long dispute about the pian for this airport, which will
make the capital again the hub of transportation by air.
A proper and
of this
France
Germany
We all hope that their missions
We shall strive with all our energies
—963,000
Movement to Brokerage Balance-
United
flexing of the kind of
gratifying
to it tliat they are never
see
converted to
France
a
lie in the ways of peace.
more
less
the
+ 41,492,000
+ 585,869,000
Kingdom
just
as
here upon a peaceful mission.
are
and skills to
S
S
Movement in Short-Term Banking Funds—
United
this
describe
me
will always
dreams.
$161,264,000, and Norway $5,105,000 to $59,017,000.
Of the South American countries, balances of Argentina rose
to
let
fighting muscle democracy can and does produce.
Here,
539,000 on May 22, 1940.
to
Rather
They
of gold.
841,000.
1975
The Commercial & Financial Chronicle
151
ultimately must have—and will soon have.
President
to
System
Containing Optical
Roosevelt Extends Export Licensing
Cover
Military Equipment
Elements
House announced on Oct. 1-that to further
national defense, President Roosevelt, in a
proclamation dated Sept. 30, has placed under the licensing
system "fire control instruments, military searchlights,
aerial cameras, and other types of military equipment con¬
taining optical elements."
The statement added that
"a study recently completed by the War and Navy DepartThe White
strengthen
The Commercial & Financial Chronicle
1976
ments, disclosed that the rapidly expanding national defense
effort has made urgent the control of exports of these vital
articles of
.
.
Sept. 28,
referred to in
1816.
page
Roosevelt
Radio
Address
u
Review
to
12—Will
Oct.
on
Program
be
in
Broadcast
Throughout Hemisphere—To Tour Defense Plants
in Ohio and Pennsylvania Next Week
President Roosevelt will review and outline
>
the
defense
program of the
to the people
United States on Oct. 12 in a radio address
of the United States and the other LatinAmerican nations.
In making this announcement on Oct.
3, Stephen Early, White House press secretary, said the
address will be made from the President's railroad
which
car
will be in
Dayton, Ohio, and will be carried on the three
a nonpolitical,
nonpaying basis." Mr.
Early said it will include a discussion of the draft and will
that the product
or material
desired is normally produced or capable of being produced by the person
involved,
a statement
by
other contracts
Defense
together with the reasons therefor, the
Army and Navy Munitions Board with reference to all aspects
of the matter within its purview, a statement
determined
♦
President
issue of
our
1940
.
Previous extension of the export licensing system, covering
iron and steel scrap shipments, was
5,
Your proposal when so transmitted should contain your conclusion tha
action under Section 9 is necessary,
views of the
equipment."
Oct.
you
that the price of the material or product desired as
is reasonable and
orders to which
or
a
the
statement of the preference over
proposed order should be entitled.
There should also be attached to the proposal all other documents relating
the
to
case.
If the Commission, with the voluntary
to effect a solution in a manner
to you
event that both you
an
cooperation of industry, is unable
satisfactory to
with such recommendations
as
you,
it shall return the case
it may consider appropriate.
and the Commission
agree as to
In the
the necessity of placing
order pursuant to Section 9 for the product or material desired, you are
hereby authorized
agree,
so to
any
If, however,
do.
you
will, of course, refer the matter to
you
In the event of a refusal
order
placed,
so
and the Commission do not
me.
by such person to comply in whole
should transmit the
you
case
to
in part with
or
me
with specific
recommendations from you and the Commission for further action pursuant
Section
to
9.
national networks "on
follow in substance what the President said to Latin-Ameri¬
military leaders
can
Tuesday
on
(Oct.
1),
which
to
as
reference is made elsewhere in these columns
today.
The
trip to Ohio next week is in connection with
defense inspection.
Regarding the President's itinerary, Associated Press
Washington advices of Oct. 4, said:
The text of the Service Act
Sept. 21,
The tentative schedule, released by the White House, calls for the Presi¬
leave
to
Washington shortly before midnight October 10, and stop
Johnstown the following morning.
at
His special train
will take the President to Pittsburgh, where he will
arrive shortly before noon.
Illinois
units which
In Pittsburgh, he hopes to inspect the Carnegie-
plate mill and various other machine plants and industrial
armor
turning out products for national defense.
are
Roosevelt is to reach Youngstown, Ohio, in mid-afternoon to tour
Mr.
industrial plants in that area.
the
The White House mentioned specifically
Youngstown Sheet & Tube Co.
Next
the special
train will
Columbus,
to
move
Roosevelt
where Mr.
will leave it about 10 a.m. the next day to visit Fort
Hayes, headquarters
Lieut.-Col.
Hershey to Administer
System Temporarily
move on to
Dayton,
Ohio, to visit the army's Wright Field, the Wright Memorial, the Veterans
Hospital, and the home of James M. Cox, who was the Democratic presi¬
candidate in
President
Roosevelt
was
the ticket
on
the
as
vice-presi¬
1920.
Lieut.-Col. Lewis B.
Hershey has been authorized by an
signed by President Roosevelt to exercise the
powers designated for the director of the Selective Service
system pending appointment of a director, it was announced
Sept. 29.
Lieut.-Col. Hershey, Executive Officer of the
Joint Army-Navy Selective Service Committee which has
been drawing up plans for the draft, is authorized to make
such amendments to regulations as is necessary to the
efficient administration of the law, to appoint personnel to
jobs paying less than $5,000, to name assistants and delegate
functions.
The appointment of a 6-man committee to help coordinate
plans for tne draft was mentioned in our issue of Sept. 28,
page
1817.
Roosevelt
to
Promotes
Meet
General
113
Defense
Army
Needs
President Roosevelt
on Sept. 27 nominated 113
army offi¬
temporary promotion to the grades of Major Gen¬
eral and Brigadier General to provide greater officer
per¬
for
cers
sonnel
under
named 32
erals.
order
army expansion program.
The President
Major Generals and 81 new Brigadier Gen¬
White
to
House
The
commanders
of
the
offieers
in
The
and
permanent
there
are
of
general
still
a
officers
One
territorial
rank.
authorized
now
As
department,
armored
new
for
the
have
been
all
promo¬
assigned
divisions,
units
new
created
are
the
under
com¬
army
temporary promotions will be necessary.
Puerto Rico, the Armored Corps, both
of
and
eight of the new triangular infantry
by Brigadier Generals instead of Major Generals.
Jsone of these divisions has a
brigade commander in the grade of Brigadier
General and iheir brigades are being commanded
by colonels.
divisions
The
Air
Generals
States,
commanded
are
Force
to
one
is
in
General
seven
vastly
four
and
wing
cne
expanded.
air
in
districts
Panama.
commanders
in
wing commanders later
also
are
the
Hawaii
Brigadier
additional
There
being
command
certain
staff
and
the
on
as
It
will
in
the
It
require
will
also
immediate
new
wings
procurement posts
six
continental
Major
United
require
future
are
and
nine
an
constituted.
which the expansion
of the army has created and which
With
the
Congress,
authority
these promotions
rank for particular
tion
are appropriate for
general officer rank.
advance officers to this rank recently granted by
to
can
now
be made.
Since they are to provide
positions of command, officers granted temporary promo¬
might revert to their regular rank in the event they are relieved from
a major tactical unit and
assigned to other duty.
command of
President
Roosevelt
Followed
in
Procurement
on
Establishes
Procedure
to
Be
Drafting Recalcitrant Plants—Hopes
of
Defense
Materials
Will
to
Britain
Voluntary Basis
Reduction
in
on
in
War
Pacific—President
Debt
to
in
Great
Return
Roosevelt
Non-
Proposal
Senator William H. King, Democrat of Utah, introduced
in the Senate
on Sept. 30 a bill
authorizing the President to
negotiations with Great Britain for the acquisition
of naval bases and other territory in the Pacific Ocean and
the Pacific region.
In connection with such a program the
bill also provides that, to facilitate such acquisitions and
by way of partial consideration, the President be authorized
to make loans and extensions of credit to Great Britain,
likewise the President would be authorized to provide for
reducing the amount of the indebtedness of the British
enter into
Government to the United States.
Under the proposed
legislation it is also proposed that Great Britain be exempted
from the Johnson Act, which prohibits loans to nations in
default on their debts to this country, and the sections of
the Neutrality Act which bars loans to belligerents.
At his press conference on Oct. 1, President Roosevelt
refused to commit himself on the proposal.
He said that the
Administration did not sponsor the legislation and did not
intend to make any recommendations in the future.
Earlier the same day (Oct. 1) Senator Barkley of Ken¬
tucky, Majority Leader, said that there was little possibility
of action on the measure at this session of Congress.
The
bill was referred to the Senate Foreign Relations Committee
for consideration.
Congress
Navy outlining the
This section empowers the President
to
take over any plants which refuse to
accept or give
preference to orders for defense material.
The White House
said in a separate statement that
"Procurement, at present,
is on an entirely
voluntary basis which it is hoped to maintain
indefinitely."
It went on to say that "inclusion of this
section in the Selective Service and
Training Act of 1940
makes necessary the issuance of a directive
by the President."
My. Dear Mr. Secretary:
With reference to Section 9 of the Selective
Service and Training Act of
(Public No. 783
76th Congress), which gives me various
powers to
act through you in addition to the
present authorized methods of
purchase
of procurement, it is my
desire, in order to provide for uniformity in the
negotiation and placing of mandatory orders under Section
9, that all such
orders proposed to be placed by you under this section
be presented to the
Advisory Commission to the Council of National Defense for review.
Completes
Bill—House
and
Action
Senate
on
Excess Profits Tax
Approve Conference Re¬
port—Increases Normal Corporation Tax to 24%
and Imposes Tax of 25 to 50% on Excess Profits
Selective Service Act.
and
Bases
Commital
procedure to be followed in carrying out Section 9 of the
1940
Senate
Continue
President Roosevelt made public on
Sept. 28, a letter which
he has sent to the Secretaries of War and
The President's letter follows:
Secretary
+
newly-
large number of major tactical units which lack
appropriate
expansion program, additional
the
rank
the President has nominated
listed below for temporary appointment and
temporary
grades of general officer.
the
manders
appropriate
army,
Under
Legislation Introduced in Senate for Loans
for
provide
of
on
Sept. 30 passed a bill authorizing the
appoint an Under-Secretary of War to serve
duting any national emergency, including the present limited
one.
The Under-Secretary, who will receive $10,000 a year,
will be next in succession to the Secretary and will perform
duties prescribed by the Secretary.
It is generally believed
that the new post will be in charge of the procurement of ail
military supplies of the War Department.
explained the action in the fol¬
oi'ganized brigades and divisions of the
tion
Appointment
of War
lowing statement:
In
Authorizes
the
new
The
Senate
President
Officers
Service
■I
He will spend about an hour in Columbus and then
dential
Selective
executive order
of the Fifth Army Corps Area.
dential nominee when Mr,
given in these columns of
♦
President's
dent
was
1629,
page
the part of the Senate and House conferees
profits tax bill (the title is "Second
Revenue Bill of 1940") was reached at a Sunday session
(Sept. 29) and on Oct. 1 both the House and the Senate
adopted the compromise measure as drafted by the conferees.
Most of the Senate provisions were retained in the conferees'
agreement although the amendment of Senator Connally
(approved by the Senate on Sept. 19), providing steep taxes
on
personal and corporate incomes in time of war, was
Agreement
on
on
the soealled
eliminated.
It
excess
was
noted in Associated Press accounts from
Washington on Oct. 1 that, designed originally to hold in
check profits that might accrue to industries engaged in the
sale of national defense items, the completed legislation also
would depend for a substantial part of its revenue upon a flat
addition of 3.1% to the normal corporation income tax of
concerns earning more than 825,000 a year.
This change
Volume
The Commercial & Financial Chronicle
151
would increase the rate for these
corporations from 20.9%
24%.
In addition the legislation imposes additional
graduated "excess profits" taxes on all corporations, not
specifically exempted, ranging from 25% on profits not ex¬
ceeding $20,000 to 50% on all over $500,000; permits cor¬
porations with earnings of less than $25,000 to carry over any
unused portion of their credits for one year; grants all cor¬
porations a flat excess profits tax exemption of $5,000; per¬
mits amortization over a five-year period of the entire cost
of new facilities completed for defense purposes after June 10,
1940, and suspends operation of the profit limitation on ship
and aircraft manufacture imposed by the Vinson-Trammell
Act during the emergency.
The principal features of the bill were summarized as
follows in an Associated Press account from Washington
Oct. 1 published in the New York "Herald Tribune:"
to
A flat
is added to the normal income tax rate for corporations
3.1%
by Federal, State and local governments and an amendment
which would provide for forced loans to the Government in
case of National emergency
The Senate action was referred
to in our issue of Sept. 21, page 1654.
Following the Senate
.
action the bill
graduated tax of from 25 to 50% is imposed
The tax would be 25%
profits.
excess
$20,000; 30%
on
'Excess profits would
one
the
would
excess
the
next
on
earnings defined as
the next $50,000; 40%
$250,000, and 50%
on
on
be determined by either of two methods.
be the earnings above 95%
during 1936 through 1939.
Under the other the
of the
excess
average
Under
earnings
borrowed capital.
Under either plan the first $5,000 of
be exempt from the
permitted to deduct from taxable income
are
excess
of its
over a
A
This is conditioned
of low-rate
system
new
This
created.
is
the length of the emergency declared
on
life insurance for soldiers
government
includes
draftees
and
active duty, and policies range up to $10,000.
National
Guardsmen
and
on
Pension increases also are
provided to beneficiaries of the railroad retirement Act serving in naval or
military forces from the Spanish-American War to the present.
approving it on Sept. 30.
The bill passed the
House on Sept. 24, as was reported in these columns of
Sept. 28, page 1818.
Associated Press Washington advices
of Sept.
and
Navy
other country has ever known."
Asserting that the measure was difficult for any but tax experts to under¬
stand, he added that nevertheless it was "the best bill we could get under
the circumstances."
(D., Utah),
a
member of the conference committee, said
the compromised bill but had reluctantly
decided to sign the committee's report.
he said, that Congress should not have passed any tax
his opinion,
bill at this time
measure to
is
person
for
a
finance
not
restricted
to
assign
to
it
to
a
bank
a
War
facilitate borrowing by defense
and for other purposes.
defense contractors, however, but permits
to
plant
All assignments must be
loan.
Commission and the
Defense
the
designed
is
necessary
corporation with
or
Government
Passes
Senate
expansion
claim of
or
$1,000
or
more
against the
Federal lending agency as security
reported to the Government.
Bill Extending Civil
Service to 200,000
Workers
Government
The Senate approved on Sept. 26 the Itamspeck bill,
which
jjermit the President to put about 200,060 employees
"temporary" Government agencies into the civil service
would
if
The measure,
tliey passed non-competitive examinations.
passed the House on Feb. 9 (reported in our issue
of Feb. 17, page 1070), was then sent to conference for
which
Following the conferees'
adjustment of minor differences.
agreement on Oct. 2, the Senate adopted the conference re¬
port on Oct. 3, and it is now awaiting House adoption.
reporting Senate passage,
because in January it would have to consider a revenue
Work
exempting
Specifically
such
a
In
Washington Associated Press
Progress
Administration
employees
from
procedure, the measure would give the President discretion to extend
service classifications to those workers who had "served with merit"
six
had
months,
passed
the
examinations,
competent by their department beads.
The Senate amended the bill to exclude
and
United
been
had
States
pronounced
attorneys,
their
collectors and deputy
collectors and various
policy-making officials, as well as employees of
the Tennessee Valley Authority, from the bill.
It stx-uck out a Houseapproved provision requiring apportionment by States of the appointments
assistants, marshals, deputy marshals, internal revenue
involved.
he had "numerous objections" to
was
bill
The
any
for
"only the entering wedge of the most extravagant line of taxation this or
It
to
by
recommended
Departments,
contractors
civil
Representative Treadway (R., Mass.) told the House that the bill was
Senator King
30 said:
measure,
dispatch, Sept. 26, said:
Indicating that some members expressed dissatisfaction
Associated Press advices Oct. 1 from Washing¬
with the bill,
ton said:
any
inserted in the
Senate had
the
when
bill
of
8 and 7% profit limitations on government contracts for
by the President.
sailors
Oct. 3 when the House adopted
on
which
amendments
minor
fO,
five-year period
warships and airplanes is suspended during the period the excess profits tax
is in effect.
completed
for loans was
profits would
the cost of such facilities.
The existing
Collateral
levy.
Corporations completing defense manufacturing facilities after June
1940,
Bank
as
would be the amount
of the corporation's invested capital, including 50%
exceeding 8%
Bill Permitting Use of
on
Contracts
Congressional action on legislation permitting Government
contractors .to assign their contracts to banks as security
the
all over $500,000.
sent to conference.
Government
The
profits of not more than
on excess
the next $30,000; 35%
on
$150,000; 45%
next
on
was
Congress Completes Action
earning more than $25,000, making the effective rate 24%.
A
1977
The
added
chamber
the measure
to
a
provision by which employees of
Representatives and Senators, after they had served four years in
would become eligible to compete for civil service
ton,
branches of
Washing¬
positions in other
the Government.
raise "not one billion but three, four, five or six billion, perhaps
more."
At that time, he added, Congress would
possibly "sweep it (the present
all out the window."
bill)
estimated, will yield $525,000,000 on 1940 in¬
$900,000,000 and $1,000,000,000 an¬
The bill, it is
and
come
between
nually thereafter.
Senator Vandenberg (Republican), of Michigan is reported
as describing the measure as an imponderable mess and a tax
atrocity, and to have charged that it failed to offer even' an
approach to the revenue which would be needed to offset a
deficit which he predicted would reach $10,000,000,000 this
year.
The Associated Press (Oct. 2) further said:
"It is perfectly
obvious," Senator Vanderberg declared, "that there has
got to be a realistic, basic, fundamental revision of the tax
These
views
echoed
were
by
King,
Senator
structure."
Democrat, of Utah,
might be faced with the necessity of voting taxes to raise up to
a
$6,000,000,-
possibility also was in mind of Representative Treadway,
Republican, of Massachusetts, who told the House that the excess profits
measure
that it
of taxation this
In addition
measure
was
"only the entering wedge of the most extravagant line
or any
to
contained
members of
section under which conscripts and other
a
Government life insurance.
Policies
$10,000.
in the armed forces
War be given increases in their
at any
who
time since the Spanish-American
pensions by allowing time spent in the army
be included in their railroad service.
navy
to
The
Excess
Profits
Tax
measure,
which
was
profits measure than merely a measure in¬
creasing taxation.
As to the Connally amendment, which
was added to the bill as a rider before Senate approval of the
an
on
excess
Sept. 19,
30:
Press Sept.
we
quote the following from the
Associated
.
lopped off
Connally, Democrat,
approved by the Senate, which would have decreed new high
Revising here and deleting there, the conference committee
the
bill
a
309-page amendment, offered by Senator
of Texas, and
taxes for wartime.
of war,
tax to
To have been effective
this amendment would have
automatically with a declaration
increased the normal individual income
10%.
Connally taxes would have applied both to individuals
corporations—the rates ranging from 10 to 80% on
60% on corporate in¬
come.
The Senate on Sept. 19 defeated an amendment
designed to prevent the future issuance of tax-exempt bonds
The
and
individual income, and from 35% to
/
provides
measure
that dependents occupying dwellings renting for
less may not be evicted and real or personal property
being purchased on the instalment plan may not he repossessed without a
a
month
or
specific court order.
The
courts
receive
wide authority to make
equitable settlements or to
until the service man gets back home. Plaintiffs
default judgments must make affidavits showing whether the
is in service.
If he is, the court will appoint an attorney to
stay proceedings entirely
defendant
represent him, and the man
90
himself may reopen the case any time within
after his service ends.
order likewise would be needed
days
could be sold for taxes.
forfeit
no
rights
before property of men in service
Homesteaders and holders of mineral leases would
by their absence
or
inability to perform required work
'■
$5,000
if men in
service were unable to pay.
Within one year after leaving
service the men might pay up the overdue premiums, with interest, and
then resume regular payments.
If they failed to do this, the policy would
lapse and the Government would pay the premiums it guaranteed out of
the cash surrender value, turning the rest over to the insured.
on
the
property.
guarantee premiums on life insurance up to
approved
by the House under a gag rule on Aug. 29, was favorably re¬
ported by the Senate Finance Committee on Sept. 11 and
passed by the Senate on Sept. 19.
In passing the measure,
the Senate concentrated its efforts upon making the measure
bill
The
$80
The Government would
provided that beneficiaries of the railroad retirement Act
It also
have served
more
Sept. 30 :
A court
profits levy and defense provisions, the tax
the armed forces may obtain low-rate
would range up to
insurance premiums and other
On Oct. 3 the House adopted a similar measure,
hut due to differences in the two versions they now go to
conference.
The following concerning the Senate legislation
is
taken from Washington
Associated Press advices of
obligations.
other country ever has known."
the excess
Sept. 30 passed a bill to assist conscripts
forces who may find them¬
unable to pay taxes,
selves
claiming
year.
Some such
or
The Senate on
and other members of the armed
colleagues that when they began the new session in January they
warned
000
who
Legislation Suspending Enforcement of Civil Liabilities
of Persons in Armed Service Approved by Congress
House Passes Bill Permitting States to
Own Military Units
Organize Thei
30 passed a hill authorizing the
The House on Sept.
vari¬
in lieu of their
own National Guard units, once they are ordered into Fed¬
eral 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 legisla¬
tion, which amends the National Defense Act of June 3,
1916, was recommended by the War Department and is
expected to be passed by the Senate in the near future.
ous
States to have troops for local defense
Senate
Ratifies
in
The
the
of Havana Providing for Ad¬
European Colonies and Possessions
Treaty
ministration of
Americas
Senate
on
Sept. 27 by a voice vote approved
unani¬
the convention, entitled "Convention on the Pro¬
visional Administration of European Colonies and Possesmously
The Commercial & Financial Chronicle
1978
sions in the
Americas," which was signed at Havana, Cuba,
July 30, 1940.
The convention, as explained by Senator
Pittman, Chairman of the Foreign Relations Committee, is
on
intended to take care of the transfer of non-American pos¬
sessions in the Western Hemisphere.
Senator Pittman, in
statement before the Senate
a
The
is
provision
threat of
a
first
call
it
republics
meet
for
the
of
republics
the
American
two-thirds
feels
that
through
The American
not there is
or
the committee,
may
representatives
are
appointed,
of
committee
from
in
The
provisional arrangement is to take effect only until the convention
is
there is
sions,
threat of
a
then
of
one
until
submitted
now
transfer
two-thirds
of
is
If
posses¬
other, and all
or
any
possession of the territory and hold it
original sovereign, or until an independent
take temporary
may
returned
to
the
for the government of the territory.
is set up
government
republics.
the
actual transfer of non-American
an
or
by
the governments communicate with each
them
it
ratified
is
vote
(14 to 0),
recently been
had
for
Mr.
Hull
United
Western
barter
such
wrote that
States
take
the
tools,
owners
submitted
Hemisphere
in
tin?
to
from
the
of
difficulties.
"Either
safety
this
could
the policy of
defense
the
become
to
difficulties,
would
as
House
from
or
as
it
New
has
and
lack
a
the
of the
subject
the
for
to
entirely
alien
adherence
republics
were
made
to
by giving
traditions
the
a
principles
practice
and
the
of
wrote.
threat may
must also be recognized that this
become a reality,
only through a formal transfer of territory but also through circum¬
arising out of the relative status of victor and vanquished without
there having been any formal expression regarding the disposition of these
v';.V
;7
■;
■
'■)
unanimously approved also amended treaties with
have
been
conducted
with
Great
Britain,
the mother country.
$35,000 for Special Committee
Investigating Un-American Activities
on
Sept. 26 voted
enable the special committee
an
additional $35,000 to
investigating un-American activi¬
ties to continue its inquiry until Jan. 1.
This group, which
is headed by Representative Martin Dies of Texas, had
previously received $200,000 to
its work.
carry on
Earlier
this year the House voted to continue its investigation an¬
other year and appropriated $75,000; this was mentioned in
issue of Jan. 27, page
our
620.
Established in June, 1938,
the Committee's original appropriation was $25,000, but
when the House in January, 1939 voted to continue the
Committee's activities, it received an additional $100,000.
Registration
Approves Bill Authorizing President
Requisition Exportable Defense Supplies
and advice
can
do
a
as an
statement to
is purely
Act,
alien is subject to $1,000 fine or six months imprisonment
which have been ordered by foreign
purchasers but have not
been exported, was passed by the Senate on
Sept. 30.
back to the House for action
amendments,
had
indicated
in
licensing
system
our
passed
issue
set
of
up
the
House
on
22,
Aug.
The
Senate
on
was
as
Aug. 24, page 1073.
Under the
by President Roosevelt early in
July, further exportation of such
articles is prohibited.
In
urging passage of the bill Senator Hill of
Alabama, in the
debate
The
One
on
the hill in the
passage
of
the
of the bill
worst
is
bottlenecks
the lack of machine tools.
foreign
countries,
Act of
July 2,
These tools
by
foreign
which
the
exportation.
of
No
these
the
one
the
on
Sept. 30, said:
is
left
further
the
United
exportation
of
States;
such
tools
them.
hut
they
They
under
be
cannot
will not
the
Act
It is not possible in
be
sent
sent
some
to
the
because
just referred
to,
is
prohibited.
They
are
foreign
the
will
the
under
and
owned
countries
Government
not
permit
of
their
instances to induce those connected
foreign orders to sell the tools in question to the Government
States.
using them
The
No
tools
are
one
today
simply lying at the various
can
obtain
them.
What
ports.
the
bill
does is to give the Government of the United States the
power to requisition
a
direct interest in helping
law.
According to
passed by the Congress, imposed no obligation whatsoever
as
no
a
recent
The Alien Registration
on em¬
For example, there
requirement in the registration law that employers "investigate" to
how
many
of their employees
are
aliens.
The
United States
Department of Justice takes full responsibility for carrying put the Alien
Registration Act of 1940.
Informational
will be sent
should
literature
pertaining to
the Alien
to
the Alien
Registration
Division,
D. C.
Under
v;
Formed to
Company
•
Securities
and
Such requests
Department
of
,
Carry Out Commission's
Investment
Act
The
Registration program
request to any employer in the United State3.
on
addressed
be
Justice, Washington,
Exchange
and Advisers
■
■
Commission
,
Sept. 26
announced
the formation
of
the Investment Company
Division to carry out the duties of the Commission under
the recently enacted Investment Company Act of 1940
David
Schenker
appointed director of the new division.
John H.
Hollands
will be
and
Investment
Advisers
assistant
Act
of
1940.
on
has been
director.
For the
past several
Mr. Schenker has been counsel to the Investment
Study.
This study resulted in the enactment of the
new statute providing for the registration and regulation of
investment companies and investment advisers.
The text
of the new Act was given in our issue of Sept. 7, page 1336.
years
Trust
The Commission's announcement says:
in
not
the
voluntary and involves "no compulsion."
ascertain
the national defense
program is due to
great many machine tools have been sold to
lying at various United States ports.
now
States,
United
is
1940,
A
have
countries,
bought
United
with
are
hut
Senate,
urgently requested by the War Department.
26, employers have
comply with
employers from the Alien Registration Division, th's interest
ployers to see to it that non-citizen employees register.
•
chine tools and other materials needed for national defense
He points out that their sympathy
with respect to the security of their employment
workers
non-citizen
Duties
ma¬
Law by Dec, 26
program
great deal to dispel any fears the alien may have about
particularly
if he does not register by Dec.
their
to
Legislation authorizing the President to requisition
now goes
United
,i
New SEC Division
Senate
bill, which
of
Director Harrison's request for cooperation is partly directed to employers
Inasmuch
Appropriates
The House
Codification
Nationality Laws
who have non-citizens in their employ.
*.
.
the Alien
registration,
House
and
Revision
in part:
Aus¬
tralia, New Zealand and Canada, providing for direct negotiation between
these countries and the United States in any disputes.
Such negotiations
hitherto
or
reaching its peak,
Director Earl G. Harrison of the Alien Registration Division,
is urging that citizens cooperate with non-citizens in helping
them to comply with the Alien Registration Act.
Passed
by Congress as a National defense measure, the Alien
Registration program went into effect Aug. 27, and will
continue through Dec. 26, 1940.
It is estimated that more
than 3,600,000 aliens will be registered by that time.
An
announcement of the Department of Labor went on to say,
not
committee
Votes
With
a
stances
The
scope.
destroy defense buildings
Aliens Urged to Register as Required by
Hull
"It
within the bill's
come
country
a
serious danger to the peace
very
security of the two continents," Mr.
territories."
products
Dutch possessions
the established
to
consider
to
on
Legislation revising and codifying the nationality laws
a comprehensive nationality code
was passed by the Senate on Sept. 30 and sent tQ conference.
The measure, which is designed to prevent alien Com¬
munists, Nazis and Fascists from becoming American citizens,
passed the House on Sept. 11, but due to changes made by
the Senate it must now go to a joint conference committee.
House passage of the legislation was mentioned in these
columns Sept. 14, page 1505.
foothold in
svstern of government and of inter¬
a
to
imposed
of the United States into
transmitted to the com¬
transfer,
a
constitute
be
liable to the bill's penalties.
States'
the possessions
that
French and
British,
representatives of
republics, would
would
defense.
national
are
Senate
law,"
politics
to
all
the
sentences
of
battleground
a
sentence
those who try
manner,
was
American
that transfer
of
10-year jail
and 30-year prison
Under the Sumners bill, the same
materials.
war
used in the manufacture of defense
United
message
the
equally obvious that such
Americas
American
"especially if
a
in
of
transfer
demonstrated
was
national
the
World
international
"It
we
for
appropriate
was
and
utilities, but also those who try to make defense materials in a defective
made in our
Press accounts
take the following:
republics
From
Secretary of State,
effects of
the
which
Hull,
said
possible
the
040.
Defense Saboteurs—Im¬
The House on Sept. 24 adopted by a voice vote a bill
designed to protect National-defense materials, premises and
utilities used in the preparedness program.
Regarding the
bill, which was introduced by Representative Sumners of
Texas and which now goes to the Senate for action, a Wash¬
ington dispatch of Sept. 24 to the Philadelphia "Inquirer"
threat to the peace and
a
indication
any
American
page
Washington, Sept. 24,
mittee,
Of
21
the
Punishing
$10,000 Fine and 10-Year Jail Term
roads used in the movement of troops or defense materials, and all utilities
might be used to promote systems alien to the inter-
Aug. 3,
Cor dell
in
of
of
Bill
Passes
poses
All buildings where national defense material is stored or produced,
Rcference to the signing of this convention by the Foreign
issue
50%
havo the right to go Into the Court of Claims and ask fop such
payment as they think they are entitled to.
additional
obstruct
system."
Ministers
by the Government, then the Government may
of the price fixed by the President, and the
fixed
pay
and tender the
however, the owners are not satis¬
The present law imposes fines up to $10,000
>
only be regarded
hemisphere,
consideration
American
price
If,
may
for wilful destruction of
to the
'
situation
of
under
regions
European
with
of view of
point
these
permit
settlement
anything else of that kind,
Not only those who attempt to injure or
"would not be consistent
it
or
of the tools.
owners
the
1
desirable
or
to the
with
fine
President Roosevelt, accompanied by a letter
from Secretary of State Hull.
Regarding Mr. Hull's letter,
the following is taken from Washington Associated Press
Sept. 24:
•
speculative profits
any
fied
committee by
advices of
.
bill
President
said:
This Treaty of Havana, which had been approved by the
Senate Foreign Relations Committee on Sept. 24 by a unani¬
mous
production.
~
"•
provides that/ when the Government takes over the tools, the
shall determine a fair and
reasonable price, without allowing
The
the
temporary control of the territory.
which
by the Government to manufacturers who need the tools for national
defense
they
any one
participate
may
sold
5, 1940
by the Government itself or to be
tools, either to be used
threat of
a
If they decide that such is the case, then
republics,
there
these
take
money
possessions, it
republics.
consisting:
the
of
of determining whether
purpose
the
of
one
of the non-American
the
of
committee
a
When
change of sovereignty.
all
any
one
attention
appoint
republic.
or
when
transfer of
the
then
each
that
is
the
to
Sept. 27, also said:
on
and
Oct.
Mr.
Schenker has been associated with the Commission since its incep¬
tion, prior
Currency
to which time he was associate counsel to the Senate Banking and
investigate stock exchange practices.
Committee to
assisted in the preparation
is
a
of the report by that committee.
He also
Mr. Schenker
graduate of the Columbia University School of Law and was one of the
editors of the Columbia "Law Review."
private practice of law in
He
was
actively engaged in the
New York City for a number of
Mr. Hollands is a graduate
years.
of Hobart College and Harvard Law School
and before his association with the Commission in 1937 was an attorney for
the Petroleum Administrative Board and the National
tration.
He
was
Recovery Adminis¬
engaged in the private practice of law in Buffalo and
Canandaigua, N. Y.f for several years.
Volume
The Commercial & Financial Chronicle
151
Labor Act Violators to be Denied Government Defense
Contracts,
According
Ruling
to
Attorney-
of
vulnerability
crisis, to drain
made public
Oct. 3, Attorney-
on
violated the National Labor Relations
Wagner Act, wib
The AttorneyGeneral stipulated, however that in cases where a conviction
of the Labor Board was reversed by the courts, the ruling
would not apply.
Mr. Jackson's ruling was contained in a
letter to Sidney Hellman, labor member of the National
Defense Advisory Commission, who had asked the AttorneyGeneral for an opinion.
As reported by Turner Catledge,
Washington correspondent of the New York "Times," in
that paper's issue of Oct. 4, Attorney-General Jackson's
denied
be
views
indicated
were
We have given
follows:
as
Labor
National
formal
Relations Act,
clear
too
seems
oral request for advice as
your
Mr. Jackson wrote.
admit
to
though
controversy,
on
we
lations
Act
that
reversed
by
and
of the
conclusive
Government
the
upon
unless
and
other
until
these
From the account from which the foregoing
also take the following:
The
clause
of the
agencies
findings are
of competent jurisdiction.
court
a
employer is in violation of the National Labor Re¬
an
binding
are
branch
executive
"until
these findings
are
reversed
considered the heart of the Attorney-General's
question had arisen over the status of
been taken from
had
will prepare a
opinion if it is requested through the usual channels, that the findings
of the NLRB
a
by
a
is taken, we
court,"
to
the act of ap¬
appeal
at aU; only the adjudication of the
case
counts.
;•
The Commission had made
,
,• ■
investigation up until tonight to determine
no
how many
firms this informal ruling might affect.
Board
compiling
was
was
Under the
the courts.
Defense Commission's construction of Mr. Jackson's letter,
pealing does not alter the
etc.,
opinion, inasmuch as the
Labor Act violation when appeal
decision of the Board
a
The staff of the Labor
list of companies that had been held in violation of
a
the Act and had appealed their cases, but even after this data is
available
the Defense Commission will have to compare it with the list of firms
for
whom they have cleared defense contracts before taking any further steps.
The request for the Attorney-General's opinion was prompted principally
case now
being pushed by the Steel Workers Organizing Committee
of the Congress
of Industrial Organizations, against the Bethlehem Ship¬
by the
building Corp. and the Bethlehem Steel Co.
have
for
between
These particular companies
$800,000,000 and $900,000,000 worth of contracts, mainly
naval shipbuilding
said.
and supplying of ship's steel, commission officials
/,
The Bethelhem
case
but the Commission
■'
has not been acted upon as yet by the Labor
Board,
preparing itself for whatever might happen.
was
Governors of Mid-Western States Ask President Roose¬
Fair Share of New Defense Industries
velt for
Three Middle West Governors, acting as spokesmen for
nine States, appealed to President Roosevelt on Oct. 1 for a
proportionate share in developing defense industries.
At a
press conference later the same day, the President said that
he assured the Governors of the Administration's plan to build
up inland defense facilities wherever possible when it can be
with Mr.
Roosevelt
Roy L.a Cochran of Ne¬
braska, Leon C. Phillips of Oklahoma, and Payne Ratner of
Kansas, constituting a committee to represent their own
States and the States of North and South Dakota, Arkansas,
Missouri, Iowa, Minnesota. According to a statement they
presented to the President, the entire structure of the
program will collapse if the national defense is built up on
both coasts with a sag in the middle.
The text of their statement follows, according to a Washing¬
ton dispatch Oct. 1 to the New York "Journal of Commerce":
Both sound
and strategic
were
economic reasoning dictates that the Middle
West, that area lying roughly between the Mississippi River and the Rocky
Mountains, should be employed in any balanced program of national defense.
It is
In
a
natural citadel of defense.
the past
we
of America have counted heavily upon efficacy of the
Atlantic and the Pacific
oceans
as
protective barriers.
the airplane as a weapon of attack
Rapid advance of
has served somewhat to
weaken our
confidence in the impregnability of these coasts.
ideally situated in a country that must perforce
face potential enemies both from the East and the West.
in
Within its confines,
Kansas, lies the geographical center of the United States.
area
is larger
of the country
This Midwest
States may be called
Our States and the entire Midwest
advantages in a spirit of patriotic
devotion.
use
the processing and manufacturing facilities necessary to
of all the
in this keystone section
resources
have not been located
us,
of
America,
with
the
necessity for
must never lose sight of the fact
tween
the
industrial areas,
that
We cannot have
collapse.
proper
a
national defense upon
disproportionate balance be¬
a
dislocation of our entire national
If our national
in the middle, the entire struc¬
nation divided against itself.
defense is built up on both coasts with a sag
ture will
the part of
The Middle West believes sincerely it is not
wisdom to place all our eggs
of security in a couple of highly
for the most part, native Americans who were
whose
loyalty to American ideals
nation must
have
a
They think
They are convinced that
decrease
decentralization of defense industries to
They
born to freedom, or
is unquestioned.
largely along national, and not sectional lines.
this
Gen,
We
are
Guest
Drum
We offer our
of the old West.
manner
Chamber
be utilized for the
period.
willing to make stern sacrifices to endure hard¬
Honor
of
.
Meeting of New York
New
York,
at
Commerce—Estimates
of
New
Jersey and Delaware Will Be Called Upon for
60,000 Men in Conscription
Hugh A. Drum, Commanding General of the
Army and Second Corps Area, was the guest of honor
and speaker at the first fall meeting of the Chamber of
Commerce of the State of New York on Oct. 3.
Percy H.
Johnston, President of the Chamber introduced Gen. Drum
First
at the
con
elusion of the business session of the meeting, at
which reports from standing
committees were acted upon.
the subject of "Some Problems in Making a
Modern American Army" Gen. Drum said he doubted that
conscription would disturb industry as much as was gener¬
ally believed. He estimated that in the first draft New York
State, New Jersey and Delaware would be called upon to
furnish 60,000 men, inclusive of those already enlisted in
the Regular Army and National Guard.
"These men will
be far better cared for than they would be if called in time
of war," he said, "yet we are going to make good soldiers
of them"
Gen. Drum urged the members of the Chamber
and similar organizations throughout the country to do
everything in their power to expedite the national defense
program, so that "America would be prepared if and when
the emergency comes." President Johnston said the Chamber
members were wholeheartedly behind the defense program.
Gen. Drum, who spoke extemporaneously, said that now
that the fundamental steps of preparedness—the appropria¬
tion of funds, placing of orders for war materials, conscrip¬
tion, etc.—had been taken, the problem was "to forge and
weld the instrument, which we hope we will not have to.
use," in the shortest possible time consistent with efficiency.
"I think that a failure to appreciate the time factor in
times of peace has been one of our greatest weaknesses in
preparing the country, not only for its defense, but in pre¬
paring it in an economic, sane way," General Drum said.
General Drum spoke of the difficulties of housing, feeding,
caring for the health and building up the enthusiasm of an
army of 1,400,000 or 2,000,000 men, as one of the major
problems preliminary to intensive military training.
In his
concluding remarks, he said:
Speaking
on
History may repeat itself, but
Our Nation has faced difficulties before.
human
from
an
We
you
No
enjoys
a
better future and a happier life.
No one wants
No one wins through war more than recovery
war.
undesirable international disease.
engaged in
are
national effort.
a great
We need wisdom to support
"If wisdom is attention to realities, then
these times.
in
us
beings look to
no one
war,
I can assure
that the Army is dealing with realities today.
Problem
in
Far
East
Which
be
Could
by
Solved
Negotiation, Says Under-Secretary of State Welles
—But Adds that United States with other American
Republics Are Preparing for Any Eventualities
Under-Secretary of State Sumner Welles declared on Sept.
no problem is presented in the Far East which "could
peacefully solved through negotiation, provided there
existed a sincere desire on the part of all concerned to find
an equitable ana a fair solution which would give just recog¬
nition to the rights and to the real needs of all concerned."
Speaking before the Foreign Affairs Council of Cleveland,
Mr. Welles added that the United States was now preparing
28 that
not be
for
"any eventualities."
Concerning his remarks, an
Press dispatch from Cleveland, Sept. 28 said:
As¬
The Under Secretary reviewed foreign
administration.
"In
policy throughout the Roosevelt
>
essence,"
Mr.
Welles declared,
"the primary requirements of the
forth:
States and of its nationals as
rights of the United
stipulated by existing treaties or as provided
by the generally accepted tenets of
international law.
"Equality of opportunity for the trade of all nations.
treaties
although
with the expressed understanding that the United States is always willing
to consider the peaceful negotiation of such modifications or changes in these
agreements or treaties as may in the judgment of the signatories be con¬
"And
finally,
respect
for
those
international
agreements
or
concerning the Far East to which the United States is a party,
The Japanese government,
conditions."
however, he continued, "has declared
that it
intends to create a 'new order in Asia',"
"In
this endeavor,"
the Under Secretary said,
"it has relied upon the
instrumentality of armed force, and it has made it very
that it alone shall decide to what extent the
States and the treaty
clear that it intends
historic interests of the
rights of American citizens in the
United
Far East are to be
observed."
He declared that "many
hundreds of incidents have occurred" in
which
American rights had been violated.
Nearly 20 millions of people live in the area which we represent.
citizens
ships after the
vulnerable
baskets.
are,
We of the Middle West hope that our resources can
possessions freely.
in their present locations and the great agri¬
cultural sections may result in a permanent
economy.
and ad¬
place—in a
component
greatest possible national benefit during this critical
sidered necessary in the light of changed
within these natural lines of defense.
We
a
whole.
It produces such basic elements as grain, meat, cotton,
wish to emphasize their offer of all these
But, to date,
into
will bear a balanced relationship to the
"Complete respect by all powers for the legitimate
oil, coal and minerals in abundance.
make
every part
United States in the Far East may be thus simply set
European countries.
through any probable war and to produce the necessary
exercise.
section—each fitting
every
planned program where
It has sufficient
many
supplies for whatever military activity the United
upon to
They feel the far wiser
under the lash of necessity, is to utilize the assets
agricultural and mineral, to support the population
than that of
natural resources, both
of
economic
sociated
We need to face the future in the light of modern developments.
Our Midwest section is
even
vantages
The Governors who discussed the
done without loss of time.
matter
course,
and
Lieut. Gen.
informal consideration to
effect of findings by the NLRB that an employer is in violation of the
to the
It
or
defense contracts.
Government
avoid terrific social
to
They believe it is the part of folly, in such
portion of America of its men, its material, its
any one
when the nation's safety is threatened.
money
informal opinion
an
General Jackson ruled that companies which in the opinion
of the National Labor Relations Board are regarded as having
and
attack
shocks when the emergency is past.
a
General Jackson
In
against
1979
But
he said
fully solved
on
"there is
no
problem presented which
the part of all
concerned to fjnd an equitable and a fair
would give just recognition to the rights
cerned."
could not be peace¬
through negotiation provided there existed a sincere
desire
solution which
and to the real needs of all con¬
The Commercial & Financial Chronicle
1980
Turning to Europe, Mr. Welles praised the herosira of the British people
in
"defending successfully their homes and their liberties" and added:
"It is the policy of your government, as approved by the Congress of
the United States, and, I believe, by the overwhelming majority of the
„
American people,
the furnishing of
of the British dominions in what we hope will be their
Reviewing the "tragic history of the international relations of the last
years," Mr. Welles said
seven
"there is just one bright picture of con¬
structive achievement that stands out."
ment of close relations among
"I
That, he said,
the develop¬
was
the 21 American republics.
conceive of no greater safeguard to the National defense of the
can
and the co-operation of our neighbors of the new
X-/' ".;'V
;.k
•'
world."
From Cleveland advices
we
take the following:
Sept. 28 to the New York "Times"
Repeal of the Tydings-Miller amendment to the Sherman
was urged on Sept. 28 by Q. Forrest Walker, Economist
Macy & Co., Inc, in a statement on Sept. 28 in
He adds:
and commission during
the
Here, too, there
"But there is
years
He
the Government of the United States did
agreements
Roosevelt's
quoted President
to the chiefs of the govern¬
message
policy of the
"the traditional
disputes by pacific means" and expressed the conviction that all people
He
also
Roosevelt's message to Chancellor Hitler
quoted in full Mr.
the day before the
Munich Agreements
were
signed, in which the President
negotiations still stood open and could be continued if the
German Chancellor would give the word, and added that
for
should the need
supplementing them become evident, nothing stood in the way of widen¬
ing their scope into an immediate conference of all the nations directly
interested, in
some
neutral spot in Europe.
Czecho¬
slovakia, had sat around the council table in some neutral city on
way
qual
might well have been paved for the avoid¬
■.:
of today's calamity "
normal competitive levels with great benefits to
Says
United
War—Accuses
retail prices on branded items should be promptly
Is Moving
States
Roosevelt
President
of
the consuming
be advanced
"We might as well face the dilemma before
we
can
us," he said.
"We
can go
The half-way, or three-quarters way
stay out.
business of pretending to stay out, while at the same time giving all possible
aid to Britain 'short of war,' is utterly impracticable.
It is
a
stable equilibrium which must sooner or later tumble us into
Mr.
Holms
charged the Roosevelt Administration
with
state of un¬
war."
"bombing the
country with warnings and alarms and panics, as the Germans have been
bombing England with explosives, all with the idea of breaking the morale
of the people and turning them
from
President's
of invasion of the United
repeated
warnings
peace to
war."
He characterized the
States
as
"not
statesmanship, but demagoguery."
There
was
as
United States,
mind
war,
to
as
British
much
propaganda
Mrl Holmes added.
as
German propaganda in the
"Is there any question in anybody's
why Lord Lithain was sent
o
this country at the outbreak of the
and what he has been doing ever since£" he asked, referring to the
British Ambassador.
By
entering the
Holmes concluded.
ages,"
he
said.
all that America could do
war,
prolong its duration,
maarnify
its horror
and
was
"extend ist area,
make chaos
certain,"
Mr.
By staying out, she could avert chaos and a new dark
"A
mighty
Nation
compassionate', nsistent, could find
outside
some
of
Wagner
the
conflict,
disinterested,
happy moment of adjustment."
Nationsl
Labor
Relations
Act
Urged By New York Chamber of Commerce—Other
Reports Adopted
Prompt revision, of the Wagner Labor Relations act in
the interest of the national defense program was urged in
an interim report, adopted on Oct. 3
by the Chamber of
Commerce of New York, which said that the law has been
"a drag on recovery in peace times and unless amended will
retard the speeding up of essential industry output in the
present emergency." Members of the Senate were urged in
the^ report to follow the action of the House and
pass
the
Smith bill; reference to the
adoption of the bill by the House
appeared in these columns June 15, page 3753.
Another report adopted by the Chamber on Oct. 3, deal¬
ing with taxation for national defense, expressed the belief
that practically ail the skilled labor and other employables
available woula be absorbed by essential industries and that
Congress therefore should make substantial decreases in
ex¬
penditures for relief agencies and for public improvements.
The
movement
fashion center
would increase
to
establish
New
York
as
the
world's
approved as a benefit to industry which
employment and add to the nation's cultural
was
prestige.
The adoption of a report by the Chamber opposing devel¬
opment of the power plan of the St. Lawrence Water way
project is referred to elsewhere in this issue.
Our basic
justify the destruction of competition among retailers in
to
these self-same articles
by compelling every retailer, regardless of his operat¬
If competition is necessary in the
ing costs, to sell them at the same price.
something more than one-half the final price
marketing costs represent
the public pays.
Pjrivate price fixing for private profit has
no proper
place in any sound
system of distribution under free enterprise.
The removal of such encumbrances to free markets in consumer
accomplished by repeal
be
recalled,
President
debate
any
slipped through
was
more
goods can
Congress
over
on
of the
the protest
forestall
And in New York and other States the repeal of
its merits.
'
goods.
:"ij
'
the family budget buy
.
,
>
1
,
;::.r
•+•
Lawrence Waterway as National
Opposed by New York Chamber
Commerce—Finds No Power Shortage to Neces¬
Development of St.
Measure
Defense
of
Action—United
sitate
Also
Chamber
States
Opposes Project
Attempts by the proponents of the St. Lawrence Waterway
to advance the power
time
in
development plan of the project at this
national defense
as a
measure were
criticized
on
Sept. 30
report to the Chamber of Commerce of the State of New
a
York, which recommended that
no
action be taken
on
the
plan "until it can be proved beyond a reasonable doubt that
there is an imperative defense need for such power which
could not be met more expeditiously and with greater
economic advantage by other existing or potential resources."
The report contends that there is no present acknowledged
sliortage of power on either side of the border today and that
if they were, the projected St. Lawrence power could not be
made available for some years to come.
The report, drawn
by the Executive Committee of the Chamber, was approved
by the Chamber at the first fall meeting held Oct. 3.
The U. S. Chamber of Commerce on Sept. 27 had also
voiced its opposition to the proposaJ to establish a Govern¬
ment-owned and operated power project on the St. Lawrence
The U. S. Chamber's stand
River.
was
contained in
a
report
by its Natural Resources Committee, which declared there
was "every indication" the Government was moving in the
direction of such a development, ^he report further said:
expense
undertaking
appears
unwise.
Adequate steam power
private industry in much less time and at much less
be developed by
can
than it would take to develop the dams and generating structures
utilize the water power on the St. Lawrence.
necessary to
of expense already incurred by the public for defense
The heavy burden
with its future toll of taxes should not be increased by Government projects
that
are unnecessary
and that as a practical matter would retard rather than
hasten the defense program.
The report
of the New York State Chamber of Commerce
had the following to say:
The Chamber has
no
knowledge of reports that industrial Canada
wartinie demands, is now
the
in
near
future the
no
present or prospective shortage
the territory which the
would
Even if
serve.
the next two
or
,
due to
suffering from a shortage of electric power or that
construction of additional plants for making war
supplies will overtax the facilities of existing sources of power.
there is
proposed St
an
Lawrence hydro-electric development
.
power
emergency
three years, it is
Certainly,
of power on the American side of
difficult to
shortage were in sight within
how the construction of
see
a
five to eight years hence
could be justified.
New steam generation plants could be built in about
one-third the time required for the St. Lawrence plant and existing facilities
plant which could not produce power until some
on
either side of the border undoubtedly could be
increased materially in
less time.
The power aspect
an
unwarranted
of the St. Lawrence project has been fought for years as
and
economically
destructive
invasion
private enterprise, but the opposition of industry on
withdrawn promptly,
the Nation.
other
Itfirst should be proved, however,
sources.
of
the
field
of
this ground would be
if such power actually were needed for the defense of
exists which could not be
>
which it
of the Tydings-Miller Amendment,
rider to the District of Columbia appropriation bill to
as a
At this time such an
Revision
eliminated.
No valid argument can
public the benefits of lower prices.
these unsound laws would go a long way to make
Declaring that the United States is moving steadily towards
war, John Haynes Holmes, pastor of the Community Church,
New York, on Sept. 29, charged President Roosevelt with
paving the way towards the Nation's entry in the European
conflict by deliberately "cultivating hysteria among the
people."
In a sermon at Town Hall, New York City, Mr. Holmes
said that if American entered the war, it would mean financial
bankruptcy, economic ruin, social decay, the exhaustion of
culture and the extinction of democracy, with nothing gained.
Reporting his remarks the New York "Herald Tribune" of
Sept. 29 stated:
war—or
that
of the country to provide
laws aim to preserve competition among producers
v.
Hysteria
into this
for free competition and
In these days when our defense program calls
will
Holmes
Hayne8
Towards
the public, the progressive
Pegged prices have never yet solved any
*
reasonable prices in our retail markets, there is every reason why laws
be
John
Recently, price
Prices would seek their
12 rug dropped over night to $129.
x
merchant, and the manufacturer.
terms, with no single one of them under threat of aggression, as the President
ance
repealed, there would be
were
production of articles, it is imperative in their distribution because total
"If the nations directly interested in that controversy, including
urged," Mr. Welles said, "the
doubt that if these laws
permit manufacturers to guarantee the profit margins of dealers by fixing
"that peace may be made before, rather than after, war."
said that present
no
vital economic problem.
United States has been the furtherance of the settlement of international
pray
be
can
substantial reductions in retail prices of price fixed brands.
fixing contracts were withdrawn on one brand of rugs and the fixed price of
$155 for a 9
the Czecho-Slovak crisis, two days before the Munich
the Executive stated that
in which
Pact,
^
Mr. Walker continued in part.
There
everything within its power to avert the final calamity."
ments concerned in
and unsound
Miller amendment to the Sherman Act have legalized vicious
after the signing of the World War treaties
equally no question that during the five years which pre¬
Munich
the
persistent open and undercover violations of the fixed
are
It is clear that the Feld-Crawford Act of New York and the Tydings-
prices.
paved the way for the European conflagration, and asserted:
ceded
important, is the growing mass of evidence
Less spectacular, but far more
showing the economic futility of retail price -egging in numerous other lines.
Welles said that there was no question that the errors of omission
Mr.
failure. Mr. Walker
a
points out that the most recent break-down of price fixing
m the retail liquor trade of New York City attracts wide¬
spread attention due to the nature of the commodity affected.
methods of retail pricing.
,
.
for R. H.
United States," he said, "than the realization on our part that we possess
the sympathy, the trust
1940
Act
which he described the fair trade laws as
successful defense against armed aggression."
5,
Repeal of Tydings-Miller Amendment to Sherman Act
Is Urged by Q. F. Walker—R. H. Macy Spokesman
Says Fair Trade Laws Have Failed in Many Respects
material support and assistance, through
to render ail
supplies and munitions, to the British Government and
the governments
to
Oct.
that an urgent defense need
provided for more quickly arid more efficiently by
.
,
"
Volume
Far
Wars Should Be Financed from Current Income as
Possible, According to Dr. Harold G. Moulton—
Dr. Leo Wolman, Addressing Same Meeting, Praises
At
time, United States Steel—and I am certain the same is
steel industry—is cooperating to the fullest extent with
the present
of
true
the
while
as
Efficiency of American Manufacturers
The current
should be financed
war
far
as
as
possible from
paid for out of current income, Dr. Harold
G. Moulton, President of Brookings Institution, said on Sept.
24 at a dinner of the Maurice and Laura Falk Foundation in
taxes and loans
An address given on the same occasion by
of the Board of Genera] Motors
Pittsburgh, Pa.
Alfred P. Sloan Jr., Chairman
was referred to in our issue of
Dr. Moulton said that during the
Corp.,
methods employed
as
it is possible to
basic
the loan program was fundamentally faulty in its
but
scope,
bad
as
the tax program slow of development and inadequate in
Not only was
its
"were about
Sept. 28, pages 1825-26.
World War the financial
He added:
conceive."
Preoccupied with the naive view that money would win the
conception.
the Treasury had
by means of credit
that all that was necessary was to make sure that
war,
unlimited funds at its disposal, we raised
but those sold to the
vast sums
public were paid for in no small degree with funds
supplies because
expanding rather
than contracting.
At the same time, there were overly liberal extensions
of bank credit to private enterprises, the only result of which was to increase
the
competition of consumers whose incomes
as
were
well
as to
those engaged in the production of
war
speculative
supplies.
They were, moreover, extended on a vast scale for
purposes,
paticularly in the field of agriculture.
lines suggested requires the development
The control of prices along the
administrative
co-ordinated
It
machinery.
cannot
be satisfactorily
accomplished by a series of price-control agencies, operating
of
unless such authority envisages the
in
whole
the
unified
a
ordinated from the very
"Physical
Output
the dinner
was
American Manufac¬
Efficiency of
and
a
survey
the
outline of some of the leading facts
disclosed by a
and efficiency in the United States in one
and difficult periods of our history.
production
of goods.
Except in these last years, this
economic reversals and
gone on to ever increasing output and oppo /tunities for employment.
But
brief as many of these reversals have been, they have occurred often enough
productive machinery has consistently overcome
been sufficiently
have
and
careful study than
Concerning
upsetting to merit
more
attention and more
they have hitherto received.
problem
present
our
of prolonged
depression and unem¬
ployment, the findings of this study suggest the elements
of that economic
and political policy which may oe
expected to restore to American industry
something of its historic vitality.
In this long record of advance in material
well-being,
and
and
one
fact is, at least, clear—the part played in progress by new
expanding industries, and by the modernization and overhauling
obsolete
Unless
industries.
the
political
and
conditions essential to the exercise of business
other words, the
foresight and the taking of
risks—exist, we may be forced to become content with a
or
laggard industry,
declining employment, and a permanent army
which looks for
Cooperation
of Labor,
Business and Government
Urged as Step Toward Recovery—Paul G. Hoffman
of Studebaker Corp. Says Unemployment Is Prin¬
cipal Threat to American Democracy
common
and
Mr. Olds discussed
the part which the steel industry must play in the defense
program, and pledged the industry "to perform fully what¬
ever may be its allotted assignment in making this country
inevitable consequence of
The
been
guilty of
employers have steadfastly resisted the clear right of labor
own protection.
They overlooked the fact that collective
is aif integral part of the democratic process.
Some
its
for
and
no one should anticipate that American business can or will accomplish the
impossible.
Battleships, destroyers, airplanes, anti-aircraft guns, tanks
Serious
and
the
night.
passing of
bargaining
from those seeking sclf-aggrandizewell as to the country as a
for their own
economic and political advancement and have conspired with conscienceless
employers to the detriment of those who trusted them.
Their unions have
been their tools, not they their unions' servants.
Labor, as a body, has
sometimes had its mind so concentrated on the protection of its own rights
that it has lost sight of the joint obligation it has with management of
producing the highest quality of goods for the lowest price to the con¬
sumer
so
that a larger volume of production is encouraged to the end
that there should be more jobs.
They have lost sight of the fact pointed
disadvantage of their own group as
have
Some
individually and collectively
conspired
Teamsters Union—and I quote: "There is a
and hours, and if you go beyond that point,
you reach that point, in some instances you can rest assured
go any further, you will destroy the employment and, therefore,
by President Tobin of the
out
point of saturation for wages
cr
if
even
that if you
destroy yourself."
Government, which
all the people, all
which have done incal¬
other branches of the
have been those in government who place their own
should be the representative of
interests, has perpetrated abuses
as
has been true of leaders of
There
that of the national welfare.
against class, they have
class
Pitting group against group
fostered disunity.
Mr. Hoffman added:
Business
It
well
with
as
labor,
And if
special privileges from government.
It must be willing to share the hazards
benefits of the competitive system.
It must deal honestly
must
stand
must
on
the
refrain from asking
its own feet.
accept collective
the matter of profit to be made from defense work must be
consideration.
A guaranty of profit is no guaranty of survival.
minor
Labor must clean
ber
that
the
living can
and
bargaining as labor's right, not its privilege.
its recognized responsibility in this
a
industry is going to live up to
emergency,
lower
out the racketeers
customer
iS
still
king;
in its own ranks.
It should remem¬
that the only way our standard of
be improved is by producing more
and better goods at lower
prices.
government officials must rededicate themselves to the service of
country—the whole country—and create a new spirit of unity, trying
opposing forces rather than setting them against each other.
common problems and our
joint interests can utilize their full atten¬
both in their official acts and in their public utterances.
Our
tlie
to
harness
Our
thought should be given to the scope of the defense program
numerous
In
to organize
Organized iabor has been no less free
nient to the
whole.
tion
He added, in part:
free play for selfish ambitions is a degree
security. Some business groups have
fostering monopoly.
Through fixed prjees and production
controls, they have sought the easy road to profits.
They forgot that if
free enterprise is to live, competition must prevail.
To say that it shall
be fair competition is not to qualify this primary consideration.
And in
fiee competitive enterprise, obviously, there is no place for special privilege.
disunity inimical to our national
of
Fairless, President of the Corporation.
safe from attack."
have i>ursued their own selfish objectives
to the general welfare of all the
He continued:
people.
Steel
tain
country's difficul¬
giving thought
without
as
States
on
organized business, organized labor and bureau¬
cratic government
ana
Corporation, said on Sept. 20 at a dinner at the Moun¬
Brook Club in Birmingham, Ala.
More than 150 civic
business leaders attended the dinner as guests of B. F.
soid
"blind, dumb selfishness" on the part of individuals,
more particularly groups.
He added that in too many
damage
Irving S. Olds, Chairmen of the Board of the United
Corp.,
are
economy.
Plans
Studebaker
Hoffman said that the root cause of our
subsidies
demand for steel products is due largely to
world conditions and the Untied States armament program,
facing the United
Sejit. 26 in an address at Chicago before the annual con¬
vention of the American Trade Executives Association.
Mr.
ambitions above
Rearmament
the
of
President
Hoffman,
and all
The present
threat
present time, and it should be attacked on a
front by business, iabor and Government, Paul G.
the
States at
culable
Irving S. Olds Says Defense Program Is Largely Re¬
sponsible for Steel Boom—United States Steel
Corp. Chairman Pledges Industry's Cooperation
major
the
is
Unemployment
groups,
of government.
in
by Mr. Olds were referred to in our
Sept. 21, page 1644.
of unemployed,
living not to the wages of industry but to the
a
of old
economic conditions
favorable to the initiation of such enterprises—unless, in
stationary
by doing that for which we may
Other recent addresses
issue of
which showed that "the
From these data
a few simple conclusions and observations appear to me naturally to flow.
It is clear from this record that American industry has created a magnificient
for
been to
In these
policy lias been to cooperate
instances
Dr. Leo Wolman of the
who discussed
Research,
Economic
detailed study of factory output
of the most important
in the munitions business.
Its aim has
and sell steel products for purely peaceful purposes.
cause
our
and
continued:
machine
ingly,
be co¬
the program must
Moreover,
largest expansion in employment has in the long run taken
place in those industries which have experienced the greatest
increases in efficiency and
total output."
Dr. Wolman
I have given a bare
United States Steel has never participated to
war,
of our previous notions and aid the
be best equipped. Accord¬
with the Government to the best of
our ability.
In addition to sales of ordinary commercial products, United
States Steel has entered into contracts with the Army and Navy Depart¬
ments for unloaded bombs and shells of various sizes, for the supply of
heavy armor plate and protective deck plate, and for the construction of
cruisers and destroyers—all as part of the national defense program. Unless
there is a slackening in the present demand for steel, the steel industry
will undoubtedly be pushed to the limit to meet the needs of our prepared¬
ness
effort when it reaches its full proportions.
However, I am certain
that the steel industry will then be found equal to the occasion.
public
ties
program.
described
He
of
days of danger, we must lay aside some
problem in all its aspects and articulates
beginning of the mobilization program.
Another speaker at
National Bureau of
turers."
independently
authority
be accomplished by a central price
another, nor can it
one
times
considerable extent
manufacture
Such loans were extended to enterprises
non-essential activities
of
Except in
any
bid for inadequate supplies of
engaged in
of particular companies to
capacity
materials and labor.
in the existing
strike of capital" exists only in the minds of
those who seem ever ready to criticize business and the system of private
enterprise which has made this country great.
"sit-down
A
emergency.
In consequence the Government had an abun¬
borrowed from the oanks.
dance of funds but found it difficult to procure the essential
of the
Washington in an attempt to do our part
those in charge at
Not only were Government bonds sold directly to the banks,
expansion.
1981
The Commercial & Financial Chronicle
151
some
many
other
implements of war
be prepared for the
with a
Life insurance has helped to
before the country actually is equipped
desired by the authorities
at Washington.
Any such seeming delay in reaching our goal will not be
the result of a lack of cooperation by industry.
It will be a deferment
giowing out of the necessities of the situation.
Speaking generally of the
rearmament program, thousands and thousands of drawings must be made,
and perhaps remade to incorporate the lessons of the present European
war; equipment not yet inexistence must be contracted for; new or sub¬
stantially enlarged plants must be erected; operating organizations must be
created or existing organizations supplemented; and when all this has been
accomplished, a considerable period of time must still elapse before the
peak of production can be attained.
Appreciation of these underlying facts,
coupled with patience, should temper our evaluation from time to time of
the preparedness effort.
Let us all hope that nothing may happen in the
interim requiring the use of that which we do not then possess.
particular article to the extent and in the manner
Helped Avert Effects of Industrial
Depression, Holgar J, Johnson Dclares—Outlines
Huge Investments and Expenditures Since 1330
do not come into being over
instances, the American public must
months
Life Insurance Has
stabilize the Nation during
periods of depression, Holgar J, Johnson, President of the
Institute of Life Insurance, said on Sept. 27 in an address
before the annual
of
the National
convention of more than 3,000
members
Phila¬
Association of Life Underwriters at
discussed the democratic form of
dictatorship, and while prais¬
ing the former, he advocated continuance of the right to
criticize, saying:
"The democratic form of government is
under the severest attack in its history, and its survival is
dependent upon the confidence of the people in its institu¬
tions."
Declaring honest criticism, however, is inherent in
the- democratic system, Mr. Johnson said:
delphia.
Mr.
Johnson
government as compared to a
The Commercial & Financial Chronicle
1982
Under
there
So
dictatorship lhere
a
probably wouldn't be
let's
not
but by all
necessary,
be
can
means
Let's
And under
criticism.
no
based
life insurance
any
off criticism.
cut
with
answer
the right to question
preserve
dictatorship
a
private enterprise.
and action, when
on
facts,
institution.
any
their
Oct.
hamper, rather than advance, the
unsound banking system would
emergencies, military
5, 1940
To do otherwise would be to
solvency and sound condition.
own
of national defense,
cause
because
an
be a serious handicap in meeting future
economic, which may arise.
or
If the lending activities of the Federal credit agencies are not expanded
Life insurance,
Johnson,
vital force in our democracy, said Mr.
a
aid of this Nation during the depres¬
by pouring $4,(XX),000,000 into United States Gov¬
ernment bonds from 1930 to 1939, and paid out or credited
to policyholders and
beneficiaries nearly $26,000,000,000.
Mr. Johnson, in part, added:
came to the
sion years
I believe everyone
part
for
will
the influence of life insurance
see
helping to build security as
the men, women and children of
in
of
basis
a
this
as an
morale.
important
has
It
created
country the greatest degree
of
known in any country on earth.
Roughly speaking, our 7%
the world's population has created 70% of the world's life insurance.
mere bigness, that means nothing.
As the great security base, building
the morale of our people, it means everything.
security
of
As
up
It
ever
is
much
comforting to know that
the American people already have done
family "defense" as a morale factor—all of
been accomplished by individual, private enterprise.
While the
building ships and airplanes to defend Itsi borders if necessary,
set
to
which has
Nation
is
plans
up
for
tire American people are
building their
for future financial security.
reserves
Mr. Johnson said that "we must combat every attack on
institutions, because they mean
our
cause."
cratic
And
big part in the defense of
a
So
to
life
must
prepare
virtually synonymous and
It is
and
more
faith
that
those
more
shoulders,
your
do
agents and
as
individually and collectively
democracy in this country
defenses.
they
as
For
do
the
in the insur¬
we
American
American
democracy
of
way
life—are
cannot exist and flourish without the
one
that America have faith and that it
necessary
and
other.
express
American
democratic.
following primary
Government defense contracts.Second: To meet enlarged
Third:
To
build
defense business.
Federal
equip with
machinery plants for national
proper
plants
new
are to
be constructed and
be paid
can
bank term loan for such
Many banks have been making term loans, although
snugly.
institutions have not been interested in maturities
period,
a
a
number of
exceeding five years.
Fourth: Bank loans could be made to furnish additional working capital
requirements when
much longer period than is normally the case must
a
elapse before delivery
be made to the Government,
can
as
with naval and
other contracts.
some
Fifth: When the armament program is further advanced, it may force an
upward movement in prices of
a
number of commodities and wage scales
which would further increase working capital needs of industry, and con¬
the
sequently
that
demand for
expansion
an
wake
bank
loans.
Furthermore,
experience shows
of inventories of whatever nature invariably brings
heavier
commercial
borrowing.
That
inventories
in
already
are
rising is indicated by the index of the value of inventories in manufacturing
industry compiled by The Conference Board.
in commodity prices
would greatly accelerate
Needless to say, any rise
increased cost in inven¬
an
tories, and hence in the demand for commerc.al loans.
Sixth: The national defense program may also produce a larger demand
for commercial
chasing
loans from
banks
the
indirectly.
The expansion of pur¬
resulting from defense spending by the Government and
power
consequent added employment will expand the volume of sales of non-de¬
fense industries, and thus increase the borrowing needs of
many such con¬
cerns.
1
Seventh: As the defense program gathers momentum, it is inevitable that
a
number of the
which accept Government contracts will turn to
concerns
markets to raise additional capital.
already occurred.
financing
A few such instances
The reopening of the security markets to
new
larger scale would also expand the services of the banks in
on a
promoting
the
national
defense
New
program.
security
flotations
are
normally facilitated by bank loans pending their distribution to ultimate
Program
investors.
The
needed to fill
;
with provisions for repayments in instalments, would fit the circumstances
have
National Defense
and
When
^
:
.
payrolls.
for out of earnings within five years, a
the security
Joseph A. Bower Asks Liquidation of Federal Lending
Agencies—Says Commercial Banks Can Finance
purposes:
First: To finance the purchase of materials and supplies
*.
by action
through the militant preservation and extension of
institutions, such as life insurance, that are inherently
and if the above condi¬
program
met, a substantial volume of additional bank loans would develop
are
for the
country and its democratic processes.
our
insurance—representing
upon
you
America's stake in its institutions will be
our
offset any attack on
business
ance
what
protecting
the idea of
instill
to
the business,
of
tions
its
lie added:
large part of this effort rests
a
representatives
much to the demo¬
so
indiscriminately for the national defense
Government should discontinue its lending
to enable commercial banks to supply the needs of
business, Joseph A. Bower, Executive Vice-President of the
Chemical Bank' & Trust Coompany of New York, said on
program
A
revival of activity in the financial markets
pand the total
brokers.
of collateral loans made
Thus, another major
would become
source
ex¬
banks to investors and
the
of funds to finance defense business
freely available to enterprises receiving such contracts.
more
The fact that
by
would also
commercial banks
numerous
now
are
ready and
eager to
meeting of the National Industrial Conference
make sound term loans, as well as the conventional short-term self-liquida¬
Board.
Mr.
Bower asserted
that
Government lending
agencies were organized to solve problems arising from the
severe depression and the financial crisis of the
early 1930's,
and they should now be liquidated, rather than
expanded,
ting advances, is of particular significance in appraising the part that these
Sept. 26 at
a
that crisis has long since passed.
as
It would be logical,
the
enormous
surplus lending
today, to begin
now to
In part Mr. Bower said:
therefore, particularly in view of the strength and
of
power
commercial
our
further after the need for them is gone..
In the past borrowers have paid
only interest to private commercial banks lor
If banking becomes a regular division of the
will pay not
rowers
via
more
Government, those
very
bor¬
only interest but for losses the Government sustains,
of them.
these
reserves
aggregating
to
such
meet
emergency
institutions.
Where
the
risk
them
to
Such
attaching
a
trasnfer
of
lending officers.
Finally, it should be provided that cash balances which they will build
through the repayment of loans or the liquidation of investments should
into the Treasury's general fund, to reduce the amount of borrowing
needed for national defense purposes.
By
doing the danger that the
so
Federal debt limit would have to be increased
beyond the present maximum
of $49,000,000,000 would be
correspondingly lessened.
Law
Deans
Term,
Federal lending
agencies do not
funds freely available to defense industries
on
to a substantial volume of sound loans
the
continue
can,
for
political
reasons,
which the
only when they
are convinced that
there
are
can
operating
make
1.
Enactment of
well
with
loans
reasonable prospects for the
embark
freely
Several prerequi¬
upon
loans to enter¬
prises receiving national defense orders from the Government.
important of these are:
The
more
bill permitting corporations
receiving government
a tax
defense orders to amortize
new
of the
by Bishop A. W. Leonard of the Washington
Young B. Smith; dean of Columbia University Law School, told
Sub-committee today that freedom of nomination and
Judiciary
than
two
dies and
4.
the percentage
of profit
Changes in the form of defense contracts
able", that is, security for bank loans.
lete statutory provision
for
is fixed,
unless
so
to make them "bank¬
as
contracts as
csecurity
loans, and similar technical steps.
5.
Enactment of the
earning
Insistance by the banks
in any sense represent
fense
tax
new
bill,
that the
borrower's
prospective
program.
Banks
a
on
motivated
solely
by the desire to safeguard
if presidents
were
permitted
to
a
Senate
freedom
serve
on
a
more
proposed constitutional amendment to limit the Presi¬
to a single six-year term.
President," he said, "with eight years of cumulative power over the
disposition of jobs and money, supported by a nationwide circulation of
controlled
date
in
administration
his
having
own
brought
through
the
publicity,
influence of
come
forestall any other potential candi¬
patronage
and
the
disposition
of
vast
sums
to
to look to him for support.
"This might easily result in
of
can
party, can control his party's nominating convention and,
his own nomination, can secure his own election
about
people who have
a
political dynasty which conceivably might
indefinitely."
Smith
contended
also
the executive from
that
a
limitation
on
presidential
tenure pre¬
dominating the judicial and legislative branches
the government.
Chairman
Burke,
Democrat,
of Nebraska,
inserted
in
the record
a
state¬
ment
by Bishop A. W. Leonard of the Methodist Church, Washington area,
containing a reference to the danger of entrenching a presidential family
in
the life of
"Whatever
a
nation for too long
a
time.
be the good accomplished by commercializing the office
States," he 6aid, "and no matter to what extent
may be employed
for securing funds for imder-privileged
may
of President of the United
people, the office of the President directly or indirectly was never intended
in any such manner or for such purposes.
to be used
the clarification of these matters does not in
hesitancy about cooperating in the national de¬
are
destroyed
terms.
resourcefulness
so
power can be appraised with reasonable
accuracy.
be
"A
This involves removal of the obso¬
barring the pledging of such
of
dent's tenure
satisfactory
made for amortization of
development costs, special tools,
machinery needed and other facilities.
are
would
He testified
vented
which
area
Church, opposing a third term.
Associated
Press Washington advices of Sept. 30, summarizing the hear¬
placed must also be considered very carefully,
3. Losses may result to many manufacturers
from Government defense
on
Six-Year
term.
Mr.
contracts
Single
Methodist
Government orders already
provisions
for
a single sixIgnatius M. Wilkinson, Dean of the Fordham
University Law School offered similar testimony, while
Senator Burke, Chairman of the sub-committee, read a state¬
last
The risk of possible cancellation
Amendment
Service
Senate Judiciary Sub-Committee in favor of
year
plant facilities with ina reasonable period
of time.
2.
Fordham Oppose Third
Senate Subcommittee Continues Hearings
ing, said:
reasons are
Banks should
of advances which their customers desire..
sites must be met before the banks
a
cannot afford to
Government
and
were permitted to serve
terms, Young B. Smith, Dean of the Columbia
University Law School, said on Sept. 30 in testifying before
their
make
in time, give rise
date, but the
taxpayers' money, often does undertake.
repayment
to
as
♦
Columbia
than two
more
of election
Banks operate with other
people's money and
loans
the ability
resources,
and assistance needed for fi¬
Freedom of nomination'and freedom of election would be
the
by the banks.
It is true that this has not taken
place to
make
They have
destroyed if American Presidents
terms that commercial banks
safely meet, the National defense program
known.
contribute to the
can
franchise to the banking business of the country
.'
of
Presidential
pro¬
Mr. Bower said:
the
a
Proposed
on
ment
discussing the financing of the National defense
cannot
given
were
they are paying for this franchise.
and the disposition to give the material aid
loans
up
Provided
in excellent condition
are
time, they
same
by making their trained organizations available to
4.
The banks
to
place the liquidation
of these advances in the hands Of trained credit men and
gram,
the
excess
contracts.
and
by guaranteeing the banks against loss from the eventual
liquidation of the assets transferred
from Federal credit agencies to
private banks would
In
$6,500,000,000, they
At
any
industry
Possessed of
aid in every possible way, customers seeking and receiving national defense
such loans is too great for the banks to take them over, the Government can
go
some
demands.
of the program
success
'
the transfer of many of the loans
already made by Federal agencies to
the commercial banks of the country, so as to make a real start towards
meet the situation
amply prepared to meet
that may result from the national defense program.
of these Federal
power
Second, serious consideration should be given
to
liquidating
banks of the country are
conceivable demand for short term and medium -term loans from
nancing the defense program and seek the opportunity to be helpful.
should be to freeze the lending
or most
play in financing the defense program.
can
The commercial
actually borrowed.
money
taxation.
The first step
agencies,
banking system
1 quidate these agencies, rather than to expand them
institutions
"As
at
a
this
purpose
rule the families of
point.
our Presidents have been quite free from blame
However, when the high office of President is used for the
of building
up
great family fortunes,
it is
time for
the American
,
people
take soundings, for suck procedure if
make inquiry and
to
long
degradation to any people."
; ;
references to the hearings before the Senate Sub-Committee ap¬
continued Will become a
Previous
peared in our issues of Sept. 14, page 1506 and Sept. 28 ,page
birthplace of the
the
latter
the building of a stronger
could bring about
1818.
Idom of Press
and Wendell L. Willkie, Republican
Presidential candidate, stressed the
gives every reason
made
a
change, to substitute Winston
of its Government.
Churchill for Mr. Chamberlain as the head
.
importance on Oct. 1 of
Churchill Again :v; ;
Quotes Mr.
in messages in con¬
nection with National Newspaper Week, which began Oct. 1.
The President and Mr. Willkie expressed their views in let¬
ters to William N. Hardy, chairman of the committee which
is conducting a nation-wide program to acquaint readers
toward business had blocked recovery
with the advantage of a free press.
he
maintaining a free press in a democracy
The President's message
of National Newspaper Week that due emphasis
necessity for maintaining freedom of the press in a
democracy.
Freedom of conscience, of education, of speech, of assembly
are among the very fundamentals of
democracy and all of them would be
nullified should freedom of the press ever be successfully challenged.
I have little fear that freedom of the press will be abridged from ex¬
ternal assault in this country.
The danger is from internal corruption. If
I
hope
our
exemplifies a passion for truth and justice and
avoid that spiritual paralysis and decay which
press
will
it
observance
in
be placed on the
will
enemies of
I
trust,
fair play to all
are the deadly
'
institutions.
free
our
as
celebration, that our newspapers
and small—will rise anew to the tremendous responsi¬
result of the forthcoming
a
everywhere—great
bilities which arc theirs.
Willkie bad llie following to say:
Mr.
is
There
nothing
more
American
essential to the preservation of a free
free American press.
the daily bread upon which a democracy
feeds.
Pervert the news and control the views of the press—those are
the first aims in the would-be dictator's effort to undermine democracy.
Lies and controlled propaganada are the stuff upon which dictatorships
democracy than the preservation of a
News, accurate and unbiased, is
fi?ed
and grow
Freedom of the press is the staff of
fat.
Willkie
Mr.
again read
life for any vital
"
quotation attributed to the present
British
the Roosevelt policy of hostility
in America and endangered demo¬
1937, asserting that
Prime Minister in
cratic
a
governments abroad.
■
^
Churchill government in the
"Let's have a Winston
J:';; '
United States,"
democracy
X'X'
greeted Mr. Willkie in the
Michigan cities.
Among those boarding the train were Governor Luren
D.
Dickinson, Leslie B. Butler, the Republican State Chairman, and
Frank McKay and Mrs. Charles B. Warren, members of the national com¬
mittee.
Mr. Willkie was informed by telegram that Arthur J. Lacy,
"Away with the
said.
Chamberlains and let us preserve
' v
in America."
follows:
directed the
for its defeat instead of its re¬
asked if any of his hearers believed that Great Britain
mistake in having the courage, despite arguments against a
election, Mr. Willkie
had
V;
-
the Roosevelt Administration has
Contending that the way
Nation's foreign relations
President Roosevelt
national defense more quickly
than President Roosevelt.
Roosevelt and Wendell Willkie Praise Free-
President
Niles, Kalamazoo, Battle Creek and Jackson,
Republican party, Mr. Willkie said he
speeches in Michigan at
In
the
1983
Chronicle
The Commercial & Financial
151
Volume
Friendly crowds of from
''X;
5,000 to 20,000
Democratic candidate for governor in
1934, had announced his support.
speeches from his special train as
In
he journeyed through
Michigan
agreed with him
that the Roosevelt Administration had failed to bring economic recovery
by expenditure of $60,000,000,000 and doubling the national debt.
"And yet they say despite those facts: 'Here is an administration in power
in a critical hour, and perhaps we should continue it in power'."
Mr. Willkie characterized this as a ridiculous argument and added:
"You know about a year ago or less England was in a critical state. I
think much more critical than that of the United States.
Yet in England
some argued that they couldn't replace the Chamberlain government be¬
cause of the fact that they were in a period of crisis.
Is there anybody
here who does not think that Winston Churchill has done a better job than
Mr. Chamberlain did, and that the English people did not make a gain by
Mr. Willkie said that many persons
'
the change?"
v
In
address at the San
an
had told him that they
Francisco Civic Auditorium on
absolutely free press.
Sept. 21, Wendell L. Willkie, Republican presidential
nominee, made the statement that "I bring a charge against
the New Deal, which I have measured carefully.
Mr.
so
Willkie went on to say
democracy.
United
The
States is the only great
nation in the world today with an
So long as it remains true that our press is free
long Will our democracy survive.
So long as it remains true that the
press of other nations :'s shackled
so long will their peoples be living
either under the urgencies of war or the whims of despots.
This means that America's free press today shoulders a historic responsi¬
editors and working staffs of America's
newspapers are discharging that responsibility in a great and vtial American
way.
If I am elected President of the United States I slxall fight for their
right to report l.onestly, and their right to honestly disagree with me
and my administration,
I shall not seek to coerce them down the disastrous
road of intellectual dishonesty nor to undermine the economic foundations
cf a free press.
'
'
X-!;' ,;V♦
V V, ^
I believe that the publishers,
bility.
■
Wendell L. Willkie,
Republican Presidential Nominee,
Opens Eastern Campaign—Says Unemployment Is
Nation's Major Problem—Criticizes Administration
on
Conduct of Foreign Affairs—Says "We Must
Rise Above Doles of New Deal"-—Proposes Triumverite of
Yonkers, N. Y., on Sept.
Eastern address of his current campaign
for President, declared that if the Republicans are not vic¬
torious in November "this way of life will pass."
Mr.
Willkie was cheered by a crowd estimated at 50,000.
Later
he began a trip through the Middle West, where he made
speeches in key cities.
In his address at Yonkers, Mr. Willkie criticized the New
Deal, and said that the task ahead of the Republican party
"is the greatest task that has faced any party since the Civil
28 in his first major
He added:
War."
I
pretend-r-we must not try to
cannot
pretend—that this task can be
No man can predict what the sacrifices
will be.
They begin this year with a new burden of taxes for defense, and
a new and even more staggering additional indebtedness.
But of this we may be sure.
The time hps come when the Government
accomplished without sacrifice.
must cease
to
giving to the people.
The time has come for the people to give
v:;:\vy-''
the Government.
,
..
Our administration
will favor every advance to protect labor, to protect
the farmer, to protect
American enterprise—to protect the people from each
thus that the precious goal of national unity can
It is thus and only
other.
But our
\.v->VO
V
be attained.
administration will denounce the principle
people are the
that the American
Government's people.
It will insist that
people's Government.
It is a stupendous task.
the American Government is the
This task is not one that we can
To fulfill it we must
accept limply.
rise above ourselves.
To fulfill it we must
rise above the cliches
and the doles of the New Deal.
political phrases that are supposed to attract
make demands upon our constituents, not promise them
only one great promise to make.
We promise an effec¬
We must rise above the easy
votes.
We must
more.
We have
impregnable democracy.
spirit of partisanship. We
of those great men before us who cut off the long arm
tive, an expanding, an
We do not make
make it in the spirit
that promise in the petty
when it reached across
industries, and our political rights.
of tyranny
We do not call it tyranny
Yet the starker words
today.
This
our
We do not place upon its head a crown.
of the 20th century cannot
hide its nature from our
the people
of the people.
campaign addresses by Mr.
issue of Sept. 28, pages
Willkie were reported
1828-29.
Speaking at Detroit on Sept. 30, Mr. Willkie promised
elected President he would retain members
of the National Defense Advisory Commission appointed by
President Roosevelt.
A Detroit dispatch Sept. 30 to the
New York "Times" from a staff correspondent added:
that if he were
of
that it must bear a direct share
his
address
Tribune" of Sept.
Administration
of the responsibility
given in
as
in part, from the
the New York "Herald
22:
I have, standing as it were
words, the man who,
defender of democracy and
freedom on this earth.
This man said in 1937, less than a year after Mr.
Roosevelt was inaugurated a second time:
?
"There is one way above all others in which the United States can aid
the European democracies.
Let her regain and maintain her normal
In taking up
this position I am not alone.
at my
side, speaking I would almost say, my own
above
all
stands forth today as the
others,
prosperity."
The man who
■>'
said that in 1937 is Winston
Minister of Britain.
he said at some
the words of an
:■
Churchill, the embattled Prime
;; j■
■/.
clear, it is so important, that I am going to read you what
Listen well.
The words you are about to hear are
length.
oracle.
■.
':-:'v.yv:vVX'V
■
;V-vu
■'
Churchill, "in which the
United States can aid the European democracies.
Let her regain and
maintain her normal prosperity.
A prosperous United States exerts directly
and indirectly an immense beneficent force upon world affairs.
A United
States thrown into financial and economic collapse spreads evil far and wide
and weakens France and England just at the time when they have most
need to be strong.
The quarrel in which President Roosevelt has become
involved with wealth and business may produce results profoundly harmful
"There is one way
to ideals
above all others," says Mr.
which to him and his
people are dear.
Stating that "we must send, and we must keep sending,
aid to Britain, our first line of defense and our only remaining
friend," Mr. Willkie in
We must aid her to
his speech added:
the limit of prudence
XX
and effectiveness, as
determined
in this field.
In the Pacific our best ends will be served by a free, strong and demo¬
cratically progressive China, and we should render China economic assist¬
ance to that
end.
In addition I favor exploring the acquisition and de¬
by impartial experts
velopment of Pacific air bases for the protection of our interests in that
ocean.V'"V'
that he favored the building of a
adequate to protect our soil from aggression
from any quarter, and an industrial revival, reemployment
and encouragement to American enterprises.
Touching briefly on domestic policies, in the early part of
his address, Mr. Willkie said:
Anyone who is willing to study the evidence must agree that the New
Deal has been a failure in domestic affairs.
Some think it has been a
colossal failure; others think that it might have been worse.
My own view
is that, while the New Deal has achieved a number of reforms that were
badly needed, its domestic policy has pushed us to the threshold of bank¬
Mr. Willkie went on to say
defense system
ruptcy and
In
an
Willkie
make it any less the scourge of free and vigorous men.
is the scourge of government above the people, without
Earlier
in
text
the Atlantic to grasp our taxes, our
eyes, or
and in spite
I charge
"I charge that this
the downfall of European democracy.
to
i«or the present war."
Mr. Willkie further remarks, we quote
The point is so
Labor, Agriculture and Business
Wendell L. Willkie, speaking at
contributed
has
unconstitutional government.
address at Grand Rapids, Mich., on Oct.
said that the Nation's major problem is
1, Mr.
unem¬
Grand
ployment.
United Press advices of Oct. 1 from
Rapids reported this speech as follows:
The G. O. P. Presidential nominee charged that the New Deal had "cut
the jugular vein of America" by discouraging production and creating un¬
employment, and when he said he would "get jobs for the 9,600,000 unem¬
ployed," the crowd cheered for several seconds.
He outlined a three-point program to get those jobs:
(1) Encourage
increased production and policies
establishment of 700,000 new
so
designed to bring about
enterprises:
and efficient basis
degree of cer¬
(2) Stabilization of the tax structure "on a scientific
that men can predict the future with some reasonable
tainty," and
The Commercial & Financial Chronicle
1984
(3)
To "cut
out the red tape
that
paralyzes this country."
now
He said he favored "the proper regulation of
business."
In
ment
business—particularly big
the automobile manufacturing cities, he had answered hecklers
become "non-functioning members of society and a menace" to
At Pontiac,
with
armament
democracy.
where police estimated 20,000 persons lined the streets and
thronged Courthouse
workingmen and
Square,
Mr.
Willkie pleaded
who voted
women
for
President
be
to
1932
and
tection
1936 to "keep your minds open" on the issues of 1940.
who accepts the present situation and
man
thinks
no
governmental
and
action
than to catcall is going down the road to
shake."
a square
.
.
was
for them.
He made
of
unscheduled stop at the Motor Wheel plant in the outskirts
Lansing and repeated his appeal to workingmen for support.
At Lansing
speaking from the steps of the State Capitol building, he told 1.5,000
that he considered labor
as
a
tration has
together.
never
It calls in industry
I propose that labor
took
another shot
mentioning her by
at
industry
work
"a man's job,"
was
his Secretary of Labor "a
as
Perkins, without
and
from ranks of labor
man
who knows about labor from working and not from text books
or
serving
on
commission from New York State."
On Oct. 2 Mr. Willkie told
Michigan crowds which met
his special train that the United States now has little in¬
fluence in international affairs, and that
Germany,
only
"Nobody in this
a
country
war," said the Republican
wants
trainside crowd at
presidential
hope for the continuation of this peaceful democratic life—and
one
that is for the United States to become
strong.
"It must become strong in its domestic
economy
defense
We need both.
In both respects we are
where
in
its
military
"This Administration
in
now
It has left 9,600,000
depressed.
"Yet
has spent
power
Three
.160,000,000,000 of
our
are
has
still
1929 when there
failed
was
to
us
an
adequate national defense.
Hitler, 21% of the Federal expenditures
no
9%
were spent
administration which
Willkie told
the
were
for
for that purpose.
can
get us out of that stream."
cheering crowd that he wanted
rehabilitate domestic economy and "build
that neither Germany nor Italy nor
seek to strike this
a
Japan,
to
defense that will be
nor all
so
strong
„
3.
own
problems best.
Improvements by the States of their
of labor
4.
would profit
will wield
a
Mr.
wages.
unjustly at labor's
Willkie
expense,
procedures for settlement
said
he
despised anyone
and that "against such
who
such
man
I
Maximum hours.
6.
Extension of social security to those not now
affected.
Introduction of labor "into the councils of our
Government."
Mr. Willkie
was
also
quoted
as
which
saying:
of
that
we
Nothing
horizons."
Speaking at Cleveland, on Oct. 2, Mr. Willkie stated
that if elected President he would
"appoint the most experi¬
and the ablest men,"
including many already in
Washington. and would give them "full authority" to
organize the Nation's preparedness effort.
The United
And
also
to
reported:
increase
productive capacity
the
"I
fighting with their lives for liberty," he
"I
favor,
finally,
taking
intelligent
that of Canada.
And
I
the National
Corps, for
for parks, for rural electri¬
the
tapering
,
off
of
armament
Commodity
loan agencies—Re¬
of
Credit
Ac.,
Corporation,
Would
money.
it not serve
these agencies were to guarantee loans
theory taxes ought to be high in a period such as
We need armaments and we must be prepared
generation, but today.
in the next
that the tax load
on
so
for
area
volume of
available for
money
1937,
February,
Again
000,000.
period
the
policy.
the country has increased at a
in
use
In the period January,
and currency increased
1938, to July, 1940,
deposits
domestic
in
.
possible compensatory action is in monetary
spectacular rate during the past few years.
to
1933,
$12,250,domestic
March,
deposits and currency increased almost $10,000,000,000.
If deposit expan¬
continues at anything like this rate—and there are no brakes on it
of converting the arma¬
the present time—we shall be running the risk
at
boom into
ment
inflation.
armament
an
Excess
Hank
.
.
.
Reserves— Excess
reserves
clearly
are
at
a
various methods, among which
might be included the restoration of legal reserve requirements to the level
level.
They
prevailing
before
the
be reduced by
can
April,
in
cut
the
1938,
States
of Urftted
transfer
deposits from commercial banks to the Federal Reserve banks,
the Federal Reserve bank portfolio of United States securi¬
Government
reduction
a
in
ties, the sterilization of all incoming gold and perhaps some of our present
permitting private ownership of
holdings,
and gold coins, and dis¬
gold
continuing the issuance of silver certificates.
The choice of methods must
who can, I am sure, apply them in such
be left to the proper authorities,
to put a brake on further monetary expansion, without the actual
way as
of
deflation
existing
deposits
without
and
currency
or
material
any
or
Securities by Private Investors
methods is not likely to
unless the Government takes action
to prevent the bulk of its new securities issues from being purchased by
the banks, and undertakes to sell them instead to private investors.
This
the Government could do by stimulating the sale of United States savings
(2) Encourage Purchase of United States
of
Banks—The application of such
the
prevent
If
if
limit
the
rate
steps
to
co-ordinate
favor economic
our
defense
neighbors in the South—not with New Deal schemes but
on
the
basis
lifted above
were
savings
large enough to provide the Government with considerable
And if such steps failed to provide the Government
sufficient amounts, it could adopt the policy of offering
funds
money.
in
issues—perhaps not eligible for bank purposes
public
subscription
probably
rates
at
private purchases of
be
as
be
States
than moderately above those now prevailing.
more
no
purchase United
to
asking for
Private investors
Government defense
patriotic necessity.
of
matter
a
eager
The
point here is not that the banks are unwilling to make their credit facili¬
the Government—for they are eager
ties available to
the
calls
situation
supply
bulk
the
for
of
would
which
action
funds.
the
do
To
to cooperate—but that
induce
private
otherwise is
investors
to
the risk
to run
dangerous monetary expansion.
HI—Clear the
The
third
business
is
in
sion
face
we
policies
result
of
We
relationships.
reality
to
should
be
armament
know that
take
can
of
care
our
level of activity for
be
wise
for
condition
a
'30's.
means,
any
now
the
adapted
program
blackout
a
to
the situation
is in
Government-
private initiative
on
blockade against the sort of industrial and business
a
high
a
return
not
by
which
the
as
which alone
insures
Way for Private Business Expansion
in
area
of
time.
The armament
whole
make
called for in
problem needs
I make
no
expan¬
program
During the boom period
plans
deplorable unemployment
The specific actions
for the
unemployed.
a
carefully to
us
received in the past few years.
of expanding private
enterprise.
person
new
special defense
the late
co-operation with
to any one
kept at an attractive basis,
were
would
issues
sale3
annual
on
form of the obligation were changed to a coupon instead
basis, if investment by trustees were again permitted, and
if the
discount
a
the
bonds
however,
expansion,
further
probably will
continued.
our
through the budget of
go
asking ourselves if expendi¬
...
The second
The
which
pacts against the American people.
"I would continue my efforts
to.aid the heroic British people—the only
program with
concern
1
individual and corporate
high that the more fruitful area for improvement in
position is to be found in the curtailment of non-military ex¬
now
fiscal
our
In
entering.
now
feeling, however,
is
penses.
be called
are to
"Until I had built up the
strength of America," Mr. Willkie added,
would refrain from inviting
aggressive
are
first
our
minimum involves the
a
Corporation,
for them, not tomorrow nor
pay
have
are
he would undertake "revision of
the tax system and the
inspiring of confidence in those who
upon to take the risks."
people in the world today who
balance
might
interest much lietter if
would
discourage¬
new
enced
Press
not
we
Conservation
for non-military roads,
Finance
taxation.
with
stop this wonderful America, this great dynamic
giant.
then from bursting through our present doubt and
us
hope and
Civilian
when
(3) Hold Taxes High—The third method of fiscal improvement is in the
field
of
And then, and I know then, that there is
nothing
ment into a, world of new
held in
by the commercial banks, than if they make the loans directly ?
toward the other's gain.
can
period
promise to disburse large amounts
amounts of
stop
be
(2) Reduce Activities of the Loon Agencies—The second method of hold¬
"I propose a triumverate of
labor, agriculture and business—one for all
one.
That triumvirate will work
together.
Each will see the
other's problems.
Each will sacrifice a little for the other.
Each will work
can
the
fine-tooth comb
a
the
ing Federal debt increases to
construction
$10,000,
and all for
that
in the Federal debt may
defenses, should
with
expenditures
bonds.
a
big stick of Theodore Roosevelt."
5.
7.
be used
must
fication, and for public buildings should not be deferred to a later period
Instead
minimum
which
costly increase in interest rates.
own
disputes.
Fair
fact too frequently ignored
a
resource
that the future may bring a condition
Outlays—In
for
Administration,
when
a
Some decentralization of Federal activities in the
labor field, because
locality knows its
us
use
conse¬
i
our
dangerous
service and co-ordination of
its work with that of the Labor Board.
the
a
will be urgently needed.
by which increases
those
as
(1) Reduce
Strengthening of the existing conciliation
protect
depression with
activities?
peaceful land."
mate, Senator Charles L. McNary, promised to make the
Secretaryship of Labor "a man's job."
He said that he
favored (we quote from the United
Press):
2.
It is
exhaustible
an
may
requiring
emergency
of them combined, will
At Pittsburgh, on Oct. 3, Mr.
Willkie, appealing in
public for the first time with his Vice-Presidential running
each
armaments
our
sion
do two things:
"Our only danger of war," he
added, "is if we remain weak."
1.
of
another
post-armament
recognition
Non-Military
such
Youth
In
"We have only 75,000 men equipped for service able to
fight.
Yet this
Administration says 'you can't change horses in the middie of
the stream.'
I say to you that the Administration which
got us into the middle of that
stream is not an
a
II—Limit Monetary Expansion
build
national defense, yet in 1936
only
Mr.
credit is
-sfigr
it
during the emergencies of
predicament in the '40's is no less
our
is
We
liberally
still
face
there
if
the Federal Government
tures
effort to protect the
every
available:
be to rebuild
must
Credit
make
we
rebuilding
of borrowing power
methods
are
incomes
Agricultural prices
unemployed.
men
credit
that
the
shall
we
funds
reserves
chck
to
and
presently very weak.
money.
while
that the Government's
Adrian, Mich.
"Under such circumstances there is just one
hope for these United States
—just
Government's
quent need for heavy relief expenditures.
the national
nominee to
business expansion
Mr. Shields said, in part:
during the period of heavy defense expenditures.
discover
to
And
of Government
Italy
and Japan now think of this
country "in terms of war."
Associated Press advices of Oct. 2 from Mr. Willkie'a train
said:
t
the
Government's
invasion,
(1) Cut
Secretary of Labor Frances
declaring that her post
name,
promising to appoint
some
'30's
credit
the
difficult.
together."
He
used
the
day and labor
one
and
reach
credit, limitation of monetary ex¬
is essential that
it
area
carefully and with full
"has preached unity but this Adminis¬
practiced unity.
never
but
next,
persons
partner of government.
"This Administration," he said,
the
Government's
against
.
an
In the fiscal
have
He spoke of collective bargaining and social security and said he would
maintain them
He discussed minimum hours and wages and said he also
five years may
the next
insure private
to
/—Protect
slavery that exists in Germany."
Speaking outside the Industrial Mutual Association's auditorium at Flint
few hours later, he told a crowd of more than
5,000, "all I ask is
a
in
when military expenditures stop.
of it
more
offered oh Sept. 24 by Murray Shields,
was
expenditures
of
pansion,
Above the sound of boos he shouted:
"The
1940
$25,000,000,000, and that this spending will probably stimu¬
late the entire economy of the country.
He advocated pro¬
heard—asking
Roosevelt in
5,
economist of the Irving Trust Co. of New York, in an
address before the annual meeting of the Controllers Insti¬
tute of America in New York City.
Mr. Shields said that
:
assertion that persons who refuse to listen to opposition arguments have
an
program
Oct.
this
more
so
that
we
it
shall
similar to
that of
not
obvious
area
are
attention
than
it
has
pretense of being able to give
a sure cure, but the following seem to me to belong on any list.
(1) Relax Security Market Restraints—We should plan to make full
you
Murray Shields of Irving Trust Co. Offers Program
Avert Post-War
Effects of
A
End
Collapse—Suggests Plan
of
to Offset
Rearmament Expenditures
plan to enable the United
collapse after
a
business
to
boom
of
the
stimulative
between
of
rot
banked
to
of
surplus of
money
that
suggest
inflation
engendered
properly to
rearma¬
potentionalities
idle
the
securities
on
the
one
markets.
hand,
as
in
the
serve
we
'20's,
The
and
that money by industry on
States to prevent economic
by the
up
the other hand should be bridged.
return to a hectic period of security
but
simply that
the national interest.
we
use
the securities
the
use
gap
use
This
is
market
markets
<
Volume
(2) Plan
make
to
know
powerful
Taxes
Reduce
to
full
the
of
use
what
from
The Commercial & Financial Chronicle
151
the
in
'20's
from
should
Phase—We
possibilities
middle
We know
for expansion.
force
Post-Armament
in
stimulative
happened
of
We
reduction
tax
has
what
plan
reduction.
tax
that
happened
is
a
the
in
past decade that tax increases represent a powerful obstruction to industrial
expansion.
boom
Let
but
activity,
is
hold
us
let
tapering
eliminate
the
individual
high
taxes
the
in
phase
of
plan to reduce taxes promptly
off.
Specifically, I think that
profits
excess
income
reduce
to
reduce
the
the
social
the
should
we
level
of
security
plan
to
and
corporate
taxes—which
is
or
to
exemption to the employment of funds in new industries, in
in the development of new products, and in the exploitation of
tax
research,
markets—all these filings
new
ment boom
is
to be done at the first sign
beginning to taper off.
that the
arma¬
The basic problem is to design
tax
a
which will put a premium on business initiative so that business
able to produce jobs when the armament industries are supplying
less employment.
system
be
will
Infant
Our
Coddle
(3)
coddling
of
some
Industries—We
infant
our
industries
should
that
so
be afforded by their rapid growth.
may
*.
.
also
think
(4) Stabilize Labor-Business Relationships—Finally,
dfnt
for
that
in
In
in
obstruct
and
the
following
of
Need
7he
actions
the
was
followed
market,
by
in
the
to
Our economic
But
ment.
depression
of
reserves
be
fiscal
which
I
would
we
face
no
should
would
choice
a
choice
in
with
full
in the past quarter century.
f40's
find
we
rearm
ourselves
quickly
as
as
afford
take
to
in
we
the
dangerous world, with
a
debt
rise year
can
credit?
after
year
that
assume
assume
be
able
to be a glutton for punish¬
risk
that
will
it
survive
to
idle
that,
fend
that
assume
we
democracy, strong
our
bringing
it is,
as
policies
inflationary
ultimately
without
year
without
have
defend
problems
There is hope
financial
political
have
if
have
will
our
In
the
decade ahead
this
inefficient
economically,
And this will be true whether
difficult,
aggressors
but
using military
they
or
or
we
dcommon
an
We
not,
are
which
sense
as
our
actions—let
some
on
apply to
we
would
the intelli¬
our
have
you
economic
own
believe,
destiny; the destiny of the United
conditions
no
tell
political
one
and
in
long
deny
but only
make
for
problems
in
expansion
to believe
business
its
and to
life the
a
system
of
that the American
vigor,
strength,
1.
Convention
Savings
Private
Directly
Banks
Association
of
Burgess Urges Bankers to
to Keep Banking Business in
Hands—Remarks
of
President
Embler,
Superintendent of Banks White and Others
At
the
47th
convention
annual
of
the
Savings
Association of the State of New York, which
2, 3 and 4 at Lake Placid, N. Y.,
was
held Oct.
record-breaking attend¬
ance of over 550 bankers and their guests
representing 108
mutual savings banks gathered for the meeting.
The first
day's session, devoted to a consideration of current savings
banking, heard Albert S. Embler, President fo the Associa¬
tion and President of the Walden Savings Bank, Walden,
N. Y., appeal for remedial action on the mortgage mora¬
torium and foreclosure costs in New York State, which, he
said, are adversely affecting the mortgage market. Declaring
that the two major subjects of concern at the present time
are dividend policies and rate, and mortgage and real estate
investments, Mr. Embler said that the highest possible rate
which is consistent with sound banking and safety will be
maintained and that the method of computation of the divi¬
dend
should
favor
the
true
saver
over
the
"in-and-out"
depositor.
On the subject of mortgages and real estate
investments, President Embler pointed to the progress made
in placing existing mortgages on an amortized basis and the
gain in new mortgage loans as compared with the two
previous years. In closing, Mr. Embler said:
Thrift and economy from
are
our
fundamental to
system
is
banking is looked
fundamentals.
which I
am
our
being
to
for
both
the
Today,
from
within
preservation
as never
and
we
willingly
assume,
and
before, when
without,
savings
and furtherance of these
We have the responsibility of leadership,
confident
the
action
taken
by
banks in
some
annum.
The need for revising mortgage contracts to include terms for regular
payments on account of principal.
The desirability
of a definite and effective policy to sell real estate.
In
addressing the third session of the convention yesterday
(Oct. 4), Dr. W. Randolph Burgess, Vice-Chairman of the
National City Bank of New York and President of the New
York State Bankers Association, advised the savings bankers
that
bankers
must discharge their responsibilities as both
opinion and the financiers of the defense program
if over-expansion and inflation are to be avoided.
In his
speech Mr. Burgess analyzed the dangers of war-time
expansion and suggested safeguards against post-war eco¬
nomic ills.
As an aid to sound financing, he suggested that
"for our own good and the good of the country" bankers
finance business directly and refrain from turning the business
over to government agencies.
Asserting that production should be stimulated and some
degree of control be put on our loose fiscal and monetary
policies and powers, Dr. Burgess pointed out that two alter¬
native courses were open to this country. He went on to say:
leaders of
The first is to continue the way we have been going
large unemployment
whole
as a
In this
country.
defense program
moral and social
well
as
.
.
with continued
.
as economic
situation and without substantial
drag
on
recovery
the
the
would become an almost unbearable burden.
The second alternative is that, under the stimulus of the defense program
might again put the whole nation to work,
that the defense program
so
is added to and not subtracted from our present output.
total
national
income
will
there
be
large
increases
If
in
thus lift the
we
Government
tax
receipts, and decreases in unemployment which should make possible large
reductions in relief expenditures and thus bring the
and lessen technical
causes
at work without the
for inflation.
But
budget
more
drag of unemployment is
nearer to balance
important still,
a more
a
nation
effective nation both
for defense and for progress.
Clearly, the second
it
seek
course
and
consciously
1—the
encouragement
is the only
choice.
sane
intelligently.
That
If
we
prefer it,
two
means
of enterprise and production,
we must
of
sorts
action:
and 2—preliminary
steps in getting under control the potential factors of inflation.
While
as
whole
a
face
we
a
situat
have
excess
production
potentialities,
there
are
in which the defense program will require diversion of skilled
Where defense and peacetime programs clash defense
and machines.
Our guiding principal cannot be "Business
critical
on as
as
though
must now stand in the way.
we were
actually at
Concentration of the defense
re-adjustments by business, labor, and Government,
as
war.
some
,
usual."
.
.
We
Nothing
program means
of them painful
and laborious.
In
conclusion, Dr. Burgess stated:
What respjnsibilities have we as bankers in these matters?
responsib >ity as leaders of opinion.
our
about
these matters than
we may
have
we
come to our
working
We know
or
First
comes
should know
people; and the time has
come
more
when
speak out more freely.
Second,
It will
most other
on
The direct
a
direct responsibility in financing the defense program.
desk in two forms: the chance to finance
directly business
defense orders and the chance to subscribe in Government bonds.
financing is complicated and difficult
Government securities is easy.
But for
our
own
to arrange
safely; taking
good and the good of the
country the more we finance directly and correspondingly and the less Gov¬
ernment securities we
good business
on our
To the extent
agencies,
ness
buy the better.
finance directly we shall put
turn the business over to the RFC
we
we encourage
difficulties
are
the Government in taking
or
over
other Government
the banking busi¬
"It Is the plain
duty of mutual savings banks—and every other financial
support
the rearmament
President of the National
Oct.
2 in
an
aldress
national economy.
the
total
Ad¬
serious difficulties in lending for defense but they are
should seek to surmount.
we
institution—to
of
we
and increase the Government debt, and the danger of inflation.
mittedly there
on
As
books, and keep the banking business in private hands.
bank
program,"
Myron C. Converse,
Association of Mutual Savings Banks, declared
which
emphasized the importance of savings to
"Since mutual savings banks represent almost one-fifth
deposits in the
United
States,
said, "it is evident that savings must take
a
or
$10,000,000,000,"he
large part in financing the
Nation's defense requirements."
we must
Other speakers on the first day's program were Stuart C.
Frazier, Vice-President of the Washington Mutual Savings
Bank of Seattle,
Wash., and Vice-President of the Savings
responsibility
Division of the American Bankers Association, and Clinton
discharge it to the
B. Axford, Editor of the American Banker.
The second day's program was directed toward analysis
of the two main subjects affecting savings bankers in New
a
utmost of our abilities.
Speaking on the subject of "New Aspects of Management
Responsibilities," William R. White, Superintendent of
our ability to produce
which self-reliance and free enterprise spring
American system.
challenged
up
therefore that upon
Savings banks should consider
3.
Banks
a
seems
reducing their dividend rate to 1H% per
many areas
R.
It
depends the success of our present effort.
must ccme first.
of
New York State—W.
Finance
save
Savings banks should be prompt to effect changes in book values to
2.
men
Annual
look into the
we try to
conform to current appraisals.
and
vitality characteristic of the people themselves.
As
national savings.
likely that large armament expenditures will continue to be
Mr. White pointed out, however, that the services of the
savings banks would not be measured solely by the Govern¬
ment bonds they purchased.
He indicated that savings
institutions must also continue to do their part to serve the
normal everyday needs of the people.
After noting that earnings of savings banks had declined
in recent
years because of low money rates and unfavorable
real estate conditions, the Superintendent set forth the follow¬
ing four points which he said were deserving of special
attention of management in the coming year:
the past.
progressive economy again,
and
which
I am optimistic enough
for
social
you
This is true because
long time to come and that our need for savings will become
a
increasingly important.
eco¬
possible of solution.
seems
made for
we
are
economic future depends primarily
economic,
our
the
not
shall
foreign
otherwise.
Thpre.
impressive in the inherently realistic way in which we
private enterprise.
people
are
strong, vigorous,
a
defense,
outside
against
face
our
on
very
restore
in
world which shapes
a
approached
can
we
weak
we
of
against internal disintegration.
we
problems.
depends
something
We
be
draw upon some part of our
unable to solve the paradox
and idle machinery?
financial. strength.
because
floundering in
States
we are
And dare
defenses,
the adoption
for
can
ruin?
survive permanent
can
military
our
propaganda
government, if
to
and statesmanship
gence
strong
insidious
ourselves
weapons or
The
and
of
reserves
to
nomic
is
the
off
afford
cannot
how
matter
no
idle money,
men,
Nation
another
after year without in the end endangering
Dare
undesirable forms of
aun
of
no
can.
seems
unemployment for millions of people willing and able to work?
we
in the
excesses
an
for the battleships and the aeroplanes we will in one way or another
future it
4.
the Boom Period
Early in
the post-war period of
was
to pay
...
Restraints
State,
they have
less vital to the full success of our defense program.
no
for
way
any
choose
today,
York
New
that
Your function, while different from that of the factory and the shipyard,
is
I
or
2
White said:
arming
unhesitatingly
such
interfere
delay
between
foreign lending, and in certain types of construction.
in with a disastrous deflation which was
can
we
followed
we
change
here,
organization is tough; it
Governments
Dare
in
relationships,
before it first has experienced a period of prosperity in which
strength can be accumulated?
Dare
we
assume
that the
Government
the
namely,
largely unsuccessful effort to solve the problem of unemploy¬
a
but
alternative
in
which
areas,
were
of punishment
lot
a
so
in
the *30's, ushered
came
Now
ment.
pru-
period ending in an inflation of commodity prices.
war
Then, after the deflation, there
then
it
that
contemplated
three
no
in the armament effort.
has taken
This Nation
financial
If
for Applying Government
First there
And
seem
situation
no
Government-business
outlined
strongly
inherit
these
in
advocate
I
program.
feel
resources
our
it would
production.
of
in
and
that
program
I
But
the
of
none
changes
policies
clear
armament
our
armament.
use
policy
it
will
we
needless stoppages
monetary
make
to
want
phase
post-armament
cause
suggesting
affairs,
of
terms
opportunities
carefully to rechart the field of labor-business relationships
us
the
will
strikes
in
employment
.
of
told the savings bankers on
important part to play in our
national effort to meet the challenge confronting us by reason
of developments in the old. world.
In his address, Mr.
Oct.
armament
possible if the system is put on a pay-as-you-go basis—and to give full
partial
tuxes,
levies,
armament-induced
when
us
Banks
1985
York
State:
namely,
a
dividend
policy which
assures
the
The Commercial & Financial Chronicle
1986
lending and
adjusted to the trend toward
Mr. Moore served as a master mechanic for the Lewfcton, Me., Bleachery
fairest return to the true saver, and a mortgage
real estate investment program
1
decentralization and
V
urban
Desmo d-r
the
to
TVAVrffotf
r>fll3TY,rkriri
of
dividend
New York Savings Bank, Brooklyn, and
Association's Committee on Housing;
Banks
of the Monroe County Savings Bank,
Rochester, and Trustee of the Savings Bank Life Insurance Fund, and
George
President
Whedon,
D.
Suburban Homes Co.
CahilJ, President of the City &
James A.
J"
trie
\fs> J«f whi«h h%^can?e an f 5T^l°riJhe Westingiouse EiccLater he worked for the Fore RiveT Shipbuilding
& Manufacturing Co.
consulting engineer here,
0f the New York City Building Code Revision ComBy appointment of Governor Dix, he became a State
Conservation Commissioner in 1911. . . . He was known as an authority
a8
an
engjneer until 1903, when he became a
jje was a mem]jer
mission in 1908-09.
M. Fisher, Director of Research on Mortgage and
Bankers Association; Edward A.
Savings
the
ct
of the American
Finance
Richards, President of the East
Chairman
.
Vice-President of the Dry Dock Savings Institution,
Oliver W. Roosevelt,
New York City; Ernest
Estate
t
a
permitting savings bank investment in limited
housing. Those leading the discussion included:
Real
A«+
Oct. 5, 1940
hydraulic engineering and forestry, served as a Conservation Commissioner until 1915, and continued as a consulting engineer here until 1917.
on
In 1912 Mr. Moore drafted the Dix plan for State-owned hydro-electric
development in New York State.
During the World War Mr. Moore served as a production manager for
From 1919 to 1932 he engaged in the
the Emergency Fleet Corporation.
manufacturing of machinery here.
the third session,
Mr. Moore became a technical adviser to the National Recovery Administration in 1933 and in 1933-37 was a technical adviser to the National
discussing the subject ''Meeting Our National Problems
were
Cyrus S. Ching, Director of Industrial and Public
Relations of the United States Rubber Co., and Henry
Labor Relations Board,
In the latter capacity he adjusted many labor
disputes in various parts of the country and for a time served as acting
regional director of the Board for the New York area.
■
■
.
.
,,
,
Besides Dr. Burgess, other speakers at
Bruere, President of the Bowery
.
,
Savings Bank, New York
Branch of
London
Contributes
When the State Labor Relations Board was set up inappointed him a
1937 to assure
full freedom in bargaining, Governor Lehman
employees
member.
^
National City Bank of New York
£6,000 to Allied Relief Fund
P. H. Johnston Reelected President of New York Clearing House Association—G. S. Rentschler Named
Chairman of Clearing House Committee—Total
i?ar E
SePxu3° anJ°"ntedA to
Figures Below Those of Year Ago
principal London branch of National City Bank of
Allied Relief Fund, the
The
^"oonno
$186,200,098,586
New York has contributed £5,000 to
i
n
organization operating actively in England for
relief of air raid sufferers, Gordon S. Rentschler, Chairman
of the bank, announced on Sept. 30.
Mr. Rentschler aiso
announced that D. Joseph Palmer, in charge of the London
branches of National City Bank, has accepted appointment
on the committee of Ameiican business men in London who
have been asxed by Winthrop W. Aldrich, President of
Allied Relief Fund, to direct with British authorities the
The New York Clearing House Association, at its annual
meeting held Oct. 1 reelected Percy H. Johnston, Chairman
of the Chemical Bank & Trust Co., as President and at the
same time elected Gordon S.Rentschler, Chairman of the
National City Bank, as Chairman of the Clearing House
Committee. Mr. Rentschler, who served as a member of the
Committee during the past year, succeeds W. Palen Conway,
disposal of funds being raised in the United States by Allied
Relief Fund for the benefit of war victims. Within the past
to serve on the Committee with Mr. Rentschler are:
American
fortnight, $125,000 has been transferred by cable to London
by Mr. Aldrich as the result of public subscriptions received
from nearly every part of the United States.
^
President of the Guaranty Trust Co. New members named
Harvey D. Gibson, President and Chairman of board, Manufacturers
Trust Co.
Artemus L. Gates,president, New York Trust Co.
F. C. Harrington, WPA Administrator—
Roosevelt Pays Tribute
Death of Col.
President
t
H. Donald Campbell, President, Chase National Bank.
/Dunham B.
President, Corn Exchange Bank Trust Co.
Sherer,
Messrs. Gibson and Gates served on the Commitee during
the past ^ear.
Colonel
According to the report of Edward L. Beck, Manager of
the Clearing House, total clearing house transactions for
the year ended Sept. 30,1940, amounted to $186,200,098,586
Harrington, wlio was 53 years old, had been visiting at the
home of his brother-in-law, William Rayburn, in New Lon~
comparing with $197,974,689,702 the year previous. The
transactions for the latest year comprised exchanges of
became ill about two weeks ago.
He was
hospital and underwent an operation.
President Roosevelt paid tribute to the late Administrator
in a statement issued in Washington on Oct. 1, saying:
$157,508,323,795 and balances of $28,691,774,791. For the
preceding year ended Sept. 30,1939, the exchanges amounted
to $170,578,531,090, while the balances aggregated $27,396,158,612. The report of the Clearing House for the year
Sept. 30, 1939, Was referred to in OUT issue of OCL7,
Colonel Francis C. Harrington, National Administrator of
the Work Projects Administration,
Lawrence Memorial Hospital in
don,
The
whose
in
New London, Conn.
the
to
whole
Colonel
Sept. 30 at the
on
he
when
taken
died
sustained
has
country
He
Harrington.
was
one
a
great
very
loss
in
death
the
of
of those capable, all-around army officers
happily demonstrated the efficiency of our military services
career
promoting the pursuits of peace.
Colonel Harrington
The Clearing House transactions for the year have been as
been WPA
had
Administrator since
December, 19b8, when he succeeded Harry L. Hopkins, former Secretary of Commerce.
It is reported in Washington
advices
to
New
London,
career
No.
of
2
in
Ta/ifina
war
served
for
When
1938,
and
was
the
School
French
was
"loaned"
to
the
WPA,
which he
m
succeed
to
was
Mr.
It
placed under
Harringtun's
Colonel
was
he
that
Colonel Harrington to be
a
new
original
Harrington's
WPA, he told
"do
two
people
newsmen
run
Work Projects
was
organized in June, 1939,
Federal works agency, Colonel Harring-
Total.. —
Largest exchanges on any one day during the year (Dec.
appointment
to
head
the
boast that he had
voted
never
which
agency
Smallest balances on any one day
during the year (Aug. 26, 1940)
during the year (Aug. 26, 1940)
during the year (Aug. 26, '40)
Largest day's transactions on record, Oct.
in
his life,
When he took
that while he might make some changes because
things alike," he contemplated
$4,231,241,175.56
$3,853,040,114.48
432,909,546.73
31, 1929...
1929...
Largest balances, Oct. 30,
no
"radical"
revision
New York:
..$5,607,802,713.20
Debit exchanges
exchanges....
Credit balances—
...... ...23,602,594,676.55
The Association is now composed of five National banks, two State banks
and twelve trust companies. The Federal Reserve Bank of New York,
and the Clearing House City Collection Department also make exchanges
at the Clearing House, making 21 institutions clearing direct,
There are three banks and trust companies not
D.
Moore,
Labor
John D. Moore, a
Member
Relations
49,819,643.34
31, 1929—Exchanges._$3,853,040,114.48
378,201,061.08
Largest exchanges, Oct.
tion
J.
180,180,753.07
230,000,396.41
Balances
which
in
of
New
York
that
make
their
exchanges
through
members of the Associa-
members,
in accordance with
'constitutional provisions.
-
of
....$9,182,194,150,557.84
23, 1939). $999,216,289.92
Largest balances on any one day durii^ the
oq3<iqYo\ 1 il?ooc'^'fo
Largest transactions on any one day during the year (Dec. 23,1939) 1,147,298.751.82
Transactions of the Federal Reserve Bank of
methods.
Deeth
————--—
Total transactions..
completely free from political affiliations.
was
over
of
~
88'812i374'583 693 94
—...
,
,
,
.—
BaSSS68"""!"""!"!"""!""!"!!~
Hopkins.
continued at the helm of WPA.
Colonel
$616,556,617.83
-
-
Smallest transactions on any one day
dispenses work relief to millions came after a long controversy
the WPA under Mr. Hopkins was assailed and defended.
and
of
Administrator.
Assistant
portion of the Government set-up
a
Total.
Smallest exchanges on any one day
Harrington
as
President Roosevelt named
WPA
ton
from
Harry L. Hopkins was named Secretary of Commerce in December,
Administrator
When
graduated
was
^aris.
at
time
a
graduated from West Point in 1909, being
instructor
was
During the World War he served as an
afterward
Colonel
193o
before entering the Federal
Porio
at
ldcues,
In
class.
and
$521,550,7*1.04
—_j—:—1_
from
*"
in his
^
KfJKS*""*"~~"—
Harrington's
Colonel
summarized
—
Total transactions since organization of Clearing House (87 years):
Bristol, Va., he
man
advices
p.—...
-----—
Total transactions....
The average daily transactions:
follows:
*""$128'S 774 7»ns7
—
•—♦—:—
...sise,200,098,586.09
——-
•
Engineers,
\v*r
30,
Sept.
in
Press,
Harrington spent years in the army
set-up.
Born
Associated
until a new Adminis-
follows:
as
Colonel
relief
The
chosen.
is
Hunter, Deputy Administrator, is
acting head of the WPA
serve-as
trator
O.
Howard
that
1939, page 2160.
Ihe following IS from the report for the
latest year (ended Sept. 30, 1940):
State
There are 384 branches of members whose items are cleared through the
exchanges, making a total of 408
Board
Commissioner of the New York State
banks, trust companies and branches
^!!/f
Secrets,,,
p
ESS OS/A T;r; £ w„ .wrings,0:,
mftLZZtSifttrri- wlX'tfr. BfSfc 4s. a^in nan4? //
G"
szlSs.'iSBtiZsssi.'fffjsz
in
July, 1937, Mr. Moore had served
to
the
ae
the
National
as technical adviser
Recovery Administration in 1933 and the
Yor^r"?fmes»nof Oof2 'Tt
Times
Of Oct. 2
take
New York
garaing
Mr. Moore
Born
Springfield,
in
we
S
the
Fr°m
re-
following
career :
Mass.,
Mr.
Moore
was
graduated
from
Springfield
s,
SSSSSsS5—
of '
ther eonmi
^
o
I
Conference Cm^mUlee-WiUiam A Gray Jr.
Chase National Bank; J.
(Cha^an). President Cen-
Oo.fp^cy?%££!*£££&.
IT
Stewart Baker, Chairman of Board, Bank of the
Manhattan Co.; Harry E.
High School in 1891 and from Massachusetts Institute of Technology with
a
B.S. degree in 1895.
th
Ward, President Irving Trust Co.
Nominating Committee—Leon Eraser
(Chairman), President, First Na-
tional Bank; Edwin G. Merrill, Chairman of board. Bank of New York;
WiUiam Gage Brady Jr., President, National City Bank; E. Chester Ger-
Volume
The Commercial & Financial Chronicle
151
The
sten. President, Public National Bank & Trust Co.; John C. Jay, President,
Fifth Avenue Bank.
Committee
on
comparative total internal revenue collections, fiscal
1939 and 1940, by States and Territories, follow:
years
Admissions—Eugene W. Stetson (Chairman) .Vice-President,
Guaranty Trust Co.; Harral S. Tenney, Vice-President, Marine Midland
Trust
Alexander
Co.;
Louis S.
C.
Nagle,
Vice-President,
First
National
Alabama...
,
Arizona
Chamber
State
Arkansas...
Commerce
of
Elects
New
California..
Members—Governor Harrison of New Ydrk Reserve
Colorado...
Bank Included in List of 3
At the first Fall
meeting held
J
on
Connecticut
Candidates
Delaware...
Oct. 3, the Chamber of
Commerce of the State of New York voted favorably upon
39 candidates for membership in the Chamber.
The new
members include
ranking executives in the banking, motion
picture, petroleum, utilities, mining, insurance, leal estate,
manufacturing, drugs and chemical fields.
The candidates
had previously been approved by the Executive Committee
of the Chamber of. Sept. 26.
At that time, Frederick E.
Hasler, Chairman of the Committee, in commenting upon
the large number of candidates said:
It
is evidence of the
keen
interest
business
men
taking in the in¬
are
creasing problems of government and industry which have been brought
sharply to the front by the emergency which the country faces today
result of the threat of totalitarian nations to
security and to the American
way
our
It shows that business executives generally are
gravely concerned over
recovery
and held back re¬
employment and which today are retarding the speeding
which
the rearmament of the nation depends.
to do their
to
secure
to the end that
up
These
part and they seek, through organizations such
more
as a
economic and military
Dlst. of Col.
Florida
17,125,264
975,709
15,491,466
959,811
4,379,010
7,943,142
308,969,135
34.598,281
85,624,650
71,863,749
5,061.747
8,514,401
315.329.682
35,920.330
83,926,885
79,948,270
28.546,100
44,765,544
37,839.042
9,874,712
4,136,176
30,140,243
51,431,878
.
Georgia
33,837,490
Hawaii
11,893,768
Idaho
4,230,012
436,320,056
-
Illinois
Indiana
Iowa......
Kansas
Kentucky..
Lou Liana.
.
Maine..
Maryland..
Mass.
Michigan...
Minnesota-
Mississippi
Missouri
Montana.._
Nebraska..
.
160,905,328
258,163,068
68,830,639
6,152,414
137,715.884
5,922,295
19,129,853
7,639,824
201,826,684
New Mexico
4,409,002
9,249,980
207,008,754
2.884,154
4,439,875
New York.. 1,051,943,244 1,053.314,477
North Caro.
310,608,405
North Dak
Ohio.——
1,597,636
288,245,597
Oklahoma..
59,337.627
57,720.616
14,002,922
438,671,901
27.553,174
465.082.173
_
Oregon
Penna
Rhode M'dSoutb Caro.
South Dak.
127,938,698
25,214.325
22,576,395
147,816,801
48.968,304
15,576,470
104,350,076
172,624,305
287,200,275
68.528,732
6,600,058
138.550,535
6,829,074
20,761,344
46,858,593
15,452,633
106,518.184
.
4,045,565
New Hamp.
New Jersey
427,072,198
114,874,365
23,552.741
21,190,756
132,146,890
.
Nevada
Tennessee..
Texas..—Utah
Vermont
Virginia
Washington.
W. Virginia-
Wisconsin.
_
Wyoming..
Philip. Isl'ds
10,533,068
1,972,395
32,757,668
139,804,353
9,615,346
4,327,086
212,823,323
32,654,796
22,299,259
86,406.220
2,825,667
372,791
329,191,420
1,710,199
306,140,530
14.549,630
27,450.589
10,997.432
2,090,538
35,568.192
132,352,083
10,874,199
4,561,647
224.642,309
31.704,639
22,434.129
86,387,901
3,139,774
447,266
1,728,891
2,413,516
Total--. 5.181,573,952
5,340,452,3^6
Puerto
Rico
of life.
policies of government which have hampered
on
1940
s
$
Alaska
York
1939
1940
1939
Bank;
Brady, Vice-President, Bankers Trust Co.; Frederick E. Ilasler,
Chairman of Ex. Com., Continental Bank & Trust Co.
New
1987
of industries
men
as
are
Comparative 1939 and 1940 fiscal year income tax col¬
lections, corporate and individual, by States and Territories,
were
as
follows:
eager
the chamber,
Individual
Corporation
intelligent cooperation between government and business
industry
may
1939
contribute its maximum effort for national
1939
1940
1940
security and for economic rehabilitation.
The
following is the list of
new
Alabama
members:
Arizona
George L. Harrison, Governor, Federal Reserve Bank of New York.
James A. Moffett, Chairman of the
Clifford
E.
Paige, President,
Board, California Texas Oil Co.
Brooklyn Union Gas Co.
George J. Schaefer, Chairman of the Board, Keith-Albee-Orpheum Corp.
Blaine S. Smith,
President, Universal Atlas Cement Co.
E.
President, Kennecott Copper Corp.
T. Stannard,
997,737
Arkansas.....
1,973,332
66,642,302
California
Colorado
7,533,677
Connecticut..
Nicholas M. Schenck, President, Metro Goldwyn Pictures Corp.
19,565,546
Delaware.
40,967,770
6,402,714
5,786,663
District of Columbia.
Florida
8,696,315
Georgia
Hawaii
4,026,620
Jdaho..
Harry M. Warner, President, Warner Bros. Pictures, Inc.
Herman L. Brooks,
3,639,317
187,526
a
Alaska
William 8. Farish, President, Standard Oil Co. of New Jersey.
1,384,412
Illinois....
President, Coty, Inc.
107,281,657
17.947.156
7.011,762
4,095,277
8,559,697
Indiana
Charles Bellinger, President, Perrin-Bruckmann Agency, Inc.
Iowa..............
Edward Fisher Brown, Executive Vice-President, Milk Research Council.
Kansas
Kentucky
James Butler, President, Direct Realty Co.
Lawrence M. Cathles,
Louisiana
President, North American Reassurance Corp.
William E. Coykendall,
President, S. A. Coykendall & Co.
9,158,822
2,817,102
20,270,473
Maine
Maryland
Percy L. Deutsch, President, World Broadcasting System.
32,698,513
81,717,530
Massachusetts
Walter E. Ditmars, President, Gray
Michigan
Minnesota
Curtiss
Manufacturing Co.
Gardiner, Vice-President, Hartford Steam Boiler Inspection
C.
Insurance Co.
&
Frank G.
Otto G.
Missouri...
Nebraska
867,539
1,648,221
Nevada....
New Hampshire—
Sparre, Inc.
New Jersey
New Mexico
Joseph J. McArdle, of McArdle & McArdle.
D. McComb, President,
32,042,834
1,393,085
4,217,853
Montana
Hall, President, Stein, Hall & Co.
Lindberg, President, General Drafting Co.
Nils R. Johaneson, President, Johaneson, Wales &
Samuel
15,366,890
1,640.612
Mississippi
S. D. McComb & Co.
36,942,005
560,490
279,248,607
15,145,754
359,139
70,013,382
New York
Frank D. Mahoney, President, Compania Cubana Electricidad.
North Carolina
Melville Minton, President,
North Dakota..
G. P. Putnam's Sons.
Ernest V. Moncrieff, President, Swan
Walter D.
Charles R.
J. G.
Rhode Island
South Carolina
.*
was
and most
1,122,540,800
7.370,850
Washington
m^ttent, Chilean Nitrate Sales & Iodine Corp.
West Virginia
Wisconsin
Wyoming.
Frederic J. Whiton, and Rowland Hazard.
7,663,309
1,120,581,550
Viiglnia—
Whitman, Vice-President, William Whitman & Co.
3,205,488
1,260,959
95,930,660
16,606,086
7,728,004
4,630,435
9,886,905
8,146.876
3,272,262
14,859,213
36,353,202
83,904,957
16,106,501
1,634,082
35,144,633
1,754,494
4,647,968
1,128,486
1,685,676
38,589,391
545,000
282,416,886
16,462,691
357,801
73,840,655
10,620,381
3,178,223
87,515,548
5,486,804
3,315,900
511,646
7,230,301
19,235,950
542,023
1,029,577
14,390,759
Vermont
Robert Westaway, President, A. D. Juilliard & Co.
6,105,331
19,170,190
41,184,897
6,361,715
6,377,038
10,310,255
31,674,051
2,077,412
1,104,925
17,134,232
7,814,411
6,882,899
17,694,445
542,624
Utah...
John C. Weadock, of Commonwealth & Southern Corp.
It
7,750,443
34.739.157
2,051,860
Tennessee...
Texas
Phelps Stokes, President, J. G. Phelps Stokes Corp.
J. Albert Woods,
425,391
South Dakota.
Squibb & Sons.
Stevenson, President, Stevenson Corp.
Hendricks H.
3,295,990
83,846,429
4,963,541
3,541,889
Pennsylvania
Spear, President, Spear & Co.
Staples, Treasurer, E. Ii
13,318,381
.....
Oregon
President, Sugar Export Corp.
Murray, President, Coco Cola Bottling Co.
Maurice R.
John N.
Oklahoma
Owens, Vice-President, United States Casualty Co.
Robert M, Parker,
James T.
Ohio
Finch Oil Corp.
3,772,626
255,607
1,013,300
2,134,548
60,679,897
...
1,358,844
2,102,215
70,718,798
7,260,695
26,679,138
24,727,336
7,675,815
28,340,178
20,596.005
10,396,955
9,607,215
18,600,753
8,258.289
3,543,198
627,694
90,268,329
13.651,545
4,699,286
3,543,459
5,601,842
8,432,537
6,738,164
23,371,726
41,128,963
43,810,928
11,050,495
1,490,829
23,774,494
1,161,319
18,765.029
8,340,719
2,887,049
612,698
84,082,863
14,640,629
4,817.195
3,291,097
5.498.962
8,279,592
6,152,461
21,175,208
41,137,301
42,623,339
11,307,984
1.584,497
21,510.493
1,359,528
2,856,403
2,039,217
2,841,635
2,104.929
2,603,440
2,400.947
47,160,558
1,030,166
270,821,061
46,732.970
1,292,018
246,025.792
10,245,152
346,159
48,505.835
9,768,049
322,556
50,607,543
6,184,012
3,316,189
84,050.269
7,036,601
1,931,187
470,916
7,928.896
30,073,180
1.285.963
1,126.969
10.059,515
7,538,246
3,103,210
82,732,554
7,292,077
1,858,449
404,613
7,474,591
35,132,245
1,389,504
1,033,490
10,816,991
6,907,999
4,406.583
6.536.616
4,082,943
11,823,984
1,061.571
11,866,709
872.542
Philippine Islands
pointed out that the group was one of the largest
representative to come up for election in several
3,810,566
360,446
3,703,408
380,587
1,491,535
2,000,833
74,392,610
12~362
"l2",151
1.028,833,796
982,017,376
Puerto Rico
Total
years.
♦
Internal
June
Revenue
30
Collections
for
Fiscal
Year
Ended
Banks Insured by FDIC Amounted to
$65,589,180,000 on June 29 Compared with $59,425,859,000 Year Ago—Deposits of $58,425,391,000
Highest on Record
Assets of 13,480
Totaled
$5,340,452,347, Compared with
$5,181,573,953 in 1939 Fiscal Year—Total Income
Taxes Decreased $48,775,670 in Period
Commissioner
of
Internal
Revenue
Guy
T.
Hslvering
announced Aug. 30 that internal revenue collections during
the fiscal year ended June 30, 1940, were $5,340,452,347,
compared with $5,181,573,953 collected during the fiscal
1939.
Income tax collections were $2,102,598,927,
a decline of 2.3% from the $2,151,374,597 collected in the
previous year.
Corporation income taxes in the 1940 fiscal
year totaled $1,120,581,551, compared with $1,122,540,801
in 1939, while individual income taxes in 1940 amounted to
$982,017,376, against $1,028,833,796 in 1939. Excess-profits
taxes declined $8,582,171—from $27,056,373 to $18,474,202.
Tne total income, excess-profits, and unjust enrichment
taxes shows a decrease of $55,504,997'—from $2,185,114,304
in 1939 to $2,129,609,307 in 1940.
The main source of
internal revenue collections for the 1940 fiscal year, outside
of income taxes, wer9 the employment taxes (social security,
unemployment and cairiers taxes), which totaled $833,520,976.
Next in their order of revenue collected were:
Liquor
taxes, $624,253,156; tobacco taxes, $608,518,444; manu¬
facturers' excise taxes, $447,087,632; estate taxes, $330,886,049; miscellaneous taxes, $165,971,783; capital stock
taxes, $132,738,537; stamp taxss, $38,681,345, and gift
taxes, $29,185,118.
13,480 operating in¬
possessions as of
sured banks in the United States and its
as
June 29, made
year
to
Deposit Insurance Corporation, in its 13th
The Federal
report of the assets and liabilities of
public Oct. 2, shows that resources amounted
$66,589,180,000,
Dec.
30,
1939,
and
compared
with
$59,425,859,000
$63,146,526,000 on
on June 30, 1939.
Deposits of these banks on June 29 totaled $58,425,391,000,
against $56,076,349,000 on Dec. 30, and $52,326,754,000
on June 30, 1939.
The latest deposit figure is the highest
as
since
inauguration of deposit insurance.
Holdings of United
obligations and obligations guaranteed
States Government
by the United States Government amounted to
000, and increase of $862,670,000 over June
and
discounts
at
$17,014,372,000
were,
$15,900,885,Loans
30,1939.
$973,999,000,
or
6.1% higher than a year ago, but were virtually unchanged
since Dec. 30, 1939.
Total capital accounts of the insured
commercial banks increased by $91,459,000 during the 12month period, and amounted to 10.1% of total assets, com¬
pared with 10.9% on June 30, 1939.
Reference to the preliminary report, as issued by the FDIC
on Aug. 29, appeared in our issue of Sept. 7, page 1367.
The Commercial & Financial
1988
Board
Conference
Fall
Since
Total
in
of
August,
July, 1940
(;Revised)
1939
1937
unemployment
States declined
United
the
in
to
7,657,000 in August from 8,279,000 in July, according to the
1940
August,
1940
ployment
5,
Percentage Change front
Lowest
7,657,000
of
Oct.
7.5% in Unem¬
Reports Decline of
August—Total
Chronicle
July, 1940 to Aug. 1939 to
Aug., 1940
Aug., 1940
Inventories.......
133.5
110.5
+0.2
New orders.......
141.0
130.0
96.0
Shipments
125.0
117.0
100.0
+8.0
+7.0
133.2
+20.8
+47.0
+25.0
regular monthly estimate prepared by the Division of Indus¬
This decline of
trial Economics of the Conference Board.
622,000 in the number of jobless, or 7.5%, brought the total
the lowest point
to
November, 1937,
since
and marked
drop of 1,181,000 in unemployment since August, 1939.
remained
total
the 1937 low of
further
Total
level
reported:
employment in August reached 47,518,000, the highest employment
since
337,000
in
The Conference Board on Sept. 30
5,066,000.
September,
The greatest gains
1937.
in manufacturing,
were
workers; in construction, 191,000; in agriculture, 94,000, and
new
transportation,
54,000.
the employment gains
All
There
this time of the year. "
employment losses of 21,000 in trade,
were
than
greater
were
those normally occurring at
;
:
distribution
Appointment of Commander H.
Member of Maritime Commission
Confirms
Vickery
a
The
2,500,000 higher, however, than
than
more
Senate
as
L.
Sept. 24 confirmed the appointment of
Vickery, United States Navy, to be
member of the United States Maritime Commission for the
The
Senate
on
Commander Howard L.
a
years from April 16, 1937, succeeding
Edward C. Moran Jr., resigned.
President Roosevelt sent
the nomination to the Senate earlier that same day shortly
unexpired term of five
after
[(proving a bill, passed by Congress, allowing Com¬
Vickery to serve in the civil post.
Congressional
authorization was necessary since the Commander is on the
active list of the Navy.
a
mander
and
finance, and 0,000 in the service industries.
The emergency labor force, represented by the Work Projects Adminis¬
and the Civilian Conservation Corps, decreased from 2,040,000 in
tration
These totals
July to 2,007,000 in August.
of
are
included in the estimates
unemployment.
Unemployment totals and the distribution of employment by industries
are shown below for the months of June, July and
August, 1940; August,
J
939; March, 1033, and for the year 1929:
unemployment and employment
(In Thousands)
■
v'y ■' -; vy: ?
y
1929
Mar.,
Aug.,
June,
July,*
Aug.,*
Average
1933
1939
1940
1940
1940
......
429
Employment total...........i.
Agriculture..............
Forestry and fishing............
8,838
45,642
8,225
46,834
8,279
7,657
47,925
14,762
35,884
40,838
47,518
10,539
9,961
11,548
11,797
11,531
11,025
207
136
218
217
215
220
...
19,097
10,900
15,940
16,296
16,502
Extraction of minerals........
1,067
645
720
741
748
756
11.059
6,966
941
10,461
2,173
1,967
10,773
2,592
1,549
10,062
2,204
1,942
10,436
3,340
2,465
1,167
865
952
954
963
963
8,007
9,003
0,407
7,711
7,257
9,750
7,438
10,137
7,351
10,223
703
923
949
956
972
the Board of the Federal
Oct. 1 issued a circular to
member banks in the Second (New York) Federal Reserve
District calling attention to an election to be held to choose
successors for the directors whose terms will expire Dec. 31,
1940. They are: Class A director, William C. Potter, Chair¬
man, Board of Directors, Guaranty Trust Co. of New York,
and Class B director, Thomas J. Watson, President, Inter¬
national Business Machines Corp., New York.
Both
directors were elected by member banks in Group 1 and their
successors will be chosen by this group, which consists of
banks with capital and surplus of over SI,999,000.
The
Owen D. Young, Chairman of
Reserve Bank of New
York,
on
7,330
10,217
1,012
Member Banks in Group 1 of New York Federal Reserve
District to Elect Class A and B Directors
Unemployment total.
.
.....
member banks in
Groups 2 and 3 do not elect directors this
and will not participate in this election.
Each bank in
Group 1 is permitted to nominate a candidate by Oct. 28
and on Oct. 30 copies of the list of candidates for Class A
and B directors will be mailed to all banks in Group 1.
Balloting will begin on Oct. 31 and continue until Nov. 15,
year
Total Industry...
Manufacturing
.........
Construction
Transportation.
Public utilities.............
...
..... .
..
Trade, distribution and finance.
Service industries.
.
....
Miscell. industries and services..
♦
2,401
2,015
Preliminary.
17,153
2,069*
at which time the results of the election
A.
A.
Sends
Invitations
for
Mid-Continent
Trust
Conference to Be Held in Chicago, Nov. 7 and 8
■^yy
+
B.
will be announced.
Invitations
to
attend
the
11th
annual
Mid-Continent
Trust Conference of the Trust
support to the Nation's expanding industrial activity, accord¬
Division, American Bankers
Association, to be held in Chicago at the Stevens Hotel,
Nov. 7 and 8, have been sent out to all members in the
conference area, it is announced by Roland E. Clark, Presi¬
dent of the division.
The Corporate Fiduciaries Association
of Chicago will act as host to the conference.
O. A. Bestel,
Vice-President of the First National Bank of Chicago, is
President of the Chicago Association and is General Chairman
ing to the Division of Industrial Economics of the Confer¬
of the conference, y
Industrial
August
Orders
Month,
Reports
turers'
Inventories
New
orders
Rise
received
Fifth
for
Conference
Board
Successive
Manufac¬
—
Steady
by manufacturers
rose
sharply in
August for the fifth consecutive month, indicating continued
Board.
ence
Shipments again advanced substantially, but
inventories showed only a slight increase.
date of Sept.
Reflecting
March,
based
141
the
The Board, under
28, further explained:
advance
an
Conference
52%
of
over
the
low
years
point
recorded
in
Board's
seasonally adjusted index of new orders,
directly from manufacturing concerns, stood at
August (1936 equals TOO), as compared with 130 in July, 117 in
in
June,
and 96 in August, 1939.
Defense contracts became increasingly
important during the month, although Government orders in August were
well below the level that will be reported in
September.
The largest increases for the month were recorded
in
electrical
the
equipment, iron and steel, railway equipment, lumber, and housefuraishings
industries.
More moderate improvement was shown in the demand for
textiles, paper, and office equipment.
Although declining slightly from
July to August, demand for building equipment, chemicals, and non-ferrous
metals
continued
at
high
a
level
and
far
was
above
the
average
for
August, 1939.
Five components of the orders index have already made a
better showing than during the spectacular
buying movement of SeptemberOctober, 1939. ■
rose
to 125 from
brought the index to
and
the
Board's
high for the year and
of the 1939 peak of 128 established last December.
Improvement
seasonally
117 in July and to 109 in June.
new
a
adjusted
The gain of 7%
to within three points
fairly general, with most pronounced increases occur¬
ring in automotive equipment, boots and shoes, lumber, non-ferrous metals
and rubber.
Substantial gains also took place In
chemicals, electrical
equipment, iron and steel, machinery, and railroad equipment.
The rela¬
tively few declines reported were of small proportions.
was
Inventories Steady
The
the
value
fourth
of
manufacturers'
consecutive
inventories
rose
Blightly during August,
monthly gain.
The rate of advance, however, was
in July.
The Board's seasonally adjusted index
(1930 equals 100) at 133.5 increased from 133.2 at the end of
July, and
considerably less than
stood
of
20.8% above the level for August, 1939.
the
reflects
index
a
during
reluctance
the
on
current
the
part
of
business
The comparative stability
recovery
manufacturers
to
period
expand
apparently
inventories
beyond the level reached at the beginning of the year.
There were
advances, however, in the automobile equipment, chemical, electrical
equip¬
ment, iron and steel, non-ferrous metal, paper,
railway equipment, rubber
and textile industries.
The following
table gives* the Conference Board's
the value
inventories, new orders, and shipments for August, 1940,
the preceding month, and for the
corresponding month of 1939, together
with
percentage changes.
average
as
These indexes, all based
100, are adjusted
for
seasonal
future, Mr. Clark states in his invitaiton.
A number of well-known
speakers have accepted invitations
speak on subjects of present-day interest including taxa¬
tion, insurance, legal investment and operating problems,
public relations and problems of smaller trust departments.
The annual banquet will be held the evening of Nov. 7.
The
States included in the Mid-Continent area are:
Arkansas,
Colorado, Illinois,
Indiana,
Iowa,
Kansas, Michigan,
Minnesota, Missouri, Nebraska, North Dakota, Ohio,
Oklahoma, South Dakota, Texas and Wisconsin.
American
Bankers
Association
Announces
Three
Regional Conferences for 1940-41
Three regional conferences are to be
held by the American
during 1940-41, it was announced on
Sept. 12 by Robert M. Hanes, President of the A. B. A. and
Bankers Association
variation:
Salem, N. C.
The first conference will be held at Fort
Worth, Texas, Dec. 5-6.
The Texas Hotel in Fort Worth
Will be conference headquarters.
The second conference will
be held in New York City, at the Waldorf-Astoria Hotel,
March 5-6-7, 1941.
The third conference will be in Louis¬
ville, Ky., March 20-21.
The Brown Hotel, Louisville,
will be headquarters for this meeting.
Groups of Illinois Banking Association to Hold Annual
Meetings Next Week
Several
on
the
1936
monthly
*
groups
of the
Illinois Bankers Association
are
scheduled to hold their annual group meetings next week.
On
Monday, Oct. 7, Group 8 will meet at the Illini Country
Club, Springfield, 111., while Group 7 will meet at the U. S.
Grant Hotel in Mattoon, 111., on Oct. 8; Group 10 will con¬
vene at the City Hall in Harrisburg, 111., on Oct. 9;
Group 9
will meet at Alton on Oct. 10, and Group 5 will hold their
meeting at the Pere Marquette State Park Lodge, Grafton
on
indexes of
of manufacturers'
for
is practically completed and copies will be
near
President of the Wachovia Bank & Trust Co., Winston-
Manufacturers' Shipments Gam
Recovery in shipments continued
index
-program
to
reports received
on
The
mailed in the
Oct. 11.
The
afternoon sessions of each group's meeting, it is
announced, will be a "brass tacks" round table discussion
on practical banking problems.
New group officers will be
elected at these sessions. Following a social hour, each group
Volume
will hold
The Commercial & Financial Chronicle
151
Charles R. Reardon, President
dinner-meeting.
a
Illinois Bankers Association, is scheduled to address
of the
each of these dinner
meetings.
-—.
♦..
•
'
J. P. Morgan & Co., Iuc., New York, in its statement of
condition as of Sept. 30, 1940, reports total resources of
$712,972,715 and total deposits of $66,010,381, compared with
$701,960,195 and $650,499,912 on June 29. The bank reports
Finance
Angeles,
Los
at
Oct.
College to Sponsor Meeting
session of the Institute of Economics
18 and 19, "with Carl Snyder, past President of the American
Statistical Association, and Isador Lubin, Commissioner of
the United States Bureau of Labor Statistics, as
principal
speakers. Willis H. Booth, Vice-President of the Guaranty
Trust Co., New York City, heads a list of 17 counsellors for
the Institute.
Others in the group are A. P. Giannini, Bank
of America; George E. Roberts of the National City Bank
of New York; Victor H. Rossetti, of the Farmers and Merchants National Bank, Los Angeles; Mr. Snyder, and John
H. Williams, of the Federal Reserve Bank of New York.
The theme of the meeting will be "America's Role in the
World Economy."
National defense, the gold- problem,
increased
production, and Anglo-American relations will be
Other speakers on the program include Dr. Ira
Cress, University of California; Dr. Frank D. Graham,
Princeton University; Dr. J. B. Condliffe, formerly Professor of Commerce at London University; Drs. M. K.
Bennett and George Dowrie of Stanford University, Amos
E. Taylor, chief of the Finance Division, U.S. Bureau of
Foreign and Domestic Commerce. Dr. John Parke Young,
Investment Expert and Chairman of the Department of
Economies at Occidental College, heads the Institute.
discussed.
B.
============
rr,
,,
»
,
1.,.
_
»
G
lUon of t
con
COMPANIES,
TRUST
BANKS,
ABOUT
The statement of
y
a a
rrL.,lc,+
r
&c.
ru™
t Co
-
Sept. 30, 1940, published Oct. 4,
$2,584,742,898, as compared with
$2,338,871,477 at the close of the corresponding quarter a
year ago, Sept. 30, 1939.
Deposits of $2,291,011,486 compare with $2,027,675,759, a year ago. The current statement
shows holdings of United States Government obligations of
$1,045,273,927 and cash on hand, in Federal Reserve Bank,
pany ol New York as of
shows total resources of
and
due
from
and
banks
bankers,
$1,031,937,049.
The
Company's capital and surplus remain unchanged at $90,000,000, and $170,000,000, respectively, and undivided profits total $15,795,957, as compared with $15,639,400 on
June 30, 1940, and with $13,072,759 a year ago. The present
statement includes the assets and liabilities of the Company's
London, Liverpool and Paris Branches as of Sept. 30, 1940;
Brussels and Antwerp
the Havre Branch
Branches
as
of Aug. 31, 1940, and
of June 30, 1940.
as
•
/
The statement of condition of the United States Trust
Co. of New York as of Sept. 30 shows total deposits of
$117,723,716 and total assets of $150,143,118, as compared
with $110,626,821 and $143,112,885, respectively, on June
^
1'„«9as,
59
amounted
College, Los Angeles, will sponsor the third
and Finance on Oct. 17,
Session
'ITEMS
bank
holdings of United States Government obligations
an<l surplus are unchanged at $10,000,OU0 each, but undivided profits now stand at $5,054,927, compared with
$4,929,290 three months ago.
1
Occidental
to $54,020,702
against * $107,464,613;
(direct or
fully guaranteed) to $32,305,212, against $27,815,420, and
loans and advances to $6,446,356, against $7,511,663. Capital
from
to Hold Third
17-19—Occidental
and
Economics
of
Institute
1989
$80,602,873 against
kanHs amounts
in
hand and on
cash on
deposit in banks at $202,614,023,
against $256,015,246 three months ago; United States Goveminent securities (direct and fully guaranteed) at $377,872,016 at the latest date, compared with $338,346,236; State
and municipal bonds and notes are now $71,912,763, against
$47,937,589, and loans and bills purchased are reported at
$30,235,156 on Sept. 30, compared with $28,162,561 on June
29.
The capital and surplus of the bank is unchanged at„
$20,000,000 each.
•
1
In its statement of condition as of Sept. 30, 1940, the
Chemical Bank and Trust Co., New York, reports total
deposits of $808,542,554 and total assets of $892,964,445 as
against $697,763,104 and $783,907,329, respectively, on Sept.
30, 1939.
Cash and due from banks amount to $493,877,983,
; compared with $412,968,534; United States Government
obligations (direct and fully guaranteed) to $118,623,503,
against $112,458,266, and loans and discounts to $137,284,799^ against $159,366,026 a year ago. The company's capital
and surplus remain unchanged at $70,000,000, but undivided
profits have increased to $7,037,757 from $6,267,665 on Sept.
30, 1939. The bank shows indicated earnings for the third
quarter ending Sept. 30 of 65 cents per share compared with
*
.
A
m
i
d
f
±rm
cents a sliaie in llke periQ( of 1J6J.
~
^
•,
.
.
^
The Bank of New York, New York City, in its statement
bf condition as at the close of business on Sept. 30, 1940,
reports total assets of $279,972,985, as compared with $269,<102,459 on June 29 and total deposits of $255,873,770 against
$245,533,177. Cash on hand, in Federal Reserve Bank, and
due from banks and bankers, including exchanges for clearing house and other cash items, amounts to $93,955,693,
against $89,262,343; holdings of United States Government
securities to $114,599,471, compared with $115,243,941; and
loans and discounts total $43,872,851 against $40,239,578 at
the end of the second quarter. The bank's capital and surplus are unchanged from the previous quarter at $6,000,000
and $9,000,000, respectively, but undivided profits now stand
at $4,977,572 compared with $4,940,700 on June 29.
♦
in its
hattan
;total
Sept. 30 report of condition the Bank of the Man-
Co., New York, shows deposits of $639,022,327 and
assets
of
$720,750,042, comparing, respectively, with
$590,767,710 and $658,470,371 on June 30.
Cash and due
$75,289,195 three months ago; holdings of United States
trom hanks an(| bankers totaled $303,110,100 against
Treasury,Bonds and^Notes to $21,850,000 against.$22,520,000,t while loans totaled $16,422,789 against_$20,66o,424.
205,109 on the earlier date; United States Government
obligations were $132,785,544, comparecUwith $144,133,308;
a
surplus are unchanged at $2,000,000 and 5526,000,000, respectively, biR undivided profits, after paying the
Oct. 1 dividend of S300,000, amounts to $2,853,796, as
compared with $2,847,06o on June 30.
In its condition statement as of
Trust Co.,
and
and
$1,221,357,668 and
due
from
respectively,
June 29.
Cash
$1,406,539,410, comparing,
of
assets
$1,277,042,821
banks
$1,342,394,394
totaled
on
$458,852,572,
against
$473,-
482,673 on the earlier date; United States Government
securities, $585,198,018, compared with $544,491,637; loans
and bills discounted, $224,558,973, against $209,715,240, and
state
municipal securities, $59,162,987, compared with
and
unchanged
and $50.000.000,,
respectively, but undivided profits increased to $32,445,780
from $31,778,226 on June 29, 1940.
$52,899,056.
from
the
The bank's capital and surplus are
previous
quarter at $25,000,000
♦
The statement of condition
New
York
as
of
Sept. 30,
assets at the highest
shows deposits and total
levels in the history of the institution,
deposits amounting to $2,740,411,458 (as compared with
$2,591,963,229 on June 30 last) and total resources reaching
$2,922,420,074
(against $2,774,780,590 at the end of
June).
principal assets at the end
of September were: Cash and due from banks and bankers,
$1,285,089,939 (against $1,247,074,280 on June 30) ; United
States
Government
obligations
(direct and fully guar-
According to the statement the
anteed), $778,108,016 (against $725,503,880), and loans, discounts
and bankers acceptances, $524,129,037
(ocmapred
with
at
Capital and surplus remain unchanged
undivided profits now
$16,711 compared with $15,819,370 three months
$498,731,602).
$77,500,000 and $53,000,000, and
stand
at
ago.
♦
York, reported
$90,589,245 and total
resources
of $117,228,145, compared with $138,874,832 and
$165,470,126, respectively, on June 30 last.
Cash and due
The
as
of
City Bank Farmers Trust Co., New
Sept. 30, 1940, total deposits of
and
to $169,853,946
discounts amounted
against
June 30. The company's capital and surplus
remain unchanged at $20,000,000 each, but undivided profits
now
on
rep0rted at $6,773,022 as compared with $6,651,063
three months ago.
.
*he regular meeting of the Board of Directors of the
City Bank Farmers Trust Co New York, held Oct. 1, J. Herbert Case was elected a member of the Board. His original
association with the City Dank 1 aimers was as Vice-Iresi?
Pf
v11™,n11!: States entered
the War, to assist the New York Federal Reserve Bank in its
program to help the Government Finance the War. Mr.
Ease retired as Chairman of the New York Iederal ReSC1?V.<1
m 1933. He has been a banker for more than
a haI! centurr and
one of the nations outstanding autliorities on commercial paper.
^
*
'
\
Chase National Bank, New York,
for Sept. 30, 1940, shows deposits of $3,251,342,600, a new
high figure for any reporting date, comparing with $3,190,823,000 on June 29, 1940, and $2,817,977,000 on Sept. 30,
1939. Total resources amounted to $3,522,990,000 compared
•
.
of the National City Bank of
1940,
loans
$158,043,342
are
Sept. 30,1940, the Bankers
New York, reported total deposits of
total
with
and
$250,-
.
.
The statement of the
with $3,472,779,000 on June 29, 1940 and $3,097,011,000 on
Sept. 30,1939; cash in the bank's vaults and on deposit with
the Federal Reserve Bank and other banks, $1,440,940,000
compared with $1,467,007,000 and ' $1,316,611,000 on the
respective dates; investments in United States Government
securities, $1,015,425,000 compared with $1,039,031,000 and
$808,804,000; loans and discounts, $625,579,000 compared
with $607,859,000 and $601,290,000.
On Sept. 30, 1940, the
capital of the bank was $100,270,000 and the surplus $100,270,000, both amounts unchanged.
The undivided profits
account on Sept. 30, 1940. amounted to $36,535,000 compared
with $33,821,000 on June 29,1940 and $34,058,000 on Sept. 30,
1939.
Earnings of the bank for the third quarter of 1940
amounted to 37 cents per share, as compared with 44 cents
earned in the third quarter a year ago.
•
The Commercial & Financial
1990
The
Bank and Trust
National
Publie
Co. of New York
third quarter ended Sept. 30,
1940 of $315,002, which is equal to 79 cents per share. Pro¬
visions for the dividend of $150,000, payable Oct. 1,1940 was
made from earnings during the second quarter ended June
30, 1940.
Assets of the bank amounted to $178,302,501 at
the close of business, on Sept. 30, 1940, compared with $173,257,005 on June 30 last.
Cash and due from banks in the
latest statement total $54,758,347 against $08,478,704 on the
earlier date, while holdings of United States Government
obligations amounted to .$32,540,000 compared with $31,400,000, and loans and discounts were $73,349,374 against $58,690,159. The bank's capital and surplus are unchanged at
$7,000,000 each, but its undivided profits now stand at
$3,382,709, compared with $3,067,700 on June 30, after
making provisions for the April 1 and Oct. 1 dividends total¬
ing $300,000.
The current statement shows total deposits
of $156,958,385, contrasting with $151,920,946 three months
reports net earnings for the
ago.
♦
of condition of Fulton Trust Co.
The statement
of New
Chromcle
Oct.
5, 1940
etc., as well as dividends on preferred
amounted to $4,800,071, or $2,91 a share, as
or $2.71 a share, for the corresponding period
30, 1940, after amortization, taxes,
stock,
but before
reserves,
compared with $4,473,621,
last year.
Philadelphia National Bank of Philadelphia, Pa., in
statement as of Sept. 30, 1940, shows total
The
condition
its
$628,363,185, as
of $656,312,367
on June 29, last.
In the current report, cash and due from
banks amounts to $295,532,954 (against $325,222,760 on the
previous date); holdings of United States Government se¬
curities to $169,358,134 (compared with $169,783,134) and
deposits of $577,648,649 and total assets of
compared, respectively, with $605,087,949 and
$83,249,696 (against $81,016,634). No
loans and discounts, to
change has been made in capital account,
which stands at
$14,000,000, but surplus and net profits account has risen to
$29,588,984 from $29,247,146.
•
In its statement of condition as of
'•
Sept. 30,1940, the Penn¬
sylvania Co. for Insurances on Lives & Granting Annuities
of Philadelphia, Pa., reports total resources of $305,449,445
30,1940, shows undivided profits, after pro¬
(comparing with $298,640,490 on June 29, 1940), the prin¬
Oct. 1, of $888,783 as compared
with $875,165 on June 29, 1940, earnings for the third
quarter of the year being equivalent to $3.18 a share on the
outstanding capital stock.
Deposits of the trust company
which is engaged exclusively in personal trust and banking,
are reported as $26,431,232 as compared with $25,307,965 at
the end of the second quarter.
Cash on hand and in banks,
cipal items of which are: Cash and due from banks, $139,790,903 (against $138,378,264 on the earlier date); commeicial loans and loans upon collateral, $871,866,753 (com-
York
of Sept.
as
viding for dividend payable
demand
and
securities
Government
States
United
loans
aggregated $22,510,585 on Sept. 30, as
compared with $22,305,426 on June 29.
■'
"''S
•
i.' :;VV"
"f'r:
secured by collateral
■■
■
securities, $32,306,557 -(comparing with $30,869,504 on June
On the liabilities side of the statement total deposits
(contrasting with $270,731,385 on
June 29).
The company's capital and surplus remain un¬
changed at $8,400,000 and $12,000,00, respectively, but un¬
29).
City of New York, in its
at the close of business Sept. 30,
statement of condition as
$826,811,306 and total deposits
of $703,919,815, compared with $873,500,564 and $749,343,579,
respectively, on June 29, 1940. Cash on hand and due from
1310, shows total resources of
amounts to $235,051,022
against $295,857,446 on the earlier date; holdings of United
States Government securities to $377,623,123 against $380,the current statement,
124,513; loans and discounts to $37,673,515 against $38,603,Capital and surplus remain unchanged at $10,000,000
and $100,000,000 respectively.
Undivided profits on Sept. 30
are shown at $8,927,576, after making provision for the Oct.
.1 dividend of $2,500,000, as compared with $9,530,449 on
June 29, after providing for the July 1 dividend of $2,500,000..
-■■■"■ft'-
041.
given as $277,520,973
are
divided profits have
the
risen to $2,784,225 from $2,719,702 on
previsious date.
.
The First National Bank of the
banks, in
trasting with $81,896,703), and United States Government
.
*v:.;v;•
Total
;':-v./■V*'.--
♦
.
deposits of $131,260,034 and total assets of $148,-
322,386
shown in the condition statement of the Corn
are
Exchange National Bank & Trust Co. of Philadelphia, Pa.,
of Sept. 30, 1940, comparing with $127,139,027 and $143,859,558, respectively, as of June 29 last.
The chief items
as
comprising the assets in present statement are: Cash and
due from banks, $47,679,062 (against $48,458,340 on June
29); United States Government securities, $34,819,350( com¬
paring with
$34,120,008);
bills discounted,
$19,229,159
(against $17,061,982) ; demand loans, $11,699,806 (compar¬
ing
$10,898,191),
with
other
and
securities
$9,956,383
(against $9,362,253). The banks's capital remains unchanged
at
$4,550,000, but surplus and undivided profits account is
$9,370,239, against $9,177,149 three months
now
ago.
*
Lafayette Street, near Worth Street.
The announce¬
said that the office will feature Check-O-Matic (no
at 50
ment
minimum balance
credit
fied
checking accounts), personal loans, certi¬
bill paying service,
checks,
the life insurance
premium budget plan, thrift accounts, and other services of¬
fered by the Popular Services Department of the bank. The
regular commercial banking, trust, and other facilities of
the trust company will also be available through this new
office.
A statement by Mr. Brunie said:
The growth
that
of
Popular
our
Service Department
has made us conscious
and other new services to the general
public, we had uncovered a field in which there is a great opportunity for
the expansion of a bank's usefulness to the community.
All services of¬
in
bringing
fered at the
Check-O-Matio
Lafayette Street office have been successfully presented to
60
the public at our other offices and have
usefulness.
•
•
'
•
/
•
demonstrated their timeliness and
: ..'-V
nounces
Thomas
Mr.
Brothers Harriman &
statement of Brown
since the firm
began publishing its statements in 1934.
At
total assets were $142,454,118
compared with $135,953,978 on June 30 and $118,168,903 on
Sept. 30, 1939.
Deposits totaled $121,541,297 compared with
the end of the third quarter,
June 30, and $90,994,312 on Sept. 30, last
year.
Capital and surplus of $13,265,254 compared with
$13,244,955 three months ago and $13,185,377 a year ago.
$112,416,710
on
P.
compare as
and
a
$38,063,614
States
$49,703,021
stocks
and
"
year ago:
Cash
United
were $21,795,006 against $25,115,926 on
$18,223,182 on Sept. 30, 1939. Other asset items
follows with the figures for three months ago
against
$29,436,927
against
Government
securities
$46,587,785
(valued at lower of cost
$8,892,480;
customers'
and
or
and
(valued
at
respectively;
$29,182,594,
lower of cost
$40,463,218;
or
marketable
market),
bonds
and
market) $10,401,688 against $10,222,250
liability
on
acceptances,
$6,542,185
against
$9,580,341 and $12,942,197.
The statement of condition of Manufacturers Trust Co. of
New York, as of Sept. 30, 1940, shows deposits of $856,162,984 and resources of $950,811,789, compared with deposits of
$737,809,059 and
1939.
resources
Ihirther details of
of $837,238,027 shown
the latest
statement
on
Sept. 30,
are
given as
follows:
Cash and due from banks is listed at
429
a
year
year ago.
ago
which
$304,071,786,
as
against $233,593,-
U. S. Government securities stands at $304,005,430
;
one
it was $273,198,269.
compares
as
$8,749,520,
as
$40,151,109.
with
Loans and bills purchased is $210,541,450,
$203,423,657 a year ago.
Preferred stock is shown
$32,998,440, and surplus and undivided profits
Net operating earnings for the nine months ending Sept.
common
as
&
Cleary is
1926.
In
Co.,
Philadelphia, Pa., an¬
as Secretary to
The Board of Directors has elected
Secretary and Assistant Trust Officer.
member of the Pennsylvania Bar and has
a
employ of the Mitten Bank & Trust Co. since
addition, Frank W. Davis, Manager of the
sonal loan department,
per¬
appointed an Assistant Treas¬
These changes became effective Oct. 1.
urer.
At
Trust
deary
a
was
recent meeting of the directors of the Security Trust
Co. of Wheeling, West Va., R. E. Bowie, formerly Executive
Vice-President
of
the
institution, was named President to
succeed the late General J. S. Jones.
In noting Mr. Bowie's
election, "Money & Commerce" of Sept. 28 had the follow¬
ing to say regarding his financial career:
President
the
Officer,
as
an
a
Bowie
Security
well
as
is
a
Trust
of E.
son
Co.
in
director.
as a
B.
Bowie, who
and
1903,
was one of the organizers
became Vice-President and Trust
R. E. Bowie entered the institution in 1908
youth and remained with it until 1916, when he resigned to become
investment
banker.
turned to the bank in
until
Department,
Because
of
the failing health
of his father, he
re¬
1927 and assisted in the administration of the Trust
his father died in 1929.
He advanced through the
position of Vice-President and Trust Officer and about
various offices to the
a
year ago was
elected Executive Vice-President.
Virginia Bankers Association in
Mr. Bowie has well served the West
capacities.
present
a
He
was
many
Vice-President in 1937 and President in 1938, and is at
member of its Executive Council.
Loans and advances
June 30 and
Bank
resignation of Mahlon Townsend
been in the
of
The financial
the
accept another position.
-
Co., New York, private bankers, as of Sept. 30, 1940, shows
increases in total assets and in deposits to the highest levels
Mitten
The
Henry C. Brunie, President of the Empire Trust Co., New
York, announced this week of a new office in Manhattan
THE
CURB
MARKET
the New York Curb Exchange has been active
of the market has been uniformly upward
during most of the present week.
Industrial shares have
been in excellent demand and a number of substantia? gains
have been registered in this group.
Aircraft stocks have
been somewhat irregular with most of the changes in minor
fractions.
Shipbuilding issues have been quiet with the pos¬
sible exception of Bath Iron Works which has been in gocd
demand at higher prices.
Oil stocks gradually strengthened
as the week progressed and the paper and cardboard group
moved within a narrow groove.
Moderate gains were
recorded by the preferred sections of the public utility shares
and the aluminum issues have registered both gains and
Trading
and
on
the trend
losses.
Irregular price movements were apparent during the early
dealings on Saturday, but the market firmed up as the session
progressed and closed with a goodly number of the trading
favorites
on
the side of the advance.
approximately 30,000 shares.
There
The transfers totaled
were
156 issues traded
unchanged.
in of which 55 advanced, 46 declined and 55 were
Volume
The Commercial & Financial Chronicle
151
Aircraft, stocks
fractionally higher and the shipbuilding
on the side of the advance hv Bath
Iron Works which closed at 15 with an advance of Y point.
Paper and cardboard issues registered small gains and the
shares
were
were
In the industrial
others.
Chicago
Flexible Shaft, 2 points to 72, and Quaker Oats, 1 point to
105Y, and some of the utility preferred stocks were higher
with Alabama Great Southern leading with a gain of 6 points
the
advances
a
among
Jan. 1 to Oct. 4
New York Curd
1939
1940
Exchange
Stocks—No. of shares.
narrow range.
included
Week Ended Oct. 4
Sales at
represented
oil stocks moved within
section
1991
1940
1939
497,850
891,775
32,173,739
34,383,635
$5,279,000
87,000
$6,877,000
45,000
238,000
$229,648,000
$347,324,000
1,752,000
3,341,000
223,000
5,216,000
4,719,000
$5,589,000
$7,160,000
$236,616,000
$355,384,000
Bonds
Domestic
Foreign government-
.
.
Foreign corporate
Total
to 76.
Initial
prices
generally stronger
throughout the day
Monday, and
toward higher
levels, the changes were small and without special sig¬
nificance.
The transfers were down to 63,305 shares against
91,020 on Friday the last full session.
In the aircraft group
Bell and Bellanca were fractionally higher, while Beech and
were
while the tendency
Brewster moved downward,
and
International
Petroleum
in
on
the oil section Humble Oil
moved to lower levels,
Gulf Oil registered a fractional advance.
while
In the industrial
Monarch Machine Tool was stronger and forged
2% points to 36; May Hosiery, 3t| points to 54;
Great Atlantic & Pacific Tea Co. nv stock, 1\i points to
9634; Brill pref., 234 points to 39; and Lackawanna RR. of
N. J., 234 points to 44.
On Tuesday the market advanced along a broad front,
and as the day progressed, the volume of sales climbed to
112,740 shares, the highest since Sept. 23, as compared with
63,305 on Monday.
Aircraft issues were stronger, Vultee
advancing
point to 934, followed by Bell and Brewster
with fractional gains.
Bath Iron Works was the only ad¬
vance m the shipbuilding
group and St. Regis Paper pref.
was
the strong stock in the paper and cardboard section.
Oil issues were stronger all along the line, but the gains were
small.
Industrial issues moved briskly ahead, Patehogue,
Plymouth Mills registering a gain of 5 points at 35, and
public utility preferred stocks forged ahead to higher levels.
Aluminum issues again moved forward, Aluminum Co. of
America advancing 4% points to 161, and Aluminium, Ltd.,
gained 2 points at 82.
Under the leadership of the industrial shares the curb
market continued its forward movement on Wednesday,
the gains ranging from 2 to 4 or more points.
Public
utility preferred stocks were higher and the oil shares regis¬
tered a number of modest gains.
Aircraft issues were gen¬
erally irregular with Bell, Bellanca and Brewster moving on
the side of the advance while Vultee and Republic declined.
Noteworthy among the day's gains were Aluminum Co. of
America, 2 points to 163; Brown Co. pref., 2 points to 21;
General Gas & Electric pref. B, 4 points to 35; SherwinWilliams, 434 points to 8334; Thew Shovel, 1% points to
18^4; Virginia Public Service pref., 5 points to 85; Babcock
& Wilcox, 1 point to
3034; G. A. Fuller, 234 points to 2234;
nd National Steel Car, 1 point to 31
Industrial stocks again assumed the market leadership on
Thursday and advances ranging from 1 to 4 or more points
were registered along a wide front.
Oil shares were in de¬
mand, Humble Oil gaining 134 points to 56 followed by
other members of the group with smaller advances.
Alumi¬
num issues
were mixed,
shipbuilding stocks were irregular
and paper and cardboard shares were fractionally higher.
Aircraft stocks improved, Bell advancing 1 point to 2034
while Vultee and Republic were higher.
Public utilities
were
comparatively quiet, only a few of the preferred group
recording gains of a point or more. The advances included
among others Tubise Chatillon A 3 points to 35, Southern
Calif. Edison pref. 2J4 points to 4634, Driver-Harris 2 points
to 2334, Chicago Flexible Shaft 134 points to 72, American
Mfg. Co. 2 points to 20%, Aluminium Ltd. 2 points to 85
and Pittsburgh & Lake Erie 134 points to 6534The market moved irregularly lower on Friday, and
while there were occasional gains ranging up to 2 or more
points, these were among a few selected issues including
among others Aluminum Co. of America 1% points to 161%,
Pittsburgh & Lake Erie 234 points to 4434, Prudential
Investors pref. 334 points to 103, Pa Salt Mfg. Co. 834
points to 18934, Koppers pref. 4 points to 90 and Western
Maryland 1 pief. 4 points to 66. Aircraft shares were lower
all along the line and there was little activity apparent
among the shipbuilding or paper and
cardboard shares.
Public utilities were off and most of the industrials were
fractionally lower. As compared with Friday of last week
prices were generally higher, Aluminum Co. of America
closing last night at 161 % against 156 on Friday a week ago,
American Cyanamid B at 35% against 3534, Babcock &
Wilcox at 28% against 28, Bell Aircraft at 1934 against
17%, Carrier Corp. at 8% against 834, Gulf Oil Corp. at
29% against 2934, Humble Oil at 5634 against 53%, New
Jersey Zinc at 6434 against 6234, and Sherwin Williams at
84 against 81.
group,
ahead
DAILY
TRANSACTIONS
AT
THE
NEW
YORK
CURB
EXCHANGE
Bonds (Par Value)
Slocks
(Number
Week Ended
o,t
Oct. 4. 1940
Shares)
Government
Foreign
Corporate
$18,000
Total
$363,000
$337,000
88,000
63,280
761,000
11,000
17,000
789,000
111,350
1,068.000
15,000
18,000
1,101,000
1,146,000
13,000
15,000
1,174,000
1,084,000
883,000
32,000
56,000
1,172,000
82,300
8,000
99,000
990,000
497,850
$5,279,000
$87,000
$223,000
$5,589,000
Saturday
Monday
Tuesday
Wednesday
107,110
Thursday
Friday..,
103,515
Total
Foreign
Domestic
30,295
Philadelphia Stock Exchange
was
Sept. 28 to Oct. 4, both inclusive, compiled from official sales lists
Sales
Fridaj
Week's
Last
Par
Stocks—
American Stores
Price
*
American Tel & Tel
Low
12%
100
Bankers Sec Corp pref..
_
50
Barber Co
..10
Bell Tel Co of Pa pref.
.
100
Budd (E G) MfgCo
*
Budd Wheel Co
*
Chrysler Corp
5
...
Curtis Pub Co com
*
1%
_
Preferred
*
3
3% May
97
55% June
137
Apr
1%
Apr
Jan
6
May
Jan
6%
90%
Feb
Sept
4%
Jan
June
7%
2%
8
119
21%
Jan
33%
190
55%
Apr
2%
Mar
8%
2%
Apr
24%
Jan
2%
9,640
23%
2,518
14% May
25
115% 116%
159
65
190
112% June
28% June
373
May
30%
31%
3%
41%
3%
41%
25
41%
83
34% May
%
100
%
%
%
207
1%
1%
1%
35%
3%
220
11%
*
Oct
120%
31%
Jan
*
147
35%
12
11%
114% 114%
10
5,754
36
49
107% June
Apr
.
Feb
%
1
May
May
Jan
8% May
Oct
1% June
26% June
Oct
190
3i« June
""%
Apr
May
1% May
5% June
1% Mar
30%
Jan
2%
Jan
41%
Feb
15%
117%
Feb
Jan
No par value.
Course of Bank
Bank clearings this
a
113%
605
38
35%
.
122
242
Jan
Feb
15%
125%
25
Pfef erred
.
8% June
686
*
United Gas Improv com
75
Apr
15
22%
_
United Corp com
146% May
10% May
325
*
1
Transit Invest Corp pref..
104
953
Salt Dome Oil Corp......1
Tonopah Mining..
620
2%
25
Scott Paper......
102% 165%
15
14 %
10%
11%
118% 120
4%
4%
6
5%
81
81%
1%
1%
14%
175%
30%
60%
*
Phila Elec Pow pref
9% June
2%
50
Phila Elec of Pa $5 pref
517
"~2%
.1
50
Penna Salt Mfg
High
12%
12%
48%
Natl Power & Light. ...._*
Pennsylvania RR.
Low
Shares
High
29
10
Lehigh CoalAr Navigation *
Pennroad Corp v t c
Range Since Jan. 1, 1940
for
Week
2%
Electric Storage BatterylOO
General Motors
Range
fit J*t4ap§
VJ i f lCCo
Sale
week show
Clearings
an
increase compared with
Preliminary figures compiled by
year ago.
us,
based
upon
chief cities of the country,
indicate that for the week ended today (Saturday, Oct. 5)
telegraphic advices from the
clearings from all cities of the United States for which it is
possible to obtain weekly clearings will be 6.3% above these
the corresponding week last year.
Our preliminary
total stands at $6,163,923,010, against $5,800,122,002 for
the same week in 1939.
At this center there is a gain for
the week ended Friday of 3.6%.
Our comparative sum¬
mary for the week follows;
for
Per
Clearings—Returns by Telegraph
■:X
Cent
1940
1939
$2,714,672,145
273,778,992
376,000,000
$2,621,091,879
276,840,512
347,000,000
+8.4
Boston
222,418,051
Kansas CIty__
83,301,899
83,100,000
140,507,000
124,955,990
113,935,034
108,010,646
79,116,680
199,075,610
80,691,555
+ 11.7
+ 3.2
Week
•
Ending Oct.
5
!
New York.-
Chicago
------
Philadelphia
St. Louis.
;------
_
San Francisco
Pitts burgh
—
-
-
.
-
-
Detroit..--------
—
,
+3.6
—1.1
81,700,000
+ 1.7
127,261,000
+ 10.4
113,050,107
+ 10.5
+41.7
80,391,072
96,669,218
74,039,410
+ 11.7
$4,319,796,437
$4,097,810,363
+ 5.4
900,139,405
856,952,395
+5.0
Total all cities, five days
$5,219,935,842
$4,954,762,758
+5.4
All cities, one day..—--—
943,987,168
845,359,244
+ 11.7
Total all cities for week.
$6,163,923,010
$5,800,122,002
+6.3
Cleveland
—
-
Baltimore
Eleven cities, five days
Other cities, five days
*
+6.9
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all
cases
has to be estimated.
In the elaborate detailed statement, however,
which
we
able to give final and complete
previous—the week ended Sept. 28.
present further below, we are
results for
the
week
For that week there was an increase of
5.2%, the aggregate
for the whole country having amounted to
$5,960,754,286, against $5,667,809,712 in the same week in
1939.
Outside of this city there was an increase of 3.3%,
the bank clearings at this center having recorded a gain of
6.8%.
We group the cities according to the Federal Re¬
serve districts in which they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals show a gain of 6.7% and in the Phila¬
delphia Reserve District of 0.6%, but in the Boston Reserve
District the totals show a loss of 6.5%.
In the Cleveland
Reserve District the totals are larger by 12.6%, in the
Richmond Reserve District by 13.0%, and in the Atlanta
Reserve District by 6.8%.
The Chicago Reserve District
has an increase of 7.5% and the Minneapolis Reserve Dis¬
trict of 2.8%, but the St. Louis Reserve District has a
decrease of 3.5%.
In the Kansas City Reserve District
the totals record a falling off of 3.8% and in the Dallas Re¬
serve District of 7.6%, but in the San
Francisco Reserve
District the totals register an improvement of 2.2%.
In the following we furnish a summary by Federal Reserve
of
clearings
districts:
Oct
The Commercial & Financial Chronicle
1992
CLEARINGS
SUMMARY OF BANK
The
■
New
York
years
1940
Reserve
1939
Dec.
1938
1937
S
Week End. Sept. 28,1940
1
%
%
S
Dlsts.
1st
Boston
252,031,984
269,435,338
—6.5
227,496,918
New York.. 13
"
3,355,058,245
3.145,320,962
+6.7
3,343,355,727
3,885,002,704
3d
PhiladelphialO
'
1940
1939
1938
1937
No. Shares
No. Shares
No. Shares
No. Shares
272,467,832
2d
12 cities
of the
1937 to 1940 is indicated in the following:
Inc.or
Federal
the
on
the nine months
Exchange for
Stock
properties
in share
of 'transactions
volume
1940
5,
"
408,433,192
406,092,555
+0.6
347,041,148
401,986,606
4th
Cleveland..
7
**
344,209,250
306,673,423
+ 12.6
255.640,687
355,846,309
Richmond.. 6
**
162,727,609
143,972,120 + 13.0
131,623,940
157,661,275
February
15,990,666
13,470,755
25,182,350
13,873,323
6th
Atlanta
10
"
177,006,974
165,711,155
147,896,467
164,074,412
March
16,270,368
24,563,174
7th
Chicago
18
M
533,950,411
496,638,459
+6.8
+7.5
24,151,931
14,526,094
22,995,770
58,671.416
50,248.010
6th
431,739,219
539,514,936
45,731,788
63,618,847
61,673,795
159,265,706
26,695,690
38,964.712
20,246,238
17,119.104
14,004,244
34,606,839
12.935.210
15,574,625
11,963,790
24,368,040
16 449,193
Month of January
First quarter
8th
St. Louis...
4
"
147,551,368
152,951,901
—3.5
136,981,211
162,802,879
9th
Minneapolis
7
"
117,181,606
113,980,390
+2.8
95,510,923
112,914,786
10th Kansas City 10
11th Dallas
6
"
135,281,939
140,633,746
—3.8
119,543,790
"
67,917,438
73,561,486
—7.6
62,534,222
73,592,305
259,374,270
253,838,177
+2.2
223,597,733
263,061,077
June—
5,960,754,286
5,667,809,712
+5.2
5,522,961,985
6,524,437,965
Second quarter.
2,713,873,284
2,627,543,874
+3,3
2,279,209,612
60,346,280
2,779,196,132
"
113 cities
Outside N. Y. City
..— —
—
—4.2
340,668,857
326,273,555
18,549,189
81.235,027
45.145,238
55,491,388
69,605,221
126,966,815
108,764,085
117,165,183
228,870.927
7,304,820
18,067,920
38,773,575
20,722.285
7,614,850
11,940,210
Six months..
32 cities
Canada
May—
■
12thSan Fran... 10
Total
April..
135,512,844
17,372,781
57,091,430
20,728,160
17,212,553
33,854,188
362,209,558
349,551,636
Month of July..
August
We also furnish today a summary of
month of September.
For that month
the clearings for the
there was a decrease
for the entire body of clearing houses of 11.2%, the 1940
aggregate of clearings being $23,432,233,319 and the 1939
aggregate $26,380,267,085.
In the New York Reserve Dis¬
trict the totals record a decline of 19.4%, in the Boston
Reserve District of 5.3%, and in the Philadelphia Reserve
District of 2.5%.
In the Cleveland Reserve District the
totals register a gain of 7.2%, in the Richmond Reserve
District of 3.5%, and in the Atlanta Reserve District of
1.8%.
In the Chicago Reserve District the totals are larger
by 0.1%, but in the St. Louis Reserve Distnct the totals
are smaller by 4.0% and in the Minneapolis Reserve Dis¬
trict by 2.0%.
The Kansas City Reserve District suffers
a loss of 4.5% and the Dallas Reserve District of 6.2%, but
the San Francisco Reserve District has a gain of 1.5%.
September,
September,
IncLor
September,
1939
Dec.
1938
Third quarter
.
1937
23,826,970
26,859,880
92,532,131
83,328,725
71,789.026
153,826,695
201,296,216
200,493,888
300,659,953
—
Nine months..
The following
compilation
since Jan. 1, 1940
the clearings by months
covers
and 1939:
V'-/
r
CLEARINGS
MONTHLY
Clearings Outside New York
ClearlnQS, Total AU
Month
1940
$
$
$
$
%
%
+3.9 12.620,502,357 11,076,265.314 + 13.9
+4.6 11,029,309,130 9,617,767,054 + 14.7
Jan... 26,687.316,998 25,692,147,968
Feb...
1939
1940
1939
22,834,951.138 21,840.482,419
+7.9
12,357,976,187 11,449,037,566
Mar.. 26,247,301,104 27,459,974,767
—4.4
1st qu. 75,769,569,240 74,992,605,164
+ 1.0 36,007,787,654 32,143,069,934 + 12.0
+7.8 12,098,713,499 10,773,253,307 + 12.3
+ 9.0 12,708,644,053 11,159,259.737 + 13.9
Apr... 26,036,643,067 24,156,251,694
Septemier,
1940
September
May.. 26,861.893.622 24,639.280,005
June..
Federal
1st
%
%
$
$
Dists.
Reserve
—4.9 11,915,737,157 11,444,083,288
2d
77,148,490,992 74,296,908,131
+ 3.8 36,723,094,709 33,376,596,332 + 10.0
+4.1
6 mos. 152918,060,232 149289,513,285
+2.4 72.730,882,363 65,519,666,266 + 11.0
*
1,083,261,871
14 cities
Boston
24,249,954,403 25,501.376,432
1,143,633,101
—5.3
938,873,280
1,029,488,122
2d
New York.. 15
"
11,930,238,782
14,868,415,552
—19.4
13,992,672,748
15,235,356,315
3d
Phlladelphlal7
"
1,703,279,276
1,498,202,446
1,571,734,812
Cleveland.. 18
"
1,463,231,881
1,747,273,981
1,365,422,738
—2.5
4tb
+7.2
1,185,117,585
qu.
1,486,979,938
Atlanta
16
**
756,962,985
743,497,795
+3,5
+ 1.8
572,122,693
6th
660,847,777
713,649,164
7th
Chicago
31
"
2,154,874,704
2,153,082,985
+0.1
1,851,091,021
2,226,502,344
8th
St. Louis...
7
"
621,814,100
647,903,841
—4.0
578,915,258
658,610,825
9th
Minneapolis'6
25,423,251,336 23,848,853,208 + 6.6 12,446,091.645 11,197,200,633 + 11.2
+ 5.9
Aug
23,377,079,031 24,961,692,543 —6.3 11,989,477,307 11,324,361,453
Sept.. 23,432,233,319 26,380,267,085 —11.2 11,920,433,542 11,970,139,075 —0.4
July
6th
Richmond..
"
9
635,334,030
657,706,845
636,503,053
"
514,967,043
625,230,487
—2.0
475,806,664
"
778,051,311
815,068,625
—4.5
706,161,467
"
530,492,602
565,61,3417
—6.2
510,582,616
561,161,582
12thSan Fran... 19
"
1,187,351,919
1,169,790,533
+ 1.5
1,051,308,053
—3.9 36,356,002,494 34,491,701,161
+ 5.4
+0.3 109086,884,857 100011,367,427
+ 9.1
816,476,886
11
..
3d qu. 72,232,563,686 75,190,812,836
544,828,525
City 18
..
1,291,039,881
10th Kansas
11th Dallas
The
23,432,233,319
26,380,267,085
—11.2
11,920,433,542
11,970,139,075
—0.4
1,411,502,220
..191 cities
Total
Outside N. Y. City
1,700,857,350
—17.0
32 cities
Canada
24,021,701,603
450,561,274
12,063.577,679
1,515,434,872
1,530,594,431
of bank clearings at leading cities of the country
course
23,772,331,447
10
for the month of
last four years
Federal
September and since Jan. 1 in each of the
is shown in the subjoined statement:
CLEARINGS
BANK
We append another table showing the clearings by
Reserve districts for the nine months for four years:
224480,326,121
9 mos. 225150623,918
9 Months
1st
Reserve
1
Boston
cities
New York..15
"
3d
Philadelphlal7
"
16,380,199,785
4th
Cleveland.. 18
"
12,802,093,646
6th
Richmond..
9
"
5,921,733,424
6th
Atlanta
16
"
7,017,877,657
1938
1937
%
$
$
9,804,075,202
10,226,368,398
2d
Dec.
+4.3
120,506,149,375 128,586,250,300
8,845,354,317
■;■■
10,574,411,224
13,824,018,595
15,756,146,273
10,312,163,129
13,335,994,005
4,881,181,505
5,619,922,839
5,718,518,409
6,288,687,694
7th
Chicago
St. Louis...
7
"
5,760,934,384
5,318,567,024
4,952,701,228
5,749,553.200
9th
Minneapolis 16
"
4,388,608,790
3,984,240,516
3,788,840,041
4,237,632,626
"
20,103,894,872
10th Kansas Cltyl8
11th Dallas
U
"
4,838,301,604
12thSan Fran... 19
"
+11.7
+8.3
+ 10.1
6,708,491,098
+4.4
+6,5
4,543,962,254
+8.1
9,434,071,239
17,996,270,526
10,199,958,826
Total
"
7,004,500,157
191 cities 225,150,623,918 224,480,326,121
Outside N. Y. City
Canada
109,086,884,857 100,011,367,427
32 cities
16,619,363,889
12,809,231,871
20.594,408,523
6,376,870,075
7,577,384,883
4,188,335,032
4,478,799,980
8,971,901,752
10,830,019,543
+ 0.3 211,594,195,681 252,687,690,403
+9.1
92,547,870,782 110,008,571,669
+3.8
12,344,461,323
13,940,673,172
Our usual
monthly detailed statement of transactions on
the New York Stock Exchange is appended.
The results
for September and the nine months of 1940 and 1939 follow:
Stocks, number of shares.
11,940,210
8,685
15,545
14,490
401
3,496
3,267
588
..
Louisville
57,091,430
4,056
5,649
5,159
2,379
2,047
5,891
V 2,716
260
242
270
2,363
2,161
421
358
419
444
3,646
4,103
3,458
374
341
311
363
182
170
180
2,779
1,550
513
427
360
435
4,418
1,412
2,442
3,270
3,119
4,051
2,508
1,475
2,392
3,625
3,141-
1,295
1,142
1,183
1,170
2,731
1,428
4,462
1,339
1,204
435
396
3,558
3,822
1,361
154
;
—
137
153
141
118
138
47
38
43
89
79
88
843
774
728
820
146
,
43
84
—
152
132
.—
Buffalo
3,629
5,353
4,335
162
Providence..
139
123
154
1,335
1,198
1,128
1,434
%
+
1,061
421
377
'
122
Seattle
Hartford
...
147
124
143
1,170
1,132
1,066
80
72
75
769
710
645
191
195
196
1,575
1,479
1,399
108
88
98
785
697
646
719
177
152
181
1,507
70
45
City.
924
71
........
Lake
959
181
...
1,058
87
...
Memphis..
117
193
».
108
si
........
Indianapolis..
118
136
St. Paul
984
47
1,228
720
v
.
1,515
1,537
1,344
1,260
73
603
560
502
629
43
456
423
403
468
58 *
37
..„_20,875 23,855 21,759 24,114 201,788 203,000 191,538 229,280
Other cities...
Total all
201,296,216
153,826,695
~
431
.......
Omaha
9.026
14,904
2,581
5,093
294
327
—
...
7.490
13,071
3,068
5,670
690
:
402
.
Detroit
S
3,013
621
603
259
260
Minneapolis
1939
1940
443
.
659
309
476
...
New Orleans—..
Salt
537
658
...
-..
Total
Nine Months
Description
1939
876
1,480
347
Cincinnati
Richmond
'
1940
804
1,417
381
Baltimore
Cleveland
8,373 "
980
316
Kansas City
1
$
13,571 14,709 116,064 124,469 119,046 142,679
12,862
12,215
1,430
11,238
10,617
1,171
1,361
1,650
Milwaukee—....
Month of September
to Sevt. 30-
374
—
San Francisco...
Denver
13,296,632,160
1
$
$
927
......
Pittsburgh
:
1,613
-
St. Louis
$
$
$
1,272
..
Philadelphia
8th
31
—
Boston.
■':
—6.3 123,114,947,709 147,644,729,613
+7.2
11,21?, 995,141 +14.2
5,238,805,282 + 13.0
6,371,598,673 + 10.1
15,279,997,866
—
Chicago—
9 Months
%
$
Dists.
9 Months
1939
1940
Federal
IN SEPTEMBER
-Jan.
11,512 14,410
New York..——
inc.or
LEADING CITIES
of Sevtember-
"
S
9 Months
AT
Month
(000,000
—-
——
2,557
2,263
2,525
23,363
2,658
21,480
23,408
20,056
.23,432 26,380 24,022 26,772 225,151 224,480 211,594 252,688
Outside N.Y.City.ll,920 11,970
10,451 12,064 109,087 100,011
92,548 110,009
'
Bonds
•
Railroad & misc. bonds.. $109,915,000 $227,997,000
Foreign government bds.
14,453,000
25,691,000
U. S. Government bonds.
1,597,000 227,101,000
Total....
We
$955,618,000 $1,075,749,000
,185,481,000
286,979,000
160,871,000
31,725,000
$125,965,000 $480,789,000 $1,148,214,000 $1,548,209,000
now
add
for each city
years
our
separately for Sept. and since Jan. 1 for two
and for the week ended Sept. 28 for four years:
CLEARINGS FOR SEPTEMBER, SINCE JANUARY 1, AND
Month of September
;
1940
$
First
Federal
Rese
rve
Maine—Bangor
Week Ended Sept. 28
Nine Months Ended Sept. 30
Portland
Fall
.
River
Holyoke
Lowell
New Bedford-......
Springfield
Worcester..:
Con n.—H ar tford
: 9,591,703
927,147,753
2,994,373
1,589,377
1,640,609
3,010,519
12,660,121
8,589,443
44.987,632
Dec.
1940
1939
Dec.
1938
$
S
%
$
$
%
S
+4.2
+6.3
561,029
'809,758
2,426,798
3,407,367
230,964,999
628,384
22,374,968
76,070,571
19,546,438
+ 14.5
559,078
546,292
78,560,293
—3.2
8,684,876,311
26,386,280
8,373,164,919
+ 3.7
25,674,799
+ 2.8
2,429,917
218,229,697
720,345
234,587,696
695,235
13,116,707
—3.2
335,769
+ 5.8
639,032
2,881,190
2,432,294
9,453,469
+ 10.7
3,117,711
1,523,353
—4.0
1,787,528
—-8.2
15,520,670
3,032,123
13,938,407
8,421,334
47,404,921
+ 0.3
26,954,192
—0.7
—5.4
+ 3.9
—9.2
+ 2.0
14,599,861
126,412,044
82,124,875
+ 3.6
193,448,819
515,583
336.298
;
-
—0.2
532,050
+20.0
622,258
825,064
3,161,078
—8.9
+ 16.2
2,725,716
1,636,682
9,547,796
3,446,699
2,508,219
12,957,329
2,093,909
451,107
354,082
—14.7
4,060,917
—6.3
3,427,486
4,658,719
10,062",600
9,605,300
+ 4.8
11,716" 500
11,046", 600
22,220,273
9.804,075,202
+ 4.3
252,031,984
43,166,900
2.203,653
—8.0
434.905,300
396,386,800
+ 3.6
23,035,324
1,083,281,871
1,143,633,101
—5.3
10,226.368,398
+ 15.1
+ 7.9
+ 8.0
—7.0
11,079,490
59,019,900
—5.1
+ 5.8
2,288,456
3,803,980
422,899,380
62,945,500
N. H.—Manchester
$
+6.7
+ 9.7
+ 3.7
458,134,327
174,025,177
+ 7.1
6,403,800
R. I.—Providence
1937
+ 11.3
16,037,368
25,485,053
119,430,783
71,363,518
2,291,701
9,657,555
979,580,569
—6.4
16,705,015
Waterbury
(14 citle3)__—
%
or
1939
;
$
Inc.
1940
Dec.
17,837,880
5,983,400
46,922,700
•:
2,127,919
New Haven
Total
1939
Inc. or
or
District— Boston—
2,535,943
Mass.—Boston
<
FOR WEEK ENDING SEPT. 28
Clearings at—
Inc.
.
detailed statement showing the figures
161,188,971
474,613
450,617
+ 5.3
417,144
860,612
269,435,338
—6.5
227,496,918
272,467,832
-
Volume
The Commercial & Financial Chronicle
151
1993
CLEARINGS (Continued)
Week Ended Sept. 28
Nine Months Ended Sept. 30
Month of September
Clearings aiInc. or
1940
1939
Inc.
Inc. or
1939
1940
Dec.
or
Dec.
1938
%
1939
1940
Dec.
$
1937
"
-
>•/
48,388,351
5,023,806
Y-
145,922,249
2,550,674
Buffalo
Elmira
34,390,552
4,707,869
138,640,431
+6.7
+9.6
1,334 ,532,809
20 471,428
8,843,036
8,123,793
+8.9
964,271
906,804
+224,963
35,900,000
476,627
-712,789
1,047,917
31,500,000
—8.0
1,198,173,821
19,453,972
48 825,595
+ 5.3
2,327,061
r,
3,249,454
3,353,080
11,511,799,777 14,410,128,010
Rochester
31,183,953
33,403,390
18,349,801
17,890,393
Syracuse
Y
Utlca
;
3,983,244
3,542,599
Westchester County.
14,798,717
14,742,537
Conn.—Stamford
16,573,905
16,472,507
N. J.—Montclair
1,703,875
1,698,812
Newark.
75,414,854
74,900,378
Northern New Jersey
98,760,423
109,541,247
Jamestown
New York
+ 14.0
29,600,000
38,200,000
491,799
—3.1
427,268
2,535,699
Oranges
(15 cities).... 11,980,238,782 14,868,415,552
Third Federal Rese
Pa.—Altoona
District
rve
Chester—
1,796,623
3,294,367
1,675,375
Harrisburg—
9,059,894
—
Bethlehem
Lancaster
Lebanon
5,292,848
2,346,312
.
Norristown—
2,069,040
1,613,000,000
Philadelphia
■Reading
6,040,910
Scranton
9,365,782
4,359,385
5,661,126
1,029,686
—
Wllkes-Barre
York
—
Potts vllle
Du Bois...
—6.6
765,693
737,263
—3.3
624,285
797,049
(17 cities)....
Federal Re
,
303,545,675
161,910,068
317 ,585,818
187 ,752,386
35 438,199 Y
7,088,718
7,236,547
4,157,317
4,102,628
+ 1.3
3,778,373
3,248,395
3*.*1*44*996
+ 3*3 Y
2,906",025
3.43M69
4,047,823
329,471
4,303,338
—5.9
369,815
—10.9
18,652,449
25,344,579
+ 4.4
2,98+394
328,663
16,178.132
—9.5
24,604,301
4,04+415
383,125
28,263,332
34.942,393
31,663,198
146,165,654
+0.6
175 585,089
161,379,653
+0.3
17
16,203,575
,670,978
—9.8
726 131,696
958 220,575
—5.3
26 ,191,117
+0.7
673.601,034
!
+6.3
17,990,053
—8.7
+ 1.2
19.573,878
16,574,792
—2.2
15,545,000,000
—7.9
58,175,832
93,624,117
41,314,050
—9.8
*■—15.5
+ 9.0
20,380,400
—32.7
1,703,279,276
1,747,273,981
-2.5
+5.0
14,490,000,000
57,401,594
90,143,026
)
1,723,025
394, OOO'oob
+6*5
336*,666*666
387,000*666
1,546,754
2,081,379
—4.6
1,530,444
+770,996
+013,269
1,309,852
—10.8
904,181
7
....
)
3,618,800
3,373500
7*3
2,369,400
15,279,997,866
2
+ 7.2
408,433,192
406,092,555
+0.6
347,041,148
)
2,405,356
t
60,165,258
115,824,535
+ 11.2
1,942,775
53,551,198
84,472,742
5
10,028,800
+765,134
58,723,000
104,171,888
9,047,300
+ 36.3
+ 2.5
i
+ 10.8
12,920,500
2,494,576
63,728,060
112,092,628
13,703,100
1,735,949
2,679,172
1,6*22",388
+7*0
2,544,668
+ 5.3
+407,359
+570,553
3,097,991
1*8*4
99*.77*5*,560
159,1*26*,947
48,136,500
—9.0
1,972,372
944,282
+2.0
20,477,369
+2.3
8,424,039
8,558,091
68,739,489
109,350,637
63,176,146
3
92,471,612
)
50,738 322
183,257,759
48,955,293
3
169,308,234
84,659,171
5
—4.0
972,614
378,272
+ 10.8
'
)
727,632
—10.4
536,875,558
+ 9.5
6,687,287
9,933,060
6,055,372
+ 20.3
—16.2
6,452,257
+4.3
58,071,148
59,284,483
59,553,966
I
6,732,182
1,463,231,881
1,365,422,738
+7.2
12,802,096,646
11,213,995,141
2
+ 14.2
344,209,250
305,673,423
560,956
3,240,000
49,031,048
1,340,134
341,741
2,317,000
43,325,581
♦925,250
2,581 210,824
14 451,162
82,86+301
74*
881 628,475
25,694,170
143,972,120
W. Va.—Wheeling
Federal
Rese
rve
District
W. Va.—Huntington..
2,663,555
Va.—Norfolk
13,648,000
Richmond
875,915
j
+ 11.0
434,416
—12.9
+4.2
1,776,814
12,489,000
(9 cities)..
Federal Rese
Tenn.—K nox vllle....
.
.....
14 ,629,786
1
+ 1.5
1,574,924,821
5,648,943
—5.2
49,451,614
8,996,510
+ 11.8
5,538,971
309,076,387
—12.4
2,017,329
—16.9
99,244,037
+ 11.0
87,292,074
43,048,117
3,012,802,634
15,293,293
1,006,744,207
635,334,030
+3.5
5,921,733,424
Ga.—Atlanta...
Augusta
5,842,578
5,933,247
...
+2.2
1,478 870,836
47 114,931
5
79 385,017
'
5,238,806,282
)
+ 13.0
162,727,609
19,199,813
84,828,524
246,400,000
5,985,630
4,075,596
21,730,161
64,900,000
—6.4
173 ,995,388
160,516,153
1
—1.5
756 ,798,390
694,522,883
)
2,415 ,800,000
51 168,302
44 ,315,995
36 ,819,083
804 ,031,979
56 ,794,971
868 ,566,087
2,153,315,107
+8.1
—2.4
4,244,989
4,481,095
72,432,966
+39.8
4,680,425
+21.4
+ 12. I
5,642,000
—8.1
44, 132,000
9,512,858
7,316,465
+30.0
73 643,441
Meridian
2,051,646
+ 18.3
17, 350,684
14,309,935
649,123
161,782,453
1,733,958
726,306
—10.6
182,423,450
—11.3
1,550 ,147,694
743,497,795
+ 1.8
7,017,877,657
6,371,598,673
—Chicago—
1,636,047
—14.8
15,853,857
426,614,286
+20.3
4 418,091.531
3,819,605
15,385,581
1,988,224
6,525,539
2,507,462
2,900,910
4,358,334
13,458,966
79,568,591
6,197,433
+ 17.9
41,824.744
—3.1
128,109.^
20,340.443
Miss.—Hat ties burg
2,218,000
43,714,286
48.737,105
+44.8
883,818
1,662,099
549453
+ 1+1
62*.99+078
82*.09+658
+ 144
21*.5*0*0",094
22,6*14*,238
+ 13.0
13+623,940
157,66+275
8,904,756
+ 5.4
91,399,822
+6.6
7,909,897
4,092,455
+ 12.6
80
+20.6
38 ,248.374
071,449
3,852,634
Y
+ 5.8
3,396,870
3,965,813
20,257,703
58,200,000
+ 7.3
17,437,368
16,852,381
+ 1+5
52,200,000
986,159
57,700,000
+417,683
1,322,768
+ 362,963
—2.9
1,096,739
*885*383
+ 23*9
956,155
+2*3+499
17,179,000
16,075,000
+ 6.9
13,555,000
13,920,000
24,745,272
2+000*606
1*7*8
18.6*72*224
22", 39+609
2,008,887
2,035,561
—1.3
+685,608
1,857,203
37,023,180
113,954,825
Montgomery
310,664
+ 13.2
5
1,475,003,083
756,962,985
97,424,114
v
Mobile
+8.6
366,175
2,790,000
+ 64.1
+ 39.8
5|
45,086,932
34,783,544
Jackson
Tampa
Ala.—Birmingham
76,376,737
5,681,355
355,846,309
22,513*395
44 140,251
4,935,364
6,183,000
4,864,294
255,640,687
)
)
36,290,121
716,056,905
45,031,443
781,560,107
67,439,359
33,332,112
42,653,000
66,337,986
Macon
....
+ 12.6
District— Atlanta—
17,972,712
83,548,748
266,300,000
_
-
j
97 375,000
190,546,039
rve
..
3
21,729,664
657,706,845
...
+
■
110,447,000
1,676,273
110,134,234
Md.—Baltimore
127",799*045
151,370,180
3
+ 9.3
4,850,220
315,830,585
D. C.—Washington..
—
)
5
+49.9
5,356,740
10,061,713
Columbia.
1
Rlchmond-
193,485,525
S. C.— Charleston
....
1,603*667
....
9,208,676
3,508,278
6,343,105
5,092,723,245
66,192,727
96,077,309
59,143,075
651,775
587,845,314
6,964,944
11,944,913
5,075,610
Fifth
401,986,606
)
—3.7
+24.6
5,599,878
20,447,811
22,653,699
(18 cities)....
4,045*,000
-
1
7,311,122
3,321,760
5,566,436
4,335,104,643
58,442,502
7,497,956
11,123,674
-------
Total
+
J
Pa.—Beaver County.
Franklin..—
Fla.—Jackson vllle
„i.Y.
161,421,500
78,411,287
2,160.731,367
3,557,707,030
402,294,700
19,138,298
5,373,636
Ky.—Lexington
1,038,007
2,077,004
16,380,199,785
87,722,594
7,220,284
——-
8.1
)
4,102,667,571
416,218,600
13,859,569
Erie
1,872,336
2,540,703
+123.673
+452,666
)
2,363,232,703
.......
Pittsburgh
—
1
23,211,492
140,722,013
161,932,800
+4.5
966,113
Greens burg..
—4.8
I
+0.1
Newark.......
Columbus
f,300,277
1,204,153
45,747,943
9,812,208
5,067.894
+ 10.3
Youngstown.
Nashville
—94
3
38,446.243
10,091,405
Lorain............
Frederick
+468,498
396,000,000
1,475,488
1,981,222
I
260,170,683
43,793,000
2,011,260
Greenville
824,872
430,896
1,331,155
431,396,680
Hamilton
Oil City.--.
538,337
District —Cleveland—
serve
Columbus
Mansfield
+ 13.9
)
5,965,604
22,306,838
161,821,827
+ 14.8
—22.2
434,763
406,528
48,149,032
17,960,776
16,538,342
10,219,516
586,285
373,060
582,295
357,046
383,545
1,154,705
83,715,796
50,828,298
—9.7
—6.9
558,712 + 106.7
356,960
20,977,851
13,494,983
15,773,989
86,335,553
49,641,276
+20.1
6,412,952
+6.7 3,343,355,727 3,885,002,704
3,355,058,245 3,145.320,962
—6.3
16,675,873
■
—1.0
'
■
29,609,859
23,632,662
+21.9
19,471,685
22,937,111
i
940,135,006
—19.4 120,506,149,375 128,586,250,300
+52.9
+6.8 3.243,752,373 3,745,241,833
—2.0
8,149,264
10,116,802
3,246,881,002 ,3040,265,838
10,548,707
Cleveland
Sixth
+11.
260,403,279
475,836,710
Cincinnati
Total
>
148 ,927,082
3,467,055
20,195,080
Ohio—Canton
loledo....
29,212,841
+0.4
673,170
N. J.—Trenton
Fourth
Philadelphia
1,690,417
y2,154,917
1,374,769
9,150,507
5,799,878
2,318,979
1,723,250
1.650,000,000
6,557,317
10,384,752
5,157,910
5,192,149
1,140,316
+2.6
+ 12.4
2,698,645
21,206,113
13,710,000
Hazleton
Del.—Wilmington
Total
2,676,686
32 ,459,648
—3.1
—20.1 116,063 ,739,061 124,468,958,694
'
Total
$
11,177,078
9,118,845
361,389.264
44,847,986
412 ,617,894
+40.7
'
<
$
$
%
%
District —New York—
Second Federal Res erve
K. Y— Albany
Bingham ton
$
J
+
—
x
.r*:-
VY,Y
X
X
*
'Y';,
x
"
Vicksburg...
La.—New Orleans
Total
(16 cities)....
Seventh Federal Re
Mich.—Ann Arbor
Detroit
—-
Flint
Grand Rapids
Jackson
14,9°VSl
2,232,703
Lansing
®'8Sf«9
2,824,139
Muskegon
Bay City
3,100,778
Ind—Ft.
Wayne
Gary.
Indianapolis
—
—
South Bend
7 160,619
14,959,912
»0,681.479
8|54l,623
5, 993,820
+ 12.3
—2.9
+ 12.6
63,368,325
24,596.022
+6.9
24.352.846
+64.3
69.445,018
138.982,434
+ 11.2
+ 1
—0.5
Milwaukee—
89,165,780
1,470,984
—6.3
3,066,657
—13.4
Sheboygan
2 655,049
Iowa—Cedar Rapids.
Des Moines
Sioux City
Ames
III.—Aurora
Blcomington
Chicago
Decatur.
....
-—- -
439,742
1,306,887
—12.6
—4.5
43,522.050
17 078,121
44,362,664
—1.9
16,134,870
+ 5.8
820,910
2,338,325
1.867,218
1
1,2
272,494,781
4,120,884
17,658.008
5,455,453
5,879,251
1,004,553
—18.3
1,950,000
+ 19.9
1,758,350
+6.2
1,370,546
4,987,863
+4.9
234,449
38,805,598
44,503.770
+6.8
147,896,467
164,074,412
15,849,443
255,961
318,834
110,037,779
—19.7
29+051
200,761
135,808,9^6
+ 23.4
86,482,017
111,406,856
3",05+944
3,312,659
—7.9
2,587,463
3,109,061
1,25+269
+245,616
0*5
+26+791
1,627,104
17,270,675
56,813,488
21,219,467
21,590,576
50,815,691
+
1,642*910
+ 65.5
*84+566
+"15*5*659
17,429*000
+ 54
16*.225*000
17,17+000
5,384,088
5,418,598
18,859^312
+8.
*992468
18,316,000
+965,298
38,687,246
117,901,155
709,866,223
+ 29.1
+ 104,106
1,53+489
—0.6
4,149,744
4,980,302
19,603*288
—3*8
17",7*80,01*0
20,765,709
1,234 433
12,809,306
—1+8
+*123*010
1,135* 553
12,956,131
+ 14
1+834,999
9.8*5,378
4,324,726
V
4,325,588
—0.1
3,557,941
3,82+288
+522,145
+7.2
12,731,949
+ 5.8
26'5+(121
4,055,921
12,099,962
45,591,382
10,989,622
+ 10.1
44,965,314
+ 1.4
1,088*024
356,605,988
+6.6
134,240,466
+7.8
*
+3.7
SKS&J*
fesa
15.028.1M
+ 9.0
+ 5.1
7,963,858
+ 15.0
+ 9.1
"
+2.6
16,630,150
13,778,751
1,360,923,998
—6.5
11,237,768,760
+8.7
4,841,869
—14.9
37,267,756
142,828,780
44,656,556
50,205,597
+5.8
+ 16.3
+ 7.4
5,136,639
17,996,270,526
+11.7
*44*3*515
*315*521
+ 40*6
*326*334
*483*614
321,024,923
97+546
310,312,931
+3.5
277,733,943
351,402,495
+354,653
—28.3
+064,852
4,073,713
+226,622
3,933,986
+3.6
+05+035
+ 16.7
987,868
3,360,039
+057,466
1,335,503
+420,919
—6.0
+034,871
+447,047
533,950,411
496,638,459
+ 7.5
43+739,219
639,514,936
+ 10.8
5,906,832
—0.5
603,500
+5.1
(31 cities)—..
2,154,874,704
2,153,082,985
+0.1
20.103,894,872
201,485
3,625,115,536
25,721,527
3,860,369
634,001
Springfield
Sterling
—1*4*. 5
165,71 + 155
773,589,060
813W9.107
—
—
Rockford
181,075
4+860,236 ;* —4.9
39,793,785
54,491,614
c4l 427,355
622,262
51.943,151
53,929,290
5,690,179
Peoria
Total
—2.0
5,220,938
384,503
Manitowoc..——
V
177,006,974
+ 10.1
192,531,681
+3.6
5,684,893
Watertown
5,360,003
58,690,198
+37.8
22,298,096
Oshkosh
:
154,766
'
Wis.—Madison.
Terre Haute
+21.
16,718,879
+ 5.6
5,262,515
+3.7
+ 11.1
"3,889,304
1,498.064
The Commercial dt Financial Chronicle
1994
CLEARINGS (
Oct.
)
Week Ended Sept. 28
Nine Months Ended Sept. 30
Month of September
Clearings at—
Inc. or
■
:
i
1940
1939
Dec.
*
%
%
S
District —St.
Ninth Federal Rese
Minn.—Duluth
Rochester
...
St. Paul.....
Winona
4,0
5,760,934,384
5,318,567,024
15,837,631
340,888,880
1,570,438
117,577,077
1,451,447
—20,4
124,899,961
2,778,753,261
116,946,320
2,507,915,743
+ 10.8
16,310»906
1,068,024,611
14,265,577
5,078,385
86,369,984
9,375,000
7,752,157
31,603,359
56,314,003
7,152,109
31,966,289
32,327,863
12,866,898
+26$
959,414,377
13,772,278
4,792,624
84,697,490
9,344,000
7,011,841
28,782,603
57,857,165
6,672,648
27,875,289
31,313,240
112,415,443
+ 10.3
—4.0
+ 18-3
+ 3.9
—3.5
682,249
—0.9
—7,2
1,063,000
3,915,693
964,475
+ 10.2
+ 3,7
3,643,067
6,588,522
720,100
3,993,431
8,094,845
v
810,900
+ 14.9
598,000
566,000
+5.7
538,000
592,000
+8.3
147,551,368
152,951,901
—3.5
136,981,211
162,802.879
+6.8
2,835,309
77,419,201
3,448,896
75,770,786
—17.8
2,436,349
3,590,371
+2.2
63,898,250
75,704,131
28,659,854
26*.616*,347
+ 7.7
23,270,573
26,808,233
2,775,714
2,602*.747
+<f.6
2,183,782
2.61M79
+ 7.5
—7.5
+ 12.6
"■907,776
"825*.372
+i"o".6
*713*143
714,956
+6.0
+2.0
+0.3
+ 10.6
+9.8
—2 7
+ 7.2
916", 909
*9*96*991
+ 11.6
3,666",843
3",7*1*9",251
+ 10.1
117,181,606
113,980,390
+3.3
81,637
102,002
—4.2
+8.5
102,262
2,672,223
1,141,965,390
+2.5
153,575,682
5,762,871
8,340,863
2,562,557
—2.0
4,388,608,790
3,984,240,516
455,884
—8.3
572,676
607,556
—5.7
3,880,076
5,186,852
12,878,816
12,776,677
141,410,761
+0.8
3,756,964
5,415,322
102 $72,868
417,920
Hastings
Lincoln... .........
Topeka
Wichita
i
Mo.—Joplin
Kansas City
St. Joseph
...
—5.6
—6.6
16,610,050
+4.2
161.822,142
774,688
—23.2
1,061,155
8,699,897
12,066,888
2,229,378
420,594,084
932,027,834
17,304,202
594,830
781,437
7,954,188
11,667,589
2,328,616
402,416,582
13,180,823
717,874
32,672,183
2,420,141
135,845,928
2,880,316
111,715,788
1,170,064,217
—26.4
5,920,775
\ 7,027,964
87,024,764
.
—8.6
117,857,153
21,023,263
—3.3
+4.5
89,428,675
Colo.—Colo. Springs..
Denver
Pueblo
(18 cities)
Eleventh Federal R
98,260* 199
—5*0
82*,743*,096
2,770,969
2,864,008
—3.2
2,449,431
92,521,571
2,701,722
*110*056
"*230.879
295,029,025
23,809,909
—4.9
+3.4
+22.9
24,039,028
13,022,002
+ 10.1
—8.4
26,474,406
12,961,554
815,068,625
—4.5
7,004,500,157
6,708,491,098
—7.0
71,165,507
37,867,507
68,385,805
35,211,832
+7.5
2,149,419,000
+ 7.1
eserve
+25.0
.
+ 5.1
571 $17
—9*5
"708",595
"~585~, 966
+20.9
5*3*9",763
558,201
+4.4
135,281,939
140,633,746
—3.8
119,543,790
135,512,844
+4.1
1,482,400
1,480,421
+0.1
1,262,288
1,393,783
53,805,752
59*.04*6252
—8*9
48*.675*555
56,528,151
6,099,969
2,583,000
3,471,000
—0.5
19,406,015
27,115,976
7,266,206
3,700,059
258,043,000
19,861,953
30,628,207
—2.3
186,918,668
2,007,596,238
173,361,108
—11.5
253,576,614
267,406,268
—5.2
10,912,000
—21.6
86,406,000
85,615,000
+0.9
—3.3
1,857,376,662
1,720,711,800
+7.9
+ 1.3
+8.3
35,094,130
11,137,540
+ 13.1
+ 1.7
17,768,151
39,686,032
11,193,174
126,924,289
16,406,959
1,290,514
14.321,875
214,133,034
1,884,252
3,594,916
1,501,081
14,088,709
123,035,574
530,492,602
565,613,417
—6.2
4,170,433
...
La,—Shreveoort
...
Seattle.........*..
Yakima
.....
serve
Portland
District —San
2,325,345
181,459,495
5,481,239
...
2,372,530
Riverside
'
San Francisco
...
San Jose
Santa Barbara
Stockton..
"
*
1,026",922
*8*46*935
+2*1*3
*8*2*7*218
"854*,060
+3.2
3,256,702
2,807,430
+ 16.0
3,086,192
3,482,702
67,947,438
73,561,486
—7.6
62,534,222
73,592,305
+0.5
+6.5
+20.4
+2.6
1,536,843,424
42,210,713
41,330*797
38*,560*,518
+ 7.2
32,66*5*193
38,9*74~666
+8.9
1,240,897
1,093,835
+ 13.4
1,035,969
1,635,193
+4.8
48,968,766
+49.6
12,109,000
1,377,823,205
25,938,307
603,109,900
128,744,618
68,720,549
81,853,315
147,509,380
33,790,663
118,906,293
1,343,681,924
38,773,106
44,138,172
10,019,000
+ 14.4
—13.2
1,171,549,450
24,443,721
560,485,648
+ 17.6
38,567,834
33*.527*,605
15*6
29*.538*284
33,823",057
16,720~685
15*,4*10*869
+8.5
13*.363,685
17,087,082
117,550,936
+ 9.5
66,409,179
68,700,835
166.598,070
32,273,000
140,075,588
+3.5
3,209,925
3,51+561
—8*6
3,808,959
3*.*706", 129
—15.1
2,526*055
27959",028 —1*4*6
2*.76+786
3,4*4*3",517
—1.8
134*.5*75*666
157.099.66o
+ 13.3
—14.8
1,169,790,533
11,605,079
Pasadena..
7,862,609
16,632,088
657,741,350
13,847,782
5,528,248
10,898,107
.....
—19.5
4,543,962,254
—3.1
........
—7.8
2,342,000
20,026,448
11,954,870
6,757,045
7,837,529
18,605,565
4,475,000
14,367,476
2,740,169
659,358,131
14,528,781
6,006,408
10.435,913
Long Beach
7",038* 448
1.885,000
4,838,301,604
+2.2
7,085,992
9,898,556
14,525,588
4,338,620
6,490,662
-
—1.1
69,705,855
Calif.—Bakers field
+7.8
SCO
1,187,351,919
Salt Lake City
Ariz.—Phoenix..
Modesto
+ 16.0
—14.0
2,351,791
1,910,000
166,422,590
3,351,113
71,272,716
11,680,766
Utah—Ogden
Franc]
+ 5.0
—8.6
176,825,834
6,316,984
5,444,156
1,277,000
146,868,313
3,933,713
5,706,804
Idaho—Boise..
Ore.—Eugene
"
Distric t—Dallas—
6,757,061
3,883,551
Texarkana.........
Wash,—Bellingham
~
~
517,619
207,136,339
1,908,838
(11 cities)
3.558,016
93,369",437
1,131,625,446
—2.1
574,076
8,552,000
Twelfth Federal Re
1,516*615
3,070,737
+2.5
1.170,175,278
Galveston
Port Arthur
1,7*22*855
+ 3.1
+5.4
+ 9.4
...
Wichita Falls
—8*6
+ 14.8
—7.7
....
Houston.....
1,775*754
2,270,074
4,493,530
—13.0
—4,3
13,456,803
235,950,000
Dallas
26,694,696
117,035,502
29,857,159
Beaumont..
Fort Worth
—0.7
1,622,579
2,339,635
+4.7
2,782,616
147,251,560
2,343,134
1,516,260
.......
El Paso..
31,666,825
87,900
124,456
+ 2.7
-4.0
"
+ 16.8
3,645,584,644
119,960,292
6,156,441
310,033,163
22,631,485
Wyo.—CasDer..
Texas—Austin.
2,646,659
99,556
2,782,892
31,321,778
79,432
121,734
2,011,996
31,097,583
—2.7
112,587,680
18,004,001
3,457,626,342
778,051,311
Okla.—Tulsa...
112,914,786
:
+2.7
1,389,356
Carthage...
95,510,923
1*4
—
District— Kansas City-
rve
Parsons
+2.8
—20.0
+ 13.6
525,230,487
Neb.—Fremont
Omaha..
*788,621
2,693,995
—15.7
+ 14.1
514,967,043
Kan.—Kansas City—
Manhattan
"755",872
2,252.954
—8*6
+ 5.4
391,067
125,504,952
2,910,373
Lewis town..
Tenth Federal Rese
*
+ 14.7
+3.2
+ 10.3
Helena
+ 1.5
+ 3.6
4,737,755
14,133,566
Great Fails..
(16 cities)
X
X
+ 10.1
4,051,682
4,471,148
15,689,964
446,207
Mont.—Billings
Berkeley
23,067,000
"
10,965,802
1,185,000
Huron
;
+6.8
1,295,440,256
696,837,410
2,654,869
20,944,000
677,260
8. D.—Aberdeen
Total
+9.2
1,411,868,161
785,287,001
3,050,849
11,368,739
1,100,000
Minot
Total
—25.6
—20.0
District— Minneapolis -
Grand Forks
Total
33,496,724
29,514,155
+i"J
30,373,485
+ 1.2
108,229,408
647,903,841
Fergus Falls........
«
31,135,939
24,507,272
.34,1*12*416
22,608,713
+3.7
323,563
N. D.—Fargo
Sioux Falls
99,200,000
+ 19.5
4,652,522
152,075,074
12,609,090
327,409,937
1,857,543
122,200,796
1,400,239
....
80,800,000
34,644~665
31,160,353
2,397,000
rve
...
Minneapolis
%
+2.2
+9.0
3,266,887,614
37,212.312
4,824,055
621,814,100
(7 cities).....
1937
1938
%
+ 12.7
3,495,625,006
517,168
353,401
.....
Quincy.
$
89,800,000
—1.8
+ 13.6
+ 9.0
380,833,162
3,628,476
2,659,000
Ill.—Jacksonville
or
Dec.
87,900,000
+ 7.0
153,837,874
86,635,510
Ky.—Louisville—-..Term.—Mem phis .....
;■
Louis—
373,857,647
4,006,963
563,705
Cape Girardeau
Independence
1939
%
serve
Mo.—St. Louis
Total
Dec.
%
Federal Re
1939
1940
I
1940
Eighth
Inc.
Inc. or
■
S. 1940
+4.9
+ 26.3
—21.9
—3.0
—19.2
\
+ 10.9
+ 20.9
+
+ 6.1
+7.6
+ 19.1
—11.5
•
+4.7
30,652,851
—6.9
5,352,581,009
109,054,098
57,124,170
+ 5.9
149,417 $00
152*. li2",6o6
—1.0
2,897,260
1,133,141
3,211,314
—9.8
2,856,372
/j ^
1,264,999
—10.4
+4.4
28,548,760
5,670,332,837
107,997,168
54,454,998
2,070,582
+ 10$
2,330,676
2,186,448
+6.6
1,133,840
1,912,645
3,837,109
1,325,573
2,230,417
+ 1.5
10,199,958,826
259,374,270
253,838,177
+ 2.2
223,597,733
263,061,077
—13.4
—0.2
—4.7
—8.0
1
-
83,328,394
9,434,071,239
+8.1
Grand total (191 cities) 23,432,233,319 26,380,267,085
—11.2 225,150,623,918 224,480,326,121
+0.3
5,960,754,286 5,667,809,712
+ 5.2 5,522,961,985 6,524,437,965
Outside New York.... 11,920,433,542 11,970,139,075
—0.4 109,086,884,857 100,011,367,427
+ 9.1
2,713,873,284 2,627,543,874
+3.3 2,279,209,612 2,779,196,132
Total
(19 cities)
CANADIAN CLEARINGS FOR SEPTEMBER, SINCE
JANUARY 1, AND FOR WEEK ENDING SEPT. 26
Week Ended Sept. 26
Nine Months Ended Sept. 30
Month of September
Clearings at—
1940
Dec.
1939
Canada—
370,529,084
381,361,686
211,665,916
71,695,199
152,696,436
20,932,042
12,637,723
22,346,064
24,153,849
7,777,107
7,413,866
10,254,605
Winnipeg
Vancouver
Ottawa
Quebec..
.....
Hamilton......
Calgary...
St. John
Victoria..
London
Edmonton
...
483,217,105
460,402,542
366,284,345
75,801,614
82,729,990
21,584,081
10,970,959
22,654,143
18,146,251
....
Montreal...
Halifax
17,580,866
41,787,580
1,983,658
2,972,880
7,110,543
3,419,977
3,940,628
3,249.652
Reglna
35,591,940
Brandon
1,715,413
2,602,595
y6,311,050
3,178,568
3,556,319
3,532,411
3,067,435
Lethbrldge
Saskatoon
Moose Jaw
Brantford
Fort Will lam
New Westminster..
4,060,497,725
—17.2
2,411,397
Sarnla
1,756,084
4,119.337
1,411,502,220
1,700,857,350
4,666,395
...
12,010,022
1,628,966
Windsor..
Prince Albert
Sudbury—
*
(32 cities)...
Estimated,
x
No figures available,
—1.4
—5.6
2,899,521
Kitchener
+ 15.2
10,860,398
3,568,003
2,423,875
3,405,546
hherbrooke
—3.0
—1.4
Moncton
Peterborough
+ 84.5
7,519,015
Chatham
1,547,516
—5.4
—11.7
Kingston
Medicine Hat
3,801,656,097
1,809,424,295
668,841,551
1,114.382,218
188,811,307
118,462,554
219,251,778
194,499,823
83,163,740
68,482,411
98,734,056
—42.2
27,348,363
7,920,507
2,769,654
1,558,770
2,533,278
3,000,728
4,73^,270
10,499,290
1,591,360
3,379,428
2,716,065
y2,371,445
yl,886,119
4,478,100
Total
or
y
Calculated
—1.8
+ 3.2
155,286,949
14.8
—13.5
158,862,089
12,506,166
—12.5
18.011,524
—11.2
+ 5.6
51,397,150
21,343,823
35,440,594
29,358,162
26,536,495
8,984,561
22,751,181
31,041.819
42,933,206
108,765,052
12,798,428
31,604,261
+6.8
—6.9
-17.0
178,192,554
93,373,047
187,214,522
179,265,700
67,951,226
66,381,158
91,907,817
140,873,430
146,490,233
11,921,884
17,949,358
—
—7.1
—9.7
+8.7
+ 10.8
1939
Dec.
1938
%
$
%
$
1937
%
-3.9
84,465,351
88,093,028
—4.1
96,052,195
107,672,762
—5.8
89,461,095
86.646.472
62,554,475
18,106,447
77,723.327
110,518,570
57,607,662
114,786,670
+ 22.5
+ 1.2
+ 3.2
—32.4
+ 48.5
27,425,802
+ 6.0
4,710,536
2,612,911
+26.9
17,075,630
16,341,378
4,510,102
2,385,565
5,372,318
56,929,121
+6.0
19.520.155
17.980,090
+67.9
14,630,873
4,026,638
15,502,943
2,329,359
4,393,455
2,319,362
7,058,520
+ 18.0
9,913,811
1,583,481
1,557.336
+ 3.3
2,095,505
3,042,135
+4.4
+ 9.5
+0.9
4,876,509
5,920.772
+8.5
5,420.927
6,486,080
+22.4
+3.2
1,844,042
1,846,641
+7.4
2,309,734
+ 10.2
4,142,853
9,149.401
4,105,124
+0.9
4,034,110
4,113.377
+8.4
7,218.793
4,028,989
411,202
10,241,848
431,252
—10.7
+ 4.9
—4.6
427,068
+0.3
569,490
713,841
—20.2
770,580
709,367
+ 12.7
1,708,456
1,800,256
—5.1
1,469,180
1,353,016
21,969.305
32,420,316
—2.8
752,022
727,447
+3.4
701,315
496,304
+ 9.3
^3,970
794,294
+8.8
731,600
840,713
23,854.076
+23.1
776.216
770,407
+ 0.8
669.916
24,503,784
8,644,238
+8.3
756,169
634,304
400,078
637.151
355.555
538.654
783,887
784,994
+ 3.9
+ 19.2
+0.5
—11.0
+ 5.5
623.476
—3.9
1,036.520
983.283
2,573.502
442.173
+ 17.1
7,534.054
1,706,283
1,564,699
2,236,864
—
13.9
+8.1
1,801,791
1,550,204
435.223
396,356
22,086,229
+2.9
401,966
555.296
26,244,661
38,120,346
+ 18.3
771,195
+ 12.6
1.056,833
731,248
1,100,179
102,500,375
11,249,284
+6.1
3,058,443
2,450,941
+24.8
+ 13.8
366.534
385,717
—5.0
2,437,631
316,516
27,411,960
+ 15.3
927,286
729,656
800,709
+ 12.9
674,237
608.685
620,435
+ 10.8
722,106
573,169
+27.1
+ 7.1
712,843
21,012,734
20,946,804
609,584
—6.0
496,095
541,173
17,403,982
—4.1
385.536
414,826
—7.1
457.701
39,196,812
36,973,722
+6.0
1,081,371
1,140,217
—5.2
1,179.207
374,339
1,183,510
13,296,632,160
12,809,231,871
+3.8
326,273,555
340,668.857
—4.2
349,551,636
362.209,558
—0.7
—4.3
+ 13.6
—1.4
+ 14.4
+2.4
on
1940
45,620,478
23,207,802
16,698,252
—8.0
661,112,109
750,337,549
23,726,279
+ 1.7
4,223,763,517
4,034,337,742
1,477,197,731
Dec.
%
1939
1940
Toronto...
Inc.
Inc. or
Inc. or
basis
of weekly
figures.
623,678
568,257
739,072
Volume
The Commercial & Financial Chronicle
151
FOREIGN
Pursuant to the
Act of
EXCHANGE
RATES
now
cable transfers in the different countries of the world.
record for the week just passed:
EXCHANGE
FOREIGN
RATES
CERTIFIED
BY
We
,
FEDERAL
AND SINKING
FUND
NOTICES
certifying
daily to the Secretary of the Treasury the buying rate for
a
CALLS
requirements of Section 522 of the Tariff
1930, the Federal Reserve Bank is
give below
1995
REDEMPTION
Below will be found
list of bonds, notes and preferred
corporation called for redemption, together with
sinking fund notices. | The date indicates the redemption or
last date for making tenders, and the page number gives the
location in which the details were given in the "Chronicle":
a
stocks of
Company and Issue—
RESERVE
Date
Page
*
BANK TO TREASURY UNDER TARIFF ACT OF
^
SEPT. 28, 1940, TO OCT. 4, 1940, INCLUSIVE
'
Noon
Affiliated Fund, Inc. 4M% sec. conv. debs—
Alabama Power Co., 5s 1956
Alabama Power Co. 1st mtge. 5s
*
Alabama Power Co. 1st mtge. 5s 1956
1930
V;
.
•
BuyinQ Rate for Cable Transfers in Netr York
Value in United Stales
Country and Monetary
Money
Unit
\
•
7
...
Sept. 28
-;
Sept. 30
1
Oct.
Oct.
2
Oct.
Oct.
?
4
Nov. 4
Nov.
1
Mar. 1 *41
Nov. 1
1st mortgage 5s 1957
I—.
Dec.
1
Arden Farms Co. 6 H % debentures
Oct. 15
Ashland Home Telephone Co. 1st mtge. 4Hs
Nov. 20
*
Bear Mountain Hudson River Bridge Co. 1st mtge. 7s_-Apr. 1 *41
Beaver Valley Water Co. 1st lien 5s
.Nov. 1
*
Bedford Pulp & Paper Co., Inc. 1st mtge. 6Hs
Dec.
1
*
Brooklyn-Manhattan Transit Corp., $6 pref. stock
Dec.
3
Canada Cement Co., Ltd. 1st mtge. 3Hs
Nov. 1
Carolina Clinchfield & Ohio Ry. 1st mtge. 6s
Dec. 15
Central Maine Power Co. 1st mtge. 3 Hs
Oct
16
*
Central Ohio Light & Power Co. 1st mtge. 4s
Nov. 1
*
Connecticut Light & Power Co. 7% bonds
Nov
1
*
Crown Cork & Seal Co., Inc. 15-year 4% bonds
Nov. 1
Dow Chemical Co. 15-year 3% debs..
..Oct. 14
Exeter & Hampton Electric Co. 1st mtge. 5s..
....Nov. 1
Fe« eral Light & Traction Co. 1st lien bonds
....Oct. 15
Gainesville Gas Co. 1st mtge. 5s
Oct. 21
*
General Water Gas & Electric Co. 5% bonds
Nov. 1
German-Atlantic Cable Co. 1st mtge. 7% bonds..
..Apr. 1'41
*
Gorham, Inc. $3 preferred stock.
Oct. 10
Gulf Public Service Co. 1st mtge. 6s
Apr. 1 '41
*
Holly Sugar Corp. preferred stock
Oct. 14
*
Houston Electric Co. 1st mortgage 6s
Nov. 6
Houston Natural Gas Corp. 1st mtge. 6s_.
Dec.
1
*
International Business Machines Corp. 3H% debs
..Dec. 15
Iowa Electric Light & Power Co. 1st mtge. 4Hs
Oct. 28
First mortgage 4s_.
Dec. 1
Iowa Southern Utilities Co 5H% bonds, series 1925
Jan. 1 *41
5H% bonds, series 1935---.
Nov. 2
Kelsey-Hayes Wheel Co. 15-year debs
Oct.
7
*
Koppers Co. 1st mtge. bonds
i
_Nov
1
Liquid Carbonic Corn. 10-year debentures
..Oct. 10
National Dairy Products Corp. 3H % debs
Nov.
1
*
Nekossa-Edwards Paper Co. 1st mtge. 6% serial bonds.. Jan 1 '41
1st mtge. 5% serial bonds
—Jan. 1 '41
—.
...
'
Europe—
$
$
5
Blegium, belga
a
a
a
Bulgaria, lev
Czecboelov'ia, koruna
a
a
a
a
a
a
a
krone
Denmark,
~!>
V
-
$
$
*
-V
-
a
a
a
77:'
a
a
a
!
a
'7
a
a
>
7
a
a
y'r
a
a
a
77.
Engl'd, pound Bterl'g
4,035,000 4.035000
4.035000
4.035000
4.035000
4.041250
4.033928
4.032500
4.035000
.019750
.019750
.019750
.019750
.019375
a
-
4.036500
.019750
Free
4.035000
4.033750
Official
Finland, markka
France, franc
a
a
a
a
a
—
.399500*
.399400*
.006600*
.006600*
.006600*
.193650*
.193650*
.193650*
.050385*
Germany, reichsmark
Greece, drachma
Hungary, pengo
Italy, lira
Netherlands, guilder.
Norway, krone
.050385*
.050385*
.050450*
.399500*
.399616*
.399600*
.399733*
.006642*
.006600*
.006642*
.193650*
.193650*
.193650*
.050385*
.050450*
a
a
....
a
a
a
a
a
a
a
a
a
a
a
a
a
a
Portugal, escudo
Rumania, leu..
.040020
.039860
.039860
.039860
.039880
Spain, peseta...
Sweden, krona
.091300*
.091300*
.091300*
.091300*
.091300*
.091300*
.238008
.237914
.237992
.238021
.238078
.238178
Switzerland, franc
.228914
.229256
.229900
.230206
.230112
.230275
Yugoslavia, dinar...
.022516*
.022433*
.022520*
.022514*
.022520*
.022520*
Poland, zloty
b
b
b
b
a
■:-'v
a
.039860
b
b
Asia—
China—
"
Hankow (yuan)
a7>.:
a'"'"..
Cbefoo (yuan) dol'r
dol
a
a
a
.054812*
.053812*
ai;;:'v.v
•-a
a
a
a
.052250*
Shanghai (yuan) dol
Tientsin (yuan) dol
7
a
.053937*
a
.053937*
.054250*
....
a
a
a
a
a
a
dollar.
.230937
.238125
.234687
.234125
.233531
.232500
rupee-
.301553
.301857
.301857
.301857
.301857
.301857
New York
Japan, yen.
Straits Settlem'ts, dol
.234383
.234387
.234387
.234387
.234387
.234387
Northwestern Public Service Co. 1st mtge. 5s
.471033
.471033
.471033
.471033
.471033
.471033
Hongkong,
India
(British)
Trap Rock Corp
6% bonds
235
1424
2034
2034
980
1885
2036
1887
2036
2037
1565
1888
1566
2038
2040
2040
1720
1894
1431
1895
2043
1433
2014
1573
2047
2047
1724
2047
1282
1282
555
555
1434
2048
1148
1903
2052
2052
1729
1287
Oct, 15
Jan.
1
*
2055
1287
1288
Penn-Jersey Water Co. 1st mtge. 5Ms
.Nov. 4
mtge. 5Hs.
Oct. 16
Quincy Mkt. Cold Storage & Whse. Co. 20-yr. 5H % bds..Nov. 1
Richmond Terminal Ry. 1st mtge. 5s
Jan.
1
Mordon Pulp & Paper Co., Ltd. 6% debs
Dec. 3l
Saenger Theatres Corp. 1st mtge. 6Hs
-.Oct. 21
-
—
Pinellas Water Co. 1st
Australasia—
Australia, pound—
3.228000
3.228000
3.228000
3.228000
3.228000
3.228000
3.211666
3.217083
3.220833
3.214166
3.213125
3.215000
New Zealand, pound. 3.224166
3.229791
3.233750
3.226666
3.225625
3.227500
3.980000
3.980000
.3980000
3.980000
3.980000
.909090
.909090
.909090
.909090
.848392
.852142
Southern Colorado Power Co. 1st mtge. 6s.
Southern Colorado Power Co. 1st mtge. 6s
Tide Water Associated Oil Co. 3H % debentures
.202500*
.202700*
United Biscuit Co. of America 7% pref. stock.
Official
—
Free...
*
Africa—
South Africa, pound. 3.980000
North America—
»
.909090
Official.
.909090
.869531
.866250
.860535
.847734
.201875*
Free
Mexico, peso
.201975*
.201700*
.201700*
Newfoundl'd, dollar.909090
.909090
.909090
.909090
.909090
.864250
.858437
.845000
.845781
.849687
,297733*
.297733*
.297733*
.297733*
.297733*
.297733*
.060575*
.060575*
.060575*
.060575*
.060575*
.050166*
.050166*
.050125*
.050150*
.050150*
.051680*
.051680*
.051680*
.051680*
.051680*
.051680*
.040000*
.040000*
.040003*
.040000*
.040000*
.040000*
South America—
Official...
2056
2057
2057
Nov. 13
Dec. 15
Dec.
1
Oct. 17
Dec.
2
1738
1588
2060
-
Free—
1586
—
...
—
.Argentina, peso..
Brazil, milreis—
1909
—.Oct. 30
Nov. 1
Nov
1
Oct, 10
..Oct. 10
..Oct. 21
San Antonio Public Service Co. 4% serial notes..
1st mtge. 4Hs
Southern California Gas Co.
Vicking Pump Co. preferred stock
*
Watauga Power Co. 1st mtge. 6s
Western Massachusetts Cos. 3H % notes
Woodward Iron Co. 2d mtge. 5s
1150
113
1586
1158
.060575*
.050020*
......
.909090
.867125
Official
*
1st mortgage 4s
'
Canada, dollar—
Free....
2034
1740
1443
♦Announcements this week.
NATIONAL
BANKS
Chile, peso—
Official
Export
Colombia,
.569850*
.569850*
.569850*
.569850*
.569850*
.569850*
.658300*
.658300*
.658300*
.658300*
.658300*
.658300*
.367533*
peso—..
.367100*
.367100*
.367100*
.373125*
.372812*
Uruguay, peso—
Controlled
Non-controlled
♦Nominal rate,
No rates available.
a
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
■ *
f
'■
7'::..
:j'x:' 7 77 7
The
'
VOLUNTARY LIQUIDATIONS
\"
Amount
.
Ga
$50,000
Effective Sept. 23, 1940.
Liquidating agent, W. N. Harrison,
Lavonia,
Ga.
Succeeded by, Northeast Georgia Bank,
7/,,
Lavonia, Ga.
.y.-•
.77
"
77"
Sept. 24—The First National Bank of Barnum, Barnum, Minn.
Common stock, $25,000; preferred stock A, $15,000; preferred
stock B (local), $1,000
$41,000
Effective Aug. 19, 1940.
Liquidating agents, C. E. Siemer,
Hugo Anderson and E. L. Barstow, care of the liquidating
bank.
Succeeded by: State Bank of Barnum, Barnum. Minn.
Sept. 24—The First National Bank of Lavonia, Lavonia,
b Temporarily omitted.
.
GOLD AND SILVER MARKETS
THE ENGLISH
We
the following from the
reprint
Samuel Montagu
weekly circular
of
& Co. of London, written under date of
Sept. 2, 1939:
;''vvv:
'GOLD
gold held in the Issue Department of the Bank of England
during the month of August, 1940, was as follows:
August, 7, £236,758;
Aug. 14, £236,956; Aug. 21. £237,110; Aug. 28, £237,211.
The Bank of England's buying price for gold remained unchanged at
168s. per fine ounce, at which figure the above amounts were calculated.
The Transvaal gold output for July, 1940 established the new monthly
high record or 1,195,536 fine ounces, as compared with the previous record
of 1,186,063 fine ounces produced in May, 1940. The figure for June, 1940
was 1,158,006 fine ounces and for July, 1939, 1,080,741 fine ounces.
COMMON CAPITAL STOCK REDUCED
Ami. ofJteduct.
The amount of
Sept. 25—The Second National Bank & Trust Co. of Red
Red Bank, N.J.
From $500,000 to $20,000—
$480,000
CAPITAL STOCK INCREASED
COMMON
Ami. of Increase
:77
Sept
Bank,
26—The Second National Bank & Trust
From $20,000 to $520,000
Co. of Red Bank,
Red Bank, N. J.
Sept. 27—The First National Bank
Ohio.
From $25,000 to $50,000—
$500,000
— —
of Grove City, Grove City,
—
— -
;
25,000
SILVER
AUCTION
On
Aug. 1 prices were 22 5-16d. for cash and 22 l-16d. for two months,
delivery, but the market remained sensitive and there was a sharp advance
on bear covering and a little general demand, including, it was reported,
some for coinage.
By Aug. 7 quotations had reached 23 Hd- and 22 15-16d.
for the respective deliveries, representing advances of 1 3-16d. and Hd. in
three days.
At the pric of 23 Hd. for spot, some sales of silver were made
from Indian Government stocks.
unchanged until Aug. 13
23 Hd. and 2314d. The
forward price showed a wider range; it declined to 22 Hd. by Aug. 12, but
made a steady recovery and reached 23 Hd. on the 30th.
The difference between the two quotations varied widely and the premium
on cash increased from
Hd. at the beginning of the month to Id. on
the 12th; the pressure on spot was due mainly to the necessity of extending
sale contracts owing to delay in the arrival of steamers.
However, the
strain gradually eased and on the last working day of the month, with
quotations at 23 Hd. and 23Hd. for the respective deliveries, the premium
on cash was back to
Hd.
On the whole conditions were quiet and a steady tone prevailed during
greater part of the month.
2
22 5-16d.
22 l-16d.
22 l-16d.
5_—22 Hd.
23d.
22 Hd.
22 ll-16d.
7_—23H<L
8
23H<L
9
23 Hd.
12-—._23Hd.
22 15-16d.
6
13
23 Hd.
14-—23 7-16d.
15_— 23 Md.
Cash
2 Mos.
Cash
1_—22 5-16d.
22 13-16d.
22 Hd.
22 Hd,
22Hd.
22 ll-16d.
22 ll-16d.
Aug. 16
23 Hd.
Aug. 19
23 7-16d.
Aug. 20
23 7-16d.
Aug. 21
23 5-16d.
Aug. 22
23 Hd.
Aug. 23
23 5-16d.
Aug.26-—23 5-16d.
Aug. 27--—23 7-16d,
Aug. 28
23 Hd.
Aug. 29
23 7-16d.
Aug. 30
23 Hd.
Average; Cash delivery, 23.2614d.; two
In New
York
(per ounce
2 Mos.
22Hd.
22 15-16d.
22 15-16d.
22Hd.
22 15-16d.
were as
follows:
22 15-16d.
(7
$ ver Share
-80
Cambridge, par $20
1.435H Caribbean Sugar Co. common; 337H Caribbean Sugar Co. preferred,
par $100; $5,000 Eastern States Exposition reg. 4% Sept. 1. 1963; $500
Canadian Pacific Wheat Growing Co. 7% Feb. 15, 1927; $500 Pocasset
Golf Club 1st mtge 6s, Sept. 1, 1936, registered; 1 80-100 Texas Pacific
Coal & Oil Co. common scrip, par $10; 16, 80 John Street Corp.; 100 The
Royal Tiger Mines Co., par 1 cent; 18 United States Stores Corp.; 19
can Northern Mining & Railway Co., par $1; 100 Parmac Porcupine
Mexi¬
Unes,
$1; $300 The Montecito Co. 7% April 1, 1935, series A; 157 2-6
Columbian Holding Corp. de Call S. A., par 5 pesos; 75 Meadow Hall
Corp., par $1; 15 Williams Engraving Co., par $10; 50 Simmons Hardware &
Ltd.
par
Paint Corp
5336 lot
22
-
Co. common, par $15.—
-
Pf7 Cerl*
Bonds
$300 Eastern Corp.
5s, December, 1953
89 & Int.
-
By Barnes & Lofland, Philadelphia:
Shares
5
Slocks
3 First National
Bank of Philadelphia, par $100
25 I. B. Corp. common, no par
35 Philadelphia
-
Electric Co. common, no par
...
290 H
—51 lot
33
—
DIVIDENDS
23 l-16d.
23 Hd.
S. Treasury price, 35 cents;
by the Bank of England during August
Buying, $4.03 H; selling, $4.02H.
'
77;;
Stocks
Shares
6 Harvard Trust Co.,
23d.
22 15-16d.
months delivery, 22.7500d.
.999 fine)—U.
dollar rates fixed
V'
22 15-16d.
market price, 34 H cents.
The official
';77.
By R. L. Day & Co., Boston:
1 Sierra Pacific Power
In London (Bar silver per ounce standard).
Quotations during August.
securities were sold at auction on Wednesday
of the current week:
-
The cash quotation remained very steady, ruling
and from then onwards fluctuating only between
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
The following
SALES
In the
dividends announced the
current week.
Then we follow with a second table in which
we
show the dividends previously announced, but which
have not yet been paid.
Further details and record of past
Dividends
first
we
are
bring
grouped in two separate tables.
together all
the
The Commercial & Financial Chronicle
1996
dividend payments in
in
given under the com-
many cases are
"General Corporation
name
News
Department" in the week when declared.
The dividends announced this week
■
are:
Share
Company
Share
Name of Company
National Acme Co
National Bank of India Ltd. (ad-interim)
National Food Products Corp. cl. A (quar.)
Neisner Bros., Inc., preferred (quar.)—-----— —
^
Per
Name of
Per
and Investment-
pany
our
Oct.
'
When
Holders
Payable of Record
New York
50c
—
-
"■
'
25 Oct.
Oct.
—
Nov.
Nov.
21 Oct.
1 Oct.
15
1 Oct.
11
17
stock.
t$5
American European Securities Co. preferred
American Factors, Ltd, (monthly)—....
Oct.
Oct.
10c
Oct.
10c
Nov.
Oct.
Sept. 30
Oct. 31
3f
...
Nov.
'
Monthly.........;
———
......
American Hair & Felt, 6% 1st pref. (quar.)....
American Light & Traction (quar.)....
—
Preferred (quar.)—:.—-........
American States Utilities pref. (s.-a.)
——.
American Stove Co——
...........
........
....
Amparo Mining (liquidating)
Aro Equipment Corp....
Arkansas Fuel Oil, 6% pref. (quar.)
Artloom Corp. 7% pref. (quar.)
Atlantic City Electric Co., 6% pref. (quar.)
m
20c
15c
15c
....
.
IlH
■M
S1M
Atlantic City Sewer (quar.)
——,
Atlas Powder Co., preferred (quar.)...
Axelson Manufacturing Co......
Barkers Bread preferred (quar.)..
62Hc
loc
Bartgis Bros. Co
Preferred (quar.)
Bloomingdale Bros
Bourbon Stockyards (quar.)
—— —
Extra
37 He
———
37Hc
18'ii
—
50c
$10
......
Brooklyn-Manhattan Transit,
com. (liquid.)..
Investment News
description of this div.
Brush-Moore Newspaper 7% 1st & 2d pref.(qu.)
Bullock's, Inc., preferred (quar.)...
...
See
General
1
Sept. 26
Oct. 15
Nov.
Oct.
Oct.
Oct.
15
7
18
Oct.
10
Oct.
Oct.
Nov.
Oct.
Oct.
Oct.
5
Sept. 23
Dec.
Nov.
Nov. 15
Oct.
5
Oct.
Sept. 30
Nov.
Oct.
Oct.
Sept. 30
Sept. 27
Oct. 10
Sept.
Oct.
18
Sept.
Sept. 20
Oct.
Oct.
Oct.
Sept. 25
Sept. 25
Oct.
15
(initial)-—
......
Oct.
*37 He
Nov.
Nov.
WM
50c
12Hc
$ik
IlH
IlH
——— —
6% cumulative preferred..
Central Wharf & Wet Dock Corp
Century Bibbon Mills, pref. (quar.)
Cerro de Pasco Copper Corp
....
.....
.....
Chilton Co
Chain Belt Co
Chain Store Products, $1H conv. pref. (quar.)..
Cleve. Cine. Chicago & St. L. By. pref. (quar.).
Columbia Gas & Electric Corp
10c
50c
6% cum. preferred series A (quar.).........
5% cum. preferred (ser. No. 46) (quar.)
6% cum. preference (quar.)..
IlH
$1H
IlH
Columbia Mills
i
Columbia Pictures preferred (quar.)...
Consolidated Cigar Corp. 6H% cum. pref. (qu.)
■-.
7% cum. preferred————
Corn Exchange Bank Trust (quar.)
Crystallite Products Co., 6% pref. (quar.).....
Davidson Bros., Inc.....
50c
.......
...
-
6l m
$1H
75c
.....
—
... ...
—,
.. .
...
—
.....
IlH
tHH
is
......
(quar.)II
37j|c
Great Southern Life Insurance
Nov. 15 Nov.
1
Nov.
1 Oct. 15
Sept. 30
21
Oct. 25
Oct. 25
(quar.)...
Hook Drugs (quar.
~
20c
;—-—IIIIIIII
IIIIIIII I
(qu.TII
t$l
15c
40c
I1H
8Cc
....
Preferred...
—I-IILII.I
Preferred A.
■
~
International Utilities I3H prior preferredl
IIII
Interstate Home Equipment (quar.)
Extra
K)wa Electric Light & Power
Co.,
7%
$1H
t$6
I1H
t$6
87 He
•
15c
5c
prefIa 11
6H% preferred B
6% preferred O.
-----Kalamazoo Allegan & Grand Rapids
BrIIIIIII
Kennedy s. Inc., preferred (quar.)—_
—.......
81 He
t75c
$2.95
31Hc
Keystone Custodian Funds S-l (s.-a.) I
I
Series S-3 (s.-a.)
Lea Fabrics, Inc
——IIIIIIII~~~
Lincoln Telephone & Telegraph
62c
12c
—
—
75c
—
class"A(~quar,)
Class B (quar.)
Class B (extra)..........
Oct.
12c
Hutching Investing Corp., $7 preferredl 11II111
Incorporated Investors...........
Interchemical Corp..:
I
Referred A (quar.)......
Oct.
IlH
IlH
37Hc
.....
International Harvester...
International Metal Industries, pref.
5Cc
25c
25c
———
5% preferred (quar.).....-------Loew'svlnc., $6H preferred (quar.)._"_"!
Lowell Electric Light
McCall Corp, (quar.)
-----Mclntyre Porcupine Mines..
"
Oct.
Oct.
Oct.
60c
6H% preferred
Oct.
35c
75c
(Texas)——I—
Heath (D. C.) & Co., 7% preferred
(quar.)
Homestake Mining Co. (mo.)—
Honeymead Products Co. (quar.)...
I
Oct.
11
11
$1H
$1H
——_
9fc
35c
Oct.
Oct.
Oct.
15
10
1
15
25
Oct.
Sept. 30
25
Sept. 30
Oct.
1
Oct. 15
Oct. 31
Nov.
1
Oct.
Nov.
15*
1
5
16
1
Oct.
Manhattan Bond Fund, Inc
Marathon Paper Mids
——
1
Oct.
Marquette Cement Mfg. Co. 6% pref. (quar".)~I
19
Sept. 27
Sept. 25
7
Oct.
Oct.
4
Oct.
20
20
14
15
15
15
15
Oct,
Oct.
22
Oct.
1
1
Sept. 30
.30
Sept.
.30
Sept.
Sept. 15
Sept.
.30
Sept. 30
Sept. 30
.
Oct.
18
Sept. 24
.24
Sept.
.24
10 Sept.
.24
10 Sept.
29
5
1 Oct. 15
1
2 Nov.
.11
2 Nov.
25c
Oct.
Oct.
3 Sept.
.30
5
15 Oct.
Oct.
Massachusetts Utilities Assoc. pref. (quar.)
MaytagCo. $3 preferred (quar.)
62 He
75c
,
...
$6 preferred (quar.
Merchants & Manufacturers Security A & B """"
Partic. preferred (s.-a.) —_
"""
;
Partic. preferred (part, div.)
...II "
Michigan Gas & Electric 7% prim lien...
$6 prior lien
Monroe Loan Society, class A.
.......Ill"
Montgomery & Erie By. Co. ts.-a.)
———
—
$1H
.
S1H
10 c
$1
20c
t$lH
t$lH
5c
17 He
Oct.
5 Sept.
.28
i.
1 Sept. 30
Oct. 15 Sept.
.30
Nov.
1 Oct. 15
Nov.
1 Oct. 15
Oct. 15 Oct. 11
Oct. 15 Oct. 11
Oct. 15 Oct. 11
Nov.! 1
Nov.l 1
Oct. 15
Nov. 10
South-Western RR. Co. (resumed)-,—
Spicer Mfg. Co_
—i——
Preferred (quar.)—
Spiegel, Inc
— —
Preferred (quar.)-Squibb (E. R.) & Sons $5 pref. ser. A (quar.) —
-
—
Standard Products Co
37 He
20c
t,n*1
15c
IlH
%
—
— — —
—
—
Wrigley (Win.) Jr.
(monthly)
Extra
—————
—
—
Monthly---—————————-——Monthly——
———;—
Wrisley (A. B.) Co———
——
7% preferred (quar.)
—
——
21
21
1 Oct
1 Oct.
21
18
1 Oct.
25 Oct.
21
10 Oct.
1 Oct.
3
21
11
1 Oct.
1 Oct.
10
11
Jan.
Jan-.
Nov.
Nov.
Oct.
25 Oct.
2 Dec. 15
2 Dec. 15
5 Oct. 21
5 Oct. 21
" Sept. 24
Oct.
Sept. 20
Sept. 21
Sept. 10
Oct.
Oct.
Nov.
_
Oct.
Oct.
Nov. 15 Oct.
Nov. 15 Oct.
15
15
7
20
31
10 Sept. 27
Oct.
$2
Preferred (quar.)
— — ————
West Coast Oil, preferred (quar.)
—
Wood, Alexander & James, Ltd., 7% 1st pref___
Woolson Spice 6% pref. (quar.)—r__ —— — —
1 Oct.
1 Oct.
1 Sept. 30
8
5
Nov. 15 Nov.
Dec.
2 Nov. 15
Nov.
1 Oct. 15
Oct.
Toledo Edison Co., 7% pref.
Walker & Co., class A—
Nov.
Oct.
Oct.
IlH
50c
—
Oct.
Oct.
Nov,
Nov.
IlH
t(m
6 % preferred
Nov.
Nov.
Nov*
—
Taylor (William) Corp
Nov.
Nov. 20 Nov.
t75c
Standard Fruit & Steamship Corp., part, pref—
50c
State Street Investment (Boston) (quar .)—T —
t43Hc
Steel Co. of Canada (quar.)
Preferred (quar.)
t43 He
—
Strath more Paper Co. 6% preferred
——
Super Mold Corp. of California—
Taylor Colquitt Co. (quar.)
Nov.
15 Sept. 30
1 Sept. 30
Sept. 13 Sept. 13
8
Oct. 15 Oct.
8
Oct. 15 Oct.
Nov.
1 Oct. 15
Dec. 14 Nov. 30
Nov.
1 Oct. 15
Oct.
1 Oct. 15
5
15 Oct.
Oct. 15 Sept. 30
Nov.
7
1 Oct.
Nov.
Oct.
Nov.
Oct.
Oct.
7
1 Oct.
15 Sept. 28
21 Oct.
5
Sept. 30 Sept. 20
Oct. 21 Oct.
Nov.
1 Oct.
Nov.
1 Oct.
Nov.
Oct.
1 Oct.
10 Oct.
Nov. 10 Oct.
10
15
15
15
3
10
IlH
1 Sept. 27
17 Oct. 10
5
15 Oct.
Nov.
1 Oct. 15
Nov. 11 Oct. 31
Oct.
5 Sept. 30
Nov.
1 Oct. 15
HP
25c
Nov.
1 Oct.
Nov.
1 Oct. 19
2 Nov. 20
2 Dec. 26
t50c
37Hc
IlH
$1
25c
25c
Oct.
Oct.
Oct.
Sept. 30 Sept. 28
Dec.
25c
Jan.
20c
Oct.
IlH
Oct.
19
10 Sept. 25
1 Sept. 25
Below
we
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.
14
Oct.
Nov. 15 Oct.
Oct. 14 Oct.
1
_
Nov..
Sept. 28
Oct.
Jan.
$$1.11
pref. (quar.)
Oct.
22 Sept, 26
15 Sept, 30
15 Sept. 24
8
$1
Manning, Maxwell & Moore.-___._IIIII"""""
Oct.
Oct.
Sept. 16
Oct.
10c
;•
18
20
He
15
Sept. 21
5
155Hc Dec.
—
——
Southern New England Telephone Co. (quar.)—
Southwestern Light & Power, $6 preferred
_
Oct.
1 Oct.
Nov.
1
Oct. 15
Oct. 15
Oct. 21
Ocr. 21
Oct. 21
Oct.
1
Oct. 15
Oct. 15
Oct. 15
Nov.
1
Oct. 10
Oct. 10
Nov.
17
15
Oct. 23 Oct.
Nov.
1 Oct.
Nov.
1 Oct.
Nov.
1 Oct.
Nov.
1 Oct.
Oct,
25
20
27
27
15 Sept. 30
Oct.
Oct.
Oct.
Nov. 15 Oct.
Washington Gas Light
Oct.
Oct.
25
25
1
10
Nov.
8
24
11
1 Sept. 25
,
Oct.
10
10
10
23
50c
—
—
Sept.
Sept.
Sept.
Sept.
15
75c
40c
Sierra Pacific Power
Nov.
Oct.
15
Sept. 23
Oct.
Oct,
5 Oct.
Dec. 20 Dec.
Nov.
1 Oct.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
IlH
IlH
Southern Canada Power (quar.)
Southern Franklin Process Co. 7 %
1 Sept. 27
15 8ept, 27
Oct.
15
1 Oct.
Oct.
(monthly)—— — 58 l-3c
50c
(monthly)
—
—
412-3c
5% preferred (monthly)--—
IlH
Towne Securities Corp., 7% cum. preferred
25c
Union Oil (California) (quar.)———
Union Series Eye Corp. has authorized a cash
distribution on account of principal, equiva¬
lent to 3 % of the designated principal amt- _
75c
United Corp., $3 cumulative preference^——
1 Nov. 15
1 Oct. 18
Dec.
Nov.
50c
Greenfield Gas Light Co. 6% non-cum.
pref
Halle Bros. Co., preferred (quar.)
Hat Corp. of Amer,
__
2He
5t c
——
■
9
19
19
19
Nov. 15 Oct. 19
Oct.
1 Sept. 30
$3H
—
Franklin Process Co.
Globe Grain & Milling Co. (liquidating) 1111111
Gorhara Mfg. Co.....
...I.I
Extra...:
31 Oct.
Nov. 15 Oct.
Nov. 15 Oct.
Nov. 15 Oct.
Oct.
1 Sept.
Nov. 29 Nov.
Oct. 18 Oct.
Nov.
1 Oct.
Oct. 31 Oct.
Nov.
1 Oct.
25c
5CC
———
Extra.
Fischer (Henry) Packing Co. 5% pref.
Fort Pitt Brewing..
(quar3
Nov.
1 Oct. 15
Nov.
1 Oct. 15
Oct. 15 Oct.
1
Dec.
2 Nov. 20
Nov.
1 Oct. 16
Oct. 15 Oct.
4
Oct. 25 Oct. 10
Oct.
........
Preferred
15 Sept. 30
15 Sept. 30
Oct.
15c
25c
5Gc
...
Dodge Manufacturing Corp.
Domestic Finance preferred (quar.)
Employers Group Assoc. (quar.)..._..........
Eureka Pipe Line Co..
Felin (John J.) & Co. preferred.
Ferro Enamel Corp
Fibreboard Products, Inc., 6% pr.
pref. (q*u.)..
Filing Equipment Bureau, Inc., 4% preferred..
First National Bank (Palm
Beach) (monthly)...
Extra....
__
15c
Dean (W. E.) & Co. (quar.).........
_
Oct. 21
15 Oct. 31
15 Sept. 30
1 Sept. 20
1 Sept. 27
IlH
3c
(quar.)
Oct.
Oct.
Oct.
25c
5f c
South American Gold & Platinum Co
—
Southern California Edison Co., Ltd. (quar.) —
10
6ctri8*
1
Oct.
M
Sayers-Scovill Co
6% preferred (quar.)
Shaffer Stores 5% pref. (quar.)
19 Oct.
Sept. 26
IlH
+siM
Preferred
Oct.
Nov.
Nov.
17 He
50c
Peoples Telephone Corp. (quar.)-——.—
.12
til
Portland Gas Light Co, $6 preferred---—--——
IlH
Potomac Edison Co. 7% pref. (quar.)
—
IlH
6% preferred (quar.)———
——_
50c
Randall Co., class A (quar.)
75c
Raymond Concrete Pile, preferred (quar.)
25c
Common (quar.)—
—Rayonier, Inc., $2 preferred-—
Beda Pump Co__
t50c
Beed (C. A.), $2 preferred A.$U1H
Revere Copper & Brass, 5H% preferred—
IlH
7% preferred
Ritter Dental Mfg. Co., Inc., 5% conv. pref
tllH
25c
Rochester American Insurance (quar.)
30c
Holland Paper
—------—
IlH
Preferred (quar.).
—
IlH
Boos Bros., Inc., preferred (quar.)
13
St. Louis Bridge, 6% 1st pref. (s.-a.)
3% second preferred (s.-a.)
San Antonio Gold Mines (s.-a.)
21
2Cc
...
——————
Decca Records, Inc
Nov.
Oct.
Oct.
Oct.
.1 Oct.
*1
7 He
25c
50c
Dayton Bubber Mfg———
„6% preferred.-
Nov.
Sept. 30 Sept. 20
......
(quar.)..
1 Sept. 24
1 Oct. 11
1 Oct. 15
Oct.
ioc
.
Class A
-
Extra
Nov.
Calgary Power Co., preferred (quar.)
....
-
5% preferred (quar.)-—
6% preferred (quar.)-Old Dominion Fire Insurance Co. (quar.)
Oliver United Filters class A (quar.)—-—---Pacific Lighting Corp. (quar.)
—-—
Paracale Gumans Consol. Mining Co., Inc
Santa Cruz Portland Cement
In
HH
$1H
Holders
When
Payable of Record
4Gc
-----
—
Northwest Engineering Co
Ohio Finance.--.-
Nov.
Corporate &
section for a complete
Canadian Bronze Co., Ltd......
Preferred (quar.)...
Canadian Converters
Canadian General Investments (quar.)
Central Kansas Power Co., 7% pref. (quar.)—6 % preferred (quar.)
Central Power & Light Co. 7% cum. pref......
Common
15
Sept. 30 Sept. 25
Alloy Cast Steel (quar.)
Amalgamated Sugar Co. preferred (quar.)
American Cities Power & Light $3 class A (quar.)
Opt. div. payable in cash or l~32dsh. cl. B.
»
Oct.
IS
Trap Bock, preferred (quar.)
Northern Ohio Telephone 5% pref.
6% preferred (quar.)
Abraham & Straus, Inc—
Aetna standard .Engineering, pref. (quar.)
25c
Jff .pw
Oct.
Oct.
15
15
Oct.
8
Oct.
30
Abbott Laboratories preferred (quar.)—
Administered Fund--Aeronautical Securities
—
—
—
—
Aetna Ball Bearing Mfg—
——
Affiliated Fund, Inc
Air Reduction Co., Inc. (quar.)-—
Extra
-
—
——-—
Ajax Oil & Gas Co.. Ltd------—
Akron Brass Mfg, Co., Inc__
Alabama Power Co. 15 preferred (quar.)--—-Alaska Juneau Goid Mines
IlH
12c
10c
35c
5c
25c
25c
IHc
12Hc
———
——-
11H
50c
pref. (qu.)-
1H
1H
$1H
IlH
IlH
American District Telegraph (N. J.)
American Express Co. (quar.)—-
— —
American Felt Co. preferred (quar.)--——
American Fork & Hoe, preferred (quar.)
—
American Furniture Co., Inc., 7% pref. (quar.)_
Sept. 30
Sept. 28
Oct.
Dec.
Oct.
25c
M
Dec.
1
2
Oct.
Oct.
Sept. 30
Sept. 30
Sept. 30
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Dec.
Nov.
5c
50c
7% preferred (quar.)—
Amerada Corp. (quar.)
—- American Alliance Insurance (N. Y.) (quar.)—American Asphalt Roof Corp., 6% pref. (quar.)
American Can Co. (quar.)..
——
Oct.
Oct.
Nov.
(quar.)-
All-Penn Oil & Gas Co. (quar.)
Aluminum Mfg.
Inc
(quar.)--—
Oct.
Oct.
Dec.
15
15
18
7
10
15
15
Dec.
Dec.
Oct.
Oct.
Oct.
Oct.
Nov.
Sept. 20
Sept. 30
Oct.
Sept. 15
Sept. 13
Sept. 16
Oct.
Oct.
Oct.
5*
25*
Oct.
Oct.
Oct.
Oct.
5
14
Oct.
Dec
14*
IlH
Nov.
Dec.
Dec.
Dec.
14
5% cumulative preferred (quar.)_—
—5% cumulative preferred (quar.)
—
American Paper Goods Co 7% pref (quar.) —
American Radiator & Standard Sanitary Corp.—
IlH
IlH
IlH
Dec. 31
4-1-41
Dec. 16 Dec.
Preferred (quar.)
American Rolling Mill
IlH
IlH
Dec.
(monthly)
American Mfg, Co. (quar.)--—
Preferred (quar.)—
American Home Products
—- —
20c
25c
——-—
14
American Oak & Leather Co.—
,
American
5Gc
Co., pref. (quar.)-—_ —
Seal-Kap (Dela.)
—
American Smelting & Refining-..
Preferred (quar.) —
—-
"
American Telep. & Teleg. Co. (quar.)
American Thermos Bottle, class A & B
—
(quar.).
Class A (extra) - .——-—- — - -———- - —American Zinc, Lead & Smelting pr. preferred- _ _
Mining——
AppletonCo. (quar.)—
Extra—
Preferred
————
(quar.)
—.——
—
25c
II
Nov.
1 Oct.
19
Nov.
1 Oct.
19
IlH
Nov.
1 Oct.
18
21 Oct.
11
18 Oct.
28 Oct.
—
8
18
18
18
18
Oct.
Oct.
-75c
Oct.
$2
——
Arsro Oil Corp
4
Oct. 31 Oct.
Oct. 15 Sept. 16
12c
25c
25c
Anaconda Wire & Cable Co_--------—.—
Andes Copper
5"
1 Nov. 25
Oct. 15 Sept. 16
Oct. 15 Oct.
1
Nov. 30 Nov.
1
IlH
12 H
———
—
IlH
15c
Oct. 28 Oct.
Oct.
28 Oct.
Nov. 15 Oct.
Volume
The Commercial & Financial Chronicle
151
Share
Company
Nov.
15 Oct.
1 Oct.
1 Oct.
25
Oct.
1 Oct.
4
Oct.
25 Oct.
7
15
$1
Nov.
25c
Atlas Corp
Babcock & Wiicox
Oct.
31 Oct.
50c
Oct.
25 Oct.
15
75c
Nov.
1 Oct.
19
40c
Badger Paper Mills
6% preferred (quar.)
;
...
—
(quar.)
(quar.)_
Bangor Hydro-Electric (quar.)
Bank of America N. T. & 3. A. (quar.)
Preferred (initial, semi-ann.)
Bankers Trust Co. (Detroit)
Bathurst Power & Paper, class A (interim)
Bayuk Cigars. Inc., first preferred (quar.)
Beatty Bros., Ltd., 6% preferred (quar.)
Bell Telepnone Co. (Paj (quar.)
Bell Telephone of Canada (quar.)
Borland Shoe Stores (quar.)
Preferred (quar.)
3GC
Nov.
15 Sept.30
15
1 Oct. 10
60c
$1
30c
25c
Dec.
31 Dec.
14
Dec.
31 Dec;
14
Oct.
15 Oct.
5
Nov.
Oct.
17
$1 M
Oct.
Sept.30
SIM
Nov.
Oct
*1M
Oct.
Sept. 20
Oct.
$1M
12Hc
Baldwin Co. 6% pref.
Baldwin Rubber Co.
Oct.
Sept.23
Oct.
21
Nov.
Oct.
21
Sept. 30
Special
Oct.
*1
e2m
10
40c
50c
Capital Corp.. class A
Oct.
Oct.
75c
SIM
Mc"
t$\&
Corp. 5% preferred (quar.) —
Oct.
$6M preferred (quar.).....
Alcohols, pref. I (quar.)
Commercial Discount Co. (L. A.) pref. A. (qu.
Preferred B (quar.)
Oct.
Sept.
Sept.
Sept.
Sept.
30
30
30
30
Nov.
Oct.
10
Oct.
Sept.
Sept.
Sept.
Sept.
15 Sept.
15 Sept.
Oct.
SIM
12Mc
SIM
SIM
'Tt
SI.63
15 Oct.
Oct.
Oct.
Extra
Oct.
31 Oct.
15 Oct.
Oct.
15
Oct.
3
1,
Oct.
10 Oct.
1
1 Oct.
11
14
Nov.
4c
Nov.
1 Oct.
Dec.
2 Nov. 15
Dec.
2 Nov. 15
pref. C (qu.)_
25c
8c
Oct.
SIM
Oct.
SIM
Oct.
10c
Oct.
75c
15c
Oct.
Consolidated Oil Corp
•'
SIM
SIM
12Mc
—
75c
(quar.)
30c
.
—
Crum & Forster.,
30c
—...
(quar.)
■\
—
.
$2
Corp. (Canada)—
Preferred (semi-annual)
—
Dentist's Supply Oo
(N Y.) (auar.)
Denver Union Stockyards preferred (quar.)
...
15 Sept. 30
15 Sept. 30
15 Oct.
2
S2M
75c
1 Sept. 27
1 Oct. 15
Nov.
Nov.
Nov. 15 Oct.
Oct., 21 Oct,
15
4
15 Oct.
4
10 Sept. 30
Oct. 15 Oct.
1
Dec. 23 Dec. 13
Oct.
1-2-41 Dec. 23
2 Nov. 26
2 Nov. 20
Dec.
Dec.
Deposited Insurance Shares A & B stk. div
Deere & Co.
Oct.
5
5 Sept. 24
5 Sept. 24
Oct.
—-
Creamery Package Mfg. (quar.)
15 Oct.
—
2M%
SIM
1 Sept.
Nov.
Oct.
21 Oct.
14
5
10c
15 Sept. 27
Oct. 21 Oct.
5
Jan. 1*41 Dec. 20
5
Oct. 15 Oct.
50c
Nov. 15 Nov.
50c
Oct.
25c
75c
Dec.
Detroit Gasket & Manufacturing Co—
SI
25c
(s.-a.)
$2
(quar.)
Southwestern
Detroit Michigan Stove
Preferred (quar.)
——
Oct.
5
.
Detroit Steel Products..
—
(quar.)
(semi-ann.)
SIM
preferred (quar.)
Nov.
2-10-41
1 Oct. 15
15c
30c
Docior Pepper Co
(quar )
Doehler Die Casting (interim)
Dome Mines. Ltd
Dominion Oilcloth & Linoleum Co., Ltd.
(quar.)
Oct.
15 Sept. 25
Dec.
2 Nov. 16
25c
(quar.)
Oct.
t50c
30c
Oct.
10c
Extra
Dominion Tar & Chemical Co.. 5M% pref.
Dominion Textile Co. preferred
Dow Chemical Co
10 Sept. 30
12
2 Nov
3-1-41
(qu.)
SIM
9
21
Sept. 30
Oct. 31 Oct.
15
Oct. 31 Oct. 15
Nov.
1 Oct. 14
Oct.
(quar.)
25 Oct.
Oct.
15
15 Sept. 20
50c
25c
;
(E. I.) de Nemours pref. (quar.)
15 Sept. 30
1
Nov. 15 Nov,
Duquesne Light. 5% preferred (quar.)
Eason Oil Co., $1 M cum. conv. pref. (quar.) Electric Bond & Share $6 preferred (quar.)__—.
$5 preferred (quar.)
Electric Household Utilities
El Paso Electric, preferred A (quar.)
Preferred B (quar.)
$6 preferred (quar.)
SIM
Nov. 15 Nov.
20c
Oct.
SIM
SIM
Oct.
Oct.
Oct.
3im
Nov.
SIM
Nov.
8
25
15
7
1
Sept. 30
Oct.
10
Sept. 14
Sept. 28
1 Oct.
1 Oct.
1 Nov. 15
Dec.
pref. (quar.)
SIM
2c
Dec.
15
(quar.)_
1M%
Oct.
19 Oct.
SIM
Oct.
Sept.30
25c
Oct.
Oct.
1
SIM
Nov.
Oct.
25
68 Mc
15c
Nov.
Oct.
15
5
15c
—
x%
V
Sept. 21
25 Oct.
4
llOct. 10
Nov. 15 Nov.
4
Nov. 15 Oct. 25
Nov. 15 Oct. 25
Oct. 25 Oct. 15
Oct.
20C
$1
15c
Oct.
Nov.
15c
15c
Oct.
Oct.
lc
—
—
Oct.
5c
,
mm*-
SIM
25c
,;
50c
-
....
..
SIM
-
50c
25c
(quar.)
—
(semi-annual)
......
15 Sept. 30*
15 Oct. 11
20c
40c
40c
7
7
10c
Oct.
25 Oct.
10
SIM
SIM
SIM
Oct.
Oct.
15 Sept. 30
15 Sept.30
Oct.
15 Sept. 30
Oct.
1 Oct. 21
21 Oct.: 10
7 Sept. 26
Nov. 15 Oct. 25
5
Oct. 15 Oct.
Nov.
Oct.
Dec.
1 Oct.
1 Oct.
Nov.
Nov.
SIM
SIM
.Oct.
40c
Oct.
SIM
Oct.
SIM
Nov.
87Mc
15 Sept. 10
2
1 Oct.
Nov.
1 Oct.
16
Oct.
t25c
Oct.
15 Sept. 30
15 Sept. 30
15 Sept. 30
10c
Oct.
Dec
Oct.
15
37 Mc
Oct.
nn
Oct.
10 Sept. 30
7 Sept. 25
22 Oct.
12c
Oct.
15c
Oct.
— —
-
-
(quar )_
Steel, 7% preferred
Kaufmann Department Stores
Kellogg Switchboard & Supply
Preferred (quar.)
Kemper-Thomas 7% special pref (quar.)
Kentucky Utilities. 6% pref.lTquar.)
Kerr-Addison Gold Mines (interim)
Kirkland Lake Gold Mining (Va.)—;
Special
Joliet & Chicago RR
SIM
SI M
SIM
5c
5c
lc
10c
Knott Corp.—
Brewing
J
Kroger Grocery & Baking 7% prtef. (quar.)
Landis Machine preferred (quar )\
....
Lane Bryant. Inc., 7% pref. (quai\)
....
Langendorf United Bakeries, Inc., class B
Class A (quar.)
Preferred (quar.)
Lakey Foundry & Machine
Lawrence Gas & Electric Co. (quar.)
Lawyers Title Insurance Corp., 6% pref. (s.-a.)
Lazars (F. & R.) & Co. (quar.)..
I zee Rubber & Tire
Lehigh Portland Cement (quar.).
Preferred (quar.)
Kreuger (G.)
12Mc
SIM
SIM
Oct.
Sept.28
28 Oct. 10
8
31 Oct.
8
Oct. 31 Oct.
2 Nov. 20
Dec.
Oct. 15 Sept; 30
Oct.
Nov.
Nov.
15 Sept. 28
1 Sept.
1 Sept.
Dec.
1 Oct. 15
15 Sept. 30
Oct.
15 Sept. 30
75c
Oct.
15 Sept. 30
15 Sept.30
20c
Oct.
75c
$3
25c
Oct.
14 Sept.
30
Oct.
10
75c
Oct.
15 Oct.
25 Oct.
28 Oct.
37
yit
Oct.
Nov.
Jan,
14
22
Oct.
7 Sept.
15 Oct.
Nov.
1 Oct.
25c
RR Co. original capital (quar.).
Special guaranteed (quar.)
—
Lord & Taylor 2d preferred (quar.)
Louisville Gas & Electric 7% preferred (quar.)..
6% preferred (quar.)
....
5% preferred (quar.)
Dec.
Oct.
Dec.
Dec.
2 Nov.
i2o
Dec.
8
16
Sept. 30
10 Nov. 25
10 Nov. 25
Nov.
1 Oct.
SIM
SIM
Oct.
15 Sept.
Oct.
15
SIM
Oct.
S2
3
15 Sept. 30
1 Oct. 21
Nov.
Nov.
1 Oct. 26
Jan.
50c
14
Oct.
25c
SI 10
15
20
Oct.
SIM
-
15
1 Oct.
2 Dec.
20c
Liberty Loan Corp. $3M preferred
Lincoin Nanonai i «fe Insurance Co. (quar.)—
Lion Oil Refining Co. (quar.)
9
16
Oct.
Nov.
SIM
SIM
Link Belt Co. (quar.)
Preferred (quar.)
5
18
50c
...
nref. (quar.)..
30
30
15 Oct.
Oct. 16 Oct.
1 Oct.
Nov.
Oct.
50c
Corp
Lerner Stores (quar.)
Preferred (quar.)
Lehman
9
2 Nov.
....
Littie Miami
22
1 Oct.
Nov.
75c
30c
(quar.)
...
.
Jones & Laughlin
Lexington Telephone
20
20
10 Sept. 23
15 Sept. 20
,20c
Investors Fund C, Inc
.......
Iron Fireman Mfe
common v. t. c.
I X L Mining (quar.)
Jarvis (W. B.) Co
19
15 Sept. 30*
5c
—
15
1 Oct.
15 Sept. 28
Oct. 15 Sept. 28
11
1 Oct.
Nov.
1
Oct. 10 Oct.
Oct.
Oct.
Imperial Chemical Industries, Amer dep. rec..
Indiana Pipe Line Co
—
Indianapolis Power & Light
.....
Interchemical Corp...
......
6% preferred (quar.)
—;■
International Business Machines (quar.)
International Harvester Co, (quar.)
International Milling Co. 5% preferred (quar.)..
International Nickel of Canada pref. (quar.)
Payable in U. S. funds.
International Utilities Corp., $3M prior pref—
Investment
Cumulative preferred
1 Oct.
Nov.
Oct.
3%
pref. (quar.) . —Foundation, Ltd.,cum. pref. (qu.) _
Nov.
SI
15c
Interstate Department Stores
7 Sept. 23
7 Sept. 23
25 Sept. 30
SIM
$2M
—
—
Nov. 29 Nov. 19
Dec. 27 Dec. 17
5c
_
(quar.)
Dubilier Condenser.
Sept. 30
15 Sept. 30
5 Sept. 30
Oct.
Nov.
1 Oct. 15
Oct. 15 Sept.30
Oct. 15 Sept. 30
Oct. 31 Oct. 16
Hussmann-Ligonier (quar.)....
Idaho Maryland Mines (monthly)
15 Sept.
10 Oct.
17Mc
(quar.).
Howe Scale, preferred
31 Sept.21
20c
1
Oct.
Oct.
SIM
S2M
1
.....
Household Finance Corp.
Preferred (quar.)
1
Oct.
pref
(quar.)
Horn & Hardart Co. (N. Y.)(quar.)
Houdaille-Hers hey, class B
...
21
Oct.
Oct.
1
10
21 Sept. 30
—
20 Oct. 15
5 Sept. 27
Nov.
7.
25c
Holly Development (quar.)
Holly Sugar Co., preferred (quar.)—
Border's. Inc. (quar.)
Hormel (Geo. A.)
3
Oct.
10c
6
Oct.
—
30
30
30
30
30
25
Preferred clnss A
7% preferred (quar.)
6% preferred class A (quar.).
Connecticut Investors Management Corp. (s.-a.)
Consolidated Car Heating (quar.)
...
Consolidated Coppermines
!
Consolidated Edison (N. Y.) pref. (quar.)
Consolidated Laundries, pref. (quar.).
Distillers Cor p.-Seagrams
Nov. 20
Dec.
Oct.
Conn (C. G.), Ltd...
du Pont
Oct.
Oct.
Power A Light
_
17
21
45c
Commonwealth Utils. Corp. 6M %
Preferred
Dec.
Oct.
Oct.
Nov.
Oct. 25 Oct.
SIM
S3M
-
Oct.
Nov.
Oct.
20c
—,
Harris burg Gas Co. 7% pref. (quar.)
Harrisburg Steel Corp
Harris & Co., preferred (quar.)
Hartford Electric Light.
Hawaiian Sugar Co. (quar.)
Hayes Industries, Inc., (quar.)..
Hecker Products Corp. (quar.)
Hercules Powder Co., preferred (quar.).
.i
Hershey Chocolate Corp. (quar.)
Preferred (quar.)..
Hibbard, Spencer, Bartlett & Co. (mo.)
Monthly..
Monthly..
i——
Hollinger Consol. Gold Mines, Ltd. (mo.).
11
17
Oct.
Oct.
Commonwealth Edison Co
Commonwealth Investment Co
Dixie Home Stores
Dec.
6
15 Oct.
15 Oct.
—
Dec.
Oct.
Commercial
Preferred
Jan.
8c
Cincinnati Postal Terminal & Realty Co.
6M% preferred (quar.)
...
City Title Insurance Co. (quar.)
Cleveland-Cliffs Iron, pref
Cleveland Cincinnati Chicago & St. Louis Ry.5% preferred (quar.)
Clinton Water Works Co. 7% nref. (quar.)
Colt's Patent Firearms (interim)
Columbus & Southern Ohio Electric Co.—
Diamond Match Co
Oct.
21 Sept. 30J
10
Oct. ~"
7
Oct.
Oct.
37 Mc
Harbison-Walker Refractories Co. pref.
Sept. 17
25c
.
6% preferred (quar.)
Chemical Fund, Inc. (quar.)
Detroit-Hillsdale &
Oct.
Sept.30
11
Nov. 15 Nov.
Nov. 15 Nov.
11c
Extra
1
1
Nov. 15 Nov.
10
Oct. 21 Oct.
Oct.
Nov.
Nov.
SIM
Hammermill Paper Co
Hanna (M. A.) Co., $5 cumulative
Banners Oil Co.. common.
30
30
Nov. 15 Nov.
tSIM
tSIM
SIM
Chickasha Cotton Oil (special)
Detroit Edison Co.
Guarantee Co. of North Amer.
15 Sept.30
31 Sept.
15 Sept.
Oct.
7c
SIM
Great Lakes Towing Co. 7 % non-cum.
Green (H. L.) Co. (quar.)
Sept.30
1
20C
—
10
Oct.
SIM
Golden State Co., Ltd. (quar.)
Great American Insurance (quar.)
1
21
5 Oct.
$1H
—
(quar.)_
Gimbel Bros., preferred (quar.)
Glen Aiden Coal Co
Oct.
,:S1M
7% preferred (quar.)...
Preferred
Preferred
I
15 Sept. 30
15 Nov. 30
15c
(initial quar.)..
Central Power Co., 7% pref
6% preferred
15
21 Oct.
Nov.
1 Oct.
SI
(quar.)
General Motors Corp preferred (quar.)_—
General Outdoor Advertising class A (quar.)
25
Dec.
SIM
21
15c
Oct.
7c
•.v
Oct.
::
;
—
Oct.
8c
Central Paper
Debenture & Securities
General Mills
—
Great Lakes Power Co., Ltd., A pref. (quar.)
20c
Central Hudson Gas & Electric (quar.).
Central Investors Corp
Central New York Power, pref. (quar.)...
Corn Products Refining
Preferred (quar.)
General investors
21 Oct.
SIM
$3 M
SIM
37Mc
Nov.
SIM
General Foods $4 M preferred (quar.)
General Instrument Corp. (quar.)—.
17
Dec.
Central Aguirre Associates (quar.)
Central Eureka Mining (bi-mo.)
Community
1 Oct.
10 Sept. 30
1 Oct. 15
5 Aug. 22
of com. for each
7% cumulative prior preferred (quar.)
7% cumulative 1st part, preferred (s.-a.)
15
15 Sept. 30
15 Sept. 30
30
30
Nov.
30 shs. of common stock held
21
-
Oct.
25c
Nov
Oct.
Oct.
10c
General Theatres Equipment Corp
General Tin Investments
Gillette Safety Ra/or, pref. (quar.)
SIM
15
Nov.
12Mc
15 Sept. 30
15 Sept. 30
15 Oct. 31
15 Oct. 31
1
16 Nov.
1 Oct. 15
1 Oct. 15
12Mc
Oct.
30c
25 Sept. 20
1
Oct. 15 Oct.
Oct. 10
Nov.
Dec. 15
Jan.
Nov.
t«3 M
123c
UM%
7% cum. pref. (quar.)
m
Canada Wire & Cable, class A (quar.)
SIM
Canadian Fairbanks-Morse, preferred (quar.)..
$1 M
Canadian Industries, Ltd. A & B (quar.)
SIM
Preferred (quar.)
12Hc
Canadian Oil Cos., Ltd. (quar.)
Nov.
Nov.
1 Oct.
20c
20c
-
Oct.
Oct.
pref
23
24c
Nov.
—
18 Sept. 30
Dec. 31 Dec.
35c
5c
Oct.
25c
Extra
15 Sept. 30
Oct.
General Electric Co_
General Finance Corp.
Nov.
Nov.
Carolina Clinchfield & Ohio RR. (quar.)
Oct.
15 Sept. 20
6
31 Oct. 22
15
Nov. 15 Oct.
Oct.
15 Sept. 30
62Mc
Celanese Corp. of American
Common stock div. of lsh.
Jan.
sil
Oct.
Oct.
Oct.
25c
Canada Malting Corp., Ltd. 7% non cum.
Canada Northern Power Corp., Ltd
87Mc
(quar.) —
15 Sept. 301
Nov.
$1M
SIM
SIM
Calumet & Hecla Consol. Copper Co
Canada Iron Foundries, Ltd
Preferred
25c
75c
25c
Oct.
2 M%
;
15
5
15 Oct.
4
21 Oct.
2 Dec. 26
Oct.
Oct.
SI
15 Sept.30
Nov.
California Packing
Preferred (quar.)
25 Oct.
Oct.
Oct.
British Colombia Telep. Co. 6%
Cables & Wireless Holding Co., pref. (s.-a.)
15
S1.18M Oct.
Oct.
33HC
12
21
25 Oct.
Oct.
Oct.
Oct.
2d pref. (qu.) —
Brooklyn Borough Gas Co. (quar.)
Buffalo Niagara & Eastern Power 1st pref. (qu.) _
Burma Corp. Amer. dep. rec. (final 3 M annas) —
31 Oct.
Oct.
25c
15c
10c
Bridgeport Hydraulic Co. (quar.)
British-Columbia Power, class A (quar.)
21
S1.06M Oct.
25c
15 Sept.
15 Sept,.
20c
Brantford Cordage preferred (quar.)
31 Oct.
Oct.
25c
20 Dec.
Extra
15 Sept. 30
15 Sept. 30
Oct.
75c
—
Fundamental Investors (quar.)
Nov. 25 Nov. 15
Dec.
Bearing
Bralorne Mines, Ltd. (quar.)
Oct.
25c
Fyr-Fyter Co. class A_
Gardner-Denver Co. (quar.)
Preferred (quar A
Garner Royalties Co., Ltd., class A.
General Capital Corp
Nov.
75c
Bower Roller
Mar. 15 Feb. 28
Jan.
2 Dec. 11
SIM
Extra—
16
Dec.
5c
(quar.)
Fuller Brush Co. (quar.)
15
Oct.
Oct.
sI
Boston Woven Hose 6c Rubber Co., common
Oct.
Oct.
Oct.
16 Nov. 30
5c
Preferred
10
15
3-15-41
4-1-41
18 Dec. 14
Dec.
J25c
Froedtert Grain & Malting
Oct.
Oct.
15c
25c
Dec.
1-2-41
25c
SIM
N. J.) (qu.)_
(quar.)
Nov.
12Hc
SIM
(quar.)
California-Oregon Power, 7% pref
6% preferred
6% preferred (series of 1927)
First National Bank (Toms River,
First National Bank of Jersey City
15
10c
25c
i
Firestone Tire & Rubber
Fishman (M. H.) Co. 5% preferred
Foundation Co. (Canada)—
-—
Machine Co
Bon Ami Co., class A (quar.)
Class B (quar.)
Boston Edison Co. (quar.)
Celotex
21 Oct.
Oct.
Birdsboro Steel Foundry &
Business
1
1-2-41 Dec. 21
Oct.
9 Sept. 28
56 Mc
Emporium Capwell Co. 4M% preferred (quar.).
Esquire, Inc
Eversharp. Inc., new 5% pref. (quar.)
New 5% preferred (quar.)_
—
Fansteel Metallurgical Corp., preferred (quar.)_
Farallone Packing Co. (quar.)
Quarterly
—;
Farmers & Traders Life Insurance (quar.)
Federal Services Finance Corp. (quar.)
6% preferred (quar.)
*
Federated Dept. Stores
Preferred (quar.)
Filene's (Wm.) Sons
—
Preferred (quar.)
Fireman's Fund Insurance (quar.)
15
Nov.
31 Mc
62 He
Corp., $2M prior pref. (quar.)_
Atlantic Refining Co., pref. (quar.)Atlantic Rayon
Biltmore Hats Ltd.
Payable oj Record
tS3
Associated Dry Goods 2d pref_ _ — — Associated Telephone Co., preferred (quar.)
Holders
When
Per
Name oj
1997
17
30
Sept. 30
15 Sept. 30
The Commercial & Financial Chronicle
1998
Oct.
Per
Holders
Oct.
Oct,
Nov.
Oct.
15
1-2-41
1
Oct. 15
Oct. 15
Oct.
Oct.
Oct.
Nov.
Lunkenneimer Co.
6H% pref. (quar.).
Lyon Metal Products 0% preferred (quar.)
MacAndrewB & Forbes Co. (quar.)
Preferred (quar.)
——
MacMillan Petroleum (quar.)
Extra
——
MeColl-Frontenac Oil, preferred (quar .).....•
6
Dec. 23
15
Sept. 30*
Sept. 30*
Sept. 30
Sept. 30
Sept. 30
McLellan Stores CoPreferred (quar.).—
Nov.
Nov.
Oct.
Oct.
Oct.
Magnin (1.) ft Co. preferred (quar.)--Mahon (R. C.) class A pref. (quar.)
$2.20preferred (quar.)
Manufacturers Trust Co. preferred (quar.)
Marchant Calculating Machine Co
Margay Oil Corp
Maritime Telep. ft Teleg. Co., 7% pref. (quar.;
Common (quar.)------—
——————
Marshall Field & Co. (quar.)
■*.—
Mercantile Acceptance Corp.—
5% preferred (quar.)
—-—
Q% preferred (quar.)---—
Metal ft Thermit Corp. preferred (quar.)—-—
Nov
Nov.
Oct.
15 Sept. 30
15 Sept. 30
15 Oct.
1
15 Sept. 30
10 Sept. 20
McOrory Stores, 6% preferred (quar.)
—.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
18
11
11
6
Dec.
5 Dec.
1
Oct.
8
Mississippi Power & Light, $6 pref
Nov.
Oct.
15
Missouri Gas & Electric Service.
Modern Containers, Ltd, (quar.)—■—
Sept. 30
Oct.
—-—
5H% cumulative preferred (quar.)
Monongabela Valley Water Co. 7%jpref. (qu.)
Monsanto Chemical Co., pref. AsB (seml-ann I
Montana Power Co., $0 preferred (quar.)——.
Sept. 30
Jan.
Jan.
Jan.
Oct.
Dec.
—-—
Dec. 20
Dec. 20
Dec. 20
Oct.
1
Nov.
9
Oct. 11
Nov.
Montgomery Ward ft Co
Montreal Light, Heat & Power Consol. (qu.)
Montreal Telegraph Co—
Montreal Tramways (quar.)
—
Moore (Wm. R.) Dry Goods Co. (quar.)
MorreJl (John) & Co—
—
Morris (Philip) & Co. (quar.)--——
Morris Plan insurance Society (quar.)
...
Oct.
Dec.
l'Nov. 22
Mtj Diablo Oil Mining & Devel. (quar.)—
Dec.
2jNov. 15
—
Dec.
————
-
Mountain State Telegraph & Telegram (quar.)..
Mutual Systems, inc
37 He
62 He
$1 k
6c
-
60c
8% preferred (quar.)
Myers (F. E.) & Pro. (extra).
$1
National Automotive Fibres
Battery Co.——.
16c
76c
Biscuit Co
40c
Bond & Share
Brush (quar.)
Cash
...
15c
10c
Corp-.-------,
Register---—
25c
«
National Casket-..
National City Lines $3 preferrred (quar.)
Class A (quar.)
—
National Distillers Products (quar.)—
National Folding Box Co. (extra)—.-.-:
National Fuel Gas Co..
National Funding Corp., class A & B (quar.)
National Lead preferred B (quar.)
National Manufacturers ft Stores $5H pf.(s.-a.)
National Money Corp., class A (quar.)
....w-
50c
—-
...
76c
50c
50c
—
„
25c
35c
...
$1H preferred (quar.)
26c
m
10c
sim
National Power ft Light $6 preferred (quar.)
National Steel Car Corp. (quar.).
60c
Newberry (J. J.) Realty Co. 6H % pref. A (qu.)6% preferred B (quar.)
Newport News Shipbuilding
------
1900 Corp., class A (quar.)...
Norfolk ft Western Ry., preferred
(guar.) — —
North Penna. Gas Co., $7 prior pref. (quar.)
111
50c
.
North River Insurance Co. (quar.)
North Texas Co.
Northern Illinois Finance Corp—
Preferred (quar.)-.
N orthern Indiana Public Service 7 % preferred-.
6% preferred——
preferred-----.
—I——
.
Northern Ontario Power Co
6% preferred (quar.)
Northern States Power (Del.) 7%
pref.
...
(quar.)"
t6% preferred (quar.)—
j—..
Northern States Power (Minn.) pref. (quar.).-.
Oahu Sugar Ltd. (monthly)
-
Ohio Service Holding Corp
Old Colony Trust Associates
—"I
(quar.)
Ottawa Electric Ry
(quar.)
"I
PacificFinanee Co. of Calif. 8% pref.
(quar.)-.
6H% preferred (quar.).,
5% preferred (quar.)
—
Pacific Gas ft Electric
(quar.)
..
II
-----
Lighting $5 pref. (quar.) —-II—-II—
Pacific Public Service (Calif.) 1st pref. (qu.)
Pacific Telephone & Telegraph
.
II.
Ill—IIIIIIi:
-
"
.
Pennsylvania Power Co., $5 pref. (quar.) .II""
Peoples Gas Light ft Coke.
Philadelphia & Trenton RR, (quar.)
Philadelphia Co, (quar,)
—....
.——7
—,
--------
—
Philadelphia Electric Co. (quar.)—..
Preferred (quar.)
Phllco Corp., common-....——--
—
...
Pierce Governor.——
_I
,
.711
...
—-
*
Pilgrim Trust (Boston) (quar.)
1—7
Pittsburgh Forging Co—7
Pittsburgh Ft. Wayne & Chicago Ry. pref. (qu.
Plymouth Cordage (quar.)
Plymouth Rubber, preferred (quar.).
J..
Pollock Paper ft Box 7% preferred (quar.)
Power Corp. of Canada, 1st pref. (quar.).—.
Participating preferred (quar.)
Premier Gold Mining (quar.)
Procter ft Gamble 8% pref. (quar.)
Prosperity Co., Inc., 5% pref. (quar.)..
Prudential Investors preferred (quar.)
Public Service of N. J. 6% pref. (monthly)
6% pref. (monthly)
Oct. 15
Sept. 25
28
10
30
2
30
31
15
15
15
25
__
30
30
18
1
Oct.
1
1
15 Oct.
Nov. 1 Sept. 30
Oct. 15 Sept. 30
Nov.
Oct. 16
Oct.
Oct.
!§
Nov.
Nov.
Nov.
Nov.
Oct. 15
Oct. 15
Oct. 15
Nov.
1
Nov.
Nov.
Nov.
Oct.
Dec.
Oct.
Oct.
Oct.
16
15
15
14
Oct.
1
Oct.
_
Sept. 20
Oct.
4
Oct.
15
15
1 Oct.
15 Nov. 1
19 Oct. 31
1
15 Oct.
10 Nov. 23
Oct.
7 Sept. 24
Oct. 15
Nov,
Nov,
1
14
14
14
Oct.
Oct.
Oct.
Oct. 25
Oct, 25
Oct. 19
Oct. 19
Oct. 15
Oct.
Sept,
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct. 15 Oct.
Nov.
1 Oct.
Oct. 15 Oct.
Dec. 30
1
1
1
Oct. 15
Oct. 15
Nov.
Nov.
Nov.
Nov.
15
30
30
30
30
30
30
30
30
5
15
1
Dec. 16
Oct.
Oct.
15
15
Oct. .15
Sept. 30
Sept. 30
1 Oct.
15
15 Sept. 30
15 Oct.
5
1
15 Oct.
Oct.
15 Oct.
8
1 Oct.
19
....
1-1-41
Nov. 15
2-15-41
Nov, 15
Nov.
1
Nov. 1
Oct. 15
Oct. 10
Oct. 25
Nov.
1
Nov.
.
-
Phoenix Acceptance Corp. (quar.).—
Piedmont ft Northern Ry.:
Nov. 15
Sept. 30
Sept. 30
Sept. 30
Sept. 30
Sept. 30
Nov.
ljOct.
Oct. 15 Sept.
Oct. 15 Sept.
Dec. 16|Dec.
Oct. 15 Sept.
Nov. 11 Oct.
Nov.
1 Oct.
Nov. 1 Oct.
Nov.
1 Oct.
Nov. 1 Oct.
Oct, 15 Sept.
Oct. 20 Sept.
1 Oct.
Nov.
Oct. 15 Oct.
Nov.
—
^quar.5—
3
30
28
30
Oct.
P&rafftne Cos. preferred (quar.)-.
Payne Furnace & Supply, pref. A (quar.)
Pearson Co-, 5% preferred A (quarj..
Peninsular Telephone (quar.)
Preferred A (quar.)——
6% preferred (s.-a.)——
SI
Oct.
Oct.
Oct.
—
Preferred A
Penman s Ltd. iquar.)
Preferred (quar.)_
:
2
21
21
15
Oct. 15
Oct. 15
Oct, 25
Oct. 15
Oct.
Oct.
pref. (quar.)
PackerCorp. (quar.).—.
_
26c
35c
...
Niagara Fire Insurance (quar.)
Niagara Hudson Power, 1st pref. (quar.)
2ndpreferred A ft B (quar.)-----—
Pacific
IX
IX
40c
%
New York Auction Co
New York Transit Co
Sept. 13
30
30
_
Oct. 31 Sept.
Oct. 15 Sept,
Oct. 15 Oct.
1-2-41 Dec.
Oct. 25 Sept.
Oct. 15
-.Sept.
..
Mountain 8tat<»Power_ .1
Employees Corp. A 3c B__
80c. preferred (quar.)——
Reading Co. (quar.)..
—
2nd preferred (quar.).
„
Regent Knitting Mills, preferred
Reliance Manufacturing Co
Dec.
14
Nov.
4
_
2-4-41
5
Oct. 21
Oct. 15
20c
25c
ii
500
80c
15c
Class A (quar.).
1
1
10
10
$1
10c
25c
37Kc
—....
$1
—;
I»<»-—
—
m
—.——
Saguenay Power, Ltd., preferred (quar.)
—
St. Croix Paper (quar.)
St. Lawrence Corp.. class A preferred
...
St. Louis County Water, pref. (quar.)——.—
San Diego Consol. Gas ft Elec., pref. (quar.) —
San Gabriel River Improvement Co. (monthly).
Scott Paper Co., 34 X cum. preferred (quar.).*.
$4 cum preferred (quar.)
—-—
Seattle Brewing & Malting Co—
—
Security Storage (quar.)
Servel, Inc. (special)*
———-—
Shakespeare Co..—
*■
Sheep Creek Gold Mines (quar.)
Extra
20c
81H
Sl«
10c
31X
31
4c
$1*
25c
10c
%4e
tils
...
Sigma Mines, Ltd. (Quebec)
—
4c
Slibak Premier Mines, Ltd
Simmons Co
Simmons Hardware ft Paint (liquidating)—*—
Simms Petroleum Co. (liquidating)
—
50c
Sivyer Steel Castings.
South Pittsburgh Water Co. 7 % pref. (quar.)
/
34 He
37 He
37Hc
—
(quar.)
Preferred A (quar.).
*
Southern Canada Power, nref. (quar.)
31H
4.8% preferred (quar.)
——
Standard Brands, Inc. (preferred (quar.)_ — —
Standard Fire Insurance Co. (N. J.J (quar.)
Standard Oil Co. of Ohio, pref. (quar.)
Standard Wholesale Phosphate & Acid Works..
Stanley Works preferred (quar.)
flterher-Traung Lithograph5% pref. (quar.)...
Sullivan Consol. Mines, Ltd
Sun Glow Industries (quar.)
—
Sun Ray Drug Co
Preferred (quar.)...
Superheater Co. (quarterly
—
Symington-Gould Corp
Tacony-Palmyra Bridge preferred (quar.)
Telautograph Corp
....
Thatcher Mfg. conv. preferred (quar.).
Tivoli Brewing Co. (guar.)
*—
—Trade Bank & Trust Co. (N. Y.) (quar.) —
Transue & Williams Steel Forgings
Tuckett Tobacco Ltd., pref. (quar.)...
—
—
—
—
United Shoe
6% preferred (quar.).
—
—
United States Fidelity ft Guaranty Co
United States Fire Insurance (quar.)
—
United States Hoffman Machinery pref. (qu.)—
United States Machinery, pref. (quar.).
United States Petroleum Co (quar.)
....
United States Pine ft Foundry Co. (quar.)——
United States Plywood Corp
—
United States Smelting, Refining & Mining..—
Preferred (quar.)
—;■■«
—
United States Sugar Corp., pref. (quar.)
Preferred (quar.).
Preferred (quar.)..——
——
Preferred (quar.).-—
.....
United Stockyards, preferred (quar.)
United Wall Paper Factories pref. (quar.)
Universal Leaf Tobacco Co.. Inc. (quar.)
Upper Michigan Power ft IJgbt Co 6% pf. (qu.)
Vapor Car Heating. Inc. 7% preferred (quar.) .
7% preferred (quar)... ...
—
Vermont ft Massachusetts RR. (s.-a.)
Virginian Ry. preferred (quar.)—.
—
Preferred (quar.)...
Preferred (quar.)...—.—
Preferred (quar.).
—
Vulcan Detinning. 7% preferred (quar.)......
Warren Railroad Co. (s.-a.)
-
.—.—
_
———
-
Extra........
Wisconsin Electric Power, 6% pref. (quar.)
15 Sept. 30
15 Sept. 30,
15 Sept. 18
Wisconsin Gas ft Electric Co., 4
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct*.
Oct.
Oct.
.
Zion's Co-operative
Nov.
Dec.
Oct.
Oct.
Dec.
Nov.
Dec.
Nov.
Oct.
•75c
31H
40c
31Mc
W3*c
um
Nov.
37 He
Nov.
12Hc
Oct.
Oct.
S1£
90c
5c
J5c
15c
$1^
nx
20c
15c
+20c
15c
31
25c
32 H
50c
25c
37Hc
Nov.
Nov.
H % pref. (gu.).
Mercantile institution (qu.)
15. Sept. 25
*
15'Oct.
5
15 Sept. 30
15 Sept. 30
15 Sept. 30
15 Sept. 30
5
25 Oct.
9 Sept. 30
Sept. 20
Sept. 20
Sept. 30
Sept. 30
15 Sept. 20
15
15
15
15
1 Oct.
Oct.
Oct.
Oct.
Nov.
.
6
14 Dec.
1
15 Nov.
31 Dec. 14
5
1 Oct.
15 Sept. 30
1 Oct. 15
1 Oct.
15 Oct.
16 Oct.
1
Sept. 18
1 Oct. .16
31
14 Nov. 20
15 Sept. 30
1 Oct. 19
1 Oct. 19
Oct. 15 Sept. 19
2
Dec. 16 Dec.
Oct. 10 Sept. 20
Oct. 31 Sept. 30
Oct. 15 Oct. 10
Oct.
Nov.
Nov.
Oct.
Oct.
5 Sept. 17
5 Sept. 17
Oct.
15 Sept. 27
68 He
Nov.
2c
31H
87Hc
1
21
10 Sept. 30
15 Sept. 30
1
15 Oct.
15 Oct. 31
Nov.
60c
15
6
2
Dec.
25c
50c
68 HC
30c
15
2
16 Dec
23 Oct, 16
15 Sept. 30
Nov. 15 Oct.
Oct. 19 Oct.
Nov.
1 Oct.
1 Oct.
1 Oct.
1 Oct.
Dec. 15 Dec
Dec
20 Nov.
Oct. 19 Oct.
Oct. 15 Oct.
Oct. 15 Oct.
Oct. 15 Oct.
1-15-41 Jan.
Nov.
.
4-15-41
7-15-41
Oct. 15
Dec.
2
Nov.
15 Oct.
1
15 Dec. 15
Dec.
Oct.
Oct.
Oct.
31X
62 He
Machinery Corp. (quar.)
Oct.
5
5
2 Dec. 23
Oct.
Oct.
31.20
10c
——
Union Electric Co. (Mo.), pref. (quar.)
Union Gas Co. (Canada) (quar.)
United Bond A Share Ltd (quar.).—.—
United Drill & Tool Corp., class A*.._._.
CI ass A (quar.)
United Fruit Co. (quar.)
United Mercnants ft Manufacturers, Inc...*.
United New Jersey RR. ft Canal (quar.)—*—
United Profit-Sharing, pref. (semi-annual)....*
United Shirt Distributors.
25 Oct. 15
8 Sept. 101
21 Sept. 30
21 Oct.
15 Oct,
6
Dec. 16 Dec.
Nov.
1 Oct. 15
5
Oct. 15 Oct.
Oct. 15 Sept. 30
I Oct. 19
Nov.
Oct. 15 Sept. 30
Sept. 18 Sept. 17
1 Oct. 21*
Nov.
1 Oct. 21*
Nov.
Oct. 15 Sept. 30
5
Oct. 10 Oct.
4
Oct. 18 Oct.
8
Oct, 18 Oct.
Southern Indiana Gas & Electric Co.—
Udylite Corp
15
5
Dec. 15 Dec.
9
Oct. 19 Oct.
Nov, 30 Nov. 20
3
Oct. 15 Oct.
3
Oct. 15 Oct.
Oct.
—
6% preferred (quar.)
*
1 Oct.
Oct. 15 Sept. 30
1 Oct. 15
Nov.
1 Oct. 15
Nov.
/ 37 He
*—
Oct.
Oct.
Oct.
5 Oct.
15
15 Nov.
5
Nov.
9 Nov. 25
1
15 Oct.
1 Oct. 17
Nov.
31X Nov. 1 Oct. 17
5
50c Oct. 15 Oct.
1 Nov.
1
31H Nov.
Oct. 15 Sept. 30
H* Nov. 1 Oct. 15
1.2%
1
six Oct. 15 Oct.
1
Oct. 15 Oct.
six
Westgate-Greenland Oil (mo.)—......—...—
Westminster Paper Co
Ltd (s.-a.)
Weston (Geo.) Ltd.,preferred (quar.)
—
Westvaco Chlorine Products (quar.)
Preferred (quar.)
....—
Wichita Water Co. 7% pref. (quar.)
Will ft Baumer Candle Co., Inc
Wilson ft Co., $6 preferred.
Winstead Hosiery Co. (quar.)
Nov.
Oct.
Nov.
Oct.
Oct.
Jan.
Oct. 10 Sept. 19
Nov.
1 Oct. 15
Nov.
1 Oct. 21
Oct.
Southern California Edison Co., Ltd.—
Original Preferred (quar.)
Oct. 19 Sept, 30
Oct. 19 Sept. 20
Nov. 14 Oct. 17
Dec.
Smith (Howard) Paoer Mill preferred (quar.)..
Sou. Indiana Gas & Elec. Co., 4.8% pref. (quar.)
Preferred series C (quar.)
Southern Calif. Gas 6% preferred
Oct. 15 Sept. 20
Oct. 15 Sept. 28
1
Nov. 30 Nov.
Nov.
1 Oct. 15
50c
33
—-
..
Smith (8. Morgan) Co. (quar.)——
Holders
When
Payable of Record
32 H
Simpson (Rob.) Ltd. 6% preferred (s.-a.)..
Simpson's, Ltd.. 6H% preferred
West Penn Power preferred (quar.)
West Point Mfg.-——.—
Western Grocers, Ltd. (quar.)
Preferred (quar.).
Western Pipe & Steel
1
50c
-——
Sept. 21
Oct.
1 Oct.
1 Oct.
15c
+312
——
—
Washington Oil
West Penn Electric 7 % preferred (quar.) _
6% preferred (quar.)——
Oct.
20c
—
..
Nov.
Oct.
15c
31X
20c
Republic Investors Fund, Inc.—
0% "referred A & B (quar.)
—.—
Republic Steel Corp., 6% cum. pref
—
Rhode Island Public Service, $2 pref. (quar.)—
Royal Typewriter Co., Inc
Preferred (quar.)
5 Dec.
Dec.
1
Dec. 23 Dec. 13
preferred
—
ailroad
i5(Sept. 20
Midwest Piping & Supply Co., Inc
National
National
National
National
National
+31X
15 Sept. 20
31 Oct. 15
Sept, 30
Dec. 20
5% preferred (quar.)
Puget Sound Power ft Light 35 prior preferred—
Putnam (Geo.) Fund—.
uaker Oats Co. preferred (quar.)
—
uarterly Income Shares (quar.)... —
—
Roberts Public Markets (quar.)
Rochester Button Co...
Preferred (quar.)
Oct.
7
Dec. 23
Oct. 15
Oct.
Extra..*-.
Share
Ruud Manufacturing Co. (quar )
Michigan Seamless Tube-.Michigan Silica (quar.)-.-----—
Midland Oil Corp. $2
Name of Company
of Record
Name of Company
5,1940
16
18
18
5
30*
11
Apr.
July
Oct.
Nov. 25
16
1 Oct.
1-1-41 Dec. 30
Dec. 10 Nov. 80
3-1-41
3-0-41
Oct.
7 Sept. 26
Nov.
1 Oct. 19
2-1-41 Jan. 18
5-1-41 Apr. 19
8-1-41 July 19
Oct.
Oct.
Oct.
Nov.
Nov.
Oct.
Nov.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
Oct.
Nov.
Nov.
Nov.
Nov.
Oct.
Oct.
Dec.
19 Oct, 10
15 Sept. 27
5
10 Oct.
__
15 Oct.
15 Oct.
18
18
15 Sept. 20
1 Oct, 15
15 Sept. 20
15 Sept, 20
10 Sept. 30
15 Oct. 10
1 Oct. 15
1 Oct. 15
1 Oct. 10
1 Oct. 10
1
15 Oct.
15 Nov. 1
15 Nov. 1
1 Oct. 15
1 Oct. 15
31 Oct. 1
15 Sept. 30
5
15 Dec.
+ On account of accumulated dividends,
15 Sept. 13
Nov. 15 Oct. 15
Transfer books not closed for this dividend.
i Payable In Canadian
funds, and in the case of non-residents of Canada
of such dividend will be made.
deduction of a tax of 5% of the amount
Volume
The Commercial & Financial Chronicle
151
Condition of the Federal Reserve Bank of
New
The
Weekly Return of the New
Clearing House
York
York City
following shows the condition of the Federal Reserve
The
Bank of New York
in
1999
at the close of business Oct. 2, 1940,
comparison with the previous week and the corresponding
weekly
statement issued
Clearing House
date last year:
STATEMENT
OF
on
MEMBERS
ASSOCIATION AT
Oct. 2,
1940
Sept. 25, 1940
OF
THE
Redemption fund—P. R. notes
1,788,000
83,741,000
...
Secured
by
8.
U
.......
1,788,000
95,390,000
Govt,
Total
bills
National City Bank
Chem Bank A Trust Co.
Guaranty Trust Co
90,000,000
2,213,000
Manufacturers Trust Co
Cent Hanover BkATr Co
2,536,000
2,600,000
Corn Exch Bank Tr Co.
First National Bank
1~,781~666
...
399,763,000
335,004,000
...
403,662,000
341,334,000
418,066,000
4,000,000
Bankers Trust Co......
Title Guar A Trust Co..
70,991,000
500,000
25,000,000
6,000.000
5,000,000
12,500,000
7,000.000
7,000,000
Marine Midland Tr Co..
New York Trust Co
Total U. 8. Government securities
direct and guaranteed..........
734,767,000
744,996,000
749,315,000
17,000
2,379,000
161,373,000
9,768,000
15,652,000
Coram'l Nat Bk A Tr Co
884,745,000
740,211,000
17,000
1,854,000
184,989,000
.....
Bank premises
9,750,000
15,892,000
Other assets...............
1,481,300
9,473,100
28,009,000
8,662,900
43,418,000
3,939,000
60,870,000
15,420,000
126,053,000
120,396,000
88,284,000
937,003,900 14,767,157,000
740,050.000
434,996,000
Totals.
66,000
10,382,700
518.518,000
4,529,000
162,018,000
*
8,908,000
22,128,000
As
per
official reports: National, Sept. 30, 1940; State, Sept. 30,
1940; Trust
Companies, Sept. 30, 1940.
10287,732,000 10,201,469,000 8,180,585,000
.......
845,000
5,497,000
1,397,000
2,167,000
3,059,000
38,744,000
2,054,000
52,365,000
Includes deposits In foreign branches as follows:
Total assets...
6,857,000
76,871,000
100,970,000
62,212,000
28,514,000
705,128,000
889,582,000
Public Nat Bk A Tr Co.
Federal Reserve notes of other banks
Uncollected Items
19,639,000
41,788,000
188,844,000
57,425,000
4,470,600
136,804,500 d3,065,293,000
4,116,000
57,667,000
82,445,800 el,157,544,000
100,270,000
Fifth Avenue Bank
395,688,000
Bills
Total bills and securities
Due from foreign banks
Average
73,554,900 cl, 111,050,000
21,193,100
318,295,000
679,297,000
108,927,600
53,435,000
707,050.000
10,000,000
50.000,000
Continental Bk A Tr Co.
Chase National Bank
...
...
Deposits,
Average
40,151,100
21,000,000
15,000,000
Irving Trust Co....
2,024,000
1,783,000
an teed:
Notes.......
Time
Deposits,
41.748,000
387,000
U. 8. Govt, securities, direct and guar
Bonds..
20,000,000
226,000
2,310,000
213,000
......
Net Demand
218,997,000
13,977,600
26,773,000
568,516,000
69,711,900 a2,458,093,000
57.637,800
760,012,000
185,796,000 62,117,641,000
77,500,000
3,663,000
.......
1940
%
6,000.000
20,000,000
714,000
2,949,000
discounted
HOUSE
3,
Undivided
Bank of Manhattan Co.
obligations
Bills bought In open market...
Industrial advances..
City
1,792,000
81,121,000
9,335,019,000 9,262,965,000 7,093,354,000
direct and guaranteed
Other bills discounted....
CLEARING
THURSDAY, OCT.
Surplus and
Capital
Members
Bank of New York
Total reserves....,
Bills discounted:
York
Profits
*
Clearing House
9,249,490,000 9,165,787,000 7,010,441,000
Other cash f
NEW YORK
CLOSE OF BUSINESS
•
hand and due from
on
United States Treasury.*
New
Oct. 4, 1939
ASOftS—
Gold certificates
by the
Friday afternoon is given in full below:
(a) $286,404,000 (latest available
date); (6) $67,811,000 (latest available date); (c) $2,573,000 (Oct. 3): (d) $73,184,000
(latest available date); (e) $22,469,000 (Sept. 18).
Liabilities—
F. R. notes In actual circulation.......
Deposits—Member bank reserve acc't..
U. 8. Treasurer—General account...
Foreign
..................
Other deposits.....
............
Total deposits.................
Deferred availability Items
Other liabilities. Incl. accrued dividends.
Total liabilities
1,466,079,000 1,443,235,000 1,196,981,000
7,277,233,000 7,225,194,000 6,283,681,000
233,485,000
60,033,000
277,478,000
588,914,000
574,626,000
167,082,000
434,053,000
206,772,000
407,453,000
THE
LONDON
8,533,685,000 8,484,751,000 6,717,568,000
162,477,000
145,083,000
147,959,000
874,000
1,328,000
1,012,000
each day
Sat.,
Mon.,
Sept. 30
Oct. 1
38/3
78/1H
38/3
78/IX
British Amer Tobacco.
51,051,000
53,326,000
51,046,000
53,326,000
50,832,000
52,463,000
7,109,000
13,131,000
....
7,109,000
13.031,000
Tues.,
£50
Cable A Wire ord
as
received by cable
V.'-:-
Sept. 28
Boots Pure Drugs
.........
EXCHANGE
of the past week:
10,163,115,000 10076,957,000 8,060,960.000
Capital Accounts—
Capital paid In
Surplus (Section 7)...
STOCK
Quotations of representative stocks
Wed.,
Thurs.,
£50
Fri.,
Oct. 3
Oct.2
39/77/6
Oct. 4
39/6
40/81/3
80/-
£50
£50
£5014
£9H
Surplus (Section 13-b). ...............
Other capital accounts
...........
Central MId A Invest..
£Wx
£9^
£9 H
7,457,000
Cons Goldflelds of S A.
8,873,000
Courtaulds 8 A Co
31/3
28/6
31/3
28/6
28/9
31/3
29/-
31/3
29/-
De
..........
£3M
£3M
mi
£394
£394
56/6/9
15/4 H
23/0
:90/3
56/6/9
56 h
56/8/3
15/6
23/3
98/9
£11H
65/-
Total liabilities and capital accounts.. 10287,732,000 10,201,469,000 8,180,585,000
Beers
Distillers Co
Electric A Musical Ind
Ratio
of
total
to
reserve
deposit
and
Ford Ltd
F. R. note liabilities combined..
93.4%
93.3%
89.6%
Hudsons Bay Co
36,000
Imp Tob of G B A I..
London Mid Ry
Contingent liability
on bills purchased for
foreign correspondents
...
Commitments
to
make
Industrial
ad¬
Metal
vances
728,000
t "Other cash" does not Include Federal
reserve
733,0001
1,898,000
notes or a bank's own
These
as
£7
United Molasses
Vlckers
West
profit by the Treasury
65/£5%'
56/3 ,
8/4J4
15/6
23/3
99/4
£1194
65/-
/
£6
£6
£7%
£794
£794
70/-;
35/19/3
13/-
70/—
35/—
19/9
13/3
71/3
35/19/9
13/6
£2%
£2 H
£294
£2^
70/35/7H
Wltwatersrand
Areas
under the provisions of the Gold Reserve Act-of 1934.
£Wx
£994
19/13/-
•70/—
S5/7M
19/13/-
Shell Transport.......
certificates given by the United States Treasury for the gold taken
over from the Reserve banks when the dollar was. on Jan.
31, 1934. devalued from
100 oents to 59.06 cents, these certificates being worth less to the extent of the
difference, the difference Itself having been appropriated
£5H
Rolls Royce
are
£11M
65/£5 n
£7%
05/-
Rio Tinto............
7/3
15/6
22/6
96/1X
15/4H
22/6
96/3
£W4
Box...
Rand Mines..........
Federal
Reserve bank notes.
z
Closed
31/3
-
£2 H
...
I
Weekly Return of the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of
resources
and liabilities of the reporting member bank9
These figures are always a week
the Federal Reserve
System
the figures for the latest week
upon
immediately preceding which
we
an announcement
appear
in
our
were
securities.
obtained.
department of "Current Events and Discussions f'
a
week later.
made in the breakdown of loans as reported In this statement, which
were
of the Federal Reserve Bank of New York of April 20, 1937, as follows:
The changes in the report form are confined to the classification of loans and discounts.
amounts of (1)
are
The comments of the Board of Governors of
also give the figures of New York and Chicago reporting member banks for
Commencing with the statement of May 19, 1937, various changes
described in
in 101 leading cities from which weekly returns
behind those for the Reserve banks themselves.
This classification has been changed primarily to show the
commercial. Industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
The revised form also eliminates the distinction between loans to brokers and dealers in securities located In New York Olty and those located
outside New York Olty.
Provision has been made also to include "acceptances of owa bank purchased or discounted" with "acceptances and
cial paper bought in open market" under the revised caption "open market
Subsequent to the above announcement, it
was
would each be segregated as "on securities" and "otherwise secured and
A more detailed
explanation of the revisions
was
paper," instead of in "all other loans,"
as
commer¬
formerly.
made known that the new items "commercial, industrial and agricultural loans" and "other loans,*
unsecured."
published in the May 29, 1937, issue of the "Chronicle," page 3590.
ASSETS AND LIABILITIES OP WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES BY DISTRICTS ON SEPT. 25. 1940 (In Millions of Dollars)
Federal Reserve Districts—
Boston
S
New York
$
$
$
$
Atlanta
Chicago
St. Louis
$
Cleveland Richmond
PhUa.
$
Total
ASSETS
S
S
Minneap. Ran. City
$
Dallas
%
San Fran.
I
%
24,166
8,689
1,184
10,480
1,202
1,918
709
642
3,404
712
405
091
536
622
474
728
285
310
981
330
197
313
275
975
Commercial, Indus, and agrlcul. loans
Open market paper
4,575
308
3,193
1,884
226
291
128
156
588
182
101
182
181
348
295
66
77
37
8
11
2
42
9
3
23
2
15
Loans to brokers and dealers In secure.
415
12
305
22
15
4
5
30
4
1
3
2
12
Loans and Investments—total
Loans—total..
2,283
Other loans for purchasing or carrying
402
18
213
31
24
14
10
68
Real estate loans..............
1,223
80
202
50
179
46
33
125
Loans to banks................
Other loans
35
1
27
1
1
1,684
137
485
107
210
82
109
128
84
74
619
12
278
1
......
3
264
12
......
2,056
6,528
38
1,073
332
2,576
54
securities
Treasury bills
Treasury notes
United States
1
12
57
V"
7
9
14
42
11
.
31
23
386
.2
1
1
65
52
171
15
32
2
34
157
158
40
311
39
27
68
39
72
324
617
134
107
1,011
150
112
85
84
701
95
134
63
67
294
72
26
70
48
192
3,698
126
2,871
1,455
1,610
275
281
69
109
543
109
43
134
58
341
11,616
665
6,638
477
714
220
141
1,620
239
102
198
137
459
508
146
104
21
48
24
14
76
13
7
18
12
Balances with domestic banks
3,248
184
225
216
343
252
209
592
169
,130
331
Other assets—net
1,174
72
412
79
94
38
50
74
22
21,080
1,331
10,306
1,009
1,448
547
5,352
235
1,093
261
743
203
529
13
60
47
43
8,541
386
3,782
443
18
637
bonds
Obligations guar, by U. 8. Govt....
Other securities
Reserve with Federal Reserve Bank..
Cash In vault
-
I
Domestic banks
Foreign banks
...
Borrowings
Other liabilities.
....
...
Capital accounts
i6
23
/
25
311
286
30
264
...
'•v./
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits..
Inter bank deposits:
y
435
2,914
507
306
561
492
190
972
190
117
146
135
33
42
138
15
2
19
32
85
485
324
284
1,318
342
166
425
248
338
*
1
......
1
1
1
......
'*»<•»«*<* — m-
......
......
736
21
308
16
17
36
9
19
6
8
3,781
246
1,613
214
380
100
95
402
95
60
692
5
9
1
......
1,164
1,067
1
19
'
......
......
■
».
Ml*
4
4
288
106
89
381
Oct. 5, 1940
The Commercial & Financial Chronicle
2000
Board of Governors of the Federal Reserve System
Federal Reserve System on Thursday afternoon, Oct. 3,
showing the condition of the 12 Reserve banks at the close of business on Wednesday. The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the 12 banks. The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
returns for the latest week appear in our department of "Current Events and Discussions."
. .
,
,
. ,
COMBINED RESOURCES AND LIABILITIES OP THE FEDERAL RESERVE BANKS AT THE CLOSE OP BUSINESS OCT. 2. 1940
Weekly Returns of the
issued by the Board of Governors of the
The following was
"".
Vv'.!;;-
V':
!-i,
v.-/
:■
,,,/
1940 ;
.*■■■./„,J-
' ■.h-'viV ■/*
5
Sept. 18,
Sept. 25,
1940
Oct. 2,
(000) Omitted
Three Ciphers
1940
ASSETS
Aug.
Sept. 4,
1940
Oct. 4,
■
1939
'
S
$
3
%
$
$
Aug. 7,
1940
Aug. 14,
Aug. 21,
1940
28,
1940
1940
"•
$
$
:.
Sep.. 11,
1940
18,387.980
18,273.975
14,696,217
11,826
11,951
354,056
362,066
12,853
358,922
325,153
18,761,997
18,645,750
15,030,375
18.486,978
18.671,299
18,631,297
18,561,978
11,397
340,820
11,398
322,814
11,826
348,390
19,023,516
18,965.509
18,922,194
18,852,860
18,843,300
11,789
327,977
11,790
347,534
19,202,624
19,112.083
1,349
4,298
860
861
980
3,722
3,230
4,258
1,503
4,031
1,229
2,619
5,647
4,582
4,091
5,238
5,534
"8"f375
*8*664
"8,612
~ 8*630
"8,645
1,318,600
1,105,000
1,318,600
1,115,000
1,318,600
1,115,000
1,318,600
1,115,000
1,318,600
2,423,600
2,433,600
2,433,600
2,437,622
2,446,846
2,446,303
47
U. 8. Treas.x..
18,953,303
19,293,069
Gold ctfs. on hand and due from
"""*47
47
47
47
47
22,875
694,970
41,294
53,547
22,412
851,710
41,310
22,962
706,834
21,221
663,569
20,812
20.041
21,679
22,794
636,584
661,319
778,624
614,038
666,514
41,310
65,117
41,307
41,364
60,191
41,395
41,407
58,754
41,407
42,082
notes)
Redemption fund (Federal Reserve
Other cash *
18,756.298
11,398
344,387
-
——-—-
Total reserves
9,005
Bills discounted:
8. Government
guaranteed
Other bills discounted.—.——
Secured
U.
by
obligations,
direct and
Total bills
1,277
-
—
discounted...——
1,119
1,939
1,012
1,935
1,237
1,999
5,472
3,848
3,058
2,947
3,236
6,749
~~8*,553
"s,m
"8,545
*81602
11,841
1,319,196
1,122,458
1,319,196
1,120,732
1,319,196
1,126,732
1,319,196
1,115,000
1,315,942
1,245,497
2,433,600
2,433,600
2,441,654
2,445,928
2,445,928
2,445,928
2,784,896
2,447,468
2,447,779
2,454,055
2,457,547
2,457,420
2,457,766
2,804,034
i
548
Bills bought In open
market..—..
—.
Industrial advances
United States Government
■
securities, direct and
guaranteed:
■
Bonds
v
»—
Notes
,
—
............
1,126.732
223,457
Bills
Govt securities, direct and
guaranteed. — ——————
Total U. S
Other securities
...
Foreign loans on gold—
...»
Total bills and securities
Gold held abroad
Due from foreign
banks
22,149
other banks........
Federal Reserve notes of
768,046
Uncollected Items
Bank premises
41,257
......—
54,679
Other assets
22,616,869
Total assets—...
5,406,985
61,230
actual circulation.—.
Deposits—Member banks' reserve accountUnited States Treasurer—General accountForeign
Other deposits
availability items
Other liabilities, lncl.
r-:
5,393,924
5,390,785
5,334,240
5,309,939
5,292,803
5,280,926
4,732,133
5,395,924
;
13,624,419
790,361
1,035,459
513,309
792,532
13,523,861
791,182
997,516
512,525
563,403
15,877,450
Surplus (Section
13-b)
621,720
2,853
22,165,905
21,946,687
21,840.442
137,632
137,630
151,720
26,839
44,606
137,637
137,620
151,720
26,839
44,388
137,586
on
309,403
15,595,609
12,916,331
15,723,856
740,963
2,896
2,891
601,048
2,460
21,732,898
21,760,513
21,480,043
151,720
26.839
26.839
44,075
43,718
26,839
44,819
22.526,578
89.6%
89.5%
"
89.6%
purchased
151,720
26,839
44,477
22,432,203
22,616,869
and Federal
combined..—
bills
466,137
570,013
137,582
151,720
Total liabilities and canltal accounts
liability
923,394
816,341
602,924
626,546
21,775,388
—
Reserve note liabilities
13,285.861
940,004
841,341
15,793,517
22,101,408
....
Ratio of total reserves to deposits
13,339,587
15,826,840
611,024
*
3,284
15,825,084
669,184
6,129
813.094
11,671,664
618,466
1990,660
t507,088
803,296
3,137
3,653
13,418,718
889,274
867,059
13,515,998
761,686
956.537
.....
Other capital accounts
Contingent
13,595,824
15,963,548
16,020,613
670,157
151,720
68,95i
18,632,715
21,839,325
22,255,859
Surplus (Section 7)
57.523
22,119,928
CAPITAL ACCOUNTS
Caoltal paid in
20,583
22,092.535
...
Total liabilities......—..—
r
:?
22,135,247
1,011,324
513,645
16,064,789
723,391
3,441
....
accrued dividends
*176
'r""*47
22,200,662
13,703,112
678,060
1,045,458
541,066
........
—
Total deposits
Deferred
13,800,205
—
...
59,326
:
22,307,254
LIABILITIES
Federal Reserve notes In
47
.
22,526,578
22,462,203
5,464,238
52,713
47
22,307,254
r
89.4%
89.4% V 89.4%
>
633,483
3,815
.
18,285,762
137,562
137,553
137,543
135,460
151,720
26,839
43,516
.
151,720
26,839
43,303
151,720
26,839
149,152
27,264
43,180
35,077
22,092,535
22,135,247
22,200,662
469,127
22,119,928
21,839,325
18,632,715
89.3%
89.3%
89.3%
85.2%
"8", 241
*"81370
*8*431
10,278
-
,
for
101
"
foreign correspondents..,
'Commitments to make Industrial advances...
"~7*,583 'v:p
4
t
..
'
"V. 123
8*007
~ 8~078
V
" 8~. 192
*8*238
r' -"
*':■
', Maturity Distribution of Bills and
Short Term Securities—
4,113
2,929
2,606
3,418
3,806
263
158
319
323
233
288
........
474
675
•v•" 734
686
688
..........
31-60 days bills discounted
...
A
677
61-90 days bills discounted
..........
200
Total bills discounted
1,405
-
198
415
2,451
1,719
237
107
i6i
409
v
446
353
523
'
3,547
506
449
518
639
575
270
192
233
391
441
161
131
261
4,091
5,238
5,534
3,848
3,058
2,947
3,236
6,749
<
•
>
175
4,582
O
*
V
74i
5,647
Over 90 days bills discounted
V: 1,579
2,217
369
f
1-15 days bills discounted...
16-30 days bills discounted
521
-
255
1-15 days bills bought in open market
V
16-30 days bills bought in open market..
31-60 days bills bought in open
i
"""140
______
market..
153
31-90 days bills bought In open market
Over 90 days bills bought In open market
'■
Total bills bought In open
market
1-15 days Industrial advances
548
i.
*1*596
*1*565
"1,545
"i',503
*1*575
209
173
200
136
102
"
16-30 days industrial advances
■
115
v", 131
136
<
*1*568
253
258
6,419
407
304
205
6,204
61-90 days Industrial advances
;
Over 90 days industrial advances
6,279
6,362
6,402
*
Total Industrial advances
8,664
8,375
8,612
8,630
242
163
138
269
-
V'
311
-
■"
8,645
V
'
298
6,275
8,553
1,406
133
309
320
395
150
161
1,191
6,447
6,444
8,716
8,561
';
297
6,276
•
'
305
251
31-60 days Industrial advances
*1*598
l",661
*1*382
...
8,545
8.602
11,841
'
•
243
:
U. 8. Govt, securities, direct and guaranteed:
36,637
1-15 days
27,440
16-30 days
123,955
141,173
31-60 days
92" 500
92", 500
2,331,100
2,341,100
2,433*606
2,433"600
2,441*654
2,445*928
2,4*45*,928
2,445,928
2,455,691
2,433,600
2,433,600
2,423,600
2,433,600
2,441,654
2,445,928
2,445,928
2,445,928
2,784,896
2,423,600
5,732,623
5,703,707
296,722
5,692,745
5,688,926
5,639,131
5,579,915
295,002
248,346
5,607,570
297,631
5,588,093
296,821
5,623,589
289,349
295,290
298,989
5,002,399
270,266
5,464,238
5,406,985
5,395,924
5,393,924
5,390,785
5,334,240
5,309,939
5,292,803
5,280,926
4,732,133
5,830,500
5,806,500
3,079
5,796,500
2,744
5,790,000
5,739,500
4,200
5,688,000
1,625
5.682,500
3,844
5,723,000
2,537
5,685,000
1,543
1,834
4,226
5,108,000
2,406
5.834.726
Over 90 days
92,500
2,341,100
268,385
61-90 days
5,809,579
5,799,244
5,793,844
5,743,700
5,725,537
5.689,625
5,686.543
5.684.334
5,110,406
Total U. 8. 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
.
»"Other
x
cents
cash"
does not Include Federal
Reserve
notes,
f Revised figures.
These are certificates given by the United States Treasury for the
on
1934.
•
■
|..
<
gold taken over from the Reserve banks when the dollar was devalued from 100 cents to
difference, the difference itself having been appropriated as profit by the Treasury
Jan. 31. 1934, these certificates being worth less to the extent of the
provisions of the Gold Reserve Act of
•
59.08
under
Volume
The Commercial & Financial Chronicle
151
2001
Weekly Returns of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OF RESOURCES AND
Three
Ciphers
(000)
LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE
Federal Reserve Agent at—
Total
Boston
New York
PhUa.
ASSETS
Gold
S
%
S
1
certificates
hand
on
and
BUSINESS OCT.
1940
2,
Cleveland Richmond
%
Atlanta
Chicago
$
Dallas
$
$
San Fran.
$
Minneap. Kan. CUy
St. Louis
%
%
$
%
due
18,953,303 1,172,013 9,249,490
from United States Treasury
Redemption fund—Fed. Res. notes.
963,649 1,262,544
1,672
1,788
812
774
1,285
34,526
11,789
327,977
_
Other cash ♦
Total
BANKS AT CLOSE OF
Omitted
83,741
27,461
21,059
22,001
991,922 1,284,377
517,082
296,660
265,556 1,072,743
607
1,132
400,885
461,388
317
556
6,631
18,607
475,948
303,747
420,048
50
370,096 3,000,532
456
14,243
351,876 2,962,703
936
1,454
17,284
36,375
19,293,069 1,208,211 9,335,019
reserves
493,796
70
136
40
83
245
364
78
33,786
12,263
278,426 1,107,661
Bills discounted:
Secured by U. S. Govt,
bllgations,
direct and guaranteed
1,349
714
139
133
50
2
15
Other bills discounted
4,298
2,949
128
72
68
168
61
82
3,663
267
205
118
170
76
82
133
315
500
118
1,781
2,364
371
822
265
270
5
271
214
253
624
Total bills discounted.
5,647
Industrial advances
8,375
U. S. Govt, securities, direct & guar.:
Bonds
1,318,600
Total
U.
399,763
110,901
132,352
68,104
50,013
148,750
55,282
36,675
62,428
50,124
110,020
78,930
335,004
92,936
110,911
57,073
41,912
124,654
46,328
30,735
52,316
42,003
92,198
2,423,600
173,118
734,767
203,837
243,263
125,177
91,925
273,404
101,610
67,410
114,744
92,127
202,218
2,437,622
Govt,
8.
94,188
1,105,000
Notes
174,253
740,211
206,468
243,839
126,117
92,360
273,750
101,697
67,814
115,273
92,880
202,960
securities,
direct and guaranteed
Total bills and securities
47
3
18
5
4
2
2
6
1
1
1
22,149
933
1,854
941
1,847
2,888
2,540
1,768
515
4,093
76,764
184,989
56.406
94,334
32,529
25,844
2,847
4,488
4,555
5,436
2,422
1,374
1,121
5,957
3,131
1,978
5,781
2,122
1,552
3,097
2,441
36,899
2,875
3,698
9,750
15,891
107,099
3,358
19,937
41,257
66,012
2,487
1,051
39,336
1,800
768,046
1,929
27,897
2,002
54,679
2,766
4,807
22,616,869 1,466,709 10287732 1,264,785 1,635,794
Due from foreign
717,719
496,264 3,393,066
622,577
396,224
575,147
banks
Fed. Res. notes of other banks
Uncollected Items
Bank
premises....
Other
1,135
....
assets
Total assets
See
a
4
401,553 1,359,299
LIABILITIES
5,464,238
443,637 1,466,079
374,741
498,651
250,752
175,533 1,171,378
202,506
150,944
196,672
88,307
445,038
13,800,205
V. R. notes In actual circulation
815,461 7,277,233
670,077
323,940
29,220
30,584
2*8,467
1,897,098
311,016
164,821
272,581
31,973
29,470
21,337
33,384
30,767
24,894
77,272
85,350
223,637
30,698
20,626
21,337
4,712
Deposits:
Member bank
reserve account
U. S. Treasurer—General account
Other
51,846
deposits
34,275
588,914
434,053
69,702
66,146
26,852
8,523
386,998
923,252 8,533,685
16,064,789
8,397
7,796
15,647
4,235
12,203
2,146
745,517
36,473
51,960
21,911
280,046 2,068,117
369,619
218,087
336,177
277,818
855,861
3,254
800,906 1,014,223
6,984
541,066
Total deposits
233,485
48,961
678,060
1,045,458
Foreign
880,357
59,197
723,391
74,532
162,477
55,440
88,563
64,244
27,433
107,336
39,026
17,709
31,485
23,785
31,361
3,441
391
874
355
434
104
154
349
138
149
136
133
224
22,255,859 1,441,812 10163115 1,231,442 1,601,871
702,098
483,166 3,347,180
611,289
386,889
564,470
Deferred availability Items
Other liabilities, incl. accrued dlvs_.
Total liabilities
390,043 1,332,484
CAPITAL ACCOUNTS
Capital paid In
Surplus (Section 13-b)
Other capital accounts
5,339
4,679
13,929
4,164
14,323
5,247
5,725
22,824
4,709
2,952
3,152
4,423
3,613
3,974
4,393
2,868
1,007
4,527
3,246
713
538
1,001
1,142
1,266
10,224
2,121
1,789
1,981
1,429
7,704
1,877
2,230
1,499
2,113
2,815
10287732,1,264,785 1,635,794
717,Vl9
496,264 3,393,066
622,577
396,224
575,147
14
407
49
136
2,874
51,051
53,326
7,109
44,819
2,285
13,131
22,616,869* 1,466,709
Commitments to make Indus, advs
•
14,066
14,198
10,405
...
7.583'
728'
336
"Other cash" does not Include Federal Reserve notes,
982
1,041
Boston
New York
Phila.
S
Total
$
s
Federal Reserve notes:
Issued to F. R. Bank by F. R. Agent
by agent
509
'
401,553 1,359,299
2,75
4
STATEMENT
$
Atlanta
Chicago
St. Louis
$
Cleveland Richmond
5
S
%
$
$
San Fran.
Dallas
Minneap. Kan. Cilp
$
$
212,353
9,847
155,752
4,808
204,686
97,331
504,392
22,792
8,014
9,024
59,354
250,752
175,533 1,171,378
202,506
150,944
196,672
88,307
445,038
275,000
195,000 1,210,000
219,000
157,500
210,000
98,500
519,000
70
98
293
219,070
157,598
210,293
98,500
519,00q
458,869 1,539.034
15,232
72,955
394,138
518,911
263,546
19,397
20,260
12,794
5,464,238
443,637 1,466,079
374,741
498,651
5,830,500
470,000 1,555,000
400,000
521,500
4,226
In actual circulation...
held
NOTE
268,385
3,488
227
5,732,623
Held by Federal Reserve Bank
Collateral
619
4,157
Less than $500.
a
FEDERAL RESERVE
Three Ciphers (000) Omitted
Federal Reserve Bank of—
11,655
11,884
9,333
137,632
151,720
26,839
Surplus (Section 7)
189,441 1,194,170
13,908
security
as
for notes Issued to banks:
Gold certificates
hand and
on
due
from United States Treasury
Eligible paper......
.....
Total collateral
United States Treasury
Rates
quoted
9 1940
16 1940
Oct.
23 1940
Oct.
THE
Dec.
Nov.
6 1940
Nov.
13 1940
0.06%
0.06%
0.06%
0.06%
11 1940
Dec
18 1940
Dec.
0.06%
0.06%
0.06%
NOV. 20 1940
Asked
Bid
26 1940
0.06%
due to
July 30,
war
on
STOCK
BERLIN
THE
0.06%
0.06%
2 1941
Jan
BOURSE
PARIS
conditions, was closed from
which latter date the Exchange was
opened for limited trading.
However, since the reopening
no quotations have been obtainable.
June 11 to
Nov. 27 1940
30 1940.
195.000 1,210,000
275,050
The Paris Bourse,
Asked
0.06%
0.06%
Oct.
521,500
Bills— Friday, Oct. 4
0.06%
„
400,227
for discount at purchase.
are
Bid
Oct.
470,000 1,558,488'
5,834,726
50
EXCHANGE
Closing prices of representative stocks as received by cable
each day of the past week:
Sept.
28
Oct.
30
Oct.
2
Oct.
Oct.
1
Sept.
3
4
Per Cent of Par
Quotations for United States Treasury Notes—Friday,
178
213
140
146
127
139
194
120
254
ElektrlzItaets-GesellBchaft(6%)178
Berliner Kraft u. Licht (8%)
213
Commerz Bank (6%)-.....
-———-—139
Deutsche Bank (6%)
-.--146
Deutsche Relchsbahn (German Rye. 7%)--127
Dresdner Bank (8%).
139
Farbenlndustrie I. G. (8%)
-—-194
Relchsbank (new shares)
120
Siemens & Halske (8%)
253
Verelnlgte Stahlwerke (8%)
138
Allegemeine
Oct. 4
-
Figures after decimal point represent
point.."
a
'
one
or
Dec.
15 1940
Mar. 16 1941
—
—
June
15 1941...
Dec.
15 1941...
Mar. 15 1942...
Sept. 15 1942...
Dec.
15 1942...
32ds of
"
...
Int.
Int.
Bid
Rate
Maturity
more
;
Asked
Rate
Maturity
Bid
Asked
15 1943...
1%%
102.14
101.23
101.25
Sept. 15 1943...
10L6
101.26
Deo.
1%
1%%
102.4
101.24
102 23
102 25
102
102 2
Mar. 15 1944...
1%
102.2
102 4
%%
1%
%%
100.30
101
102.3
102.5
100.17
100 19
June
100.8
1%%
1%%
1%%
1%%
1%%
102.23
102.25
103.31
104
103.30
2%
1%%
104
1
June
15 1943...
15 1944...
Sept. 15 1944...
Mar. 15 1945...
Stock and Bond Averages
are
the
daily
as
closing
on
of representative
averages
the New York Stock Exchange
ENGLISH
as
FINANCIAL
Sat.,
War Loan...
British
States
10
Bar N.
U.
10
20
15
Total
10
First
Second
10
Indus¬
Rail¬
Utili¬
65
Indus¬
Grade
Grade
UlUi-
roads
ties
Stocks
trials
Rails
Rails
ties
Total
4..
133.79
29.17
21.93
45.12
107.38
94.33
51.09
109.45
90.56
Oct.
3..
135 09
29.37
22 00
45 49
107.44
94 44
51.11
109.38
90.59
Oct.
2..
134.97
29.37
22.02
45.47
107.39
94.26
50.75
109.39
90.45
Oct.
1
Sept.
—
30
28
255
139
MARKET—PER
CABLE
S.
Mon.,
Sept. 30
23 7-16d.
168fl.
£74
Closed
£101%
Closed
Tues.
Thurs.
Wed.,
Fri.,
Oct. 1
Oct. 2
Oct. 3
Oct. 4
23 7-16d.
23 7-16d.
23 7-16d.
23 7-16d.
168s.
£74
168s.
168s.
£74
£74
168S.
£74%
—
--
£101%
£101%
£101%
£112
£101%,
£112
£112%
£112%
price of silver per ounce (in cents) in the United
on the same days have been:
Y.(for.)
34%
34%
34%
34%
34%
34%
71.11
71.11
71.11
71.11
71.11
71.11
Treasury
(newly mined)
Bonds
30
Oct.
Sept.
137
194
121
40
trials
Rate
139
148
127
4%
1960-90.
The
Bond*
l
252
138
211
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Closed
Gold, p. fine oz.
168s.
Consols, 2 %%. Closed
British 3%%
compiled by Dow, Jones & Co.:
Stock*
252
138
120
254
139
179
178
210
139
146
127
137
194
121
The
Sept. 28
Below
176
210
139
146
127
138
193
121
102.16
Sliver, per oz_.
stocks and bonds listed
139
177
211
139
146
127
139
195
134.33
29.05
21.93
45.21
107.31
94.14
50.41
109.16
90.25
132.64
28.52
21.69
44.59
107.42
93.84
49.50
109.10
89.96
132.32
28'.40
21.65
44.471
107.35
93.78
49.45
109.11
89.92
United
States
York Stock
Government
Securities
on
the
New
Exchange—See following page.
Transactions
at
the
New
York
Stock
Daily, Weekly and Yearly—See page 2021.
Exchange.
Oct.
2002
5,1940
Exchange
Stock and Bond Sales—New York Stock
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are
account Is taken of such sales in computing the range
furnish
we
daily record of the transactions in Treasury, Home Owners' Loan
a
Corporation bonds on the New York Stock Exchange during the current
Quotations after decimal point represent one or more 32ds of a point.
Sept. 30
Treasury
Oct. 2
Oct. 1
Oct. 3
120.9
'
Close
~
Treasury
2Mb. 1945
120.10
120.9
Low.
120.7
120.10
120.7
120.10
'
(High
Low.
113.25
113.27
Close
113.25
(High
Total sales in 51.000 units...
1
(High
...(Low
I
113.27
4s, 1944-54
•
«•
*•
Close
Total sales in 51.000 units...
106.13
106.14
Low.
106.13
106.14
Close
106.13
2
Total sales in 51,000 units...
1
102.12
4* •
•
fHlgh
106.14
106.18
Low.
106.14
106.18
114.17
*.
*
102". 10
102.10
Low.
w
i# m
mi
~
(High
2Mb. 1949-53
114.17
'
....
(High
2Mb, 1941-43
Total sales in 51,000 units...
114.17
Low.
•
2Mb, 1948...
2
IIII
(High
3ha, 1940-66
——
-
2^8. 1950-52...
102.12
■
Oct. 4
I
(Low.
113.27
113.25
Oct. 3
Oct. 2
I dose
Total sales in 51.000 units...
1
1
1
Total sales in %1,000 units...
week.
Daily Record of U. S. Bond Prices Sept. 28 Sept. 30. Oct. 1
Oct. 4
120.7
120.9
High
4 ^8. 1947-52
No
Stock Exchange
and Federal Farm Mortgage
United States Government Securities on the New York
Below
of the day.
disregarded In the day's range, unless they are the only transactions
for the year.
106.14
1
Close
Total sales in 51.000 units...
102.10
Close
106.14
106.18
5
Total sales in 51,000 units...
1
1
High
108.10
....
(High
....
•
■
id**
■
Low.
108.10
2
*•*»
<*«.
108.10
(Close
Total sales in 51.000 units...
2Mb, 1943-47..
.....
102.12
i.
'
•»
*
2Mb, 1951-53
Low.
Close
•
....
....
Total sales in 51,000 units...
•
'...
»
-
w -m •
-
.
Low.
103.8
*> +■
Close
Total sales in 51.000 units...
103.8
....
2Mb, 1941....
....
108.17
108,14
108.15
108.16
108.16
2
4
109.13
109.10
Low
109.10
109.10
109.13
109.10
^
m
-
M
»
-r
Low
105.16
(Close
105.16
-
w
_
(High
Low.
112.21
(Close
112.21
Total sales in 51,000 units.._
*
':
+ *
-
(High
2s. 1948-50
109.11
-
«,*
-
Federal Farm Mortgage
111.26
W*
*
-
p.
11*1*8"
m
m
*r
111*. 8*
nils"
111.8
111.8
111.8
111.8
111.8
-
107.24
Low
107.24
Close
Total sales in 51,000 units...
107.24
(High
103.22
Low.
103.22
102.22
111.8
1
1
-
l
(High
3s, 1944-49
I Close
107.29
107.29
Total sales in 51,000 unUs.
—-
(High
-
Low
i
....] Low.
38. 1942-47.
2
111.10
111.12
Low.
111.10
111.12
111.9
111.10
111.12
111
12
(Close
111.12
111.9
111.10
111.12
111.12
,
1
Close
Total sales in $1,000 units...
111.10
(High
(High
3s, 1951-55
107.29
High
.Close
3Mb, 1944-64
1
4.
1
Total sales in 51.000 units...
| Low
Total sales in 51,000 units..
.
-
«*
109.11
111.26
-
•
6
m
112.21
8
Total sales in 51,000 units.
109.11
4
111.28
(Close
Total sales in 51,000 units..
2s. 1947
111.26
111.26
-
^
-
1
....
Low.
*
111.28
14
■
...
105.18
1
[Close
3s, 1946-48.
6
(High
108.16
35
(High
.
Total sales in 51,000 units...
108.16
108.17
3
'
103.22
103.22
108.16
108.14
Total sales in 51,000 units...
m
Low.
Close
2Mb, 1954-50
103.7
103.7
108.14
High
3 Mb, 1949-52...
108*. 16
108.16
103.25
(High
j
108.17
108.14
Close
Total sales in 51.000 units...
3 Ma, 1946-49
m
C
2Mb, 1943-45—Low
....■
+>
P
(High
3Mb. 1944-40....
....
103.7
103,8
(High
Total sales in 51.000 units...
111.10
111.9
111.12
111.12
2^8. 1942-47
1
(Low.
1
5
1
1
1
109
108.29
109.1
109.1
109.1
Low.
108.29
108.28
108.30
108.30
108.30
Close
108.29
108.28
108.30
109.1
109.1
Total sales in 51.000 units...
11
13
107.14
107.15
(High
109.12
109.12
109.8
109.7
109.7
Low.
107.14
107.15
Low.
109.11
109.12
109.8
109.7
109.7
Close
107.14
107.15
109.12
109.12
109.8
109.7
109.7
Total sales in 51,000 units...
1
11
10
29
5
(High
2Mb, 1955-00
™
.
2Mb, 1945-47
rr,
.
Close
,
Total sales in 51,000 units...
22
61
3
3
109
109
109.1
109
109
109.1
109
109
109.1
5
m
,
Low.
2%b, 1950-59
•
,
,
sa
s
1.
108.15
50
108.2
107.30
107.31
108.1
108.2
S!w^
107.30
107.21
141
17
m
«
107.24
/
;
103.17
103.16
1
1
1
-
...
Odd lot sales,
bonds.
1
107.26
m
•» -
(Low.
t Deferred delivery sale,
Note—The
1
above
t Cash sale.
includes
table
of
coupon
109.8
only
to 109.8
sales
bonds
Transactions in registered
were:
Treasury 3^8, 1944-46
107.26
....
|
I'll
107*23
107.27
7
107.27
107.27
107.27
1
107.20
107.23
107.27
107.27
'
107.19
107.21
2
55
Total sales in 51.000 units...
103.16
107.26
«
J
Close
103.16
107.30
"
107.21
■
,
♦
107.30
107.30
3
103.17
Ci0Se
Total sales in 51,000 units
108.18
5
107*30
107.21
103.16
1Mb, 1945-47..
108.18
108.15
108.1
Close
Total sales in 51.000 units...
2Mb, 1960-05
-
108.1
LcSw*!
in 51.000 units...
2Mb. 1958-63
»
^
Low.
•
(High
108.18
51
'
'
4
(Close
_
Total
-
108.15
108.13
108.15
103.16
5
108.13
108.15
Close
..........
.
Total sales in 51,000 units...
u
108.14
103.17
Close
Total sales in 51,000 units...
109.6
1
103.16
2Mb, 1942-44
109.6
*2
108.15
'1Mb, 1951-54.
(High
109.6
Close
Total sales in 51,000 units...
High
3s. series A, 1944-52
10
Low.
_
Home Owners' Loan
11
High
2Mb, 1948-51.
(Close
Total sales in 51,000 units...
——
United States Treasury
Bills—See previous
United States Treasury Notes,
page.
&c.—See previous
page.
New York Stock Record
LOW
AND
HIGH
SALE
PRICES—PER
NOT PER
SHARE,
CENT
Sales
for
STOCKS
NEW YORK 8TOCK
Wednesday
Thursday
Friday
the
EXCHANIE
Oct. 1
Oct. 2
Oct. 3
Oct. 4
Week
$ per share
$ per share
$ per share
$ per share
Shares
Saturday
Monday
Tuesday
Sept. 28
Sept. 30
$ per share
$ per share
58
58
♦120
*56i4
58l4
5814
5814
*11878 135
*11878 135
36
36
*35is
36
36
46l2
46i2
4612
47l2
4712
534
534
534
5^4
578
21
21
21
*20>8
21
135
*35
*4512
*512
*20
15
15
4034
'2
444
III4
97g
11&8
10U
4m
1J18
llSg
10l2
19
195s
19U
2212
22i2
74i2
*73
...
58
135
39
*46i2
4734
200
5^8
534
2,100
*2112
2212
*2112
2212
200
15
1,600
Addres8-Muitgr
42i2
8,000
1,800
Air Reduction Ino
No par
Air Way Ei Appliance..No par
Alabama A Vlcksburg Ry .100
Alaska Juneau Gold Mia
16
15U
4278
4212
58
h
43l2
h
42
*12
9
9
163
164
484
47g
4*4
434
4i2
434
6,600
34
*34
11&8
' 78
34
34
"J6
"16
1,000
123s
10^8
117«
121R
1118
11^8
6,300
1078
10'4
2,500
20
21
20
21
19]2
19t2
2,700
2314
23
233s
23
23*8
2212
22i2
7,200
*74
9
166l2
*9l2
10
*912
13
13
13
13
97s
9
166
*9i2
1234
7i2
97s
13
7
69
69
7'8
695s
734
70
3312
34
34
3412
34i2
14
143s
*14
14l2
14l£
*13s
*13s
1*2
*1-38
*12
ll2
1278
3534
14i2
lh
13
13
13
13
*46
46
45i2
15'4
56i2
734
4034
45i2
4678
467a
*1314
*13j
*1214
48
46
*1558
I6I4
*5414
*714
5484
1512
5512
*758
4034
4012
•
8
41
155S
56i2
8
4034
*69
9-3«
800
164i2 164i2
2,200
93s
9*4
168
9'2
9l2
*9i2
978
100
12i2
121a
12i2
1234
1,000
75s
8.000
758
*68
7i2
734
*68
71
347s
3514
14
14
*1%
*13i8
35
300
7,400
...No par
Adams-Mllllls
No par
Corp
10
Allegheny Corp
No par
3M % IK A with |30 war. 100
&M% pf a without war. 100
12.60 prior conv pref. No par
Alghny Lud St' Corp..No par
AllegA West Ry 0% gtd-.lOO
Allen Induacr.'es Inc
conv
pref en ed..
50
700
Amerada Corp
1514
15l2
900
6OI4
8,200
Am Agnc Chem (Del)..No par
Am A nines Inc
10
778
2,700
American Bank Note
734
t In receivership.
a
45
....No
61
June 22
12i* Jan
22
Sept
20i2May
74i2Sept
12*4 Apr
n
New stock,
r
10
June
5
Apr
3
4
25
10
30
16
9
Jan 2 s
10*4 Apr 23
par
55
Juno 10
liaMay 15
9i2May
38i2May
12'sMay
41*4 Jan
Jan
2*i Jan
18
9
Apr 22
Cash sale,
4i2 Sept
8
June
14
Apr
62
May
0*4
Apr
16H2 Apr
10
Apr
9i| Apr
0
Apr
Aug
58i2 Apr
5
21
Jin
4
16
Apr
Apr
12
75
Apr 15
26
June
10
6
June 10
12*4 Apr
9
35
June 18
60
3
r
Er-dlv.
v
12
Apr
2$
23
22
50
0% pf-tderred
240
Def. delivery,
Sept
Ex-right.
Jan
1
50
9*4 Sept
40if
Dec
Feb
20iz Sept
18
Sept
23i2 Sept
28U Jan
69
Sept
117g Oc<
200i2 Sept
I47g Sept
15ig Sept
11*8 Jan
71
59U
*42
Jan
2
8
48*fe
197s
1
8
10
8
Jan
Sept
114 Sept
12*4 Apr
114 June
15l2
45
08
Jan
68
9
60U
*42
Feb
014 Dec
#8 July
6*4 Aug
Mar 26
Hi Jaa
145s Jan
27i2
Jan
16
15l2
734
68
7
I57i Sept
45U
*4
11
58i2
71»
42
77
Mar
5411 Apr
16
734
Apr
Oct
111* Sept
28
58'4
4118
19if Jan
58ig Jan
78Mar 11
50i2
25
Sept
4
16
778
19
012 Aug
8
5734
41l2
27i2 Apr
Jan
2
Amalgam Leather Co Ino
46*8
10igJune 5
12i2June 15
36i2June 10
i8June 10
00 May 21
4 May 21
asJune 4
5»4June 10
4UMay 21
7 May 21
15ijMay 21
9
93g Jan
100
0%
49i2 No«
40ij Apr
52i2 Apr
417a Jan
13«
share
May 22
347aMay 25
4UMay 28
737gMay
138
200
33'2 Apr
311* Mar
per
7li2 Sept
I49i2 Sept
4i2May 21
May 28
21*4May 22
100
par
46
Apr
Feb
Highest
par
par
Alpha Portland Cem..No
46
Apr
14
15i2
46
53
87«May 15
No
share I
120
182
No
per
8
034June 11
Allied Stores O.irp
5% preferred
Allla-Chalmers Mfg
I
share
701* Feb 14
147
135i2June 10
800
16
May 21
May 22
per
l
141«
*12i2
I
share
Allied Chem'ca. A Dye.No par
Allied Kid Co
6
Allied Mills Co Idc....No par
*1334
V?.
16
7018
34-38
26
Adams Express
577s
Bid and asked prices, no sales on this day.
75S
71
9i4
168
10
*75
*75
9l4
169
7i8
7'4
*10
IOI4
21
33U
14'4
1*2
1278
3234
*12
484
*74
9
163
15
Abraham A 8 Ira us
Acme Steel Co
Lowest
Highest
30
*36
578
15'4
1012
No par
3878
48
4238
1214
1034
50
110
534
1512
per
100
*47
30
%
No par
4M % eonv pref
*3618
42l2
1134
1012
2014
2234
7412
Abbott Laboratories
10
3834
1512
4^4
34
1134
10'4
2012
2278
600
Par
Year 1939
100-8/iars Loss
Lowest
48i2
534
695g
7's
*67
135
41
434
78
5634
*121
15
*l2
2214
*8l2
9
16234 163
*9l£
10
*13
1314
534
2lh
58
*121
15i2
4014
7,
36i8
*48
56*4
58
120
2H2
15i2
h
434
120
41
*15
*40*4
*56*4
Range for Previous
Range Since Jan. 1
On Basis of
Aug
Jan
Jan
3*8 Sept
21
Sept
74i2 Sept
24i2 Sept
47
Dec
17^4
Jan
60
Jan
Called for redemption.
^
—
Volume
LOW
AND
New York Stock Record—Continued—Page 2
151
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
Monday
Tuesday
Wednesday
Sept. 28
Sept. 30
Oct. 1
Oct. 2
$ per share
$ per share
S per share
$ per share
*6*2
36%
130
6%
36%
♦684
6%
684
6%
*68s
37
38
*3684
37i2
36i2
*128*4 13112 *12814 13H2 *128*4
1%
♦13s
1%
1%
1*2
1*4
100
100
100
100
100
100i2
177l2 *175
17714 17714 *175
177%
2778
2834
26%
2612 2814
27*2
54
50
53l2
6034
53I2
54I2
20%
20% 2O84
20%
21%
2U4
11212 *108
11212 *10912
112% *108
130
130
*128
130
*128l4 131
130
*1%
100
*176%
25%
50
20%
*107%
130
*7
*7
13
*6*2
*5%
*9
*75%
7
*6i2
5%
6*8
*9
9*2
82%
75
2
13
*7
7
*612
5%
912
5%
*3i2
H8
1
15%
*3%
*13
30
4*8
*28
54%
*1%
*21
3%
*16
134
5%
114
16%
3*2
14*2
30*8
4%
*3lg
*12i2
*30i4
4%
3i2
14l2
31 I
4i8
*29
32
I
54
54
I
*134
1%<
21%
134
*1
54*8
178
21%
21%
384
3%
334
*9
16
*134
|
*76*8
178
*4*2
*1*8
16*2
7*4
Oct. 3
Oct. 4
$ per share
Shares
*6*2
7
56
56
2138
21*2
56*4
21%
54
21
112*2 *110
130
130*2 130*2
6%
6
*634
6
9*2
8212
2
5*4
1*4
9*8
76
*1%
*412
1*8
13
7
6
9*8
76*4
378
378
3%
""360
150
600
2
*4*2
5*4
1*4
16*4
*1*8
1*4
*16*4
3*4
3*8
4*2
4
1*1", 300
3384
4*4
*55
ia4
500
33
1,100
200
•7 preferred
Amer Hawaiian SS Co
American Hide A Leather... 1
6% conv preferred
American Ice..,
4*8
*37g
500
700
1,300
*12
I2l2
*12
12*2,
*12
12l2
*12
12*2'
*12
50
*45
50
*45
50
*45
50
*45
1
12*2
*45
6%
15l2
16i8
70
71
1578
7H2
16*2
72*2
13
13
133s
13
133s
*2%
16*2
*2U
16i2
3
16*2
212
1634
*100
108
*100
108
*23
25
*23
24
3*4
3*4
3'4
50*2
*42%
7*8
50*2
43%
7*4
50%
*4334
7*4
*146
162
*146
1U2
68%
684
*734
28%
41
68l2
68%
634
*8%
3078
4034
634
812
30%
41l4
1178
634
8%
31%
4178
*142*8
*57
*57*2
58*2
*144i2
*144% 146
23%
2412
2278
12%
12*4
12*4
14
*13i8
*13%
13
13
13%
*72
72%
72*2
*14
*14
14%
162% 16278 162%
77
77
7634
77%
76*8
77%
153
153
,
3%
3%'
8%
8%
96
*90
8%
42%
1
9
*39
22
*150
378
8%
*9038
9*4
44%
6%
44%
22%
6%
7%
162
I
1134
11*4
681;
144
*142
314
5H2
44%
4434
6%
*40
22*8
*28
32
*28
*14
15
*14
16
72*4
13*4
*25g
2*2
2i2
1634
17*8
100% IOOI4
165s
163s
7478
13*2
2%
17
16*2
1534
15%
8,500
American Locomotive..No par
72%
73*2
13%
13*2
2*2
4,100
1,800
Preferred......
.....100
Amer Mach A Fdt Co-No par
Amer Mach A Metals_.No par
2%
16%
24
24
23
3*8
51*4
4478
1238
11%
6878
70
634
3*4
3*8
51*2
5178
4434
45
7*4
*146
7
75s
162
12i8
6834
634
8*8
3H2
7*2
*146
12l2
69l2
7
8.4
3234
425s
12*2
69*2
6%
2*2
16%
108
23*4
3*4
52*4
45*4
*2%
17
127g
70*2
634
23
190
48%
*40
*28
1434
14
48*2
6*4
*40
23
22*4
32%
49
49%
6*2
45*2
6%
22%
*28'4
14%
31%
14
63s
4434
*41
23*4
32
*28
14%
15
6*4
2234
3*4
3%
8,300
51*2
44*2
52
44*2
1,500
13,200
7%
7*4
*146
161
1
1234
14,100
69*2
69%
6%
990
6
4434
48
48
*41
32
157g
32
1478
*113
Y'-
*10
11
*2
*10%
*2
—-
*113
tm
-»
m
*113
-
12
*11
12%
2*4
29
*2
2*4
28%
12
*11
12*4
113
*11
21,000
3,800
100
2,500
800
~5~506
2,000
7,500
"11*966
4%
44
434
4%
434
*35
95
*30
95
*30
35%
36
36
36
36
36
8
*8
*5*8
5*4
514
102
*80
6*4
*82
6*4
6*4
95
8%
8%
8%
83g
5*4
5*2
5%
5*2
5%
102
6*4
102
*82
6*2
102
*82
6%
6*2
75
*60
75
*71
84*2
*78
35
*33%
89
16*4
5134
13*4
5134
1634
52*4
1334.
16%
16*4
13
13
13
51*2
13*4
*10
12
*10*2
*13%
14%
21%
*21
108
108
I
11*2
11
1434,
213g
1412
21*4
21%
*107
108
7*8 J
7
7*8
483s,
48
48
65%' *6412 6;
*117*2 120 ,*117
1 '
7i8
.108
*2
*117
6*4
6*8
3
19%
4%
19
4*2
15*2
4*8
15*2
4*8
15*2
*5*4
934
5l2
934
5%
19
4*2
4
9%
48
*46
10%
*6*4
46
10%
10*4
*6
634
*25
26
26
26*2
*25
I
*23%
*103*4
*29
*113%
*7«4
*10
15
j
89*2
89*2
*10
32
19*4
53*8
32
3134
19%
19
*52
54
*52
30
30
*30
31
31*4
78*2
79*8
*
79% 81%
123*4 123*2 123% 123%
*2334
24%
24*2
24%
20*2
20*2
20*2
20%
20
8%
*17%
*11%
84*2
8%
20*4
*75
*
8%
15
*52
54
*12%
1884
15
*75
84*2
1834
I
8%
1834
*13
84*2
89*2
"""116
5% preferred
100
...
Atch Topeka A Sanca
Fe—100
14
13%
1334
6,400
Atlantic Coast L.ne RR—.100
11*2
15*2
213g
13*4
1334
17
17
17*2
21*2
21*2
21*2
1,700
1,700
3,000
Atlantic Refining
14
*10
16*2
I684
21%
109% 109%
21*2
x7
7
2,300
48
48
32
32%
19%
19%
53*8
*30*4
31*4
79%
81*2
12334 12384
*52
19%
*31
81%
124
54
31%
83%
124
No par
100
5% conv preferred
700
Atlas Tack Corp——No par
—No par
$5 prior A
—Nt par
Aviation Corp. of Del (The*.3
Baldwin Loco Works vt o—.13
Baltimore A Ohio
...100
250
19
*16
.
4%
434I
7,800
17%
4%
34,700
4*2
*5*2
5%
2,100
16%
*9%
6,700
10
*46%
10«4
6*2
400
170
48
1034
6*2
26*2
*25
8
2,600
200
23
2,900
1,100
28«4
Barber Asphalt Corp.——10
Barker Brothers
-N« par
614 %
preferred
— - —
50
—
5
Barnsdal' Oil Co
Bayuk Cigars Inc.....No par
—..100
1st preferred
""566
23
26
Beatrice Creamery
No par
Preferred x-warrents.No par
Beech Creek RR..
—60
S5 preferred w w
111
*103
110
90
31%
20
200
8%
Beech-Nut Packing Co
300
*115% 125
*7%
100
Bangor A Aroostook..——50
Conv 6% preferred..—.100
4% preferred
115
*106
31%
Austin Nichols—
20
8
2834
*112%
Belding-Hemlnway... No par
Belgian Nat Ryu part pref
31%
19%
31
7.400
Bendlx Aviation
19%
1,600
Benefice Indus Loan..No par
"500
pfd|2.60d v ser'38No par
Best A Co...
No par
Bethlehem Steel (Del).No par
Pr
31%
8034
81%
124
124
25
34,500
25
I
25*2
25*2
20%
20%
*1934
8%
9*4
8%
*18
*12%
15
*12%
15
84
*75
84
I
800
I
*75
18*2
a
—6
32
54
*52
t In receivership,
50
8% preferred
500
20*2
day.
.....6
Atlas Corp
3
25
on this
conv
6%
6
*2%
8%
19*8
18%
4%
""""40
119% 120
2012
84
.——100
25
pref series A... 100
5% preferred
Atlas Powder
66
25
*75
1
Atl G A W I SS Lines
400
*65*8
..100
5% preferrred
500
*10
32%
19%
31%
*12%
Bid and asked prices; no sale
100
100
6% 1st preferred
7% 2d preferred
Aissoc Investments Co.No par
1334
15
I884
100
1312
84%
9*8
par
1
Associated Dry Goods
300
5
14,700
1,400
14
2
400
preferred-..——.100
B'gelow Sanf Corp Inc. No par\
7%
2034'
1,100
Black A Decker Mfg
9%
7,000
Blaw-Koox Co—
500
18*2
""ID
Pef. delivery,
CoNf par
No par
Ino—....6
Bloomlngdale Brctbers.No par
Blumenthal A Co pref
100
Bliss A LaughUn
n
New stock,
r Cash sale,
Oct
6
Mar 20
Marl9
Mar
May
Apr
5
34%May
63% Jan
64
28% May
1%
Jan
14*2 Jan
3% Sept
May
May
30%May 21
122 May 28
__
5l7«May 22
May 22
May 21
4
2%May 21
5%May 21
12% Mar 5
11% Feb 23
37% Apr 15
64
April
147
Apr 15
70
Feb
9
3
14% Apr 12
17% Jan 5
23% Feb 23
Feb 23
Mar 13
93
18
175% Mar 12
89*2 Apr 15
91% Apr 9
153% Oct 1
5% Apr 8
12% Jan 4
101% Apr 15
25%May 21
4%May 22
52ta Apr 23
8*8 Apr 10
45% Apr 22
32
Apr 9
41% Apr 8
22% Mar 8
113% Aug 23
1534 Apr 12
4% Apr 10
35i 2 Feb 27
110% Apr 30
7% Apr 22
64*4 Apr 22
June
4
May 21
1%June 17
4%May
65
Aug
49%May
29%June
82
21
21
4
21
22
22
12
22
29
22
18
May 23
13 May 21
39%May 21
9%May 22
8 *8 June
6
9%June 5
18%May 21
102
7
June 24
May
7
43%June
5
57
May 23
112%June lli
4
May 21
1% Feb 7
10 May 21
4
Aug 16
l2%May 23
2%May 15
3%May 15
7%June 11
34
May 21
8%May 21
4 May 15
20 May 21
7% June
20*4 May
111% June
18%May
10
21
10
21
12
Apr 23
68
Apr 20
43% Apr
4
11
4
Apr
9% Jan
102
4
July 23
9
Jan 11
8%
117$
18%
86%
5%
Feb
Sept
Sept
Sept
Jau
6% Sept
3% Jan
80% Nov
Sept
8
Sept
43*8 Sept
60
Deo
3% Aug
25
9
Aug
Sept
20% Aug
8%
Apr
Apr
15% Apr
75*8 Mar
9
13% Dec
Apr
Apr
75% Oct
132
Sept
4*8 Sept
8*8 Apr
78
Apr
148
73
3%
Apr
28% Apr
4
24
20%
Aug
Apr
35
Apr
Apr
13%
Apr
Apr
1% Apr
21
Apr
97
May
3% Aug
33% Apr
8%
*26
Jan
7
Feb
587| Nov
49
Nov
18%
Jan
162
Jan
22% Jan
80*4 Sept
15% Mar
20
Jan
46% Sept
63
Sept
144
Nov
69
153
Aug
July
41
Jan
14% July
Oct
Sept
97% Sept
18% Jan
171% Deo
87*2 Jan
89% Jan
153% May
18%
34
8%
Jan
14%
Jan
Aug
16% Sept
96
64% Sept
12
Sept
Sept
40
Sept
547g Jan
27% Aug
48
21
Sept
4
Deo
37
Sept
106
Dee
8% Sept
Sept
60
Mar
65
31% Sept
7*2 Sept
5% Apr
68
Jan
13
Mar
50
73
6%
Jan
Jan
10*2
Oct
Dee
100
Apr
10%
78%
Jan
Oct
70
Jan
Jan 16
41
Apr
Apr
81
30
38
June
90
Jan
100
June
21
Sept
100% Mar
25%
57%
23%
22%
22%
Jan
8
3
Apr 24
Jan 3
Apr 20
Apr 20
27%May
110
8
7
Jan 25
9% Mar 19
61
Feb 14
80%May 13
124% Jan 10
8% Mar 4
5*2 Mar 4
32% Mar 4
8% Apr 15
19%May 10
6% Jan 2
8
JaD
*49% Deo
15
Apr
5% Aug
9*2 Aug
18% Sept
104% Apr
7
Apr
43% Apr
13% Jan
36% Apr 17
116% Mar 12
35-% Ap* 16
112% Apr 22
105
May
3
Jan
Mar
Jan
26% Sept
26
Sept
24% Oct
110*2 June
9% July
48% Aug
71
Sept
June
127
Jan
4%
Apr
8
Sept
2
Apr
37g
16
Nov
3*8
Aug
9*8 Aug
378 Aug
4% Sept
Deo
Deo
11% Aug
15% Apr
109*8 Oct
17
Apr
98
Apr
Jan
80*2 Jan
9% Nov
21% Sept
8% Jan
11% Sept
30*2 Jan
87% Jan
21% Jan
13
Jan
83
Feb
19i8 Jan
26% Nov
1J5% Nov
28
July
107% Nov
7
32*2 Oct
71
116
10% Aug
6
Apr
24% Apr
8% Jan
427g
30%
Aug
11%
29% Mar
Oct
60
49
14% Jan
62% Jan
16% Apr
June 17
29%May 14
May 22
7%June 11
12
Sept 17
24%May 28
17%May 22
49% June 25
22%May 21
63*2 May 23
l09%May 22
14
May 21
15 May 15
5%May 15
l3%May 21
Oct
80% Jan
79*2 Jan
15% Jan
5*8 Sept
40*8 Jan
124*8 Mar
Mar 26
May
May 28
197
Jan 24
9% Apr
67*2 Apr
86% Apr
22% Mar
66% Jan
39
Jan
9
2
9
13
18
3
89% May 10
125%May 10
34*2 Jan 5
22*2 Apr
11% Jan
23% Jan
~32"~Nov
128% Aug
9% Oct
73% Jan
7%
62
16%
177g
48%
32
Apr
Nov
Apr
83%
Apr
22*2 Dec
Apr
Sept
50% June
99%
15%
Apr
Apr
Apr
58
Oct
Deo
57*2 Mar
Sept
120% Sept
32% Oct
100
24*8
17%
Oct
Jao
4
4
14
22
Dec
13%
Deo
36% Oct
23% Mar
35
Apr
67
11
May 14
16
Apr
3
June 27
8 4-% Sept
20
Ex-rights
Sept
10478 Sept
"27%
3
64
v
Aug
17*8 Sept
45
80
102
x Ex-dlv.
Oct
85
105
102
Apr
10% Dec
9
Sept
25% Aug
35*2 Apr
127% Sept
69% Apr
140
83% June 11
6
May 21
107
Sept
50
Sept 24
33% Jan
June
Apr
11% June
19%May 21
9%May 22
11 May 18
l2%May 28
70*2 Aug 20
ll%May 21
146 May 28
70
Oct
Apr
8*2 Sept
152%May
136
112
140
Mar
May 25
69
Aug
Aug
Apr
2% Apr
22% Dec
71
5
139
Oct
25%
0% Jan
25% Nov
17*2 Jan
Oct
6
Oct
64
33
28
Jan
163
June
23
July
40%
12
32
10% Jan
4%May
135
179
10
21% Sept
3% Apr
5% Jan
Armour A Co of Illinois..—.5
900
37« Apr 1
Mar 29
25
5,300
100
66% Apr 3
26
6
par
Apr 22
121
97%June
4
May
35
May
58*2 Jan
22%May
6*gMay
3%May
96*2 Jan
7% preferred ......
Armstrong Cork Co.— No
Arnold Constable Corp
A.-tloom Corp
No
7% preferred
38
July
ArmourACo(Del)pf7% gtdlOO
I
Apr
Apr
Apr
2% Mar
25% Apr
41% Apr
8
50%May 3
6% Apr 23
20*4 June
100
17%
53
13*4
l%May
1234May
90
5
No par
12%
4
3
4
June
prior pref
8
7% Jan
24% Jan
1478 Jan
3% Jan
23
conv
8
13
Archer Daniels Mldl'd-Nc par
$6
2% Jan
28% Jan
11
500
1,100
Feb.
2% Sept
4% May
1% Dec
41
8
A P w
61
3
May
May
Mining......20
Paper Co Inc.——5
Andes Copper
17
9*4
19%
14
8%
No par
.........100
Preferred.
5234
*52
*29%
7734
79*8
*123% 124
*23
24*2
20
19%
.
18
*10
32*2
19%
31%
No par
53
8
8%
8*4
8*s
8%
8*g
8*4
29
2834
2834
28*2
2914
29*2
29*4
*112*4 115
*112*4 115
*112*4 115
*112*4 115
24%
*23%
24
23*2 24
24% *23
*23% 24%
*106
112
*106
112
*106
111
112
*106*4 112
*103
110
*103
110
*103
110
*103% 112
112
*29
33
*31
33
32
32*2
32%
*29%
33
120
115
115
120
*111% 120
113*2 113*2 *112
*734
734
734
8*8
734
734
8*g
734
734
*10
16 1st preferred
American Woolen
17*2
*108*4 110
2:108*4 108*4
7%
7*4
7*4
7%
7%
48 1 *47*2
48 I *47*2 48
68 I *65
68
I *65
67*4
120
*117% 120 ,*117*4 119%
6*4
6*4
6*4
6*4
6*4
3
|
*2%
3 |
*2%
3
19*2
*18*4
19*2
*18
19
434
4%
4%
4%
434
16%
1634
I684
17%
4*i
4%
4*2
4%
5%
5%
5%
534
10
10'
*9*2
10
48
47%
48
48*4
11
11*4
11%
11%
*6*4
*6*4
6*2
26%
26*2 *25
30%
*19*4
...100
52*2
29*4
....
6% preferred
1734
115
*106
10
89
8
8
*28*4
*112
Common clans B........25
Am Type Founders Ino
10
Am Water Wks A Elec.No par
52*2
14
108
7*8
*47%
*64l2
'5%
I
11*2
1434
21%
*48
*2*2
17
25
Dee
Aug
5*2 Sept
6% Apr
76
10
May 21
May 21
35
88%
*50*2
Am Sumatra Tobaooo..No par
Amer Telep A Teleg Co...100
American Tobacco..
9% Apr 4
8% Jan 6
15% Apr 18
5
38
12%May 21
"Y660
83
*33*2
American Sugar Refining.. 100
Preferred
100
75
*77
35
89*4
No par
132
9
Apr 27
223j Jan 3
18
2,500
'
....
American Stove Co
115% Mar
Feb 23
91% Mar 25
3% Mar 8
6% Apr 16
116% Sept
109% Apr
150
13
Jan
Aug
Apr
Sept
16% Aug
30% Aug
13% Apr
100
May
18
10
3
3
22
140%May 9
6% Jan
20
684
8%
678
85
8834
16%
102
Amer Steel Foundries. .No par
American 8tores
..No par
83%
8
57% Sept
140
13% Aug 24
Anaconda W A Cable—No par
900
*33*2
89*4
*33*2
51
634
.25
100
18
29
3*s Aug
31% Apr
Apr
125
57
AncborHock Glass Corp. 12 50
$5 dlv pref..
-No par
5*2
5*2
*82
102
*76
77*2
35
16%
578
*71
80
*33*2
*88*4
51
578
June
3
3
June 28
2% July
116% Jan
178% Sept
33%May
56% Oct
23% Jan
112% Apr
Highest
f per share f per share
12% Sept
41%May
10 May
June 10
Yjoo
*8*2
3
9%May
45% Jan
135
Lowest
35
35
35%
834
35*4
77*2
75
*75
87
8-%
95
*3.0
35
*70
78
35
87
357r
834
*82
634
95
35%
May
$5 prior conv pref..
25
Anaconda Copper Mining..60
12
75
*71
75
78
*33*2
*68%
*30
36*4
8*2
18
Amer Zlne Lead A Smelt—..1
*2
8
2%May 21
9%May 28
23 May 21
3
May
23 May
45%May
l%May
10,900
3,600
i
*29
35%
*30
Sept 30
l%May 22
3%June 17
1
May 15
l0%May 21
36", 500
|
46
*10534 108
par
—100
6% preferred..
400
*45
108
28%
Preferred
3,900
1,900
Smelting A Refg-No
American Snuff...
60
95
*105
285s
75
Amer
*X% conv prof
200
*2
*2
2*4
2*4
2*4
*2934
30*4
30*4
30*4
30*4
106
106
*105*2 108
*105*2 108
*10578 108 I
4%
4%
478
47„
4%
5
434
478'
45
45
46
46
'
45*2
45*2 46
45*2
2*4
29%
American Rolling Mill
1% Oct 2
May 21
May 27
18 May 28
34 May 21
13% May 28
100 May 21
112 May 23
9
May 23
5%May 18
4% May 18
8
May 21
87
164
48%May
400
44
*28%
....100
May 24
6,500
15*8
113
*113
*10%
San'y.No par
Preferred..
5%June 26
May 21
28
128
...100
American Safety Rasor.. 18.60
American Seating Co..No par
Amer Ship Building Co.No par
800
'
*112
$5 preferred
Am Rad A Stand
$ per share
1,770
23
22*2
No par
No par
f per share
9%May
4434
*28
S6 preferred....
Year 1939
Highest
26
2,900
6*4
*6*8
100
American News Co....No par
Amer Power A Light...No par
10
12*2
No par
6% oonv preferred
1,600
50
6*2
23*4
Amer Metal Co Ltd
100
23
734
161
500
1,300
17
108*
*98
8
8
814
8*4
8*4
8*4
33
34
3134
31*4
317g
32*2
42
42
4134
4234
4234
42*8
42®4
*1423s 143
144
*142% 144
*142% 143
*142*4 145
58%
58l2
58*2
5734 5734
58*2
58*2
58*2
58*2
146
146
146
146
146
*144*2 150*2 *144*2 150*2
27
25%
27*2
25%
2578
2534
27
257g
26*2
123s
126s
1214
125s
12%
127g
12%
1234
1234
14
14
14
14
*13%
*14*4
15*2
*14*8
15*2
14
1334
14%
13*2
13*4
1334
1334
1334
14*4
*71
717g
7212
71*4
72*4
71*2 72*4
72*2
72*2
15
15
15
*14*4
*14*4
*14*4
15*4
*14*4
15*4
163
16378' 16234 163% 163% 164
16234
163*4 164
76
78
78
7634
7734
78
7634
76
77*4
77
77
78
78
7734
77%
7734
78*4
78*4
155
*152
155
153*2 153*2 *150
158
152*2 152*2
4
4*8
4*4
4*4
43s
4*4
4*4
4*8
4*8
9
8%
8%
878
8*21
878
8*2
87g
9%
96
96
96
96
*93*2 96
*92*2
*92i2
*93*2
10
934
95s
934
9%
934
9*2
978
4734
638
45%
2238
1
..50
13»4
*98
75s
No par
conv pref.—
76
103
147
5%
16
*98
45
44%
7%
147
Corp
Amer Invest Co of 111 new
13%
3*4
51l2
3%
51*4
100
74*2
24
*23
No par
pref
non cum
Amer Internet
50
15%
10
900
50
68
No par
....NO par
56*2
12%
13
No par
.
$7 2d preferred A
$6 preferred
I84
21*8
134
20%
*45
15
No par
50
American Home Products... 1
*12
67%
Corp..20
Amer A For n Power
700
3*8
14
*30
56*2
"i"666
17
4*4
31
22
100
82*2
2
5*4
31
134
5% oonv preferred
No par
Am Coal Co of Allegh Co NJ25
American Colortype Co....10
*76
2
*30
*21*8
37g
American Chicle..
American Crystal Sugar.... 10
6% 1st preferred.
..100
American Encaustic Tiling... 1
Amer European Sees
No par
31
*55
Am Chain A Cable Inc.No par
Am Comm'l Alcohol
33*2
55
178
21*8
American Car A Fdy ..No par
Preferred.....
100
500
35*4
*134
100
500
3412
54M
Preferred.,
""400
7
*12*2
21*8
37g
Amer Cable A Radio Corp__l
American Can..
25
534
14*2
1%
1
100
oonv pref.—
9*8
3*4
*13*8
55
5H%
9
16*4
43g
American Bosch Corn
Am Brake Shoe A Fdy.No par
13,600
9,400
3,400
13
*6*2
5«4
Par
300
130
*7
3*8 i
14
35
A
31
1,800
21*2
112*2
112l2 *110
*7
3,100
Range for Previous
of 100-Share Lots
Lowest
20
5584
16*2
22*4
300
1,500
131
3*8
*13*8
32l2
4*4
14
4%
*3018
54U
1%
*21
684
3734
634
36
131
138
13g
1%
1*4
1%
100*8 101
100*2
101*4 100
177
*175
176
177*2 *175
283s
28*4 28*2
27*2 28
131
Range Since Jan. 1
On Basts
Week
3234
414
*3i8
*13
30%
EXCHANGE
Friday
37
37
37*2
131*2 *128*4 131*2
*5*8
STOCKS
NEW YORK STOCK
the
CENT
Thursday
$ per share
1
13
65s
9%
75l2
1%
514
1%
16
5*4
1*8
15*2
*3i2
*7
7
5%
9%
75i2
75
32
*1%
*4%
13
Sales
for
Saturday
2003
8*2
Apr
f Called for redemption.
Dec
mm
BE
New York Stock Record—Continued—Page 3
2004
Monday
Oct, 1
|
Sept. 28
107
10712
*56%
*24
I9»4
18*8
*1%
18%
*1%
*434
10*2
20*4
*36%
*22 *2
31
3734
44*2
*109
110
18%
8
5
*18*4
5%
4%
*11%
*17*4
12%
12%
1734
51%
1*4
12%
18
18
1%
*1%
1*4
7%
15%
7%
15*4
7%
15*2
15*2
14%
13%
1%,
37
37
3%
3%
8*2
3%
*36
37
39*2
*38
4*4
39%
38
*88*2
90
*8884
*89
90
90%
31*2
*30*4
3
*108
*2%
54*2
3
3
*18
18%
*2
2%
112
112
112
2*4
2%
*2*8
5%
5*2
5*2
*2%
3%
*2%
3*8
600
5634
5634
*110% 112
2,000
49*2
2988
118% 118%
7%
7%
2,700
8,200
*3
29
3%
-
62
*212
98
r98
98
2734
28*4
28%
29
29
30
30
30*4
5*4
5*4
5%
5*4
32*2
32*2
33*4
5*8
32*2
21%
21*2
102
5%
3.1*2
*21%
5%
32
21%
*100
21*4
102*4
5%
33*2
22
*22
23%
*21%
*16
19
*16%
30
21*4
28
102
4*4
4*2
40
*4*4
39%
*94
39%
*21%
102
*22
19
*16*2
31%
32%
101
22
102
2234
22%
102
102
*22
*94%
4*4
1834
4*4
*16%
4*2
40*4
40%
40%
*17
19
4*4
*1%
1»4
*94*2
*1%
34
1%
*%
**8
12%
8%
1%
*34
8%
8%
*834
%
*8
*8
*8
*8
*%
%
*8
*8
*8
*8
12%
34%
*34
47%
*45%
*1%
*34
%
8%
%
*8
1*4
*8
*1%
%
*44
46
11
11%
II84
*8
11*2
*32%
*8
1H|
3334
34
33*2
3334
33*2
46
11
316
*%
*4
*%
3i«
%«
*%
*%
*%«
3l«
3l#
*9
12
*2%
10
*11
**8
3l«
**8
3ie
*9%
*11%
10%
*9%
10%
12
11
11
2%
.2%
12
2*2
*2%
2*2
78
*21%
25
*9*2
25
*20*2
79
*20*2
78*2
79*2
*9*2
934
85*8
9**4
85
85
85
*3
55
3*8
*44*2
*3
33%
33%
3
*65
66*2
*65%
65
65
112% 112% *113
*33%
35
*33
3434
*79%
83
*79*4
*47%
29%
85%
---
29
29
*33*4
*137
61
33*2
29%
30
34*2
34
*137
140
140
110
110
110
10834 109*2
*59
61
*59
61
11%
11*8
U%
100% 100%
53S
80
8234
*4*2
*19%
30%
*95
36
1%
5%
5%
79
79%
77
77
5*4
78
79
*72
74
74
74
83
434
2084
3034
*83
84
82
83
83
83
99
*95
36*8
9%
1%
56
56
3034
30%
*
5%
1934
2%
72
*102*2 105%
934
5%
19%
*19
-
72
75
*71
1934
2%
*1%
*4%
434
5
2034
31%
20
5
2034
5
*19%
20*2
2034
32
32
3134
32
98%
*95
31%
36%
434
36%
36%
9934
37*2
102% 102% *102% 105%
10%
10%
10%
10%
1%
1%
1%
1%
56
57*2
*56*4
57%
3034
30%
3034
30%
Bid and asked prioes; no
*95
36%
99
3734
102% 102%
10
10%
1%
1%
57*2
58
30%
3084
sales on this day.
22
Sept
Sept
400
70
200
15,400
100
1,600
6,100
800
lOlo
12
2*2
"""206
300
500
230
50
*44*2
*2%
50
3
"loo
33*2
34
900
80%
3l",7 00
No par
26
...100
{Chic Mil St P A Pac.-No par
15 preferred
100
Chicago Pneumat Tool.No par
preferred...No par
Pr pf ($2.50) cum dlv No par
{Chic Rock Isl A Pacific. —100
7% preferred
....100
6% preferred
100
Chicago Yellow Cab..-No par
Chlckasha Cotton Oil
10
113*
Aug 16
9% Aug 15
Co (The). 1
gtd.50
85
44
2
24
124
Sept 26
Sept 16
May 15
May 21
July
8
26
May 21
74
1,400
Cluett Peabody A
140
40
110
900
61
*59*2
11%
100
2,700
400
1,200
50
6,900
*74
84%
*80
83
2034
4%
20%
31
3134
30*2
4*2
40% Apr 18
July 8
140
66
2
68
900
97
36
36%
37%
36*8
107
10334 10334 *103
10%
10%
10%
10%
1%
1%
1%
1%
59
5734
57%
58*2
3034
30%
30%
30%
20%
Apr
80
Mar 28
69
Sept
48
Mar 26
42
Jan
41% Apr
1
45% Apr
4
34% June
21% Apr
Sept
Jan
11%
Apr
102
Sept 24
20%
100
Apr
56
10%May 21
6% conv preferred
100
Colo Fuel A Iron Corp .No par
108
1
May 23
12%May 21
Sept 17
184Sept 26
138Sept 26
,
35% Apr
8
112% Feb 10
24
May 10
434 Apr
6% Apr
6
Apr
4
4
4
Apr
11%
Apr
284
Aug
3% Sept
3% Aug
4% 2d preferred
100
Columb Br'd Sys Inc cl A.2.50
16
May 21
26% Mar 12
14
Apr
2.60
16
May 21
26% Mar 12
7% Apr 8
93% Apr 8
79
Jan 26
14
Apr
ClassB
Columbia Gas A Elec_.No par
4%May 22
100
67%May 28
59 June 3
0% preferred series A
No par
$2.76 conv preferred. A'o par
Commercial Credit—
10
4K % conv
preferred
100
71
1434May 24
27%June 10
95
June 13
June 10
June
5,900
Comm'l Invest Trust..No par
400
$4.26 conv pf ser *35.No par
97
8,600
Commercial Solvents..No par
10,200
1,800
No par
Commonwealth Edison Co..26
n
preferred series
New stock,
r
3a?h sale
*
4
8
May 21
42
%May 22
May 21
Commonw'lth A Sou..No par
$6
May 29
3%May 21
32
Def. delivery.
Feb
106% Sept
Feb 2i
100
17,200
Oct
114% Jan 10
43% Mar 8
20
Columbia Plct v t c
2,900
15
124
Apr
Apr
May
10%May 21
94
June 10
No par
Class A
Colgate-Palmollve-Peet No pdr
$4.26 pre!
No pat
Collins A Alkman
No par
1,400
3034
2%
Sept
1,000
20*2
Jan
4012 Sept
68
5% preferred
100
Columbian Carbon v t c No par
'
79
105
700
74
Apr
Apr
9
125
100
40
Apr
53%
Feb 27
100
75
25
Feb 14
4% 1st preferred
81%
Jan 30
4% Apr 26
Apr
4% Dec
Mar 30
Colorado A Southern
*80*8
6
Apr
10
03
50
81%
% Aug
131
780
*79%
73*2
*82%
4%
2034
Feb
Aug
%
7%
142
200
5%
% June
May 24
1®4
5*2
Aug
99%May 21
2%
2,200
1,200
14,100
Apr
30% Aug
44
Co..No par
100
Preferred
2%
1934
10
Coca-Cola Co (The).—No par
134
20
Apr
% June
25%May 22
25%May 21
131
May 22
2%
2%
*1934
z60
May 16
34*2
98
46%May 16
4,000
Special gtd 4% stock.....50
Climax Molybdenum..No par
Clev Graph Bronze
Apr
%
33% Apr 3
91% Apr 8
14% Jan 26
53%May 28
2*9
34%
s
20
May 21
300
9%
11% Mar 28
16% Apr 16
6% Mar 25
1% Aug 28
6)4% preferred
1% Aug
% Jan
7%May 21
9
May 21
City Ice A Fuel
Oct
1% Sept
84 Apr
»ieSept 20
Apr
8 584
% Jan
June 19
110
{ In receivership,
%May 20
25
-.5
27
Mar
50
56
140
*95
6% Apr
x3% Dec
108
142
98
Aug
29% Mar 23
478 Apr 3
42% Jan 8
97% Jan 16
2% Jan 3
2% Jan 24
12% Jan 4
% Jan
84 Jan
1434 Jan
35% Jan
Clev El Ilium $4.50 pf.No par
19%
5%
98
17
320
10984
4%
Apr
3034 Apr 18
Clev A Pitts RR Co 7%
3419
28%
1934
98
% July 23
—No par
Chrysler Corp
18
9
83
34%
20
conv
Chllds Co
4
84%June 17
78May 15
%May 28
6%May 21
% Feb 28
% Feb 28
8%May 15
23%May 21
41
May 22
{Chic Great West 4% pf-100
Chicago Mall Order Co
5
$3
Oct
May
10% June 10
3%May 22
30%May 28
6
Preferred series A
22
106
No par
100
City Investing Co
100
City Stores
5
Clark Equipment
No par
CCC A St Louis Ry Co
100
5% preferred
100
*48
1%
2%
2%
No par
{Chesapeake Corp
Chesapeake A Ohio Ry
June
5% Aug
May 28
16
Fib Co 6% pf. 100
Cab Mfg
Apr 16
99%June 22
17%May 22
No par
Common
100
50
*65
60%
100
6% prior preferred
Chain Belt Co
Cham Pap A
Chile Copper Co..
24
10
29%
34%
Preferred
{Chic A East 111 Ry 6% pf.100
100
11
1%
2%
*1%
19%
1934
*134
1934
*19%
2
2%
2%
19%
20
1934
11%
32
8% Feb 15
30% Feb 15
%e
11%
11%
10034 10034 *100% 101
100*4 100*4
28
28
27% 27%
27
27%
111%
111% *110
110% iio%'*no
22%
21%
22%' 22% 22%
22%
11%
1%
19%
*19%
I84
109
60*8
2
*19%
*l3g
*140
61
1%
1934
*1%
2%
*60
2
1934
5%
2
1%
*1%
140
*1%
2
1%
2
1934
*1%
134
5%
*78
34%
34
34
140
27%
28
27
27 I *2634
27*4
*109% 111*2 *10912 111% *109% Hl%
21
22%
20*4
21*4
21% 21%
19%
29%
34%
41% Jan 10
**8
*9%
*10%
*80%
3% Apr
3*2 Apr
85% June
3%May 22'
15%May 21
87%
82
334 June
7
22%May 24
*86
*48
Mar
6
103*2 Sept
1
87
*80*2
Apr
Cerro de Pasco Copper.No par
100
*112
Apr
2%
Certain-teed Products
600
68*2
Oct
18%
3
9
5% Apr 6
1134May 10
2,800.
3,930
600
3*8
34*4
Apr
77g Aug
58
100
716
*978
84
3% Jan
114% Mar
2%May 18
4
May 21
Central Violeta Sugar Co
Apr
3812 Apr
13% Apr
20% Apr 22
l%May 16
106
June 12
1
Central 111 Lt 4H% pref.,100
{Central RR of New Jersey 100
Central Foundry Co
Century Ribbon Mllls.No par
316
79%
110
234 Aug 29
88
Sept 4
*20%
34*2
"2984
1,900
24
81%
10
84
29%
40
100
47%
*23g
*80
34
I
10%
11*9
*33*2
*48
Aug 15
*8
...
63*2 Aug
17
%«
113% 113%
34*2
34%
110
11*4
11%
100% 100*4* 100*4 100*4
*11%
33%
*65*2
66
113%
*112
*47%
29*?
34
66
66%
*44%
*214
34%
3*4
*238
34
84
*80
86
*137
34*2
140
109*2 109%
*59
'
112% 113
113*2
*47%
3
34
9%
87
50
*44*2
55
34
10
86
85
85
33*2
*44%
10
80%
81%
12
*45%
*2%
*20%
79*2
934
*44*2
55
3*8
33*2
934
*%
*9%
*10%
°1«
3434
47%
4
Jan
Assoc .No par
1,100
*34
»ie
24
*2212
24
80%
79
12*2
1378 Apr
2% July
Central Agulrre
200
9
*8
*5,
2%
2%
*%
3434
Apr
9
3
700
7ji """360
**8
11%
July
77
May 21
134
*834
35
1
June 15
18",800
4
J
95%'
*1%
4
1
5
2,200
May
Apr
48
105%May22
preferred
Dec
Sept
Sept
Aug
100
100
7 % prior
Celotex Corp
Apr
May
No par
Caterpillar Tractor
No par
Celanese Corp of Amer.No par
Apr
75
42%May 15
20 May 21
Checker
41
95%
6
3
5% preferred
340
2,900
19
334
40%
*8
3ie
%«
3«
*9%
*45
47*8
*45
%
3g
%
7h
2234
*1634
9
10*2
**,
*%
*11
%
46
*1034
*32*2
18%
4*4
41%
95%
134
9%
12
30*2
3%
29%
4%
Apr 17
3234May
3% Jan
100
100
Apr
% Feb
478 Aug
8,700
31
*22
13*4
48*2 Mar
118'4 Jan 5
56% Jan 4
35% Apr 29
11934Sept 28
12% Feb 15
72
May
1
130
30
98
5*8
5%
29% 31
21% 22
*100% 102
*34
9
96
*94*2
96
334
5%
3%
2934
2234
4034
40
97
5%
*21%
22%
*4*4
4*4
40%
5*8
102
23
*94%
97
*95
98
*91
--
*95
98
2784
98
18%
2%
18%
2%
*111%
*3%
3*2
578
6%
*2%
3%
18
2%
*95
*91
62
*55
7
Ap<
25% Apr
11% Aug
0
39%May 23
June 10
100
Case (J I) Co
Preferred
3
3
4
9
13
21
21
18
3
91
May 24
2
1
Apr
1878 Apr
2% June
6
45
1
3
22%May 21
36% Aug
76%June
5
Carpenter Steel Co
Carriers A General Corp
3
Sept
210
49%
4934
17%
2%
*111%
*3%
5%
20
678
6% Mar
40% Jan
2%May 22
Capital Admin class A
1
$3 preferred A
10
Carolina Clinch A Ohio Ry 100
Apr
4
40
July 16
29%May 28
3%May 23
No par
Cannon Mills
200
4%
*3%
29% 29%
117*2 117%
7%
7%
a
5*2
3%
•
110
49
3%
0%
*2*2
3*8
57%
2%
2*4
112% 112*2
3%
5*8
3%
31%
3*8
57%
62
3*2
3*2
37%
Canadian Pacific Ry
1,200
31%
17%
*3%
5%
*3*8
*36%
4%May 21
May 21
....100
25
June
1
Jan
1334 Jan
81% Jan
15% Jan
26% Feb
62% Mar
I7g Feb
8% Feb
19% Apr
23% Apr
llkjMay 21
34
11
6% Mar
5
11
Campbell W A C Fdy._No par
Canada Dry Ginger Ale..—6
Apr
23% Apr
May 21
1
1
Cop—6
Calumet A Hecla Cons
"0,10b
91%
32
62
17%
*112%
112
3*2
*3%
*434
*2*2
3%
334
3
15% Aug
21% Apr
11% Apr
3
7%
60% July 26
Canada Sou Ry Co
*89%
*31%
110
62
18
2%
*17%
18
18
60
6% preferred
Callahan Zinc Lead
Apr
Apr
4
Oct
14
4%May 21
California Packing ....No par
40
90%
90%
110
49*2
2834 29*2
117*2 119
7*4
7%
49
48%
1384
3
May 21
17%May 28
2%May 24
6%May 22
39
May 22
9
May 21
14
May 21
50
4834
49%
28%
2934
28*2
29*4
2834
2834
119*4 11934 *117*4 119*2 *11734 119
7
7
7%
7%
684
7
60
61*2
60
60
59
60
48%
48*2
48*2
1334
3,900
2,500
39*2
57%
5612
*52
15
*38
3
3
54*4
56
55*2
110
107*2 107% *J08
3
*2%
*52
107*2 107*2
7%
~
15
*37
Bush Term Bldg
1,700
3,200
1*8
1%
7%
....
100
4%
31%
31*4
31%
1,800
1,100
18%
53
39*2
90%
*30*2
90
31*4
31%
13
13
18
*4
38
*3%
4*4
*3*2
360
*38
*38
4*4
74
*50*2
37*2
*36%
4*4
*3%
39*4
6%May 21
2,300
4
3%
37*2
*36*4
*38
*3%
4%
9%
*4%
74
40
*37
dep7%pf-100
Butler Bros
10
6% conv preferred
30
Butte Copper A Zinc
6
By era Co (A M)_.
No par
Participating preferred..100
Byron Jackson Co
No par
7% July
2
Apr
29% Apr
7
Mar
Apr
7
21% Jan 10
12% JaB 3
6% Apr 22
900
*834
3%May 22
Jan 19
l2%May 22
1,300
1534
14%
13%
3%
334
5
19%
20
Burlington Mills Corp..
1
Burroughs Add Macb._No par
Bush Terminal...
1
600
5
*1834
9%
9434
ill
33
870
7%
7*8
15%
40
*37
40
334
37*2
*36
40
*36
40
13*2
13%
13%
13%
7*8
13
18%
53
1*8
1*8
1*4
7%
1534
14%
1%
7
15
7
15%
1234
13
*50*2
1234
6,500
4%
1234
18%
53
12%
18%
3
May 21
Apr
13% Apr
31% Jan
17%May 21
Bulova Watch
1,400
II,900
27
9
7
6% Jan 5
5734 Oct 1
6% Feb 17
34% Sept 23
May 23
Apr
Apr
Sept
Aug
Apr
Apr
41»4 Apr
1% Apr
7% Apr
10% Feb
May
6%May 23
May 28
No par
No par
No par
Bullard Co
2%
74
74
*50*2
12%
8
l4'4May 21
Jan
Jan
31
25% Jan 4
37% Apr30
29% Apr 6
97
Apr
1%
19%
6%
784
16%
3
Oct
Jan
12%
10%
18a4
8
1
6
378 Aug 5
2434Sept 11
116
Sept
51
5384 Apr
13%May 21
27
May 21
3
16
100% Sept
2334 Apr
39% Feb
1% Jan 6
13*2 Jan 30
49
Jan 3
21
1634 Aug
15
1
3
20
25
27
3
4
8
1334 Apr 29
May 21
8
13%May 22
May 22
38 May 23
Highest
% per share
Maris
7
27
No par
100
Budd Wheel
700
3134
18%
8
9%
4%
0
9%
May 22
5
100
Bucyrus-Erle Co
7% preferred
Budd (E G) Mfg
7% preferred
80
33*2
3I84
18*2
5%
I93g
:
19
May 18
4%May 23
No par
Bruns-Balke-Collender.No par
14
*5
73
72
53
500
3
12%
4%
4%
9
18
*50*2
53
7%
234
5*8
19
5%
1834
70
12%
17%
17%
*50*2
12*4
33%
31%
1834
8%
'
1834
8%
13%
2%
*22%
23%
33%
31%
33
,
7%
4*2
'
884
70
6934
5%
5%
4*2
834 ',
834
70
55*2
19
18*2
18*2
4%
69
*66
*3*2
12
5
■5*8
37
31%
18%
2%
1,300
15,200
33%
31%
12%
11
18*2
4%
8%
*36
200
7,200
2,620
9,800
2,100
31*4
18*4
8
284
1234
7%
r
2%
2*2
4%
6*8
31*4
18%
8
*4%
13%
100
*44*2
5,000
33
31*2
18*2
18*2
1%
*37*8
45
1,700
33
6%
8
6%
7,900
9*2
9%
9%
9%
*107% 109
*107% 109
109
4%
4%
4%
434
4%
57
56%
57%
5734
57
5%
5%
5%
6
6
108*2
1
26
Brown Shoe Co...
3,600
23*2
434
5734
3212
100
434
11%
22%
9%
534
32*2
57*2
534
32
500
434
11%
21%
23*2
Co
America.—3
Bridgeport Brass Co...No par
Briggs Manufacturing.No par
Brlggs A Stratton
No par
Bristol-Myers Co...
5
Brooklyn A Queens Tr.No par
Bklyn-Manh Transit_.ATc par
tO preferred series A.No par
Brooklyn Union Gas...No par
4%
23*2
9%
110
Bower Roller Bearing
June 10
12%May 21
Brewing Corp of
11%
22%
38%
30
4%
55*2
4%
4*4
52
30
9*2
9%
500
39%
45
3%
3%
3%
3%
24%
24%
24%
24*2
*115% 116%
115% 116
1634
1634
1634
1634
*29
32%
32*4 *29%
23*4
30%
23*2
22%
9%
9%
10
15
*29*2
30%
23*4
2234
1%
3534
*44%
3734
44%
45
*1%
*35*2
*37
3734
44
Borg-Warner Corp
Boston A Maine RR
*434
44
*86*2
15
-5
100
5
17
Year 1939
share
per
28% Apr
29%May
123% Jan
70% Mar
29% Apr
24% Mar
2578 Jan
234 Jan
37%May
•99
Borden Co (The)
5,800
11%
22%
3734
2%
51%
*434
5
5,700
19
-
Bond Stores Inc
600
700
U*4
22%
*3034
18*2
2%
19
11%
8%
*4%
1%
35«4
5
5
18*2!
*8*2
*1%
85%
22%
31
7%
10
18%
35*2
19%
19%
1%
3534
11%
33
*18
19
1%
35%
19%
19*8
*1%
3.534
22*z
5«4
*5%
19%
5
*109
33
19%
1034
52
49
20%
Class B
60
58%
25%
19%
58%
*24%
19%
1834
25
22
4%
4*4
2434
io34
*28*2
110
*109
24%
21%
0*4
0*4
24%
3%
384
3%
8%
,3%
24%
24%
24%
24*2
24*2
*114% 118
*114% 118
*114% 118
*16*4
1634
1634
*16
16*2 *16%
30%
22«4
*28*2
67*2
3%
24%
16
59
25%
35%
*44
*114% 118
16
*57
59
59
6
No par
No par
—1
Bon Ami class A
190
S
share
per
1234 Aug 16
1934May 22
May 23
6134May 22
17%May 28
5
Boeing Airplane Co
Botin Aluminum A Brass
9,500
I,100
.108% 109
107% 108
10634 107
*36
24
24
16%
27%
4%
10%
3%
*3%
16
27%
21
45
*44
I684t
28
*1%
20
18*2
1%
*35
35*2
5
10%
21*4
3S
*25
163$
28
25*4
19%
18%
59
25*2
1978
16*2
28
*57
*57
*25
$ per share
16%
27%
t
Par
1940
Lowest
Highest
Lowest
Shares
16*2
IO684 10634
On Basis 01 100-Share
5,
Range for Previous
1
Lots
EXCHANGE
Week
Oct. 4
5 per share
5 per share
v
!
NEW YORK STOCK
the
28
16%
28
16%
28
107
27%
107*2
50
25*4
I Oh
18*2
1%
Oct. 3
STOCKS
for
Friday
i
j
Oct, 2
f
8 per share
16%
28
16
Jfl
share
5 per
$ per share
Thursday
Wednesday
Tuesday
Sept.SO
Saturday
Range Since Jan.
Sales
PER CENT
SALE PRICES—PER SHARE, NOT
LOW AND HIGH
27*4
Oct.
257gJune 10
Ex-div.
y
4
8% Mar 15
23% Jan 29
98'4 Apr
5%
74%
Apr
Jan
62*2
Jan
73
Apr
6%
Dec
15*2 Dec
3
3884
108% Feb 21
56
Apr 8
9812
Oct
42
Apr
48
113
Jan
Mar
6
10% Apr 5
ia4june 28
73% Jan
33
Ex-rlghts.
Apr
8
8
Apr
I0384 Sept
8% Aug
1% Dec
4584
Jan
*25%
Apr
1 Called for redemption.
Volume
LOW
New York Stock Record—Continued—Page 4
151
AND
SALE PRICES—PER
HIGH
2005
Monday
Tuesday
SHARE.
Wednesday
Sept. 28
Sept 30
Oct. 1
Oct. 2
$ per share
S per share
5 per share
$ per share
.
*27«
3%
*278
3%
*278
17%
*13h
*12%
23%
*934
17%
H
12%
23l4
10%
17%
*13%
*12%
23%
17%
14
12%
2334
17%
*13%
10
10
*72
74
~'
*72
74
*82
85
82%
6%
6%
6%
*
6
184
4
*138
*378
578
*1%
*4%
*12%
24
*278
9%
9%
*9%
7g
*34
*11334
*6%
357S
312
17%
24U
19%
*57%
49%
52%
*176
5
716
278
17%
500
1,600
Congoleum-Nairn Inc..No par
1334
1384
100
*12%
23%
12%
23%
10%
*12%
23%
12%
2378
12%
12%
100
22%
22%
2,60C
10%
10%
*10%
10%
900
77
*74
80
92'
*84
88
75
*73
76
77
84
*83
92
*84
6%
6%
6%
2634
27
26%
27
106% 106% *106% 108%
%
734
1%
4%
!%
914
*34
26%
800
%
*8
8%
*2%
234
*8
1,300
2,000
12,500
200
400
5% preferred v t c
100
Consumers P Co*4.50 pINo par
4,100
Container Corp of America. 20
9%
1,000
Continental Bak Co el A No par
18%
103%
15
9%
*9%
78
83%
40%
9
934
%
83
200
85
*83
40
40
40
3934
40%
40%
40%
39%
*11384 115
*11384 115
*11334 115
*11334 115
*11334 115
115
6%
6%
*6%
6%
6%
6%
6%
6%
*6%
6%
6%
36
36
36
35%
3534
36%
*35%
36%
3534
3534
3578
3%
384
3%
334
3«4
378
3%
334
3%
334
334
17%
1734
17%
17%
17%
17%
1734
17%
17%
17%
17%
24
24
24
24%
24%
2434
25
2478
2414
23%
23%
2034
19%
2084
203g
20%
20%
21
21%
19%
19%
19%
60
*59
61
60
60
60
59%
59%
59%
59% *58
50
50
*49%
*50%
50% 1*48
49%
49%
49% *48
50%
53
x51
52
52 "s
50%
50%
5278
53
53%
53%
52%
176%
*176
190
*176
190
178% 176% 176% *173% 176% *174
5
5
5
5
5
478
47g
478
5
\;5
5%
7
•7i«
%
%
%
71«
%
%
*%
!
*%
%
*40%
*40
25%
22%
2134
22%
97%
9734
21
98%
9834
98
98%
20%
*20%
20%
20%
478
5
6
5%
5%
434
2534
2534
41
41
*41%
*40
43
4034
15%
94%
3%
3%
3%
4%
4%
4%
30%
97%
66
68
26%
*87
*1034
,24%
1*4
46%
734
7%
■
334
134
46%
734
27%
27
*68
80
*68
*38%
42
21
4%
*39%
2034
42
2034
*42
18
*16
*20%
*3%
*17
4%
4%
11%
17g
47%
778
8
27%
47
*3%
21%
13
3%
17
13%
*1678
3%
334
%
%
*%
13%
110
*108
*16%
17
*28
29
"
*28
*38
39
39
8%
834
834
*11%
12
*11
17%
71
11%
35
35
*32
37
19
19
19
19
15%
15%
15%
15%
17%
72
*77
17%
72
*17
70%
3%
2234
*7
7%
7%
*10
10%
10%
1
35
1934
16%
77%
7834
13534 139
3% ' 378
23 4
2334
*7
7%
3%
2234
7%
10%
10
10
*113%
....
175% 178
174%. 17434
124% 124%
116
I7g
48%
734
778
17,300
27%
27%
4,000
*68
80
I
*42
22
*3%
56
223g
*42
48
2134
22%
2,900
23
4%
4%
,
18
14%
4%
*17
13%
4
18
14%
,
.
...
|
18
*17
13%
200
8,500
2,800
13%
334
4%
378
300
400
340
500
400
%6
%6
*%
%
111% 111%'*110% 112 I
♦ 1**.
*15»4
29
*39
■
8%
17
73%
11
*32
i0i4
16%'
29
29%
17
17
29
40
8%
17%
73%
11%
*39'4
8%
16%
*11
34
*33
35
I
*33
35
*33%
42
*39%
42
1
*39%
42
*40
108
108
109
*107
77S
77g
109
108
108
778
8
778
8%
8%
200
11%
12434
*73
77
*73
77
82%
*78
82%
*79
91
*85
92
*87
*1
1%
*178
2
*1%
1%
178
*378
4
*6%
7
678
80
31%
*%
6%
31%
» 16
6%
30%
*73
82
*78
82
91
*85
*18%
*127g
1
1%
178
1%
1%
1%
80
37g
7%
31
*67%
*378
7%
80
4
7%
*6734
*378
30%
31%
3034
19%
14
14
3%
3
*127g
1334
*95% 104
*20%
21%
14%
3
84
7
19
1334
*®16
%
187g
*95% 104
*21
2134
%
1434
7%
40
19%
*1278
1378
*95% 104
3934
19%
„21%
14'8
278
3
21%
15
*1
1%
2
2
7%
*1%
*68%
37g
j
"i«
1,200
500
800
1%
400
7%
77g
31%
34
Diamond
Match
No par
25
6% partlc preferred
Dixie-Vortex
Co......No par
Class A
No par
Doehler Die Casting Co No par
Dome Mines Ltd
__Ne par
Douglas Aircraft
Dow Chemical Co
No par
No par
80
30
Dresser Mfg Co
No par
1
Dunhlh International
No par
Duplan Silk
100
preferred
Du P de Nem (E I) A
54.60
Co...20
No par
preferred
Duquesne Light 5% 1st pf.100
Eastern Airlines Ino
1
Electric
58
No par
No par
No par
Equitable Office Bldg..No par
—100
100
100
{Erie Railroad
4% 1st preferred
4% 2d preferred
Erie A Pitts RR Co
Eureka Vacuum Cleaner
2,700
Evans Products
4,800
Ex-Cell-O Corp
Co
%May 22
May 21
May 22
102 May 22
63gMay 21
63
May 31
60
May 31
20
35
84
Mar
4
%May
%May
l%May
%May
15
15
14
15
20% Jan 15
29%June
13
13
*1278
137g
*95% 102
21% 21%
*127g
1378
100
11
May 23
85
Junt10
10
July 24
15%
*3
3
56
15%
3%
3%
preferred
No par
Co..—2
22
"360
Federal Mln A Smelt
15%
3,300
Federal-Mogul Corp
5
Federal Motor Truck. _N* par
3%
800
300
Federal Water fter* A .No par
Federated Dept Stores. No par
90
*88
90
89%
89%
89
89
91
91
300
34
34
14
14%
35%
3534
35
20%
*15
*13%
sales on this day.
6
34
14%
35%
20%
#5g
*13%
14%
*13%
14%
400
357g
357g
20%
35
*15
357g
1,800
*15
J In receivership,
a
20%
Def. delivery,
stock,
27
15
22
28
Apr
Apr
%
Deo
18
Apr
Sept
28
Apr
8584 Apr
14% Apr
6
9
Feb 29
38
24% Apr 23
2378 Jan 10
30»4 Sept
5% Aug
13»4 Sept
00
Sept
9*4 May
30
Mar
10
Apr
20% Sept
7 •June
17% Mar
10% Sept
112*4
Deo
25%
Oct
27% July
Dee
18%
28
Oct
87g Sept
1% Jan
125%
32%
Oct
Jan
34% July
447g July
10% Nov
20% Mar
90
July
13% Nov
36%
Jan
Jan
22%
34
65
Aug
101%
Apr
144%
0
Mar
Mar 30
0
Deo
17%
19%
13% Jan 18
10
Apr
14
July
9478May 10
171
Apr
9
4% Sept 24
30
Apr 24
10
Jan 17
108
189% Apr
8
120%
Mar
4
112
II884
Aug
118%
317g
Feb
Deo
2
138%
4
8%
Jan
8
39% Sept 23
35% Sept 23
2
Jan 10
Jan
188% Sept
124%
Jan
417g
110% Nov
8
3
I84
1*4
Deo
Jan
June
111% Sept
12% Apr
3*4 July
4134 Apr 16
18% Apr 20
33%May
Deo
Sept
Jan 19
44%May
Apr
Apr
87*4 Nov
3
Apr
155% Sept
15%
Apr
16% Sept
8% Sept
186% Jan
183% Feb
307g Oct
197g July
22%
Apr
40%
8%
Apr
18% Nov
1% Sept
6% Apr
Oct
20%
I884
23%
%
Apr
3% Mar
12% Jan
41% Jan
Apr
38
Apr
35
28
Jan
Apr
Feb
Sept
3% Sept
42«4 Nov
40
Apr 13
32% Aug
66
112
Mar 19
*103% Mar
111
Sept
Jan
7
Apr
137g
Jan
02%
Apr
80% June
89
Jan
05%
Jan
09
Apr
Apr
89
97
12%
Jan
83
8
«4
% Jan
1
I84 Jan
33g Jan
17g Sept
Feb
11% Apr 25
34%May 10
1
Jan
Aug
95
Aug
17g Sept
3
Sept
0
Sept
1% Apr
65% Sept
1% Apr
67% Aug
5
Aug
Aug
Aug
3
8% Mar 11
3% Sept
05% Sepr
3% Sept
0
Apr
Apr
% Deo
2*4 Apr
25% Nov
2% Jan
8% Sept
14%
6% Mar
13
Jan
49% Apr 8
31% Apr 18
187g Apr 3
24
Apr
20
Apr
11
Apr
437$ Jan
38% Sept
18% Aug
Mar 27
81
Jan
98
Deo
3
29
Dec
31%
Dec
102
28%
Jan
15% Oct
47g Jaa
1
Jan
2% Aug
84 May
6% NOV
1% Jan
27% Oct
89*4 Feb
25
Jan
I884
79
June
6
95
Apr
82*4 Sept
—1
Ins N Y.52.50
10
May 21
20
Jan
17% Nov
27*4 Apr,
23% Nov
40%
Deo
16% Sept
21%
Deo
Fllene'* fWmi Sons
n New
12% Aug
2% May
Ti»May
15 May
23
Nov
-i00
4% % preferred
Feno Enamel oorp
Fidel Phen Flr«
5
17%May 21
55% June
25
Sept
103
120
a-2478June
Jan
13% Apr
3% Aug
14% Sept
4% Apr
103
Sept
15*4 Apr
303s Apr 10
43% Feb 3
10% Feb 21
120
l0%May 28
May 21
10% May 21
%May 22
3 May 16
18%May 21
15%May 21
45
125% Jan
23% Jan 10
114
112%May 22
2534June 10
3
May 15
91
3% Sept
8
Nov
32% Nov
12% Aug
9%June 10
114 May 16
l40%May 28
May 22
113%
Apr
11%
Jan
Deo
03% Sept
Apr
6% Jan
84 Jan
.
1
19%
73%
19% Apr
20
Sept
7% Sept
Apr
23% Jan
21
22
21
15
21
24
15
22
14 May 21
ll%May 22
05% July 3
14<4 Jan 12
6
May 21
4
113% Apr 12
2378 Apr 9
28% May
12%May
267#May
32 May
4«4May
12%May
66%May
9%May
30%May
Fajardo 8ug Co of Pr Rico..20
Federal Light A Traction... 16
1434
83g Apr
June 10
Sept 13
Sept 11
4
6% Mar 7
Apr 27
% July 11
98%May 22
133
Oct
17
June 13
1,900
*21
23
l3%May 22
21%
*88
Bid and aaked prices; no
May 10
21%
90
•
60
21%
*88
20%
Sept
21
1,500
20%' *15
42
20
84
*15
Mar 29
Exchange Buffet Corp-No par
Fairbanks Co 8% pref
100
20%
*15
92
93
3% Sept
4% Aug
11% Mar
32% Mar 14
June 10
Fairbanks Morse A Co -No par
*95% 102
4
75
550
*95% 102
21%
15%
15%
May
0% July 25
21%May 21
2,400
34
14%
38
7%
20%
3534
51
June 17
4034
34
*35
31
7%
20%
*14
28%
40%
20
1434
19% Sept
Deo
41
20
3534
Aug
*®i«
19
*35
9
20
%June 13
3%June 10
19
*14
48
17
Apr 22
293s Feb 24
4% Jan 4
07% Aug 7
278May 25
5 May 21
19
*%
91% Feb 24
23
50
6
5
3
19
34
21
4
preferred
Jan
8% Sept
Sept
13
19%June 6
1% Sept 21
40%
*21
3
Deo
52% Sept
96
27g Aug
Jan
Engineers Public Service.... 1
94
Apr
June
878May 10
17%
..100
62
4% Jan
25
"366
34
~
6
3
7%
*9u
Oct
75
24%
37% Mar
17% Deo
Apr
Aug
84
734
Apr
Apr
107
24
15
734
40
20%
734
9
9
4
100
Feb
9
19
*%
21
21
21
Jan
40%
Jan
19
h
May 22
41%
Apr
preferred
Apr
Apr
37
3
50
20%
13
Apr
178
Corp
Jan
32% Aug
Sept
May 22
Elk Horn Coal Corp—No par
Jan
110
Apr
28
June 10
No par
No par
Storage Battery..No par
38
33
3
June 10
preferred
Deo
2% July
Feb 26
22
Boat
Aug
6
43% Apr
21%May
95%May
43%May 10
165
preferred....
6%
_
117
Electrlo Auto-Lite (The)
01% Sept
67% Sept
177
26% Jan
07g Aug
4
2
Edison Bros Stores Ino
32% Sept
Apr
Sept
93
100
6% cum preferred
Eaton Manufacturing Co
Jan
Deo
6% Nov
31% Jan
Sept
% Sept
10
Sept
J).No par
Eastman Kodak (N
May
10%
40%
Jan
647g
6% Jan
16084 Jan
6
Eastern Rolling Mills
*18%
%
12
3
Rights
30%
*37g
37g
7%
1%
2
*1%
*68%
Devoe A Raynolds A ..No par
S5H preferred
*1%
1%
80
100
Detroit Edison
56
*1
1%
2
3034
7%
31
*»16
7%
3934
3
3
1
*17g
1%
80
4
JDenv A R G West 8% pf.100
55 conv preferred
,
45
75
49
Jan
3878 Apr
1178May 22
8%May 21
2%May 21
Endicott Johnson
91
17g
7
77
77
*78
*85
1%
39%
6,300
91
2
%
*63/
8%
105
July 17
10
100
Delaware A Hudson
116
3
I83gjune 11
21
Delaware Lack A Western. .60
51% Sept
5
Apr
29% Apr
1% Apr
197g Aug
16% Apr
24% Jan
30%June 12
107
Dlesel-Wemmer-Gllbert
*100
Apr
Sept
150
30
20
Preferred
Jan
Mar
32%
May
3% May 22
Dayton Pow A Lt 4H % Pf-100
A Co
No par
Deere
2
100
7% Apr
1% Apr
3%May 22
5
5% preferred
Deo
May
32«4 Feb
7»4 Jan
May
May
64 May
l34May
3% Aug
60 May
978May
22% Mar
Apr
1
65% Jan
June 13
25
Sept
11%
01% Jan
19% Sept 27
26
Conv
E! Paso Natural Gas
170
77
J6
39
300
75
34
1017g Deo
17% Dec
*87% Sept
Jan
179
7ieSept 28
13 June 5
Davison Chemical Co (The).l
Elec
109%
*•%
1
Davega Stores Corp
700
-
May 28
44%May 21
14%May 15
3 May 21
l3«4May 22
17
*108
%
A
Electric Power A Light. No par
108
5
Class
Cushman's Sons 7% pref.. 100
58 preferred
No par
Cutler-Hammer Ino
No par
Elec A Mus Ind Am shares...
417g
*73
6
600
35
8%
30
Ino
Curtis Pub Co (The)..-No par
Preferred
No par
6,000
2,500
*40
8%
Press
3,200
*34
82%
%
40
40
2,500
600
3,000
17,000
35
*78
1%
*1
1%
*67%
37g
*67
%
%
2,800
......
42
*73
91
%
28,900
1,809
*40
*85
83%
*87
1,000
90
*34
8%
100
Curtlss-Wright
Cuneo
8%
3,500
.r..\
'
78
*78
4,000
9,100
93,300
4,300
300
300
12434j
116% 116% *116%
I
*73
*%
109
Preferred
Cudaby Packing Co
6% pref with warrants.. 100
108
35
41%
Cuba RR 6% preferred...100
Cuban-American Sugar
10
700
115% 115%
32%
34%
3338
34%'
31%
32%
3034
31%
30%
3034
434
434
484
434
4%
4%
4%
434
4%
4%
*334
4.4
133
134
134
134
135
134% 135
133
133
135%
13334 134
*170% 176
*170% 176
*170% 176
*170% 176
*170% 176
*170% 176
34
34
34%
34%
33%
34%
3334
34
33%
33%
3234
327s
15
*147g
157g
15%
*15
15%
15%
15%
15%
*14
15%
15%
37
36%
36%
37%
37%
3634
37%
37%
353i
36
35%
35%
14%
15
14%
15%
15%
15%
14%
147g
14%
14%
14%
14M
*5o
7c
*5v
7%6
*"i6
1
1
34
1
*%
7g
*%
5
5%
5
5
5%,
5%
5%
5%
5% < 5%
5
5%
38
377g
38
37
37%
3878
38%
3778
37%
38
37
3734
34
3334
3334
3484
3334
34%
3334
34
3334
3334
33%
33%
*29%
30%
*2978
30%
30%
30%
30%
30%
30
29%
29% *2834
1
1
1
1
*7g
1
*7g
1
*7g
1
*7#
"16
*40
100
6,400
....
*33
Preferred
I
2,300
2,400
124% 124%
Crown Zellerbach Corp
5
55 conv preferred
No par
Crucible Steel of America..100
17%-
1934
19341
19'2
1934
20
20%
16%
16%
16%
16%
16%
16%
78%
79%
78
78%
78
7934
140-%
138% 140%
140
140% 140
37g
4 j
334
4
4
4
2384
2334
23%
2334
2384 24%
*7
7%
*7
7%
7%
7%
*10
*10
10%
10%
*10
10%
*113%
*113%
*113%
178'g
' 178
179
179
17934 177
124% 124%
116% 116%
31%
32%
No par
Distil Corp-Seagr's Ltd.No par
80
116
pref w w..No par
Diamond T Motor Car Co...2
34
34
conv
Pref ex-warrants
2,900
74
*73
35
40 1
8%
|
124% 124%
116% 116%
124% 124%
134
48%
80
35
*32
16
*113%
....
173
173
*1634
13%
4
19%
7634
77%
13478 13534
77%
135% 136
3%
3%
22%
2234
*113%
35
580
500
300
13,800
2,700
11
24%'
*68
%
*%
%
*110
11134 *111% 112
16%
17%
16%
16%
2834
2834
29
29
*38%
40
40
40
884
834
8%
8%
17%
17%
17%
17%
72
72
*70%
75
*11
11%
*11%
11%
17%
28%
39%
I
69
*107g
I
*%
110
109
17
434
101
*3%
4%
*17
18
I
| *17
18
634
684!
1,800
6'4
67g
67g
110% 11034 *111
112 1*111 ' 112 I
70
22%
23% *20% 21%
19% 20%
16,100
*26
26V 27% 27%'
27% 27%',. 1,000
14
4
37g
2734
384'
69
390
3,700
340
3,600
*24%
634
17%
1334
48%
77g
27%
69
11%
24%!
2
48%
8
277g
334
4%
No par
52.26
17,500
I
No par
Crown Cork A Seal
■■
41
May 21
100
Apr
9% June
Apr
70
May 21
4
Crosley Corp (The)
3,100
..
33%
104
104
6% conv preferred
I84
8% Aug
Sept
88
7
25%May
1
25
6% Aug
1
July
33
May 25
Co
2% Jan
12% Mar
77g Mar
97g Sept
6% Sept
9
Sept
7*4 Sept
3*4 Deo
25
106
Cream of Wheat Corp (The).2
18
*17
17
17%
13%
334
%
178!
48%|
8%'
*3%
4%
18
*17
68
11%
24
2
33%
400
I
87
47
*42
21%
68
43 I
15%'
87
33% 34%
103% 105%
378
37g
4%
47g
11%
24%
26%
41%
*40
15%
1 C,~
80
*60
6%
6%
6%
6%
6%
6%
*110
111
*110
111
*109% HI
21%
22%
22%
2234
21%
21%
*25
25%
2534
2534
24%
25
*167g
87
80
21
18
87
*66%
28
27
80
87
*24
134
4678
*68
4034
1534
34%
99% 107
4
4%
4%
4%
4%
66%
1034
2434
1034
4034
15%
25%
41%
43
15%
99
*24
26%
*41%
40%
15%
3134
384
24%
134
46%
77«
43
87
32
4%
66%
11%
25
134
26%
43
*39
4034
15%
88%
97%
66
11%
*2£%
*5%
26
26%
43
31
30%
9734
3%
4%
*10%
46
734
27
Crane
1,700
1,800
90
434
25
108% Aug
9
3
Apr 9
Jan 26
Apr 9
Mar 6
4«4 Feb 2
277gMay 25
2
May 15
l6%June 10
l8%May 21
15% Mar 16
47
Jan
4
Feb
Feb
Dec
4
49%
116%
9%
40%
100
Coty Inc
600
434
2034
584
27
15%
26%
22%
2134
87
*1%
Coty Internal Corp...
99
15
4578
5,300
5,900
2034
87
*66%
Cora Products Refining
Preferred
97%
22%
50
100
20%
21%
pref. 6% series
Cora Excb Bank Trust Co. 20
100
3,200
99
15
29%
conv.
600
21
21%
6
Continental Steel Corp .No par
Copperweld Steel Co
5
Mar
Apr
Deo
84
15% Jan 10
5
106%May 31
4%May 21
Continental Oil of Del
35
27
Feb
Jan
8%
30%
97g
IOI84
1% Apr 4
97% Jan 10
May 21
1
Sept
19% Apr 24
33
52.50
Aug
11
19% Sept 24
June
No par
91
104
7%May 21
«4May 10
Fibre. 5
85
79% Apr
7% Nov
2% Jan
20
preferred
32*4 Nov
93g Oct
Apr
4% Sept 24
70
Continental Motors
12,000
99
80%
30%
95
15
*86
54.50
6
..100
Continental Insuranoe
15% Aug
5% Apr
73
Apr
8% Apr
8'4May 22
Continental Diamond
500
1,200
19,500
6,000
1,500
June
Sept
4% Apr
93%May 22
978May 21
No par
preferred
Continental Can Ino
3,300
*20%
43
*19%
*4%
8%
11,600
380
21
2034
99
20%
434
25%
41
2034
9834
21
Class B
300
%
83
1
5
10% Apr
2%May 21
103
*34
No par
Apr
3278 Apr 5
110% Mar 25
1% Jan 5
% Aug 26
6%May 22
Consol Coal Co (Del) v t 0..25
*17%
*8234
May 29
4%May 21
23 May 21
97%May 21
500
4%
9%
9%
"i»
75
1,600
4%
134
1%
,1«4
4%
4%
4%
*19
1978
*18%
19%
104
102% 102% *103
14%
14%
1434
15%
100
$2 partlc pref
Apr
Jan
9
95
Apr 6
97g Feb 21
2%May 23
5%May 22
1%
6
May 29
Consol Laundries Corp
5
Consol Oil Corp
.No par
Consol RR of Cuba 6% pf.100
278
6
178
57g
63
15%
2%
57g
*1%
6
share
per
5
19
92
June 12
l7%June 10
7% Jan 29
1
Highest
share
per
1334 Sept 24
12% July 8
31% Apr 15
16
Apr 8
Jan 15
100
Consol Film Industries
1,300
8%
%
%
3
0%
10
1
Lowest
share
per
24% Feb 17
8
Consol Coppermlnes Corp
5
Consol Edison of N Y
No par
15 preferred..
No par
17,500
106% 107
34
5
2%May 22
May 18
No par
7% preferred
OH % prior pref
6,000
26%
27
107
*%
Aircraft Corp
Consolidated Cigar
Range for Previous
Year 1939
Highest
share
per
14
No par
10
Ctfs of deposit
Conaol
150
6%
4%
83
83
26%
107
Congress Cigar
10
6%
8
578
4%
9%
%
6%
284
*2%
1%
4%
1834
6%
%
8
734
2«4
578
*1%
84
3
137g
10%
f
Conde Nast Pub Inc...No par
17%
*1334
39
39
39
278
1734
27g
1378
10%
*2%
578
Lowest
Par
1784
18
*6%
6
*34
*81
84
Week
Shares
*13%
*17
1834
19
*16%
18
*101% 102% *101% 102% *10134 102%
14
14%
14%
1434
14%
14%
*81%
Oct. 4
$ per share
83
61
Range Since Jan. 1
On Boris oj 100-Share Lots
EXCHANGE
Oct. 3
*73
82%
STOCKS
NEW YORK STOCK
the
CENT
Friday
$ per share
I
3%
18
24
10%
26%
2678
26% 2678
106% 10684 *106% 107
*%
34
%
%
734
7%
7%
7%
2%
2%
2%
2%
6
3t4
18
14
12%
NOT PER
Thursday
.
Sales
for
Saturday
Co
N" par
r Cash sale.
27%May 21
14
Sept 7
*Ex-dlv.
y
40% Feb 14
22% Jan
5
Ex-rlghte
Apr
T Called tor "Ademption.
Monday
Sept.'SO
Saturday
Oct. 1
1
Sept. 28
91
*90
91
*42%
44
*41
43
16
*42
Week
$ per share
Shares
44
*147g
89
*43
44
*42
17%
*317g
23
*21
43%
17%
43%
17%
32%
600
23
*22
23%
7%
23
32
*21
»012
*21%
2214
65,
*2112
0%
67,
*22
27%
247g
2334
2534
2478
29
29
29
2834
2834
287,
*2812
28
*28%
106% *100% 100% *106lg 1O012 *106% 106% *106% 106%
17
17
17
16%
16%
16«4
101g
153s
15%
14*4
*20
~
28
32'4
32'4
32.4
2%
234
*434
*1214
5
127,
505g
*47
505g
478
50
50
67g
*6%
47g
*47
50%
*5
5%
5%
5
*99
50
87,
7
7
*137
138
334
*334
37«
034
034
634
6®4
1634
1714
17%
17%
74%
*1714
38
*88
8914
*88
8934
130
48
71g
*7
*414
%
106
%
*'l6
*17
18i2
25i2
*24l2
*1041«
20
26
20
11
1078
11
11
42%
42%
48
197,
20*4
*10'4
1034
1834
*1014
1834
*18
1934
*10U2 1041? *10U2 10412 *101%
12%
121s,
1212
1234
*12i2
*5712
14
1434
1434
4234
41%
36
*2
85
12's
*54l2
55i2
*55
5934
*2
214
2%
2'g
2%
2%
2%
*82%
12%
56%
2%
2%
*84
88
12%
*12%
12%
55%
55%
56
1534
1534
16
16
73
73
71
*2
2
35
35
*32'4
3
7
2%
57
*50
12%
16
16%
15%
74%
*74%
15
143.1
15
15%
26*4
2714
2714
2734
28
20
1912
*132l2 13334 *13212 13334
*1934
*34
50
*31
3134
IDs
*1034
31
IU4
*ll2
*14l4
178
15
2
1%
15
*
178
10
*9
33
*32
33
3312
13%
1534
*32
3312
*9%
3234
*13«,
13l2
*15
*32
1534
13%
*15
102
*10112
*101
*104-4 105
*104i.j
22
22
22
22
150
*126
150
258
*126
*714
73.4
*85
95
*85
95
»*8%
*7i8
758
*1%
*15%
*1%
9%
1634
1%
934
2%
25g
258
25g
102%
10212 *100
8%
834
85g
102
8%
11%
11
*17%
1%
17
1%
*57
61
*57
61
*108
112
*1C8
112
a
.
*1334
147«
*1334
147s
*31
3134
*31'8
3134
714
10
714
*934
7%
714
10
10U
*105
*105
45'4
45%
3312
:
4518
^
453,
1%
2
a9%
*33
9%
33%
*33
33%
*32
33%
*32
33%
*13%
15
1534
102
*101%
15
150
*126
7%
95
*85
15%
104
23
*126
150
7%
7%
*85
95
234
2%
234
103
102% *100
834
87S
87g
"
23%
150
58
*55
112
110% 110% *110
*14
14%
14%
*31%
32%
31%
31%
7%
7%
7%
7%
10
45%
46%
33
3312
*32%
127g
33%
125g
13%
13%
*58
60
*59%
60%
*59%
*10334 105
*10358 108
358
358
334
*358
34
*32
3212
32i4
7«
*s4
7fi
*34
'
*3
1734
37fi
%
177g
1734
*334
4
*3
414
%
*
46
*3212
Zl258
,
177g
378
37«
12
h
*14
31%
7%
9%
*105%
46%
45%
14%
13%
60
33%
13%
*59
this day.
16% May 21
18%May 22
Sugar..No par
100 *123 June 13
27i2 July 30
Green Bay A West RR
100
23
May 22
Green (H L) Co lnc
1
9% May 22
Greyhound Corp (The).No par
10
preferred.
534 %
1
Aircraft Corp
1,000
Guantanamo Sugar
No par
33%
33%
33%
300
13%
.500
Hall Printing
15%
200
*14
120
1,300
8%
0%
20
2,700
95
*85
—
1,100
500
2,000
400
*.<» -
700
1
.100
2
25
1
25
100
Helme (G W)__
Preferred
Motors
No par
Hercules Powder
No par
Hercules
100
6% cum preferred
32
32%
"i~,66o
7%
500
800
Holly Sugar Corp
*7%
7%
10
10
10
300
-
-
-
-
Ber8bey
6,900
33%
13%
33%
33%
300
13
13%
60
60
t In receivership,
a
100
600
Jan
Jan
6*8 Sept
Mar
80
li2 Nov
107, Sept
I5ig Deo
10% Deo
45,
0
10
Apr
22% Sept
24*4
227,
Jan
35
Aug
Jan
25
Aug
12i2
I0i4
235,
129l2
Apr
Apr
22% Sept
33*4 Sept
Aug
Sept
141% July
42
37% Sept
35% Apr
17*4 Jan
5
24U
4
I4i2 Apr
63% Deo
35% July
21*4 Mar
Jan
3
10
12i2 June
Jan 29
55
12
May
Jan
Apr
25*8 Apr 29
3% Apr
3012 Apr
2i4 Sept
10i4 Sept
18
18
17
"~%Apr
9
Apr
23
3414 Apr 22
29
May
9
2
37
Jan
Jan
8
Sept
Sept
321, May
Jan
18*4 Dee
Apr
5
38
Apr
20i4 Feb 19
17
0
30
18
Nov
Oct
105
Oct
9
Apr
96
16%May 23
May 27
105i2Mar 30
28i4 Jan
4
138
Apr 12
17
May
Apr
103*8 Nov
33% Sept
123
Sept
144
5% May 21
83%June 27
104
2
Aug 10
897«June
6
7%June 10
June 11
155
Jan 12
86
Feb
71
Jan
92
4l2 Apr 16
113U Jan 29
2
Apr
Apr
May
101,
9
91, Apr
Apr
5
47,
93
85,
115, Apr
8
Jan
8
100
110
Oct
Nov
4*4 Nov
1214 Dec
13i, May
Apr
Sept
117
Mar
June
Mar 20
148
Oct
167
l2i2May 23
70i4May 23
21i2 Apr 22
10012 Apr 9
10
Apr
63
Apr
185, Nov
101% Sept
8
13312 Jan 30
12812 Apr
135i2 Mar
120i4 Aug
60
June 11
9478May 21
12% July 16
19
May 21
160
54
Jan
100
Sept
115
4
'14*4 Apr
19
Jan
35U Apr 4
77gMar 4
I0i2 Apr 20
51
Wan
67i4 Apr 16
11514 Jan
9
18*4 Jan
65i2
Aug
July
May 13
Mar 30
12.50
35
May 21
6OI4 Jan 12
47*4 Sept
60% May
28
May 22
38
27
30% Mar
Class
Mining
No par
B_
Household Finance....No par
5%
100
preferred
Houston Oil of Texas v t
Howe Sound Co
c..25
-.5
100
4% July 15
8
May 21
8% May 21
54%May 22
Aug 24
103
3%May 22
Aug 15
28
200
Hudson A Manhattan
100
1,400
5% preferred
a 100
Hud Bay Min A Sm LtdNo par
Hudson Motor Car
No par
2,300
Hupp Motor Car
Corp——1
i2May 14
Def. delivery,
% Aug
Apr
Jan
14*8 Dec
9*4 Dec
10*4 Apr 8
36*4 Apr 8
25i8 July 17
18*g Jan 8
29% Oct 1
291, Jan 2
Feb
Dec
Jan
Nov
24*4
106i2 Jan 12
June 25
Jan 3
2%May 22
12
May 24
3
May 15
1,200
67
27,
80
Houdaille-Herehey cl A.No par
No par
preferred
Homestake
100
1,200
May 20
27, June
9i2 Apr 10
147, Jan
4
10%May 3
142
Jan
87
97U Feb 21
41, Feb
8
71% Jan 9
114 Jan 30
Apr
Jan
Mar
3*4 Mar
103
2,500
60
5
30
4
Jan
100
7%
46~%
46
29%June
21,
17,
29% Sept
518 Nov
8% Aug
95
May
*105%
46*"
4
130
of Amer class A
6
preferred
Hayes Mfg Corp
Hazel-Atlas Glass Co
Hecker Products Corp
14%
W
Oct
100
preferred
*14
114
9
No par
...100
preferred
Chocolate
No par
84 conv preferred
No par
HlndeA Dauch Paper Co
10
Holland Furnace (Del)
—10
Hollander A Sons (A)
5
*110
4
10% May 22
lOO%June 18
Hat Corp
50
300
Oct
Co $5 pf.No par
Harbison-Walk Refrao.No par
~
2,000
1%
95
6%
900
7%
7%
May 29
9%May 21
Hanna (M A)
150
*126
9
14*4 June 26
1% Aug 22
11
May 21
10
Co
Hamilton Watch Co
10
104%
23%
23%
25
7% preferred class A
*100
May 21
Preferred
500
32
~
33
Great Northern pref...No par
Grumman
108
*105
108
107% *105
105% 105% *105
3%
*3%
3%
3%
3%
334
3%
3%
33
*32
33
33%
32%
32%
*32%
*32%
J%6
»%«
*%
*34
%
78
*34
34
4
4
*3
*3
*3
3%
3%
4;.
18
18
18
18"
18%
18%
1734
1734
4
3%
*3%
3%
378
3%
37fi
334
9i«
9it
9i«
%[
916
91«
%
%
Bid and asked prices: no sales on
111% 112
Gt Nor Iron Ore Prop..No par
l lSgMay 22
400
2%
2%
2%
*2%
*102
103%
102% 103
8%
8%
8%
8%
97
96
97%
*95%
10
*934
*105
*105
13
12%
*58
61
20
preferred
1%
13%
9i8June 7
6%June 10
May 18
10
26
9
*32
l%May 15
26 May 22
l2May 14
4%May 22
21*4May 29
(W T) Co
1,400
19
June 11
09
Great Western
3,800
128% 128% *128% 130
56
56
57%
57%
*138% 130
No par
1%
7%
95
No par
45
10
6%
900
*102
104
1
Motors
9
•
13%
*102
__
*7.4
13%
*14%
1378
*14
10
100
preferred
100
Gulf Mobile A Ohio RR No par
85 preferred
No par
Hackensack Water
...25
1%
9%
33'2
13%
5912
*32l2
*
58
109*4
1%
19
33
*138% 130
*12814 130
Nov
No par
—No par
17%
*95
96
96
95
96
95
95
*93i2
*150% 164
*150% 164
*150l2 164
*150% 164
*150% 164
*150l2 164
15%
15%
15%
15%
15%
15%
I6I4
1534
1534
15%
1534
1578
81
81
80
80
80
80%
*80
83
80
797g
80%
7978
*128% 130
38*8
Without dlv ctfs
~
11
18
16%
1%
16%
17%
11
17%
1%
11
11%
*10%
11%
*107g
17%
104% 104% *100
104%
23
22I2
22%
22%
105
*126
*101
11%
11%
134
*32
*85
11%
134
*15%
134
74i2 Mar
Apr
Granby Consol MSA P
5
Grand Union w dlv ctfs. No par
280
32
1734
17,
*6%
50
32
11
*3U2
1584
*34
32
11%
10
*13
50
32
17%
Apr
Graham-Paige
2,400
*133% 134%
134
*34
11%
*U2
134
50
11
63
2U,
Preferred
5,600
32
17
7
4
$5 conv preferred
35,600
32
11
69i2Mar
Gotham Silk Hose
100
15%
20
Jan
247, Apr
600
28%
28%
*19%
*34
1U2
19%
20
32
17
178
15%
29%
19%
50
*1034
17%
15%
28i.i
29
32
3184
11%
11
1712
*9
15%
28%
Mar
137,
May 21
12%May 22
100
*35
50
| *34
15%
29%
20
64
1312 Apr
Grant
19%
1934
13334 13334 *13334 134
1934
20
0012 Mar
70
600
300
24
Sept
20*4 Apr
2,500
*23%
15%
43
May 21
34%
24
1
9
May 21
July 16
34%
*23%
8
6018 Oct
4igMay 21
May 22
2
35
23%
15%
Jan
15*g Apr
5*4 Apr
435s Oct
6% Aug
23*8 Jan
4
034 Mar 0
617, Mar 14
10
Granite City Steel
23%
Feb
275, Mar
8*8 Jan
77
1,400
24
Jan
Nov
47
13
*34%
18
May
13
34%
l5i2
99i2
34
*11%
34%
8ig Sept
10% Aug
97i2 Nov
1
May
4i8 Apr 22
3i, Apr 11
90
Sept 19
*10
34%
4
23i2 Apr 27
106
445, Mar 20
13%'
34%
20i2 Nov
May 22
10%i
3412
43*4 Sept
Apr
May 21
*11«4
341j
*23ig
Apr
2
*12
3412
16
15
30
30
*34
2
7
60
preferred
2,800
10%
13%
Oct
Oct
50*4
24%
33,300
13
Jan
15ij
Sept
%
12%
10%
Jan
41
Sept
14
5%
12%
10%
12
Jan
20U
191, Apr
12i2 Aug
4
32%
10%
Apr
is,
24s4 Mar
13*8 Jan
9
Feb
Jan
92i2
19*4 Jan
9t«
12
July 22
28
May 21
5%
12%
978
14
Ja°
07,
107, Ja°
llli2 No
1*4 Sept
11
%
11%
Apr
Fej,
38
No par
5%
12%
32%
5
No par
%
40
105
5
10% May 22
3
Sept 9
5%
*32%
3
Jan
4
153# Jan 11
337gMay 21
%
12%
978
*23%
4,100
2
Mar
18% Apr
33*4 Jan
No par
5 4
50%
%
12
24
20
74%
2
2
2
*11
2414
1,800
15%
747g
*1134
*23l8
1478
400
2
*32%
%
5%
978
55%
7
2
98
Gobel (Adolf)
2,600
55%
12%
57
16%
12M
9l2
9.2
2%
2%
Jan 10
U« Jan 11
19i4 Jan
4
Sept 30
14
May 21
16%May 28
7% May 23
137gMay 28
100
preferred
(The)
4 H % conv
86%
12%
2'g
Apr
3% Sept
No par
100
800
*214
v
106
Razor..No par
Glldden Co
*83%
12%
(
Sept
28
4
8
July
1
Goebel Brewing Co
1
Gold A Stock Telegraph Co 100
Goodrich Co (B F)
No par
5% preferred
No par
Goodyear Tire A Rubb.No par
2,100
42
112
12718 Mar 23
99
128*4 Deo
50*4 Oct
120% Jun®
43
800
15
Jan
13i2 July 23
May 21
Corp
20
Corp..No par
Corp .No par
Brothers
Dec
72i2 Jan
125% Dec
36*8 Apr
Apr
__1
preferred
%
39
%May 15
No par
445, Jan
477, Aug
I185g July
H4 Jan
05i2 July
*4 June
12i2 Sept
85l2 Aug
% June
10
-
2514 Jan
130i2 Mar
305s Jan
107% Sept
6
5038 Apr
20
$0
62
2
130i2 Jan
0
Glmbel
2%
2%
Apr
Jan
%June
0%
86%
*2%
31
9% June 10
Gillette Safety
4,300
*38
42
*38
Oct
86% Jan 15
S5 conv preferred
15
15%
100
49% Apr 15
100
1
900
6%
Dec
41
No par
General Tire A Rubber Co
*60
60
14%
*82
12
*9-4
6%
10
118*8 Jan
*8 Jan
No par
Gen Time Instru
800
36
*35%
60
86%
12%
*1078
*1U8
36%
Jan
1978 Apr 10
117% Mar 29
Signal
Gen Theatre Eq
4,500
3%
7%
36%
2>4
2.4
3
3%
Jan
75
Apr
General Telephone
60
104% 104%
12%
*11%
12%
Jan
35
Apr
110
5
45
5%
12.2
5
512
100
*178
2
5M
».«
•i«
9ie
*514
*134
*32%
2%
1,400
1,300
19%
20%
76
16
73
2
11%
*19
*72%
16%
82
:* *32U
60
60%
85
121.4
678
7%
110%
19%
12%
41%
37
11%
*101% 104%
14%
3
20%
11
—
*41%
2%
2>,
15%
m
HI4
7
59
89%
121,
*73
20%
18
Apr
Jan
No par
July
514 Sept
Mar
1
,
Mar
9
3
8
June
Gen Steel Cast 10 pref.
11
149
Apr
17*4
Jan
1
....No par
General Shoe Corp
500
14,460
48
Dec
Sept
2%
43
117,
87
10
preferred
Jau
Sept
Apr 24
29% Apr
44
General Refractories...No par
Jan
1031, Mar
05
7ig
128
Jan
6%May 21
$0
200
Apr
Jan
Jan
Jan
9
Jan
40
7% Apr
6% preferred
Gen Realty A Utilities
96
4% Sept 23
3%June 10
Gen Railway
2,700
45^4
20%
8%
71,
18*4
62
45% Aug
6i2 May
Jan
145
Gen Public Service
400
2,900
*11
67U
104U
Apr
3% Apr
z9*g Sept
Mar 20
101
100
185, Oct
15i2 Sept
Dec
7% Aug
July
7*4 Apr
104
6
No par
preferred
2
May
68%May
$6
4,800
*18%
19%
4234
59
36%
7
67g
42%
2%
50%
*413,
3
3612
*36
59
214
11%
49
12%
3%
36%
7%
60%
15%
634
*85
*11
14-4
*3612
634
14
11%
*12%
12%
20
19%
27%
11%
27
61
Sept 19
General Printing Ink...
Sept
314 Sept
57, Sept
9
32i2June 10
Common..
Jan
30
Apr
July
94
Gen Outdoor Adv A...No par
...
100
*18
No par
preferred
$5
V 800
%
%
19%
28
27
50%
20%
1034
1
38
*413g
*18
26%
1034
4%
10
General Motors Corp
81,900
:
49%
*105
%
%
*18
m'm'm 1 *101%
3
3
3
31,
*3
4%
*105
18
*20
20*4
11
197«
197s
1012
191,
*18
*45
49%
4%
106
26%
11%
47%
11
40'«
*45%
100
preferred
5%
700
9i«
20%
39
11
36'4
*19i2
l()i2
140
126% 126% *125% 126%
4%'
18
18%
18%
1812
129%
129% *127
50
49%
.50%
49%
129
No par
General Mills
55
Apr
4
77%May 21
118 May 28
37%May 28
110 May 22
28
$6 conv pref series A .No par
10
40
90%
200
9i«
h
h
*1718
500
89%
Corp...No par
No par
preferred
Gen Gas A Electric A..No par
1,700
%
4%
106
1C6
*105
10f5
106
$4.50
7%
7%
*7%
7%
7%
7%
106%
105% 105% *10534 106% *106
%
*%
%
%
%
%
16%
15^4
16%
16%
16%
157,
7%
7h
71,
106%
1O012 *1C0
%
*12
*12
10%
157g
1512
14r>g
1434
%
89%
*4%
*7
*%
115%
90%
89%
•
General Foods
Sept
li2
105% Mar 27
102
100
.
Sept
37i2 Sept
108i2 Jan
29*4 Jan
90*4 Jan
97, Sept
18%
27
Jan 25
Apr 15
Sept 30
Apr 24
Apr 30
20
l2%May 23
May 21
20igMay 21
30
May 22
llllgMay 22
UMay 17
No par
Electrlo Co...No par
General
6,900
500
*27
35
49
1O012 *100
1334
41
*114
100
preferred
7%
28,100
3.534
4084
41%
114% 114%
%
%
127
45,
*41.4
45g
35%
36%
40%
34
127
48
*44
49
*43
45g
*100
20
35%
*44
126l4 126%
*12014 127
127
*414
*112% 113
No par
A_.
7% cum preferred.
General Cigar lnc
300
113
129%
49%
50%
50
493g
49i2
49l8
4912
4834
18
113
38
89%
800
*17
129
129
12912 *127
*127
8934
8934
73%
Bronze
Class
400
18
36
*28
2,300
18
73
75%
*17
4078
38
*29
*28
*43
35%
6%
*17
17%
75
41%
110
115
*114% 116
115l2 *114
7i»
7J«
%
%
*%«
3g
38
127
36
40i4
6%
6%
*16
113
41
35l2
35%
403,
4%
634
06% Aug
1% Apr
20
35%May 25
5% May 22
118 May 27
l%May 15
4i8May 15
ll%May 24
48i2 Feb 6
Corp
5
General Cable Corp.—No par
General
Apr
Aug
05, Apr 22
June
Apr
14
6% Apr 18
3i2May 21
No par
$8 preferred
30
1,200
4%
6%
Baking
General
1,300
138
4%
21
I03i2
14i2 Apr 24
94
5
6
Gen Am Transportation..
Jan
32ig
38*4
3i8
6U
45i2June 14
No par
preferred
$6
6%
*6%
*137
4%
37s
17%
74%
17%
17%
*111
113
113
114
40
*28
*127
17%
17%
18
347g
351g
4014
40%
*114l4 1107,
%
%
3434
73
*7134
707g
*112
114
*111
,
7
139
35
June 14
8
Apr
Oct
3«4May 28
6
534 % conv preferred
50
Gen Amer Investors..-No par
"1,000
50
Oct
38%
107*4 Apr
21% Apr 29
103
Oct 3
June 19
97
3
Gay lord Container Corp
-
«.
"l'soo
5
49%
50
50
'r*
*99% 104
*99% 104
60
634
*137
137
*334
104
49%
7
634
137
5%
5%
*99
104
50
5%
"
im
Gar Wood Industries lnc
800
13
50%
25
l0i2May 21
12
May 21
800
5%
*12%
*47
634
18
*5
13
50%
3«8
*17
5%'
*5
*12%
*47
10l2
73
1
May
24
preferred
10
Gamewell Co (The)
No par
Gannet Co conv $6 pref No par
......
17
2
734 Oct
24%May 28
l%May 14
2% June 11
$3
160
18
17%
*99% 104
Jan
July
Jan
27l2
21
22
12
Sulphur Co
Gabriel Co (The) cl A..No par
Galr Co lnc (Robert)
1
1,500
*99% 104
pf_100
10
Free port
2,800
50%
6*4
*69
3
17
2%
*47
140
034
1034
707«
18
i
*98% 104
16l2
35g
3
17
5%
13%
65«
6%
*137
139
*137
2%
3%
2%
3%
17%
18
F'k'nSimon&Co lnc 7%
~
......
32%
01
No par
No par
2,300
7,900
*2%
3%'
1634i
18
•
$7 conv preferred
Francisco Sugar Co
38
25% Apr
6
June
9%May
May
2% Aug
20
May
10
250
30
102
100
2,000
17%
18%
2%
3
16
2%
4,100
3%
*1234
497g
4978
32%
*3
3%
5%
13%
104
*99
104
34
18%
5
1234
*99
33%
*98l2 100
5
47g
34
337,
3
1712
1234
5
*28%
234
16% 1
15
1114
*47g
30
337g!
*4*4
*47
*28%
234
3'g
3
*258
25«
25s
153«
*147,
157«
*15l4
19
1
1812
18l2
*18%
*9812 100 ' *98% 100
*
30
33I2
27g
325g
2*8
3
j *28%
30
*27
30
*27
30
*27
101
3
Aug
3H2
Apr
1818 June 10
10
Machinery Corp
% conv pre!
Foster-Wheeler
51
Sept
22
100
5% conv preferred...
Food
330
102
102
103
101
27g'
234
1,000
2,300
106%
16%
16%
2%
100
100
98
3
*27g
3;
*27g
99
98
98
98
26%
29
106
*106
25i2 Sept
105% June
15
03s Sept 23
Sept 25
Corp.....10
Follansbee Steel
3,500
29
26
Apr
Jan
25
46
24%June 10
19 May 20
Florsheim Shoe class A .No par
100
'
7%
20%
7%
7%
7%
634
No par
Florence Stove Co...—No par
175g
99%
21% Apr 5
38% Mar 20
32%May 22
lOigMay 22
No par
Fllntkote Co (The)
7,100
32
23
32%
*31
0l2
2478
First National Stores
100
18%
33
17%
18%
May 21
share
$ per share S per
share
2H4 Jan 3
106
Jan 24
12%May 21
84
100
6% preferred series A
Highest
Lowest
Highest
$ per
share
per
10
Firestone Tire A Rubber
700
300
*31%
33
32
15%
*87
%
Par
91
15%
89
44
89%
1734'
15%
1534
89%
*15
17
2214
0%
Oct. 4
•
91
*31
32
*21
Oct. 3
5 per share
I
*89i2
On Basis of
Lowest
Oct. 2
17
103s
10i4
EXCHANGE
$ per share
15%
15i,
15'g
15%
1514
15%
*897g
NEW YORK STOCK
the
1
$ per share
$ per share
S per share
STOCKS
for
5, 1940
Ranoe for Previous
Year 1939
1
lOO-Share Lou
Ranoe Sine* Jan
Sales
CENT
Friday
Thursday
Wednesday
Tuesday
NOT PER
SHARE,
SALE PRICES—PER
HIGH
AND
WW
Oct.
New York Stock Record—Continued—Page 5
2006
n
New stock,
r
Cash sale.
1
«4
Ex-dlv.
y
110
Apr 13
10i4 Apr 15
7H2 Apr 25
llli4May
07, Jan
50Sg Feb
15, Feb
71 j Feb
13
3
21
20
20
Apr
8*4
6OI4
102
Apr
Oct
Sept
4i2 Sept
40
Apr
5g Dec
27, Sept
11*8 Mar
21% 8ept
110
Oct
17U
Jan
7314 July
110*4
Aug
9*«i Sept
57
Sept
1*4
Jan
5%
Jan
35'4 Sept
5
21*4 8ept
0i2 Feb 17
4*g July
87g
Jan
2
*4 Aug
2i,
Jan
27
1
Jan
Jan
Ex-rtghts. f Called for redemption.
Volume
LOW
AND
New York Stock Record—Continued—Page 6
151
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
CENT
Monday
!
Sept. 28
$ per share
7%
*3812
8
*15%
157«1
411
4
40%
4
*5%
23*4
*3%
oh
24
*5%
24
*98'4 100
*108
$ per share
8%
8%
16 I
40%
I
4
378
5%'
*5%
4%
*5%
*100
100
100
*148% 157
85
85
85%
£5%
10%
10%
10%
10%
6
*5%
25%
*108% 110
*2%
3
Oct. 4
i
$ per share
5 per share
Shares
9%
8%
17%
*41
I
9%
8%
8%
9,100
16%
16%
41%
4,700
4%
*40
4%
5%
26
*101
102
104
*4%
*5%
25%
26
26%
108% 108%
*2%
3
26
108
26
108
*2%
6
104
100
150
150
86%
934
6
*2%
RR Sec ctfs series A
Industrial Rayon
40
*5%
2,100
6,300
1,600
1,500
87%
10%
6%'
27
27
26% 27
*108% 110
3
2,666
*1%
*25
*152
46
8%
8%
9
9%
8%
1%
1%
1%
*1%
1%
*24
25
25
25
26%
156% *153
156% *154
156%
1%
46
46
161% 161% *161
*2%
87„
2h
6
4
*2%
6
4
6
*378
46%
46
153
47%
163% *162
*26
163%
47%
162
9
9%
1%
27%
*1%
27%
155%
155
48%
48%
162% *161%
2%
2%
2%
2%
2%
6
5%
6%
6%
7%
*2%
7%
4
4
4%
*4
4
27%
*4
*87
*85
*6%
6%
6%
27
*26
27
*123
*123
"~6%
27
13%
13%
47%
47%
68
68
68%
May 25
118
Jan
June 26
158
Apr 16
Corp....No par
6% preferred
127%'*125%
84
I
12%'
*12
*118
....
4-%
*16
4%'
18%
*12%
*95
12%
100
*8
8%
*98
103
13%
*6%
*101
13%
6%'
102
*83%
12%
*118
*4%
*17
12%
27
2%
7%
38,600
*4
4%
400
7%
18%
*5%
18
127%'
*12
*118
*118
1
13%
13%
6%
1334
*97
8%
6%
*34
*8%
88%'
17%'
1334
884
2
23
26
26%
25%
25%
2534
25%
2534
3
3
*2%
26
26%' *26%
31%
31%
32
|
7%
18%
3%|
2634
31%
19
|
7%
12%
12%
12%
12%
12%
6%
*5%
6%
*5%
6
25%
25%
20
20
2%
*1
2%
1%
3%
*1934
24%
*19%
111
2%
*1
25
25%
21
20
111
*111
18%
11378 *111
2%
2%
2%
1%
1%
1%
2%
1
3%
3%
3%
3%
3%
3%
20%
*1934
20%
19%
20%
20%
2
2578
25%
3%
26%
25%
32%
32%
19%
12%
*6
7%
12%
*5%
6%
25% '-25%
4234
1
1
1
3%
*6%
11%
*11%
11%
2478
£25%
25%
25
25
43%
43%
44%
44%
45
6%
6%
6%
6%
40
101
*38%
*99
6%
6%
*3878
6%
*38%
40
*98
40
101
99
99
3434
*33%
934
934
9%
14%
14%
*14i4
28
2834
28%
24%
24%
*101% 106
No par
l
350
12%
*5%
*24%
6%
2%
1%
300
3,900
1,200
30%
29%
25%
29%
26
16,000
24%
*102
*102% 107
25%
*102
106
25%
35%
36%
36%
3%
3%
3%
3%
16
3%
3%
3%
3%
23
*15
....
*130
*128%
23
23%
24
25%
24%
26
25%
26%
25%
26
26%
11
*10%
11
30%
31
1%
6
1%
*4%
*13%
1%
1%
26
*10%
11
*30%
32%
26%
*10%
*30%
2
2
*13
*1%
*5
6
*5
6
13%
26%
26%
13%
*13
6
*4%
13%
*13
26%
27%
11
32%
4%
*5
1
4%
5%
14
14
2
6
13%
*%
1
*%
%
*34
%
*%
4%
4%
4%
4%
*4%
4%
4%
534
534
5%
14%
14%
14%
6%
15
7%
6'.i
14%
15
7%
15
41
9
15%
33
32
8%
8%
10%
10
33%
10%
29%
30
29%
978
29%
10
29%
29%
29%
30
30
*2734
28%
28%
28%
29
29%
29%
29%
29%
29%
8%
31%
*167
32
52
5034
*2%
*25%
2%
27%
*24%
*12%
98%
12%
*12%
*2%
*
98%
32%
32%
878
8%
27%
99
*24%
*..._
12%
51%
51%
278
*2%
2%
52
12%
26%
25
25
*2%
25%
99
*2%
2%
32%
99
99
99%
12%
12%
12%
15%
12%
15%
*15%
15%
15%
15%
15%
1434
14%
*104% 108% *1047g 108% *10478 108% *104% 108% *104%
25
*2434
251}
25
25
25
25
2434 25
*7
8
*7%
7%
*7%
8
*35%
35%
35%
35%
35%
35%
8
8
7%
*
7%
7%
Bid and asked prloe:
no
8%
7%
7%
35%
36
8%
8
sales on this day
7%
36
8
25%
8%
No par
1
June
83
Sept
13
Apr
JaD
19%
I2D4
Jan
117%
5%
Apr
11%
Jan
A
24
2
100
7% preferred..
Louisville Gas A El A.-No par
Louisville A
3,000
Nashville..-.100
Forbes..—10
MacAndrews A
6%
"V, 800
100
10
-.100
preferred
Mack Trucks Inc
128
No par
Garden...No par
Copper
10
*30%
1%
31%
2
6
13%
""366
100
Manhattan Sblrt
7«
%
100
Maracalbo Oil
4%
4%
4,600
Marine
8%
9%
15%
7,580
7,600
Market St Ry
1478
32%
*4-%
13%
1,300
"
9%
32%
10
13,200
25,300
2919
29%
700
8
J In receivership,
1
Manatl Sugar Co
....No par
Mandel Bros
"
29%
29%
36
Magma
25
Exploration—1
Midland Corp
6
6% pr pref.100
Marshall Field A Co—.No par
Martin (Gleon
L) Co
Martin-Parry Corp
Masonlte Corp
Mathleson Alkali Wks
1,800
May
7%
100
500
40
200
1,800
conv
preferred
McGraw Elec Co
Feb 16
Feb 26
Dec
4
Sept
30%
Oct
Apr
26%
Aug
Dec
514
Jan
20
384
Apr
7
9% Jan
Apn
12% Sept
8
9%
Apr
884 sept
Sept
2734 Jan
13% Nov
Apr
5
9
4
Sept
Sept
43% Aug
95
Sept
108% Aug
109»4 Aug
95% Sept
152
Sept
15
Apr
180
May
19
Nov
407, Sept
6
31%
Apr
47
10
Aug
18% Sept
13% June
417, Apr 15
3
10
23
2934
Apr
Dec
19
3284
Mar
Jan
Dec
101% Sept
54% Jan
109% July
Mar
21«4 July
30% Sept
6
38% Sept
2
Aug
16% Sept
109%May
25% Apr
3
2
105
162
May
3
138
21% Jan
4
19%
Jan
Apr
Sept
1534
Jan
62
Jan
6% Sept
22% Mar
110
June
24% Feb
159% June
20% Mar
67
Sept
36%
Apr
3
28
Apr
35
Aug
138%May 10
283, Jan 3
31
Apr 15
1284 Jan 4
124
Feb
135
Nov
18
Aug
33»4
Oct
25% Sept
43%
Feb
11% Sept
19%
25%
Apr
40
1
Apr
60
Jan 25
35
4
Jan
Mar
8
4% Apr 18
l%May
5% Jan
9
5
5
Apr
Apr
2% Sept
4%
Apr
684 Sept
3% Aug
26% Aug
2
May
170
Mar
2
63% Jan 4
4% Feb 23
30% Apr
3
984
30
Apr
Sept
2034 Aug
165
40a4
Nov
Apr
V3% Sept
2484
Dec
93
Jan
16% Jan
8
10%
177, Apr
8
984
Apr
Jan
105
100
1
93
May 21
111
17%May 21
29
Mar 29
Feb 24
Apr
3
9% Apr 25
6
Jan
3
12% Jan
8
47%
June 26
5%May 15
Ex-rigbts.
16
Apr
1
9% Oct 4
1.5% Feb 21
1434 Apr 15
40% Jan 8
3284 Apr 15
Jan
Sept
68, sept
7*4 Oct
10
473, Apr 16
May 21
y
10
33
2O84 Aug
37% Mar 16
109% Apr 8
39% Apr 8
46% Jan 2
4% Aim- 10
18«4 Jan 11
May 15
x Ex-div
3284 Mar
6684 Mar
3
10
delivery,
Mar
18% Mar 27
96% June 14
10%May 22
a Def.
Mar
63„ Sept
3% Sept
14% Apr 27
36%May 22
2%May 22
20
May 23
1,700
25
118
20
Apr 16
41
6%May 21
8
Apr
Dec
Apr
2ls4June 10
26
Jan
23% Jan
18% Mar
5% July
37% Oct
17
Apr
27,May 21
8% May 21
26%June 25
McKeesport Tin Plate
Apr
2984 July
29.% Oct
13% Jan
112
1%
4% Jan
243, Apr
7% Mar 11
16% Jan 17
Mclntyre Porcupine Mines. .5
Jan
25
23% Jan 10
4
May 21
ll%May 23
%May31
3%May 22
McGraw-Hill Pub Co—No par
12
3%
6% Apr
3534 Jan
June 12
r Cash sale,
38
Apr
20%
38
300
Sept
Apr
Apr
June
99
Apr
4%
Sept
Jan
July
I84
20
36%
June
18
100% Dec
1484 Mar
10% Mar
46% Sept
16% Sept
23«4 8ept
21%May 22
1% Aug 10
1,900
n New stock,
Jan 24
109% Apr
180%May
23% Apr
29% Jan
I684 Nov
9978
12%
Apr 18
109
Jan
Sept
Apr
Apr
884
23
160
10
28
21% Sept 12
J6% Jan 11
May 24
20%May 21
878June 6
5
36
Jan
Feb
29% Jan
34% Apr
June 10
No par
S3 preferred.—.—-No par
$6 1st cum pref
No par
McCall Corp
No par
McCrory Stores Corp
1
6<%
""666
preferred
Aug
June
3
21
Department Stores...10
Apr
5
79
9% Apr 20
45
Apr 15
No par
Maytag Co
7%
Apr 16
63% Jan
100
1,400
"
1
No par
.No par
85
Apr
Apr
Apr 23
4
17
Macy (R H) Co Inc
Apr 18
Apr
Sept
12%
26
17
31
21
18
2 5% May 22
100
Madison Sq
90
June 10
13%June
l05%May
18%May
138%May
15%May
38
May
No par
preferred....
883
Feb 23
318, Apr
22% July 3
20%May 21
97
May 22
15%May 21
No par
Lorlllard (P) Co
11
Jan
17% Apr 23
—
Long Bell Lumber A
Loose-Wiles Biscuit
26
A pr
Marl5
Jan 11
29
11
52%
52%
52%
2%
2%
2%
25% 25%
25%
*
99%
99%
*12%
13%
13%
1478
15%
15%
108% *104% 108%
24%
25
25%
7%
7%
7%
36%
10
1,300
1,100
26
*167
*167
51%
51
51
3278
*167
*167
*167
*51
133
Apr
29
No par
5%
3,100
....
25%
25%
%
*29
30%
Aug
35
18%May 21
Lone Star Cement Corp
*10t->
'
*34
800
3%
16
*130
*130
11
31%
13%
....
31%
134
*10%
33
*5
3%
..No par
Inc
Loft inc
2,700
19%
*30%
*1%
37
*15
16
*14%
15%
*106% 108
*106%' 108
*106% 108
*106% 108
*20%
20-%
20%
20%
20%
20%
20%
20% 20%
*153% 155
*153% 155
153% 153% *153l2 155
*153% 155
19%
19%
19%
19%
*19%
19%
19%
19%
19%. 19%
59
59
59
57%
57%
57%
57%
*56%
57%
*28
29
29%
2834 2834 *28% 29% *28% 29% *28%
*14%
*10%
*13>4
36
4% 500
*106% 108
23
*2534
20%
*15
16
5,300
Loews
?6.50 preferred
18%
1
Lockheed Aircraft Corp
107
*102
107
36%
*128%
122
19%
103%
3878
14%
46%
28,
9
May 15
10%May 21
29%
25%
35%
*128%
Jan
Jan 15
Feb 19
Liquid Carbonic Corp..No par
29%
35%
56
105
14
87
Oct
Sept
% May
33
Mar
59
1% Jan
5
Jan
32% sept
125
4
2% Sept
30
Jan
June
10*4
18
3
Jan
Lion OH Refining Co
29%
Apr
4
700
29%
25%
25
18
1191, Sept
87
Sept
109
May 22
13%May 21
27
May 21
28
Sept
7% Nov
13
Jan
15% Jan
June 19
28%
76
Mar 27
15% Jan
16
...No par
Feb
Jan
87
34%
10%
14%
*34
9%
143,
115
169
1,800
Jan
Sept
77, Aug
8%May 23
May 16
3% May 28
l6%May 21
15% May 22
100% June 10
l%May 23
% Apr 17
2
May 17
16% May 21
9%May 18
25
*10
35%
29
Mar 13
97
12
100
Series B
Preferred
*14%
35
56
4
9
20
19%May 23
2
May 21
22% Aug 13
23%May 22
4
May 21
Lily Tulip Cup Corp..No par
Lima Locomotive Wks. No par
Link Belt Co
No par
1,700
""600
10%
35
*2734
Oct
7% Apr
May 15
May 28
May 22
May 22
""206
15
34%
20%
37%
19%
4
3
16
l%May 22
300
6%
15
34%
19%
19%
500
*10
21%
*150% 155
800
10
20%
15%
No par
60
Lehman Corp (The)
1
Lehn A Fink Prod Corp
6
Lerner Stores Corp
No par
Llbbey Owens Ford Gl.No par
Libby McNeil A Llbby
7
Life Savers Corp.
6
Liggett A Myers Tobacco-.26
Lehigh Valley Coal
6% conv preferred
40
99
100
60
4% conv preferred
ILehigh Valley RR
800
11%
25%
15
34%
21%
20%
Lehigh Portland Cement.--26
1,100
1,000
3%
20%
No par
5
Lee Rubber & Tire
70
10
34%
21%
19%
preferred
Lambert Co (The)
1,300
4438
*38%
—-.100
No par
5%
"%506
20
20-%
No par
H) A Co
Lane Bryant
113%
2%
10
Kroger Grocery A Bak.No par
Laclede Gas Lt Co St Louis 100
1,600
*1478
21%
*14%
Kimberly-Clark
140
10%
21
*106% 108
3
121
.7%May 20
147«
34%
*10
21%
3%
Dec
9%
91% Sept 23
27%May 21
1478
*34%
2034
*3%
107
132
May 21
Kinney (G R) Co
1
$ 5 prior pref erred ...No par
15
34%
9%
10
300
400
24% 25
*10178 107
Jan
37g Sept
17
9
2
100%
100
101
101
101
100% 100%
101% 101% *100
100% 100%
101%
*178
188
*178
181
*175% 188
*175% 188
*175% 188
*175% 188
*19%
20%
20%
20%
20%
20%
*19%
20%
20% 20%
20%
20%
*24
*22
23
24
23
23
24%
24%
2434
2478
24% 25
*33%
par
Kennecott Copper
No par
Keystone Steel A W Co.No par
700
7%
18%
99
99
22~66o
A.-No
18%
12%
6
25
*6
44
6;
40
1
Kendall Co t6 pt pf
Kress (S
*24%
11%
43
*38
84
6
28
8%May 21
4%May 22
87%June 20
24%May 21
Class B
5,200
400
*3%
247S
40
Oct
3
127%May 14
978June 10
Jan
Sept
33
8% Jan
117%May 28
3%May 21
11
May 23
9
May 23
92
May 21
7%May 21
Kelsey Hayes Wh'l conv cl A. 1
"8",700
5,100
*11%
11%
*99
40% Sept
92
122%May 22
48%May 15
95
26%
32%
3%
2434
*99
*3734
38
434 Jan
4% Jan
10% Jan
June 10
Kelth-Albee-Orpheum pf-.lOO
*25%
32%
20%
11%
43
5
Kresge (S S) Co
Kresge Dept Stores...
3%
2434
100
Kayser (J) A Co
100
*1
42%
201
1
Dept Stores
6% conv preferred
""300
3%
20
2%
Kaufmann
100
25%
25%
*111
2%
2,100
4% preferred
*2 34
20
2%
400
18%
PdtLpf ser B No par
City Southern. No par
25%
112
42%
6%
11%
Kan City
Kansas
1,800
1,470
4,200
112
20%
11%
11%
*24
200
""700
5
100
Preferred.
Jones & Laughlln St'l pref. 100
Kalamazoo Stove A Furn.-.IO
May
102% Apr
June 21
35
1%
*24%
20
20
1137s
24%
*11
*16%
35
35
*1%
25%
25%
*2%
26%
19%
32
18%
7%
18%
7%
*17%
14
*4%
5
35
37
2
1%
26%
18
5
14
*95% 100
*8%
100
23
3
26
2,900
....
I
5
*34
37
lh
30
1*125% 127% *125% 127%
89%
90%
89
90%
12
12
13
13 I *12
*118
...'*118
126
14
14%
*95% 100
8%
8%
101
*98
101
*98% 101
Vo818 101
15
16%
15%
16%
14%
16%
1678
7
7
734
7%
6%
7%
7%
*100% 102
*100% 102
102
*100-4 102
30%
30%
31%
30%
31%
30% 31%
14
14
*13-%
14%
13%
14%
14%
13%
*100%
1%
17%
100
14%
14%
5
17%'
17%
18
126
I
86%
13%' *12
.87
6%
Apr
77% Jan
84%-
Jan
67% Dec
25% Aug
3% Jan
19
44
_
1
Jan
May
1434
5
No par
*5%
21
122
5584
138
Jan
Jobns-Manviile
12%
24%
""600
1
preferred
Jarvls (W B) Co
Jan
Sept
28
2,800
6'*>
112
$6
10
60% June
70%
12%
*19%
Island Creek Coal.........
8%
17% Sept
Jan
70
*5%
*24
100
27
*123
No par
16684 Aug
Jan
71%
*12%
*111
100
Preferred
Intertype Corp
Oct
31% May
70%
38
*5%
40
300
6%
Oct
i9584 Mat
71% Sepr
391,
70%
*35
*18
Interstate Dept Stores.No par
Aug
37,
41
29
69%
37
*31%
Foreign share ctfs.--No par
500
1678 Sept
.
56% Feb 6
37% Apr 12
36% Jan 5
70
13%
31%
800
June 10
26%May 28
May 23
13%May 21
97% Jan 15
l%May 15
l%Ma; 15
4%May 21
74% June 11
5%May 21
20%May 23
26
52
30%
26%
par
63,
Apr 29
9
May 21
34%May 22
14
*31
100
No
3
5% Jan 24
No par
30%
*25%
7% preferred
Telep A Teleg
Inter
73
Jewel Tea Co. Inc
30%
*2%
*25%
50
International Silver
37
Dec
Sept
1,800
*13%
25%
No par
35
12%
13%
*22%
100
No par
International Shoe
Apr
6%
123
48
*98
3
preferred
International Salt
Apr
2% Aug
4
21%May
l%May 18
5% conv pref
3
Sept
3»4
Jan 11
133
1234
103
22%
100
Internat Rys of CentAmNo par
10,766
3878 Jan
6
3
48
*98
25%
June
13%
*8
*2%
19%June
109
10% May 21
40%May 21
16
JaD
48%
*95
25%
..100
Jan 23
7
3%May 23
Apr
Apr
Sept
57, Dee
46% Oct
109% Dec
5% Sept
Aug
457, sept
5% Jan 6
14% Apr 20
13
8
1%
171
48
30-%
1%
*26 34
May 25
l%May 22
5% May 22
13%
13%
*1%
27%
....
6%
145
Preferred-—
92
92
6%
100
Inter Paper & Power Co
200
142
May 22
15,400
5%
Sept
38
2~1~,966
30
145
191% Mar 12
628, Jan 4
Internat'l M lnlng Corp
1
Int Nickel of Canada.-No par
""600
Apr
2%
7%
1%
5
June 11
lot. Hydro-Elec Sys class A.25
Int Mercantile M&rlne-No par
8,300
16
47%
100
22
400
7
21
Apr
Apr
90
136
Preferred
400
2%
98»4 8ept
Apr
Apr
17%
No par
Internat'l Harvester
Apr
9%
4%
3
47%
30
*34%
6,500
Aug
4
*12%
8
14
Int. Business Machines.No par
Jan
Sept
6
13%
*95
*6%
*26%
*123
500
Jan
9% Sept
131
Jan
Jan
11%
157
38
18%May 21
Jan
Apr
67
Mar 28
5
29%
12% Jan
2% Apr
47%
5%
*100% 101
27%
300
Agricultural--No par
Prior preferred
100
778
4%
90
*6%
*123
127% *125%
....
7%
Internet
113
2% May 15
6%May 21
1
May 21
69
.
84%
12%
*27
90
91
No par
Mar
86
15% Apr 11
6% Feb 14
47% Mar 20
June 10
91
100
No par
Rubber
Interlace Iron
JaD
49
1471, May
90% Apr 27
66%May 22
7%May 22
4% June 11
21% Aug 16
1
shart
35
43, sept
4% Apr
163, Apr
Jan
72
20
r»<*-
2034
Apr
38i, Sept
145
No par
1
Aug
16%
9% Apr
29
13%
47%
47%
68%
*83%
*6%
*123
13%
47%
*87
6%
*26
....
*12%
*125%
92
*6%
400
2%
27
26% 26%
27
27%
28%
27%
27% 28%
27%
27%
*123
135
*122% 135
*122% 135
*122% 135
*122% 135 ,*123
135
13%
14%
14%
14%
14%
15
14%
15%'
14%
14-%
14%
15%
59
59
61
57%
58%
59%
59%
60%
59%
60%' 60
~~
59%
3
*2%
3
*2%
3
*2%
3
*2%
*2%
3
*2%
3
*41
42
43
42
42
42
42
42
*40% 43
*41% 42
*35
*35
*35
37%
*34% 37%
37%
*35%
37%
37%
*34%
37%
*30
*29% 30
30%
30%
30%
30%
3038
30%
30%
30%
30%
*20
23
*20
21
*20
21%
*20% 21%
21%
21%
*21% 22
*95
105
*95
*95
*95
102%
102% *97
103%
102%
102% *95
2
2
2
2
2
2
2
2
2
2%
2%
2%
*2%
2%
2%
*2%
2%
2%
*2%
2%
2%
2%
*2%
2%
8
8
8
*7%
*7%
7%
8%
8%
*7%
8%
8%
*85
9,500
May 18
Highest
share
per
9
3
100
Inland Steel Co
Intercont'l
9%
1
...No par
-
8%
13% Jan
June 12
3
share
per
24% Jan
43% Apr
6% Jan
5
May 23
16% May 21
10
Inspiration Cons Copper
Insuranshares Ctfs Ino
50
*108% 110
*2%
2%
8%
9
1%
1%
1%
*26
28
28%
*153
156
156%
48
49
48%]
165
*162% 165 '
2%
31
1000
preferred
Intercbemlcal
$
share
12
No par
Ingersoll Rand
6%
per
Year 1939
Lowest
Highest
5%May 21
May 21
100
Indian Refining......
"
%
6% preferred series A... 100
Leased lines 4%
100
260
4%
5%
25%
Illinois Central RR Co
80
*101
*148% 157
86
86%
87%
10%
10%
10%
6
Par
Range for Previous
100-Sftara Lou
Lowest
17%
41%
*5%
25%
5%
26%!
6
6
Ranoe Sine* Jan. 1
On Bast* of
Week
*14812 155
25%
3
Oct. 3
40%
4%i
*5%
26%
|
18
25
EXCHANGE
Friday
40%
25
STOCKS
NEW YORK STOCK
the
Thursday
17%
5%
24
24
8%
8%
17%
40%
4
16
*38
10%
110
*2%
Oct. 2
.
85
8484%
10%
10%
*5%
6%
*2512
Oct. 1
5 per share
*98% 100
*147% 158
*14812157
Wednesday
I
Sept. 30
$ per share
778|
*15
Tuesday
Sales
for
Saturday
2007
OCt
8% Mar
17»4 Nov
458g Nov
8%
Dec
67% Jan
378, 8ept
176
July
53*4
Oct
68g Mar
36% Mar
105
June
15% Aug
Apr
178, Nov
108% Dec
25% Dee
5% Sept
39
Sept
59% June
Apr
18% Sept
88
Jan
15%
884
10%
Jan
1 Called for redemption.
r
New York Stock Record—Continued—Page 7
2008
STOCKS
for
NEW YORK STOCK
the
EXCHANGE
Monday
Tuesday
Wednesday
Thursday
Friday
Sept. 30
Sept. 28
Oct. 1
Oct. 2
Oct. 3
Oct. 4
Week
4%
24%
7%
*100%
S3 series conv pref
McLellan Stores Co
77%
68
27
27
*75
80
*75
77%
*75
68
68
68
*66
68
*66
27%
3%
27*4
*27%
22
223s
2778
334
20«4
15%
*66
27
■
2U2
12%
*32%
13
*12
*13%
32r>s
77«
13%
*34
35
32"*
734
7712
334
334
21%
3^
2H2
9%'
9%
9%
27%
37g
2214
12%
33
*75
*66
*75
878
8%
8
378
*12
334
2034
13
1234
33%
33
33%
8%
8%
*13
35*4
77%
68
""160
2734
1,300
334
*3%
3%
1,800
Mengel
20%
950
*45%
*106%
3%
*3914'
834
234
%
238
»1«
%
%
31«
310
34
*'8
I,
1#
878
*aJ#
9%
*834
9%
%
2%
8%
*%
uie
»
'it
3%
*47
49
*46
16
1934
*15%
8%
*9*8
9%
8%
*9%
20
*353s
7%
12%
36%
118% 118%
1,400
Midland Steel Prod
13
36*8
2,100
65%
*534
6%
*9
10
*9
*34%
36
36%
3734
1,400
.
37*4
9%
9%
700
"le
700
500
J Missouri Pacific RR
3i«
3i«
*%
hi
400
5% conv preferred
Mohawk Carpet Mills
Monsanto Chemical Co
67«
""410
3,100
2,700
800
1,200
*84
*84
88
*84
89
18
18%
*166
168
145
*143
20%
38
7%
66
5%
18
18%
*166
168
143
143
22%
4,700
600
8
"""266
4,000
*6
7%
*6
2334
3,100
38%
200
7%
7%
2,000
10%
10%
10%
40
40
40%
38%
484
38%
40
40
40%
40
40%
40
40%
5%
800
478
47g
*18
5%
*834
9%
*18
778
6634
67
67
6%
,
6%
*5
1434
15%
141
1478
30
25
30
15%
31%
3078
25
25
25
7%
108
117%
60
*52
60
316
3I«
*%
1978
2984
,
3i«
3i«
%
%
91#
#18
20-4
2934
31S
*%
%
*%
20%
20%
2C%
*29
30%
*29%
*218
221
221
220%
112% 112% *112% 115
*112%
18%
18%
18%
18%
18%
56%
56*4
*57%
*56%
5734
56%
56%
56%
56*4
5634
17
17%
17%
17%
17%
91
*91
90
*90%
93
7
67g
7%
678
7%
*112
*111% 114
*11134 114
*218
*34%
*2%
3634
*29
32
278
14%
14%
6
*1584
6%
16%
1034
1034
101
*99
*34%
2%
*28%
*14%
6
16%
*1078
5%
5%
*8%
9%
*9
9%
19%
*18
*98
36%
2%
32
1478
6%
16%
11%
101
*34%
2%
*28%
14%
6
31«
%•
36%
2%
32
14%
6
14%
3%
14%
3%
1478
3%
15
*35%
2%
32
14%
*28%
17
17%
11
10%
10%
*98
101
*116
*116
53
53
678
7
53
6%
*116
53"
53%
6%
678
7
*116
55
7
7%
278
13%
6%
11%
29%
3934
6%
♦
2%
110
45
200
900
500
700
11,500
20
12,600
100
6% preferred series......50
5H % pref series
50
North Amer Aviation
1
100
Northern Pacific Ry
North States Pow 55 pf No par
Telegraph
60
Norwalk Tire A Rubber No par
Northwestern
Norwich
Pharmacal
Ohio Oil
Co
17%
10%
*10%
1034
600
1,500
100
Omnibus Corp
No par
6
(The)
100
8% preferred A
Oppenhelm Collins
No par
Otis Elevator
No par
100
No par
Otis Steel Co
$5.50 conv 1st pref ..No par
Outboard Marine A Mfg....5
No par
100
Preferred
2,300
1,800
Owens-Hllnol8 Glass Co. 12.60
1,860
Pacific Coast Co
2,040
2,790
300
4,900
1,400
2,400
150
30
Def. delivery,
Pacific Amer Fisheries Inc
1st
5
10
No pa'
No par
preferred
2d preferred
Pacific Finance Corp (Cal).lO
26
Pacific Gas A Electric
Pacific Ltg
Corp
Pacific Telep A Tel eg
preferred
n New
stock,
2
No par
ll%June 11
12434June 11
7
May 21
21
May 21
19
June 10
47
May 24
115% May 24
42
June 10
4%June10
2
May 22
8
May 22
3%May 22
9%May 21
25%May 22
33
May 22
No par
Pacific Mills
6%
July
5%June10
10%May 21
7%May 21
95 May 23
2%May 22
-No par
Outlet Co
*116
14
Co,,2.60
Oliver Farm Equip
6% preferred
"7",400
2%May 15
25% Aug 13
50
Preferred
101
a
84%June 6
4% May 15
101
May 24
27 May 22
Northern Central Ry Co.. -50
5,400
2.0G0
f In receivership.
20
6
Adjust 4% preferred.... 100
North American Co
10
"""400
7%
23% Jan 15
May 23
175 May 22
105 May 25
14%May 21
47%May 22
47%May 22
15 May 14
Corp part stk..l
Norfolk A Western Ry
13,100
6
% Apr 12
3uSept 20
Noblltt-Sparks Indus Ino
20
June
100
300
6%
17%
*7
8% Sept
18%
Apr
20
Jan
Jan
29% June
Apr
87% Aug
42
July
105% Sept
112% June
73% Mar
32
6
4
27% Sept 24
14% Feb 20
50
Apr
17«4 Sept
Apr
8%
8
May 21
100
.100
115
May 25
June 18
r Cash sale.
1
144
Ex-dlv.
27
3
Jan
39
Jan
33% Mar
62
I84 May
47g July
Sept
Feb
IO84 Sept
8% Apr 22
12% Apr 22
115% Mar 11
106
Nov
118% Mar
117% Aug 15
119
May
120
Mar
Feb 20
47
July
62
Mar
66
% Jan
% Apr 27
fN Y Ontario A Western,. 100
N Y Shlpbldg
May 21
Apr 27
100
IN Y N H A Hartford
Conv preferred
1478
*12
Bid andasked pri"es: no sales on this day.
104
N Y Lack A West Ry Co.. 100
17,900
May 21
4%May 22
60
60
6%
7%
3%
15
..No par
10% non-cum pref
*14%
3
3%
2%
*3%
3%
3%
3%
3%
13%
13%
15%
17%
15%
15%
16%
16%
17%
7%
8%
6%
6%
6%
7%
7%
7%
8%
8%
*11
12%
*10%
11% *10%
11% *11%
11%
11%
11% *11%
29
29%
29%
29%
29%
29% 29%
29% 29%
29% 29%
39
40
*39
40
3934
40
39%
39%
39%
39%
40%
11
10
10
11%
1134
1078
11
11%
11%
12
11%
12
*121
123
125% *123% 125% 123% 123%
121% 123% *122% 123% 123
150
_-._>*150%
*150
*150
*150
150% 150%
*234
*12%
5% preferred
N Y A Harlem RR Co
6%
17%
7%
2%
Apr 29
Jan
Apr
Aug
Sept
15%
48%
500
56%
10
10
82
45*4 Sept
10
56
35% Sept
Apr
14%
57
5% Aug
53% Apr
110
Apr
July
Apr
6%
56
684
3
30
New York Dock
14%
*116
56
91
Jan
Apr
25% Sept
5,500
53%
87g
14%
4
Apr
"""266
....
Jan
10%
18%
3
*98
Feb
21% Jan
32
101
Aug
145
87gMay 21
*234
*98
Oct
132
148% Jan 29
Jan
173%
N Y Chic A St Louis Co... 100
50
3%
Sept
23% Sept
600
15%
152
27%
11% Sept
*28%
17%
10%
22% Apr 9
173% Jan 31
Jan
Mar
106
187g Jan
1,200
2*4
177g June
Jan
167g
9%May 21
1,100
37
Sept
Jan
18%
No par
32
2*4
83
Jan 31
Feb
New York Central
3%May 21
36%
96
Oct
6%
28%
6%May 24
20%May 21
*2%
*28%
14%
4% Jan
20% Sept
10% Sept
8% Sept
7% Oct
30% May 21
No par
16%
101
20% July 20
6% preferred series A...100
36
267g Apr
157g Jan
12% Jan
Jan
Mar
8%
1
NYC Omnibus Corp..No par
36
114
Apr
No par
800
%}
117%
Sept
4%
N Y Air Brake
Newport Industries
10,200
*1078
*3%
15-4
May 22
June 12
...
25
6%
17%
*97
36
100
100
10
31
*35
6
72
4H % conv serial pref...100
No par
Newberry Co (J J)
6% pref series A
Newmont Mining Corp
May 21
July 31
30%
*%
Sept
107
Jan
6% Apr
Feb
14
25
%
110
114
Aug
11%
7%May 21
Sept 12
t9
147S
21%
21%'
21%
20%
20% 22%
2934
29%
29%
36%
*29%
30%
222
223
222
221% 222
220% 220
*122% 115
*112% 115
115
*112% 115
18%
19
18%
19%
18%
18%
19
*57%
58
57%
57%
57%
57%
57%
*56
57
56%
56%
57
*56%
57
1738
1734
17%
17%
17%
17%
17%
93
*92
9434 *91%
9434
*91%
93
7%
7%
7%
7%
7%
7%
7%
114
*112% 113% *112% 113% *112% 113%
Jan
Sept
18%
Jan
4
15%
%
16
5%
3% Jan
14%
hi
26%
Apr
No par
1
%6
Dec
Apr
Oct
No par
*31«
Apr
14%
*8% July
12% Jan
60%
Na torn as Co..
%
17%
8
13% Mar 12
18% Apr 17
116% Jan 3
Dec
Nelsner Bros Inc
%
%
22%
2934
17% Nov
95% May
2384 Sept
41
*1434
%6
Jan
Apr
Sept
10%
87
43% Apr
8% Apr
10% April
10%June 24
25% Mar 13
26%May 24
34
Aug
5
15%
32%
25%
%
Nov
28% Mar
69%
40
100
6% prior preferred....__ 100
%2 conv preferred
5M% prior preferred
15%
%
Jan
15
175
33% July
May 21
4%May 24
8
May 23
15%
31%
25%
%
ht
7% Sept
21% Sept
1477g Oct
16% Apr 15
24% Jan 94
17034Sept 25
19
Apr
1
99% Apr 17
20% Jan 3
52
25
15%
*%
I884 Sept
73% Jan
9>4 Jan
14%May
4384 Apr
No par
15%
31%
25%
*%.
Jan
77g Aug
48
National Pow A Lt
Nehl Corp
1,500
Dec
9%
287g Nov
27
400
"l'ioo
62
Aug
3834Sept 18
No par
200
5% Sept
14
3
Jan
111% Nov
9% Jan
13%May 21
900
\
9
43% Sept
Jan
36% Sept 16
5%May 22
4
National Tea Co
19%
June 19
132
....100
National Steel Corp
*3%
334
3%
3%
*3%
3%
15%
15%
15%
15%
15%
1534
*135
140
*138% 143
136% *135% 136% *138
*138% 143
*138% 143
9
9%
934
9%
9%
9%
9%
9%
9%
10
9%
10
38
38
41
39%
39%
*37%
38%
38%
41%
39%
40-4 41%
*2378
2434
2434
25
25% *2378
*24% 25%
*24% 25% *24% 25%
*50
*50
*50
53
53
53
*50
53
*50%
53
*50%
53
*3%
6% preferred B
15%
"16
Sept
National Oil Products Co
6,500
1,100
90,100
2,200
31«
9
Nat Mall A St'l Cast Co No par
National Supply (The) Pa.. 10
5
5
I
5%
5%
4%
5%
4%
7%
7%
8%
7%
778
8%
7*4
7%
108% 108-2
108% 108% 108% 108% *107% 108%
117%
106
117% *106
117% *106
117% *106
59
*52
60
I
*52
*52
60
59i2 *52
*%
14% May 22
100 zl60 May 29
3,600
2,100
1,400
4%
'106
%
147g
15%
1434
10
National Lead Co
2,900
9%
*18
*80
June 19
66
67
9
5%
9
8%
19%
June 10
7%June 6
6%May 21
Gypsum Co
1
14.60 conv preferred-No par
1,810
66
,77«
May 28
6%May 23
Nat Enam A Stamping No par
Jan
44% Mar
1484 Sept
70% Dec
16%
May 21
17
No par
Nat
50
145
23%
40
117%
*52
3,500
8
June 26
3
10
preferred
Nat Distillers Prod
100
10
4
108
108
108
*106
100
8,100
38
19%
4
5,700
7 % preferred A
85
*80
85
I *80
85
85
*80
*80
85 I
*80
85
44
*42
45
43
*43
*42
45
43%
43%
*43%
44%
I 43
*106% 107
*106% 107
*106% 107
*106% 111% *106% 111% *106% 107
27%
27%
2534 26 |
26% 26%
27
27%
25% 25%
26% 26%
8
8%
8%
778
8
87S
8%
7%
734
8%
*734
7%
44
44
44
44
*44
*43
44%
4478
43*4
4434
*43%
44
4%
6%
300
...
100
Nat Dept Stores,.....No par
Oct
7%
834 Sept 23
Sept 25
H78June 5
107% June 13
107 May 23
100
7% pref class B
30
97S
9
*3%
7% pref class A....
30
Jan
177g
Apr
Apr
10
9%May 22
6
19
30
30
21% Apr 30
June 11
16
No par
Nat Dairy Products...No par
2,700
18%
'
Register
8,900
*37%
38
Cash
National Cylinder Gas Co...l
Oct
Sept
16% Apr
37g Aug
7*8 Feb 15
12% Sept 20
867gSept 16
100
Nat Bond A Share Corp No par
Nat
168
*143
24%
100
pref
Nat Bond A Invest Co.No par
47
10
22%
June 10
155
6784
37% Mar
4134 Oct 3
1534 Mar 20
June 10
l678June
10
800
37%
978
6%
18
145
38
16
June 15
9
6
Biscuit Co
cum
:
10
conv pref
National
88
*166
24
6%
5% pref series A
37
5%
6%
145
1
Apr 18
May
18% Apr 4
267g Jan 9
5% Feb 16
13% Jan 13
6% July 15
7%June 20
1
Nat Aviation Corp
7%
"""166
37
66
*37%
7%
307g Feb
3%May 21
Nat Automotive Fibres Inc.-l
200
3,500
3,900
6%
10%
40%
734
22%
38%
7%
66%
40% Apr
31% Aug
22% Sept
9% Apr
11
23%
38
7%
66%
6%
10%
2134
*37%
2
41
10
*84
168
122% May
3
Feb
100
8
*938
18%
18%
*166
8ept
Jan
45
Apr
19%
19%
88
112
56
Aug
8%
10
8%
121% Jan 30
IH84 Sept
Sept
20%
10
121
Apr
4
*8
20%
Sept
85*4
60
National Acme Co....
Oct
110
105
20
8%
21
Apr
July 31
Mar 14
Nashv Chatt A St Louis... 100
Jan
2% Sept
May
Mar 29
260
Jan
1% Sept
119
8% Feb 16
53
Apr 8
10,600
Jan
2%
984
119
48%
*47
Mar
1478
Dec
83
*
Jan
54
% July
111
6%
Jan
July
6%
Aug
%
10%
Dec
114
2% Aug
May 28
5%
*9%
% Jan
7s Jan
193g Jan
1
Sept
85%
884 Aug
97%May 22
4
May 21
16%
20
Apr
1% Jan
4*4 Jan
11
May 23
66
5%
»
2% Sept
36
Sept
5% preferred..
100
Murray Corp of America..10
*15%
*9%
103% Sept
70
4,200
300
/
6%
47
47
48
Jan 20
434 Apr 24
48
Apr 25
18
40
120% Nov
44% Sept
8%May 22
No par
No par
5%
9%
19%
29%
*24%
Munslngwear Inc
Murphy Co (G C)
167g
9%
29i;
24%
..No par
5%
8%
24.''
preferred
1
167«
9%"
28%
B
5%
434
14%
14%
1
1678
*8%
1434
6
5%
938
14%
Motor Wheel Corp
Mueller Brass Co
16%
8%
14
60
Motor Products Corp. .No par
$7
8
113%May 27
3l%May 21
33% May 21
21%June 20
87gMay 22
12
May 21
15 May 21
2%May 14
20
May 21
No par
Mulllns Mfg Co class
Apr
May 21
110
Montg Ward <fc Co. Inc. No par
Morrell (J) A Co
Morris A Essex
1,010
500
..20
10
No par
Preferred series B—No par
410
17,900
100
100
5%
434
*14%
$4.50 preferred
50
*110
*110
6'
*47
9%
*18
100
Apr
9
%May 18
l%May 22
%Juoe 27
%June 21
9%May 21
86%June 10
Corp
7% preferred series A
Apr
101
May
110
No par
Mo-Kan-Texas RR
1,600
18%
54
10
*9%
*%
9%
%
Apr
Apr
8
122
7%May 21
%
434
19%
26
11%
40% Apr
2%May 15
No par
Mission
*%
*8%
*18
$6.50 preferred
200
9
Deo
6% Jan
28% Jan
21% Sept
39% Jan
167g Sept
Apr
6%
17%May
June 26
95
Minn Mollne Power
16%
20%
1034
19%
9%
*35%
4% conv pref series B...100
Impt.__l
30
Oct
12% Apr 10
ll%May 21
23%May 21
103 May 24
33%May 21
'
106% 106%
3%
3%
*4334
4434
May 22
6%May 21
8% cum 1st pref
100
Minn-Honeywell Regu.No par
110
4734
473g
5
No par
2%
9%!
11
145
7%
65%
7%
65%
6%
11% Sept
25
36
12%
%
8%
18%
*37%
7
4
1,500
%
934
168
2034
20%
38
28%May
347g
12%
2%
8%
88
*143
143
143
Aug
24
hi
%
50
20
1034
*166
14
...
2%
9%
18
18%
Feb 21
Miami Copper
6
Mld-Contlnent Petroleum..10
*16
17;
17
17
*16
*16
1734
1784
17% 17%
13%
14
12%
13%
14%
12-%
1278
13%
12%
12%
13%
11
11
11
11%
10%
10%
10%
1034
1034
10%
10«4
13
13%
13 4
13%
13%
13%
13%
13%
13%
13%
13%
13%
112
112
*112
113%
113% *111
*110% 112
*110% 111
*110% 112
*111
111 •111
112%
1123.1 *111
11234 *111
*110% 112*4 *110% 111
5%
5%
5*8
5%
5%
5%
5%
5%
5%
5*4
5%
5%
*7
*7%
7%*7
7%
7%
7%
7%
7%
7%j
7%
22%
22%
21% 21%
2178
22%
22% 22%
2134
22
21%
21%
10
10
*9%
10
*9%
10
*9-2
10
*9%
10
*9%
10
9
9%
8%
9%
8%
9%
9%'
9%
834
9
83s
8%
85
*84
85
85
*79
85
*78
85
*84%
85
*79
85
168
26
Mesta Machine Co
173/
18%
July
Merch & M'n Trans Co.No par
*1234
*10%
*166
3
1,800
*%
8%
*84
88
*84
5
1,400
1034
11
10*4
11%
1034
11
19%
19%
19%
19%
19%
19%
19%
19%'
19%
19%
19%
*170
175
*171
175
*166
175
*166
175
*169% 175
*17078 175
13%
13% *12%
*12%
*12%
13%
13%
13%
13% *12%
*12-%
13%
*16
6% Jan
5%
20%
*10
10-%
10%
2%May 22
16%
16
20
30%
Myers (F A E) Bro
No par
K&sh-Kelvlnator Corp
6
*47
5%'
*1512
*19l2
*7%
Nov
Dec
2,300
2*8
634
Nov
63
28%
8*8
16
2%
678
73
397g Aug
5
.60
hi
6%
50
5
5%
5%
6%
56
2
34%
....
6%
July
6
8%
100
6%
May
82
Oct
May
(The)....
5% conv 1st pref
1,800
6%
85
34%
36
...
5
6
10%
101% Nov
14% 3ept
34% Mar
par
8%
*4
110% *110
Feb
63% Feb
,
24% May 24
64
par
16%
13
13
13%
*13%
13%
*12*4
13-2
*13%
1334 *13
92
93
93%
9134
92%
93%
93%
91% 91%
93%
117
*115%
*115%
*115%
*115l2 118% *115% 118% 117
121
*121
123
121% *12034 121%
*120
121% *121% 123
121% *120
41%
42i4
40
41%
40%
40%
40% 4134
417g
4178
4234
40%
*33%
36
*33%
36
*3312 36
*33%
36
*33% 36
*33%
36
25
25
25
27
26
2778
25%
26%
25% 26
2434
25
14
14%
*13%
14
1378
14
13%
13%
13%
1378
13%
13%
17
17%
17
17
17%
17%
1634
167g
17
17i17%
17%
21
21
2034
21
2034
20% 20%
2034
*19%
2012 *20% 21
3%
3%
*3%
33s
3%
3%
3%
3%
3%
3*8
3*8
3%
41
40
4134
4134
3778
39
39
40
39o4
40
37h
377»
11%
11%
1178
12%
11%
11% *11%
*11%
1134 *11% 1134 *11%
*76
78
77
77
77
78
! *76% 78%
77
78%
*76%
78
110
Aug
34%
13-%
111
Jan
6
8%
91%
*110
88
3
34%
*91
111
Apr 15
14%May
,1638
|
6% Aug
4
107
ll%May 22
10
Aug 13
878
*31«
May 21
May 31
7%May 28
20
*14%
21
*1212
*110
Co
234
%
90
share
per
1
1
8*4 Apr
32% Apr
9% Jan
1
1
2%
2%
*%
*%
5
100
par
Melville Shoe Corp
j
119
118*4 119
118% *11734 11834 119
*47
47
48%
4634
47
47%
4534 46%
4534
*106% 109
*106% 108%'
106% 10634 *106% 108
109
3%
338
*3%
3%
3%
3%
3%
3%
3*8
45
45
4.534
4534
*40% 46
*39%
46
45
118*4
1
8% conv preferred......
No
16 preferred series A .No
15.50 pref ser B w w.No
Mead Corp
*66
2734
68
20
35% 36
118% 119
13%
34
13*8
*34*4
13%
34
13
900
27%
77%
2734
34%
83s
13%
8%
8%
8%
*75
No par
Highest
% per share $
share
$ per
share
per
4
May 15
17%May 28
McKesson & Robblns, Inc...5
^
8%
834
*8%
9
*8
$
Lowest
Highest
Lowest
Par
{ $ per share ; $ per «7wre $ per share j $ per share I Shares
5%
5*8
5
•: 5% 32,500
5%
578
5%
5345%
5%
512
10,700
27% 27%
27% 29
27l2 2834
2778 28%!' 28
28%
29
1,500
7%
734!
7%
7%
7%
714!
7%
7%'
712
7%
7i4
20
*101
*102
107
102
102
*101
108
103% *102 " 108
108
Lois
On Basis of 10(PShare
$ per share
$ per share
1940
5,
Range for Precious
Year 1939
Range Since Jan. 1
Sales
NOT PER CENT
HIGH SALE PRICES—PER SHARE,
AND
LOW
Saturday
Oct.
Jan
4
Dec
17g Sept
1% Dec
% May
5% Sept
%
3
2
% Jan 11
267g Apr 22
357g Apr 6
226%May 4
113% Mar 27
2334 Jan 3
8
59
Jan
58
Jan 10
2684 Jan
91
3
38
8% June
31%
Dec
Sept
Deo
Jan
217
Nov
103% Sept
18% Apr
52% Sept
50% Sept
12% Apr
113
June
168
26%
Feb
597g
Aug
59
Aug
29% Nov
89
82
Jan
3
Sept 26
Sept
7
7
June
100
Sept
113
29
Sept
Nov
40
3
284
Apr
42% Jan 12
32%
Apr
6
Aug
5%
184 Sept
17
33%
Sept 28
9% Jan
114
15% Sept
Jan
Jan
14«4
Deo
Oct
6% Nov
4484
Aug
16%May 29
834May
23% Apr
14% Mar
112
Mar 28
57g Apr
18% Jan
144
7
4
4
4
4
Feb 19
12% Jan
3
4234Sept 24
3234 Apr 4
55
Jan 22
120
Jan 17
.4% Sept
Sept
12
100% Sept
484 Aug
15% Sept
128
7%
33
4
34% Apr 15
Jan
3
16% Jan
4
50
148% July
55% Sept
Sept
Deo
54
Dec
Jan
120
Dec
Apr
Aug
70
Jan
2% Apr
11%June
384 June
984 Apr
27%
Apr
41
Apr
9%
Apr
139
Mar 12
114
Apr
154
Jan 24
128
Sept
y Ex-rights.
16
26%
Jan
3
Apr 15
Oct
Apr
July
40%
114%
10% Apr 26
634 Jan 6
2384 Feb 13
14
20% Mar
Apr
50
12% Jan
Jan
30
113% May
8% Jan
27% Jan
16%
6
64% Jan
101% Sept
7% Sept
77g Nov
25
Nov
15% Sept
1234 Mar
34«4 Mar
52
Oct
21% Sept
132
June
156% July
T Called for redemption
Volume
LOW
AND
New York Stock
151
HIGH
SALE PRICES—PER
SHARE,
NOT PER
Record—Continued—Pa?e
CENT
Wednesday
Thursday
Friday
Oct. 1
Oct. 2
Oct. 3
Oct. 4
$ per share
$ per share
$ per share
S per share
3%
14%
8
*1
2
%
634
*15
17%
2
34
34%
34
20%
*19%
3%
4,100
5%
500
3%
3%
3%
3%
14,400
15%
16%
18,000
Pan Amer Airways
*7%
16%
8%
%
%
*37
39%
*97% 102
7%
7%
85
85
9%
17%
9%
34
100
34%
20%
34
*1
19%
""800
3,700
100
19%
1
1
*1
1%
100
934
7%
9%
*9%
934
984
10%
9%
9%
2,700
7%
7%
734
7%
7%
7%
2,100
51
51
51
91%
9134
92
734
51%
92%
2%
*2
2%
*234
3
734
*2
234
234
2%
26'2
26%
*26
27
27
*12
13
12%
52
91
12%
*51
91%
52
9134
*51
92%
52
90%
26%
*12%
*2
2%
*2%
2%
26%
12%
12%
21%
19*4
22%
35%
217g
20%
35'4
23
22%
*19
19%
22%
20%
*1914
35%
35%
35%
*2
3
*2
3
*2*4
3
*9
1034
*9
10%
10%
10%
2338
20%
3534
*2%
1034
36%
*1914
*34
34
34
*22
22
21
21
6%
*7%
31%
7%
*7%
32
3114
36
7%
3134
36
2334
25
21
400
..100
1
7*2
Park Utah Consol Mines
1
Parke Davis & Co.
No par
Parker Rust Proof Co
2.50
700
Penn-Dlxle Cement....No par
17 conv pref ser A...No par
500
Penn G1 Sand
*4434
45%
*43
4534
*43
*75
86
*75
86
*84%
*•%
85-34
8534
86%
*85%
90
6%
7%
684
7%
7%
500
32%
32%
33%
7,900
45
45
%e
*85%
6ib
88%
8634
38
*3%
38
35%
*234
3%
44%
*38
40
*38
40
*38
*23%
24%
*23%
24%
*23%
39
*39
24
24
24
3%
*234
52
26
6%
7
.*
5%
26
74
26
*7%
7'4
*70
*2%
*53%
135
"5%
26
7%
75
*71
75
5%
*23
3%
734
73%
*71
40
3534
56
56
.
*
135
"16
500
71
73%
71
10
"
*175
*154
*154
*154
"
178
*6'4
178"
6%
6%
6%
*8
*175
9%
*8
8%
*154
178"
*175
*176
*154
178"
•••
6%
6%
6%
6%
8%
9
9
9
9
41%
42%
*39
40%
550
30
3034
29
30
950
55
55%
53
55
470
12%
13%
12%
1234
38
39%
40
40%
41
27
28%
28%
30%
29%
52
52
52
52
54
41%
30%
54%
1212
13
13
13%
54%
13%
12%
13%
*»]«
«
1
7g
16%
*14
*16*4
16%
16
16l2
13%
*154
*lilt
*14
16
•
16%
*154
*14
15
7%
8%
8-%
uit
»16
*13jj
*154
"18
16%
7g
*13j,
-
»16
»!B
7%
75g
"is
*14
8%
%
16
8%
»16
*%
1634
*1634
17
15%
*14
*138
15%
*14
834
%
*»14
600
*140
143
2034
7%
143
*113
21
21
7%
7
143
*139
145
*139
158
158
*156
119
*114
119
*114
22%
7%
23
*114
23%
23%
7
7%
7%
*87
91
*87
90
*87
90
*87
78
78
*78
79%
*78
79%
79%
10%
*10%
434
*1114
*10%
4%
11%
11%
11%
10%
*10%
4%
10%
4-%
60
59
59
*2%
2%
35%'
*3334
*1834
163g
*29%
*143g
434
19%
16%
30
14%
10%
10-%
434
4%
*7334
*7334
*7334
11%
11%
----
*59
60
35%
*34
*1834
*16%
19%
17%
*1834
19%
*1834
17%
17
18
29%
14%
2934
30
30
30
14%
*29%
*14%
14%
15
17
24
*23
24
20%
*1S4
21
*21
22
29%
26
27
*23
2%
*23%
21%
*134
2534
*2
2%
2534
*634
9
*7%
8%
9
*7
734
834
8%
*7
734
*7
934
7%
*8
834
*8
834
8%
2%
8%
8%
60
*8
...6
Poor A Co class B
No par
5% conv 1st pref
5% conv 2d pref
5
50
Procter A Gamble
No par
No par
Pure Oil (The)
No par
10%
11
600
Quaker State Oil Ref Corp.. 10
4%
4%
*7334
5
12,700
Radio Corp of Amer...No par
1,300
15 preferred B
No par
13.50 conv 1st pref. .No par
700
2,700
60
2%
17%
5,100
800
15%
15%
15%
15%
2,200
24
24
24
*24
15%
2434
21%
21%
21%
*21%
21%
500
3
2
2
100
27%
25%
27
150
10
10
10
460
1,400
35
100
0% preferred
100
6% conv pref erred...... 100
Purity Bakeries
No par
Radlo-Kelth-Orpheum
6%
conv
......
1
100
preferred
Raybestos Manhattan. No par
100
7%
884
100
Rayonler
12
1
Inc
........25
Company
50
preferred
Reading
60
60
4% 1st preferred
4% 2d preferred
Real
Silk
Hosiery
6
100
Preferred
Rels (Robt) A Co 1st pref.. 100
Reliable Stores Corp..-No par
90
8334
1034
11
92%
95
85
85
*11%
12
*22%
2534
*21%
25
*22
96
96
*94
11%
26%
9534
64%
*60
65
*60
11
*83
11%
9%
9%
35%
35%
*52
8%
*4%
334
*15%
13%
*45%
*34
3334
55
*%«
*42
56
12%
35
56
8%
5%
*4%
*3%
16%
13%
*15%
17
13
13
48
*45%
48
*23
12
4%
17
13%
35
56
*55
8%
*4%
*334
13%
*48
34%
34%
3434
3534
43% 43%
10634 107
29
*28%
%
%
4
*3
*4
43
106
28%
•
---
43%
106%
2834
534
*4%
*3%
4%
4%
17
8%
18
*17
13%
13%
13
48
48
48%
%
3534
9,100
1.400
1,800
*16
800
42%
106
29%
43
106%
130
%
400
4
m
"
..
4234
43
M.
~
»
l",4o6
420
29%
1,500
} In receivership,
29%
I07i2 Feb 10
3%May 22
16
Aug
234 July
7
Jan
25
Apr
36
July
31i4
Apr
46i2 Sept
2
5
Aug
678 Feb
Feb
Oct
4
110
378 Sept
Mar 12
61
Sept
12
Pept
Jan 17
7
2i2
Jan
12
Apr
Apr
9% Apr
4
Mar
May 24
5%May 24
6434May 22
154
May 6
154
May
167
176
May 10
June 10
4i2May 15
5
May 15
l0%May 22
10 May 21
19
May 21
7
May 21
151% July 3
6a Feb 14
15
May 28
12% Jan 13
6%May 21
i2May 29
434 Oct 2
6%May 21
6%May 21
21
May 21
53
5
June
115
l078May 21
7
May 21
a Def. delivery,
June 12
84
73%May 28
9
5
June
9% Sept 19
4%May 23
Apr 15
90
48%May 21
2<fa Aug 24
34
June 19
15%May 22
13i2May 21
24
May 28
978May 28
8
19%June
17
May 22
l«4May 21
2478May 23
273s
80
32i2 Sept
14% Sept
50
Apr
Apr
95
Sept
158
Sept
175
Aug
88s Jan
11
4%
ll3g Sept
161* Sept
4812 Oct
25i2 Oct
Aug
6ig
Jan
Apr
45i2Sept 23
22
31
121* Aug
Sept 25
Apr
18
June
6
67% Sept 24
Sept
142
Aug
10i4 Apr
151% July
l%Mar 12
2234 Feb
18
Apr
15
Jan
17i8 Sept
0i2 Apr
12'4
Jan
712 Aug
2'4 Feb 27
8
it Aug
40i2 Sept
203g Sept
1
9
Deo
2i4 Sept
24
Sept
17
Sept
I07g Sept
2>4 Jan
July
1478 Jan
14'4 Jan
42%May
7134 Apr 16
118i2 Jan
43i2 Apr
32%
89
0
Aug
0i4 Sept
18
Apr
60%
112
Apr
I0i2 Sept
16'4 Sept
49
Sept
60
Dec
112
Sept
11934 Feb
4134 Aug
1143s Aug
1281* Aug
Sept
90*8 Mar
8H2 Jan
181* July
11
7% Apr
Apr 15
69
Apr 8
Aug
10
5
Aug
8<2 Jan
85t4 June
85'4 June
6314 Apr
677g
Nov
Jan
June 20
361* July
23
I0i4
Apr
29%May
23
Jan
Dec
207s Sept
2884
16
July
Dec
27
25s
Oct
Sept
5i4 Sep
1014
Apr
lb
Apr
9%
13ig Feb
54
Apr
9
9
Dec
7
6i2
Jan 12
Jan
19
28®4 Deo
2234 Sept
40
3
Mar
8
23i2 Sept
12i4 June
10% Apr
4% Feb
65
Apr
683 June
37%May
17i2 Apr
205s Apr 10
13
June
3118 Apr
10U2 Sept
70
90
3
Mar
63«4 Aug
1034 Jan
May
155g Feb
15% Feb
6
6
Mar 29
lH2May
97i2May
6%May 21
8
Aug 6
10
7% preferred
100
5H % preferred
100
Reynolds Metals Co—No par
6
May 22
x3734June
7
70%May 21
May 21
7%May 21
17i2 July 26
70
June 26
39
May 27
8%May 21
% conv preferred.... 100
Reynolds Spring
1
757s Mar 28
6i8May 21
32
.....
No par
Copper Mines.
Rustless Iron A Steel Corp.
_
1
$2 60 conv preferred-No par
100
St Joseph Lead....
.—10
JSt Louis-San Francisco...100
6% preferred
...100
jSt Louis Southwestern... 100
10% Jan
23'g Jan
Mar
Oct
Nov
43
Apr
9534
42
Apr
8984
Apr
20U
4018
1484 Jan
3
30% Apr
9
2
97
Oct
3
63
70
Oct
4
157g Feb 20
96i4 Apr
ll%M»y
Dec
Apr
Sept
H3g
Jan
June 10
1
July
0% Apr
0ig May
7% Jan
Oct
Apr
4
155g Sept
34
13 >g Sept
23
«4 Apr
27% Apr
i4 June
49i2 Sept
7i Sept
48
9
Jan
3
Jan
2
7g Jan
3
42
«8
Stores.......No par
preferred....
100
34
May 21
5%
96
May 21
May 21
53
Sept
l7i2 Sept
Jan
Sept 20
13s Feb
Safeway
y
Jan
9'4
22 ig
5
x Kx-dlv.
Jan
10%
10
Apr 19
•11 July 13
17
Jan
68
Feb 27
s
9
45
12
434May 18
Cash aale.
Jan
87
Aug
62
Jan
r
Sept
14'4
Jan
35
Jan 30
stock,
56
7834
Oct
838 Jan
4
n New
375s July.
7i8 June,
May
26
Jan
84
44
l2May 15
Oct
Jan
Sept
56
2
Savage Arms Corp....No pat
li* July
Deo
Sis
8
preferred........-.100
5%
9%
Nov
234 Nov
8634Sept 20
June 10
434May 22
3i4 Aug 8
ll%May 28
13
Sept 27
47% Sept 19
75
28>2 Sept
10534 Sept 19
May 22
6% May 22
62
tRutland RR 7% pref
_
106% 106%
29%
91
178 Sept
103i2 Mar
60
Ruberold Co (The)——No par
%
Sept
100
A. 100
6
Rltter Dental Mfg
36%
*3
4
Mar 25
Jan
% July
6% conv preferred
6 % conv prior pref ser
Revere Copper A Brass
700
*4
74
May 21
Roan Antelope
*%
—
9
47i2 Sept
483g Aug
14
400
36%
%
Jan
No par
5%
4%
*1B
4
%Mar
97%May
7»4 Apr
Apr
75
Republic Steel Corp
Reynolds (R J) Tob class B.10
Common
10
*%
•>«.«.
Apr
30
751* Mar
Richfield Oil Corp.....No par
36%
%
2818
6
1
Apr
10
13%
48%
%
*3
2
Jan 11
Dec
6,800
60
*34
*4
42%
42%
106% 10634
29
29%
"2,500
35%
%
36%
♦84
%
4
*4
9%
17
13%
Jan
47
7s July
1274 Apr
15)4
95
17
48%
*h%
*3
Bid and aaked prices; no sales on this day.
*434
4%
8%
40i2
Apr
1
JReo Motors vtc
8%
8
8%
5%
'i«
*16
%
4,600
35
34%
4
430
12
56
34%
*%A
70
12
*80%
9%
3434
*84
*4
69
12%
95
"l40
97
56
%
*3
69%
12%
*80%
97
Apr
2
Remington-Rand
Class A
2534
35%
*34
%
12%
95
1,600
*23
97
67%
67
3,300
1134
34%
%
4
97
86%
1134
2584
86%
10%
*34
ht
96
*23
18%
93
18%
93%
12,300
39,800
1,350
10
%
%
2534
1,700
1%
10%
17
48
12%
8%
1%
10
*52
8%
5%
48
1134
12
*80%
10%
35%
*52
93%
86%
95%
66%
95
10
8%
16%
13%
43%
10634 10634
28% 28%
•
35%
4
*4
3
35%
*4%
*3%
334
65
11%
95
86%
11%
95
*80%
934
8%
95
65
11%
90
934
*52
8%
5%
*»!«
*3
11%
*83
90
94%
86%
91%
8434
534
May 15
Rensselaer A Sara RR.Co._100
18%
94%
8634
2
1
Preferred with warrants..26
10
18%
l()i8 Feb
10i4 Sept
8ig Mar
1
100
64
18%
Sept
6«4 8ept
Dec
58
*61
18
Sept
25
60
*54
65
1734
Sept
40
Jan
00
56
*61
17%
91%
8434
11%
46
17
Jan
56
64
17%
90%
8334
Apr
13i2 Sept
5734 Apr
56
*61%
17%
21
69
*54
1%
Oct
Apr
Apr 25
4
4134
Oct
5»4 Sept
1984 Sept
8% Apr
40
45
Apr
May 28
56
64
1%
Apr
May
60
....10
1
64
1%
7%
14i* Sept
1718 Jan
Reliance Mfg Co—
*54
1
2
x22% Aug
6*8 Aug
Pullman Inc
56
1%
18%
30i2
Jan
Jan
300
65
1
24
Jan
Apr
Aug
*61
1%
1734
4i2
1314
41%
29i4
June
8%
*531?
1
2134May
1173s Dec
417g Sept
11«4 Sept
65
1%
27% Sept
Sept
56
*1
4
111
10%
8%
Jan
Jan
11
9
Aug
24'4
Mar
118
19%
9
Mar
15
May 18
166
*61
834
Deo
124
121
55g Sept
143
*53%
8%
17
5
Apr
No par
preferred
100
preferred..
.100
preferred
100
Pub Ser El A Gas pf 95.No par
7934
*8%
Sept
June
16% Jan
484 Sept
Sept
preferred
6%
7%
8%
11
834
33
147
15
79%
*8%
Aug
27J2Sept 26
129
6,700
*7
Aug
Apr
32~,200
734
2i2
17i2
11»4
120i2
165
2434
*7
Feb 17
145
2934
27%
*984
Apr
4
May 22
May 21
1634
2934
*2
*4
143
30
*1834
7%
834
8%
Plymouth Oil Co
11
18
9434 Aug
8
115i2 Jan 11
128
Apr 20
30%
10%
No par
7934
60
Apr
Jan
6
19%
26%
7%
Plttston Co (The)
87
2%
Apr
74
4%
June
30%
10
7% PflOO
7
60%
48
8
Feb
126
700
......
*1834
17%
2%
No par
Pittsburgh Steel Co....No par
7% pref class B
100
6% pref class A
100
5)4 % 1st ser conv pr pf. 100
Pittsburgh A West Va_.._100
87
~
6
90!2May
2%
30%June 10
100 May 21
ll078May 22
*2%
*3334
26%
7
2%
34
19%
100
8884
M ~
62i2 Jan
13ig July
II84 Mar
69i2 Deo
Pub Serv Corp of N J..No par
7%
23%
Deo
4,800
34
35
guar preferred
Pitts Screw & Bolt..
7%
59-%
23g
25%
7
*7334
60%
2%
24
*8
*7334
2%
2%
20%
2%
*27
8834
79%
*10%
10%
484
*3334
60%
*23
.
24%
89%
79%
11%
10%
4%
35
*2%
*33%
*1978
*134
24%
7%
x5%
112%May 22
119
119
10%May 13
Apr
6% pf (ser of Feb 1 '29). 100
160
119% *114
Apr
I
90
143
158
21
Sept
Sept
35% Mar
Postal Teleg'h Inc pref.No par
Pressed Steel Car Co Ino
1
*138
47
53
100
1,400
155% 155% *156
*155% 160
118
142
*138
Apr
46i2 Mar
fPorto Rlo-Arn Tob cl ANo par
4,600
Jan
4i4 Sept
Apr
311* Sept
Pond Creek Pocahontas No par
•
Jan
26
Aug
May 21
3i8 May 18
2%May 24
May 28
May 29
35
May 21
Jan
135g
1%
534
% Mar 20
Jan 10
Jan
107i2
1178
8578 Sept
27i8May 22
30
Jan
Feb
14i8
4
12is Mar
3884
June 11
l'»
104
Jan
100
400
618 Sept
72
Sept
73g Sept
14i4 Sept
60i2
Apr
"5",500
2,200
6
92
8'4 Sept
2
Sept
Apr
Sept
Sept
23
,%
38,700
6
June
5s
35
36
884
10%
Apr 15
Feb
5
2
287g Apr 26
8%
11%
Jan
66
♦'he
8%
%
6
10%
*155i2 160
*111
""400
%
June 12
22
100
Pitts Coke & Iron Corp No par
15 conv preferred
No par
Pitts Ft Wayne A C Ry Co. 100
Pit Youngs Asht Ry
"16
834
*»1B
1,000
*154
I684
17
16%
900
*5
5
5
5%
5%
5%
434
5%
538
5%
12
11%
11%
12'4
11%
12%
12%
11%
11%
12
1134
11%
12%
12%
12%
12%
12%
*1134
12%
38
38
34
*32
34*4
34*4
39%
39%
38%
38%
*36%
39%
65
64
64
64
64%
64%
63%
6334
63%
62%
63%
63®4
116
*116
116
116
*116
116% 116
116% *116
116%
116% 116%
34
33%
34%
33%
33% 3334
34%
33%
34%
*3414
33%
33%
108% 108% *108% 109% *108% 109%
109% 109%
109% 109%
108i2 108l2
*122
124
*122
124
*122
124
*121% 124
*121% 124
*12138 124
*5i2
1012
*1034
"3",600
6%
8%
38%
Pittsburgh Coal of Pa
6% preferred
7%
6%
27
*154
178
6%
52
*154
*176
834
6%
8*2
25
*35
*154
178"
*176
Jan
Deo
36
Pirelli Co of Italy "Am shares"
Pitt C C & St L RR Co
.100
400
1978
25
240
56
7%
7%
6
.9% Sept
Deo
100
PUlsbury Flour Mills
*634
27%
Hosiery........
Preferred
300
*25%
27%
7%
*72
Phoenix
3%
"600
"5%
Petroleum Corp of Amer
5
Pfelffer Brewing Co...No par
6
May 18
30
30
534
29%
534
100
434
May 22
l%June 13
5%May 21
17% May 22
ll%May 21
15 May 22
6%May 28
6*8 May 18
25%June 10
37i4May 25
Phillips Jones Corp
.No par
7% preferred......
100
Pillhlps Petroleum
No par
100
5,600
135
5%
100
Apr
18
68
36%
*2%
preferred
preferred
Jan
3
10i8 Apr
23
10
40
37
3%
prior
Pet Milk Co..........No par
117S
94
l%May 22
l%May 22
lia4May 21
934June 25
118% Jan 5
15
May 22
Philip Morris & Co Ltd
2,200
434
*4%
5%
5%
100
7i2
Deo
44% Apr 9
22% Apr 16
2% Mar 12
70
87
40
36%
*53
*
135
~*5~
5
*25%
7%
53
*
135
"5"
25
53
53%
52%
*
5
*2%
4%
*38
37
Pere Marquette Ry Co
Deo
7
31% July 22
15
share
0i2
4
2% Apr 12
$6 preferred
No par
Phlla & Reading C & I.No par
24%
39
24%
*4
4I2
41
3534
Peoples Drug Stores mo
6
Peoples GLAC C(Cblc)..100
per
4
l%May 21
"~700
40
24
3%
44%
*3%
*38
60
Highest
I
Jan
1
May 21
June
share
per
Jan
10
Sept 13
200
38
88
.No par
1
45% Apr
5
101% Jan 25
8*8 Apr 4
4i4May 21
64
May 23
0%May 21
Phelps-Dodge Corp
25
Philadelphia Co 6% pref...60
90
%
%
88
684
34%
3434
135
"2", 000
634
7%
4
*234
*70
*4484
90
....
35%
*39
*634
1,290
2,350
26%
21
38
*24
25
45
87
41%
25
4
35
52
39
*1834
45
*%
""3OO
*32
38
35
"*434
21
33%
4534
%
*32
*___.
27%
1138
8634
4%
4%
*3%
41%
2584
*85
90
%
87%
*85
39%
*1834
...
Peoria & Eastern Ry Co... 100
3
*984
32%
4534
%6
*%
%e
11
100
500
pref erred
Pennsylvania RR
conv
v t c No par
share
ver
4'a Mar 11
25% Apr 4
71
10
Year 1939
Lowest
7i4
No par
Corp
Corp
Range por Previous
8i4
No par
Penlck & Ford
200
36%
2%June 10
10
15
21
16
i2May 22
26% June 11
l3%May 22
34May 28
6%May 21
5i4June 26
45
May 23
Parmelee Transporta'n.No par
Pathe Film Corp
1
Patlno Mines & Enterprises. 10
Penn Coal & Coke
31,600
9
5% July
2%May
12
May
6'4 Jan
15
200
20%
36%
*2
684'
7%
333g
7%
32%
32
11
21
634
*7%
*19
3
10
Penney (J C) Co
1
Highest
share
per
99
1
3,200
23
22%
37%
*2
1034
39%
253g
*18-34
634
*18%
*36%
23%
20%
3
24
*1834
6%
2234
*1834
6%
67g
*6%
35
*33
23
*19
36
23
100
6% 1st preferred
6% 2d preferred
$7
21%
preferred
Paramount Pictures Ino
12%
25%
12%
26
13%
No par
2%
25%
*2%
26%
conv
'
.1
Parafflne Co Inc
91%
*2
3
*2%
5
Panhandle Prod & Ref
2%
2%
2%
27
13
*51
*1
5
Park & Tilford Inc
2,300
2
34
1%
900
17%
1%
Corp
Pan-Amer Petrol A Transp
4%
25",700
86%
8%
8%
*15
2
*20
""600
73g
84%
9%
17%
33%
34%
20%
1%
%
7%
2
*19%
8
39%.
*97% 102
85
*15
2
*7%
%
*37
1%
9%
9
Pacific Tin ConsoI'd Corp__.l
5%
15%
%
2
27g
*12
3%
5%
9%
*1
2%|
3%
8
8%
34%
20%
Par
334
*15
2
Shares
15%
85
834
share
per
Lowest
Paclflo Western Oil Corp.10
Packard Motor Car
No par
*»IB
7
3%
5%
6
37% 37%
*97% 101%
7
7%
86
*19%
51%
91%
*2
*»lfl
3h
3%
14%
*7%
*35%
37%
*97% 101%
2
7%
91i4
3%
*5%
8%
*83%
8%
8«4
17%
834
10
97g
*714
51i2
3%
1434
*7%
6%
*15
34%'
20%
1%
34
3%
5%
334
15%
85%
6%
2
3%
534
"lB
37%
*81
9
*1912
8
*96% 101%
17%
*17g
1434
*3634
*97% 101%
634
6%
*81
85%
*85g
3%
6
*»u
%
37%
*15
3%
3%
14%
534
3i2
14%
*7%
3%
*5%
3%
534
Range Since Jan.
On Basts of 100-Share Lota
Week
$
2009
EXCHANGE
Tuesday
*7%
3%
*'i«
STOCKS
NEW YORK 8TOCK
the
Monday
Sept. 30
$ per share
*35
Sales
for
Saturday
• Sept. 28
8
May 10
Mar 14
11H* Mar 28
3U4 Apr 26
Ex-rlghta.
23g Nov
Aug
2
1'4 May
33g May
2734 Apr
82i2 Jan
1034 Apr
6
3g
Jan
Sept
0i2 Sept
51»4 Nov
109
Aug
23
Sept
\ Called for redemption.
New York Stock
2010
LOW
RALE PRICES—PER
HIGH
AND
SHARE,
NOT PER
Record—Continued—Page 9
Sales
CENT
Wednesday
Rept. 28
Sept. 30
Oct. 1
$ per share
S per share
$ per share
*97,
J0V
9%
97«
79 J2
79V
79i2
79*2
3 >8
3'8
41V
♦113 V 114
**8
13'2
*
112 '2
r»c<w
13
82
82
83
82V
11*4
11*8
11V
11*4
*11
UU
11*4
*lll4
12
12
12
*59
64
*55
64
*60
64
3*8
*4 312
3*8
35s
IV
3*4
3*4
45
*44
45
1*2
45
5*8
5*8
5*2
5*2
3614
361-
*3612
36*4
8*8
1*4
8*2
8i2
105
*
105
5
5>2
18
18'2
18l2
*2V
2'2
24'2
*1*8
17
*87
*110
*14
*8
*23
17
8%
*1*8
2
*23V
17V
2412
17
17*8
15
5*2
*44
45
36*4
8*4
2
37
*36 V
8*4
9
8*4
*1*8
25V
17V
*23V
17 V
2
*1*8
25*2
17V
3%
*45
46
5%
5*8
3%
*23V
17V
8%
834
104
105
1*8
200
15*4
*8
1%
13Vt
*134
12V
18*4
19
*134
150
*27iS
8 8
8*4
9'*
12 V
13 V
13
21U
21
21*8
*30
2
*
414
*1
27*4
2712
9V
*10
34-
16V
16*4
5V
19V
1,300
2,200
2
*1%
2
*23 V
25
25V
17V
17V
SI nun 8
150
*134
27 V
Simo nds Saw A Steel... No par
17V
13 V
13*8
13*4
22 V
22
23
26
*10*2
26
2
l
!
*0O7S
178
2
*|78
2
5
*4 v
5
*4*8
5
*60%
69
69
*60 %
W8
v*t8*4
4i
20 -
2ov
20*2
20 2
2a,z\~ 30
4112
69
20
,
*11<2
'
IV
4*4
*00%
*18*4
41*4
Smith (A
150
23%
26
27%
9V
13V
21V
*11 v
IV
*iv
5V
*4V
27V
9%
13V
22 V
26
^
Pacific Co...No par
12,700
Southern
Ry
14,000
400
Sparks
200
*60V
*1834
20
-
300
4 i'!4
41*4
41V
42V
42V
42V
4I34
42 V
34 t
36
35'8
36
36
36V
35
35
3,900
56 V
56V
56
£0
56
56
56
320
7ig
7'8
7*4
7 3
7V
7 n
55V
7%
59
31*4
31%
6V
6'8
*108l2 109»2
*1<2
1*8
3H2
0V
109
1*8
58
57
1
31V
31
8
6V
0
4
58
58
59
32
32
*57
00
17
17
17%
1778
24 78
24*4
177«
25V
24*8
2478
33V
34
33 V
3378
32
31%
3134
6%
6V
6%
110
*10914 110
ll^
1*8
1%
IV
4
4
4
4V
14%
15V *14V
15V
18V
*17V
17V
17V
17V
17V
17V
17V
25
24V
25V
25%
33 V
33
33%
33%
34
34
34 V
34V
34 V
34%
35
65*2
65
66 V
66
66V
60 V
67
3U2
6 4
109 V
158
109V 109V
1*8
IV
8
3 'g
14*2
*13V
*3*4
37g
37S
*1314
14 "'8
*13*8
*16'2
1758
17
17*4
17»8
24 '2
2412
24 >2
33 U
33*4
33
33*8
34
34
17
59
7*2
3
17
*14V
10V
17*8
1*8
4
15
17V
17*4
Square D Co
300
$7 cum prior pref
No par
Standard Oil of Calif...No par
3,300
10,800
Standard OH of Indiana
9,100
65'2
678
65*8
6*8
6"»s
7
7
6V
6V
4'2
4*8
4 *2
*4%
4*4
*41"
47«
4%
4V
4-%
4%
8V
8's
7i2
8's
8*4
8*8
8>4
8*2
8V
8V
8V
7V
8V
8,600
7*8
8*4
7*4
8*4
23,800
49'2
*12114 122*2
4912
4912
7V
*48*4
♦7%
*17
1'4
8
1 778
1*4
7*2
51
122*2 12212 *122
67«
7%
51
7*4
*5IV
124V *122
7
778
54
*6V
8
8V
*52 V
19V
zl9V
1*8
1*4
19V
1*4
13
13V
14 V
14 V
25V
24*8
25V
*125g
13
*24*8
25*8
24*8
*24V
*418
*19%
17*4
6
*4V
6
*4*2
6
*4 V
4V
1912
19*2
19%
19*8
19*8
19V
19V
*4V
19V
18
17*8
17*8
*17*4
18
17*8
18
7*4
6%
6V
*4i2
*3318
*314
7
*24*4
6i8
6>4
7*2
6*8
7*4
6*4
4%
*4*2
4*8
4%
35
3*8
*3318
*312
35
3%
*33 V
3%
7*8
7*8
7*4
6*2
4*8
0V
6*8
*41"
5
*33V
3V
35
9*2
*8*2
9*2
10*8
*978
10%
40
*37
61*8
6*4
3534
35V
*2%
3312
3
33l2
33's
27g
3334
3378
34
*578
6
6
*4i8
4*4
*578
4*8
*7
9
*9l2
*37
10>3
391?
*27S
314
*28>8
34*2
4V
29i2
4*4
4
2912
*4i2
*414
*3314
158
16
9*8
*91
4i2
34U
1*8
16
9*8
27U
92*8
27*4
46
46
4*4
4*4
171"
17*2
*7*4
1*2
*67
7*8
1*8
69
*8
9*4
*37
*2%
*28
4*4
9
934
391"
3*4
34*2
3
*8V
*9%
*38
*278
*34
6%
4*4
6*8
35*8
2%
57«
6%
4*8
6*4
3578
578
4*4
17*4
7*8
57g
4*4
3*8
*6l2
35*4
67S
36
3
67g
35*4
27«
337S
57S
*38
40
37«
7
36*2
27«
34
6
19%
1734
7V
*4i2
*33V
3*8
7V
3534
2V
33V
*5V
*4V
8V
*9V
35
4
7V
3334
4*4
3314
5V
4'g
8V
*7
2V
34V
6V
10%
41
3
*234
3
34V
34*2
34V
34V
4V
4V
434
*28*3
30V
29V
31*2
31V
31*4
31*4
33V
*4*2
4*8
33*4
*1*2
1%
171o
17*2
9*8
9%
IV
18
9*8
5
*4*2
4*8
34
*41i
34
1*8
18
1*8
18
9 V"
9*8
5
4*8
34*4
1*8
18
*9V
*234
*28
4*2
*30V
*4t2
1%
1734
9%
9V
*90V
91*2
*90 V
92
*90 V
28V
29 V
28 V
29
47*8
48
48 V
48*t
434
18V
18V
28V
48V
4-V
18 V
*734
1%
*7*8
*1*8
*67
734
1*4
69
7*4
1*4
66V
7*4
1
34
67
77g
1*4
*67
4*4
18
8
1%
69
8V
1*4
*67
434
8V
IV
69
92
28%
4834
434
18V
8
134
69
*67
..100
26
Thompson Prods Inc..No par
Thompson Starrett Co.No par
1,900
1,100
$3.50 cum preferred.No par
Tide Water Associated Oil.. 10
9,900
200
$4 60
conv
pref
No par
Tlmken Detroit Axle
7,900
2,400
10
2,400
Timken Roller Bearing.No pat
Transamerlca Corp
2
6,800
Transcont'l & West Air Inc..5
600
Transue A Williams St'l No par
2,900
Trl-Continental Corp..No par
*4
4'4
410
4V
4V
*4V
4*4
V
4V
*4V
4*4
800
7i2
*5
7*2
7V
7*8
*7*8
8%
*7V
8%
*7
8%
300
*5*4
6
578
6*8
6
6V
5V
*15%
5V
5V
1,600
16%
*15%
5V
16V
*16
17
15
16*2
*15
16
*15
17
2
*1*8
2
*24
26
25*8
25V
7's
*34l2
7*4
8V
8*8
36
*35
36
35*2
35*4
34*8
35
12
12
12V
12 V
12V
12%
7414
74
74V
74 V
75V
12V
74V
*1*8
1178
*7312
*114
7*8
115
*7%
114
734
*178
*24
114V *114
2
*1*8
2
25
23V
24V
115
3i8May 21
0i4May 22
5
May 21
14
May 22
14*8
53
*52
18
18
*51>4
*17*2
131
34*4
Union Paclflo RIt Co
80V
80
801"
1,500
1434
*1434
27V
4% preferred..
100
Union Prem. Food Stores,Inc.l
*
15
16*8
17*2
15
14V
14*2
51*4
52
53*2
18
134
35*4
34*4
35*2
*17*2
1*4
36
41
18*8
134
36
*797g
*14*4
27V
40
80
15
27*4
40V
17V
167g
*14 V
14V
40V
17V
*14V
52
52V
54
*17*2
18%
*18
134
1*4
35*4
Bid and asked nricesjno sales on this day.
60
No par
Union Oil of California
40
1^8
Union Carbide A Carb.No par
Union El Co of Mo$5 pf No par
751"
Under Elliott Fteher Co No par
800
2,500
40V
1634
1*4
7,100
12*4
2,900
27*4
14*8
7434
7514
114V 114io *112V 115
74*4
*34
13
*14*4
27V
16*8
*14*2
Union Bag A Paper
1234
85
15*4
16
6,000
8%
34V
1234
84%
79V
1578
1
3,900
121"
12%
13
79*2
27V
Twin Coach Co...
8V
34V
*8V
*34
85V
79*2
40ig
par
100
preferred
1'2V
7912
*1434
City Rapid Tran.No
84V
80V
1434
27*4
79*4
*27
7%
13
79*4
1514
100
Nopar
85V
13
*84%
40
Twin
13
13
84
27*4
24
7V
$1 60 preferred
200
2
84*8
12 78
83 U
39*2
114V 114*2
*1%
23
10
CorpNo par
13V
I3I4
84i2
*27
76
24
20th Cen Fox Film
85
*13
*8312
*1434
8%
*1%
24
2
36
28
40*4
18V
14V
54
1*4
18%
IV
35V
35V
: In receivership,
3934
15
200
28
Union Tank Car
1,800
401"
9,600
18%
*14
14V
55
5
IV
35V
800
United Carbon Co
18%
18
a
100
No par
United Aircraft Corp
200
*52%
25
...
Un Air Lines Transport
6
United Biscuit Co
No par
24.500
1734
300
IV
35V
7,000
United-Carr Fast Corp.No par
United Corporation
No par
$3
3,300
Del. delivery,
n
preferred
New stock,
r
Jan
25%May 28
1
May 18
8
May 21
8%May 28
81
May 28
18
May 21
35i8May 21
4i4May 21
lOVMay 21
4i2May 22
H4May 22
04
Trusoon steel Co
6
4
June
No par
Truax-Traer Corp
*5
*5*4
4>4
26
21
22
28
1
23
May 21
50
May 21
4l2May 15
4i8May 20
5
May 21
5%May 21
No par
$0 preferred
200
978May
12i8May
l7%May
2034May
29?sJune
Apr
No par
No par
Cash sale.
Aug
5
H8May 22
1378May 22
0i4May 23
2H2June 10
9VMay 21
5978June 10
105
May 27
12
May 21
71 May 25
70
June 10
14% Oct 3
22*4 Jan 21
31t2 July 3
12
May 21
l2i2May 28
42i2May 23
12
May 24
l%May 29
20i2June 11
* Ex-dlv.
y
143
Dec
2914
215g
Dec
23U
Jan
23V
I0i2 Apr
Ills Apr
15i2 Apr
36*8 Nov
39
Jan
34
3
May
43*4 Sept
3*8 Jan
7
Jan
72
July 29
2i4May 22
127
15*8 Jan
20i2 Jan
3478 Jan
July 17
14%May 29
33
May 21
19
May 21
46VMay 28
4»4May 22
46
May 22
2078May 23
5
May 21
35*8 Sept
30i2May
li2May 21
3% June 12
63
185, July
Apr
•
Jan
Mar
1*2 Aug
4*4
May 14
60
23*4 Apr 11
1412
47
Apr
9% Sept
70V Nov
22i2 Dec
517, Sept
34*8 Dec
36
38*4 Apr
11
Apr
57i2 Apr
42
Apr
Feb
llig
60i2
40%
778
10914
2*8
7i2
Jan
Apr
63
8U Aug
67*4 Dec
Apr 10
Jan
Sept
Apr
Apr
Apr
94
Oct
Jan
2
Dec
4*4
Dec
16i2 Mar
75% Mar
34% Dec
1812 Apr
5*g Dec
Oct
7%
108
Jan
June
5%
Jan
Jan
Oct
Apr
10*8
l8i2 Jan
10
Apr
207,
22*4 Jan
26ig Jan
135g
Apr
2414 Sept
253, Oct
33*8 Sept
29
22*4 Aug
Jan
Apr
30
Sept
4612 Jan
38
Aug
35*8 Sept 24
20U
APr
36
Sept
3
8?g Feb 15
8U Apr 2
12*8 Jan 5
65
Apr
0l2 Aug
80
Dec
12&8
Jan
80*4 Jan
3%
8*8
Apr
6i8
Apr
•
63% Sept
7*4 Sept
17*8
Jan
Apr
10
Oct
4
45*4 Sept
66
Jan
124i2Sept 17
10V Jan 20
118i2 Sept
277g Jan 5
2i2 Jan 3
17i2 Apr 4
36*8 Feb 28
7igMar26
247g Apr 22
3214 Jan 25
9*8 Jan 3
7%May 3
6
Apr 11
1914 Sept
1*4 Aug
38*2 Jan
3% Sept
10
2212 Jan
30V Mar
12% Feb 21
657gMay
7i2
6*4
38U
2i2
181"
1%
31
3U Sept
Sept
5
18
9%
May 28
23i4May 22
0%May 21
8
May 21
l3UMay21
Mar
Sept
15'g Sept
14
2
Thompson (J R)
18
128
17 V
24
Dec
13
4
Third Avenue Ry
100
5
2i2Mar 11
16*8 Jan 3
30*4May 10
152i2 Apr 23
2*4 Feb
500
91
4*4
Sept
14
1,600
48
18
21
9
121, Apr
10U Aug
1% Sept
34
434
9%
Apr
11*8
11V Jan
24*4 Feb
12i2 Jan
June 10
5
conv
341"
28*4
4*4
$3 dlv
*4%
47
18*8
640
*34%
5
91
4V
3234
Therm old
6,400
4%
28V
18 V
41"
35V
1%
9*2
Dec
20
Preferred
60
Jan
Sept
10
$3.00 conv pref
The Fair
2912
Oct
127
preferred
Mfg
Jan
3 <4 June
112
May 15
Thatcher
100
878 Sept
Jan
3
100
1
10778 Nov
Aug
15i2 Aug
25>8 Sept
1
10%
*
2812
Feb 19
Co.........
10
Texas A Pacific Ry Co
•j-
Apr
25
30
No par
Texas Pacific Coal A Oil
100
3
2i4
16<2
42i2 Feb 16
6*4 Mar 8
Texas Gulf Sulphur
Texas Pacific Land Trust
1,100
*4*8
*4V
92
434
900
600
32*4
Apr 29
June 19
6
5
Texas Corp (The)
25
Texas Gulf Produc'g Co No par
3,800
Apr
Apr
Dec
30
50
Tennessee Corp
34*4
1%
47
18
500
2,300
16,400
4*4
100
9
Feb
17 V
Feb 16
1
Inc
4V
35
2838
434
3
6
25
(James)
6H% preferred
Telautograph Corp
41
*38
92
18
Talcott
9%
2778
*46*8
6V
35%
4*8
434
438
4
3434
*2V
10
50
Without warrants
100
35
4%
3334
5,600
2,900
Paper Co.
Oct
1134
38'2 Aug
I714 Sept
978 Aug
Mar 21
Symington-Gould Corp w w.l
71"
100
10c
54
Jan
3
21 j
Jan
Dec
June
98 V
4
Swift International Ltd
6%
0i2
23
53
1,200
7V
43
Jan
Sept
77, Sept
37g May
30i2June 27
2i8June 11
17 V
6%
21*4
72
No par
No par
Sweets Co of Amer (The)
Swift A Co
17V
Apr
Dec
No par
Sutherland
*33V
*3V
6V
36 V
preferred...'
100
6%
I8*s
10 V
51
40% Aug 0
118i2May 29
7i8May 15
12i2May 21
U8 Oct 4
9%May 22
20 May 21
3
May 22
*17%May29
16*8 Aug 20
4«4 May 21
3% May 22
4i8May 21
28i2May 20
3
May 22
4VMay 14
33
May 25
2i2May 21
2078May 23
5i2May 22
3% July 11
5
May 22
8
May 21
200
35
4*4
4*4
1
No par
4,400
5
4V
*414
Corp (The)
Oil
2,000
1,300
*4 v
4 >8
33*4
Sun
124V
8V
18 V
18V
IV
IV
14
13V
2514
*2414
4V
4*4
19V
1934
5
*27g
34V
3
Studebaker
700
Superheater Co (The).-No par
Superior Oil Corp
1
Superior Steel Corp...
100
19V
*1V
13
2478
No par
Stone A Webster
1,100
18*4
13
24%
1
Sunshine Mining Co.
17*4
IV
1*4
10
...5
30
8
1778
52
Sterling Products lno
Stewart-Warner Corp
Stokely Bros A Co Inc
1.100
8
*17*2
1*4
*12*8
51V
67
8
8
7V
66%
Starrett Co (The) L 8..No par
124 V *122
124*2 *122
8
7%
13
53
8
778
1*4
7
25
Standard OH of New Jersey.25
3% Jan
857, Nov
Apr
Apr
Apr
May 18
No par
9
1*8 June
60l4
U5g
70
1
No par
0
108U Feb 7
0i2 Jan 10
Jan
Sept
3*8 Sept
24*8 Sept
101
June 10
preferred
1
Apr
Apr
98
$6 cum prior pref
117U May
Sept
120
preferred.....No par
$4
2,100
6'2
3434
No par
Jan
Jan
5218 July
114VMay
187g Apr
Standard Gas A El Co.No par
1,500
4*2
65'2
*34
No par
1
$4.60
22,700
1,000
3,200
1,800
1,000
*3312
2
Standard Brands
400
IV
No par
Conv $4.50 pref
1,000
11,800
6V
preferred
Spiegel Inc
60
6V
6V
4
4
14V
32
6,700
109 V 109*1 *109V
1
Spencer Kellogg A Sons No par
Sperry Corn (The) v t c
1
Splcer Mfg Co
No par
$3 conv pref A
No par
7,700
34
56 2
No par
Wltbington
$5.50
-
5612
•57
100
Spear A Co
20
par
Mobile A Ohio stk tr ctfs 100
4112
3312
5rfi4
No
preferred
6%
""
5612
*58
25
Southern
5V
09
7%
100
Southern Calif Edison
2
69
734
preferred
8%
M
1,600
15,700
105
1
7*8 Mar 13
40i2 Feb 13
13V Jan 4
4
80 Porto Rico Sugar...No par
*134
27V
9V
13 V
1
10>2
May 22
S'eaatern Greyhound Lines..5
10
Apr
Apr
May 24
South Am Gold A Platinum..1
O) Corp.—
%
3*4
44i2 Sept
67
300
3,600
3312
7*4
12i4June
177, Mar
76'2 Aug
105
1,500
17V
33
7%
No par
2,500
17V
*8V
*17
*55'4
,
preferred
19V
*134
150
$6
1914
150
27V
9V
13V
22V
Rloss Sheffield steel A Iron. 100
-r
*1*4
12V
IV
19*4
9*4
J-
20
15V Apr
7i8May 21
l%July 1
10 May 22
16
Aug 13
121"
27V
—
80cony Vacuum Oil Co Inc. 15
1%
12V
9V
-£
»
15
Skelly Oil Co
2,400
M
25,300
19
27V
9
10
15
19
1*4
Petroleum
Apr
24
share
Aug
Sept
15% Aug
Jan
69% Apr 12
.5*4 Jan 11
50
Apr
6
10i2May 22
5
May 21
12*4
1*8
..No par
per
10
61
U Aug
16*8 Jan 11
14
22
23
31
24
Smith A Cor Tyoewr..No par
8V
*12V
18*4
19V
Hlmmofis Co
95igJune
3%May
12i2May
l%May
17%May
Snider Packing Corp...No par
8V
'
8*4
preferred.. 100
200
8V
12V
8V
,
15
Oil
conv
1,500
8V
1734
8*2
18
Union
6X%
Silver King Coalition M Inea. .5
8V
18V
8V
8*2
*17V
(Frank G)...No par
1734
8*4
IV
12V
17*4
*10*4
17*4
8V
18V
8V
1*4
Soeli
300
19V
prefser A-No par
conv
Sheaffer (W A) Pen Co-No par
2,700
112
14*4
$3.50
Shattuch
8i2May 21
61U Aug 1
3
May 21
4012 Aug 16
4%May 21
34
May 29
7*aJune 6
No par
No par
Highest
share I
Oct
2*s Mar 25
8% June 10
No par
Corp
Sharpe A Dohme
2,100
9
1
$5 conv preferred
^
104 V
105
271"
1
Bbaron 8teel
J
^
*5V
18%
5V
112
*li2
21V 1
1,200
^
410
*87
*12'2
13
88
2,300
112
i *18*8
150
6114 May 21
534
105
14*4
13 '4
Seagrave Corp
No par
Pears Roebuck A Co...No par
Serve) Inc
2
4
li4 Jan
20
preferred
2,800
^
Jan
per
*8 Jan
%May 18
May 21
li2 Sept 26
37V
37
100
*8 Jan
7*4 Feb 21
49
11
46
5%
5%
37
110 V
*8 May 16
4-2%
M-
10,300
3%
*87
8V
1%
v
3*8
3*4
*111
8'%
69
3*4
I15i2 Jan 11
lOlVJune 24
preferred
34 preferred
par
Seaboard Oil Co of Del.No par
liv
64
112
8's
2
*61
105
8%
*4
64
No par
14.50
.100
No
2,000
iv
*90
8'4
35
*02
14*4 Mar 27
8578May 9
64% July
1,100
11%
*111
17*4
*3 J
64
45
5*8
37
10
-
t
share
....No par
preferred
Paper Co
110
82
112
9
20
1*4
81V
*11V
11V
105
17*4
127«
12V
1134
12V
1*2
*90
17>2
8*8
84%
11*8
112
*7/«
*27
84
11*8
112
8V
*134
1%
83
per
JSeaboard Air Line....No par
JScbulte Retail Stores
8%
_
Lowest
Highest
$
share
2
% Apr 22
2i4May 21
34
May 14
10712 June 25
Scott
1,100
34
per
7VMay 21
200
13V
105
17*4
19
*%
13 V
*104
*10:-V 105
*104*8 105
*5 V
5V
5*4
•5*4
5*8
5*2
19*8
18*4
19*8
19*8
18*4
18'2
*17 J2
*n2
*4
13 V
*90
112
*1812
*%
*12*4
1%
83V
*11%
117,
*110
10212
*1212
34
13V
S
5
preferred
200
*4
**8
13V
1*2
11%
45
*V«
V
Range for Previous
Year 1939
Lots
100
1
6 >4%
2,600
+
*4
Loweii
f
Schenley Distillers Corp
1.1(H)
*it
V
**8
*3
*3
3V
3*8
41V
MOV 41V
41%
.41V
113 V 113V ♦113V
♦113V
110
110
109
109
110V 110V
On Basil oj 100-Shaft
Par
3,200
t
103 V 105
5
*23
*5V
37
10*8
'
'
.'
81
*79
3*2
*61
3*4
10
10V
81
*3978
34
11
1*2
Week
*79
*8
*3
(JTHPir
01 Mva
Shares
*4
81V
1*8
Oct. 4
$ per share
10%
10V
*4
13V
1*8
83*4
*1V
Oct. 3
81
x Uiviv
1940
5,
EXCHANGE
$ per share
*4
*%
13
2
*
109
V
*4
**8
*4
*12i2
*108
*4
ht
3ie
*16
3V
41V
109
109
109
he
*n
10V
*79
3*8
*113*8 114
*113V 114
*108
81
41*4
3i8
*39
41
10V
*79
*>8
3ie
"8
*2%
*39
10*4
Oct
$ per share
VHP IC
VT7W
the
Friday
Thursday
Range 8tnce Jan. 1
8TOCK8
for
JUT
Tuesday
Monday
Saturday
Oct.
40
Mar
6
5*8 Mar 5
7U Sept 23
47*8 Apr 4
414 Apr 4
75g
Apr
Apr
22*4 Sept
578 Sept
17
12812 June
11*4 July
10%
Jan
Apr
25V Sept
24*4 June
37 V Sept
4ig Aug
12*8 Sept
3*8 Aug
478 Aug
33U
Oct
35, Aug
4
Apr
9V Sept
7i2 Mar
43V July
0i4 Mar
3212 Aug
3U Aug
9i8 Sept
60*4 Sept
5*4 Jan
35*4 Apr 11
8% Jan 8
658 Jan 4
12i2 Jan 8
18i2 Jan 8
28
Sept
38i2 Sept
7
Aug
23
Mar
7
Apr 8
Apr 22
Apr 10
Jan 4
Jan 27
12
May
97
May 10
0
5*4 Nov
8i2 Sept
11*8 Sept
9
Jan
22i2
Jan
15i2 Dec
24
Oct
48
61
Oct
Dec
314 Dec
21,
H2
41
Oct
Apr
6
Nov
Apr
33
Nov
Jan
Apr
H2 July
7i2
Apr
9V
Aug
83
Oct
Sept
2*4 Sept
17
5*4
378
Oct
4*4 Nov
3314 Nov
3*4
Jan
1814 Dec
1414 Mar
Sept
96
Feb
29V Oct
2
10*4 Apr
25
Dec
52
3
3414
Apr
5414
5
Sept
7
Jan
Mar 14
217g Apr
4
8i2 Apr
2*4 Jan
4
4
82i2Mar
7
5*g Apr 15
10ig Apr 24
13U Jan 4
2514 Jan 23
314 Apr
4
6U
51,
Apr
Apr
2
Mar
74
Apr
3
Apr
6
Apr
11*8 Dec
19*4 Sept
1*8
Apr
Jan
8% Sept
127, Dec
1078
Jan
4*8 Sept
88
Jan
7*4 Sept
I414 Sept
26 U
Jan
34V
Jan
4
17i2 Apr
3*4 Aug
3514 Aug
13U Mar 14
7ig Apr
34i2 Sept
66
30
45
Apr
Feb 19
18*4 Apr 22
88*s Jan
110i2May
17i2 Jan
98
Apr
89i2 Feb
•16
July
297gMay
63*8 Apr
23*4 Apr
18
Apr
655gMay
19V Apr
27, Apr
42
Ex-rlghts.
Feb
4
2
8
8
10
13
11
16
4
17
2
5
4
13
6
Aug
12i2
13ig
Jan
Jan
Dec
0fii2 Apr
108*4 Sept
118
15ig Aug
81i2 Apr
105
Sept
90
July
78
Apr
94U Sept
19*4
July
Jan
201, Mar
24U Sept
31
Aug
51
Apr
16*2 Dec
18*4 July
77,
I45g Sept
52
Apr
13*8
Apr
2
Apr
301,
Apr
Nov
69 V Oct
20
Mar
3*4
Feb
3&7, Aug
1 Called for redemption.
Volume
LOW
AND
New York Stock Record—Concluded- Page 10
151
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
2011
Monday
Sept. 30
$ per share
4%
*2%
*32%
*414
*29%
Tuesday
115g
*11358
IOI4
*314
*4
86
|
10
10
I
*95g
914
76%
934
7734
*9»4
*765g
*175
Friday
Oct. 2
Oct. 3
Oct. 4
Week
$ per share
S per share
$ per share
Sahres
*4
22 >g
28
,
I
34
*33
8%
8
*59
63%
*58
287g
29
29%
29
3312
32%
1%
20l2
33
' *32t4
33%
*32%
1%
33%
32%
1%
69
8
64
*34
*46
1'J
,
j
j
I
3434
*46
|
1%
2034
75
75%
6434
z63%
63%
63
63
800
69%
400
69lg
605g
123l2 125
3434
47 (
IV
3412
35
47
47
*1%
178
*6ig
63g
13g
13g
178
6I4
H2
55 I
1«4
*5H2
1%
59
*15%
17
*6%
15s
*51%
*15%
*5834
6%
13g
58
173g
*1%
*48%
x68%
68I4
60% 6134
12434 12478
35U
3534
8H2
8U2
*80
*12
*16
%
17%
*14
47
*68%
59%
35%
*59
*150
*81
87
5g
*13%
%
17%
81
,
81
%
*15%
"
31%
32
28%
31%
*27
*27%
114
114
*43
|
5*
17%
32
32%
*111
*43
44%
*26~
44%
28%
28%
115
115
27%
17
33%
28%
3234
*29
44%
*14
*29
27
2%
*22
*4334
114
45
45
45
11
*9%
*2%
2%
2%
22
22
116
2%
23
116
11
*32%
*33
33%
*8C-2
95
*80%
95
12%
*44%
*33%
47%
11%
47%
*4414
*3234
*80%
*44%
95
34
2%
8%
32
1,100
*28%
100
2%
2%
24
23
600
23
116
24
116
'
2%
*2%
116
1,500
12%
*11
*44%
47%
*44%
Va-Carollna
*125% 165
*125% 165
*#16
%
99
94
*80%
*126
165
6%
200
6%
%
2,200
5%
1,100
%
%
%
%
%
7%
7%
*7%
21
20%
*20%
100% 100% *100% 101
5
4%
47*
434
7%
*20%
7%
7%
21%
*20%
21%
400
*100% 1017*
5
47*
200
*13
137g
5%
*4%
%
*%
*15%
16
2%
2%
40
*31
*13
13%
*4%
5%
*34
7«
16%
16%
2%
2%
*41
28
28
13%
5%
1%
1%
1%
10%
*9%
10%
13%
5%
700
7«
*34
*15%
7*
1634
500
2%
2%
2%
2%
2%
23*
2,700
*31
24%
*24
*16
17%
*16%
*19
19%
*19
19%
19%
197*
*2%
3
17%
16%
17
234
17%
17%
647*
*60%
64%
*63
*99%
997*
99
*1C9
997*
109%
*101
102
*116% 118
18
16
*101
28
*27%
102
3%
*3%
7
*5%
*%
109-%
102
133
133
133
*33
34%
34%
19%
107%
133%
34*4
*347*
*35
36%
*35
3414
34
34
33%
80
*69%
80
33*2
*69%
*96%
97%
*96%
97%
2334
23%
23%
23%
34%
36
*337*
*93
67%
9%
115
67%
9%
97%
2334
*105
*69
*8%
35'4
33%
*69>4
97%
24%
80
97%
2434
115
13%
13%
*5%
6
*534
*534
5
5
5
5
5%
*35
45
*35
45
*37
207*
*20
14
57*
4%
4%
4%
414
4%
4%
4%
60
60
*112
120
*112
120
27%
33%
20-%
*85
*48%
52%
*49%
52%
20%
14%
15
115
11
*10
32%
33%
56%
21%
57%
*98'% 105
82
20%
15
15%
15%
337*
3334
*88
95
*88
95
*88
*18%
*1434
2%
18%
*19%
20
19
15
*1434
15
15
•
2%
2%
2%
2%
53i«
58%
105
82%
20341
15%!
5
2
*134
2
*134
600
1,900
■m
ke
-
200
100
2%
4%
4%
4%
3,000
4%
4%
4%
4,400
2%
4%
4%
60
59%
*117
*117
«
61
*59
__
3,100
1,500
__
2834
29
3,700
34
33%
8,700
22%
337*
21%
53%
58
104
2134
22%
*100
95
56
5934
104
125
*90
95
56
56
60
60
*100
105
95
*88
55
55
60
*59%
*98% 104
8,400
......
10
800
1,100
10
82
82%
80%
80%
80%
80%
1,100
20%
15%
2034
15%
21
21
20%
2034
7 00
15%
16,300
115
115
15%
15%
115
115
1034
1034
35%
10%
11
34
*88
35%
35%
93%
89
89
20%
203i
197*
15%
15%
15%
20%
1534
2%
*2%
2%
2%
95
21%
125
*100
this day
6
2%
15%
116
116
190
11
900
*10%
34
3434
92
*88
17,300
100
2,800
15%
19%
15%
2%
2%
2,000
19
t In receivership
u
Ltd N
> par
No par
Preferred
Ward Baking Co cl A..No par
1,600
Def delivery
60
Jan
68% Jan
May 23
May 18
3634June 14
28%May 29
1
% Oct 2
6%May 21
l6%May 22
%July
89
June 26
3
May 22
39% Apr
48% Feb 20
39
Oct
2% Apr 24
100
6
Warner Bros Pictures
$3.85 conv pref.,
No par
{Warren Bros Co
No par
$3 convertible pref..No par
Warren Fdy A
Pipe
No par
Washington Gas Lt Co-No par
Waukesha Motor Co..
5
1
No par
%May
—
69
Aug 26
64
Deo
17
8ept
85
July
163
June
Apr
Jan
78
Feb
1
Sept
16
Aug
21
Sept
16
Apr
40
Sept
25
Apr
40
Nov
45%
%
4378May 10
109
Sept
347g Apr
54% Aug
65
Aug 22
31% Mar 14
4% Jan
31% Jan
18%
.2%
17
Jan
Sept
Apr
Apr
Apr
112% Sept
4% July
15% Apr
116% July
44% Deo
56% Aug
65
Sept
29% Deo
5% Sept
33% Sept
118
July
15
Sept
Jan
35
Jan
1%
2% Jan
7% Apr
23%May
101
101
131
Mar
3
Sept
Deo
37* Sept
8
Oct
5%
15%
Jan 11
9%
23% July
Jan
98% July
Apr
9%
60%
30% Sept
14% Oct
7
Jan 10
1%
Jan 10
25%
Apr
4
Mar 15
Apr
85
9
6% Jan
Jan 10
1%
21
36
Jan
2% Sept 13
12% Sept 13
Dec
Deo
Dec
3%
4% Feb 19
60
Apr
Mar
% July
1% July
64%
125
Jan
16% Feb
3%May 21
Oct
Apr
May
60% Sept
Sept
397g Mar 15
36%
13% Aug 30
2
May 15
30 May 22
%May 21
3%May 16
22 May 23
20 May 21
13%May 21
14 May 21
2%May 21
l5%May 22
Sept
2%
Apr
146
Feb 29
10
4
4
8% Mar
«4 Apr
48
June
82% Sept
12078 8ept
37%June
46% July
9
Jan 22
118
68% Sept
46
Mar 27
Oct
114% Nov
*70
1%
Jan 15
112
Deo
37% July
6% Mar
52% Jan
6% May
May 10
159
Oct
1%
7% Apr 24
2% Apr 11
61
Apr 12
l8%May 22
June
Apr
41% Aug
98% May
30
Sept
'
No par
B
preferred
Dec
Feb
1% Nov
Jan
Jan
20% July
147g Mar
27*
44
67*
68
37*
Jan
Mar
Jan
July
Jan
6%
Apr
13% May
31% Jan
28% Feb
20% Apr 22
19%
Apr
35%
Oct
14%
24%
Jan
24
Apr
Sept
32%
3%
28%
Jan
4
20
478 Feb 23
29% Apr 16
16
75
55% Aug
Jan
Jan
17*
4
Apr
July
Oct
Jan
79
Jan
110% Apr 12
86
Apr
107%
Dec
.....100
100
96%May 22
115
Apr
95
Apr
112%
Dec
June 10
108
Jan
8
88
Apr
106
Deo
WestPennPowCo 4M % pf. 100
l08%May 23
11
May 21
1007gMay 17
120
Oct
3
Nov
3
105% Sept
15% Nov
115
25%May
preferred
preferred
7%
6%
A Pap Co No par
6% preferred
100
Supply Co—10
91
June
90
3
June 10
21
105
9
19%
Deo
Apr 29
6
Jan
2%
Apr
Apr
100
4%May 18
8% Apr
3%
Apr
pref..100
Western Union Telegraph- 00
Westlnghouse Air BrakeNo par
Westlnghouse El A Mfg
60
1st preferred
60
Weston Elec Instrument. 12.60
Westvaco Chlor Prod_.No par
%May 15
Jan
%
28% Jan
28% Jan
1678
18%
82%
Deo
Apr
Apr
Apr
121
Sept
May
145
Mar
Western Pacific 6%
14%May 22
15%May 21
76
May 21
110 May 21
26
Jan 20
27%May 21
5% conv preferred
30
Wheeling A L E Ry Co.—100
287«May 21
60 May 28
5H% conv preferred
100
Wheeling Steel Corp—No par
85
100
preferred
6%
$5 conv prior pref—No par
White Dental Mfg (The 88) -20
White
1
Motor Co
Co No par
Mach Corp—1
preferred
No par
White Rock Mln 8pr
White Sewing
$4 conv
Prior
20
preferred
Wilcox Oil A Gas
Co
6
Willys-Overland Motors.....1
6% conv preferred
10
Wilson A Co Inc
No par
No par
Wisconsin El Pow 6% pref. 100
Woodward Iron Co
10
Wool worth (F W) Co
10
Worthlngt'n PAM(Del)No par
—100
7% preferred A
6% preferred B
100
Prior pref 434% series.. 100
$6
preferred
May 24
18%May 21
1
118
Jan
138
4
36% Nov
284May 15
4% 2d preferred
407g Apr
20%
100
Maryland
Western
'
2
2%
20%
15%
347*
Bid and asked prices: no sales on
534
5
29%
95
20%
534
5
21%
22
113% 113% *112% 115
1034
10%
1034
10*4
33%
120
*100
57%
28,600
57g
434
33%
95
*103
14%
14%
*534
29
125
82%
2034
82
137*
14%
3334
*85
52%
97*
28%
*95
95
60%
60
28%
334
33%
197*
*112
28%
33%
*85
*19%
120
27%
*95
*113%
*112
60
6034
26%
33%
9~5~~
82
60%
170
9,500
*8%
213*
2%
1,100
200
*20%
2%
4%
200
400
21%
2
30
600
68%
*20%
207*
2
59
9
4,600
115
68%
45
*134
59
9
*105
*35
207*
4%
70
45
2%
4%
115
*68%
4%
*35
2
4%
115
it
27%
45
207*
4%
56%'
*35
2
2%
105
45
*1%
4%
*807*
14%
14%
534
534
*47** 5
14%
207*
4%
*98%
9
17g
4%
*54%
14
70
207*
2%
197*
5,800
6,200
1%
2%
4%>
_
20
19%
19%
20%
20%
22%
227*
2234 23
23%
108
109%
1077* 108%
109%
*133
135
135
133% *133
34
34
*33
347*
34%
36
3.5%
35%
*35%
35%
34
34
*3334
*33%
3334
80
80
80
*69%
*69%
*97% 98%
*97% 98%
97%
25
24%
2534
25%
25%
115
*8%
57*
5
19-%
400
7
*%
Walk (H)Good A W
Western Auto
7i«
7
No par
Walworth Co
West Va Pulp
8%
*6
No par
4%> % pref with warrants 100
Co
800
163j
*%
7it
70
9
90
200
634
7
No par
System
90
107
2634
334
preferred A
Wayne Pump Co
1,500
3,300
1,900
114
70%
*8%
12%
*95
*102
107
100
100
$4 conv preferred
No par
West Penn El class A..No par
118%
Sept
62
5
Apr
71
9
109
Deo
July
49%May
l34May 15
14 May 22
Oct
48
60
15% Sept
Mar
Jan
35%May 28
6684 Jan 6
60
Aug 22
May 24
Mar
67
65
117% Apr
19
Jan
180
49
1%
2
July
113
Apr
86%
Mar
Wesson Oil A Snowdrift No par
101
16%
17
*1634
*102
101
5% Aug
46
31%
19
Jan
32% Sept
31% Oct
Jan
70
7% Sept
11
87% Mar
17% Sept
14
Sept
35% July
29% Sept
10% Sept
April
17
Nov
Apr
41% Jan
125
15
117%June
14
Sept
77g July
Apr
3% July
May
Webster Elsenlohr
170
1>4
Feb
8% Sept
35% Sept
95
Sept
Apr
13%
Apr
117
Jan
8%
23
Jan
39
7% Mar
74
4
May
135
1,100
*99% 100%
1073.t 108
*118
22%
107%
33%
120
*%
*129
27
119
%
33%
36%
33
17%
107
99% 99%
108% 10834
101
10134
%
134
267*
100
22%June10
5% Aug
65% Sept
149% Sept
1234 Apr 23
%May 21
112
3
7% Apr 23
38%
Apr
Aug
5% Mar
6% Mar 9
32% Mar 11
28
Apr 25
74
Sept
6%
3%
Jan 25
100
100
65
*5%
107
2
*63%
7
*130
"
6734
*64
334
*106%
*17*
17%
647*
5
89
110
182%May 14
May 23
400
3
1734
*234
334
108
*20
21
*17
3%
107
9%
*19
3
1734
3%
1934
23%
109%
67%
20
3%
19%
-'
20
*3%
*5%
23
-
700
3%
187*
~
300
*3%
22%
w
173*
27%
18%
W
25
27%
*5%
m
*17
2734
%
m'
*24l,i
27%
%
«
17%
28%
7
27
*234
101
*16%
^
200
1734
109
*102
-
2,000
3
109
17
107
me
25
27%
22
115
20
ml
1%
17%
27%
22%
*65
*24%
27%
18%
*93
24%
17%
101
22%
*69%
26
*116% 119
%
18%
33%
*25%
100
109
17
26
17%
*63%
100
*102
16%
107
1%
10%
*234
647*
*116% 119
*116% 119
107
*16%
*101
23,i
102
109% 109%
*101
1%
*9%
Mar
June 10
Walgreen
7%
June
6
71
Class
9%
1%
9%
*25%
20
17
46
*31
1%
1034
*25%
24%
24%
16%
*99%
*5
17
26
25
*60%
46
*31
1%
10
*25
46
5%
*9%
1%
10
*16
3
5%
100
13%
*13%
1634
*23%
*2%
1334
5%
*34
*16%
26
*17
*13%
600
78
*24
24%
1334
10,900
29
287*
16%
26
*24
5%
29
*34
46
1%
47*
28%
16%
2%
*5
17
2%
2834
101
78
5%
*%
17
*31
50
1%
*7%
*28%
*13%
101
%
75
120
Waldorf
%
7%
20%
%
May 11
100
{Wabash Railway Co
7%
7«
7%
*7%
7%
20%
20%
20%
*100
1001*
100% *100
434
4%
4%
4%
*28
28%
28%
*27%
*%
*7%
*716
June
97
Detlnnlng Co..... 100
300
%
*20
25
preferred
%
*%«
%
5% pflOO
25
Preferred
»1S
*%8
100
preferred
Vulcan
94
165
%
%
%
*%
5
No par
Chem
Virginia Ry Co
333*
*80%
*126
165
100
Va Iron Coal A Coke
'
*80%
*126
*125% 165
100
non-cum pref
Victor Chemical Works
Va El A Pow J6 pref..-No par
47%
33%
6
210
12%
33%
100
140
11
*33
May 23
6
1st preferred
6%
'
28
June 26
12%May 24
45 May 24
l34-%Jif»ae 8
25
Corp of Am.No par
Raalte Co Inc
Vlcks Shreve A Pao Ry
20
*27"
Aug 19
June 24
Vlck Chemical Co.
80"
*""3
May 21
2134June 11
27%June 14
%May 3
15 May 21
68%May 22
39%May 23
60 May 22
42
May 21
103%May 21
30% Aug 16
42%June 5
l%May 22
5%May 28
1 May 18
12
7%
1,000
-
6
48
100
Van
70
4534
25% July 17
14 May 21
3%May 21
59
Vanadium
8.600
297*
114
4534
100
Preferred
32%
'
No par
preferred
May 23
2%May 21
41
6
Mar 12
Apr 10
Jan 3
Feb 24
10% Jan
June 10
Universal Pictures 1st pref. 100
Vadsco Sales
No par
17%
62
116
33%
7
*112
28
23
12%
47%
Universal Leaf Tob
20
*%
80
*
*27"
28
120
22%
*116
11%
47%
33%
*44%
2%
117
"
80
*26"
27%
22
*9%
62
80
*26"
116
22%
120
*117
*
67
297*
114
*62
*
80
_
*24%
*2%
33%
3234
3?7*
297*
114
26
56 conv preferred..-No par
Universal-Cyclops Steel Corp 1
■
85
"
No par
preferred
""206
1%
*14
17%
7%
par
100
U 8 Tobacco Co
500
*1%
%
%
12
17%
*111
116
44%
12
..No
700
6%
*80
60
Unled Stockyards Corp..
1
Conv pref (70c)
No par
United Stores class A
6
6%
85
*80
82
60
Preferred
200
*51%
*15i2
,
A Mln
Preferred
50
17g
56i2
*487g
59%
55I2 *49
16%
16%
*15%
17
1612
*60
62
60
*60
62
*5834
60
6234
*5834
6234
15712 *15012 157l2 *150l2 15712 *150l2 157l2 *150% 157% *150% 157%
*15%
10
100
U 8 8;eel Corp
1,000
35%
48
*1%
1%
6%
1%
.No par
1st preferred
U 8 Smeltlutf Re
1,600
*46
47
*1%
x6%
*1%
8%
94,40C
123% 124%
20
10
USRubbv -C<
14,500
1,600
60%
60
100
{U 8 Realty A Imp
9,700
1%
1934
78
5%May 22
166
5
3
1078 Sept 23
May 21
3% Aug 24
50
3
Jan
Highest
share $ per share
117%
13%
7%
7%
June 10
3
Jan
Jan
15
6
6
20
U 8 Pipe A Foundry
U 8 Playing Card Co
700
107%June
100
Prior preferred
100
2,500
35
857g
21
May 18
Partlc A conv el A_.No par
900
8%
Mai
10%May 22
5
% conv preferred
63%
60
ver
4% Aug
4% Dee
54% Deo
3% Apr
25% Apr
62% Apr
11
Apr
Mar 13
65% Mar 14
6% Jan 3
Jan 15
U 8 Industrial Alcohol-No par
U 8 Leather Co
..No par
600
Sept 21
27gMay 21
26%May 22
80
U 8 Hoffman Mach Corp
"5",400
5
21%
69%
5914
par
6
Sept 23
No par
preferred
32%
23%
*4%
7712
6I4
6%
15g
23
20
*158
*6%
*8
*27%
64
r
I
35
47
11
47g
3112
7%
500
4%
21l2
77l2
178
2
2412
1
e
10
No
$6 first preferred
540
77l2
68%
6884
57*8
583g
58'4
60i8
1217g 122
*123
124%
3434
1
8
13g
20*4
215g
77l2
64
*27%
2334
5
*58
*4%
47g
24
*45g
1%
76l2
.
32l4
235g
5
United Paperboard
USA Foreign Secur
300
32%
*43g
United Mer A Manu Inc v t
1,200
29
*67
47
1,666
No par
U 8 Gypsum Co
63%
67
HI
$5 preferred
~
10
28%
4l2
No par
1,300
,
67
*1%
United Gas Improv't.. No par
500
2,100
28
8
*58
64
123'g
9,300
934
8%
63l2
64
5734
United Eng & Fdy
United Fruit Co
6
2,100
80
27%
64
*3334
934
79
*175
2734
*33
'
5
$
7% Apr 11
33
United Electrlo Coal Cos
Year 1939
Lowest
$ per share
3a4May 28
2
Range for Previous
Highest
per share
10
Preferred
1,300
9%
77g
6312
*62
*46
1U
10%
6
$
100
United Dyewood Corp
50
180
9%
81
180
United Drug Ine
100
U 8 Dlstrlb Corp cony pref. 100
U 8 Freight Co
No par
*27%
1%
20%
76
*122
10'4
80
*175
176
Par
100
32%
25
434
1%
20ig
76
56%
IOI4
7934
10%
Lowest
9,800
86
43g
1%
20l2
75l2
lig
197g
74
79l2
176
934
86
434
77g
6312
27%
10
97g
80
180
934
86
6312
8l4
*734
*60
912
*83
4 1
*4
32i4
*2712
2334
24
4I2
r434
4
*27%
23%
4%
43*
4%
*176
1012
86
27l2
4I4
32 ,
227g
*27%
934
78*4
93g
77i2
*83
86
934
10
180
*175
180
*83
86
*83
Range Since Jan. 1
On Basis of 100-Share Lou
EXCHANGE
Thursday
1
Oct. 1
$ per share I $ per share
*83
8TOCK8
NEW YORK STOCK
the
CENT
Wednesday
47g
4%
5%
47g
47g
434
47g
45g
434
4%
434
234
*214
234' *2i4
234
*214
212
2%
2i4
*2i4
234
34 |
*33% 35
33
33 I *32% 33 I
33
33
33%
34
4%
412
4V
4%
45g.
434
434
4%
434
4%
4%
*31
32
297g
*29%
297g
29l2
30 I *30%
*31
32
317g
71
67l2
6712
6734
68i2
69%'
70
70
71%
72
71%
115g
115g
lis4
11%
117g'
m2
H84
11%
1134
11»2
11%
1157g *114% 1157g *114% 1157g *11434 1167g *11434 118
*115% 125
IOI4
1012
10%
1012
10%
10%
1012|
1012
10%
*10%
10l2
35g
*314
3%
3%
35g| *334
3&g
35s
334
3%
3%
*4
4%
37g
4
*4
4%
*4
43g
414
414
4%
67 %
♦;.
Sales
for
Saturday
Sept. 28
Jan
126
1484May 22
17gMay 15
1% Jan 5
3
Jan 15
3%May 21
45
116
June
7
Deo
75
Oct
Jan 30
74
Apr
97
Oct
9
15%
Apr
387*
Oct
2
80
Jan
8Q
Jan
6
11% Apr 18
46
July
78
Oct
1
7
35% Apr
14%
Oct
*29
8% Deo
1%
3
8
24%May 2
3% Jan 11
7%May
14
14
1
Mar
121% Mar
1
29% Oct
105%
12% Mar
15% Oct
7
Jan
4% Nov
Apr
34% Nov
Sept
20% Deo
4% Nov
3% Feb
6% Feb
June
2% June
27* Aug
32
6
Dec
Aug
2% Aug
3% Apr 22
6% Apr 13
7% Apr 22
70
Apr
3% Sept
11% Apr 10
57% Mar
2
Jan
39%
39%
98
15%May 21
May 18
13%May 21
30
Deo
15%
Apr
4
28%
42
71
Jan
Apr
July 29
May 29
38
Sept
70
Oct
16
21
23
22
Sept
37% Sept
Apr
Apr
July
115
734 Aug
7%May
4% Mar
3%May
2
37
10%
37%May
38% Feb 13
39% Jan 3
9334June 13
61
6% Sept
11% Sept
Aug
Apr
3
15
Apr
36
Sept
77* Sept
60% Nov
Sept
31% Sept
50% Jan
115
23%
Jan
55
June 17
42% Apr 6
2478May 8
95
Sept 27
47% July
74
Oct
60
July 25
95
Oct
2
43
69
Oot
29
June
5
53
Oct
2
4H % convserleslOO
Aeronautical—No par
39
June 17
60
Oct
3
23% July
31% Apr
91
June 10
129
Apr
9
85
Apr
Wrlgley (Wm) Jr (Del)-No par
Yale A Towne Mfg Co
26
73
May 23
93
Apr 26
75
Mar
l6%May 28
984May 21
25
Jan
3
19%
Jan
4
Prior pf
Wright
Coach cl B-.l
100
Young Spring A Wire.-No par
Youngstown 8 A T
No par
5H% preferred ser A—100
Youngst'n Steel Door..No par
Zenith Radio Corp
No par
Zonlte Products Corp
—1
Yellow Truck A
Preferred
n New
stock
r Cash sale
98
May 25
63gJune 10
26%June 10
80
May 28
12%May 21
8%May 21
2
Mar
* wx-div
1
10%
Apr
May
18% Sept
11%
126% Sept 4
14
Apr 16
48% Jan 3
937gMay 10
Apr
98
Apr
9%
Aug
30
Apr
38% Sept
53% Sept
124% Nov
85% Dec
33% Mar
217* Oct
127
Nov
21% Jan
66% Sept
74
May
92
Sept
4
17
Apr
34
Sept
8
12
Apr
4% Apr 22
2
Aug
22% Jan
37* Sept
28%
Jan
17% Apr
t, en rta .tr-
Caded for redemption.
Oct. 5,
1940
2012
Bond Record—New York Stock Exchange
| |
FRIDAY, WEEKLY AND YEARLY
;
lo the
Interest"—except for Income and defaulted bonds.
Cash and deferred delivery sales are disregarded
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.
NOTICE—Prices are "and
Friday
Range or
Range
Friday's
A Asked
Since
Week Ended Oct. 4
Sale
Price
Week Ended Oct. 4
1947-1952
1944-1964
1946-1966
1941-1943
1943-1947
Treasury 4s
Treasury 3 %B
.
Treasury 3Hs--.-
Treasury 3 Ha
1941
1943-1946
Treasury 314s
.—-—1944-1946
Treasury 334 s
1946-1949
Treasury 3Hs
1949-1962
Treasury 3s
-—1946-1948
Treasury 3s
1961-1966
Treasury 234 s
1956-1960
Treasury 2%B
...1946-1947
Treasury 254 s
1948-1961
Treasury 2^8......
..1951-1954
No.
3
113.27 113.25
3
113.27
114.17 114.17
117 2
103.7
"l6
102 10 104.24
107 16 109.30
6
103 .7
111.8
103.8
103*7*
O
108.16 108.14
108.17
45
107 .12110.1
O
109.11 109.10
109.13
19
107 ;30 110.21
105.17
111.26 111.26
111.28
7
108 23112.13
D
112.21
112.21
1
111*8"
D
8
8
109.1
109.7
107 .20111.30
104 20109.16
109
55
106 .20 109.26
13
108.18 108.13
108.18
8
107.30 107.30
108.2
162
J
D
107.21
J
D
J
D
*108.22 108.26
106 .18 109.13
8
*108.19 108.22
106.13 106.14
105 13 108.31
M
107.27 107.19
D
3
M
106.14
107.26
107.27
103 13 108
2
65
103 ,16108.1
3s
214s
2
15%
3
20
26%
1
20
27%
21
20 %
21
2
20%
23 X
24
H
5
18
22 54
22%
4
1534
26 H
62 X
49
71
72
4
65X
85
104.23
Cuba (Republic) 5s of 1904
102 2
103.29
External 5s of 1914 ser A
D
105.16
105.18
102 28106.30
D
*104.19 104.22
101 13 104.24
Govt.
107,14
107.15
1054
108.12
J
103.16
103.17
103
1
104.25
J
D
J
-----
*102.7
102.17
100.6
102.10
1947
♦Gtd sink fund 6s
—.1948
Akershus (King of Norway) 4s. 1968
♦Antloqula (Dept) coll 7s A...1945
♦External s f 7s series B
1946
♦External s f 7s series C
1945
♦External s f 7s series D
1946
9?4
10)4
7 54
10)4
7)4
10
7)4
7)4
834
21)4
834
15 X
16
754
8)4
8)4
21H
15)4
15)4
1454
14K
7)4
18)4
77
s
a
95
65H
63
65)4
55)4
87 X
56
53)4
56
39
91
53
56
38
90)4
50)4
34
84
O
"50
MN
3
J
45 H
12
6)4
10)4
10H
25
12)4
10
A
25
20
25
8
50
50
50)4
3
32
J
J
50)4
50)4
5
30)4 100)4
50
50
4
35
108
13
12
25
102)4
"l5"
19?4
25
20
25
21
11
7)4
14
15)4
45
10)4
8)4
21
23)4
1154
11)4
12)4
55
12)4
12
12H
60
8)4
18)4
18)4
13
12-
13
37
8)4
18)4
♦iCons Agrlc
♦7s part paid
1968
22
♦6s part paid....
*10
Haiti
(Republic)
s f 6s ser A... 1952
209
8%
20 H
12
5H
17
*19
T9H
16%
*15
_
49
6%
26
20
H
1154
9%
26
20
9
"l3"
13
....
25
J
8H
8%
854
834
8
1961 Af N
834
854
9%
A
A
47
50
39)4
63)4
49)4
50
O
49)4
41
66
53)4
40
67)4
32)4
31
32)4
J
12
3
*9)4
M N
8
12
A
O
94)4
94)4
9)4
14)4
91)4
98)4
90)4
100
ser
117
23
54%
A
76
66%
76
180
66H
Extl sinking fund 5Hs
9134
1965 Af N
55
51%
56
91
51X
70
10
1034
3
20
7
A
83
107
61
92)4
78
8254
80
82 U
27
68)4
96)4
93)4
96)4
89
82)4
79)4
82)4
28
59)4
88)4
J
8
8
*18
22
2
32
20
8
1960
18)4
23)4
23)4
*12)4
""5
Milan (City. Italy) extl 6Hs
Mlnas
Geraes
*1%
2
H
154
*1%
.....
x
2
1952
A
O
1958 M 8
10
22
♦Sec extlsf 6Hs
1959
M
1952
J
15
♦Montevideo
25
10
23)4
(City) 7s
12
17
♦6s series A.
..1959 UN
New 80 Wales (State) extl 5s. .1957 F A
External s f 5s
Apr 1958 A O
11
14)4
Norway 20-year extl 6s
*45
40
71H
57
56
57)4
47
33 %
9034
63
62
65
27
35
89
*44
97 H
2
29 H
97 H
33 H
34
14
90
33 H
34
22
23 %
20 H
33 H
34
31
20
80
*27)4
34
2134
80
954
23
20-year external 6s
14)4
External sink fund 4 Hs
1956 Af P
1961
F
12 %
12H
11
12)4
11H
1
12
17
External s f 4Xs__.
1965 A O
1963 F A
1970 J D
1961
M
Sept 1961 M
♦External sinking fund 6s...1962 A
♦6s assented
1962
A
1963 Af N
1963 Af N
11H
4s s f extl loan
17
Municipal Bank extl • 15s
17
10)4
12)4
2
12)4
11
11
10
10)4
14)4
16)4
14)4
12)4
12)4
1
12)4
10
1
33 H
-
-
-
-
17
10
70
46 %
17
14)4
11
11
*ir
"*ii
10
A
21
21
4
16)4
10)4
1952
F
14)4
12
*12)4
♦Nuremburg (City) extl 6s
14)4
i
For footnotes see page 2017.
71 H
46 34
10)4
10)4
1234
1254
44
A
12
12
434
-
F
14
5
-
•
50
29
12
12)4
11)4
12)4
6334
2
11)4
3
8
4X
46 X
12)4
12)4
8%
4634
11
Jan 1961
Jan 1961 J
23
105
2854
134
A
12)4
♦Ry extl s f 6s
~
1H
F
12H
*12 H
26%
*7%
8
D
11%
J
134
*7%
27
1
%
%
(State)—
♦See extlsf 6Hs
10
1%
*1%
34
1
*1
1945
§*Treas 6s of '13 assent
A
Feb 1961 F
8254
D
1954 3
♦Assenting 4s of 1910
A
♦6s assented
14 H
53
75H
1933 Y "3
♦Assenting 4s of 1904
1
"~2
15X
7
6
8H
*154
1960
11
20
12
*154
1960
11
1754
12X
.....
j
1943
1944
1942 M iV
7
1943 UN
J
♦Mexico (US) extl 5s of 1899 £.1945 Q
♦Assenting 5s of 1899
—..1945 Q
"23
15)4
m'N
7)4
*69
18
9)4
~25
25
23 %
0
on..1960
6
20
*15
8%
14)4
*10
♦Farm Loan s t 6s...Oct 15 1960 A
1942
213
10
M JV
277
Mexican Irrigation—
101)4
37
1967
It 68
O
♦Jugoslavia (State Mtge Bk) 7s 1957
♦Leipzig (Germany) s f 7s
1947 F A
♦Lower Austria (Province) 7 Hs 1950 J D
15
69
25
30-year 3s
78 %
2834
J
42 X
1954
93
1944
72
25%
n\-
D
1951
B "47 M 8
Mendoza (Prov) 4s read]
92
72
92
34 H
25
26%
I960 M
f 5s
14
92)4
84)4
92 54
9
'
s
1954
84
A
7-year 2)48
•Carlsbad (City) 8s
1964 J
♦Cent Agric Bank (Ger) 7s
1950 M
♦Farm Loan s f 6s...July 16 I960 3
100
9
32 %
45
....
45)4
*51
M N
5X
20
28%
65)4
F
7
1054
9H
11
65
50
6X
32 H
38)4
46)4
6
47
65
*55
5%
2
60
♦Italian Public Utility extl 7s„1952 /
Japanese Govt 30-yr s f 6 Hs—1964 F
50
7
....
42%
27%
10H
8
19
75
*53%
D
M
25
10
22H
30
A
F
/
Af 8
1
90
7
8
....
8%
1634
65
*2734
Hungary 7Hs ext at 4Hs to... 1979
Italy (Kingdom of) extl 7s
Italian Cred Consortium 7s
H
21 %
7%
1
6854
*7 34
22 H
2054
10%
16
20
18
26
7%
13
6854
"25*"
h
18
-
15
1054
J
♦7s secured s fg...
1946
♦Hungarian Land M Inst 7 Hs. 1961 Af N
♦Sinking fund 7Hs ser B
"10% "25%
114
O
Irish Free State extl
"93"
♦8s assented
15H
11
Hungarian Cons Municipal Loan
♦7 Hs secured s f g
...1945
87)4
4
109
10
19
78
"il
92 H
45% 118
13
79
8)4
% 105
15%
50
42
754
40
"68*
19
33
8H
20
9H
4
92
*42
33
J
♦6s assented
53 %
J
1
J
♦External sinking fund 6s
25
*51
O
2
1961
♦Extl sinking fund 6s..Sept
21
20
1946
♦Heidelberg (German) extl 7 Hsl950
Helslngfors (City) extl 6Hs
1960
50
Aug 16 1945 F
♦Extl sinking fund 6s..Feb
80
*21
A
♦Hamburg (State 6s)
51)4
1962 ¥N
♦6s assented
63%
40
*10
61
1960
♦External sinking fund 6s
40
48 H
53 X
25
O
50
7Hs—..1968
♦7s assented
29 %
*46%
1968
*56
51 34
16
7
8H
*7%
75
65
*11 H
¥
A
25-year 3)4s...
♦6s assented
76
11H
1964
♦Sink fund secured 6s
♦Medellln (Colombia) 6Hs
♦6s Jan. 1937 coupon on..
7634
65
22
20
♦Greek Government s f ser 7s..1964 UN
D
1967 J
♦6s Apr. 1937 ooupon
♦Chile (Rep)—Extl s f 7s
68
68%
"65"
1154
V
..1975
30-year 39
66
65
1958 J D
Loan) 6Hs
♦4Hs stamped assented
10-year 2Hs
76%
"o
J
M 8
1961
1977
1976
1976
5a...
75
65
German Prov A Communal Bks
f % bonds.....1984 J
♦Stabilisation loan
65H
1
67
11
87 H
96)4
M
Canada (Dom of) 30-yr 4s
8
66
D
54)4
F
f 7s
67 H
66
1965
70)4
Bulgaria (Kingdom of)—
♦Secured
65 H
1965 /
unstamped
61)4
Buenos Aires (Prov of)
3% external
"65"
O
Govt International—
♦6Hs of 1930 stamped
65
1965
External s f 4)4-4)48
German
♦6Hs
..1945
1949
External read) 4 54-4 54s
"l6
O
14 H
71
8
Refunding s f 4)4-4 He
65H
106
81
J
f 4>4-4)48
63 H
55%
76%
%
67
8
"d
63
1965
♦Berlin (Germany) s f 6Hs
1960
♦External sinking fund 6s
1968
♦Brazil (U 8 of) external 8s
1941
♦External s f 6Hs of 1928—1957
♦External s f 6 Hs of 1927...1957
♦7s (Central Ry)
1952
Brisbane (City) s f 6s
1957
Sinking fund gold 5s
1958
20-year s f 68_.-__
1950
♦Budapest (City of) 8s.
1962
s
73
18H
17H
1949 J
1949
79
External 30-year s f 7s
External
20
9
28
J
1948
J
1967
..1945 U 8
♦Frankfort (City of) s f 6Hs... 1953 Af N
D
French Republic 7Hs stamped. 1941
7 Hs unstamped
1941
6854
3
♦6s stamped
8
35 H
34
Estonia (Republic of) 7s
Finland (Republic) ext 6s
71
M
f 6s
34%
O
65
A
13 X
32 H
O
80
1966
1967
Belgium 25-yr exti 8Hs
12
32
1961 M 8
F
A
14%
8%
8H
14H
34 X
1969
7s unstamped
81H
70
74 %
33H
1969
External 7 s atam ped
104
98
82%
3
M N
1957
♦Bavaria (Free State) 6Hs.
.
1st series
62
61%
O
♦5Hsstamp(Canadlan Holder)'65
♦German Rep extl 7sstamped.. 1949 A
♦7s unstamped
1949
1955
External g 4Hs of 1928
66
8
*8%
1972
loan 4s Apr.. ..1972
♦Austrian (Govt) s f 7s
40
10)4
*954
834
8 f extl oonv loan 4s Feb
External 6s of 1927
20)4
33 %
954
*9%
Argentine (National Government)—
8 (external 4)4s
1948 M N
Australia 30-year 6s..
20)4
*9%
*25
J
J
1971
28)4
29
20)4
O
A
Af 8
1958
S f external 4Hs
5Hs
101H
148
A
F
Apr 15 1962 A
Dominican Rep Oust Ad 5Hs._1942 Af
1st ser 5Hs of 1926...
1940
2d series sink fund 5Hs
1940
External g 4He
♦El Salvador 8s ctfs of dep
20
23
*20
A
F
f 7s 2d series. 1957
Antwerp (City) external 6s
s
97)4
53 H
101
12
♦Dresden (City) external 7s... 1945 M N
♦External sec s f 7s 3d series. 1967
External
1955
74%
*10
"l2
1942 J
External gold 5Hs
103 %
93
53 H
"74 %
1951
1952
♦Sinking fund 8s ser B__
100
*99
*10034
♦Public wks 5Hs—June 30 1945
♦Czechoslovakia (Rep of) 8s
97)4 102 H
*101
53 %
21
13
18X
*100 %
A
1949
1977
Sinking fund 5HS—Jan 16 1953
5Hs 2d series
♦External s f 7s 1st series. ..1957
8 f extl conv
88 H
97)4
Municipal
♦Gtd sink fund 6s
sec s
*14
S
Af
1949 F
Customs Admin 5Hs 2d ser.
96 H
D
/
1980
Agricultural Mtge Bank (Colombia)
♦External
....1951
1944
Denmark 20-year extl 6s
City
&
"n"
M N
105.2
Transit Unification Issue—
Foreign
23 X
4 Hs external debt
103.16 105.15
3% Corporate stock
8
M
External loan 4 He ser C
3
Af N
3
20
101 .7
103 9
25
1554
13
6%
26%
*104.13 104.16
103.22 103.25
103.22
Now York
"25"
12%
6
*4H
D
8H
20 %
D
*103.20 1 03.24
13%
1754
"5
"2
"9%
26 %
20
105 20 108.21
1 Hs series M
"Th
3
Jan 1961
6)48—1947 A O
♦Sinking fund 7s of 1926
1946 M N
F A
♦Sinking fund 7s of 1927
1947
Copenhagen (City) 5s._
1962 J D
25-year gold 4Hs
1953 Af N
J
Cordoba (Prov) Argentina 7«..1942 J
J
1942-1944
1946-1947
S
♦6s of 1927..
105 22108.24
214sseries G
M
♦Colombia Mtge Bank
D
103.22
16
34)4
34
./
....Mar
1 1942-1947
Corp—
May
1 1944 1952
8
10
J
Af 8
14
9
27 H
♦Costa Rica (Rep of) 7s
107.24
"~6
14
M
J
9
11X
10%
27 H
107.3
107.29
4
12
10
107.2
107.24
10
*11H
~10H
O
103 .4
107.29
11H
10
10
O
Af N
16
13%
16
9%
11%
...
25
103 .2
M 8
10 %
11H
IN
13%
9
22
106.18
Home Owners' Loan
3s series A
10H
16%
10%
15
13
*10
High
Low
9
*11H
O
♦Coiogne (City) Germany 6HS.1950
Colombia (Republic of)—
♦6s of 1928
Oct 1961
103 24108.12
M
No.
10%
D
1961
♦Chinese (Hukuang Ry) 5s
104 18 108.30
109.6
D
J
...May 15 1944-1949 M N
J
Jan
16 1942-1947 J
3s
♦7 s assented
105 24 109.19
110
109.12
109.6
♦Chilean Cons Munlc 7s
111.22
108 ,6
14
118
111.12
108.28
109.7
8
M
—1968-1963
Treasury 2%s
1960-1966
Treasury 214s.—....
1946
Treasury 2 Hs
...1948
Treasury 214s....
1949-1963
Treasury 2Hs..
1960-1962
Treasury 214s....
1951-1953
Treasury 214s
1954-1956
Treasury 2s—
1947
Treasury 2s
.....1948-1960
Federal Farm Mortgage Corp—
314 s
Mar 15 1944-1964
109.1
4
111.8
111.8
111.12 111.9
3
M
Treasury 254s
♦6s assented
109 14113.10
Af
1966-1959
♦6s assented
♦Guar sink fund 6s
D
M
1961
1961
1962
1962
1960
1960
10
D
1961
♦6)48 assented....
♦Guar sink fund 6s
Since
112
112
10 H
D
1961
♦Sink fund 654* of 1926
2
102.12
108.10
♦6 He assented
111 16115.9
High
Low
112
D
1957
1957
♦Chile Mtge Bank 6)4s
111 .18115 6
114.17
102.12 102.10
121.6
Price
Foreign Govt. & Munlc. (Cont.)
High
Low
A
lis
Treasury 2'4s
High
120.10
120.10 120.7
A 0
3 D
Af 8
Af 8
J D
Treasury 3 >48-
Treasury 3
Bid
Low
Government
United States
rreaaury 434"
Range
Jan. 1
N. Y. STOCK EXCHANGE
Jan. I
Fridays
Bui
A
Asked
BONDS
EXCHANGE
N. Y. STOCK
Range or
Sale
Week's
Last
Week's
Last
Friday
BONDS
80 H
■j
Volume
New York Bond Record-Continued—Page 2
151
Week's
Friday
BONDS
N.
Y.
Last
*•« a.
Foreign Govt. & Mun.
♦Panama (Rep) extl 5%s
♦Extl 8 I 5s eer A..
No. Low
High
45 x
52 %
248
44
J
D
48 x
87
29x
1
102
"53 %
M
S
7
6x
*5 x
6%
6%
9%
♦5
...1940
1958
♦4 X« assented...
♦Stabilisation loan a
ox
1947
17s
5
4
~*7%
10 X
♦7x
♦8X
9x
25
19%
25
17
1946 A
1953 F
♦8s extl loan of 1921
1946
♦Qs extl
1968
♦7s extl loan of 1926
1966
MN
♦7s municipal loan
Rome (City) extl 6Xs
.1967
25
J
4
59
5
41x
98
15
21
"~7%
"22
6x
7
5x
4x
11H
10x
10
10
8
7
13
8
14
5x
hx
10
8x
9x
714
103
.....1952
A
A
♦February 1937 coupon paid
♦Saarbruecken (City) 6s
1963
Santa Fe extls f 4s.._.
......1904
/
"30"
O
F
5
12
7
12
29x
*7x
81
27
01
14
x
13x
12 x
♦6s extl dollar loan
........1968
11x
10%
35
35x
23
14x
13 x
hx
39x
19
x
D
Af N
to Jan
1
15%
....
00
®*N ybb 3
0
14 x
4x
13x
hx
40x
20
19
4x
20x
12 x
10
10x
9x
9
31
7x
7x
D
15x
14x
3
5x
6x
9
16 x
5
"o" "ii
"«4x
...1947
♦13x
1955
*42
60
Con ref 4s
4s stamped...
Af N
6s
1964
Af N
1979
Af N
1979
Af N
*41
36
41
105
Debenture gold 5b.
03
63
53
31x
51x
2
34
66 x
2
30 x
50
61
8
12
42
36
O
27
43x
x
x
31
*23 x
......1952 M N
11x
1958 F A
.1958 F A
1961 J D
11x
"*3x
50 x
43
"14
12
"3 x
3
43
40
52
Bank
BONDS
Friday
7x
Last
Range or
Rating
Sale
See a
Price
Friday's
Bid
dfe
Ask
•5 a.
Range
P
,
Since
Jan. 1
RAILROAD and INDUSTRIAL
COMPANIES
lf*Abltibl Pow A Pap 1st 58.1953 / D
Adams Express col! tr g 4s
1948 Af 8
1947 J
Coll trust 4s of 1907
z
49%
cc
y
bb
45%
*100%
*100%
107%
D y bb
10-year deb 4X> stamped. 1946
Adriatic Eiec Co extl 7s
.1952
y
bb
*
y
bb
1943
x
aa
110%
....1943
x
aa
*107%
y
b
Ala Gt Sou 1st cons A 5s
1st cons 4s series B
Albany Perfor Wrap Pap 6s..1948 A
6s with warr assented.
1948 A
*45
1946 A
x
bb
y
A
Allegh Val gen guar g 4s....1942 Af S
Allied Stores Corp deb 4 Xs.. 1950 A O
...1951
Allls-Chalmers Mfg conv 4s.l952
♦Alplne-Montan Steel 7s
1955
Am A Foreign Pow deb 5s...2030
Amer IG Chemconv 5Xs—1949
Am Intemat Corp conv 6X8.1949
Amer Telep A Teleg—
20-year sinking fund 6XS-1943
3X8 debentures..
1961
3 X ■ debentures
1966
Am Type Founders conv deb -1950
4Xs debentures....
.
.
...
Am Wat Wks A Elec 6s ser A.
F
b
53
bb
x
aa
y
bbb2
M
S
a
3
M
S y b
S y b
2
M
Af N
/
x
2
bbb3
J y b
105
mm
...»
45
60
46
01
68%
87
69
94%
68
79%
20%
56%
-
.
77
79
48
55
399
100
99%
107
107
26
25
49%
103%
49%
103
98%
98%
105»JJ
A
O
x
aaa3
109%
109%
J
D
x
aaa3
109%
109
3
1975 MN y bbbi
x
109
92%
105*S2
O
34
2
98
aaa3
Anaconda Cop Mln deb 4 Xs .1950 A
....
108%
80%
110%
108%
25
X
J y bb
100
94
MN
J
m~m
57%
97% 104%
98% 104%
——
108
52%
*63%
104%
*100%
_
A y bbbi
x
3
107%
53%
110%
27%
82
93%
78%
cc
y
A
mmmm
82
y
1949 J
........1950
Allegb & West 1st gu 4s.....1998
♦5s stamped
mrnmm
55
bbb3
y
Coll & conv 6s
35
49%
*40
_
Alleghany Corp coll trust 6s. 1944 F
Alb A Susq 1st guar
3Xs
y b
bbb3
59
104%
102%
100%
108%
103%
104
04%
104% 107%
99
101 %
99
89
100%
28
108
2
26
181
50%
103%
98%
50
22
106% 111
17%
26
44
68%
100% 105%
91
105%
37
106'aj 109%
43
105%
109%
109%
96
108%
2
....
104
52
1
96
110%
103% 110%
93% 107
109%
104%
20
96
109%
23
102
107%
32%
44%
99%
12
27%
41
12
32
50
97%
99%
♦Anglo-Chilean Nitrate—
1907 Jan
8 f Income deb
{Ann Arbor 1st g 4s
1995 Q
Ark 4 Mem Br A Term 5s..1964 Af S
Armour A Co (Del) 4s B...1956 F
1st m s f 4s ser C (Del)
1957 J
A
32
y
43%
bb
x
32
43%
y cc
bbb4
*98
x
aa
2
95% 104%
2
103%
102%
72
aa
103%
103%
104
x
104
35
95
O
x
aa
2
105%
105%
106
103
1995 Nov
...1995 MN
x
bbb3
x
bbb3
Conv gold 4s of 1909
1955 J
D
x
aa
Conv 4s of 1905
1955 J
x
aa
Conv gold 4s of 1910
1900 J
1948 J D
Rocky Mtn Dlv 1st 4s ...1965 /
Trans-Con Short L 1st 4s_.1958 J
x
aa
Conv deb 4Xs
x
aa
104
100%
Atchison Top A Santa Fe—
General 4s
Adjustment gold 4s
Stamped 4s
.
1996 A
Cat-Ariz 1st A ref 4Xs A..1962 M 8
A tl Knox A Nor 1st g 5s
1946 J D
Atl A Charl A L 1st 4Xs A..1944 J
1st 30-year 5s series B
1944 J
Tot footnotes see page 2017
87
87
87%
2
2
87%
87%
95%
94%
96
14
2
90
*
96
3
----
103%
104
30
92
90%
97%
95
90
105%
100%
110%
100%
30
99
110%
3
108
a
*108%
109%
——
x
aa
*112
x
bbb3
x
bbb3
aa
x
mm
m,
—
98%
*95
98%
Attention is directed to the
-
96%
98%
new
-
--
-
-
-
2
96%
100
100
aa
104%
101% 107%
77% 87%
70%
89
110%
x
x
100
1%
1%
113%
1
70
79%
70
74%
23%
12%
110%
107%
113%
115%
95
95%
4
98%
107
107%
111%
2
72)4
71%
70%
20
19
0%
7%
7
7H
6%
5
*109%
*103
111%
113%
Bklyn Un Gas 1st cons g 5s..1945
3
..1950
------
1st Hen A ref 5s series B...1957
8%
8%
112
111
107%
9% 112%
7% 109
Stamped
modified (Interest
*107%
MN zb
at 3% to 1946) due
1957
{Burlington Cedar Rapid A Nor
A
1934
»Mst A coll 5s
42%
41
1955
61%
43
7
2%
65%
32%
46%
42%
Bush Term Bldgs 5s gu
1900
Calif-Oregon Power 4s......I960
Canada'Sou cons gu 5s A—1902
25%
3
70
1952
Consolidated 5s
181
4%
♦Certificates of deposit..
Bush Terminal 1st 4s
43
4%
O
6%
70%
47
61%
107
100
107
82
65
85
69
Week's
Eliff. <b
/
109%
92
71%
92
Canadian Nat gold 4%«
1957
Guaranteed gold 5s—July 1909
STOCK EXCHANGE
Week Ended Oct. 4
•
105%
100
Buffalo Rochester A Pgb Ry—
40x
8%-4-4%s (3 bonds of '37)
N. Y.
100%
103%
109
70
Buff Nlag Elee 3 %s series C.1967
55x
99
*99
73 %
20
103% 112
102
*107%
Buffalo Gen Eleo 4%s B....1981
32 x
55
17
105%
1st lien A ref 08 series A..1947
02 X
65
33
41x
42 x
36 x
50 x
107%
106%
103%
Bklyn Edison eons M 3%s—1966
Bklyn Union El st g 6s.....1950
23
89
25
45
103%
4%s ser A. July 1970
45
42 x
3%-4%-4»iis extl conv..—......1978 J p
4-4%-4%s extl readj...
1978 F A
J
3Xs extl readjustment
...1984 J
24 x
9
107%
100 %
{♦Boston A N Y Air L 1st 4s. 1956
33
52 x
22
25
22
13%
1961
1900
63
*46
»X»-4-4X8 ($ bonds of '37)
external readjustment
l"
72 X
117X
127H 135
112
14%
11%
..1955
87
*46
45
45
6714
25
114%
133%
Boston A Maine 1st 6s A 0—1907
Inc mtge
70
72
37
Big Sandy 1st mtge 4s......1944
Blaw.Knot 1st mtge 3 %s_—1950
1st g 4Ws series JJ
1st mtge 4a series RR
59%
101
54
Consol mtge 3s ser G
1960
Consol mtge 3%s ser H...1985
24
1900
external 7s
♦4x« assented
Yokohama (City) extl 6s..
46 X
89
1955
45 "
*46
♦Warsaw (City)
♦Debenture 6s....
49 X
32
54
1st A ref 5s series C......1960
48
50
A
A
72
...1951
42
O
F
46
1952
61%
%
90
Battle Cr A Stur 1st gu 3s_.1989
Beech Creek ext 1st g 3%s—1951
53
25
A
1946
Venetian Prov Mtge Bank 7s..
40
61
.......1951
8
S
.1961
external conversion......
30
15%
57%
Bangor A Aroostook 1st 5S..1943
40 x
Tokyo City 5s loan of 1912
External s f 5%s guar
.....
36
15%
7%
48
1947) due... 1950
1st M 5s series II
10 x
10
.1971
♦Vienna (City of) 0s
3
%
Belvidere Del eons 3%s
1943
♦Berlin City EI Co deb 8 %s.l951
8x
Taiwan Eiec Pow at
■ f
cc
S'west Dlv lstM(intat3%%
22
13 x
43
30
37
66
1945
MN
♦Externa!
ccc4
35%
z
Feb 11900
80
19
♦21x
.........1940
f 0s..
15 x
30
15 %
12 %
z
Sept 1 1946) due.. 1996
23
1936
13 x
•
30
33
1%
♦Debsinking fund 6%s—.1959
1950
♦External
70 w
41
•Berlin Elec El A Undergr 6 He '56
M
56 w
33
Beth Steel 3%s conv debs.. 1952
Cons mtge 3W» «er F
195*
1952
02x
75%
102 h 107 x
82
9
97
36
10x
♦Uruguay (Republic) extl8i._
34%
73
36
7X
f 5Xs
5%s
23%
32%
106%
37%
53 x
1950
s
41
*94
70 h
Oybb 3
1 1940) due... 1995
Ref A gen ser D (lnt at 1%
to Sept 1 1940) due..2000
*6%
♦Slleslan Landowners Assn 6s
28
to Dec
Af N
J
70
70
38 %
36%
31%
72%
100 %
71
.....1957
1902
55
33%
12
.....1958
1958
02
61%
69%
8X
♦4%b assented....
77
41
J4
Ref A gen ser A (lnt at 1%
to Dee 1 1940) due..1995
*7%
♦7s series B sec extl
64%
57 %
67 %
69
70%
Af N
♦Silesia (Prov of) extl 7s
68
54%
65%
65%
1st mtge g (lnt at 4% to
Oct 1 1946) due.July 1948
22
♦7s extl water loan
High
ore,
66 %
July 1948
Stamped modified bonds—
9
♦8s external
1
Jan.
High
69
37
♦Sinking funC g 6 Xs
1946
Serbs Croats 4 Slovenes (Kingdom)
♦8s secured extl
.........1962
Ask
A
Low
1st mtge gold 4s
*5
♦Saxon State Mtge Inst 7s
Rince
Friday's
Baltimore A Ohio RR—
37
— ...
Range
Range or
Bid
Atlantto Refining deb 3s....1953
Austin A N W 1st gu g 5s...1941
1952
f 7s
Last
Sale
I Price
Bell Telep of Pa 6s series B__1948
of, Brazil)—
(State of)—
|*8s extl loan of 1921
1
Atl A Dan 1st g 4g
..1948
8econd mortgage 4s
1948
Atl Gulf A W I S3 coll tr 5S..1959
12 x
9x
7x
7x
San Paulo
Sydney (City)
See
M 8
♦8s extl secured s f
s
Rating
PghLE A W VaSystem—
Ref g 4s extended to..1951
3
J
♦6X8 extl secured • f
Elig. &
f V sr
LAN coll gold 4s...Oct 1952
♦Conv due
4
9x
9x
32x
10
9x
9x
D
♦Roumanla (Kingdom of) 7a ......1959
♦Secured
Ci
Railroad & Indus. Cos. (Cont.)
Atl Coast L 1st cons 4s. July 1932
to
76 x
6%
6%
1
Ref A gen ser F (lnt at
60 X
O
C
Toledo Cln Dlv ret 4s A..1959
f g
Sao Paulo (City
25
11%
42
13
12
27
25
11
9
♦16x
D
s
6x
"25
«
Ref A gen ser C(lnt at 1 1-5%
11X
6
70
O
see
T
60
A
(City of) 8s
6X3
Rio Grande do Sul (State of)—
♦Extl
10W
10x
8w
10x
16x
9x
3
r
Queensland (State) extl a f 7s....... 1941 A O
25-year externa! 6s...
.....1947 F A
♦Rhioe-Matn-Danube 7s A........1950 M 8
11
4
4
x
10x
9 x
"Tx
O
1952
♦Rio de Janeiro
42
4x
♦3X
1968
1950
♦4Xs assented
.......1963
♦Porto Alegre (City of) 8s
1961
♦Extl loan 7Xs
1966
•Prague (Greater City) 7 Xe
1952 MN
♦Prussia (Free State) extl 6 X*
1951 M S
f 6s..........
60
*8
♦4%s assented,...
8
53
8
♦External alnk fund g 8s
♦External
74
4x
5x
4x
4x
8x
3x
»
Genera! unified 4%a A
1964
10-year coll tr 6s..May 1 1945
60
1
6
7
1961
75
53
6x
1960
{[♦Poland (Rep of) sold 6a
53 x
"5%
68
90 x 105x
59 x
82
♦49
1959
♦Nat Load extl a f 6a 2d ser
x
5%
53
05
19x
63
m~9
♦Nat Loan extl • f 6a 1st ser
45 x.
44
10
102
♦57
M N
1947
external 7a
765"
MN
1963
1963
♦Stamped assented
46
O
.1963
♦Ctfs of deposit (series A)
♦Pernambuco (State of) 7a...
♦Peru (Rep of)
A
1956
......1953
tr
Week Ended Oct. 4
29 x
48 x
.....1053
1968 MN
vts
BONDS
Y
Jan. 1
Hiob
Low
(Concl)
Oriental Devel guar 6a
Extldeb 6^8
Oslo (City) B t 4X8—
Since
Ask
&
II
Range
Friday's
Bid
Price
Week's
Friday
Bank
Range or
Sale
STOCK EXCHANGE
Week Ended Oct. 4
I
2013
93%
95%
96%
Guaranteed'gold 5s...Oct 1969
Guaranteed gold 6s
1970
Guar gold 4Ws__June 15 1955
Guaranteed'gold 4 He
1958
Guar goldT4%s..
Sept 1951
Canadian Northern deb 0 Xs.1946
Can Pac Ry 4% deb stk perpet—
Coll trust 4%s
1940
5s equip trust
74% 107
72% 106%
90%
95%
95%
72% 103%
71% 103
106
87
54
31
ctfs........1944
1954
113%
69%
57% 89%
87% 108%
74%
"71%
54
84%
102
Coll trust gold 5s..Deo 1
109%
90
100%
64
Collateral trust 4 %s——1900
{♦Carolina Cent 1st guar 4s. 1949
TCaro Clinch A Ohio 1st 6s A1952
Carriers A Gen Corp 5s w w. 1950
96%
*48%
.
Cart A Adlr 1st gu gold 4s...1981
85
Oelotex Corp deb 4%s w w_.1947
♦Cent Branch U P 1st g 4s_.1948
40
16
83%
*12
50%
73%
90%
8%
19%
*25%
30%
4
1%
1%
*5%
2%
25
*5%
{♦Cent of Ga 1st g 5s...Nov 1945
|*Consol gold 58
-.1945
♦Ref A gen 6%« series B..1959
♦Ref A gen 5s series C
1959
♦Chatt Dlv pur mon g 4s.. 1951
♦Mobile Dlv lstg 5fl —.1940
Cent Hud G A B 1st A ref 3 He '05
Cent Illinois Light 3%s
1960
1%
7%
3%
3%
1%
*2%
*109%
106
109
109% 111%
*110
48%
50
37
64
16%
15
17
12
20%
15
15
15%
50
{♦Cent New Engl 1st gu 4s—1961
{♦Central of N J gen g 5s...1987
♦General 4s
1987
8%s—1962
gold 4s..l94»
Through Short L 1st gu 4s. 1954
Guaranteed g 5s—..—I960
Central RR A Bkg of Ga 5s3l942
Central Steel 1st g s 8s
1941
Certain-teed Prod 5%s A...1948
Champion Paper A Fibre—
8 f deb 4W« (1935 issue)..1950
S f deb 4%s (1938 Issue)—1950
Chesapeake A Ohio Ry—
General gold 4%s
.1992
Ref A Imp mtge 3%s D—1990
Ref A lmpt M 3 %s ser E— 1996
Ref A impt M 3 He ser F—1903
Potts Creek Br 1st 4s....1940
R A A Dlv 1st COn g 4s—1989
2d consol gold 4s......1989
Warm Spring V 1st g 58—1941
♦Chic A Alton RR ref g 38—1949
Chic Burl A Q—111 Dlv 3XS.1949
Illinois Division 4s
—1949
General 4s
......—1958
1st A ref 4 He series B
1977
1st A ref 5s series A——..1971
72% 103%
75% 100%
75% 107%
108%
67%
108%
68%
Central N Y Power
108%
10% 18
105% 110
3
..
bbb3
x
69
66
47%
31%
54
50
02%
09-
54%
107»w 1121!!
*107%
80%
"§2%
104%
104%
103
82
x
73%
67
45%
*50%
47
67%
*65
Cent Pac 1st ref gu
103%
101% 106%
102
104%
120%
101%
101%
106%
127
118
104%
bbb3
102%
100%
65
82%
127
102%
94
102%
106%
94
102%
102%
103
107%
109
109
113% 117%
*116%
*108%
106
111
*98
11%
91
96%
84%
75%
82
12%
92%
97%
""7% "iT%
90% 98
93% 102%
86
83
93
76
71
84%
85
75
90
104% 109%
114
114
92
97
93
99%
column Incorporated In this tabulation
'.
I
■
'
pertaining to bank eligibility
1
and rating of bonds.
See i,
=•ssssMrnsssmmmaamm
Friday
mo. &
BONDS
n.
Railroad A Indus. Cos.
See
(Com.)
gold 5a..1982
J^Cblcago Great West 1st 48.1959
J^Cblc Ind A Loulsv ref 6s..1947
♦Refunding g 5s series B_. 1947
♦Refunding 4s series C...1947
♦1st Ages 5s series A
1966
♦1st A gen 6s ser B_.May 1966
Chic Ind A Bou 50-year 4s.. 1956
tCblc Milwaukee A St Paul—
♦Gen 4s series A
.May 1 1989
♦Gen g 334« ser B.May 1 1989
♦Gen 434s series C.May 1 1989
♦Gen 434s series E.May 1 1989
♦GeD 434s series F.May 1 1989
fClilc MUw St Paul A Pac RR—
♦Mtge g 5s series A
1975
♦Conv adj 58
Jan 1 2000
b
X
cccl
A O
Af N
AfN
M 8
j j
Chicago A Erie 1st
2
bbb2
x
ccc3
x
ccc3
z
ccc3
x
ccc3
2
cc
2
ccc3
z
ccc3
z
ccc3
j
j
j
j
z
ccc3
z
ccc3
z
21
12%
2
3%
1934
10%
10
7
7'
8
334
10%
66
27
27%
21
1634
27
28%
43
18
27%
2934
Detroit A Mac 1st lien g 5S..1995
2834
2834
2734
2834
67
17
29%
DetroltTerm A Tunnel 434s. 1961
28%
28%
27
15%
30%
Dul Miss A Ir Range Ry 3 34s
,■434
534
135
334
1%
1%
49
7%
234
63
66
15%
28%
Gen A ref M 4s ser F....1965
Gen A ref mtge
3 34s
♦Second gold 4s
1995
534
1
%
1
z
M N
z
ccc2
z
cc
d
D
D
j
j
j
2
z
cc
cc
2
z
MN
11
-
1
z
z
ccc2
z
cc
cc
z
c
1
z
c
1
z
c
1
m"S
|*8ecured 434s series A...1952
♦Certificates of deposit
I960 AfN
Cta St L A New Orleans 6s.. 1951 / D
Gold 334s
Judo 15 1951 / D
Memphis Dlv 1st g 4s....1951 |J D
Chic T H A Bo'eastern 1st 5s_1960 J D
Income guar 5s
Dec 1 1960 M 8
♦Conv g 434s..
y
36
6
21%
1134
11
197
6
110
5%
11%
234
184
1%
4
b
1434
12 34
42
51
36%
1967
aa
j
aa
8
J
3
M
A
aaa3
a
J
cc
aaa4
F
A
J
D
aaa4
F
J
J
bb
Cleve Cin Chic A St
J
/
x
D
D
J
x
bbb3
b
y
/
2
♦Ernesto Breda 7s
Fairbanks Morse deb 4s
2%
2
69
80%
76
■
,
67
07
50
47%
61%
56%
48
63%
43
40
64
'mm.
*
mm.
J y bb 3
UN y bbb2
x aaa4
j
J\
A
O
A
O
J
J
x
..1954
A
/
O
x
aa
100% 106%
101
23
1943
aa
x
bbb3
x
bbb3
O
x
bbb3
x
bbb3
o
D
A
1970 \A O
Colo A South 434s series A.. 1980 MN
mtge
1952
Debenture 6b
-Apr 15 1952
Debenture 5s
Jan 15 1961
Columbus AH V lstext B 4b. 1948
Columbus A Tol 1st ext 4s_.1955
Columbus Ry Pow A Lt 4s..1965
Columbia G A E deb 5s_May
Af N
A
O
J
J
A
O
F
A
UN
x
aaa2
x
m'.m
b
3
y
b
3
xbbb3
x
bbb3
x
bbb3
x
aaa3
x
*10834
*109%
*83 f.
aa
1mm.m
105
105
10934
104% 110%
107
111%
85
76
72
74
*78
23
90
5434
58
5534
57
6934
7034
10634
*10634
70
w
tVx aa
1968
Conv debs 3%s.
1958
Conn A Pasump Rlv 1st 4S..1943
Conn Ry A L 1st A ref 4 %s._1061
Stamped guar 4 %s
1951
Conn Rlv Pow s f 3%s A.
1961
I
1
3
x bbb3
*104
x
aa
x
*104
aa
aa
x
cccl
z
1967 UN
1970 UN
....1966 UN
1st mtge 334s
1969 UN
Continental Oil conv 2%s._1948 J D
Crane Co 11 deb 334s
1951 F A
x
76
6934
7034
87
x
x
bbb3
x
bbb4
to
J
F
J
J
a
D y b
J y
b
J
D y ccc2
1946 J
10534
90%
82%
10534
102% 10634
79
81
65
83
20
1634
24
1634
34%
w.1946
2017.
x
y
aaa3
bb
98
bbb2
*10334
bbb2
!*10334
100
104 34
y
bb
]*10134
99
x
a
104 34
107
x
ccc2
y
bb
z
cc
cc
Af S
100
101
1*100
104
102
102
100
10434
.....
10434
10234
10434
10434
*35'4
*6034
21
50
103
37
"5
60 34
58
46 v<
48
60%
8
7
81
434
834
734
'■: 734 :
MN
X
18
334
834
3
UN
J
D
F
A
J
J
J
J
J
D
M N
J
J\
x
y
b
bb
U 8
J
D
y
bb
z
cccl
cccl
y
b
c
80 34
8534
13J4
*14
18
31
33
105
8
y
8534
14
9
6
34
10534
7834
10234
1C234
aaa2
37
6534
22 34
1834
33
100% 10534
7734
9134
95
bb
b
243
4134
25
1334
*75
y
30
30
37
*33
y
b
1960
24 34
*10
b
105
9934 106
32
37
12434
100 34
10534
8434
x
..
121
104 %
105 34
*2634
cccl
63
36
*37
x
x
y
40
104 34
10534
2 34
IOO1TMIOI34
*12134
aaa3
y
34
10234
40:
x
2
2 3,
*100
a
434sl941
1947
1st A gen s f 6 34s
234
*134
c
*1
J
(Japan) 7s.. 1944
Grand R A I ext 1st gu g
197?
General 6s series C
10434
105
10434
105
10534
105
105
105-34
99% 105%
99
*11234
114%
110% 11034
*10834
10534
106
9734 105%
113
10534
10534 109%
2734
11034
12134
27%
2934
11034
29
122 34
40
I
J\
J
J
10234 10434
*6234
80
80
70
"80"
26
70
9634
74
75
77
26
6134
10734
10734
72
104 34
Gen mtge 4s series H
88
MN
A
Gulf Mob A Nor 1st 6 34s B
1950
A
1st mtge 6s series C.
..I960
.
O
.
O
10634 111%
10934 13034
88%
*98
*114
*109
11034
92
116% 119
108% 110
11034
107
110%
41
103 34 107%
1st A ref Term M 6s stpd.. 1952
1949
J
J
Hocking Val 1st cods g 4 34s..1999
A O
1944
tl^Housatonlc Ry oons g 68.1937
Houston OH 434s debs
Hudson Coal 1st sf 6s
1964
A. .1962
ser
Hudson Co Gas 1st g 5s
1949
Hudson A Manhat 1st 5s A..1957
♦Ad) Income 5s
Illinois Bel! Telp 334s
Feb 1957
ser
107
10534
10734
B.1970
105
10534
10434 108%
107%
1st gold 4s
105
103
1st gold 334s
10934
10934
106% 109%
Extended 1st gold 334s
14
21
15
1534
11
15
1534
15
13
*12
6834
38
AfN
J
D
MN
F
A
A
O
A
O
87
102
91
77
95
bbb3
9434
9134
94 34
199
76
bbb3
10634
106 "4
166
bbb3
9834
bbb3
86
y
bb
z
10834
108 34
111
A
1834
18%
Refunding 6s
65%
71
40-year 434s
105
111
111
106
111%
10834
10834
102% 109 34
11034
11034
10434 11034
10434
10434
'10234
102
10234
10534
10334
105
10334
10534
10334
103% 110%
102
105%
104
107%
105
10434
105
11034
19
17
2334
20
23
15
*20
107
5534
Attention is directed
10634
5334
23
10734
57
40
19%
:
31
17%
1934
2334
2134
99% 10434
105%
101
46
36
1734
102% 107%
37%
to the new column!
9934
84
;
k
x
aaa2
bb
ybb
y
4
8634
"8634
8034
4
8634
64
534
c
b
x
bbb3
x
a
x
cccl
......
..<•••
107%
357
9434
94% 10634
88
9934
230
68%
8634
68
6134
....
634
100 34
234
8%
100% 100%
8634
75
15
82
8734
65%
8334
90%
*8534
104341 104
90%
10434
12334
12334
aaa4
z
bb
z
b
*4934
y
bbb2
10034
y
ccc2
x
aaa3
b
12334
116
*1934
x
y
96
10434
106% 11134
21
2134
......1*11134
3
30
31^8
70
53
65%
40%
96% 101
22
37%
10034
3134
*126
11
V
87
120
4434
"4434
12334
86
86
"4534
11
1234
11134
z
ccc2
x
aaa4
bbb4
*83
bbb4
bbb4
*35
"76"
45
5034
1634
108% 112%
934
*83
x
127
3634
*8834
bbb4
x
111H
11134
UN
bb
2|
53 34
b
2
4334
1955
.
1966
1950
Litchfield Dlv 1st gold 3s. .1951
Aug
1
F
A
87
8634
4834
"43
3-4
4534
20
32%
48
71
34
60
42 34
54
3434
45
43
47
2
2
91
83
86
46
2
2
80
87
4034
A O
ybb
1952
MN
y bb
1955
J
J
bb
1952
UN
bb
1953
Refunding 4s
Purchased lines 334s
Collateral trust gold 4a
11034
*110
96
*60
1
x
O
1951
Af 8
1951
Collateral trust gold 4s
19
104% 109%
105
x
J
11
1834
71
21
10234 10634
10634
MN
1961
J
1961
1st gold 3s sterUng
20
22
95
Illinois Central RR—
10534
10734
10534
94
102
91
y
Gulf States Steel sf434s
1961
Gulf States Utll 334s ser D..1969 AfN
J
J
10534
10534
63
99>4
x
Gulf A Ship Island RR—
Hoe (R) A Co 1st mtge
H034
10534
10134
9434
x
Feb
10734
bbb3
bbb3
x
FeJ)
bbb3
x
194f
1940
10834
x
Gen mtge 334s series I ...1967
♦Debentures ctfs B
107
x
197P
General 4 34s series E
1977
General mtge 4s series G__194f
♦Green Bay A West deb ctfs A
10734
x a
x
/
General 434® series D
GreeDbrler Ry 1st gu 4s
D y ccc2
J
Dayton P A L 1st mtge 3s__1970 J
Del A Hudson 1st A ref 48.11943 Af N
For footnotes see page
a
J
1948
1948
1942
Cuba RR 1st 6s g
1952
7 34s series A extended to 1946
434a debentures
Crucible Steel 434s debs
Cuba Nor Ry 1st 534s...
extended
aa
x
4134
104j4 10834
bb
56%
74%
10654 108
*10734
a
x
97
10334
bbb3
79
aa
1950 UN
Crown Cork A Seal s f 4s
B
x
x
92
bbb2
y
w
Great Northern 434s ser A..1961
General 6 34s series B
1952
70 34
aa
334s
85
x
x
1956
(B F) 1st 434s
107% 107%
103% 104%
66
83%
107 J4
106
76 34
aa
1st mtge 334s
!«
52
10634
cccl
Grays Point Term 1st gu 6s
64
aa
1st mtge 3348
30,
x
44 H
46
31%
40
4634
6034
5234
5334
65
44 H
180
♦
bbb3j
■
4134
*7834
bbb4
Cairo Bridge gold 4s
x
85
18
7134
x
z
Gt Cons El Pow
77
ccc2
x
series
1949
104% 100%
109% 109%
72
cccl
z
1960
cccl
z
....1956
bbb2
z
May 1 1985 AfN
6s
7s....1946
♦Sinking fund deb 634s.-.1940
♦20-year s f deb 8s
1948
Gouv A Oswegatchle 1st 5s..1942
8634
cccl
x
8034
cccl
Consumers Power Co—
8 f
♦Gen Elec (Germany)
Gotham Silk Hos deb 5s
80
aa
z
Wuertemberg 7s. 1958
^♦Consol Ry non-conv deb 4s 1954
♦Debenture 4s
1965
1st mtge
1947
f 5 34s A
Goodrich
7934
3
x aa
x
Consol Oil conv deb 3 34S-..1951
1st mtge 334s
s
70%
8534
aa
x
7134
4134
z
♦Consolidated Hydro-Elec Works
♦Debenture 4s
Gen Cable 1st
67
8634
a
x
1946
1948
1956
1958
Consolidation Coal s f 5s
Gen Am Investors deb 5s A. 1952
68
80
/ x a
O
834
110
4
4
599
67
X
10634 107%
10734 108%
*10434
834
47
10534:
j|*Ga
Consol Edison of New York-
of Upper
of claim filed by owner
♦Harpen MlnlDg 6s
w___Apr 1 1969 May y b
1434
689
I 10334
^Georgia A Ala Ry 5s.Oct 11945
*10434
2634
1634
1634
1
♦Certificates of deposit..
60
10734
27 H
1«
4
80
Commonwealth Edison Co-
334s debentures
334s debentures...
3 34s debentures
3 34s debentures
if*Proof
43%
6
19
14
*93
z
♦Commercial Mackay Cord-
let mtge 3%s series
(Amended) 1st cons 2-4s..l982
37
322
27 h
103
a
Caro A Nor 1st ext 68.1934
♦Good Hope Steel A Ir sec 78.1946
,
1334
*9634
74
61
142
bbb2
♦Certificates of deposit....
Gen Steel Cast 534s w w
aaa4
x
"26
mrn'-rn'mm
72
34 M
bb
D
Gas A El of Berg Co cons g 5s 1949
109%
'
KQ
1734
Fonda Johns A Glover RR—
106% 110%
109% 111%
10934
*105
bbb3
y
/
Francisco Sugar coll trust 6S.1956
*109
60
61
x
J
Fort St U D Co 1st g 4 34s. -.1941
12
*10
10134 103
z
J
1974
1st A ref 5s series A
13%
2
x
♦
130
x
Af S
11
2
O
no
5
|x aaa2
A
104
28
107%
96
14934
104
414
85
y
1942
J
D
30-year deb 6s series B
1964
A 0
Firestone Tire A Rub 334s.. 1948
69
aaa2
2734
b
D
1st Hen 6s stamped
27
10734
2534
3434
2734
bb
A
J
108
9034
141
44 34
7134
b
z
Af S
60
aaa2
x
F
.1956
...
64
aaa2
x
UN
F
aaa2
x
103
106
J
.
3034
1534
y
Federal Light A Trac 1st 5s..1942
Af S
6s International series..1942
Af S
1st Hen s f 5s stamped.
1942
108%
"58"
163
"
|z b
M S
854
108
74
72
33?4
c
z
AfN
7%
<
167
2
bbb3
J
1
36%
M. «•.«,
z
J
3%
92%
aaa4
A
O
434
91%
aaa4
Af N
A
5
91%
*
68
"1*534
101
88
66
72
c
6
F-0%
M
ccc2
z
19
36%
m
z
AfN
534
IK
34 34
109%
1
bb
2534
734
9934 101
87
9534
87
9634
aaal
MN
29
57
9534
734
100%
■-.
i03
57
*57
*2034
1434
1938
f*3d mtge 434s
92
2
102
bb
2734
3%
43
91
2
3
"7
cccl
♦N Y A Erie RR ext 1st 48.1947
106
101
106
103
aa
10534
cccl
fFlortda East Coast 1st 4 34s. 1959
......
106
z
534
*105
3
a
b
S
O
M N
Louis Ry
General g 4a..
..1993
General 5s series B
1993
Ref A Impt 434s series E..1977
Cln Wab A M Dlv 1st 4S..1991
St L Dlv 1st coll trg 4s...1990
Cleveland Elec Ilium 3s
1970
Cleve A Pgh gen gu 434s B..1942
Series B 334s guar
1942
Series A 4 34s guar
1942
Series C 334s guar
1948
Series D 334s guar
1950
Gen 434s series A
1977
Gen A ref 434s series B..1981
Cleve Short Line 1st gu 4 348.1961
Cleve Union Term gu 5 34s..1972
1st s f 5s series B guar
1973
1st s f 434s series C
1977
Coal River Ry 1st gu 4s
1945
Colo Fuel A Iron gen s f 6s..1943
3
26
z
8%
76
aaa3
J
M
96
O
4
*45%
54%
3
106
95
*148
O
19
'
.....
15
2734
534
2
10634 10934
108
cccl
85
134
7(5
68
cc
♦aenessee River 1st sf 6s_. 1957
18
10%
108
z
I Ref A impt 5s of 1930- -.1975
♦Erie A Jersey 1st s f 6s-.1955
1934
9%
1
2
10734
z
7
13
3
y
3
18
10634 10834
12
3034
°i
7
4.
ybb
4334
3
J
^
19531-4
♦f Ref A imp 5s of 1927
6
108
96
y
J
1953
♦Series B
♦Gen conv 4s series D
100
10734
18
bbb3
x
y
O
2634
20
100
aaa4
x
10834 113
30 34
4034
38
10734
bbb3
x
534
3
O
1944
1st mtge 334s series E
1963
334s guaranteed
1951
1st mtge 334s series F
1963
Chlo A West Indiana con 4s. 1952
let A ref M 4348 8erles D..1962
Chllds Co deb 58
1943
^♦Choctaw Ok A Gulf con 58.1952
Cincinnati Gas A Elec 334s..1966
let mtge 334s
1967
Cln Leb A Nor 1st con gu 4s. 1942
Cln Un Term 1st gu 3 34s D.. 1971
1st mtge gu 334 s ser E
1969
Clearfield A Mab 1st gu 5s..1943
Income deb
x
J
...1953,
t^Fla Cent A Pennln 5s
Chicago Union Station—
Guaranteed 4s
Income
UN
O
10634 11034
10834 11134
45
*2234
aa
1965
♦Conv 4s series A.
10834
ill 34
*31
6
60
108
x
J^Erfe RR 1st cons g 4s priori 996
♦1st consol gen lien g 4s
1996
1134
1134
12%
107*"
8
49 34
100
O
A
234
334
108
A
M S
5s stamped
.:434
ccc2
F
334
139
10834
*11134
aaa4
10
634
bbb2
ybb
aa
x
13
1234
bbb2
y
aa
x
z
1934
1334
1334
x
Ed El Tl! (N Y) 1st cons g 5s.1995
134
"5
6
10634
J
10%
4334
1
O
aa
Elgin Joilet A East Ry 3348.1970
A
El Paso AS Wist 6s
1965
234
1
z
A
1934
ccc2
x
3
Electric Auto Lite conv 4s...1952
1034
1034
4334
ccc2
J
1834
234
1
z
106
1H
2
*334
*60
J
♦
bb
z
cc
aa
1834
1134
1134
2
c
z
5|
5
534
a
18%
1134
234
109
10634 10934
1134
634
1134
634
58
2
x
1134
"2134 "83
*1 34
x
12
♦1534
2034
1134
2034
2
z
J*Ch1c RIA Pac Ry gen 4S..1988
♦Certificates of deposit
|*Refundlng gold 4s
♦Certificates of deposit
ccc2
z
ddd2
O
10
26
z
|z ddd2
A
2
1734
734
7 34
JMN
10
1634
734
O
J
107
*10734
D y b
D z ccc2
J
17
1534
ccc2
734
734
c
A
17
ccc2
z
1534
ccc2
z
734
cccl
z
M
30
18
10
3
cccl
z
O
17
ccc2
z
M N
MN
MN
mN
MN
14
aa
z
A
1634
1734
1734
16
x
J
1st 4sl948
East T Va A Ga Div 1st 5S...1956
ccc2
z
mn
1962
Duquesne Light 1st M 3 34s. .1965
East Ry Minn Nor Dlv
Western Ry—
1987
•Genera! 4s
1987
♦Stpd 4s n p Fed lnc tax. 1987
♦Gen 4 %s stpd Fed lnc tax 1987
♦Gen 6s stpd Fed lnc tax.. 1987
♦434s 8tamped
1987
|*8ecured 634s
1936
♦1st ref g 5s
May 1 2037
♦1st A ref 4 34s stpd.May 1 2037
♦1st A ref 4 34s C..May 1 2037
♦Conv 434s series A
1949
II ♦Chicago Railways 1st 6s stpd
Feb 1940 25% part pd..l927
I Chicago A North
♦Genera! g 334s
G.1966
ser
J|»Du! Sou Shore A Atl g 6s.1937
c
3
J*Des M A Ft Dodge 4s ctfs.1935
Af S
J*Des Plains Val 1st gu 4 348.1947
F A
Detroit Edison 434» ser D..1961
2834
60
aa
A
High
Low
7
104
x
—
65
No
High
J
1978
Jan. 1
*104
J
♦Ref A Impt 5s ser B.Apr
pqoq
108
108
108
3
J
..1969
1969
t|»Den A R G 1st cons g 4a. .1936
|*Con»ol gold 4 34s
1936
J*Denv A R G W gen 5s-Aug 1955
434s
1st mortgage 434s
♦Assented (subj to plan)
aa
Since
J
1st A ref
20
12%
....
19
3034
J\ x
Range
Ask
A
Bid
Low
(Cont.)
4 34s..l971
1940
Fridays
Sale
Price
See k
5,
;
Range or
Last
Ratino
^a.
2634
2634
2834
cc
z
F A
O
a
19%
101
12%
4
1934
20
734
-
Railroad & Indus. Cos.
19%
!
;
21
z
"96
EXCHANGE
STOCK
Week Ended Oct. 4
Del Power A Light 1st
10
86
2734
Y.
High
1034
18
14
19
cc
"57
105
1934
x
j
..
1434
N.
123%
1934
117
*18%
z
j
ybb
j
j
/
NO. Low
High
13%
1334
1334
*10134
"27"
2634
cccl
y
AfN
Since
♦12334
x
j
j
j
j
Jan. 1
Bid
Low
1
t^Chicago A East III 1st 68.1934
J*Cblc A E 111 Ry geD 5s
1951
♦Certificates of deposit...
Range
Friday's
A
Ask
.
Price
Elio. A
BONDS
Range or
Sale
k
Week's
Friday
Bank
Wtek't
\
Last
Rutin 0
y. stogk exchange
Week Ended Oct. 4
♦5s
Oct.
New York Bond Record—Continued—Page 3
2014
_
2834
40%
79
70
7834
68
58
65
Loulsv Dlv A Term g 334s.1953
Omaha Dlv 1st gold 3s
1951
bb
4
"58"
bb
2
*42
St Loula Dlv A Term g 3s..l951
Gold 334s
1951
bb
4
*4434
bb
4
*50
5534
bbb3
*70
9234
*6334
7134
Springfield Dlv 1st g 334s. 1951
Western Lines 1st g 4s
1951
10
6034
4834
4734
66
45
05%
64
47
66
63
60
"
bb
3
1963
ybb
2
4634
4534
4734
1963
..1948
|»Ind Bloom A W 1st ext 4s. 1940
Ind 111 A Iowa 1st g 4s
1950
ybb
2
45
44 34
4534
3334
24
3334
III Cent and Chic St L A N O—
Joint 1st ret 5s series A
1st A ref 4348 series C
♦Ilseder Steel Corp 6s
t*Ind A Louisville 1st gu 4s. 1956
x
cccl
x
bbb3
bbb2
69
z
ccc2
1634
33
60%
23
30
47
10
19%
3334
99%
99%
64
69
*98
y
182
■■
"69" "16
1634
8%
1734
6334
ncorporated in this tabulation pertaining to bank eligibility and rating of bonds.
See k.
Volume
Y.
STOCK
Sale
Sea k
Price
&
Indus.
B_1986 M
Industrial Rayon 4%s—...1948 J
Inland 8teel 1st mtge 3a ser F1961 A
Inspiration Cons Copper 4s 19521A
_
x
bbb2
O
x
aa
3
O
ybb
2
106
High
106%
10
100
106
20
99%
18
102% 106 %
89
100H
91
92 H
82
J
z
8%
9%
24
cc
1%
1H
l
%
30
1
z
cccl
8
8
8H
15
6%
1956
Hydro El deb 6s—1944
J
cccl
8
8
8%
9
z
1941
J ybb
5s ser A A B.1947
f 6s series A
1955 M 8 y b
Internat Paper
1st lien & ref 6%s
J
1955 F
J yb
A y b
M 8
{♦Iowa Cent Ry 1st A ref 4s_1951
37%
64%
71
97
53
99
103 %
90% 104%
102%
Apr
1st 4a
Ino—
♦Ctfs w w stmp (par $645)
♦Ctfs w w stmp (par $925)
♦Ctfs with warr (par $925)
Ref A lmpt 5s
x
26 H
220
22
1
58
21
38
58
101
50
93
101
90
1
84
35
14
25
34
3
aaa4
108
90
•
s
108 %
14 H
13%
15H
15H
14
105
70%
109
106
106
10
ccc3
z
"80
*71
50
cc
1961 J
1961
1997
Kings Co Lighting 1st 5s——1954
1st A ref 6 Ha
1954
Koppers Co 4s series A
1951
Kresge Foundation 3% notes 1950
{♦Kreuger A Toll secured 5s—
4%s unguaranteed
Kings County El L A P 6s
x
J
J
x
bb
2
A
O
x
aaa4
*160
J
x
a
x
a
2
M N
x
a
3
100%
2
J
M 8
x
a
105
104 H
103H
103 %
2
16
1%
{ {♦MStPASS M con g 4s int gu'38 J
J
{♦1st cons 5s
1938
{♦1st cons 5s gu as to Int..1938 J
J
z
cccl
5%
6%
J
z
cc
J
z
cccl
J
z
cc
1
M 8
z
cc
2
ybb
3
1978 J
deposit—.1959
|♦Laclede Gas Lt ref A ext 5s 1939
z
*4
....
1%
95
93 %
57%
b
53
57 H
b
46
47
33
47
b
48
48
39
5s extended at 3%
1947
1941
to
2d gold 5e
Lautaro Nitrate Co
J
x
J
x
a
11
11%
12%
12
5%
64
17%
24
ser A
1902
J
.1962
Prior lien 4%s series D...1978 /
♦Cum adjust 5s ser A..Jan 1907 A
0
40-year 4s series B
J y c
1
J y ccc2
O
z
1905 F
1st A ref 5s series A
♦1st A ref 5s series F
J
A
J y bb
A
1975
.1977
—1944
1954
1954
♦5s stamped
—1964
♦1st A ref sf 5s
1964
♦5s stamped
1974
♦1st A ref sf 5s
1974
extended to 1943
stamped
1943
♦5s stamped
♦Sec 6% notes
Leh Val Harbor Term gu 5a-.1954
z
37
30
37
1978
1949
♦1st A ref g 5s series H
♦Certificates of deposit
1980
1981
MN
—
b
g 5s
1947
♦Ref A lmpt 4%s
♦Certificates of deposit
1977
{♦Secured 5% notes
1938
z
62
A 1960
*28 H
32
23
30
b
*28 H
30%
20%
30%
b
*28 H
34%
24%
30
z
b
*28 H
30%
20 H
30%
j"i
z
b
50
70
z
b
J
z
bb
%
bb
2
30
50
Nash Chatt A St L 4s ser A..1978
30
50
19H
21
20%
19H
20 %
z
ccc2
MN
z
cccl
2003 MN
.2003 MN
z
ccc2
24
24
25
z
cccl
24
24
25%
54
54
2003
2003
♦General cons 4 Ha
assented..
♦General cons 5s
♦5s assented
{Leh Val Term Ry 1st gu g 5s494l
MN
A
bbb3
..11941 A O
1965 A O
Libby McNeil A Libby 49..1955 J
J
Liggett A Myers Tobacco 7s. 1944 A O
5s debenture
1951 F A
Lion Oil Ref conv deb 4HS..1952 A O
Y Liquid Carbonic 4s c'v debs 1947 J D
Little Miami gen 4s series A. 1962 MN
Loews Inc s f deb 3 Hs
1946 F A
Lombard Elec 7s series A
19521J D
y
1953 F A
A O
♦Long Dock Co 3%s ext to.-1950
Long Island unified 4a
1949 M 8
Guar ref gold 4s
1949 M 8
4s stamped
1949 MS
x
a
y
bb
3
Lone Star Gas 3 Ha debs
3
x
a
x
bbb4
x
MN
x
aa
4
x
a
O
y
bb
3
x
a
103%
x
b
103
22%
♦4%s Jan 1914 coupon on.1957
22%
♦4%s July 1914 coupon on 1957
J
25
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22%
113
23
10%
36
10
25%
1
40
54
45%
60
109
104%
128
'
♦Ass't warr A rets No 4 on '51
90
32
104% 104%
100% 105
28%
38
105
108%
63%
82
*70
National Steel 1st mtge 3s... 1905
Natl Supply
67
Newark Consol Gas cons 5s. 1948
bbb2
*95%
96%
89
94%
bbb3
95%
94 H
95%
85%
95%
bbb3
95%
95%
96
87
96
x
aaa3
x
aa
J
x
bbb3
S
x
aa
3
48—1945 M S
x
aa
3
Louisiana A Ark 1st 5s ser A. 1969 J
Louisville Gas A Elec 3Hs—1966 M
Lou A Jeff Bridge Co gu
123 H
3
..-..I
N J Junction RR guar 1st 4s. 1986
N J Pow A Light 1st 4
129%
86%
"85""
100
bbb3
1st A ref 5s series B
2003
1st A ref 4 Ha aeries C.
2003
x
bbb3
1st A ref 4s series D_.
2003
x
bbb3
108
111%
1st A ref 3Ha series E
2003
x
bbb3
ext..1950
1960
x
a
3
103
101%
95
92
89 %
104
96%
91
92
87
'
89%
83
90%
2
78
92
116
104
18
105%
106%
37
x
a
3
104%
Paducah A Mem Dlv 4s—1946
x
bbb2
106 H
8
x
a
3
87
S
x
a
3
*110%
St Louis Dlv 2d gold 3s... 1980 M
Mob A Montg 1st g 4H8..1945 M
J y bbb2
South Ry Joint Monon 4s .1952
x aaa3
Atl Knox A Cine Dlv 4s..1955 MN
Z CCCi
♦Lower Aust Hydro EI 6H3-1944 F A
2
A O x a
87
J
1955
{♦McKesson A Robblns 5 Ha 1950
105 H
M
8 y b
D ybb
104 H
O y b
y
{♦Market St Ry 7s ser A April '40 Q J
(Stamp mod) ext 5s_.
1945 Q A
z
112
"87"
105%
4
104%
"36
100
107
81
80
81
20
70
87
101
81%
54 H
54
54%
8
39
55%
27
27
28
7
27
40
1
*85%
"88%
*22 H
.30
22
85%
64%
85%
83 H
85%
00
85%
*70
"75"
63
a
x
bbb3
A ybb
44
1
48
3
103
107
5
105
110%
7
110%
111%
103%
64%
24
103
112%
39
9
44%
56%
95% 104%
62
80
44%
50%
60%
47%
*44
65
50%
42
43
34%
41
38%
41
27
44%
37
33%
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24%
39
110
4
-37;%
104% 109%
•
*116
......
07%!
x
bbb2
x
a
3
107
/
x
a
2
104
z
*10D'32
.....
66
112% 126
100% 101%
—
67%(
44
64
70%
102
*103
106%
-104
107
74
31
I
103
104%
{{♦N O Tex A Mex*n-c lnc 5s 1935
♦Certificates of deposit
♦1st 5s series B—.1—..1954
♦Certificates of deposit
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1950
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J
z
...
*%
J
z
...
*%
z
...
*%
O
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...
O
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0
z
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%
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1%
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O
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O
X
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2
105
J
D
x
a
4
104%
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z
b
3
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J
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x
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J
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J
z
cccl
38%
D
x
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x
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126%
128%
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1%
15
20
30
40
31 vj
39
6
15
80%
52%
83
75
57
75
"4
165%
70
70
1
04%
78%-
bb
3
60%
61
16
45
01
107
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bbb2
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b
b
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A
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24
37%
28%
33
30%
35
37%
20
37
33%
23%
34
29
36%
32%
27
35%
40
25
33%
38%
111%
111
"65%
202
65
61%
3
91%
88
91%
88
3
60
56%
60%
964
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x
44%
74
65%
91%
38.
60%
3
65%
63%
06%
288
4?
bb
3
63%
61%
04
184
42%
66%
64%
a
2
83%
Lake Shore
3HS.1998
F
A y
bbb2
"60"~
1974
.1978
A
O ybb
3
73
S ybb
__
N Y Chic A St Louis—
85%
97%
89
85
97%
65%
11
53%
60
58%
60%
14
48%
00%
70
73%
122
73%
424
45%
38%
73
87
80%
90
06
90
3
61
58
61%
X
bbb2
87
86%
87
x
bbb3
88%
88%
85%
90
1940
F
A
3%s extended to. 1947
A
O
1941
A
O y b
.
85%
68
96%
65%
"97%
3-year 6% notes..
39%
32
33
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A y bbb2
1st mtge
30
*107
J
M
33
25
23
O y b
J
J
21
32
*29
1
'
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20
29
30%
33%
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aaa2
F
66%
101% 100%
55
71%
33
1
x
102% 105%
7
32
"33%
1
z
104%
104%
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*28
I
b
64%
109
*25%
cccl
z
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I
z
z
O
104%
104%
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b
z
A
O
z
z
A
104%
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F
4s collateral trust
128%
122% I2«%
h0% 60%
2
Debenture 4s
series A
Ref 4 %a series C
122
3
y
Ref 5%s
124%
43%
43%
aa
x
secured 3%s—.—1952 MN
Mich Cent coll gold
71
119
......
J ybb
A
3%a_1997
1942
coll gold 3%s.l998
106%
O
z
2013
102
A y bbb2
10-year 3%s sec s f
1946
A
Ref A lmpt 4 %s series A..2013
series C
100% 105%
03
75
126%
128%
70
107
%
H
1
105%
105
1%
%
%
%
A
gu4%s.l945 j"j
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%
3
....J....
F
♦Certificates of deposit
1998
%
J
A
Newp A C Bdge gen
N Y Cent RR 4s series A
'%
—
%
*%
*%
....
%
%
'%
....
J
D__
.1950
♦Certificates of deposit
♦1st 5 %s series A
1954 OA
♦1st 4 %s series
103% 107%
99% 100%
...
J
mp4%sA'52 J J
A
O
New Orl Pub Ser 1st 5s ser A. 1952
1st A ref 6s series B
1955 J D
J
J
New Orleans Term 1st gu 4s. 1953
N Y Cent A Hud River
15%
85 %
85
37%
25
7
43
2
x
N O A N E 1st ref A
Conv
*40
3
%s—.I960
New Orl Great Nor 5s A
1983
112%
102% 104%
98
1
100%
73% 87
104% 107
15%
15%
81
b
2
ccc3
b
78
1
99%
Manila Elec RR A Lt s f 5s.. 1953 M
1
Manila RR (South Lines) 4s. 1959 MN y a
J z ccc2
{♦Man G B A N W 1st 3H8-1941 J
Stamped
101
2
2
Gen mtge 4 Ha series A—1960 J D y b
Feb 1 1957 MN y ccc2
Marlon Steam Shovel s f 6s.. 1947 A
72% 89%
103% 104
104% 106%
2
Manatl Sugar 4s s f
8 y aa
3
*15
McCrory Stores deb 3%s
Maine Central RR 4s ser A. 1945 J
87
92% 103
36
100
103%
Unlf mtge 4s ser B ext
20
36%
44%
43%
56%
105%
110
112
109 H
*110H
75
109%
83 H
Louisville A Nashville RR—
x
1961
Bertee B
120% 120%
*126
84%
27%
28%
30%
79
O
{♦New England RR guar 5S.1946
♦Consol guar 4s
..1945 J
J
Tel 5s A
1952
120
123 %
123 H
15";
20%
20
47
O
New Eng Tel A
1st g 4 %s
O
1954
3%s
{♦Naugatuck RR 1st g 4s—1954
x
A
79
36%
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A
♦4s April
110
x
A
1944
5a debenture
21%
28
*44
2
73%
y
1951 F
Lortllard (P) Co deb 7s
103
64
J
101
104»« 110
103%
*107 %
64%
Nat RR of Mex prior lien 4%s—
{♦Ass't warr A rets No 4 on '20
1914 coupon on.. 1951
♦4s April 1914 coupon off.. 1951
98
*35
118
104%
121% 127%
120% 131%
124
J
1914 coupon off 1957
♦Ass't warr A rets No 4 on *57 J
A
♦48 April 1914 coupon on. 1977
A
♦4s April 1914 coupon off.. 1977
♦Ass't warr A rets No 5 on '77 A
54
99
H, 103%
1
F
J
9%
8%
j*103»i«
aaa3
aaa3
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110
111
J y bbb2
a
00
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2
x
110
3
103%
x
56%
105%
4
20%
7
*97
4
O ybb
D
21
128
aaa4
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36%
56%
3
....
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2
8%
103 %
123 H
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x
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cccl
cccl
b
8%
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.
ccc2
z
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46
22%
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3
5s assented.—
Lex A East 1st 50-yr 5s gu
z
M~8
246
21
O y bbb3
16%
74%
35%
D
Nat Acme 4%s extended to. 1940 J
MN
Nat Dairy Prod deb3%sww 1951
M S
Nat Distillers Prod 3%s
1949
21
"22"
*72%
43%
65
6
20 %
2
b
*42%
48%
51
ccc2
z
cccl
30
50
cccl
16%
12%
12%
12%
cccl
81
50
z
17%
cccl
49%
x
12%
6
17%
z
3%s.l908
MN
Mutual Fuel Gas 1st gu g 5s. 1947
MN
Mut Un Tel gtd 0s ext at 5% 1941
45
50
23
O ybb
Gen A ref s f 5s series D...1955
D y bb
Morris A Essex 1st gu 3%s..2000
MN y b
Constr M 6s series A
1965
MN y b
Constr M 4%s series B
1955
J D x aaa2
Mountain States TAT
45
2
J
41
4
21%
21%
21%
21%
2%
21%
20%
21%
O y b
b
"46"
....
~
109
Gen A ref s f 4%s series C.1955
33%
%
*•-
16%
Gen A ref s t 5s series B...1955
22
z
41%
20
17%
V-
17%
O y bb
z
*65
5
20%
16%
16%
O y b
A
45 H
A
MS
1905
16%
21%
1%
12%
12%
12%
12%
%
17
ccc2
M "S
1900
.
debentures
17%
13
17%
Gen A ref s f 5s series A... 1955
A
ybb
16%
*16%
10
80
1%
52%
V
f"a
16%
16%
8%
12%
-
-
1
37%
2
'
«.
2
10%
cccl
F
Montana Power 1st A ref 3%s '60
Montreal Tram 1st A ref 5s. 1941
35
70
17%
L
15%
8%
3%
1%
Monongahela W Penn Pub Ser
61
27
<70
-
+
1%
19%
8
3
ccc2
A
F
*16%
-
z
Monongahela Ry 1st 4s
"30
29%
m
z
♦Certificates of deposit.
1st mtge 4%s
ii
1%
17%
2
7%
2
c
z
♦Certificates of deposit
0s
m
cccl
42
*29%
".30"
ccc2
MN
4.
ser
„
cccl
♦Certificates of deposit
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42%
52 %
52 %
M N
2003
.
b
ccc2
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90
.2003 M N
4s
Unlf mtge 3H8ser A
M S
2
cccl
39%
V
J
{Lehigh Valley RR—
A
b
z
z
F~
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J
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1940
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79%
28
cc
17
17%
ccc2
m"s
.
♦1st A ref s f 5a
♦48 assented
89 H
35 H
3
61
88 H
89 H
61%
61
2
30
61
61
2
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M
Lehigh A N Y 1st gu g 4s
1945 "Syb
Lehigh Valley Coal Co—
♦5s stamped
29 H
cccl
cccl
♦1st A ref 5s series G
95%
90%
Dec y cccl
Lehigh C A Nav s
Cons sink fund 4Hs ser C.1954 J
cons g
79%
12%
4%
{Missouri Pacific RR Co—
85
82
Ltd—
1975
f 4 %s A—1954
♦Gen
09%
95 H
90 H
85
32%
30
Moh'k A Malone 1st gu g 4s. 1991
♦1st mtge Income reg
♦68
85
92 %
88 H
20
52
15
{Mobile A Ohio RR—
♦Montgomery Dlv 1st
89 H
86%
%
24%
59
95 H
55
14
38
3
59%
31
23
♦Certificates of deposlt.
MN
{♦Mo Pac 3d 7s ext at 4% Ju!.'38
2
bbb3
43
14%
48
ybb
3 %s.._1997 J D
8
23%
Lake Erie A Western RR—
Lake 8h A Mich So g
1%
53%
2
y
97%
93%
59%
79%
1%
*1
RR—
38
80
88
2%
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50
ccc2
4%
52
0%
7%
2%
D y b
103%
91
3%
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108%
93
2
b
3%
86%
108
57 H
bb
7
15
13
80%
85
92 H
bbbl
A
1942 A
Coll A ref 5 Ha series C
1953 F
Coll A ref 5 Ha aeries D—1960
Coll tr 6s series A—
1942
Coll tr 6s series B
1942
Ref A ext mtge 5s
3%
5%
6%
85%
100% 106
4H
67
5%
4
J
2%
2%
6
2
b
♦Certificates of deposit
♦General 4s
101
1%
%
z
"
'•
1%
{♦Mo-m RR 1st 6s series A. 1959 J
Prior lien 5s
10%
"4% ""8%
6%
*%
5%s
07
73
2
M
94%
105%
8
16%
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2
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Uniform ctfs of
M 8
15
16%
c
♦
107
*107 %
"105"
32
zc
105% 108
107 H
106 %
61
15%
z
75
157
37%
26%
8
80
80
30
61
2
F
1949
80
90
*70
9%
6%
*1%
08
92 H
*70
bbb3
25
2
—
Plain
97
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103%
104% 107%
50
55
26
z
100
*20
90
67
ccc2
*11
102 %
95
105
61
b
Missouri-Kansas-Texas
14%
15%
67
22%
z
♦Ref A ext 50-yr 5s ser A. 1962 Q
7%
1%
18%
104%
105
z
♦1st A ref gold 43
90
5%
%
66%
*92%
{{♦Mil A No 1st ext 4 %s—1939 J D
♦{Con ext 4%s
1939 / D
{♦Mil Spar A N W 1st gu 4s_1947 M S
J
{♦Milw A State Line 1st 3 %8 1941 /
MN
{♦Minn A St Louis 5s ctfs
1934
1949
*
■
18
*65
66%
ccc2
1940 J
50
1%
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z
{{♦Mid of N J 1st ext 5s—_ 1940
•*~8~
1%
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100% 100%
112%
109
35%
*6%
O
A
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102
27
27
*47
M S y bb 4
1951
MN x a
2
1952
J ybb 3
Ref A lmpt 4%s series C—1979 J
M S x a
3
Michigan Consol Gas 4s
1963
♦25-year
70 H
111%
3
1%
z
No. Low
High
107
111%
ddd2
bbb4
z
f 7S..1956
Since
Jan. 1
111
bbb3
z
♦1st A ref 6s series A.
50
102H
x
A
38%
"20
107 %
102%
O
F
69%
65 %
14 H
z cccl
1943
1943 M N
1943
Keith (B F) Corp 1st 6s
1946 M~S ybb 3
J
J x a
3
Kentucky Central gold 4s—1987
J
x bbb3
Kentucky A Ind Term 4%a_1901
x bbb3
Stamped
1961 J
A
39%
69
Karstadt (Rudolph)
aa
24%
65%
70
x
Jack Lans A Sag 3 %s
1st gold 3 %s
1%
33
I
♦Mlag Mill Mach 1st
47%
1H
100%
bbb3
x
44%
95
90
b
b
ybb
99
21
70%
*30
100%
*35
z
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1950
1960
82
159
57
A
Kansas City Term
16
24 %
*1
{{♦K C Ft 8 A M Ry ref g 4s 1936
1st gold 33-—-1950
76 H
87
23
26
.
O
1
76 H
_
M 8 ybb
A O x bbb4
♦Certificates of deposit.
42
86 H
Steel 4%s A1961
Kanawha A Mich 1st gu g 4s 1990
Jones A Laughlin
34
103
74%
70%
21 H
76 H
"24"
cccl
z
102%
102 H
1st 4s. 1959 / D ybb
James Frankl A Clear
Kan City Sou
96
70
MN y bbb2
F A y bb
1st 6s B .1972
1947
Telep & Teleg deb g 4%sl952
Int Rys Cent Amer
6%
55 H
~
x
Mich Cent Det A Bay City—
2
14%
14%
51
_
Ask
A
106%
M S
M S
♦Mex Internat 1st 4s asstd..l977 M S
J D
54
o y b
3
o y ccc4
Int Merc Marine s f 6s
Debenture 5s
8%
4%s.._1955
Metrop Ed 1st 4%s series D.1968
Metrop Wat Sew A D 5%s..l950
{{♦Met W Side El (Chic) 4s. 1938
16%
7%
z
J
1
Railroad & Indus. Cos. (CorU.)
Mead Corp 1st mtge
I2
Friday's
Bid
Price
See k
Range
Range or
Sale
Rating
92%
78
o
cccl
Last
EUg. A
EXCHANGE
Low
105%
100%
106H
106%
99
3
8TOCK
Week Ended Oct. 4
High
104
105%
Y.
N.
Jan. 1
1958
•1st g 58 series C
Int
No. Bow
aaa2
x
O ybb
4S..1947
♦1st 5s series B
Ref s
Since
*104
S
J
{♦Int-Grt Nor 1st 6s ser A. .1952
♦Adjustment 6s ser A-July 1952
Internat
<§1
BONDS
Range
Friday'*
Bid
A
Ask
(CorU.)
Cos.
Ind Union Ry 3%8 series
Inter take Iron conv deb
Range or
Low
Week Ended Oct. 4
Railroad
I
Last
Rating
EXCHANGE
Week's
Friday
Bank
Week's
Friday
Bank
EUg. A
BONDS
N.
2015
New York Bond Record-continued—Page 4
151
"89%
34
7
140
61%
▲
I
For footnotes see page
2017
Attention is directed to the new column
Incorporated in this tabulation pertaining to
bank eligibility and rating of bonds.
See A.
Friday
Week's
Elig. &
Last
Range or
Range
Rating
I Sale
Friday's
Since
Bank
BONDS
EXCHANGE
Week Ended Oct. 4
IN. Y.
■l
STOCK
See a
i
bid
gPrice
Cot. (Conl.)
lstgu 4Xs A—1953
series B
—1963
Dock let gold 4s
.,1951
Railroad & Indus.
x
1st guar 58
x
aa
y
aaa4
x
aaa4
X
RR
N Y Gas El Lt H A Pow g 5s. 1948
Purchase money gold 4s_—1949
aaa4
x
cc
aa
M N y
A/N
b
z
M
Phlla Bait A Wash
120)4 126)4
113)4 118)4
116)4
—1980
3)4s deb.1952
1st g 4a—1943
General g 4 )4s series C
General 4)4s series D
15
102
;
8
z
O
z
cccl
z
11
20
Series B 4 54b guar
2
14
19 X
Series C 4 )4a guar
HX
19X
Series D 4s guar
cccl
z
cccl
M N
z
18%
86
12X
24X
29%
01
19 X
89%
1
cccl
17)4
z
b
M 8
z
4
4X
z
cc
O y b
O y b
59
3
110)4
bbb3
*106)4
x
bbb3
"16
aa
103 M
107
105)4
x
107)4
25
z
c
z
cc
53
bb
z
x
bb
2
bb
110)4
aaa4
y
y
2
2
1st 5s extended to
c
4)4
4)4
62)4
106
11134
80)4 9054
78
94)4
354
6)4
35
iiox
110)4
110)4
1
A
O
x
a
4
108)4
108)4
109 i
2
102)4
102)4
1
11)4
12)4
24
I
"12"
*12
2
c
z
♦Certificates of deposit
ccc2
>
107)4 112
107
109)4
96)4 104)4
8
18)4
17)4
754
13)4
A/N
6s...—1974
Gen A ref 4 Xb series A
1974
North Cent gen A ref
68)4
68)4
125)4
106)4
125)4
79
117)4 12634
102)4 107)4
101
106)4
102)4 108)4
54%
126
106)4
105)4
100)4
O
A
x
aaa4
F
A
x
a
4
F
A
x
a
4
F
A
x
a
4
106
A/
8
x
aa
2
*118
M 8
x
aa
2
z
ccc3
1969
Debenture 4s
O
O
165"
104)4
107)4
114
1st 4 Xs series D
107
108""
ccc2
x
bbb2
y
4s—1997
Jan—2047 Q F
/
Ref A lmpt 4 Mb series A—2047 J
J
Ref A lmpt 08 series B....2047 J
Ref A lmpt 6s series C
2047 J /
J
/
Ref A lmpt 6s series D
2047
Northern States Power 3X8-1967 F A
J
Northwestern Teleg 4Xs ext 1944 J
7
68
67
49
bb
74X
68
45
2
44
40X
118
40X
69 X
31X
33 X
«■*.
75)4
45)4
73)4
55
129
86
75 X
45 X
55
y
bb
55
52 H
y
bb
67X
65)4
45
bb
58 M
58
60
60
40 X
60
y
bb
58)4
58
60
45
40
60
x
aa
x
bbb3
110)4
110)4
24
M 8
MN
M S
/ J
J D
aaa3
4
—.1940 J D
6S..1943 F A
Ontario Transmission 1st 5s. 1945 MN
bbb4
3
D
aaa2
/
aaa2
/
aaa2
.....
J
aaa2
106 M
2
78)4
a
4
4
109)4
a
aa
Oregon RR A Nav cod g 4s..1940 /
Ore Short Line 1st cons g 68.1940 J
1940 J
1961 /
Otis Steel 1st mtge A 4Xs—1962 /
Guar stpd cons 6s
Ore-Wash RR A Nav 4s
17
6
b
b
2
J
D
x
aa
F
A
x
aa
D
x
aa
3
/
D
x
aa
3
4Xs without warrants... 1950
Rensselaer A Saratoga 6s gu_1941
Republic Steel Corp 4 Mb ser B "01
Pur mon 1st M conv 5 Xfl-1954
Gen mtge 4Xs series C—1950
Revere Cop A Br 1st M 4Xs 1956
♦Rhelnelbe Union
s
f 7s..
"7
35
2
113
119
106
106)4
23
104
107)4
♦Ruhr Chemical s f 6s...
108)4
105%
11154
112)4 118)4
108
79
54
12
100
49
100
21
76
*73
110
111)4
11134
6
J
z
b
O
x
aaa4
D
x
aaa4
J
x
aa
2
10134
M 8
x
a
4
103)4
A y b
2
48)4
110
103)4
103)4
85
71
74
75
110
17
60)4
109)4 113)4
108
112)4
105)4 111
UN
bbb2
101%
1G6X
105X
102%
106 X
A/N
bbb3
102
101X
102X
103 X
7
A
bbb3
1
75
""3
48
49
"16
91
91)4
y
ccc3
45
45
x
aaa3
z
F
18
*122
M 8
5
103)4 105
1942
M S
x
bbb3
b
A
x
x
D
x
*55)4
100)4
aa
aa
Guar 4s ser E trust ctfs.—1952 A/N
2
aa
D
91
Guar 8Mb trust ctfs C—..1942
1944
A *77
O
x
a
1981
1969
J
*
A
x
a
A
4)4s debentures
1974
Pennsylvania RR cons g 4s_.1943 A/N
Consol gold 4s
1948 A/N
4s sterl stpd dollar May 1 '48 A/N
x
bbb4
Gen mtge 3)4s series C...1970 A
O
104)4
10634
104
105
103)4
a
110)4
108)4
103%
109)4
x
aaa2
107)4
*107)4
x
aaa2
11334
x
aa
2
x
a
3
x
aaa2
113)4
93)4
120)4
113)4
91)4
120)4
Consol sinking fund 4X8—1960
A
General A Mb series A
1965
D
x
a
3
104%
103)4
General 6s series B
1968
D
x
a
3
111%
109)4
bbb4
1970
O
1981
Gen mtge 4)4s series E_... 1984
Conv deb 3)4 s
1952
O
x
a
3
J
x
a
3
D
Peoples Gas LAC cons 6s.. 1943
Refunding gold 5s
1947
t5*Peorla A East 1st 4s stmpl940
O
27
Uni st 6 Xs—1974
bbb4
100
100)4
89
92)4
99)4
99)4
87
M
47
120
4
55
99
J
1
ccc2
J
ccc2
28 X
2
7X
O
cc
8
S
~27M
—....
aa
5
90
103%
97% 101
M
8
8
aa
8
cc
1948 A
O
2
87 %
1996
y
bb
y
b
♦5Riv A G Dlv 1st g 4s„.1933
♦Certificates of deposit
A/N
z
bb
2
z
bb
ccc2
y
b
J
/ y b
J
stpd. .1955
/
cccl
/
9%
9M
deposit
Af"s
cccl
cccl
{♦St L 8 W 1st 4s bond ctfs.1989 UN
bb
2
♦2d 4s lnc bond ctfs..Nov 1989 J
{♦1st term A unifying 5s._1952 J
J
b
J
81
93)4
San Antonio Pub Serv 4s
120%
115)4 120)4
San Diego Consol G A E
105%
111%
265
94)4 105%
100)4 111%
Santa Fe Pres A Phen 1st 5s
44
^♦Schulco Co guar 6Xs
1946 J
/
z
130
J
/
O
z
O
z
100)4
112
MJV
x
176
75)4
89
Il989
Scioto V A N E 1st gu 4s
O
x
M
S
x
a
A
O
z
b
A
z
Apr
aa
b
z
cc
x
a
118
113)4
117)4
113)4
118
50)4
47)4
50)4
50)4
48
50)4
*4)4
*107)4
6
5
110)4 116
3
111
118
38
43
71
14
70)4
3)4
10
106)4 110)4
43)4
.
J y bb
§♦ Refunding 4s
z
cccl
z
c
A
110)4
1959 A
O
z
z
cccl
cc
Attention Is directed to the new column
m"s
z
z
cc
M~5
z
cccl
cons
6s series A
incorporated in this tabulation pertaining to
14
7X
15X
10%
10%
"l3
2
75
7
X
16
14 X
9%
38
6X
65X
9
54 X
67
31
34
25 X
38
16
1
12
21X
13 X
9X
9X
7X
85
05 X
8X
114X
4
67
71
105X
108 X
40
21
33
18X
33 X
47
"2
125
10
4X
4X
13
5
8,X
10X
123
IX
3
3X
47
3
3
12
5
145
4%
3%
13
4X
13
47
114X 123X
3
3
68 X
10SX
54
107X 111X
107 X 109 X
28 X
29 X
ix
10
8
"2
40
38 X
5H
110 x 118
105
"l
30
28
82
4X
6
107 %
13X
3X
6X
10
cccl
1945
♦1st
6X
8 X
*122
2
♦Certificates of deposit!
tl*Atl A Blrm lstgu4s__ .1933
F
43
*38X
ccc2
z
♦Certificates of deposit.
9X
11X
*28
aaa3
A
14 X
7
♦107X
38 X
O
67 X
02 X
65
66
cccl
O
26 X
15
55 X
33
42
28
F
Oct 1949
9%
1
60 X
65 X
iOX
*105%
107%
cccl
1950 A
§♦48 g stamped
♦Adjustment 5s
9M
*3%
3
.1950 A
5* 1st g 48 unstamped
9%
*75
z
9334
100)4
93 34
89
15
8%
3
1963 A O y a
1965 A/N X aaa2
1942 M 8 X aaa2
♦Stamped
67 X
40
114X
111
89)4 100J4
89
100)4
26X
aaal
5
147
25%
66 X
44
J
11
-1940 A
A
48 X
6
65
79
49 X
16
cccl
93)4
♦Stamped
♦Guar s f 6 Xs series B
175
65X
cccl
"6
1943 /
66 %
J
113)4
113)4
4a.
65
A
108%
108X 112
16
bbb2
t*8t Paul E Gr Trk 1st 4 Mb. 1947 /
^♦St P A K C Sh L gu 4 Xs—1941 F
St Paul Un Dep 6s guar
1972 /
111
98 %
30 X
9X
cccl
D
10
65X
ccc2
♦Gen A ref g 5s series A
1990 J
St Paul A Dul 1st con g 4s—1968 J
9X
68
65
iox
1
J
5X
70
*10
cccl
cccl
♦Con M 4)£8 aeries A
1978
♦Ctfs of deposit stamped
87%
9
40
26%
2
2
cccl
t*8t L-San Fr pr lien 4s A.-.1950
♦Certificates of deposit.....
♦Prior Hen 5s series B
1950 J
21
65
65M
2
/
J*St L Peor A N W 1st gu 5s 1948 J
1959 A/ 8
87%
*53
3
9X
5
21
*55
2
6s
...1996
St Louis Iron Mtn A Southern—
S A A Ar Pass 1st gu g 4s
12X
108X 111
105
110X
13
6X
*108 M
aaa2
x
7%
*4%
*4%
2
a
gold
109X1—
*21
13
115
34X
5X
109X'
7
cccl
x
Saguenay Pow Ltd 1st M 4X» *66
St Jos A Grand Island 1st 4s. 1947
110)4 115
8
*109
aa
M
M
"36
107)4 109)4
8
40
20
25
*1C9
110%
104% 110%
100
109)4
7X
10X
30
28 X
25
*109"
2
♦Certificates of
8%
36
*30
aa
M
27 X
103 X 109
2
b
M
25
14M
16
17X
13
22
27 X
25
101X 105
aa
A
4a stmp
1949 J
RR 4MB stmp... 1941 J
St L Rocky Mt A P 5s
19 X
12X
29%
cc
10534
25
25
bbb3
c
72
105)4 106
102
107)4
99 M 106)4
25
30
22 X
tSeaboard Air Line Ry—
♦Certificates of deposit..
Apr 1990
x
93
30
50 M
*101
a
70
92
15
"22 X
/
100% 102)4
106
aa
x
x
"66""
105)4
x
F
51)4
121
2
*105
A
1903
40
20
14
15%
J
104)4 112
102)4 103)4
102X
92
98 % 103 X
30
26
*23 X
?♦ Rut-Canadian
103)4 110)4
2
103
*14
D
g 4b
1939
♦1st con A coll trust 4s A—1949
2d
90 X 102%
109
28
*26 X
St L Pub Serv 1st mtge 5s
F
3)4^coll tr ser B.1941
103
bbb4
J
/
77
77
89X 102
90
100%
36
Roch Gas A El 4Mb ser
St Lawr A Adlr 1st g 5a
60 X
02 X
156
F
64X
50
*100
63
112)4
110)4
76
79
08
60
Pat A Passaic G A E cons 68.1949 A/ S
99 X
*99X
99%
101
1955
111)4
1944 A O
For footnotes see page 2017.
49
1952 A/ 8
116)4
117%
3
Pa Ohio A Det 1st A ref 4 Mb
141
1953 F A
1955 A O
117)4
109%
|*Pao RR of Mo 1st ext g 4s. 1938
|*2d ext gold 5s
1938
B..1906
Ref mtge 3)4 s series C
1906
Paducah A 111 1st ifg 4Xs—1956
Panhandle East Pipe L 4s
1962
Paramount Broadway Corp—
1st M s f g 38 loan ctfs
1955
Paramount Pictures 3)4s deb '47
Pacific Tel A Tel 3)4s ser
28-year 4s
77
110X
99 % 105
""19
77
bbb2
jj*Rlo Gr West 1st
107
64 X
150
220
106
73X
J
58—1952
140
214
17
no%
104X
Oil Corp—
Rlchm Term Ry 1st gen
153
73X
bbb3
113
108
76 M
bbb3
03 X
63 X
U2M
76%
S
M
5
3H
bbb3
1952 IN
f conv debentures
4%
Jx bbb3
A/N
92
79
62 X
M S
91
81X
1O0X 110X
33
64
JI
H*Rlo Gr June 1st gu 5s...1939
s
108x
3
*104
bbb3
J
♦Rlma Steel 1st s f 7s
4s
8
110
bbb2
/
Richfield
81X
91
58X 100X
6
90 x
*66
♦Rhlne-Westphalla El Pr 7s. 1950
♦Cons mtge 6s of 1928
59
ioox
92
81 %
107 X
100
104
8
*111X
*147X
*215X
aaa4
64
1O0X
64 X
90
*1%
/:x
1940
mtge 0s
18I
?»■
'"I
90
J
♦Rhine-Ruhr Water Serv 08.1953 /
UN
♦Direct
L
100
108x
•*nx aaa4
aa
4
1946 /
/
♦3Xs assented
--W
90
"91"
aaa4
%
■
100
100 M
90
/|x
.
111
2
Guar 3 Mb trust ctfs D
z
"75""
"71" x
90
cccl
63X
40
——
100
cccl
63%
40
77
140
110X 117
*106 %
cccl
z
40
102
*98x
cccl
102 X
02
*119
74%
110
108 X 108 X
*103x
bbb2
z
1997
| 116)4
11134
bb
♦Paullsta Ry 1st s f 7s
62
8 y bbbl
z
2037 J
2037
1968
Purity Bakeries s f deb 5s
1948
Reading Co Jersey Cent coll 4s '51
Gen A ref 4Mb series A—.1997
354
854
107)4 108)4
105
109)4
93
112
z
64
3
J
D—.1977
Gen mtge 3Xs series H
1967
Gen mtge 3Xa Beries I....1967
Gen mtge 3 % s series J
1969
J5*R I Ark A Louis 1st 4 Mb. 1934
110
x
63X
59X
3
1st A ref mtge 8s
90
aaa2
x
A
Parmelee Trans deb 0s
BOX
2
0
Pub Serv of Nor 111 3 Mb
103
aaa2
D
"40
3
9
27
D
63%
2
O
b
2
113)4
1st A ref mtge 3 Mb ser I...I960
3
50
"
M S
2
113
1st A ref mtge 3)4s ser H..1961
Peoria A Pekln
b
A
A
^♦Providence Sec guar deb 4s 1957
^♦Providence Term 1st 4s
1956
102)4
117)4
113)4
aaa2
x
1^8X
102X
1
105%
•
H8X
101
*108X
G0X
2
D
20
x09X
A08X
aaa2
CC
102)4
59
115
119X
114X 118
99X 109 X
99X 108 X
108%
102%
2
MN'z
105)4
76)4
105
109
2
aa
7"j
111
*119
aa
x
108 X
112
104 X 110
109 X
108
108X 111
*115
aaa2
x
108
109
116"
111*
aaa2
J
110X
*108X
aaa2
/
103
105 X
107 X
*105
J
J
20
"I
*110
aaa2
aa
93 X 101%
100 X
aaa2
A
112X
103
18
108
*107X
110X
2
101% 110
107)4 110)4
*100)4
106
aaa2
aaa4
24
.....
106
4
4
104X
101%
aaa2
IN
104
101
5
8X
3%
*
aaa2
A
bb
109)4
109)4
3
D
Pacific Gas A El 4s series G.1904
4s
0
O
UN
A
y
Gen A ref 4 Xs series B
191
104%
x
109)4
3
aa
bbb3
18X
9%
2%
85
23
101
2
x
x
11
4X
4%
*3M
104X 108 %
100
106%
108 * 111X
88
4%
4X
65
45
"47
18
17
4%
i*Rutland
bb
D y b
1946
Pacific Coast Co 1st g 6s
aa
110
111
1951
104% 110
4)4
108)4
107)4
109)4
109)4
109)4
a
4s debentures
,
106X
110X
■
PubUc Service El A Gas 3%b 1968 J
95
95
*108)4
4
a
Ontario Power N F 1st g
♦Income
4lA
"ioex
74
51X
43
1O8X
106X
111X
*106X
3%B-1906
♦Cons mtge 0s of 1930
4%
4X
2
c
/
J
General 4)4s series
17X
M
Pressed Steel Car deb 6s
106X HOX
*101
4s__1943
Ohio Edison 1st mtge 4s
1965
1st mtge 4a
1907
let mtge 354b..
..1972
Oklahoma Gas A Elec 3)4s.. 1966
Debenture g 4Xs
cccl
1960
1950 J
Potomac El Pow 1st M
68X
y
J*Og A L Cham 1st gu g 4S..1948
Oblo Connecting Ry 1st
A Lt 3 Mb
aaa4
111
108)4
46
559
*35
z
Q"j
Gen Hen ry A Id g 3b
Pow
x
z
J
/
^♦Porto Rico Am Tob conv 0s '42
♦Certificates of deposit..
♦6s stamped...
1942
♦Certificates of deposit
114
ccc2
z
♦Certificates of deposit
North Pacific prior Hen
4)48 series B
bbb4
Remington Rand deb 4X8 w w '56
^Northern Ohio Ry—
A
♦1st gtdg 5s
1945
♦1st mtge g 5s (stamped can¬
cellation of guarantee). 1946 A
Penna
111
x
1st A ref mtge 6s
J|*NorfoIk A South 1st g 5s. 1941
Norf A W Ry 1st cons g 4s—.1996
North Amer Co deb 8Mb
1949
Debenture 3% a
1954
Penn Co gu
106
1962
—1974
1977
Port Gen Elec 1st 4Mb.
aaa3
2
1st gen 5s series C
14
z
z
1st gen 5s series B
107)4
12
x
117
6
2
Pitts Y A Ash 1st 4s ser A—.1948
5)4
39)4
S
A/N yb
F A z c
54)4
5)4
M
112
111
aa
1st mtge 4 Mb series
9
j""j
3Xs.—1960
Nlag Lock A O Pow 1st 5s A. 1955
Niagara Share (Mo) deb 6 Mb 1950
J|»Norf South 1st A ref 6s_.1901
Niagara Falls Power
li7
2
110
aa
x
Pitts A W Va lst4)4sser A.
5
9
2
x
aaa2
100 M 10034
""8
aa
117
x
/
/
aaa2
5
91)4
94)4
93)4
A
D
J
gold... 1949
1953 J D
A/N
1957
F A
Series H cons guar 4s
1960
F A
Series I cons 4Mb
1963
Series J cons guar 4Mb
1964 IN
Gen mtge 6s series A
1970 J D
A O
Gen mtge 5s series B
1975
J
J
Gen 4Mb series C
1977
UN
Pitts Va A Char 1st 4s guar. 1943
9)4
*90
94)4
108X liox
3
Series G 4s guar
110)4
108)4
101
2
109
2
aaa3
109
x
Series F 4s guar gold
30
55)4
110)4
UN
F
10)4
9)4
9)4
111X
Series E 3Mb guar
85
105
17
24
20)4
cc
z
MM
107
1945
107
108)4
108X
A...1940
1942
1942
43
110)4
108X
1958
B—1959
1st mtge 4Mb series C
1960
1)4
2
aaa4
4
8)4
4%
85
...
x
El Lt A Pow 3 Mb '65
J
J
N Y Rys prior Hen 08 stamp. 1968
A/N
N Y A Rlchm Gas 1st 0s A—1951
J
/
N Y Steam Corp 1st 3Xs.—1903
/
J
tl*N Y Susq A W 1st ref 5s. 1937
F A
|*2d gold 4 MB
1937
F A
§*GeneraI gold 6s—..—.1940
♦Terminal 1st gold 6s
1943 A/N
N Y Telep 3^8 ser B
1907 J J
N Y Trap Rock 1st 6s
1946 J D
0s stamped—
1940
23 X
72
3
"54M
54
64
2
68
x
UN
ti'N Y West A Boat 1st 4Xs 1940
2)4
*83)4
2
6M
2X
12
10
5)4
4)4
c
11
88
70
2
D
A
z
4M
17M
70
3
J
1965
20
28
29
D
^♦N Y Prov A Boston 4s
1942
A
N Y A Putnam 1st con gu 4s. 1993
20 X
10
15)4
UN
cc
20 X
10
16
"lSM
z
J
11
6
35
16)4
16
14M
17M
cccl
O
A
43
14)4
cccl
z
"l6
cccl
z
3
♦Certificates of deposit
US
Phillips Petrol conv 3s
1948
Pitts Coke A Iron conv 4Mb A '52 M S
80X
72 X
33
a
108X
21
x
z
71
16
66 X
D
/
1949 M 8
J
/
11
15M
18"
45
64
80
15)4
202
1
65
15M
cccl
66 X
3)4s_1967
Pitts C C C A St L 4Mb
M
65
63
1
79x
16
62
*~66X
cc
79)4
72
72
3
cc
60
15
16
74
3
z
60
cccl
3
}*Phlla A Read C A 1 ref 58.1973
♦Conv deb 6s
High
bb
z
43 X
50
No. Low
172
bb
^♦Philippine Ry 1st s f 4s..1937
55
74
1
Jan.
bb
60
54
High
Since
33 <*3
y
y
M 8
1967 J D
M S
Phil a Co sec 6s series A
100
97
1977
.1981
Range
-o
§1
Asked
A
y
J
1974 P
General 5s series B
110H
8X
*25%
z
{♦N Y Ont A West ref g 4s_.1992
N Y Queens
Phelps Dodge conv
105
Bid
Low
1956 J
1st g 4Mb series C
10434 11034
46
A 68.1950
1st 4s series B
110)4
110)4
92
M 8
3X8---—1964
J
J
♦Non-conv debenture 4a..1965
A/N
♦Non-conv debenture 4a.. 1950
♦Conv debenture 3Xs
1956 / J
♦Conv debenture 08
1948 / J
♦General 4s
46)4
Pere Marquette 1st ser
50)4
6734
79M
A
^Collateral trust 6s...—1940
♦Debenture 4s..—.—..1957
♦1st A ref 4 X» ser of 1927.1907
J^Harlem R A Pt Ch 1st 4s 1964
"mm
/ y bb
5 y bb
—
♦Non-conv deb
*13X
*100X
bbb2
bbb2
Coal A RR5Xa'42
J
♦N Y L E A W Dk A Impt 5s 1943
Branch gen 4s__1941
107)4
123)4
110)4
116%
2
x
4b ser A...1973
}*N Y New Hav A Hart RR—
♦Non conv deb 4s_
1947
♦Non-conv debenture 3 Mb 1947
101
104)4 108)4
110)4
2
y
r Y A
N Y A Long
78
26
53)4
51)4
Price
See a
1
Friday's
Sale
Rating
1940
5,
|
Range or
Last
Elig. &
Railroad & Indus. Cos. (Cont.)
Phila Electric 1st A ref
J*N Y Harlem gold 3Xs.—2000 IN
A Greenwood Lake 6sl940 A/N
1973
106)4
*123
aaa4
z
A/N
4X« series B
High
Low
108)4
110
N Y A Erie—See Erie
♦N Y LE A W
No
51M
50)4
'"six
ccc2
x
—1947
Y Edlaon 3%b ser D
1905
1st lien A ref 3Xs ser E—.I960
N Y Lack A West
High
106
b
Conv 5% notes—
Jan, 1
Asked
Week's
Friday
Bank
2s
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 4
1067i«
106»a2
aa
y
N
A
Low
N Y Connect
N Y
Oct.
New York Bond Record—Continued—Page 5
2016
8
15
6X
15 X
1
2X
2X
2X
IX
6X
5X
30
3
8X
7X
6
9
15X
baulc eligibility and rating of bonds.
See a
Volume
New York Bond
151
Bank
Y
EXCHANGE
STOCK
fc|
Friday
Elig. A
Last
Range or
Rating
Sale
Friday's
See A
BONDS
N.
Price
Week Ended Oct. 4
Railroad & Indus. Cos.
Bid
Low
{Cont.)
High
A
z
c
2
2%
♦6s Series B certificates--.1935 F
A
z
c
1
*1%
J
x
aa
D y b
♦Siemens A Halske deb 6%s. .1951 M S z
.1946 F A z
♦Silesia Elec Corp 6 Ha
Slleslan-Am Corp coll tr 7s_. .1941
.1952
y
.1950
Skelly Oil 3a debs
Socony-Vacuum Oil 3s debs. .1964
South A Nor Ala RR gu 5a.. .1963
High
1%
4
3%
97%
98
121
93%
1
52
28
50
67
51
51
5
26
55
20
20
1
14%
20
41
42
bbb3
103 H
103%
105%
x
aaa4
x
a
105%
102%
103%
106
5
26
9
23
*116
3
1st mtge & ref
12%
42
102%
99% 103%
102% 106%
94
119
115
x
aaa3
lion
110
110%
6
x
aaa3
106%
106 H
106%
24
x
aaa3
101% 106%
1045u 109%
.1965 F
4s
x
aaa2
1079jj 111
J
x
bbb3
104%
D
x
bbb3
O
x
bbb4
Southern Colo Power 6s A-. .1947 J
Southern Kraft Corp 4 Ha—. .1946 J
Southern Natural
Gas—
.1951
4 Ha
coll). .1949
1st mtge pipe line
So Pac coll 4s(Cent Pac
1st 4 Ha (Oregon
J
D ybb
105
15
102
104%
101%
102
23
106%
106%
106%
41%
67
125
.1946 J
10-year secured 3Ha
San Fran Term 1st 4s
So Pac RR lat ref guar
.1950 A
4s—. .1955
ybb
.1955
y
x
bbb3
y
258
54
74%
74%
43%
43%
54%
75%
60
58%
60%
279
110%
104
106
101
97% 102%
107%
104
1st 4s stamped
"92%
83
93
42
53
61%
79%
Devel A gen 6
.1956
y
84
82%
84%
186
67
80
80
2
73
7
111
1
73
111
.
x
aaa4
cccl
"22%
108%
20%
.1961
Standard Oil N J deb 3s
x
aaa4
105%
104%
1C8%
2
22%
105%
80
.1953
x
aaa4
105
105
z
bb
103
101%
Superior 011 3Ha debs.—.. .1950
,195'J M N
Swift A Co 1st M 3Ha
x
bbb3
100%
100%
105%
103%
100%
x
aa
105
105%
x
aaa3
*113
114%
aaa4
113
113
110%
110%
Tenn Coal Iron A RR gen
6s. .195
Term Assn 8t L 1st cons 6s.. .1944
J
J
F
.1953 /
.1943 J
bbb3
x
.1965 M N
105
4
aa
x
Gen refund sfg4s
Texarkana A Ft S gu 6 Ha A. .1950 F
.1959 A
deb
...
3s debentures..
4
x
Texas Corp 3s
Texas A N O con gold 5s
2
aaa4
x
aaa4
90
90%
bbb3
68%
67
bbb3
67%
67%
1960 J
4a
Third Ave Ry 1st ref
bbb3
x
67%
O y cccl
1st 6s dollar series
1953 J
Tol A Ohio Cent ref A Imp 3 H a *60 J
D y b
D x bbb3
F
A
104% 111%
76% 92
102
106%
103% 105
72%
63%
72
68
53%
72
90
-88%
46
57%
19%
z
51
238
90
10
68
62%
25%
100%
44%
82%
65%
If 8 yb
I
x
aa
A
0
z
1st 40-year guar 4s
A
x
1959
F
A
x
aa
3s debentures
z
cc
z
cc
6%
1st mtge 3 %s series 1
1966 /
West Va Pulp A Paper 3s.__ 1954 J
104
4
71%
73
87
84%
9
x
58
45%
65
x
110%
H6%
116%
4
111
1
i00%
101%
9
87%
91%
292
92%
95
J
x
bbb3
O
X
aa
91
bbb3
2
ccc2
z
95
"14"
107%
13%
y b
West Shore 1st 4s guar--
y bb
.2361
J
.1966 F A
:1940 M N
White Sew Mach deb 6s
x
bbb2
bbb2
X
105
z
cc
2
"l"3%
X
bbb3
105%
/
O y bb 3
J X aaa2
{♦Wis Cent 50-yr 1st gen 4s.. .1949 J
J
z
ccc2
♦Certificates of deposit.
{♦8u A Du dlv A ter 1st 4s. ^936 MN
z
100%
100%
*112%
"28"
cccl
z
cc
X
aa
{♦ Wor A Conn East 1st 4 %s. .1943 J
Youngstown Sheet A Tube—
J
a
35
110% 116%
96% 105
100
7%
7%
28%
27%
14
10%
4%
13
110
112%
13%
2
109%
102
96
110
15
109%
103
9%
14%
100% 106%
6
27%
8%
109%
4
64%
50%
32
3
"28% "2l"0
8
3
26
18
27
1
Wisconsin Elec Power 3%s_. .1968 A O
Wisconsin Public Service 4s.. .1961 J D
71%
10%
12
26
72%
51
93
100%
68
53%
14
105%
18%
50
"11" ""47
13%
105%
cccl
z
X
50%
105
95
10%
48
113%
91%
79
6
54%
102%
107% 108%
18%
10%
*99%
{{♦Wilkes Bar A East gu 5s. .1942 J D
128%
72
110
26
48%
113%
103%
aa
X
Wilson A Co 1st M 4s A
.1955 J
71%
52%
J y bb
.1949 M S
,
98
95
70
71
70
107% 112
29
72%
26
J
Wheeling Steel 4%s series.
14%
70%
71%
/
8
11
68
b
.2361
14
22
30-year 5s
.1960 M 8
♦Westphalia Un El Power 6s. .1953 J J
z
1
107%
13%
14%
37
104% 110%
115% 120
43
68
♦5s assented
.1946 M 8 z cccl
Western Union Teleg g 4%s. .1950 MN y bb 2
25-year gold 6s
.1951 J D y b
46
120
*109%
4
0\x
Wheeling A L E RR 4s
16
60
106% 109%
108% 109%
aaa3
a
90%
31
*124%
116%
aaa3
73
87
78
108%
3
x
x
*
56
63%
34%
*55%
aaa4
aa
44
*30
9%
101% 106%
aaa3
x
x
"44%
9%
4%
1
84
9%
4%
34
87
y>
J
A-. .1946 M 8
Registered
44
104
"73"
2
9%
4%
55
5
42
4%
6
5
5%
D
.1952 A
.1977 J
ser
,
13
38%
11
6
5%
bbb2
x
1
13%
7
12
cc
51
9%
42
cc
z
."*8%
b
z
28
11%
42
z
20
41
9
4%
110
106
7
107% 110%
101% 109%
101
106%
*5%
14
6
z
c
2
Conv deb 4s
1948 M
8
x
a
4
103%
102%
104%
186
1961 MN
x
bbb4
104%
104%
105%
63
1
121% 125
104
108
14%
13%
14%
21%
75
"21%
81%
107%
*8%
aaa4
A
46
48
10%
25%
68
107%
75
cccl
F
cc
30%
98"" "99%
123
21%
3
J
{{♦Union Elev Ry (Chic) 6s. 194f
Union OH of Calif 6s series A. 1941
z
102
66
109%
90
123
1
1945 F
Westchester Ltg 5s stpd gtd.1950 J D
Gen mtge 3%s
1967 J D
West Penn Power 1st 58 E—1963 M S
99%
e
108
108%
3
103%
108%
103%
105% 109
8
104
122
-
9
Cash sales transacted during the
No.sales.
r
UJlgawa Elec Power a 17a... 1946
Union Electric (Mo) 3%s_— 1962
S
1948 M
66%
"97%
*106%
cccl
cc
O ybb
O y b
♦Certificates of deposit.
97%
*95
b
z
78
54%
4
1st mtge s f 4s ser C
11%
95
*15
z
6s debentures
Conv deb 3%s
.1947 A
Winston-Salem S B 1st 4s... .1960 J
74
104% 110%
63%
67%
*105%
48—1950 4 O ybb 3
C—1942 M 8 x aaa2
4
4s. 1946 j r x a
5s
1949 \f 8 x aaa3
deb A-1963 7 J y bb
♦Tyrol Hydro-El Pow 7HB—1955
♦Guar sec s f 7—
1962
111% 116%
15
90
Tol St Louis A West 1st
V N
100%
47
44%
50%
Tol W V A Ohio 4s series
Trenton G A EI 1st g
15
23%
101% 106%
100% 106%
81
113%
55
""l3
*100%
Toronto Ham A Buff 1st g
Tri-Cont Corp 5s conv
109
102
32
18%
18%
3
D
.1955 A
—.1955 A
Walworth Co 1st M 4s
{♦Western Pac 1st 6s
68
-v
56%
J y b
♦AdJ Income 5s
Jan 1960 A
I ♦Third Ave RR 1st g 58—1937 J
Tokyo Elec Light Co Ltd—
Walker (Hiram) G A W—
Convertible deb 4%s——1945 J
West N Y A Pa gen gold 4s.. .1943 A
67%
a
5%s A *75 M 8
73
*89%
x
J ybb
2
95
x
.1980 J D
Gen A ref 6s series D
Tex Pac Mo Pac Ter 5%s A. .1964 M S
5
105
x
gen
♦Ref A gen 6s series B
1976 F A
♦Ref A gen 4 %s series C—1978 A O
♦Ref A gen 5s series D
1980 A O
73%
104% 106%
122
128%
106%
O
.1979 A
Gen A ref 6s series C
{♦Wabash Ry ref A
63
108% 112
28
"~5
104%
♦
106%
♦Omaha Dlv 1st g 3%S—.1941 A O
♦Toledo A Chic Dlv g 48—1941 M S
Western Maryland 1st 4s
1st A ref 5 %a series A
100
14
x
J
84%
80
20
84
Texas A Pacific 1st gold 6s.. .2000 J D
.1977 A O
Gen A ref 6s series B
a
44
20
106%
104%
J y bb
33
105%
105%
{♦Des Moines Dlv lst4s„1939 J
*45
51%
70
29
*
-
Studebaker Corp conv deb 6s 1945
2Ha debenture
b
65%
80
"73"
z
62
389
111
J
13%
*27%
80%
19
256
aaa4
46
27
I
68
79
bbb2
b
42%
63%
59%
y
z
{♦Warren Bros Co deb 6s
1941 M S z cc
Warren RR 1st ref gu g 3 %s.2000 F A y b
Washington Cent 1st gold 4s. 1948 Q M yb
Wash Term 1st gu 3%s
1945 F A x aaa3
44
43%
13%
111
107
24
11
ccc2
J
60%
93
x
z
1954 /
1941 J
60%
50%
76%
y
66
41%
30
91%
56%
So'western Bell Tel 3 Ha B_. .1964
.1968
1st A ref 3s series C
{♦Spokane Internat 1st g 6s. .1955
78
High
Low
2
107%
107%
30
78
.1951
"~2
108%
2
30
59
.1996
{♦2d gold 5s
♦1st lien g term 4s
♦Det A Chic Ext 1st 6s
b
z
164
2
St Louis Dlv 1st g 4s
1939 MN
1939 F A
362
2
Mem Dlv 1st g 6s
No.
48
61
66
Warner Bros Plct 6s debs
bb
bb 2
bbb2
High
78
2003
63
ybb
Ha—
5s
35
.1956
Devel A gen 4s
Since
Jan. 1
111
48
48%
Devel A gen 6s
Southern Ry 1st cons g
Low
30%
bbbl
5a_. .1994
series A—. .1956
44%
41%
54%
2
41%
41%
43
_
47%
43
J y bb
O x bbb2
46%
43%
.1969 MN y b
.1981 M N y b
—
40
47%
M S y bb
.1968 M 8 y b
Gold 4 Ha
5
41
3
Lines) A. .1977
Gold 4 Ha
Gold 4 Ha
A
A
Range
Ask
A
*110%
5s
cons
{Wabash RR Co.—
{♦1st gold 5s
.1961 M 8
38 debentures
Bid
Price
i
-1958 A O ybb 2
Virginian Ry 3%s series A—1966 M S x aaa2
1st
.1979
South Bell Tel A Tel 3%s—. .1962
Southern Calif Gas 4 Ha
See
^0.
Range or
Friday's
Sale
Rating
Railroad & Indus. Cos.(Concl.)
Va Elec A Pow 3%s ser B—1968 M S x aa 2
Va Iron Coal A Coke 1st g 5s 1949 M S y ccc3
/
J y bbb2
Va A Southwest 1st
gu
98
40
102
Last
fe o Elig. A
i*
EXCHANGE
_
51 %
cccl
STOCK
Week Ended Oct. 4
1%
2%
Y.
Jan. 1
No. Low
11
N.
97%
102%
*
2%
BONDS
Since
4
xbbb2
Simmons Co deb 4s
,
Range
!i
GQC?
Week's
Friday
Bahk
Ask
A
{♦Seaboard All Fla 6s A ctfa.1935 F
Shell Union Oil 2%s debs—. .1954 J
Shlnyetsu El Pow 1st 6 %s__. .1952 J
2017
Record—Concluded—Page 6
Week's
current week and not Included In the yearly
>v.'
Cash sale: only transaction during
transaction during current
week,
n
range
■
a Deferred delivery sale:
Included In year's range
current week,
Odd lot sale, no
v*
only
t The price represented Is the dollar quota¬
Accrued Interest payable at exchange rate of
{ Negotiability Impaired by maturity,
108% 112%
100% 104%
tion
200-pound
per
unit of
bonds.
$4.8484,
Union Pac RR—
J
aaa3
113%
113%
113%
84
34-year 3 Ha deb
35-year 3 Ha debenture—
Ref mtge 3 Ha ser A
United Biscuit 3Ha debs...
1970
A
aa
3
99%
75
VIA
aa
3
98%
98%
99%
1971
99%
87
/
D
1956
1
O
a
3
6s.
1952
A
0
b
4
bb
4
1st A land grant 4s..—. 1947
United Cigar-Whelan Sts
1980
103%
United Drug Co (Del) 5s.— 1953 M 8
U N J RR A Canal gen 4s— 1944 M 8
107
104
63
107
aaa3
107
3
*69%
"86"
85
70%
86
"64
110
T The following is a list of the New York Stock Exchange
115
92%
99%
92% 99%
101% 104
104% 107
68% 77%
75%
.50s
—
.625s
.75s
.8759
1.00s
1.125a
1.25a
1.375s
Nov
1 1940
May 1
Nov 1
--May 1
Nov 1
-May 1
Nov 1
—..May 1
Nov 1
1.50s
May
aa
aa
1942 MN
x
aa
x
aa
*100
1943 MN
x
aa
*100%
1943 MN
x
aa
x
aa
100% 100%
100% 100%
100% 100%
100%
100%
100%
x
aa
100
aa
101
101
100
101
aa
101%
101%
100% 101%
100% 101%
100
101%
100% 101%
100% 101
100% 101%
100% 101%
1946 MN
x
x
aa
1947 MN
x
aa
1 1947 MN
x
*101
aa
1946 MN
aa
101%
*101
101
101
May
1 1948 MN
x
aa
*101
2.00s
Nov
1 1948 MN
x
aa
May
x
aa
2.10s
Nov
1 1949 MN
1 1949 MN
x
aa
May
1 1950 MN
101%
101%
101%
101
*101%
2.05s
101%
102"
100
*101%
102
Friday's bid and asked price.
Bonds selling flat
Deferred
102%
102%
aa
*101 %
1 1950 MN
x
aa
*102
May
x
aa
*102%
2.30s
Nov
1 1951 MN
1 1951 MN
x
aa
*102%
x
aa
*102
Nov
1 1952 M N
1 1952 MN
May
——
2.35s
May
x
aa
x
aa
*102%
x
aa
2 55s
x
aa
*102%
102%
2.60s
1 1954 MN
x
aa
x
z
2.45s
—
Nov
2.50s
Nov
May 1 1955 MN
2.65s
♦Un Steel Wks Corp 6 Ha A— 1951 J
1951
♦3Ha assented A—
D
z
103
103
100
__
30
32
18
32
30
30
20
30
20
24%
—
z
x
bbb3
x
bbb2
103
102%
s
cons g
bbb3
1957 MN
x
89%
aa
aa
J
z
J
J
z
1*4 Ha assented
1934
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
agencies so rating the bonds.
In all cases the symbols
Where all four agencies rate a bond
the rating given by the majority.
differently, then the highest single rating Is shown.
will represent
In default.
majority of the Issues bearing symbols ccc or lower are
A great
All Issues
In default.
Transactions
at
the
New York
Stock Exchange,,
Daily, Weekly and Yearly
■
United
Total
Mis cell.
Municipal
States
Bond
Bonds
For'n Bonds
Bonds
State
Railroad A
c
Number of
Shares
Week Ended
4, 1940,
Oct.
20%
27%
30
1
20
19
84
103
9
96
104
102%
103
48
95
Thursday
109
93%
Friday-.
—
Total
Sales at
109
109
4,667,000
5,480,000
840,000
100,000
6,420,000
$36,425,000
$4,635,000
$670,000
$41,730,000
8,150,000
7,726,000
8,254,000
48,000
192,000
820,000
898,000
9,162,000
8,931,000
9,198,000
274,000
46,000
931,000
""%
....
Exchange
%
%
1940
1939
1939
206,346,006
3,435,515
5,893,130
156,654,960
$3,813,000
5,270,000
36,974,000
$32,337,000
$290,267,000
4,635,000
36.425,000
164,360,000
985,228,000
190,157,000
1,108,269,000
$41,730,000
$46,057,000
$1,181,925,000
$1,588,693,000
Bonds
Railroad and
Total.
incorporated In thla tabulation pertaining to
■
'
1940
$670,000
Stocks—No. of shares..
Government
-
Jan. 1 to Oct. 4
Week Ended Oct. 4
New York Stock
109
1
it,**
403,170
808,100
769,700
784,385
466,080
3,435,515
—
Tuesday.*
$2,148,000
104%
30
87%
*107%
Attention la directed to the new column
Sales
$2,585,000
5,434,000
$10,000
$427,000
719,000
204,080
State and foreign
in process of reorganization
following shows the number of
Vera Cruz A Pacific RR—
§♦4 Ha July coupon off——1934 J
either to rating status
Indicates those bonds we believe are not bank eligible due
provision in the bond tending to make it speculative
Indicates Issues In default, In bankruptcy, or
Monday
102%
30
x
4s series A—1955
f 4s series B
z
Wednesday
*25
cccl
x
F
y
or some
Saturday..
*23
A
1944
102%
*23%
b
1947
Utah Power A Light 1st 5s.
■■■■
103
103
United Stockyds 4Ha w W.¬ 1951
Utah Lt A Trac 1st A ref 5s 1944
Vandalla
'"'V
Rating Column—x Indicates thoBe bonds which we believe
Stocks
aa
1951
♦3Hs assented C
♦Sink fund deb 6 Ha ser A. 1947
♦3Ha assented A
"
99% 102%
101
<
102%
100% 103
z
*
Bank Eligibility and
100% 102
103
z
f 6 Ha series C
i
■
bearing ddd or lower are
102
1951
a
102
100% 102
100% 102%
100% 102%
102
102%
103
*102
1 1953 MN
1 1953 MN
-May 1 1954 MN
2.40s
week and not Included In
delivery sales transacted during the current
100% 101%
100% 101%
x
Nov
2.15s
No sales transacted during current week,
100% 101%
102
2.25s
2.20s
under
eligible for bank Investment.
100
x
1944
In bankruptcy, receivership, or reorganized
securities assumed by such companies.
Nosales.
*100%
1944 MN
100%
x
Nov
1.95s
being
the yearly range:
100%
*100
1942 MN
*100
MN
1.90s
—
*99%
*99%
aa
x
x
1945 MN
1.85s
1.80s
x
1941 MN
1941 MN
1 1946 MN
1
May 1
Nov 1
May 1
1.75s
reported as
v
110%
100%
100%
—Nov
1.625s
Cons
{ Companies
*
debentures—
.375s
♦Sec
Liquid Carbonic Corp 4s 1947, Oct. 10 at 104.
Section 77 of the Bankruptcy Act, or
♦
108
*107%
aaa4
106.
Carolina Cllnchfleld A Ohio 6s 1952, Dec. 15 at
89%
United States Steel Corp—
Serial
bond Issues which have
been called In their entirety:
—
industrial.
bank eligibility and rating of bonda.
See note A above.
NOTICE—Cash and deterred delivery ealee are
of the regular
Oct.
Exchange—Weekly and Yearly Record
New York Curb
2018
5, 1940
disregarded In the week's range unless they are the only transactions of the week and when sell log outside
the week in which they oecur. No account ts taken of such sales In computing the range for the year
weekly range are shown in a footnote In
extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
beginning on Saturday last (Sept. 28, 1940) and ending the present Friday (Oct. 4, 1940).
It is compiled
entirely from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stoclf or
bond, in which any dealings occurred during the week covered.
In the following
the week
Last
Par
STOCKS
Acme Wire
Aero
Wee* i
Sale
of Prices
Low
High
Pries
Range
Week
160
10 J*
Low
13
Par
High
May
22*
Jan
Co common.10
■
July
22*
Mar
Supply Mfg—
20 h
--1
Class B
1
Ainsworth Mfg common..6
Air Associates Inc com—1
Class A.
preferred
100
4
Jan
May
6*
Mar
10
Jan
14*
May
4%
IX
70
92 X
3X
Apr
30*
Apr
utt
90
30
92*
June
r68
,
82
78*
Apr
Apr
Oct
108*
Apr
98
2
Alles<fc Fisher Inc com...*
Mar
Blrdsboro Steel
July
Aug
Blauner's
Feb-
Blue Ridge Corp com
111*
May
2%
S3 conv pref
Aluminum Goods Mfg
Oct
156*
163"
1,450
116*
200
138 X
108
Jan
May
17*
100
10 %
June
18
Ap
Ap
Ap
5%
42%
May
11*
Feb
May
110*
Mar
90
Sept
109* May
1*
Apr
17*
Aluminum Industries com •
Aluminium Ltd common.*
16*
1,000
17
i*
•
"82 *
"85""
80
50
40
100
Amer Box Board Co com.l
100
*
*
American Beverage com.. 1
American Book Co
"'"0OO
90
90
100
preferred
May
July
May
116
16
100
preferred
8
4
Sept
10*
15*
26
Class A conv com
6%
X
70
5
30
100
40*
5
4
23
Sept
192*
118*
Aug
June
49*
May
7*
Apr
Apr
Jan
2*
Apr
American Capital—
preferred
S6.60 prior pref
13
Jan
May
20*
70
07
•
Amer Centrifugal Corp
65
June
80
Jan
*
Jan
Power A Lt—
31*
30 *
A
30*
29*
225
25 *
300
31X
30*
22% June
X June
000
1
Class B
35 *
14
35 H
12
14
*
11*
11*
12X
350
10
32 X
31 X
32%
3,800
preferred..... 100
Corp com 10c
112 X
112 X
750
10
Amer Export Lines com_.l
5,200
3,200
37 K
American Gas A Elec
Amer Hard Rubber Co..60
3
300
27
25
27%
28 X
75
2*
~UK
105
106*
50,000
88
July
136
Jan
Apr
May
125
Mar
Apr
1*
Jan
May
39*
May
19*
8%
36
Mar
Apr
May
Apr
Apr
400
7% 1st preferred
"l4*
14*
2.400
15*
Brewster
1
•
Class
Aug
2*
200
19*
300
7%
•
preferred
KM)
2*
3
3*
5*
3*
5*
5*
10*
"1*100
9*
300
,600
------
1*
700
1*
3*
1*
1*
36*
.......
1,800
4*
42*
,
500
2,500
13*
500
13*
13*
Jan
25% May
107% July
39 *
Jan
IBrown Co 6% pref
112*
Sept
4
Apr
31X
Mar
May
34*
Mar
100
Class A preferred
Brown Forman
700
22*
17
200
May
19*
Apr
Brown Rubber Co com
16 X
100
13* June
18*
Apr
2*
Bruce (E L) Co common..5
$6
preferred
"i'x "i*
1
14*
300
11* May
16*
Jan
Buckeye Pipe Line
28 X
100
25
29*
Jan
20%
20%
50
1
Amer Meter Co
*
300
30
29
Amer Pneumatic Service.*
Republics
5 X
10
*
12
71X
'i#
l,n
*
Jan
11%
*
Jan
Burma Corp Am dep rets..
Jan
Burry Biscuit Corp..12*c
*
Aug
Mar
* June
preferred.
J7
1%
38*
400
100
7*
38*
7*
38*
150
400
Jan
2* May
3*
Feb
20*
20*
1,900
112%
1%
1
1*
Mar
2
Feb
Apr
60
112% 113X
17
May
ht
"2X
"600
2%
2
2%
5,300
0%
8%'
7%
8%
2,300
115
Jan
Feb
*
Jan
1* May
1* May
0* May
2*
Apr
Apr
2*
Equipment Corp ...1
1
deposit rets
Class
$5
Aug
4
May
0*
Mar
4
Mav
5*
Jan
8*
Feb
*
1
Jan
Atlanta Gas Lt
Jan
Caeco
Jan
Castle (A M)
Jan
Catalln Corp of Amer
CeUulold Corp common. 15
Feb
»i»
Apr
Feb
2*
Apr
1
100
May
100
0% pref 100
Atlantic Coast Fisheries..1
Atlantic Coast Line Co..60
2%
10%
2%
10 J*
16
1,600
80
Plywood Corp..
Auburn Central Mfg
May
4*
Apr
12
June
2
2X
26
Warrants
5
Aug
*
Jan
June
1
5
100
May
20
Mar
Jan
18
Sept
75
H
%
800
*
July
1*
Feb
2%
2x
2%
3,500
2*
Aug
4*
Apr
39
39
30
34
May
3
10
Jan
28%
28*
30%
4^200
18* May
Purch warrants for com.
30
6X
28%
OX
7%
8,900
28%
20
2,000
Baldwin Rubber Co com.l
Bardstown Distill Inc
1
Barium Stainless Steel... 1
"it
"its
500
1516
1*
0%
1,000
May
May
4% May
7is July
63
Strip
Char Is
Co
Corp common
Chicago Rivet 4 Mach
Apr
Chief Consol Mining
Apr
Childs Co preferred
Bath Iron Works Corp_..l
14%
14%
15
5,000
30*
Beau Brummell Ties Inc.. 1
20
For footnote- see page 2023
5%
5%
100
8*
May
Aug
June
May
•
$6 preferred BB
B
•
»
Cities Serv P 4 L $7 pref.*
Apr
Jan
Clark Controller
Apr
Claude Neon Lights Inc..l
0
6*
16
Jan
Apr
Mar
Feb
2*
May
38
Feb
May
4*
11*
Jan
43
Feb
22*
Jan
108
Jan
Jan
14*
2*
1*
1*
1
Jan
Jan
Jan
Apr
Mar
"~8%
Oct
June
*
500
May
May
May
May
100
4*
$0
preferred
•
1
Jan
11*
Apr
2*
1*
Feb
9*
Jan
1*
25
Jan
Jan
Feb
7*
May
27
40
97*
May
109
May
10
80
May
106
Sept
200
8*
800
"366
3*
1,400
123*
450
5*
May
40*
Apr
15*
Jan
7*
Apr
5*
122
123
4
~25~
May
12
Feb
June
20
Jan
1*
98
May
May
3*
127
Jan
May
5*
Feb
100
4
25
26 *
77*
78
May
6
15
2*
78
2*
June
200
20*
09*
Jan
34*
Feb
Jan
87*
May
June
17*
Feb
Jan
110*
Sept
June
May
105*
10*
Apr
Apr
60
13
106*
98*
98*
98*
8*
8*
8*
*
*
100
200
91
6*
May
115*
May
1,800
318
May
*
Jan
800
*
Jan
*
Jan
»18
May
2*
Jan
May
8*
May
May
2*
Jan
2*
Jan
4*
May
7*
Mar
95*
3
1*
1*
*
25
2*
4*
July
Sept
Jan
4*
5*
75
11*
11*
106
25
10
June
13
Jan
100
95
May
117
Apr
72
150
55
June
83
Apr
100
70*
Mar
10
10
200
6
May
'11 June
*
Apr
10*
5*
575
7
Aug
29*
Mar
3,000
4
Jan
6*
May
74*
10
600
49
July
6*
100
May
79*
68
68
10
45
May
May
75
94*
94*
20
85
May
115*
Mar
75
110
Mar
6
May
May
May
12
May
6*
1
•
Co
22
May
May
"~7* "m
8*
A pr
Apr
*
6*
*
37
Apr
Mar
6*
100
108* 108*
105* 105*
2 *
19*
9*
37
108*
3*
18*
Apr
July
City 4 Suburban Homes 10
7*
10*
5*
18*
May
17
May
72*
preferred
60c preferred
Apr
11*
Feb
June1
5*
72*
$0
Oct
7*
May
May
May
2,500
5*
3% May
9* May
June
May
6*
5*
Oct
4
May
9
10
9*
Apr
3%
16
90*
18*
4
*
12*
Jan
19*
10*
28*
Baumann—See "Ludwig"
Beaunlt Mills Inc com.. 10
July
*
6
10
1*
8
6
May
Oct
Feb
1
100
City Auto Stamping
81.20 conv A com
1*
6*
28
"5* "~5%
Cherry-BurreLl common..6
Chesebrough Mfg
25
Jan
3*
Barlow A Seelig Mfg—
Basic Dolomite Inc com..l
Sept
May
June
1
100
Mar
*
8,000
OX
1%
4*
18
1*
Sept
Cities Service common.. 10
♦
Feb
May
Chamberlln Metal Weather
175
Mar
30
1*
100
100
Mar
Baldwin Locomotive—
81.60 oonv pref
preferred
preferred
7*
16%
1*
22
Conv pref opt ser '29.100
17 X
Ayrshire Patoka Collieries 1
preferred
0%
7%
Conv preferred
16%
Feb
Feb
July
11*
1
Jan
17
20*
20
May
May
9*
Chicago Flexible Shaft Co 6
Babcock A WUcox Co
7%
Cent States Elec com
Feb
Aug
15
Jan
Apr
15
100
7% pfd 100
1*
6*
10%
X
14*
1
Cent 4 South West UtU 60c
19*
July
1,600
•
Mar
2*
5
com
4
JaD
3* May
3% May
Cent Hud G 4 E
•
Cent Pow 4 Lt
Sept
400
partic pref
Cent Ohio Steel Prod
IX
3X
1st
*
Jan
Tobacco—
Class A common
7% 1st partic pref... 100
Mar
500
3%
25
Aviation A Trans Corp
Ax ton-Fisher
16
May
Apr
9*
1
2*
11*
5
Avery (B F) A Sons com.5
0
X
16
Automatic Voting Mach..*
0% preferred w w
0% preferred x-w
May
Jan
17
May
2*
10
Feb
23*
'""266
1
Automatic Products
June
»u May
19*
10
11*
6 *
*
common..
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref. 100
ht
*
*
J Austin SUver Mines
104*
2
Atlas Drop Forge com...6
Apr
July
2,000
X
08
1% June
3%
1
Atlas Corp warrants
Atlas
Products-
17 dlv. preferred
May
Oct
11*
Celanese Corp of America
Apr
65
Atlantic Rayon Corp
1
*
Atlanta Birmingham A
Coast RR Co pref
•
(u
6*
*
8i6
•
Assoc Tel A Tel class A
preferred
Feb
*
•
t c common
*
May
*
200
Oct
May
Mar
6*
Carnation Co common...*
10
X
Jan
Jan
4*
1*
14*
34
19*
*
Carrier Corp common
X
Apr
3*
42*
*
Carter (J W) Co common. 1
1
*
20
Apr
Apr
May
2*
11*
1
Carolina P 4 L 07 pref
*
1*
*
..*
100
Assoc Laundries of Amer *
V
B
900
l
A
Class
4X
,
49
"300
•
Marconi
4X
6* Mav
May
May
1*
*
Capital
4%
£1
preferred
Class A voting
Canadian
Carman 4 Co class A
11*
I Associated Gas A Elec—
Com tn on
1
Apr
09
July
Associated Elec Industries
Amer
"""* ""*
Canadian Indus Alcohol—
4X
4%
""%
7% partic preferred...25
Jan
8*
May
11*
Art Metal Works com....6
36
*
City Products...*
Carlb Syndicate
25c
87
*
Ashland OH A Ref Co
108
"
'"2X1 "~2
..10
150
1,700
13
Canadian Car 4 Fdy Ltd—
15
Common cl A non-vot..*
preferred
12*
Canada Cement Co Ltd..*
1
Aro
100* 100*
Camden Fire Insur Assn..6
200
Jan
Can Colonial Airways
♦
20*
"12 X
5*% prefshs £1
12%
* May
8* Mav
*
Arkansas P A L $7 pref
Am dep
6
May
Apr
Cables 4 Wireless Ltd—
Calamba Sugar Estate..20
Calllte Tungsten Corp
1
75
May
Mar
May
60c
Vot trust ctfs
48
June
Apr
17*
8
Cable Elec Prod com...60c
36
Appalachian Elec Power—
lArcturus Radio Tube
*
500
Angostura-Wupperman ..1
Apex Elec Mfg Co com...*
Arkansas Nat Gas com
26
$1.00 preferred
S5 1st preferred
Bunker Hill 4 Sullivan 2.60
109*
Apr
10* May
0* Mar
May
June
4* Aug
3* May
4,900
72%
3
Anchor Poet Fence
25*
Apr
73
May
June
60
100
71X
6% pf..6
10 series preferred
American Thread
200
7
X
Am Superpower Corp com *
*
1,000
5
Amer Seal-Kap common..2
1st $6 preferred
23*
65*
Amer Potash A Chemical.*
American
13* May
May
65
100
Preferred
Feb
Apr
30
Buff Niagara A East Pow—
Amer Mfg Co common. 100
100
2*
"
*
14%
Amer Maracalbo Co
8*
7*
8*
*
16 X
May
Feb
1*
2* June
3* May
1*
Distillers. 1
20 X
11
28 X
26
preferred
6%
Apr
Feb
8*
16
19
22
Brown Fence 4 Wire com.l
26
Amer Lt A Trac com
*
1*
British Col Power cl A...*
May
Apr
6*
7*
Am dep rets ord reg._10s
Apr
May
48*
May
British Celanese Ltd—
8i«
2X
22%
June
* Sept
2*
Aug
* June
7* June
Am dep rets ord reg._.£l
14*
Jan
Mar
10* May
May
10* July
Am dep rets ord bearer £1
Mar
8*
Mar
British Amer Tobacco—
May
Jan
2*
30
British Amer Oil coupon..*
9%
Oct
0
31*
29
•
•
8
22* May
1*
Jan
45
Apr
30
10
100
Registered
Feb
Apr
Mar
1*
10* May
4*
BrHlo Mfg Co common...*
A..
May
June
ln
14*
40
28
•
B
Aug
June
100
Brill Corp class A..
May
*
Bridgeport Gas Light Co.*
Bridgeport Machine
Preferred
May
33*
3*
*
Aeronautical__.l
4*
12
i 00
-----
Brazilian Tr Lt A Pow...*
Breeze Corp common
*«« Sept
10* July
36* June
2
100
preferred
Apr
600
26
7% 1st preferred
Apr
9it
19
100
2d
Jan
40*
Mar
8
*
8
Bourjols Inc
Bowman-BUtmore com...*
*
43*
2*
8
8X
June
30
1,500
2,400
*
*
Blumentbal (S) A Co...
Bohack (H C) Co com...*
Borne Scrymser Co
Apr
Feb
May
23
1
16X
16*
20
Mach
112
27
1
preferred...1
$2 conv preferred
12.60 conv
1
Feb
32*
3
*
%
Amer General
Amer Laundry
35
33*
20
Amer Foreign Pow warr...
Amer Fork A Hoe com
June
31
Cyanamld class A. 10
Class B n-v
4*%
Bliss (E W) common
Class
26
Amer
Jan
Mar
X May
1
Class A with warrants.26
Class
100
100
X
14*
*
2i»
14*
10c
Common class B
Am Cities
1H
10c
Class A common
S3
•
♦
8X
800
4
Foundry
common...
High
3* May
13* July
114
3*
Purchase warrants
S3 opt conv pref
Aluminum Co common...*
18
12.60 preferred
1*
July
Feb
X
•
16 *
2,600
3,500
5*
21*
5*
Low
Shares
•
3
May
111*
Allied Intl Investing—
6%
Conv preferred
A Machine Co com
...»
Allied Products (Mich)..10
High
Blckfords Inc common..
50
100
Investment
Lots
Berkey A Gay Furniture.!
Allegheny Ludlum Steel—
Alliance
5X
19*
100
May
90
76 X
103
101
*
Price
Benson A Hedges com...*
Warrants
preferred
Week
Bell Tel of Pa 6*% pf.100
100
Bell Tel of Canada
17%
Jan
X May
Southern..60
Alabama Power Co S7 pf.*
for
of Prices
1
00m
1,400
•
7% preferred 100
1
Bellanca Aircraft
5*
5*
Alabama Gt
S0
May
1
5%
5*
113* 113*
|Alr Investors common..*
Conv
7
Beech Aircraft Corp
Bell Aircraft Corp com
19
Week's Range
Sale
(.Continued)
Shares
Range Since Jan. 1,1940
Last
STOCKS
Range Since Jan. 1, 1940
for
Sales
Friday
Sales
Friday
*1«
6*
700
15*
6*
15
250
"16
100
4*
4*
*
May
7*
7*
7
10*
*
July
July
Feb
Apr
Jan
Mar
New York Curb
Volume 151
Friday
STOCKS
Last
Sale
(Continued)
Par
Price
Week't Range
of Price*
Low
AH
Club Alum Utensil Co...*
Range Since Jan. 1,1940
43 H
30
1,300
4
May
May
100
1
May
2H
100
2
"8H~~8H
"ioo
Cocksbutt Plow Co com..*
8H
Cohn A Rosenberger Inc.*
Colon Development ord—
H
H
100
£J
0% eonv preferred
48 X
5
5
5H
6~700
Patent Fire Arms. 25
80
79
80 H
450
07
62
62
25
51
Feb
Feb
Apr
6
Feb
8X
Jan
2X
Jan
4X
Jan
?H May
May
62
June
Colt'
3X
Par
7X
2X
3X May
May
3X Sept
6X May
X May
-3X May
Colorado Fuel A Iron warr.
H
May
88
May
Columbia Gas A Elec—
1
Columbia OU A Gas
IX
1H
1H
1,700
*16
700
70X
2X
IX May
Feb
J&n
Commonwealth A Southern
Warrants
i
IX
25 H
ix
26
200
Community Pub Service 25
Community Water Serv..l
H
he
600
200
>i«
X
Jan
IX June
38 X
Apr
Jan
IX
Jan
21X June
X May
X
—1
V t c ext to 1946
12X
12X
12X
300
*
Conn Telep A Elec Corp-.l
'AH '""I# "ix
10 X
"78"
4X% series B pref...l00
4% pref series C
100
""700
160
108
1
Consol Gas Utilities
~80H
116H 117
108X
Consoi GELP Bait com.*
IH
27 H
Consol Min A Smelt Ltd..5
120
IX
IX
800
27H
27X
550
Consol Retail stores.....1
100
.10
preferred
Consol Royalty OU
"AH "ix
6
ContOAE7% priorpf 100
93
5n
Feb
33 prior preference
IX
Apr
3X
83X
100
Apr
111
May
Sept
108
IX
3X May
"2;906
4
May
7;
May
i',700
"~4X "IH
""450
Cosden Petroleum com.,
preferred
H
900
200
65 X
IX
66
IX
IX
200
H
1H
66
i
1H
20
60
Courtaulds Ltd
6
Crocker Wheeler Elec
13
13 X
*
3H
3 X
.1
Croft Brewing Co
H
X
Crowley, MUner A Co
*
Crown Cent Petrol (Md).6
Crown Drug Co com
7% conv preferred
Ts66
....
""IOO
preferred
Apr
11X
IX
3X
300
"40
iiox iiox
7X
Darby Petroleum com
6
Davenport Hosiery Mills.*
3X
3X
"io"
1
...35
25
Decca Records common.. 1
5
150
7X
3X
100
"io~~
"350
25
100
5X
400
1
100
103
20
1
1
100
20
Detroit Gray Iron Fdy...l
IX
IX
2
2
300
21
""306
1
.10
1,000
20 X
23 X
23 X
10
"l4X
De VUblss Co common..10
preferred
July
8X
IX
May
Feb
Feb
5
July
IX May
108
May
2X
112
7X
6X Aug
2X May
16
July
x8H May
14 X
""125
.10
Feb
1
13 X
14X
400
0X
X
600
"64"
12X May
OX
62 X
64
90
109X 111X
Jan
Aug
51X May
84 H May
800
May
Apr
Apr
15X
Mar
8X
Sept
30 X
14 X
Mar
X
Oct
7ie
Apr
70
113
Feb
Mar
IX
IX
900
I
June
3X
Feb
11 x
lix
200
8X June
17 X
17
Apr
8X
July
Jan
Apr
14X
com.
400
common. 1
Dominion Tar A Chemical*
6X
5X % preferred
Draper Corp
100
10
23 X
7% preferred
100
Dublller Condenser Corp.l
Duke Power Co
..100
"2X
73
23 X
50
2X
"2 H
"""300
73
73
/
125
IX
64
Durham Hosiery cl B com *
East Gas & Fuel Assoc—
""206
10 ':
j:
9
8X
9X
"iiioo
*
4X% prior pref
6% preferred...
100
100
3X
3X
3X
53 X
33 X
55 X
300
"34 X
35 X
3,250
9X
150
Eastern MaUeable Iron. .25
9
Eastern States Corp..—.*
Apr
Apr
Apr
Sept
Apr
Jan
Apr
Apr
4X
65
34
35
25X
X
Gen Rayon Co A stock...*
General ShareboldingsCorp
Common
®i6
1
Mar
Apr
May
1
Apr
IX
Aug
63 X
55
20
June
81
Jan
Apr
S3
May
8
Aug
May
100
1
10X
Aug
*
0% preferred A
32
May
41
Mar
88
May
100
Gen Water Q A E
com
preferred..—
95
Georgia Power SO pref—.*
$5 preferred
—•
X
6
•
42
42
4
""IOO
6
_—„——*
Gilchrist Co
6
18
50
5
*
19
1,300
Aug
May
May
5
93
•
""306
Mines..1
*16
25
50
Apr
Mfg common.. 10
28 X
""5 X
4X
28X
18
June
100
4
June
4X
Sept
UX
Jan
May
123 X May
114 X
135
Apr
49X
10X
Apr
2X
Jan
Jan
99
100
7% 1st preferred
100
128
128
128
Ot Northern Paper
25
40
40
40
stock
9
36
100
June
0X May
Guardian Investors
700
100
IX
Mar
X
"30 X
'moo
25 X
June
39 X
Jan
Iiox 110X
20
102
June
10
107 X
May
111X
115X
Sept
6X
Feb
IX
1
25
29 X
Gulf States Utll 35.50 pf.*
110X
Gulf OU Corp
preferred
"29
x
115
8X
8X
400
25
67 X
68 X
""ISO
1
X
X
200
X
♦
*16
*16
100
IX
IX
300
6X
ex
2
2
""360
21
200
Hall Lamp Co
5
Harvard Brewing Co..
Jan
40X
May
70X
Sept
IX
Jan
*16
Sept
Feb
IX
Jan
X
2X
July
B non vot common..
Haxel tine
0%
Apr
110
Apr
3X Sept
79 X May
4
Mar
56X Sept
Sept
10X Apr
.1
Corp
conv
preferred
Hecla Mining Co
50
25c
Helena Rube ostein
Class A...
8X
Apr
4X May
May
IX May
11
May
4
May
700
10
20 X
5X
5X
9X
*
9X
...
Heller Co common
Preferred
6X
*
5X
10 X
10 X
1,300
"26"
""50
300
4X
200
"26"
26
Hewitt Rubber common..6
iox
iox
iox
100
Heyden Chemical.—10
Hires (Chas E) Co...
1
Hoe (R) A Co class A—10
HoUlnger Consol G M
5
73 X
18
71
73 X
18
18
25
75
100
800
9
9X
300
Holophane Co common..*
Horder's, Inc
*
...
Mar
Apr
May
Jan
14
Jan
14 X
36X
3X
Feb
Apr
Apr
Jan
Aug
Jan
5X
200
5X
100
4X May
6
July
39
200
28 X May
3
400
2X Mar
21X May
4X Mar
4
Aug
X May
iox May
•
60
Oct
Hussmann-Llgonler Co...
75X
Oct
Jan
3X
100
Elgin Nat Watch Co
15
Emerson Elec Mfg.......4
28X
3
28X
3
""IOO
1,000
21
2X
70
May
Sept
July
14
Jan
29X
Apr
6X May
79
Feb
73 X
73 X
10
7„6X
76X
"75
77
77
25
57
June
57
6% preferred
...100
0X% preferred
100
7% preferred
100
8% preferred...
100
May
86
65X June
88
Common
10c
he
1
20 X
l
200
19
2X
21
2X
1,450
200
120
Jan
25
26
35X
Apr
10
108
112 X
May
19X
Apr
68
Jan
May
July
13 X May
47 X May
4X Feb
Oct
*16 June
.....1
88
July
5X
3
5% conv preferred
July
X
Illinois Zinc Co.
50
Dlvarrearctfe
July
5X
2
June
87
July
Illuminating Shares A....*
20
Jan
9X May
8X June
26
Jan
2'X
24
26
5X
5X
5X
6
1,700
1,000
450
55
June
X
10X
10X
2X
Jan
Feb
Feb
Feb
3
Jan
47 X
Apr
5X May
83X
Apr
9X May
7X Mar
63 X Mar
Imperial Chemical Indus-
11
Apr
IX June
39
5X
.*
May
8X Mar
X May
56
24 X
Empire Power part stock.*
Emsco Derrick A Equip. .5
Jan
7% pref stamped—100
7% pref unstamped.. 100
Hydro-Electric Securities ♦
Hygrade Food Prod—...6
Hygrade Sylvanla Corp..*
IUlnols Iowa Power Co...*
IX
Jan
iHuylers of Del Ino—
20
7
Apr
12
5X
5X
150
Hummel-Ross Fibre Corp
22X
10
8
Humble OU A Ref...
Jan
92
Jan
xSH May
9X May
14 X
Feb
100
Jan
8X
30 X
110
U
June
0
8
17 X
110
5%
Apr
Mar
13
8
4X
June
3X May
-
Jan
Apr
12 X
May
00
May
13 X May
8
150
30 X
Horn A Hardart.——*
7X
14
27 X
120
Horn A Hardart Baking..*
Jan
3X May
22 X Sept
27
29X
2X
Hormel (Geo A) A Co com*
Horn (A C) Co common.il
29
June
5,600
1,200
Apr
24
150
ex-warr
2,100
2,800
May
May
7X May
23X May
..2
—25
w w
25
Preferred
Jan
7
7X
17
Apr
20X May
.!
Mar
Jan
14
62
10
Paper
Hartford Elee Light
Hartford Rayon v t 0
Hartman Tobacco Co
Oct
17X
75 X
Jan
Apr
9X
IX
*ie
•
Grocery Sts Prod com..26c
Hammermlli
75
88
56 X
71X
Apr
Apr
8
115
Greenfield Tap & Die
S6
275
6X
16
'x72H
Feb
900
99
com
Apr
Apr
May
61
May
7X May
Feb
Apr
Apr
200
•
Non-vot
78
Mar
42
he
IX
25
5X
5X
17
66
Apr
May
5X
Apr
6X Apr
9X May
32 X
Apr
11X Apr
105
Apr
28 X
28
5X
...10
67
35X
12
49
17
53 X
100
Feb
Mar
7X
June
17
500
13,500
91
II
*
56 X
5X
101X
Jan
Feb
IX
*
preferred
Oct
6X Apr
6X May
'3:500
19
preferred
4
200
....
*
Godchaux Sugars class A
Jan
4X May
40X July
io
4 X
Gladding MoBean A Co..*
Glen Alden Coal
"""25
87 X
*
GHbert (A C) common
Preferred
S3
95 X
preferred
—100
Hubbell (Harvey) Ino
5
4X
Mar
48
Apr
Apr
13
-
*gi
05
90
28
X
Apr
Apr
Apr
Apr
7ie
Mar
IX
28
5
Mar
May
May
14
4
15X
16 X
41
98
62 X
56 conv preferred.—...*
Mar
12X May
8X May
May
May
2X May
Jan
General Tire A Rubber
Hearn Dept Stores com..5
Jan
Jan
100
.1
—
80
13
IX
_
Feb
*64
80
100
-v
Empire Dlst El 0% pf 100
Empire Gas A Fuel Co—
Equity Corp common.
33 eonv preferred
50
•
...
Jan
IX
X June
100
13
"~l~H
—*
Option warrants
Etectrographio Corp
preferred
Warrants
Aug
17
63
*
Feb
4X
17
**16
preferred
36 preferred
Elec P A L 2d pref A
May
25
17
Easy Washing Mach B
*
Economy Grocery Stores.*
.6
9
50
Gen Outdoor Adv 6% pf 100
Gen Pub Serv S0 pref—.*
Oct
July
Hat Corp of America—
"12X
X
200
Jan
6X May
May
16
35
Jan
May
July
20
4 X
15X
31
16
42 X
78
17
37 preferred series A...*
36 preferred series B
*
com.
1,700
300
Feb
H
Great Atl A Pao Tea—
Jan
Jan
Apr
IX May
4X
Oct
2
90
Gen Gas A El 0% pref B.*
General Investment com.l
Feb
"
Common
500
Jan
22X
Feb
Amer dep rets ord reg.fl
Gen Fire proofing com
*
32X
May
1
32 X
July
X May
62
X
*
Gray Mfg Co
IX
2X
8X
**
May
May
85X
5% preferred.......100
General Alloys Co
Gen Electrlo Co Ltd—
12X
5X
X June
Duro-Test Corp common. 1
Duval Texas Sulphur....*
Eagle Picber Lead
Jan
May
75
Gamewell Co S0 conv pf..*
Gatineau Power Co—
9X
7X
25X May
Mar
42 X
Grand Rapids Varnish..
Oct
13 X
Mar
66X June
20X May
107X Mar
30
Gorham
28
June
07
*
Driver Harris Co
275
Jan
IX
5X June
4
May
25X May
4
42 X
conv preferred... 100
Apr
22
Mar
Apr
Apr
41 X
4%
Feb
Mar
16X
IX
xllX
20X
12
Oct
*10
Apr
8X May
10X May
19 X May
12
July
100
57
IX
Oct
Jan
May
IX
27 X
Class B
2 X
June
17 X
Jan
27
Oct
11X Apr
17 X May
16X May
X May
IX Feb
X Sept
12X May
21X Sept
Jan
X
21
Feb
2
12 X
600
*
conv stock
Gorham Inc class A
37 X
X
1
S3
Goldfleld Consol
103
19X
IX
50
17
X
Fuller (Geo A) Co com
Goodman Mfg Co
IX
27 X
X June
17
H
400
Jan
5
Sept
Sept
Dominion Steel A Coal B 26
Esquire Inc
June
*16
14 X
500
Jan
8
Feb
13
Dominion Bridge Co Ltd.*
35
8
19X
32
June
IX
Am dep rets ord reg...£1
Elec Bond A Share
100
22 X
22 X
Feb
Distillers Co Ltd—
Dobeckmun Co
28
18X
Feb
4X
May
4X May
84X
Jan
15
19 X
21
xlO
com..*
Distilled Liauora new..2H
Diveo-Twin Truck
10X
May
6
17 X
.1
19
7X May
Det Mich Stove Co oom..l
Detroit Steel Prod
4
Apr
Apr
X May
8X Feb
Apr
10X
29
Detroit Gasket A Mfg...1
Detroit Paper Prod
Jan
14
103
Derby Oil A Ref Corp com*
A conv preferred..
*
w w
ix
he May
100
new
9
100
21
Jan
24X May
Jan
ex
22 X May
3
36 prior pref—........50
7%
550
1
Apr
Jan
Dennlson Mfg cl A com..6
8% debenture
Feb
0
'sx
Cuneo Press 6 X% pref.100
Curtis MfgCo (Mo)
5
Stores......
Aug
Feb
May
May
X
*
Dayton Rubber Mfg
IX
77 X
2X
13 X
7X
»1» May
18
10
6
Cuban Tobacco com
Jan
Aug
1
*
Cuban Atlantic Sugar
Apr
lix May
30
Apr
6X Feb
X Feb
Jan
X
IX May
25
Diamond Shoe
4,500
June
Oct
May
July
Sept
5X May
May
_
Conv partlo pref
Jan
Jan
X
8X May
10 x
3X May
""IOO
Jan
Feb
6X May
23
May
3X May
-v,:' x May
»ll Aug
55
May
900
*16
25c
Crystal OU Ref com..
Jan
2,600
4
2
Crown Cork Internat A..*
6% preferred
4X
6X
24
Apr
2
IX
7 x
4
Fruehauf Trailer Co
Jan
Jan
98
6X May
2X Sept
£1
Creole Petroleum..
6X
May
X
1
♦
...
39X
3X
97X
IX
IX May
May
IX May
84
Oct
.
Common.
2X May
June
18
Feb
120
108 X
Jan
90
"~8~H "Ik ~~8H
_
Feb
X
2,200
*
Corroon & Reynolds
Dejay
4X
6X
31
Froedtert Grain A Malt—
Aug
IX May
67 X May
6H
*
com...*
Class A conv
100
High
July
33
Amerdep rets...100 free
Fox (Peter) Brewing Co..5
Franklin Co Distilling.
1
93 X
93
Copper Range Co
*
Cornucopia Gold Mines 5c
36
Low
Class B voting........*
Feb
"~7H "~7X ~~7X
1
Roll A Steel.
Cook Paint A Varnish
conv
Range Since Jan. 1. 1940
600
9
*
18
Continental Oil of Mex...l
5%
Class A non-vot
45
75
Consoi Steel Corp com...*
preferred A
IX
9X
23 X
Am dep rets ord ref—.£1
Ford Motor of Canada—
Sept
2,100
1
Consol Biscuit Co
30
IX
1
Fire Association (Phlla) 100
Florida P A L S7 pref....*
for
Week
Share
9
4H
1
Fansteel Metallurgical...*
Fedders Mfg Co.——6
42 X May
preferred.
Cooper-Bessemer
ofPHeet
High
23
1
Fed Compress A W'h'se 25
Flat Amer dep rets.......
Week'* Range
Low
Ford Motor of France—
Conn Gas A Coke Secur—
Cont
Falstaff Brewing..
Fanny Farmer Candy
Apr
Compo Shoe Mach—
8%
Falrchlld Aviation
.1
Falrohlld Eng A Alrplsne.l
Sal*
Ford Motor Co Ltd—
*16
...
Commonw Distribution.. 1
S3
Price
Eureka Pipe Line com..60
Eversharp Inc com
...1
Fldello Brewery
100
6% preferred
Sale
High
100
H
Latt
STOCKS
(Continued)
Low
5
2H
4
2X
2H
Cllnchfleld Coal Corp.. 100
for
Share*
2019
Friday
Week
High
43
Cleveland Elec Ilium.
*
Cleveland Tractor com...*
Exchange—Continued—Page 2
Sale*
19
2X
•i«
25 X
5X
6X
Jan
6
Jan
Mar
Sept
£1
Feb
Aug
Am dep rets regis
Apr
For footnotes see page 2023
a JZ
Last
Sale
(Continued)
Par
Price
of Prices
Low
High
7 Vs
7H
7%
Week
1,300
8
1%
200
7%
15
5% June
May
12 %
6%
12**
Jan
13**
Jen
Jan
July
24**
Feb
3
Sept
4%
10
Mar
10%
preferred—....100
no'%
Indpls PAL6H% pf-100
Indian Ter Ilium Oil—
"lio
Mar
102%
May
Apr
21**
Apr
preferred
10 y%
63
64
800
International Cigar Macb *
lnternat Hydro
60
Ino—1
Metal Indus A..*
Paper <fc Pow warr
1
1
he
"it
Feb
Middle West Corp 00m..5
6%
5%
Feb
Midland Oil Corp—
$2 conv preferred
lnternat
lnternat
At>»
2%
$2 non cum dlv shares.
May
73 **
Apr
23**
Apr
11H
50%
May
15**
Jan
June
2**
12**
Apr
"2% "2%
8,166
6%
May
Mining Corp of Canada..*
Minnesota Mln & Mfg
•
Minnesota P & L 7% pf 100
June
May
Jan
2,300
11%
""166
3
%
19**
Feb
19**
5%
Feb
May
8%
9%
May
Sept
1%
Apr
June
June
100
*
—1
preferred..——--*
13.60 prior pref
*
International Vitamin—1
Interstate Home Equip._1
10
11
"SO
"3% "3%
*
165%
20%
Mountain City Cop com.5c
17**
**
July
Apr
1%
May
1%
200
1
May
May
99%
10
90
May
103
105% 105%
25
29%
30
97
May
109
4,400
18
June
30
26%
May
27**
May
3** May
2H
Feb
70
113
June
100
6%
6
May
95?*
%
Mar
Jan
7%
"l% "l%
200
1%
4%
4%
200
"90"
4%
"""60
95
Mar
National Fuel Gas..
*
73 J*
Mar
Nat Mfg A Stores com
•
Jan
1>*
Nat Rubber Mach
15
Apr
Jan
National
Aug
3%
July
Sept
75
May
Apr
8
Sept
90** May
National P AL$0 pref..
pref..—100
5%
44
14%
44
14%
15
1
100
1,700
4%
4
Lakey Foundry & Mach-.l
300
5%
300
10%
100
4%
36%
9%
2%
10%
9%
75
Line Material Co
Ino.-l
5
30%
28%
6%
preferred
Lone Star Gas Corp
»
Long Island Lighting—
Common
7% pref class A
0% pref class B
9
,
*
100
100
%
%
32%
Loudon Packing
*
Louisiana Land A Explor.l
13%
100
9%
2,800
1
32 %
Marlon Steam Shovel
June
100
May
12**
Nevada-California
May
3%
preferred
100
preferred
11
11?*
1,100
U%
700
~90% ~93~"
"725
11?*
"93"
11**
300
32
7%
700
*
Dredging
Mead Johnson A Co
31%
7%
"9% "id"
2%
1?*
5,600
%
%
62%
62 J*
64
July
Mercantile Stores com
22?*
June
1J*
13**
May
10?*
Mar
Apr
Mar
May
Merchants A Mfg cl A
4?*
1
10
4?*
18
18
18**
100
preferred
25
Jan
Common
29**
Apr
Apr
5% 1st preferred
5% 2d preferred
Apr
104**
20
19
19**
107?*
107 J* 107?*
"27** "28"
30
May
Jan
10
Jan
25
May
29
Feb
Class B common
100
10
July
17
Apr
Class A preferred
400
2
June
Feb
Nil es-Bement-Pond
*
May
May
1**
1%
39
4**
Jan
Nineteen Hundred Corp B 1
5
Jan
Nlplssing Mines
6**% A preferred... 100
Mesabl Iron Co
%
1
1%
26c
Partic preferred
425
81
42
Apr
Noma Electrlo
4%
54
Sept
54
Sept
2?*
July
2%
Feb
4%
May
9%
170?*
Apr
May
900
1%
300
May
Apr
Jan
5% May
18**
1%
0%
Apr
Nor Central Texas Oil
5%
Oct
%
Mar
81
Jan
Oct
Oct
%
3%
Jan
Feb
Sept
42**
Jan
7%
preferred
Northern Pipe Line
15
Apr
Apr
28**
Jan
May
9%
Mar
103?* May
1)8**
Jan
109
Jan
May
'"""80
17
Jan
May
3*< May
23?*
108
Apr
May
7?*
29
Apr
Jan
6**
Jan
73
May
92
Mar
July
87
Apr
100
H May
4%
4%
400
3** May
'u
»«i
Jan
Feb
1
Feb
5?*
Feb
Feb
June
99?*
May
Sept
71** May
9% Mar
63%
100
60
8
8%
200
8
%
100
% May
1%
Jan
3%
200
3** May
5%
Jan
%
1,700
** May
77**
75
63%
67
May
1**
103**
Mar
15
May
26?*
Apr
May
44** May
20?*
Jan
52
Feb
15
49?*
49?*
210
** Mar
2% May
9it
3?*
Jan
Jan
Mar
95
115?* 116
8
10?*
Northern Sts Pow cl A..25
Northwest
Ohio Power 0% pref...100
8** Sept
16** May
l'ooo
9i«
pf.100
..100
10
*
Jan
Apr
3?*
May
5
Engineering._♦
Novadel-Agene Corp
*
Ogden Corp com
4
30
Feb
11
Securities.*
Nor Ind PubSer0%
1%
July
98
175
*
common
Ohio O110% preferred.. 100
Apr
67
July
%
76
prior pref erred... 50
Jan
4
30**
Oct
Class B
Ohio Edison $0 pref
2023
15**
May
%
60
North Amer Rayon cl A—*
Ohio Brass Co cl B com..*
pagt
May
49
%
3%
63%
8%
*
preferred
Jan
10**
%
1
$0
No Am Utility
July
May
Common
Apr
Mar
35
15
May
May
8ia
Jan
85
1
50
Apr
13**
""he ""he
5
Jan
July
**
73%
30J*
70**
500
4%
Niagara Share—
5
Jaa
66
84
**
May
**
May
May
84**
3%
10
100
100
1%
1%
21**
2
Apr
84%
98
6,500
100
%
25
117%
May
8** June
May
5>*
Class B opt warrants
10
1%
150
103
Class A opt warrants
Mar
Jan
6~500
May
Jan
10
5
June
"4% "5%
Jan
8%
113?* 113?*
1
Founders shares
5**%
20
Warrants
12%
Apr
3?* June
New York State El A Gas—
100
Participating preferred. ♦
July
65
7
Corp—
20
Merrltt Chapman A Scott ♦
Oct
1%
2
Niagara Hudson Power—
3%
2%
100
104**
preferred
N Y Shipbuilding
New York Transit Co
100
12%
26
N Y Water Serv 0% pf.100
3%
%
May
May
1
Jan
May
8?*
Apr
May
10
N Y Merchandise
Jan
3%
Mar
130**
Warrants
Apr
1
Feb
8%
110** June
N Y City Omnibus—
N Y A Honduras Rosarlo 10
Apr
,?*
11%
10
118
118
1
2
*
64%
May
25**
Y Auction Co com....*
25
123
Jan
June
7
May
New Process Co
100**
80
Jan
24
18
Apr
Jan
600
Jan
18** June
150
12**
June
Mar
Y,306
Feb
300
June
4%
Apr
6%
**
400
1
4%
July
3% May
84**
1,550
92
148% 149
Feb
97%
3%
1?* May
70** June
110**
1
21
""5% "5%
Apr
May
600
14
4%
5%
"200
2%
65
Jan
♦
50
14
Apr
Memphis Nat Gas com..6
14%
13%
3%
May
5H May
7%
Nor Amer Lt A Power—
McWllliams
Jan
June
10
2
4%
4
Jan
7?* May
35
62**
May
*
For to( *Dote» see
11
14
Mar
50
Apr
64%
25
2%
54
Feb
17%
47%
New Mex A Ariz Land—.1
May
54
11?*
New Jersey Zinc
24
*
$4 pref with warr
Feb
June
New Idea Inc common...*
275
150
31
10
11
30
500
Jan
Jan
100
Apr
15%
*
6%
2%
Jan
11**
%
Jan
Jan
29
McCord Rad A N.fg B
Corp
$2
Mar
May Hosiery Mills—
Metal Textile
0%
44**
2%
81**
%
3
1**
27%
May
35**
48**
1
Master Electric Co
Mar
** May
16
July
Eleo—
May
Massey Harris common..*
Mar
10
8% May
20**
4% non-cumlOO
Pow Assoo
*4
May
3%
Apr
17**
300
May
June
1
Mass Utll Assoc vto
cum
1%
2%
June
Apr
May
13**
Oct
3%
*
21%
142
Jan
400
10
May
Jan
1
3,000
10
May
8
4%
•
6%
Aug
May
*
Margay Oil Corp
4% May
4% May
2%
34%
Feb
1,000
900
30%
34%
4%
8
1%
Mangel Stores
1
$5 conv preferred
*
Manlschewltz(The B) Co.*
May
4%
May
Manatl Sugar opt warr...
%
Apr
May
6%
4%
23
Jan
2% May
Nestle Le Mur Co cl A...*
29%
23
Jan
30
Neptune Meter class A...*
"2%
6
Jan
26
Jan
Mar
24
Conv 7 % 1st pf v t o. 100
171
800
15
New Haven Clock Co....*
%
July
25**
4?*
150
Louisiana P & L $0 pref..*
Mapes Consol Mfg Co
3%
5%
20**
N Y Pr A Lt 7% pref.. 100
Ludwlg Bauman A Co com*
Conv 7 % 1st pref
100
Lynch Corp common
3%
5%
15**
New England Tel A Tel 100
7%
22
Aug
July
May
Apr
10
139** May
16** May
6
Feb
8,600
32
25
Jan
May
%
%
13%
200
Jan
Apr
3
0**
*
5
24
8
Apr
13
...26
Locke Steel Chain
20**
%
May
May
7%
Lipton (Thos J) Ino—
180
166
20**
1
2**
7%
200
N
Lit Brothers common
165
May
75
30r
4%
1%
%
21
% May
1% June
....
%
28%
Apr
Sept
4
*
300
46%
47%
4
Feb
4,500
9%
Jan
preferred..*
Nelson (Herman) Cor p...6
Mar
2%
May
24**
Nehl Corp 1st
0**
2%
5H
600
Nebraska Pow 7% pref. 100
10?*
2%
4,200
Apr
Apr
*
7%
Apr
Sept
Aug
100
Jan
7%
X36
12**
4%
4%
11**
70 %
15**
Conv preferred
*
Navarro Oil Co
New Engl
4%
May
100
12.60
Apr
Langendorf Utd Bakeries—
Class A
*
1
6
44
Jan
z71
7% pref.-100
1
Lane Wells Co common..
200
May
11% June
special pref. 10
Kreuger Brewing Co
1
Lackawanna RR (N J). 100
Le Tourneau (R Q)
Transit.
Nat Tunnel A Mines
Nat Union Radio
Feb
55
6%
10?*. 11**
•
Sugar Refining.*
National Tea 5 ** % pref. 10
National
Apr
6%
0
National Steel Car Ltd..
10**
8**
Sept
Feb
May
National Refining com..
Jan
8
*86"
*
National City Lines com.l
$3 conv preferred
60
National Container (Del)
Jan
July
3**
1
2?*
94
117%
100
12
100
^ *
2
Oct
Feb
1
70?* May
125J* July
0?* May
11?* May
.
com
June
h$ June
Apr
4
National Candy Co
Apr
-May
H
National Breweries com..*
Hess
May
1
8%
"OO"
preferred
Mar
Jan
June
0%
Nach m an-6 pringfllled..
Mar
120
Mar
Kresge Dept Stores—
Lehigh Coal & Nav
*
Leonard Oil Develop.—25
107** June
*
Nat Bellas
»ia
10%
Lefcourt Realty com
112% 112%
30
Mountain Sts Tel A Tel 100
Mar
6**
81** June
Kelln (D Emil) Co com
Class B
** May
43** May
Muskogee Co common...*
112**
Klrkl'd Lake O M Co Ltd. 1
Lake Shores Mines Ltd—1
"l,275
Muskegon Piston Ring.2**
Jan
65
11**
*
common
Apr
'» May
100
%
May
Mountain States Power-
Sept
3% May
111
——
May
9%
2**
3%
10
Mountain Producers
Murray Ohio Mfg Co
6%
8%
Mtge Bank of Col Am shs..
Oct
Feb
300
117% 117%
120**
2H
May
Jan
{Moore (Tom) Diet Strap 1
Jan
80
Breweries
11
Kings Co Ltg 7% pf B.lOO;...—
6% preferred D
100
1%
Kingston Products—— 1
Klrby Petroleum.
;1
Lane Bryant
Jan
**
18**
000
Kingsbury
4% conv 1st
5**
Mar
Mar
Oct
Apr
May
U%
24
Moody Investors part pf.*
May
12
May
7%
19
Jan
6%
Montana Dakota Utll—.10
Montreal Lt Ht A Pow..*
%
97
8
13**
3%
75
600
May
99%
5
36%
Montgomery Ward A
12
Mar
May
1
A
Apr
Mar
1%
21%
7%
July
2%
Ken-Rad Tube A Lainp A *
Kress (S H)
1
4?*
%
% pref. 100
Koppers Co 0% pref... 100
Jan
4%
12
Jan
Jan
6
10**
2%
Kokenge com__»
Kleinert(I B)Rubber Co. 10
Knott Corp common—...I
Kobacker Stores Inc
*
37
14%
2 **
Kimberly-Clark 0% pf-100
May
May
18%
14%
14%
Kennedy's Inc
Monroe Loan Soc
uii
9?*
"200
"7
Pictures com.l
Monogram
4%
Mar
June
Apr
Apr
June
9
4
Monarch Machine Tool..*
Jan
Jan
500
.
Mar
112%
12.50
**
600
%
—1
Kansas Q A E 7
9%
**
6
100
Voehrlnger—
18**
July
2?*
90
com.
Common
Apr
h6
**
17
Julian A
500
8%
9
18%
*
1
Jeannette Glass Co
_*
Jersey Central Pow A Lt—
6%% preferred..—100
6% preferred
100
7% preferred
—100
Jones A Laughlln Steel. 100
57
6% June
2%
MUls—*
pref.*
Irving Air Chute
Italian Superpower A
100
preferred
Mock Jud
Aug
%
8
23 %
Royalty
.1
Iron Fireman Mfg vto—-*
Jacobs (F L) Co
150
11
8%
Interstate Power $7
Investors
Sept
5
600
3
%
Class B
Interstate Hosiery
0%
Missouri Pub Serv
1%
6%
"55% "57%
Midwest Piping & Sup..
1
July
July
200
11%
5%
100
Molybdenum Corp
Class A
200
117% 117%
"~7~
10
300
4%
1%
4
1,000
108?*
Jan
J* June
8
Apr
1%
Mid-West Abrasive....60c
1%
11%
800
.3,300
High
May
»i«
600
3%
he
6%
'
17
16
117%
Mldvale Co
7%
International Utility—
$1.76
17
7%
"s% "3%
Products—*
Safety Razor B_*
International
lnternat
,
Mississippi River Power
*
Registered shares
May
Midland Steel Products—
Apr
Jan
International PetroleumCoupon shares
7
**
10**
9
1%
7 **
May
7%
3%
t c
t 0
Elec—
Pref 13.60 series
3%
v
Midwest Oil Co
lnternat Industries
**
4%
200
4
v
17% June
10?*
63%
25
%
?*
4
2,200
7%
Jan
'u
100
No Am. 10
7%
6
6
|
Aug
103
Class A
Industrial Finance—
1
Low
Middle States Petroleum
Jan
% May
July
Class B
Range Since Jan. 1,1940
for
Shares
Mlcromatlc Hone Corp..
113
1940
Week
100
%
%
10
Preferred,
22
%
Insurance Co of
Price
Class B
111%
Non-voting class A—.
V tc common
of Prices
Low
High
Metropolitan Edison—
$0 preferred
*
Michigan Bumper Corp._l
Michigan Steel Tube..2.50
Michigan Sugar Co
July
80
'4%
16%
Veek't Range
Sale
Par
0
3%
Line
7 **
Indiana Service 6% pf-100
Last
Hihg
400
Ireland—£1
&
Low
Shares
Imperial Tobacco of Can.6
Imperial Tobacco of Oreat
Indiana Pipe
STOCKS
(Continued)
Range Since Jan. 1, 1940
for
7% June
8
Imperial Oil (Can) coup—
Registered
Teek's Range
5,
Sales
Friday
Sales
Friday
STOCKS
Britain
Oct.
New York Curb Exchange—Continued—Page 3
2020
32
3%
19**
31**
3
8
ii**
19**
32
3%
106 % 107"
105
105
May
110
May
70
97
May
119**
Sept
100
6
May
9 J*
Apr
500
7
May
15**
50
12
400
2,300
100
150
May
20?* June
1% June
17
May
21
38**
Jan
Apr
May
3**
Aug
24**
May
Mar
95
May
110?*
94
June
107
110?* May
117
Apr
Sept
37
Volume
New York Curb Exchange-Continued—Page 4
151
Week's Range
Last
STOCKS
Sale
(Coni'nued)
Par
of Prices
Price
Low
High
100
50
108% 109
"18% "19%
Oklahoma Nat Oas com. 15
48 %
preferred
60
couv prior pref—
1
S3
2~500
39
100
May
May
5
1%
200
2
May
1% July
14
800
33
33%
2,000
30
30
100
108
108
110
100
June
25
72
4
May
May
20
pf-25
14%
Feb
33%
5%% 1st preferred.-.25
Pacific Lighting S5 pre!..*
PacificP & L7% pref—100
Pacific Public Service.—*
84 %
83%
84%
*
Feb
13%
May
26% May
28
2% June
3
Sept
2%
3%
5,200
8
May
7%
7%
100
6
20
20
Paramount Motors Corp.l
10
Parkeroburg Rig A Reel..l
35
53
210
41
16%
17%
800
Zll
May
27
16%
35
51
Patchogue-PlymouthMllls*
Pender (D) Grocery A...*
Class B.
*
Peninsular Telephone com*
$1.40 preferred
25
May
' May
May
May
May
30
...50c
Penn-Mex Fuel..
2%
1
2 %
2%
2%
18,700
Penn Cent Airlines com.l
15%
14%
16%
3,200
64%
64%
25
Penn Traffic Co
Pennroad Corp com
Apr
Apr
50
Mar
117
Mar
8% Feb
Feb
3%
15% May
Apr
34%
Jan
31%
108% Feb
Jan
95%
6% Feb
20
Feb
64
Apr
33
June
H
Penn Pr A Lt S7 pref
%
111
$6 preferred
Penn Salt Mfg
% May
103% May
97% May1
25 t158% May!
200
%
111
Co...—50
Pennsylvania Sugar com 20
189%
Penn Water & Power Co.*
_54% "54%
25
189% 189%
56
"650
81
81
75
Perfect Circle Co
1
4%
4%
"30 %
5
6
Philadelphia Co common
Phlia Eleo Co $5 pref
*
Phlla Eleo Pow 8% pref.25
Phillips Packing Co
»
6
■„
900
100
"30% "30%
3%
Common
7%
3%
Conv $3 pref series A. 10
7%
33
15%
53
Oct
Selected Industries Ino—
Common
...l
Convertible stock...
5
Mai
25
600
3,800
2
*
Mar
2 %
May
200
Jan
May
Jan
16%
47%
Feb
Feb
Mar
Apr
2
6
May
43
May
May
May
May
45
8
Tioo
65
June
104
2%
7%
1,300
3
%
3%
3
%
200
400
1% May
21%
%
%
8%
""8% ""8%
%
%
"366
2%
Oct
1%
Jan
%
♦
103
103
103
100
95
May
Jan
Jan
Apr
42
Mar
10
Feb
'11 June
July
5%
9%
9%
103
Jan
Feb
Apr
Oct
Public Service of Colorado
rl04% May
100
100
109
June
92%
91%
93
425
67
45%
43%
46%
250
35
6% prior lien pref
100
7% prior lien pref—.100
Puget Sound P A L—
$6 Prior preferred.....*
$6 preferred
*
Puget Sound Pulp A Tim *
Pyle-National Co com...5
Fyrene Manufacturing.. 10
Quaker Oats common
*
0% preferred
.100
Quebec Power Co
*
Radio-Kelth-Orphuem—
Option warrants.....
Ry A Light Secur com...*
Railway A Utll Invest A.l
Raymond Concrete Pile—
Common.....
...—*
110
110%
50
112
.....
112%
100
May
May
Singer Mfg Co..
.100
Singer Mfg Co Ltd—
May
60
4%
400
13%
200
84
600
10
58
May
Oct
113% May
,
102"
5%.
5%
300
1
5%
■; 1
1
200
103
"520
"161"
1%
1%
32%
13,275
13% May
32%
16%
16%
200
11%
Jan
7% May
29
75
200
4% May
9
6%
6%
104% 105%
Solar Mfg Co...——.1
Sonotone Corp....
1
1
1
154
1%
2
600
3%
3%
200
1%
95
8oss
Mfg com.....
South Coast Corp com
%
1%
1
1
South Penn Oil
40
8»
1%
Jan
3% May
1% Mar
190
35
May
200
27
May
100
24% June
1
Sept
100
66
Mar
South New Engl Tel—100
Southern Phosphate Co. 10
167
Feb
7% preferred
Southern Pipe Line
Southern Union Ga*.
Preferred A
5%
"300
5%
25
Southland Royalty Co...6
5%
Spalding (A G) & Bros
1
5% 1st preferred
*
Spanish <fc Gen Corp—
Am dep rets ord reg—£1
Spencer Shoe Corp
.*
Stahl-Meyer Ino
5%
1%
5%
1%
200
300
Conv preferred
10
Jan
May
Mar
1
400
13%
200
18%
32%
18%
31%
18%
32%
..100
500
'2~900
®U
1
400
16%
26%
100%
%
13%
45
1,100
6% May
20
34
May
% June
% May
16% May
4% May
*
5%
5%
2,400
"4% "4%
'"l"66
1
14
Feb
45
Sept
♦
1%
2%
26%
Feb
Jan
Jan
Jan
6
%
Feb
1
1 %
•
1%
400
May
17
Sept
4
July
6%
19%
z5%
Apr
Mar
Jan
2%
Apr
12% June
3% Aug
1% May
%
6% preferred D_
100
Rochester Tel 6%% prflOO
95
105% 105%
105%
25
116%
11
Roeser A Pendleton Ino—*
Rome Cable Corp com...6
Roosevelt Field Inc
5
1
6
Texas P A L 7% pref—100
Texon OU A Land Co
1.2
14
Jan
Thew Shovel Co com
Jan
TUo Roofing Ino
Aug
12%
3%
3%
7%
Apr
*ii
100
1%
Jan
500
t%
4%
%
Aug
■
63
63
"106
"2%
For footnotes see page 2023
2%
2%
42
400
Mar
Feb
Tobacco A AUled Stocks..*
12%
200
13
Jan
'11 May
10% June
>11
2%
2
Jan
Mar
Jan
2%
Feb
14
Mar
11
Mar
20% Feb
41% May
110% May
H
%
27%
10%
Jan
Jan
Jan
Apr
*ii
Jan
40%
1%
Jan
Feb
21
Feb
1%
Jan
62
Feb
15
Apr
4%
Feb
2
May
Jan
38
May
5%
Jan
% Aug
1% May
2% May
2
Jan
3%
4%
%
Feb
0
1%
1%
100
....
..
"~3% "3%
%
%
11
100
11
1%
11
200
10%
1%
11
300
"22"
1%
"22"
*11
200
11
1,100
""300
Mar
7% May
6% May
8
May
1% Aug
33% Feb
21
May
13
27
9%
9
3%
28
700
300
9%
2:i00
3%
18%
7%
""966
Jan
5
3%
July
2% May
25% May
%
Jan
8% May
103
2%
18
7%
"54"
♦
_£1
...6e
*
72%
Tobacco Prod Exports
Feb
Apr
33
100
4%
Jan
"54"
100
200
'"~25
1,400
May
May
2
12% May
Apr
9% May
9%
Apr
11
Sept
13%
15
2
Apr
Apr
Jan
40%
Apr
36
Jan
13
Jan
9%
6
16%
114
Jan
Apr
Feb
Mar
3%
24%
15
%
Jan
48% May
3% May
Jan
Jan
30%
1%
July
59
7
Jan
Jan
1%
Oct
Apr
Apr
Apr
Jan
5% May
Tobacco Secur Tr—
June
65
5
Mar
Aug
4%
1% May
5
July
2%
5
.1
Tlshman Realty A Constr *
2% May
100
....
13
*
Class B common
Technicolor Ino common. *
1%
1
39% June
Swan Finch OU Corp
Oct
9%
2%
May
>11 May
19
May
15% May
1%
*
6% 1st preferred
50
5% 2d preferred
20
Sterling Aluminum Prod.l
Sterling Brewers Ino
1
Sterling Ino
......... 1
Stetson (J B) Co com
•
Stlnnes (Hugo) Corp....6
Stroock (81 Co
Sullivan Machinery.....
Sun Ray Drug Co...
1
Sunray OH
....
1
5%% conv pref
60
Superior OU Co (Calif)..25
Superior Port Cement—
Feb
1%
.....
Stein (A) A Co common..*
July
May
May
100
*
104%
105%
116%
Feb
9
Mar
Wholesale Phos¬
May
May
9%
2%
"63"
1
Jan
9%
Co..
6
ri»
"l%
*
2,000
Jan
200
20
*
2%
94
9%
15
Taggert Corp com
1
Tampa Electric Co com..*
Taylor Distilling Co
1
Co-
Voting trust ctfs......1
Rochester GAE16% pfClOO
1
9%
>u
600
% June
10%
Feb
%
Feb
in June
5%
20
1%
10
Reliance Elec A Engrav..5
50
Sterchl Bros Stores..
Apr
Mar
Mar
100
phate A Acid Wks Inc. 20
Feb
10
24
*16
Standard
Sept
May
7%
2%
Aug
20%
Jan
13
20
May
May
June
May
May
June
June
Aug
16
Ordinary shares
Jan
Apr
13
20%
Starrett (The) Corp v t o.l
Steel Co of Canada-
2
72
170% Mar
6%
Jan
11%
Apr
4% May
Jan
Mar
3i«
May
Mar
Jan
Mar
%
20%
Standard Products Co
46%
30%
30%
16%
*
10%
Apr
7% Mar
156
11%
44%
Jan
Jan
*
100
May
13%
2%
Jan
Aug
Common class B
32%
1%
May
100
5
Feb
Apr
Apr
4%
8%
7%
32%
1%
142
1,600
%
1%
2%
1
13%
5%
5
Feb
-i«
Jan
%
4%
13%
preferred..20
Standard Pow & Lt.
>u
1%
Standard Dredging Corp—
Common
1
conv
1% Sept
8
May
,
*
Standard Brewing Co
*
Standard Cap & Seal com. 1
$1.60
4% May
4%
Jan
2%
Jan
14%
Jan
5
July
200
"2% "2%
10
*
Standard Steel Spring
Standard Tube clB
125
6%
May
Feb
Aug
29%
100
June
%
6%
2% May
105% Mar
46%
29%
'l6
94
%
6%
22%
Apr
5% June
1%
Apr
9% Mar
155
29%
II«
230
% Aug
5% June
%
Feb
18%
100
July
29%
46%
"29%
.1
10
154
1%
2%
8%
6%
Jan
Aug
99
200
Standard SUver Lead
8
104%
Jan
1%
Jan
% June
9% Mar
200
Oct
93
24
9
May
62% June
May
5% May
8,
May
Sioux City G & E 7% pf 100
Skinner Organ....
Standard OU (Ohio) com 25
110%.
30%
......
2,600
*
Rice Stlx Dry Goods
104% June
93
Reeves (Daniel) common
Relter Foster Oil Corp..50
.1
June
83%
*
Republic Aviation..
Rheem Mfg Co...
99
Jan
May
6% Sept
3% May
106
Amer dep rets ord reg. £1
Mar
106% May
59% May
91%
Raytheon Mfg com....50c
Red Bank Oil Co.—
*
37
Preferred
*
Ryan Consol Petrol
100
pref..
$5 preferred
$6 preferred
Ryan Aeronautical
conv
May
107
113%
Public Service of Okla—
Russeks Fifth Ave
$3
Standard Invest $5% pref *
Standard CM1 (Ky)
10
Public Service of Indiana—
$7 prior preferred......*
Apr
44%
Southern Colo Pow cl A.25
Feb
2% May
8% May
4% May
Mar
15%
59%
Oct
Apr
Mar
Jan
700
11%
May
5% original preferred.25
6% preferred B__
25
6%% pref series 0—25
Apr
May
114%
35
Oct
1%
4%
8%
81%
24%
4%
Jan
Apr
Apr
Mar
Mar
Apr
Apr
Jan
Apr
Jan
250
Apr
Feb
14%
65%
13%
1%
100
300
Royal Typewriter
50
Jan
%
6%
Jan
Aug
July
% Aug
2% June
1%
8%
Feb
% May
2% May
May
11
44
Jan
% May
32
May
40
35
Feb
16
June
Oct
Apr
Apr
Mar
Jan
Aug
15
200
22
Sept
May
11
55
"2IX
Mar
10%
1%
28
Sept
July
Mar
63
45
13
4%
29%
21
June
4
7
pref
100
79
84
May
25
7
%
%
7
conv
200
3%
Jan
Jan
34
Southwest Pa Pipe Line. 10
Southern Calif Edison—
10
100
7
$1.20
71«
Jan
1
14
%
Jan
3% May
8% May
300
%
3%
43%
44%
35
Jan
18% May
39
*
Prudential Investors. ....*
Rossla International
3%
43%
4%
9%
Jan
1
35
1,100
4%
9%
Feb
4%
15%
Apr
4% >pr
81% May
9% May
1%
Jan
Mar
19
Jan
Jan
5
4% May
*ii May
*
common
Mar
50
Nev_.20
*
Root Petroleum Co..
600
2
Simmons-Boardman Pub—
8%
8%
2,800
2,430
1%
7%
Silex Co
Simmons H'ware A Paint. *
June
Prosperity Co class B
Richmond Radiator
1,200
16.«
July
June
Sherwin-Williams of Can
Simplicity Pattern com—1
Simpson's Ltd B stock.
1
Providence Gas
Rio Grande Valley Gas
10%
%
5
bherwln-WlIllams com..25
Jan
6%
44%
14%
65%
61%
"93
Pressed Metals of Am—1
Reed Roller Bit Co
8%
Shawlnlgan Wat & Pow..*
Jan
9%
100
preferred
19
*11
Apr
31%
6%
22%
1
16 %
20%
Prentice-Hall Inc com...*
conv
1,200
1
72%
120
Tu
27
Seton Leather common...*
Feb
100
Premier Gold Mining.... 1
$3
$5.50 prior stock
25
Allotment certificates
Sentry Safety Control.
Berrick Corp
Jan
113%
112
48%
3%
44
...
90%
28%
700
Power Corp. of Canada..*
6% 1st preferred
30
*
Oct
Sept
38% May
High
May
May
Sept
July
Sept
Aug
May
May
%
Feb
25c
Potero Sugar common....5
Powdrell A Alexander
6
7% 1st preferred
300
200
400
2
_
Apr
66
1%
13
..7.50
$6 preferred
.
53% May
53
May
22
May
400
Pneumatic Scale com—10
Producers Corp of
%
».«
35%
"92% "94%
13%
64 %
6% 1st preferred
28%
Segal Lock & Hardware..1
Seiberllng Rubber com...*
Selby Shoe Co
6%
44%
44%
Pratt A Lambert Co
30
Scranton Spring Brook
Water Service $6 pref—*
Sculln Steel Co com
*
Seeman Bros Inc.
9
.50
Polaris Mining Co
Scovill Mfg...........25
Scranton Lace oommon
*
Jan
3
2,600
%
Oct
4
May
4% June
113% June
29% July
3% May
Low
9
Feb
Jan
Jan
2%
22%
3%
%
2%
72
3%
Sanford Mills.........._*
Savoy Oil Co
5
Schlff Co common.....__*
3%
1%
—
Plough Inc com
%
12%
10%
1
Pittsburgh Forgings
1
Pittsburgh A Lake Erie.50
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co.l
E RR
8
34%
15%
31
Pierce Governor common. *
Pioneer Gold Mines Ltd..l
Meter...
3%
Samson United Corp com.l
Securities Corp general.
17%
Oct
36% May
32%
Apr
% Sept
2%
71 %
72
100
Salt Dome Oil Co..—...1
Feb
6%
Phoenix Securities—
Pitts Bess A
7% preferred..
2%
189%
12
100
Pltney-Bowee Postage
Range Since Jan. 1,1940
5% cum pref ser AAA 100
Pennsylvania Gas A Eleo—
Class A common
*
Pharls Tire A Rubber
St Regis Paper com.....5
Shattuck Denn Mining
Pennsylvania Edison Co—
$5 series pref
*
$2.80 series pref.......*
Peppered Mfg Co
% Mar
2% May
1% May
Jan
11%
for
Shares
H May
1% Aug
9
May
Warrants
American shares
High
St Lawrence Corp Ltd
*
Class A $2 conv pref..50
8%
21%
Pantepec OU of Venezuela—
Parker Pen Co
Low
Ryerson & Haynes com__l
109
175
common..*
$1.30 1st preferred
June
5% July
13% May
260
Overseas Securities
Pacific G A E 6% 1st
96
49
48%
...
Pacific Can Co
116%
Mar
Oct
May
111% 112
$5%
Omar Inc
High
104
Oilstocks Ltd common...5
Price
Par
Week
of Prices
Sale
(Continued)
Low
Week's Range
Last
STOCKS
Range Since Jan. 1, 1940
for
Week
Shares
Ohio P 8 7% 1st pre!.—100
0% 1st preferred
2021
Sales
Friday
Sates
Friday
Mar
Jan
Ordinary reg
Def registered
Todd Shipyards Corp
5
10%
%
72%
20
55
Mar
10%
%
Apr
May
76
Jan
Apr
Apr
New York Curb
2022
Last
Week's
{Concluded)
Sals
of Prices
Low
High
Par
Pries
106 %
Toledo Edison 8% pref 100
Range
Low
Shares
40
106 H 107
10
Transwestern Oil Co
1H
2*4
400
OH
"o
~~6H
35
Class A
500
100
35
Mi
Apr
1*3
Apr
♦Maranhao 7s
May
3H
Feb
M May
Jan
Me
Jan
Mtge Bk of Bogota 78.1947
*8 H
Jan
454
May
May
20
IH
ln
Apr
10 H
Jan
39 %
Feb
Jan
♦Mtge Bk of ChUe 68.1931
{11*4
Mtge Bk of Denmark 5s '72
{23
♦Parana (State) 7s
1958
♦Rio de Janeiro 0*4s_1959
13
7 li
500
OH
8
Jan
4H
4H
1,800
3H
May
6H
1H
Apr
Jan
1
Jan
H
May
May
Feb
2H
200
2H
\H
3H
Apr
May
Mar
H
10
Unexcelled Mfg Co
13 H
3H
♦Russian
13
Sept
5*3 May
Apr
13*4
Mar
15
Jan
Sept
20*3
Apr
26
Feb
20*3
11
June
14*3
Mar
13
Oct
40*3
Mar
20
H
H
10*3
Mar
10*3
Mar
Jan
Mi
Oct
*3
Feb
Sept
5
Jan
17*3
Mar
9*3
1,000
OH
{Mi
Mar
June
1,000
OH
Govt 6348..1919
10 *3
June
8
7*3 June
13
OH
May
May
3%
7 *4
preferred.....
Udyllte Corp—
lUlen A Co ser A pref
Series B pref
20
ion
{20
{20
♦Issue of Oct 1927
Sept
Jan
4,000
12
{8*4
♦Issue of May 1927.
20*4
7
+6*4
12
1958
High
Apr
.....
28
28
15
40
4H
Tung-Sol Lamp Works..
5,000
20 H
11
12
{20
♦MedeUln 7s stamped. 1951
Low
S
High
20 H
♦Hanover (City) 7s...1939
Jan
100
2H
2*3
Low
Price
♦Hanover (Prov) 6*4s.l949
Lima (City) Peru—
♦6 34s 8 tamped
1958
x8 H
Truna Pork Stores Inc..
Tubize Chatlllon Corp...
Week
Jan
115
Apr
2
300
Me
for
of Prices
H May
1,300
2%
1
Tri-Contlnental warrants
80c conv
May
Me
Tonopah Mining of Nev_
in
2*3
Week's Range
Sale
Mar
109
*u
Trans Lux Corp
Last
High
May
95
104
7% preferred
100
Tonopab-Belmont Dev. 10c
Range Since Jan. 1,1940
BONDS
{Continued)
Range Since Jan. 1,1940
for
Week
5, 1940
Sales
Friday
Sales
Friday
STOCKS
Oct.
Exchange—Continued—Page 5
%
Mi
Jan
Feb
Union Gas of Canada
•
7 H
Union Investment com
♦
2H
Un Stk Yds of Omaha.. 100
64 H
5H
Jan
64%
Jan
May
16
65
Apr
Mar
11
Apr
May
14^606
15
{11
1949
16*3 May
8 H
69 H
Mi
1921
♦5*4s
♦Santiago 7s
1
Aircraft Prod
United
OH
United Chemicals com..
S3 cum A part pref
600
in
500
*
"~~H *"~»Me
Un Cigar-Whelan Sts_.10c
United
10
OH
ion
1
~6 00
Corp warrants
H
OH
United Elastic Corp.....*
1
United Gas Corp com
l
1 %
H
1 H
112
111
1st 17 pref. non-voting.*
Option
H May
Ml
warrants
*Mi May
3,900
2*4
Jan
1st 6a
Jan
1st A ref 5a
Jan
1st A ret 68
1960
x
a
Jan
1st A ref 5s....
1908
7
bbbl
1,800
600
27H
1,600
IH
IH
Feb
7454
Aug
Apr
5%
Feb
May
243*4
134
Feb
Am Pow A Lt deb 6s.
Feb
Appalachian Elec Pow—
1st mtge 4s
...1903
1
61H
OH
0*4
5H
<
2,150
400
OH
5H
H
57
*
*
3% May
3H May
2,700
3
24
31%
2
com
U 8 Rubber Reclaiming..*
3
H
100
47
3
United Stores coramon_60c
3*4
-
Universal Products Co
6
76 n
Utah Radio Products
dddl
14*4
11
30
z
dddl
14*3
15
28,000
10
14 *4
15
10
26*3
28*3
14*4
15
35,000
50,000
10
13*4
13*4
1,000
10
16*4
10*3
84%
53
75
H
2%
Feb
1,800
6
5*4 May
Jan
Aug
H
100
m
23 H
3H
1,000
200
24
H
Atlantic City Elec
Apr
Mar
2 H
May
6*4
Mar
15
May
24
Mar
May
13
Mar
Aug
25
47H
27 n
27n
Ml
77
*
3
2
1968 x bbb3
...1959 y bb 3
1954 y bb 3
100*3
101*4
2
2
76*4
1957 y bb
4
1948 7 cc
1
...1964 y cc
1
Jan
Canadian Pac Ry 6s
50
63
1,100
6
200
2*4
Apr
1*4
Mar
May
H May
May
30
May
July
12
3
1 *4
85
Apr
Apr
Cent Power 6a ser D_.
Cent States Eleo 5s
5*48
Cent States P 4 L
5*4s... 1953 yb
1927 z bb
Jan
|»Chlc Rys 5s otfs
Oct
Cincinnati St Ry 5 *4s A
Apr
«a
series B
..1952 y bb
1955 y bb
Apr
10
Apr
Debenture 5s
1958 yb
Apr
75
Debenture 5s
1969 yb
100
3H June
H
July
•11
July
12 H
May
1%
AUg
700
5*4
Sept
1*4
1*4
15*4 May
100
66
1971
aaa4
1st ref mtge 3s ser P
1954
x
aaa4
1943
y
b
1% May
3 H
May
2*4
7*4
Apr
Oct
6*4
Apr
59
120
66
50
.16
31
May
14
May
OH May
Sept
10
1
3% May
Wichita River OH Corp. .lu
Williams (R C) A Co
♦
Jan
66
Oct
on
1,200
Gen mtge 4 Ha
ser
A stamped
""25
ojg( 'ion
1958 y bb
1944 7 b
Cont'l Gaa & El 5a
Tobacco
6a
17*4 May
11*4
Apr
10*4
Sept
Eastern Gas 4 Fuel 4s
7*4
Feb
7% pf 100
oh
300
on
May
Sept
1
5H
7*4
5*4
2
x
bbb4
bb
x
aaa4
84*3
111
*
b
4
86*4
a
4
123*4
Jan
1950
x
bbb3
Jan
Empire Diet El 5s
1952
x
Apr
Sept
Erie Lighting 5s
Jan
Federal Wat Serv
Finland Residential
5*4s
4n
4%
1,800
75*4
124*3 129*4
75
1
93
108
2.000
104*4
2,000
47*4
{107*4 108
74*3
3
101
1961
y
cccl
101*4
{35*4
lTOOO
48
June
12*4
Feb
Florida Power 4a ser C
1966
x
bbb3
105
104*3 105
8,000
3H
June
6*4
Jan
Florida Power 4 Lt 5s
1954
x
bbb3
104
103*4 104
80,000
Gary Electric 4 Gas—
6s
FOREIGN
AND
GOVERNMENT
MUNICIPALITIES-
♦General Rayon 6s A"._
for
Gen Wat Wks 4 El 6a
Week
21
20*3
Sept
Aug
20
24
19
.1951
1,000
20H
t20
~3*000
12
29
28*3
Feb
Feb
Jan
20
Sept
7*3 June
15
Jan
8n
8H
2,000
Cent Bk of German State A
Ext
Danzig
25
25
1952
30
{22
3,000
Feb
25
Oct
Aug
20
Sept
18
May
52
Jan
May
49
Mar
12*3
~
"30"
14
20
25
{20
1953
5s
3*000
28
♦External
6*4a
♦Secured 6s....
1952
{8
25
1947
For footnotes see page 2023.
74*4
1
3 "77 H
1941 y ccc4
(Adolf) 4*4a
36:660
22:660
59,000
7,000
{18
1965 y bb
Glen AJden Coal 4s
Gobel
1
4
6,000
22,000
76*3
►
"78*3
83:666
90
1950 * a
'{71*4
1950 * a
{107*3
Guardian Investors 5s
.1948 y c
{104*4 105*4
♦Hamburg Elec 7s
1935 z dd
56
56
{.....
29 H
29
25
6
25
17
16
25
27,000
23,000
Mar
7
Jan
May
25
7*3 May
4 St Ry 6*4s
1938 * cccl
23
47*4
106*3 109*4
89
102*3
22*3
57
98*3 105
100
105
97*3 102
56
87*3
94
102
83
100*3
67*3
89
75
101
103*3 107*3
59
75
18
18
65*4
78*3
70
91
1,000
33
29*4
5,666
22
1,000
78
109
99*3 105*3
52
63*3
31
63
23
42*3
15*3
22
{20
22
Oct
25
110
58
110
3*4s—1963 * aa
Grocery Store Prod 6s
1945 7 b
Guantanamo 4 West 6s
1958 y b
86
70
106
75
Gr Nor Pow 5s stpd
♦Hamburg El Underground
Port A Waterways
♦German Con Munlo 7s '47
6s.
106*3
Green Mount Pow
1955
5*3s
♦Gesfruel
100*4 100*4
80
77*4
99*4
{99
99
99*4
72
{60
10013 101
106*4 106*4
72*4
74*4
Grand Trunk West 4s
Bogota (see Mtge Bank of)
VaUey 7s
1948
♦6 series A
1967 * a
1978 yb
1953 z b
Georgia Pow 4 Lt 5a
20H
♦Cauca
♦Prov Banks 6s B..1951
..1944 y bb
80
1969 * a
1953 7 b
"99 H
1956 y bb
1948 z ccc2
1943 y bb 4
100*4
Georgia Power ref 5s
%
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1946
♦20-year 7a
Jan 1947
Danish
stemped
Gen Pub Utll 6*4s A
Sales
BONDS
♦Baden 7s
ex-warr
Gatln-au Power 3*4s A
General Pub Serv 5a.
107
112
87*4
123*4
102*3 106
101*3 105*4
13,000
45
4
61*3
99*3
104
104 %
45
94
45
85*3 135.000
12,000
103
97
80
1,000
111*4
111*3
104*3 109
1,000
5
4 H
76*4
Mtge
Banks 6s-5a stpd
5s
81*4
92*3
92*4
81
98*3
125*3 135*3
60
105
84*4
87*4 201,000
3,000
123*4 123*4
bbb2
1953 y b
1967 x a
1954 yb
6 *48 series A
82*g
81*3
60
Ercole Mare ill Eleo Mfg—
Jan
Woolworth (F W) Ltd—
65*3
17,000
103
-.
«»
84
33,000
26,000
107
106
85*4
^
98*4
95*3
70
22,000
93 *4 126,000
52
93*3
78*4
94*4
98
106
2
x
Mar
127
52
"98*4
y
May
May
a
2030
Elm Ira Wat
4H
x
y
Elec Power 4 Light 6s
Mar
3H
92
Lt 4 RR 5S..1956
Sept
100
5
93*4
El Paso Elec 5s A
7*4
2
112
94
2
1956
.
Edison El 111 (Boat) 3 *4s..
7*4
11*4
0*4
127
94
-1965
Delaware El Pow 5*4s
Jan
4H
5
1955
1959
Cudahy Packing 3*4$
July
7% May
5% May
98
May
127
60
77
87,000
31,000
90*3 129,000
70,000
91*4
97*4 58,000
{109*4 110*4
108*3 108*4
41*3
83
37
Consol Gas UtU Co—
5%
%
'i
96*4
{125
41
26*3
64*3
Consol Gas (Bait City)—
3H
oh
WUllama Oil-O-Mat Ht_.*
Wright Hargre&ves Ltd.
97*4
aaa4
x
(Bait) 3 *4s ser N
10
2
x
1969
Jan
Feb
20
Wolverine Portl Cement. 10
88*3
aaa4
102*3
95*3 103*4
26*3
39,000
13,000
26,000
1,000
2,000
9,000,
336,000
Consol Gas El Lt 4 Power—
Cuban
1
x
2
3%
43 H
85 *4
89
102
16
_•
85*4
89
May
Western Tablet A Station'y
♦
75*4
43
43*4
91
May
60
33*4
77*4
90
1
400
33*3
81*4
-.1951
Conn Lt 4 Pr 7s A..
76,000
81
92
6,700
102
33
32*4
4
4
1957 y bb 3
Community Pr 4 Lt 5s
101
103*4
1949 yb
«*4s
152
90
89
63
1952 7 b
Cities Serv P A L 6 *4s
89*4 117
138
37:666
6,000
2,000
40.000
79*3
10
5
110
76*4
80
1,100
4
130*3
88
100*3
83*3
80*4
1950 7 b
1H
3H
95
44,000
11,000
65
83*4
81*3
lOOH 10 OH
2H
2H
4 H
92*3 100
108,000
95
82*4
80*3
"ido
Jan
95*3 105
45:666
83*4
80*4
80*4
1966 fb
Cities Service 5s
in
4
103*3 HO
83
102
33*3
3
4
Aug
May
Apr
Feb
9*4
6*4
104*3 108*4
76*4
4
May
May
H
H
28*3
80
102
2
1
4
6
OH
3H
105*4 106
{151*4 153
100*3 101
101
101*4
{103
103*4
"82*4
1942 x a
Birmingham Gaa 5a
6s
Westmoreland Coal
C
Apr
Western Maryland Ry—
Westmoreland Inc..
aerlea
74
~~4H
Amer dep rets
1960 t aa
1998 x aa
5a
Betblebem Steel 6a
Birmingham Elec4*4s
50
20
Petroleum
105*4 106*3
100
in
1H
Western Air Express
Woodley
106 H
*11
100
100*4
com
3
55*4
110
8
1.25
Wolverine Tube
1957 x aa
1st 6a series B
CAnada Northern Pr 5s ...1953 * a
29
3,000
22,000
Bell Telep of Canada—
Broad River Pow 5a
200
1
Co
116*3 122
4
West Texas Utll 38 pref..*
West Va Coal A Coke
*
Wisconsin P A L
119
75
Wayne Knitting MlUs__.6
Wellington Oil Co
1
Wilson-Jones
3
75
8n
75
•
Wilson Products Ino
1950 z b
♦Convertible 6s
Jan
85
*
Weyenberg Shoe Mfg
2
Conv deb 5s
3 H
*
Common
1947 7 bb
1 *4
July
2,000
{100*4 104
{96
100*4
3
3
3
on
100
7% 1st preferred
5a without warrants
129
102*3 108
38*3
62*3
Baldwin Locorn Works—
1*4
7
1
1
2
June
27H
Me
*
Waco Aircraft Co
Apr
May
1947 y bb
May
May
67*4
70*4
}106
106*3
109
{J 08
6s with warrants
Sept
Feb
*4
68*4
3
2
15*4
3
77*4
38
14*3
14*4
'64 x aa
May
Feb
21
Vultee Alrcralt Co
2
1955 x a
3*4s
H Aug
1% May
47H
1
Vogt Manufacturing
23*4
90,000
126
Avery A Sons (B F)—
2*4 May
6
Sept
2
1
A'55 y b
Atlanta Gas Lt 4*4s
Aug
x48%
Assoc T & T deb 6 *4s
H
76 H
14*4
14*4
......
.1977 zdddl
♦Conv deb 6*4s
Jan
May
450
Registered..........
Jan
*4
6
July
1 H June
200
75 H
♦Conv deb 4*4s
IH
7% pref.. 100
com
z
♦Conv deb 4*4s
Apr
Van Norman Mach Tool .5
Western Grooer
1948
1949
Mar
2*4
16
Wentwortb Mfg
lAssoclated Gaa A El Co—
M
May
1
Walker Mining Co
Apr
Feb
8
71
121
1,000
29,000
48*4-49*4
3
1
6
Class B
b
dddl
7
Watt A Bond class A
V
105*4 105*3
126
105*4
dddl
Utility A Ind Corp oom._6
7% preferred
1953
z
1
Wagner Baking v t o
Associated Eleo 4*4s
z
14% May
Utility Equities com... 10c
36.50 priority stock
1
Petroleum
Feb
1.800
in
»
Va Pub Serv
7*4
1968
*
Utah-Idaho Sugar
Venezuelan
bbb3
4
-
Utah Pow A Lt 37 pref
Conv preferred...
bbb3
x
1948
4*4s
1950
1
Valspar Corp com
34 oonv preferred
bbb3
x
1956
Debentures
♦Debenture 6s
3
2,000
x
Appalac Power Deb 6s ....2024
Arkansas Pr A Lt 5s
♦Conv deb 6s
20
90*4 105*3
106*4 111*3
103*3 108
29.000
July
3%
v~-
107*4
105*3 105*3
105*4
7*4
Feb
500
104
107*4 109
108*3 110
Sept
46
H
8
107
Apr
.....
Insurance
102*4
a
Apr
Universal Cooler class A..*
Universal Pictures com
x
100*3
98*4 104*4
108
4,000
108*4
4,000
108*4 109*4
102*3 103*3 102,000
109*3
105*3
99
15,000
25,000
{105*4 105*4
..1970 * aa
2010 7 bb
28*4
3
3*4
103*3
108
......I960 x aa
s
35*4
H
Universal Corp v t o
105*3 105*4
102*4 103*4
...1950 x aa
f deba
3*48 s f debs
May
in
Wall Paper
Universal
2*4s s f debs
IH May
19% June
1,700
3H
105*4
109
104*3 107*3
103
American Gas A Elec Co.—
28
2,600
Mi
pref
Class B
June
Apr
Jan
105
{107*4 108
{106*3 107
{105
106
a
250
2H
25H
31 H
2 H
U 8 Stores common....60c
United
May
7*4
83*4
% May
100
H
57
2H
2*4
1
20
Plywood
11*4 conv pref
Apr
May
64
39H June
"
U S and Int'l Securities..*
U S Lines pref
Jan
100
U 8 Graphite com
S6 1st pref with warr
H
x
1907 7 bbbl
Apr
1,300
46
"6H
U 8 Foil Co Class B
50H
45 H
1
conv
1st A ret 4 *4s
Apr
27
7H
60 H
...26
United Specialties com
1st S7
1946
...1951 x a
39
4H
United Shoe Mach com.25
U 8 Radiator
Co—
May
239
H
H
..10
10% preferred
Power
16% May
3*4s
United Profit 8harlng__25c
Preferred
Alabama
70
*
United NJRRA Canal 100
S
May
H
Mi Sept
89
Molasses Co—
Am dep rets ord reg..
U
May
20
Products.
S3 partlc pref
Range
Jan
July
Mi
H
United
Jan. 1
113*4
H
27
Since
I
Feb
Feb
H
27 H
for
Week
Price
of Prices
Low
High
June
79
»
Weeks' Range
Sale
H
H
S6 1st preferred
Last
See a
BONDS
Friday
87 H
*
Milk
Jan
Sales
Bank
Elig. &
Rating
RAILROAD anil INDUSTRIALS
100
United Lt A Pow com A..*
United
H
8H
Jan
1,800
*
United G A E7% pref. 100
Common class B
Jan
Jan
1%
Feb
Oct
7*3
Attention is directed to the
new
column in this tabulation pertaining to bank eligibility and
rating of bonds.
See A.
Volume
New York Curb Exchange—Concluded—Page 6
151
Bank
Last
Rating
Sale
See
{Continued)
Price
a
Friday
Range
Rlig.dk
Last
Week's Range
for
Since
BONDS
Rating
Sale
Week
Since
Jan. 1
(Concluded)
See 1
Price
of Prices
Low
High
%
Jan. 1
Sales
Week's
Range
of Prices
Low
High
x aa
3
tuo
z c
1
2
15
30
71
71
1949
1967
1953
1954
1966
1957
y b
%
111
%8«__1963
Hygrade Food 6a A—
1949
1960
Houston Lt A Pr 3 Ha
♦Hungarian ItalBk 7
6s series B
Idabo Power 3%s—
111 PrALt 1st 6s ser
A
1st A ref 5%b aer B
1st A ref. Baser C
Sfdeb5%s_.-May
Elec Ba
Indiana Hydro
Indiana Service 5a
1st lien A ref 5e
♦IndianapolisGas5a A
b
y
x
x
x
x
y
loon inn
3,000
170 h
2
aa
3
bbb3
bbb3
bbb3
bb 3
73
8~6oo
108 h
109
107 %
107 H
106 %
106 H
106 %
105 %
105
105 H
25,000
9,000
40,000
100 H
15,000
100%
99 %
{100%
1958 y bbbl
74
1950 y b
2 -_74~~
71
1963 yb
2
96 h
96 %
—1952 z bb 1
64
81
66
"
107 %
108h
i
Power Corp (Can) 4 %aB—1959 x a
♦Prussian Electric 6s
1954 z b
79
1st mtge
♦7s series F
Interstate Power 5a
1952
1957
1901
1968
Debenture 6a
Iowa-Neb LAP 5s
5s series B
Iowa Pow A Lt 4%8
Isarco Hydro
Jacksonville Gas
y
y
y
x
I
l|
4
ccc2
bbb4
bbb4
aa 3
57
74%
22,000
66
73%
97 %
18,000
60
99
19%
43%
21
49%
22
22
23%
7,000
20%
61H
61 h
66,000
51%
38
62 h
38%
18,000
29
105
105h
10,000
103
106%
103
106%
48 h
000
1,000
58,000
ib
3
x
aa
1
1106
Kansas Gas A E ec 0a
1125
--1942
stamped
46 h
48%
6,000
112
127
2022
x
a
2
3 %s._. 1906
x
a
4
♦Leonard Tletx 7 Ha
1946
z
cccl
Long Island Ltg 0s
Louisiana Pow A Lt 58
1946
x
bbb3
104%
1957
x
a
4
.....1941
z
dd
1
23
23
aa
San
x
aaa2
51
♦Saxon Pub Wks 6s
1937
♦Schulte Real Est 6s
1951
z
cc
Scripp (E W) Co 5%s
1943
x
bbb2
102%
1961
y
b
2
Shawlnlgan WAP 4%s... 1967
x
a
2
x
a
2
73%
86%
86%
29
62
30%
42
39
53%
4
160
67
127%
103% 100""
103% 108
19
23
58%
71%
x
bbb2
y
b
2
Metropolitan Ed 4s E.—1971
x
aa
2
x
aa
2
1945 ybb
2
4s series G
.190(5
RR 5s....1943 ybb 2
MUw Gas Light 4H8
1967 x bbb2
MlnnP A L4H8
1978 x bbb3
1st A rel 6s
1955 x bbb3
Midland Valley
1955
x
1957
Miss River Pow 1st 5s
-1951
Missouri Pub Serv 5s
I960
Nassau A Suffolk Ltg 58—1945
Nat Pow A Lt 6s A
2026
Deb 6s series B
2030
bbb2
1100
bbb3
x aa 2
y bb 4
x bb 2
y bbb2
y bbb2
ctfs—.1978 *
|»Nat Pub Serv 5a
99
96
81
1107% 108
1,000
98
1,000
91% 100%
64 %
62
64%
5,000
51%
104%
104
104%
9,000
98
103
103%
4,000
1106% 107
104
104%
is'ooo
96
104%
104% 104%
6,000
97
105
104
'i09~~
94
111%
109
109
86
6,000
95
.111% 112
107
107%
9,000
126
Conv deb 5a
3hb
6s
New Eng Pow Asan
Debenture 6Ha
"66%
100%
20
28
1,000
115
122%
74,000
61
71%
120
52
35"66O
51
105
77',60b
88%
68,000
93
71%
71%
-
29
103
5,000
1,000
,,
12
19%
23
31
100% 104
71
74
24,000
57
74
86%
88%
26,000
64
98%
86%
87%
7,000
64
97%
90
87
95%
105% 105%
105% 106
25,000
11,000
104
104
104%
16,000
105% 110%
105% 110%
104
105%
46
47%
8,000
101% 102%
{105% 107
{48
52
10,000
May 1 1960
x
aa
July 1 '00
x
aa
x
aa
2022 y bb
S'west
Pub
1951 y bb
47%
101%
0s......1945
Serv
Standard Gas A
x
bbb4
20,000
16,000
90% 103%
113%
1989
x
b
37
53
90
105%
108%
105
40
60
70%
72
57,000
49
74%
Electrlo—
..1948 y b
(stamped)
Conv 6s (stamped)
Debentures 0s..
71
72
25,000
49%
1961 y b
70%
71%
36,000
48
74%
74%
Debenture 6s....Dec 1 1966 y b
70%
71%
65,000
48
74%
70%
81,000
48
74%
94,000
49
74%
14%
24%
1948
6s gold debs
y
b
1957 y b
Standard Pow A Lt 6s
1957 7 b
70%
71%
71%
♦Starrett Corp Ino 6s
Stinnes (Hugo) Corp—
1950 z ccc2
22%
23
9,000
1940 z
42%
46
27
45
46
18
38%
7s 2d stamped 4s...
♦Ctfs of dep
,
45
45
12,000
8,000
1940
32
38%
42,000
1953
Texas Eleo Service 5s......I960
25
28%
105% 106
23,000
1958
106% 106%
2022
119% 120
7s 2d stamped 4a
♦Terni Hydro El 0%s
Texas Power A Lt 5s
6s series A
--
:
11,000
47
21%
46
101% 106%
104% 108%
97
98%
4,000
6,000
37,000
60%
61%
16,000
6%
6%
1,000
117% 117%
100%
1979
Twin
City Rap Tr 5%s...l952 yb
{♦Ulen A Co—
4
Conv 6s 4th stp
United Elec N J 4a...
1949 * »aa4
United El Service 7s.
1950 ybb
4,000
114
5,000
24
1950 *
1
24
24
120
109
26
88% 103%
56
29
29
1,000
5,000
2
...1974 yb
Debenture 6%s
let lien A cons 6%s
2
Un Lt A Rys
86%
85%
(Del) 5%s...l952 y bb
19,000
86%
18,000
107
1959 * bbb3
3
107
29
1,000
28
,
•
73
89%
91
74%
104% 110
94% 200,000
92%
93%
45%
10
i,
1975 y b
12%
118%
16
28
United Light A Pow CoDebenture 0s
69
6%
28
♦United Industrial 0%s...l941 z cccl
♦1st s f 6s
1945 x b
1
99%
.1942 ybb
bb
3
4
i03%
1101
101%
103% 103%
8,000
100% 103%
97
103%
York Penn A Ohio—
♦Ext 4%s stamped
N Y state E A G4H8
1st mtge 3Ha
N Y A Westch'r Ltg 4a
Debenture 5a
"IIooo
"19%
19%
29
130%
78
95
5,000
110
119
United Lt A Rys (Me)—
♦Income 6sseries A..—1949 y
New
127
102
2
15
105% 109%
90
1968
110
New Orleans Pub Serv—
6a stamped
2,000
105%
105%
Ref M 3%s
108% 111%
120
128%
83
100%
107
{135%
cccl
Sou Counties Gas 4 %s
Sou Indiana Ry 4s
T066
110
100
107
Tletz (L) see Leonard—
62
99
21
13%
Sou Calif Edison Ltd—
107%
102
"98%
99
18
102
101
59^600
68
166%
67%
65%
1109% 109%
80
71,000
18,000
109
1106
76
75%
67%
31,000
102% 103%
110% 112%
Tide Water Power 5s
1,000
65
99
91%
111
109
126
120
67 %
98
100%
81
102%
101%
112%
28
110% 110%
75%
108% 110%
22,000
126%
-
aaa2
2
* bbb3
ybb 3
x aaa2
y b
4
y b
4
1950 yb
4
1961 * aaa3
1948 y bb 3
1954 y bb 3
x aa
70
io7~"
102
83
1957 y bbb2
111
104%
98% 103%
102% 107
93
94%
100% 101
——2022
Nelsner Bros Realty 6a
1948
Nevada-Calif Elec 5s.—1956
New Amsterdam Gas 5s—1948
N E Gas A El Assn 5a
1947
58
1948
6s series A
3,000
100
3
86
96,000
89,000
1947 y b
104% 109%
109
Nebraska Power 4H8--—1981 *
New Eng Power
1970
z
1
148,000
2025 y bb
96
98
158
Southeast PAL 0s
101%
109
109
x
Mississippi Power 58
Miss Power A Lt 58
101
195
128
Sheridan Wyo Coal 6s
Sou Carolina Pow 5s
6s
Mengel Co oonv 4 Ha.—..1947
Middle States Pet 0%s
Ino3s
1st 4 %s series D
Spalding (A G) 5s
1948 yb
6s stamped
Joaquin L A P 6s B...1952
Ref M 3%s B
McCord Rad A Mfg—
Memphis Comml Appeal—
Deb 4 Ha
1952
16
105% 108%
104% 107%
99
100%
95%
90%
{20
{14
x
*7"6oo
1,000
91
Safe Harbor Water 4 %s... 1979
104% 108%
4,000
4
47%
71%
1,000
106% 106%
98%
cccl
So'west Pow A Lt 0s
105
91%
104% 108
102
98
100
b
Mansleld Mln A Smelt—
♦7b mtgesf
♦Ruhr Gas Corp 0%g
♦Ruhr Housing 6%s
100
101%
3
z
106% 109%
117
1952 y bb
3
z
102% 107%
108% 108%
117
40
Lake Sup Dlst Pow
3,000
17,000
{106 % 108
1953
1958
—
1960
6a
4
...I960
Soullln Steel
Kansas Elec Pow 3 Ha
155%
x a
17,000
107
155
1950 y bb
1st A ref 4%8 ser D
1950 V bb
Queens Boro Gas A Eleo—
6,000
37
107
3
1st A ref 5s ser C
25%
32
bbb4
x
PugetSoundPAL6%s... 1949 ybb 3
100%
347666
72 H
1104
104h
106% 106%
36%
36%
61
14
108% 108%
y aa
..1949
4s series A
21
34
2
9,000
.....
Pub Serv of Oklahoma—
19 H
1
1
x aa
6% perpetual certificates
24%
38 h
J18
Range
Public Service of N J—
74%
11,000
76%
1
107%
98% 107
90% 105%
87
101%
101
24 %
ll
1952 y b
1963 y cc
Elec 7a
6a
Italian Superpower
1964
f debB 4s
8
105% 109%
3%s
5%8 series A
..1955 y b
1957 y b
1952 y b
1957 yb
C
♦7a series E
73%
76%
2
93
102 %
Sales
Public Service Co of Colo—
International Power Seo—
6 %s series
I
Bank
for
Week
Friday
Elig. &
BONDS
2023
1
Nippon El Pow 0Ha
1950 7 bbb2
1980 * a
4
1904 x a
4
2004 * aaa3
1954 x aa 3
•v.98%
97%
98%
104%
103%
104%
109
108%
3,000
106% 106%
1,000
115
1 "49%
1953 y b
8,000
34,000
5,000
115
49
81
98%
102% 105%
104% 109%
102
100%
111% 115
48
05
51%
33,000
102% 102%
104% 104%
9,000
94
2,000
16,000
104
35
49%
4,000
3,000
101
106%
6s series A
1973 yb
y
bb
x
aa
y
b
102%
3
x bbb4
N'western Pub Serv 5a._. 1957
Ogden Gas 1st 5s
1945 ybb 2
x aa
4
Ohio Pow 1st mtge 3 %a.... 1968
3
Ohio Public Serv 4s
1902 x a
1955
x
x
bb
41
110% 110%
|109
109%
108% 109%
107% 108
bbb3
Okla Power A Water 5s...1948
39%
105*16 105*32
110%
4
103
103%
106
107% 111%
Deb 6s series A
89
2022
100
100
1946
104
103% 104%
24,000
99% 104%
1960
103% 103%
95
104
Deb s f 0s
1946
4,000
14,000
94
102%
"l"02%
100
2,000
102% 102%
Waldorf-Astoria Hotel—
1954
1951
Washington Water Pow 3%s'64
West Penn Eleo 5s
2030
{107% 309
5s... 1960
12,000
4%
4%
{108% 112
{108% 109
{113% 118
Wash Ry A Elec 4s
West Penn Traction
West Newspaper
Un 08—1944
Wheeling Elec Co 6s
1900
1937
100% 105
4
10%
109%
107% 109%
104% 108
107
107% 117
43
60%
56%
60
{102
107
106% 306%
98%
98%
1941
I^York Rys Co 5s
103
105
102% 107%
90
98%
94
99%
106% 110%
1,000
95% 101%
85
101%
1st ref 5s series B
Wise Pow A Light 4s
7,000
72%
15,000
100% 101%
103% 109%
104% 109
5,000
1,000
103
14,000
85
101%
103% 109%
20^666
118%
82%
1944
♦5s Income debt
1956
3HB—.1947
Nor Cont'l Utll 5H8
.1948
5Hs series A
No Boat Ltg Prop
2
Va Pub Service 5% A
No Amer Lt A Power—
Okla Nat Gas 3%s B
....1952 x bbb3
Deb 6s series A
Utah Power A Light Co—
1st Hen A gen 4%s
118
118
107% 112
♦Stamped 5s
99
1947
99
Pacilic Gas A Eleo Co—
aaa2
1941
x
Pacific Ltg A Pow 5a
1942
x
aaa4
Pacific Pow A Ltg 5a
1955
y
bbbl
1964
1977
z
ccc2
x
bbb2
1979
x
bbb2
1971
x
aa
2
1902
x
aa
2
0s series A
1950 y
bb
Deb 5Ha series B
1959 y bb
Penn Pub Serv 6s C
1947 * a a
1st 6s series B
Park Lexington
3s
Penn Cent LAP 4HB
1st 5s
Penn Electric 4s F
5s series H
100%
106% 106%
107% 107%
"95%
95
96 %
139
136,000
80
97%
39
40
45^066
43%
96% 104%
101
107%
*104%
104% 104%
*105%
105% 105%
3,000
100
107%
107% 107%
5,000
104% 108%
25,000
104% 109%
101% 108%
105
106
4,000
100
Penn Ohio Edison—
1107
106%
4s series B......
4s series D
2,000
106
107% 107%
1,000
105
88%
99%
101%
100
101%
112% 112%
1103% 105
......!
26%
26%
1105
107
41,000
91
99%
95
101 %
1981 x bbb2
1961 x bbbJ
1972
1962
0Hs—-I960
Pittsburgh Coal 6s
1949
Pittsburgh Steel 6s
1948
x aa
Phila Rapid Transit 6s
3
y
Pledm't Hydro El
y
Elec 6s
bb
b
y bb
y bb
Stamped
4Ha series F
Potrero sug 7» stpd
99%
1961 x a
1947 y ccc2
4,000
*
Mo
par
......
103% 103%
18%
18%
103
106%
2*666
99
103%
1,000
13
21
78%
90
~
94
20,000
85%
12,000
100% 109%
1108% 112%
1110
107%
112
48
Deferred delivery gales not Included In year's range,
a
r
d Ex
Cash sales noi In¬
Ex-dlvidend
x
No sales being transacted during current week
94
75
value
Under the rule sales not Included In year's range,
n
In year's range,
{ Friday's bid and asked price.
48%
85
47
.....
cluded
103%
24
liLooo
92%
85%
.....
Interest
110% 115
92
......
bb
z bb
1956 x a
69,000
......
1953 z b
♦Portland Gas A Coke 5a..1940 y
Potomac Edison 5s E
108%
108%
.
Phila Elec Pow 5Hs
•Pomeranian
107%
107%
1954 * a a
6s series D
Peoples Gas L A Coke—
107%
106% 107
4,000
45
♦
Bonds being traded flat.
| Reported
/
.
^ '-V'
receivership.
In
:•••
1 Called for redemption:
Northwestern Pub. Serv. 5s 1957, Jan. 1.
Cash
e
yearly
sales transacted
1941 at 104.
during the current
week
and
not Included in
weekly or
range:
No Sales.
110%
53%
Under the-rule sales transacted during
y
the current
week and not Included
In
weekly or yearly range:
No sales.
v
Deferred delivery sales transacted during the current week
weekly or yearly
and not Included id
range:
No sales
Abbreviations
Used
Above—"cod." certificates
of
deposit;
t c "
v
voting trust
consolldat< d;
non-voting sto<k:
"cons,"
"cum," cumulative; "conv," convertible; "M," mortgage; "n-v."
'
certificates; "w 1," when Issued; "w w." with warrants: "x-w "
without warrants.
A
Bank
Eligibility and
Rating Column—x Indicates
those bonds which we
believe eligible for bank Investment.
Indicates those bonds we believe are not bank eligible due either to rating
status or some provision In the bond tending to make it speculative.
y
x
Indicates Issues In default, in bankruptcy, or In process
The
rating symbols
of reorganization..
In this column are based on the ratings assigned to each
The letters Indicate the quality and the numeral
mmedlately following shows the number of agencies so rating the bond.
In all
ases the symbols will represent the rating given by the majority.
Where all four
gencles rate a bond differently. then the highest single rating Is shown.
bond by the four rating agencies.
A great
i .sues
▲
majority of the Issues bearing symbols ccc or lower are In default.
bearing ddd or lower are In default
I
Attention Is directed to the
new
column In this
tabulation pertaining to bank
eligibility and rating of bonds.
See note A above.
Al*
The Commercial & Financial Chronicle
2024
Other Stock
Oct,
Sales
Friday
Week's Range
of Prices
Par
for
of Prices
Low
High
Week
Price
Week
1st pref v t
•
m
May
21%
Jan
ALUs-Chalmers Mfg. Co..*
32X
23c
July
55c
Jan
AmerlcanPub Serv pref 100
Amer Tel A Tel Co cap. 100
92 %
.
-
1.35 May
108
108
*
-
37
1.00
69
7
80
108
39
83%
Apr
Armour & Co common
Sept
107% Sept
5% Sept
6
May
91% May
25
May
119%
Feb
Aro
6%
250
6%
6%
250
120%
27% 27%
51
70
9%
17%
4
9
mmmrnmm
12
22c
1,500
17%
17
60
58%
20c
1
20c
Sept
1
Apr
Aviation Corp
3
Apr
Aviation A Transport cap. l
130
Jan
Barlow A Seellg Mfg A cm 5
...
60
92
"55"
65
19%
32%
19%
Western National Bank.20
64
456
16%
92%
66%
20%
32%
16%
16%
Northern Central Ry—50
Penn Water & Power com *
O 8 Fidelity A Guar
.2
Bastlan-BIessing Co com.*
Aug
Belden Mfg Co com
10
Belmont Radio Corp..... *
~~5
Mar
54
290
992
50
May
17%
Apr
84% May
54% May
14% May
92%
Oct
72%
23%
Jan
32
37
Sept
;
'■'
JaB
Mar
,
'
33%
34%
1975
34% $35,500
23
May
35%
Apr
39
30
May
40%
Apr
Boston Stock
11,200
both inclusive, compiled from official sales lists
Oct. 4,
Last
Sales
Week's Range
Sale
Price
Par
Stocks—
of Prices
High
Low
Amer Tel & Tel
163%
100
Boston & Albany
1%
mmmrnmm
Week
100
75
1,728
162% 164%
398
85%
89
Boston Edison Co (new) .25
Boston Elevated
100
36%
35
35%
44
44
45
Boston Herald Traveler..*
18%
18%
18%
mm
......
mm mm
2,809
86
565
Low
High
1%
6%
2%
2%
1%
100
1CM)
preferred
1%
Apr
144% May
66%
May
34% July
38% May
16% May
""2%
100
Cl A 1st pref std
Class B 1st pref std—100
10
22
250
12
80c
50
7%
6%
7%
640
4%
4%
4%
495
6
......25
Copper Range
82
80c
mmmrnmm
Calumet & Hecla..
Jan
May
2%
12
mmmrnmm
»
com
1
6
2%
,
2%
2%
Cl C 1st pref std..—100
Boston Personal Prop Trts*
67
190
1%
6%
2%
2
Jan
175%
Mar
89
Oct
36% Sept
50% Mar
20%
Apr
Common
3%
54%
*
....
Preferred
....
1%
1%
1%
11%
June
May
3
May
2%
June
75c Sept
4% May
3% May
May
3% May
Mar
16
3
Apr
—*
1% May
m'm
+ mm
100
45c June
1.00
Jan
54
May
2%
Aug
21
500
20
22%
314
16% May
297
3%
June
3
June
2%
Sept
69
Helvetia Oil Co t c._
19
.
20%
19%
5%
2
May
117
117
5%
1,280
Apr
Apr
26%
Apr
5%
Apr
6%
44
Pennsylvania RR.
22%
50
Reece Button Hole MachlO
4X
Common..
*
Stone & Webster
Torrlngton Co (The)
Union Twist Drill Co
6
Chic Towel Co
pref
conv
*
8%
29%
410
260
34%
59%
35
162
61
920
45%
6% cum pref
25
Utah Metal & Tunnel Co.l
Waldorf System
Warren Bros
8
60%
United Shoe Mach Corp.25
Jan
%
Jan
Feb
4X
May
4%
Jan
June
61
Jan
45
46
29
61
8c Sept
7% May
14% May
X Aug
7% Aug
7% May
5% May
22% May
25%
Jan
65
May
39% June
Mar
Capital.
25c
......
Eastern Mass St Ry—
Series A 4%s
1948
CHICAGO
"35 %
"8%
*
com B
2%
Mar
21%
Oct
Cudahy Packg 7% cm pflOO
Cunningham Drug Sts_2%
16X
Dayton Rubber Mfg com.l
Deere A Co com
...»
Dexter Co (The) com
Diamond T Mot Car com
Dixie-Vortex Co
5
"lx
2
35%
31
480
6,600
2
250
6
1,450
X
May
24%
70
51
May
72
May
16X
10X
150
12
May
19
Feb
9
May
19%
0 Jan
13% May
23%
5%
Apr
4% May
9% May
9
May
10%
14%
Feb
Mar
800
3
Jan
850
21
May
150
IX
Oct
29% June
3X June
4%
Apr
29%
Apr
2% May
*
com
Fuller Mfg Co com
10X
x20%
4X
8X
~~3X
12%
3%
10X
100
22%
451
4%
8X
lix
12%
50
4
28%
IX
.....
1
"ibx
28%
IX
40%
38%
7%
16X
4H
8
150
210
300
197
1,250
17X
350
4%
16 X
350
Sept
6%
Apr
8
12%
Feb
15%
10%
16X
219
May
May
26
Apr
12%
27%
Feb
80
38
66%
May
Apr
11
500
25o
Sept
Great Lakes DAD com..*
16X
17
500
Apr
Hall Printing Co com
10
13 X
13 X
13 X
100
9X
May
20%
Feb
Jan
Heileman Brewing cap
1
Hibbard Spen Bart com.25
8X
8%
8X
500
8
May
10
Feb
July
42
Mar
Jan
37
37
20
34%
50
30
Jan
35%
9
May
16%
14
Jan
Hormel A Co (Geo A) com*
31
Feb
Houdallle-Hershey cl B..*
Z12X
13 X
12%
33%
Jan
Hubbell
17X
17X
50
9X
1,550
9%
Mar
Harvey Inc com.5
17 X
Illinois Central RR com 100
8X
35
Oct
Indep Pneum Tool
84%
Jan
Indiana Steel Prod
46
Oct
com.
.
_
7%
27X
s t c__*
3
1
Mar
Inland Steel Co cap
18X
74%
23%
Aug
Aug
98
101%
Apr
Mar
B) Co (new) capl
Joslyn Mfg A Supply com 5
Katz Drug Co com..
1
Kellogg Switchboard com *
Ken-RadTubeAL'p com A*
Ky Utll Jr oumul pref
50
6% preferred
100
Kerlyn Oil Co com A
5
Kingsbury Brew Co cap—1
4%
31
28
350
3
1,200
46
Liquid Carbonic
com.
Loudon Packing com
Marshall
Field
Range Since Jan. 1,1940
Montgomery Ward
com
_*
Jan
Noblltt-Sparks Ind
11
Apr
North American Car com20
cap
5
Apr
50
4
46
46X
200
38
10
July
Mar
May
9
Apr
3%
Apr
26
90
101
950
2%
X
600
IX
1,050
May
May
2% June
X
Jan
% Sept
IX
17
100
90
1%
15%
Aug
Aug
7X
7X
9%
15
150
4%
Jan
May
2
14X
10
35
2%
400
15%
2,700
6
7X
18%
Mar
2%
Apr
15%
7%
Feb
650
3%
Apr
3%
Jan
5% May
1% Mar
X
7X
50
320
Jan
May
8%
3X
4X
OX
5X
%
7X
%
Oct
3%
Jan
17% May
4
4%
9%
6%
11
Jan
Apr
Sept
42 %
1,185
32
May
55%
23X
100
20
June
28
11X
250
7
May
11%
Oct
11
11
50
11
28
150
23
29X
30%
255
4X
5
200
May
20% May
3
Feb
Jan
Aug
%
40X
23X
28
~29X
Sept
8%
25
10
42X
Jan
Jan
25
100
Jan
11% May
1%
Jan
3X
4X
5%
650
Jan
Mar
Apr
3% May
500
Jan
Feb
Apr
100
5,200
Apr
Apr
14%
6
5
Feb
7%
9
6
3X
4%
Oct
6%
8%
6%
49%
103%
3%
%
1%
4%
May
5% May
3% May
150
1%
16X
National Standard com.10
Apr
50
16 X
Muskegon Mot Spec A...*
70%
51%
June
5
100
Nachman Sprinfilled com.*
Natl Cylinder Gas com
1
High
4%
44
400
14%
Jan
100
2%
2X
Jan
Apr
Jan
7
9X
Apr
Jan
100
Midland United conv pf A*
Midland Utll—
Week
Jan
420
15%
6% preferred A.
62%
May
June
6X
_*
Miller A Hart Inc conv pf*
Modlne Mfg com
*
Mar
3X
*
*
1
3%
90%
3X
6%
com.....*
com
June
6%
McCord Rad A Mfg A...*
Mercb A Mfrs Sec—
Class A
28
17
i*
._*
*
May
May
9
2%
*
Llbby McNeill ALibby com7
Lincoln Printing—
Apr
Apr
19%
13%
4%
18%
4X
101
Jan
Mar
June
May
7
5
Leath A Co com...
6%
18%
1%
66%
38%
2%
11%
4
.....
com.
12%
9% May
16
Sept
550
Jan
12
Sales
130
67%
Jan
49% Apr
16%
24%
1%
Sept. 28 to Oct. 4, both inclusive, compiled from official sales lists
11
May
Goodyear T A Rub com..*
Gossard Co (H W) com...*
CHICAGO
10%
14 X
35% May
36% May
Oct
Common
50% May
34% May
7% May
Feb
2%
Lion Oil Ref Co cap
175
18
150
Lindsay Lt A Chm com.10
227
Apr
295
SECURITIES
68%
Oct
6
3,500
8
45
48
Apr
Oct
8
17%
3X
8%
3
45
57%
46%
49%
50%
~49%
10
308
Low
Apr
49%
137
300
305
13X
for
3
Feb
May
14
Jan
41
150
Shares
12 %
Aug
49%
10
of Prices
High
4
40X
100
Week's Range
Jan
16%
49%
*
com
1%
Low
Apr
General Foods
272
Friday
33
Gardner-Denver Co com.*
323
June
Jan
18% May
13% June
3X
18 X
86
Jan
% June
4%
Feb
19%
Apr
10
86%
3,000
X May
3%
8
100
48 X
100%
May
May
120
3X
17X
12%
June
Apr
1
5%
574
84%
87
Apr
15
45X
4,000
38
33
30
23X
22X
65 X
*
96%
May
25% May
May
International Harvest com*
July
Aug
Mar
2
Interstate Power $6 pref..*
Iron Fireman Mfg Co v t c*
17%
May
3%
50
Oct
67%
6%
20
Apr
17,000
Jan
Feb
2% May
4
General Amer Transp cm.5
Chicago Stock Exchange
35
30%
IX
5%
X
11
*
com
MIckelberry's Food com.l
Middle West Corp cap
5
*
50
7%
1%
La Salle St.,
For footnotes see page 2026
1,450
3
Oct
Principal Exchanges
Teletype
Trading Dept. OGO. 405-406
Municipal Dept. OOO. 521
Adams (J D) Mfg com
5X
91
Jan
Bell System
--—
93
6% May
Members
*
Apr
Apr
55
10
2
38%
Paal PL Davi s
com
84
116
50
620
65
.25
com
$3.50 preferred
Abbott Laboratories
June
May
63X May
70%
106 X 106 X
78
81X
4
t c
Elgin Natl Watch Co. -.15
Lifted and Unlieted
Acme Steel Co com—...25
Oct
3
Consolidated Biscuit com.l
Consolidated Oil Corp
*
LaRalle Ext Univ
Sale
20
62c
100
1948
Last
Feb
Oct
35c May
96%
Price
37
19
5% May
20%
Jan
25% June
60
25
73%, $26,000
1%
% May
350
1,100
70%
19%
......
Jan
2,900
7%
% May
Sept
20
45c
Boston <fe Maine RR—
Par
X
Oct
13
30
5X
Jarvis (W
Stocks—
X
June
9
70 X
79%
30X
Sept
-
S.
21%
50
11
28 X
..25
Elec Household Utll Corp.6
Bond*—
10
15X May
150
12
41c
_.*
Series B 6s.
120%
7%
1%
......
......
1st MtgeA4%
1960
Ino mtge A 4%%_—1970
May
May
21
X
1
Aug
Sept
92
12
*
com
*
X
Jan
37
850
20 X
10
com
Coleman Lmp A Stv com.*
Commonwealth Edison—
v
77
140
'80
11
9
Four Wheel Drive Auto.10
Fox (Peter) Brewing com 5
12
47 X
46
105 X 108
*
common.. 6
Gen Motors Corp com.. 10
964
mmmrnmm
%
Mar
Gillette Safety Razor com *
Goldblatt Bros Inc com..*
700
29
..*
Jan
X
Chicago Flexible Shaft cm5
Feb
8%
*
X
19
Apr
305
Apr
800
Convertible preferred..*
May
1%
Jan
July
1,350
Chic Elec Mfg clA
%
9%
Apr
May
X
*
Cherry-Burrell Corp com 5
Chicago Corp common
l
92o
8
19%
20
88%
8%
May
X
11
Apr
1
Apr
X
108
Aug
8
10X May
14 X May
71
Jan
23%
X
46
*
»u
438
6
50
Feb
7%
x
pf *
35c
23%
Jan
X
......50c
Eversharp Inc com
108
810
650
1,250
Oct
424
273
Mar
950
6X
Jan
Oct
9%
1
5
ox
16
21%
mmmrnmm
*
3
5
Central 111 Recur Corp pf.*
Common.....
1
2
May
9%
Quincy Mining Co......25
Shawmut Assn T C
3%
350
19
1
12c
Jan
Apr
11%
4%
326
Jan
27
12
22%
15%
1,189
9%
*
June
5% June
84X
ht
12c
12c
(Ctfs of Dep)
14 X
20
Julv
Old Colony RR—
Pacific Mills Co
25%
15X
1%
10
30
13X May
20
11% June
220
80
1,723
82%
42c
78
Am*
Mar
Aug
8m
%
80
36%
250
18X
Oct
2
119
Jan
May
Sept
5%
23%
19%
35c
42c
H).—100
615
Apr
11%
400
5% cum conv pref
30
Campbell-W A Can FdyCapltal
*
Castle (A M) A Co com.10
10d
27
1%
......
2.50
Northern RR (N
28
325
21%
27
mmmrnmm
25
1
1
.
New England Tel & Tel 100
N YNH&HRR
North Butte.
100
19
Apr
Apr
Sept
2% July
4X May
17X June
Fairbanks Morse
19
Mass Utll Assocta v t c..l
Linotype
*
N arragansettRacgAssnlncl
National Tunnel & Mines *
New Eng Gs <fe El Assn pr*
400
1%
1%
mmmrnmm
—100
Mergenthaler
10c
10c
1
Isle Royale Copper Co.. 15
Maine Central—
5% cumul pref
5
38
Apr
3X May
13X May
8
350
Dodge Mfg Corp com
38
*
950
600
Mar
Apr
May
Sept
7%
30
Hathaway Bakeries—
Preferred
32 X
3X
5X
19X
1
10
14X
23X
65c
2%
2%
Gillette Safety Razor....*
6
100
20%
Oct
00
12
150
Crane Co
35%
4
May
May
24 X May
200
8
Mar
May
4
18%
18
6
Sept
3%
12%
21%
m
May
May
8
Brach A Sons (E J) cap..*
Bruce Co (E L) com
Burd Piston Ring com
pref part shs
50
Container Corp of Amer.20
Continental Steel com...*
678
20
22%
8X
12X
7%
3X
18
18 X
Feb
35%
80
Jan
Aug
May
4
19X
5
Consumers Co
56
360
1%
8%
4%
11%
X
780
300
Feb
May
3%
17
2X
5
8%
5%
26
69
175%
7%
1,550
10 X
Mar
417
3%
4
10 X June
1,250
500
8
May
May
146
Oct
Jan
Jan
IX
17 X
31X
16%
41%
4X
2X
200
1.75
55
68
mmmrnmm
31%
Jan
Feb
Feb
100
18
Common.
Cities Service Co
33%
35%
»
Gilchrist Co..—
445
3%
3%
150
July
20%
May
19
Club Alum Utensil
54
*
Employers Group..
•
755
4
14
Borg Warner Corp—
Jan
65c
%% prior pref..... 100
8% preferred
100
Eastern Mass St Ry comlOO
1st preferred
100
Eastern Steamship L com.*
778
5
11X
8% May
May
22 X
73
Bliss A Laughlln Inc com.5
Jan
2%
10%
East Gas & Fuel Assn—
4
20
1
Chrysler Corp
Prior
502
10% May
8X
5X
19X
Prior lien pref..
Maine-
Preferred std.
350
93 X
163 X
10
5
8%
Preferred.....
Shares
IX
200
5
Central States PowALt
Chain Belt Co com
50
6% non-cura pref
12%
16%
35%
May
4%
Central A 8 W—
Range Since Jan. 1, 1940
for
Amer Pneumatic Service Co
Brown-Durrell Co
6
8
Cent 111 Pub Rer $6 pref..*
Exchange
Friday
Boston &
Bendlx Aviation com.
Blnks Mfg Co cap...
Butler Brothers...
39
Bait Transit 4s flat...l975
A 5s flat
Oct
100
16%
17
60
350
11
10X
Feb
Apr
2%
3X
2X May
2X May
10
65c
Oct
12
4X
2%
32%
10%
19%
38% June
Bonds-
to
(Del)
Berghoff Brewing Corp..
100
New Amsterdam Casualty2
Sept.
Equipment Co com.-l
Asbestos MIg Co.....
8
Mt Ver-Wood Mills-
Preferred. ...
162
4%
xllX
IX
5
14
May
9%
mmmrnmm
pref...—-100
108
June
185
120
Apr
May
6%
"120%
2 50
108
116%
""0%
Fidelity & Deposit
Fidelity & Guar Fire
Finance Co of Am A com.5
Mar Tex Oil
11
238
1.60
c.l
20
10
East Sugars Ass com v t
554
33c
116
Davison Chemical Co com 1
15
15%
78
79
100
^100
4%% pref B
4%% pref C..
16%
10
com
3X
10X
12 X
31c
mm
m
c—.....100
Consol Gas E L dc Ppw—»
Houston Oil
m
High
105*
12%
15%
15%
..*
Arundel Corp—
Bait Transit Co com v t c *
Low
High Shares
Low
3#
Aetna Ball Bearing com—1
Allied Laboratories..
Allied Products
Price
Par
Stocks—
Advanced Alum Castings 5
100
High
Low
Shares
4
4
Adams Oil & Gas Co com.*
for
Sale
Stocks (Concluded)
Week's Range
Sale
Range Since Jan. 1, 1940
Last
Range Since Jan. 1,1940
Last
Sales
Friday
1940
Exchanges
Baltimore Stock Exchange
Sept. 28 to Oct. 4k, both inclusive, compiled from official sales lists
5,
26
11
Jan
Mar
Apr
Oct
29%
Aug
36
Apr
5% May
Volume
The Commercial & Financial Chronicle
151
Friday
Range
Sales
Friday
Sales
Week's
Last
2025
Sale
Week's Range
for
Sale
Stocks (Conitnued)
Low
Price
Par
Northwest Bancorp com..*
Northwest Eng Co cap
High
10
Northern 111 Finance com.*
"~9A
Shares
9A
19%
300
54
Prior lien preferred.. 100
54%
120
11
11
100
42
42
Peabody Coal Co6%prfl00
42
50
45
Jan
Apr
U pson-W alton.
May
12% Sept
12%
13%
150
%
50
22%
650
15
35
A
23%
36%
1,000
25
25
25
Penn RR capital
Peoples G Lt&Coke cap 100
Perfect Circle (The) Co...*
Poor & Co class B
of Prices
Week
62
29
16%
250
31%
1,550
50
30%
Apr
May
10%
May
88
31
Apr
Apr
10% June
16%
Oct
20%
24
Aug
Oct
5
May
May
31%
230
11
Jan
10
65
June
80
1%
250
1
May
m
11%
*»' m
m
11%
150
8
May
74
25%
24%
25%
702
*
13
13
13
6
7
7
20% May
10
May
14
Jan
Feb
9
Feb
7%
Feb
2%
6
6
10
50
4%
15%
Sunstrand Mach T'l com.5
33
30%
35
3,750
Swift International cap.. 15
Swift & Co
25
17%
18
900
19%
17%
19%
19%
35
35
36%
433
May
35
Oct
33
47%
17
Jan
June
Mar
Thompson (J R) com
2
4%
4%
4%
300
4
Jan
6%
Apr
Apr
Trane Co (The) corn
2
12%
12%
73%
12%
100
10
June
16%
Apr
25
Union Carb <fc Carbon cap *
20
com
pref
cum
-
59%
100
UtUlty & Ind Corp—
Convertible preferred .
.
60%
June
88
1,639
12%
May
23%
Apr
119
June
87 A
Jan
61%
4,000
May
68%
Jan
187
60%
41%
103%
May
124%
Oct
% May
1%
Jan
1%
1%
1%
7
100
250
•
1% May
2%
Apr
16% May
23%
May
24%
Jan
500
14%
14%
76%
3%
3%
328
650
*
20%
20%
150
1
com
Wayne Pump Co cap
19%
19%
20%
10
80
106% 109%
4%
4%
300
Westn Union Teleg cm. 100
19%
Westh'se El <fe Mfg com.50
Wisconsin Bank shares cm*
Woodall Indust
2
com
Wrlgley (Wm Jr) Co cap.*
*
-
W
'4*
80%
82%
15
15%
15%
.
May
<
June
Jan
28%
June
117%
Jan
May
6%
Feb
May
6%
Apr
72%
May
93%
Apr
8%
224
5
4%
—'W'*.
^
Zenith Radio Corp com..*
May
17%
Apr
Jan
Jan
May
14%
Oct
June
48%
Jan
lists
a35A
Detroit Stock
Exchange—See
2029.
page
Los
Angeles Stock Exchange
Sales
Friday
Last
Sale
Stocks—
Par
Aircraft Accessories
Price
Week's Range
of Prices
High
50c
2A
1
Barker Bros Corp com...*
Blue Diamond Corp
2
Low
Range Since Jan. 1, 1940
for
Week
....
Bandlnl Petroleum Co
Bolsa Chlca Oil A
10
com
Broadway Dept Store
Buckeye Union Oil
*
2A
550
2% May
4%
6A
6%
6%
200
6%
6%
Oct
1.45
1.40
1.45
728
3
Feb
1%
1%
1%
500
1% May
1% Aug
5
5
221
5
lc
lc
lc
13%
45
18%
50
78
81%
175
Chrysler Corp
5
Consolidated Oil Corp
*
6
6
Consolidated Steel Corp..*
6
5%
„__*
v
t o.
Douglas Aircraft Co
*
14%
4%
77%
13%
;
4%
6%
15
4%
77%
77%
OA
9%
5%
Aug
2c
Aug
10% May
15% May
14%
Jan
26
Jan
3% June
2c
28
28
28
General Motors
50
49%
50
10
com
90%
650
67% May
6
May
8
Jan
3% May
6%
Apr
Jan
2,545
7
May
15
Oct
15
6
Apr
6
Apr
50
„
77%
Oct
88%
Apr
8% May
25c May
38% Mar
10%
Mar
310
3% May
624
100
5%
43c
56
Jan
Apr
6A
Apr
Aug
Goodyear The & Rubber
15%
5%
5
15%
16%
144
14
June
14%
24%
Hancock Oil Co A com...*
30%
30%
30%
122
27
May
40
Lane-Wells Co
11
11
11
270
Gladding McBean & Co..*
Globe Grain & Milling..25
___.l
5%
2%
951
9%
Electrical Products Corp.4
Exeter Oil Co cl A eom___l
Jan
975
'r-
6
Oct
Mar
May
$500
12%
18%
Preferred
May
1,725
13%
18%
80%
July
3%
2%
2%
c_.l
Calif Packing Corp com..*
Creameries of Amer
2
2%
2%
*
v t
Byron Jackson Co
High
Low
Shares
5
150
5
5
Aug
9%
Jan
7o
Jan
Feb
Apr
May
25c
Aug
41%
Apr
12%
Commonwealth Ed 3%s '58
Lincoln Petroleum Co.. 10c
22c
21c
22c
3,000
Lockheed Aircraft Corp__l
29%
28%
29%
310
23% June
5%
2%
5%
2%
6%
2%
368
3% May
6%
Sept
2,247
1%
Jan
4%
May
Nordon Corp Ltd
4c
4c
4c
1,000
3c May
6c
Jan
Occidental Petroleum
9c
9c
100
Oct
30c
Feb
5%
5%
11%
; 9c
5%
U%
3% July
9% May
26% May
5%
Sept
13%
Apr
391
34%
Mar
281
29
May
Apr
Jan
Menasco Mfg Co..
1
Pacific Clay Products
*
Pacific Finance Corp com 10
Pacific Gas & Elec com..25
6% 1st pref...
..25
Pacific Indemnity Co... 10
Pacific Lighting Corn com *
121% 121%
121%
29%
33%
29%
33%
29%
33%
107
665
$1,000
131
110% May
Apr
38
38
38%
100
30
May
40
40
40
180
37% May
49%
1%
1%
325
Richfield OH Corp com..
Roberts Public Markets..2
8
8
9%
9%
4%
8%
9
5
29%
29%
29%
25
8%
8%
8%
30
5
Sec Co Units of Ben Int..
Exchange—See
2029.
page
Shell Union Oil Corp
15
9c
34%
39%
1%
Ryan Aeronautical Co..
Stock
11%
Republic Petroleum com.l
'.'V
Bonds-
Cincinnati
10%
Los Angeles Invest Co... 10
Utah Radio Products coml
Walgreen Co
Jan
482
18 %
57%
-
80
121% 124%
1%
1%
-
75 A
16%
18%
-
United States Steel corn..*
7%
May
76%
.
United Air Lines Tr cap..5
U S Gypsum Co
May
7A
Feb
17% May
32%
25%
1,700
Texas Corp capital
Mar
14
Apr
1,145
v: 6%
Feb
Mar
2%
28%
100
7 A
10
Feb
1%
25
com
Feb
20% June
A
7
Jan
27
10
Mar
26 A
Sept
961
74
1
Stein (A) & Co com
Stewart Warner
6
1%
6
84%
5A
155
Aug
50
68%
Aug
439
Feb
155%
100
7%
St Louis Natl Stkyds cap.*
Stand Dredge—
Standard OH of Ind
123%
15%
2
20
June
150
May
4
a\2A al4A
Oct
June
6
"io"
50
Jan
2%
95
9%
42
75
4%
Jan
14%
141
28
_
16%
Sou Bend Lathe Wks cap.6
Preferred
12%
50
29%
Slgnode Steel Strap pref .30
....
May
May
230
24%
307
4A
Mar
29
•
May
Jan
A May
5%
6%
81%
Sivyer Steel Castings com.*
common
23%
24%
9%
Schwltzer Cummins cap._l
Sears Roebuck <fe Co cap..*
15A
Sept. 28 to Oct. 4, both inclusive, compiled from official sales
Jan
100
6
Rollins Hosiery MHJs com 4
Sangamo Elec Co com.... *
July
Feb
1,000
155
12
Mar
16%
May
9,050
104% 105
160
'
2%
8%
155
14
a57A a61
Youngstown Sheet & Tube*
24%
38%
2%
104%
100
High
Low
Shares
a 35
White Motor
Jan
Oct
12%
155
Quaker Oats Co common.*
High
Oct
May
7%
11%
Low
13
14
*
Jan
;
2%
1
com
60
Price
.1
12%
A
50
10%
*
Pressed Steel Car
36%
Process Corp (The) com..*
Storkline Furniture
*
42
70
June
7% May
35
Penn Gas & Elec A com..*
Penn Elec Switch conv A10
Common
12
20%
June
12% May
Par
Weinberger Drug Stores..*
Parker Pen Co (The) com 10
Preferred
Stocks (Concluded)
Union Metal Mfg...
c U S Steel com..
Feb
12
July
7 A
600
19 A
9A
■
1
Northwest UtU—
Spiegel Inc
High
Low
150
UA
9
19 A
*
■■■
Week
of Prices
Range Since Jan. 1, 1940
Last
Range Since Jan. 1, 1940
for
■■
Apr
1%
Sept
2%
2,743
6
May
8%
Jan
1,188
7%
Jan
10%
Aug
1,225
3% May
26
8%
7
Jan
Apr
May
33%
May
May
9%
Sept
1
3%
3%
3%
1,225
2% May
4%
Apr
So Calif Edison Co Ltd..26
27%
29%
27 A
27%
859
30%
29%
29%
429
Apr
Jan
29%
29%
331
29%
Jan
34
34
29%
34%
23% May
27% May
24% May
755
30
9%
1,070
7
34%
15%
Sept
9%
17%
8%
Solar Aircraft Co
6% pref B
5%% preferred C
So Calif Gas
Ohio Listed and Unlisted Securities
25
25
6% pref A. .25
9%
Southern Pacific Co
May
May
17% June
30%
Jan
17%
405
Taylor Milling Corp....
Transamerica Corp
2
Jan
4%
S
4%
10
4%
1,158
4%
May
7
Mar
Transcontinental & W Air 5
18%
17%
18%
143
17%
18
Sept
Union Oil of Calif..
12%
12%
,13
Aug
May
17%
Standard OH Co of Calif.
Members Cleveland Stock Exchange
26
Van de Kamp's H D Bak.*
GILL1S KJ RUSSELLco.
8%
'
8
8
1,916
215
8
10
10%
Wellington Oil Co of Del. J
1%
1%
3c
7% June
12
7% June
26%
Jan
17%
Jan
9%
Mar
14
4%
Jan
1%
2,860
1,000
1%
Sept
3%
Jan
3c
3,000
l%c
Jan
3c
Oct
35%
10%
-.1%
3e
Vega Airplane Co
140
Apr
Mining—
Union Commerce Building, Cleveland
Zenda Gold
Mining Co...l
A. T. & T. CLEV. 565 & 566
Telephone: CHerry 5050
Unlisted—
41%
41%
41%
Amer Smelting <fc Refining.
Amer Tel & Tel Co
100 al64% g162%G164%
Cleveland Stock
Exchange
Anaconda Copper
Sept. 28 to Oct. 4, both inclusive, compiled from official sales lists
Last
Week's
SaleStocks—
c
Par
Addressogr-Mul
com.
Akron Brass Mfg
Price
5
Brewing Corp of Amer...3
30
1A
160
1A
60 A
62
a34% g34%
C1 Graphite Bronze com 1
12
1%
4
A
8%
May
4% May
9 A
Aug
583
*
4
85
y
19 A
12A June
6%
albA
10
Jan
May
Jan
7
.
14%
16%
2
Jan
*
a41%
140
40%
12%
24%
Mar
May
20%
12%
May
24%
50
Feb
70
Sept
__5
com
Interlake Iron
com
*
c
is"
al5
435
9%
Nor American Aviation.
al7%
al7% al8
130
Apr
Apr
18%
North American Co
18%
18%
20
100
185
36
June
50
Jan
Ohio OH Co
121
11
Aug
15
Jan
Packard Motor Car
Co.
a6%
a3%
a6%
a3%
g6%
a3%
250
a7%
a6%
a7%
54
a22% a22%
50
am
60
6% May
12%
Jan
Paramount Pictures Inc.
40
30
34% May
44
Apr
Pennsylvania RR Co
12%
13
132
12
May
15
Jan
Pure Oil Co
Apr
Radio Corp of America..
a4%
Feb
18%
Feb
aib%
36
a 36
1%
a22%
7
6
23%
Apr
36 A
al9% a20A
a2VA g24%
113
24%
Jan
40%
47%
Republic 8tee! Corp....
Seaboard Oil Co of Del..
Sept
Sears Roebuck & Co....
125
13%
Jan
21%
Apr
270
13% May
27
Jan
Socony-Vacuum OH Co..
Standard Brands Inc
6%
2A
185
Apr
Standard OH Co (N J)...
a33%
2A
al4
albA
a30
a30
22
Apr
Jan
35%
Feb
4% May
7%
Mar
47%
May
4%
Apr
2
May
July
May
60
3%
13%
c81%
8
7%
7
7
30
39
June
May
16%
Aug
16% June
5% May
2% May
5% May
19% July
7% Aug
18%
Jan
26
Apr
23%
Apr
7%
4
8%
24%
Apr
Mar
Apr
Jan
9
Jan
7%
Apr
23%
Apr
May
a4%
145
18%
946
13%
13%
a81% a83%
8
8%
16
11% May
11%
47
68%
June
87%
Apr
12%
Apr
6%
100
7% May
5
May
a33%
113
June
7%
43%
Feb
7%
170
5% May
12%
Feb
June
a4%
18%
6%
a33
7%
65
4% June
14% May
30
Jan
*
*
Twin Coach com..
For footnotes see
26
a34%
77
38%
July
47%
Apr
10%
125
14%
Mar
Tide Water Assoc OH Co 10
Jan
g9%
a75%
15
Union Carbide & Carbon.*
a34% a35%
g9%
g9%
g74% a75%
86
8% June
63% June
82%
Feb
Mar
United Air Lines Trans...5
al8%
101
12% May
23%
Apr
.5
a40%
al8% al8%
a40% a40%
34
Aug
61%
Apr
g1%
al%
a20% a20%
60%
57%
165
1% May
Aug
2%
Jan
25
18
38%
881
45
Feb
Apr
2%
10
9%
30
10%
Feb
May
Oct
206
14
May
373
31
May
23%
40%
Swift & Co
United Aircraft Corp
a4
10
3%
May
8%
Jan
34%
3bA
154
25%
May
38%
Apr
United Corp (The)
45
35%
May
52
Jan
U 8 Rubber Co
2A
100
2%
Aug
5%
Feb
U S Steel Corp
aS A
140
6%
May
13%
Mar
2A
alA
1
Feb
Texas Corp (The)
5
a3 A
1
page
23%
Sept
170
ail A a48%
35
Timk Roller Bear com..*
....
18
12
al7% al8%
37
36 A
Republic Steel com__._.*
Seiberling Rubber
58
9
10 A
Patterson-Sargent
Thompson Prod Inc.....*
al9% al9%
92
abA
*
Richman Bros
al9%
5% June
Jan
18%
Feb
30%
8% May
Htudebaker Corp
a6 A
12
40
12
*
Packer Corp..
Troxel Mfg
al5
a3%
118
12%
60
._*
c
2% May
al5,
50
210
Jan
5
com
c
100
New York Central RR-.
Jan
19%
25
44
Nineteen Hundred A
Ohio Oil
a42%
25
a5%
a5%
a40% a42%
a3%
g3%
12A
National Refining (new)..*
cNY Central RR com
*
c
Montgomery Ward & Co.*
Mountain City Copper._6c
41
May
a55
_*
38
abA
11
abb
com.
July
25
26% May
Oct
..1
Natl Mall St Cast
Apr
McKesson & Robblns Inc 5
295
1
36%
20%
Sept
4%
Apr
200
*
Sept
Loew's Inc—^—*
37
1
National Acme
467
Feb
Kennecott Copper Corp.
22
..100
7% pref
a31% a31%
Jan
47%
Apr
150
1
Monarch Machine Tool..*
a31%
12
Jan
Oct
Apr
Sept
May
*
Midland Steel Prod
..*
12
8
Jan
40
May
13
40
*
Kelly Island Lime & Tr
Metro Paving Brick
Goodrich (B F) Co
12
6%
Aug
4% June
18%
a3 A
____.*
Interlake Steamship
c
May
12
43
12 %
Mar
General Foods Corp..
43%
19
Halle Bros
June
27
20
al2A
1%
11%
140
12A
alQA al6A
70
v70
*
Apr
o34% a35H
a40% ail %
10
*
16%
*
10
Goodyear Tire & Rub
Jan
Apr
General Electric Co
May
Apr
Apr
6%
7%
50
26
May
51%
153
50
19%
34%
Oct
276
Apr
Apr
Apr
5%
4% June
9% July
87 %c May
1%
126
Great Lakes Tow pref.. 100
Grelf Bros Cooperage A..*
25
Apr
May
8%
51
abA
15A
Goodrich (B F)
50
a7%
6,074
a
69
1%
4A
3%
a33A a34%
(Lib A a35A
14%
a6
5%
5..
a 10% al0%
a5%
17%
*
a5%
a7%
12%
...
5%
al0%
1%
30
Glldden Co com
g6
abA
a35%
63%
2%
a49%
a7%
May
36
10
May
22
84
1
46
Jan
Caterpillar Tractor Co...*
13
Aug
25% June
68% June
Elec Power & Light Corp.*
886
May
10% May
a49% a49%
20
4%
Curtlss-Wright Corp
140
General Elec com
1,050
50
Commonwealth & South..*
1,212
c
20% June
420
Jan
17%
c
120
4%
17%
al7%
228
Jan
UA
_*
24%
16
21%
4%
15%
Feb
24%
Eaton Mfg
May
100
21%
al7
G79% a82%
Commercial Solvents Corp*
16 A
3%
Apr
«32% a32%
Mar
UA
(rights)
Mar
31%
17%
a32%
Cities Service Co
1
Dow Chem
174%
19
aS2h
Columbia Gas & Elec....*
5
23 A
Jan
148
July
May
July
47%
184
*
Apr
Colonial Finance.
...100
21%
4%
23
£
Baldwin Locomo Wks v t c.
Apr
Cliffs Corp com
Cleve Railway..
3
21%
Bethlehem Steel Corp
High
Low
30
a4%
._*
CI Cliffs Iron pref
c
315
7
m
£al5
__1
CI Builders Realty.
30
4%
a4%
_*
Clark Controller
al5%
7
50c
25
22%
al7%
Bendix Aviation Corp
Range Since Jan. 1, 1940
for
Week
Shares
4%
al5
.10
Amer Coach & Body
City Ice & Fuel
Range
of Prices
.V High
Low
Atclisn Topk & S Fe RylOO
Atlantic Refining Co
Aviation Corp (Del)
Sales
Friday
50
155
288
2027
(Del).
10
Warner Bros Pictures Inc 5
al%
a20%
60%
2%
2%
2
May
2% May
11
66
4%
Jan
Apr
The Commercial & Financial Chronicle
2026
Philadelphia Stock Exchange—See
Orders
Pittsburgh Stock Exchange
Stocks-
far
of Prices
High
Low
Price
on
Pacific
111
Week
Shares
Exchanges,
Stock
New
York Stock
which
are
Exchange
Broadway, New York
•
Cortlandt 7-4150
«
Low
Coast
M. Eastern Standard Time (2 P. ML Saturdays)
Members
Range Since Jan. 1, 1940
for
1940
Schwabacher & Co.
Sales
Week's Range
Sale
solicited
until 5:3* P.
Sept. 28 to Oct. 4, both inclusive, compiled from official sales lists
Last
5,
1991.
page
open
Friday
Oct.
High
Private Wire to own offices In San Francisco and Loe Angeles
Allegheny Lud'J Stl com..*
22%
Blaw-Knox Co..........*
9
Clark (D L) Candy Co...*
Col Gas <fc Elec Co
.*
~"s%
Copperweld Steel
22%
8%
6%
5%
20%
6%
820
50
13
6
11
11
Fort Pitt Brewing..
1
1%
.100
87%
Mt Fuel Supply Co..... 10
5%
Koppers Co pref
26%
May
11%
Jan
5
June
6%
225
1,010
1%
Friday
Apr
Last
Week's Range
for
Jan
Sale
of Prices
Low
High
Week
17%
14
Mar
1%
91
May
.
Apr
25
Jan
75
39
Oct
7%
4% May
15%
Jan
12% Aug
9% June
160
1%
89
May
5% May
142
5%
10
Duquesne Brewing Co
16
389
9
20%
13%
..5
Dervonian Oil Co
260
23%
Stocks (Concluded)
Par
Price
Sales
Natl Fireproofing Corp ._*
60c
Pittsburgh Brewing com..*
75c
94
'ex
4%
359
94
May
60c
1,340
1%
1%
IX
Pittsburgh Plate Glass..25
650
"11
Honolulu Plantation Co.20
May
11
2.00
1.50
Sept
250
High
10
40
40
Inc—1
29
Jan
Lelourneau (R G)
July
2%
Jan
104%
Apr
29%
1.75
345
6%
6%
200
29%
425
5
5
July
4
Mar
44
Apr
5% June
23% June
135
80c
July
35% June
21
May
160
28%
Libby McNeill & Llbby.,7
Lockheed Aircraft Corp. .1
Jan
8%
120
2.00
10
Leslie Salt Co
June
90c
66
29
6%
Low
Apr
May
Hunt Brothers pref.
6
Range Since Jan. 1,1940
Shares
500
4%
12%
35
Jan
9
Apr
41%
5
Apr
6%
6%
315
4% May
8%
Jan
Renner Co
1
30c
30c
110
July
1
lc
lc
8,000
30c May
lc
Feb
50c
Han Toy
lc
Feb
Shamrock Oil & Gas com.l
1%
1%
152
1%
2%
Jan
May
MarchantGalcul Mach. ..5
15%
15%
15%
312
Menasco Mfg Go com
2.50
2.40
2.50
250
1.75
Jan
25c
Jan
National Auto Fibres com 1
8%
327
5%
May
28 %
Jan
»
--Q--
8%
8%
Occidental Insurance Co. 10
26%
26%
26%
20
7c
7c
7c
550
7c
Oct
28c
O'Connor Moffatt cl A A..*
4%
4%
130
3%
June
5%
Apr
Oliver Utd Filters B
4
4
205
3
May
5%
May
10
May
15%
May
Pittsburgh Screw & Bolt.*
Mining Co
33
33
Vanadium-Alloys Stl Corp*
Victor Brewing Co
1
33
15c
300
22%
Westinghouse Air Brake..*
28
100
15c
23%
May
794
34
May
15c May
15%
May
*
Lyons-Magnus A
Magnavox Co Ltd
2%
Magnin & Co I pref
100
1
N stomas Co
Occidental Petroleum
Pacific Can Co
St. Louis Listed and Unlisted Securities
76c
77c
101
101
1
*
14
*
com
Pacific Coast Aggregates 5
Pac O A E Co com. ....25
33%
30%
Investment
Boatmen's Bank
Pac Light
Securities
Members
*
__
Preferred
CEntral 7600
Chicago Stock Exchange
Postal Long Distance
...
_
_
.
100
_
Parafflne Co's com...
A. T. T. Teletype STL 593
Preferred
Sept. 28 to Oct. 4, both inclusive, compiled from official sales lists
Last
Sale
Stocks—
Par
Range
High
20
_
Brown Shoe
Low
High
31
48
May
58
12
950
12
Oct
14
29
„.._1
58
29
43
28
May
27%
*
com
BurkartMfgcom
27%
10
3
Chic & Sou Air Line pref. 10
Coca-Cola Bottling com._l
'h&26
Century Electric Co...
14
26%
C illins-Morrls Shoe com... 1
50c
13
Columbia Brew com.....5
195
3
14%
...»
Ely & Walker D Gds com25
Emerson Electric com
14%
15%
3%
4
May
5%
May
1.50
Jan
29%
1,335
25%
June
Apr
1,227
28% May
25% May
34%
34%
31%
50
Jan
822
376
34
May
55
100
May
200
16
114
Apr
Jan
108%
Jan
May
5%
Feb
May
3%
453
Oct
Jan
16%
3
3
15
19
17%
17
17%
14%
14%
June
10
142
June
154
Jan
567
28
June
96
July
43%
100%
Feb
60
100
113
21%
138%
Jan
29%
May
100
12%
1.50
2,549
1,342
11
632
14
Apr
4.00
Mar
Jan
Jan
July
24%
Mar
May
12% May
5% May
3% May
29%
19%
May
14%
255
8
8%
4%
1,647
4%
8%
8%
8%
2,008
8
23%
23%
24%
903
21
34%
9%
34%
34%
120
Jan
8%
9%
2,703
28% May
6% May
34%
Pacific Co...100
15%
Jan
Standard Oil Co of Calif..*
17%
17%
18
3,366
17% May
26%
Jan
20
20
20
Shell Union OH com..
16%
Jan
Oct
Aug
36%
Apr
29
May
*
Super Mold Corp cap
10
20
3
Oct
A
Apr
12
Jan
20
Apr
240
26
4%
5c
10,400
34
Apr
50c
500
Vega Airplane Co
Victor Equip Co com
40c
Aug
2.00
Jan
Oct
13
120
19%
Mar
15
15%
15%
40
3%
150
13%
Jan
July
10
fcept
Western
2%
Yel Checker Cab Co
Aug
4
June
Griesedieck-West Brew cm*
23
23
25
85
23
Oct
45
Apr
Hussmann-Ligonier com..*
8
8
8
185
8
Oct
12%
2.00
May
May
36%
Jan
15%
Mar
42
May
Sept
33%
Feb
Aug
6%
Mar
4c
Oct
15c
'
Jan
888
12
May
17%
Jan
588
12% May
23%
Apr
14
Apr
13
3
Jan
Jan
4%
130
8
May
9%
755
7
June
276% 276%
19%
20%
15
265
June
981
15
June
22%
85
17
May
21
9%
Wells Fargo Bk A U T.100
20
Pipe A Steel Co. 10
4%
600
4
13
200
13
9%
301
May
May
Sept
Apr
May
Apr
Sept
May
18%
9%
3%
1
5
27
12%
13
9%
....1
July
Apr
13
1%
9
Jan
7
17%
25
Preferred
May
May
Jan
8%
4%
2,869
4c
United Air Lines Corp___5
Sept
185
4%
4e
1
250
500
"4%
Transamerlca Cor p......2
Treadwell-Yukon Corp
Union Oil Co of Calif
Vultee Aircraft
Dr Peppercorn
Feb
95c
19
14%
26%
13
Sept
Soundvlew Pulp Co com.6
Week
Shares
12
12
Mar
So Cal Gas Co pref ser A.25
1, 1940
55
American Inv com.......*
10%
26%
3%
1
Rheem Mfg Co
Southern
A S Aloe Co com
Apr
Ryan Aeronautical Co.,.1
Range Since Jan
for
of Prices
Low
Price
11
Richfield Oil Corp com...*
Sales
Week's
Apr
May
244
1
*
100
com
Feb
4%
"200
16%
com
Preferred
Apr
19%
5%
99
100
100
Puget Sound PAT
Rayonler Inc
"38"
*
R E A R Co Ltd com
Exchange
Friday
124
Pacific Tel A Tel com.. 100
Phone
St. Louis Stock Exchange
St. Louis Stock
io7%
*
Preferred
Apr
1.30
29
.*
com
Pac Pub Ser com..
Building, ST. LOUIS
New York Curb Exchange Associate
Corp
$5 div_»„.
14
7% May
19% June
1.30
106
32% 33%
29%
30%
40%
40%
107% 107%
4%
4%
18
17%
122% 124
151% 151%
38
37%
"29%
6% 1st preferred
25
5%% let preferred...25
1922
>
Jan
12% May
985
9
Feb
Aug
5%
;
.
Established
50c
100
1.25
5%
Pacific Clay Prod capital.*
Edward D. Jones & Co.
10
101
1.35
1.35
International Shoe com...*
1.35
29%
Johnson-S-S Shoe com...*
13%
Laclede Steel
17%
Hydraulic Prsd Brick pf 100
..20
com
Mo Ptld Cement com...25
National Candy com
Scull in Steel
Aug
15
June
13%
205
10
22
20
20
10
6%
4
4%
60
1.60
11
*
9%
9%
20
14%
Apr
Sept
28
Apr
Jan
Sept
105%
12%
Mar
3% May
98
5
July
Sept
June
140
100
com
com.
13
6%
St L Pub Serv class A....1
Inc
25%
15
205
.*
St Louis Car pref..
Scruggs-V-B
320
19
102
13%
*
Rice-rftlx D Gds com
30%
13%
22
100
...
1.25
102
Natl Bearing Metals com.*
Preferred
10
6 %
Jan
6%
21
250
ser
1.55
Yosemite Port Cern pf._10
Warrants
60
5
60
Sept
1.60
6
11%
440
6
June
10%
772
5%
95c
..._1
com
Wagner Electric
15
com
27%
95c
80c June
American Hawaiian S S.10
Am Rad A St
Sntry
.__*
American Tel A Tel Co. 100 al63%
<Del)..l
60
236
Sept
Atchison
Topeka A S FelOO
345
Oct
1.00
Corp...5
1
Jan
May
67
8
May
12%
72%
Oct
Sept
Jan
Fridau
5
a26% a27%
a5%
a6%
a7%
a8%
29%
29%
276
24
June
6
June
7%
Apr
July
11%
Mar
Sale
Low
Anglo Calif Natl Bank..20
10
'""4%
Atlas Imp Diesel Engine..5
5%
Assoc Iusur
Fund I
no
.
Bank of Calif N A......80
Bishop Oil Co
-
-
-
*
-
-
2
Byron Jackson Co..
*
Calamba Sugar com
Calif Art Tile cl A.......*
Calif Packing Corp com..*
,4
—
com...5
Preferred
•
D1 Giorgio Fruit pref... 100
Dow Chemical Co rights
Emp Cap Co pref (w w) .50
Fireman's Fund Indem__10
Fireman's Fund Ins Co. .25
Food Machine Corp com 10
Foster & Klelser com...2%
Galland Merc Laundry
*
General Motors Corp caplO
General Paint Corp com.,*
Golden State Co Ltd.....*
Hale Bros Stores Inc
—
1
Home F & M Ins Co cap. 10
108
High
Low
884
7%
4%
625
5%
910
3%
108%
20
1.25
--
»
-
-
3%
20
1.25
13
103
208
1.20
758
.
11%
11
213
6%
9
50
6%
May
May
July
5%
Mar
7%
Feb
125
Jan
July
2.25 May
May
15%
Jan
Aug
19
Mar
Oct
9
Mar
18
18%
May
26%
Feb
26%
24
24% June
26%
July
3%
3%
1,450
2% May
4%
Mar
607
14
20
278
18
------
31
31
482
28% June
33
24
23
24
209
19% May
26%
—
-
-
5
—
------
5%
311
15
15%
1,701
87%
86%
------
6%
6%
3%
3%
4
41%
41%
41%
45
45
-
------
29%
------
95
49
1.15
May
July
May
20
352
700
20
------
6
-----
20
49%
49%
1,371
6%
455
9
713
6
i.
8%
Apr
35
*
10
36
„
-
77
------
42
17%
38
4%
May
May
May
7% May
June
15%
15%
307
14%
May
50c
200
10
May
Jan
Oct
44%
Feb
45%
May
8
Mar
6%
25
May
32%
36
Mar
Apr
Jan
40c
266
25c
Apr
40c
Oct
5%
140
5%
Aug
8%
Jan
a34% a36%
al2% al2%
322
Idaho Mary Mines Corp._l
a35%
"~"5%
Kenn Copper Corp com..*
41
Jan
,27
17
Apr
20%
Apr
130
20
Jan
25
Aug
5%
5%
a27% a27%
1,000
5
June
2
*
28% June
21%
'21%
Interuatl Nick Co Canada*
50c May
33
June
*
47
150
2
a30% a31%
2.20
Mar
22
Feb
56
Apr
7%
Feb
11%
Mar
15%
20%
Apr
76c
Feb
44
25
24
115
a41%
Jan
Feb
50
6c
20% June
7
Apr
24%
38%
Jan
Sept
2
4%
Apr
July
35%
Mar
a40% a42%
3%
3%
227
National Distillers Prod..*
10
No
American
Olaa Sugar Co
15
50
a22%
.
Riverside Cement Co A..*
5
Schumach WaU Bd com..*
*
25%
6% pref
25
1
.25
United Aircraft Corp cap. 5
1
a39%
com.
No par value,
June
26
Jan
Apr
14%
July
26%
Feb
136
18%
14%
Sept
20
Sept
23%
23%
Mar
100
3%
July
6%
Feb
3
Jan
3%
3%
3%
3%
a22% a23%
245
May
4%
Mar
88
16% June
23%
Apr
7%
100
7% June
4%
100
4%
May
7%
Apr
3%
45
2.75
Aug
4%
Apr
5%
Apr
5
570
26
245
8
329
7
261
24
29%
29%
100
180
7%
8
a36% a36%
a39% a40%
920
32
5
25%
113
90c
90c
150
59%
61%
1,600
1%
1%
215
80c
85c
1,420
'""80c
a
Apr
470
90c
Utah-Idaho Sugar Co com 5
*
4%
15
60%
U S Petroleum Co
Westates Pet pref
Jan
May
17%
29%
29%
25
5%% pref
United States Steel
55%
19
a26% a27%
26
Studebaker Corp com
Texas Corp com
Apr
Aug
15
8
com
Bo Calif Edison com
19
May
12c
3%
'""§"%
20
Preferred
2%
8%
4%
Packard Motor Co com..*
Pioneer Mill Co
Shasta Water Co
39
35
May
7%
20
Corp of America.
200
6c
19
10
Pennsylvania RR Co
Radio
May
4% June
17%
Aviation..1
com.
22
600
a22% a22%
Montgomery Ward A Co.*
Mountain city Copper
5
North American Co
1,530
a5%
6c
6c
Oahu Sugar Co Ltd cap. .20
25
a5%
1
M JAM AM Cons
......
Apr
12
42
4
Feb
326
50c
10%
99%
1.00 June
13%
42
95
19% June -•33%
13
15%
May
May
100
'
Apr
6
Sept
'
Sept
21
3
31
20%
June
1,668
95
29%
1.15
4
June
12% May
75% May
5
May
155
87%
29
May
40c
McKesson A Robbins com 5
8%
20
-
125
Jan
6%
5%
20
Matson Navigation Co
High
5% June
3% May
12%
6%
Range Since Jan. 1. 1940
for
80
225
Jan
14%
Week
Shares
26%
-
*
Hawa.lan Pine Co Ltd...*
Holly Development
w
IX
4%
5%
11
-
Consol Chemical Ind A...*
Creameries of Am Inc coml
-
11
Calif Water Service preflOO
Central Eureka Mln com.l
Columbia Broadcastg A2%
Commonwealth Edison..25
-J
^
20
Crown Zellerbach
-
Range
of Prices
Price
8
2
5
Inter Tel A Tel Co com
Sales
Apr
25
8
Goodrich (B F) Co com...*
Sept. 28 to Oct. 4, both inclusive, compiled from official sales lists
Apr
June
35
*
Elec Bond A Share Co
Hawaiian Sugar Co
Exchange
5%
35%
May
75c
10
Dumbarton Bridge
General Electric Co com..*
Francisco Stock
3% June
26%
a5%
1
Domlnguez Oil Co
Apr
a5%
a6%
55
Mar
o5%
a26%
67
9%
8%
4
9% May
4%
Feb
Cons Edison Co of N Y..*
1,700
5
50
Jan
Aug
8%
480
Apr
2,000
Par
Jan
5
70
13%
30
$4,500
Stocks—
25%
14
12%
8
11%
Week's
Apr
Aug
May
75
12%
Columbia River Packers..*
72%
Sept
12%
662
Apr
68
1.00
Feb
1.15
Sept
11%
Anr
1.15
9
67
Mar
1.15
Jan
72
Apr
9%
174 %
Oct
31%
a31 % a32%
"
Bunker Hill A 8ulllvan.2%
Cities Service Co com.. 10
72%
52c
45%
July
June
5%
Aug
a4%
a4%
100
com
Aviation
8,550
34%
149
Sept
a4%
Bait & Ohio RR
100
379
3%
a4 %
May
67
Jan
18%
al
Blair A Co Inc cap
1959
Oct
478
a4 %
Bendlx
1941
2.90
227
al
Oct
St L Pub Serv 5s.
Last
98c
5
Oct
Scullin Steel 3s..1
San
98c
3
1.60
5%
July
a22% a23%
Aviation Corp of Del
21% May
215
1.45
3%
3%
al6% al7%
*
Curtlss Wright Corp
1964
34%
34%
7%
7%
al62%a!64%
a22%
Amer Toll Bridge
11%
10%
Bonds—
Income
118
98c
Anaconda Copper Mln_.50
Anglo Nat Corp A com
70c May
25
7%
27%
27%
1.55
Atlas Corp com
6%
....
Sterling Alum
1.55
Unlisted—
Consolidated Oil Corp...*
...
21
Odd lot sales.
• Ex-stock dividend
3
12
June
18% June
Jan
26
Oct
12%
Jan
May
May
30% May
25
May
29%
26%
May
30%
5%
May
12%
Feb
35%
Aug
46%
May
61%
Apr
39
June
55c May
42%
1.15
8ept
Apr
Jan
May
66%
Jan
1
May
1%
Apr
75o
June
1.55
Jan
e Admitted
to
unlisted
delivery, f Cash sale—Not Included In rang* for
s Listed,
t In default.
1 Title changed from
The Wahl Co. to Eversharp, Inc.
trading privileges,
year.
d Deferred
xEx-dlvldend.
y
Ex-rights,
Volume
V-
The Commercial & Financial Chronicle
151
2027
=
Canadian Markets
LISTED
Provincial and
AND
UNLISTED
Montreal Stock Exchange
Municipal Issues
Closing bid and asked quotations, Friday, Oct, 4
Friday
(American Dollar Prices)
Last
Sales
Week's
Sale
Bid
|
Bid
Ask
Province of Alberta—
Ask
Stocks (Concluded)
Par
Price
Low
High
Jan
1 1948
41
42
6e
Oct
4H8
Oct
1 1956
39%
41
6a
Sept
16 1943
58
May
1 1959
95 H
97
1 1962
87H
89
McColl-Frontenac Oil
_*
15 1965
91H
93
Montreal Cottons...
100
Montreal Cottons pref.100
Montreal L H & P Cons..*
113
Prov of British Columbia—
July
4Hs.—-Oct
12 1949
85H
4s........June
80H
82
4Hs
Jan
1942
100
99
3
Laura Secord.
100)4 101H
10%
Province of Quebec—
*
_
.
6
"29 %
June
60
Jan
81
Mar
114
50
107
Jan
120
Feb
May
Mar
90
29%
30
3,239
25
Feb
2 1950
1 1958
89
4a
83
85
Montreal Telegraph
40
40
40
5
40
Feb
4%B
May
1 1961
84
86
Montreal Tramways.__ 100
National Breweries...
*
46
46
5
40
June
29H
30
325
25
38
38
200
44 H
Saskatchewan—
84
6a
June
15 1943
60
62
4Hs
Apr
15 1961
79
81
6Hs
4Hs
Nov
Oct
15 1946
61
63
1951
61
63
4 Ha
Sept
16 1952
83
.
Mar
11960
85
I
.25
Preferred-
Natl Steel Car Corp..
*
Noranda Mines Ltd
.__*■
1
86
6s
"29H
88
Canadian Pacific Ry—
Bid
52%
53 H
4Hs
Sept
Sept
15 1942
77
5s
Dec
1
4 Ha
Dec
15 1944
67
69
4Hs
July
July
1 1944
101
72 H
63
66
102
1954
-.100
150
150
2
140
July
Government Guaranteed
Bonds
94
94)4
95)4
1 1946
-July
60
9
July
May
May
72
6
880
24
Jan
69
70
100
60
May
80 H
Feb
15%
15 %
73
13
June
17)4
Jan
13
13
20
10
July
17
Jan
13
13
100
12
June
100
90
90
35
90
Oct
102
Jan
Saguenay Power pref. .100
St Lawrence Corp
A preferred.
60
St Lawrence Paper pref.100
108
108
85
100
108
Sept
2
May
May
21
1 1956
1 1957
94)4
94)4
94)4
4Ha... ...July
July
94)4
4s
..Jan
1 1969
96)4
38
Jan
68
...Oct
1 1969
96 %
97)4
97 H
58
...Feb
1
96 A
106
97 %
1970
Co
Tuckett
of
1962
78
1
16%
16%
235
10 H May
40 H
37
41
628
20
19
18H
19
800
16
May
May
24)4
9
9
15
7
May
15
5H
5H
65
5H
Sept
9
Jan
103)4
Apr
10)4
77
150
77
5
63
May
83
Jan
100
1
145
July
160
Mar
3%
3%
.
Preferred.....
m
m
Stocks—
of Prices
Low
High
Price
Par
3
Acme Glove Works Ltd..*
"l2%
Aigoma Steel
_
_
*
AsDeatos
*
Corp
Associated Breweries
m
18)4
*
Bathurst Pow A Paper A.*
Bawlf (N) Grain...
Bell Telephone..
*
100
V '
-
...
155""
Power.*
British Col Power Corp A •
B
*
Mr
m.
~
Building Products A (new) *
Bulolo
6
Canada Cement
«
Low
Shares
70
High
•
-
-
-
-
May
4
preferred
Canadian Bronze.
76
150
June
190
Mar
Last
13
15H
Jan
Sale
1,585
500
184
130
3%
July
1.75
169
Aug
10 H
30
1.50
100
1.50
Oct
3.00
4H
May
1,555
50
23
4H
20
15H
15H
305
12
15
110
10
6
223
3%
June
7
Feb
May
23 H
Feb
8)4
Jan
99
18
16 X
16
16H
492
38
36
38
8
Feb
Jan
Oct
8H
Mar
June
21 %
Apr
18 H
55
29
June
45
835
6
May
10 %
28 H
Jan
19H
32
320
20
May
127
170
106
June
128
Mar
*
22
22
95
20
Jan
22
May
100
103
103
29
100
July
110
Mav
Canadian Foreign Invest.*
Preferred
100
10
10
75
5
June
14%
102)4
3%
10
*.
_
«-
*
120)4
15
1.90
225
1.80
—
102)4
1.75
«
•
1.80
10
12% May
98
Aug
.1.65 May
1.75 May
'
.*
9
—
5
5 %
Ry...2b
3%
19%
Jan
Feb
Mar
Oct
Jan
Jan
6
July
5%
1,263
4
372
29
May
May
48%
Jan
60
21
June
32
Apr
40
40
40H
26
Consol Mining A Sme!tlng5
Crown Cork & Seal Co...*
37%
225
9
.
to
both inclusive, compiled from official sales lists
Oct. 4,
Par
Stocks—
26
26
*
24 H
24 H
25
485
»
Dominion Coal pref
Dominion Glass
29%
28 H
29 H
399
19)4
25
—
Preferred
100
9
Feb
Aug
«,
*
Dom Tar A Cbem
M
-
Dominion Textile
...
Preferred
-
-
*
—
Enamel A Heating Prods.*
Famous Players C Corp..*
-
—
Feb
125
Jan
148
25
135
July
155
Feb
1,343
4%
5%
200
3
89
70
June
Sept
May
•
.100
Goodyear T prf lnc 1927.50
10
146
4
6
4)4
105
*
*
6
Imperial Tobacco of Can
146
32
117
121
135
80c June
3
38
1)4 May
3)4 May
Aluminium Ltd
*
121
Bathurst PA PCocl B__
"""554
Beaubarnois Power Corp
Beldg-Cortcll 7% cm pflOO
Brewers & Dists of Vane..5
Brit Amer Oil Co Ltd....*
117
Jan
Canada A Dom Sugar Co. *
90%
155
29
130
Apr
Jan
6)4
Jan
May
96
Feb
Jan
150
Mar
165
4
July
5H
638
16
May
23 %
12
25
10
July
19)4
Jan
29
272
24
May
35
Jan
Feb
5)4
1954
Feb
Jan
15
30
June
39
98
270
95
July
111
25
6
June
15
Jan
Canadian Ind
7% cm pflOO
220
68
177
Aug
235
Mar
166
166
166
6
163
Aug
175
Mar
25c
---*
2%
—100
Ltd...
City Gas & Elec Corp..:.,.
cum
Consolidated Paper Corp.
80
13.00
435
15H
150
11 H
26)4
555
19H June
11%
1,181
14 H
1,735
8H
Apr
3H May
100
76c June
3.75
2
135
29H June
4
May
3% May
33 H
Jan
9H
Feb
100
3
7
10
5
May
May
6)4
6'H
55
3
May
2
Jan
—
*
Ford Motor of Can A....*
Lake St John P & P
6%
17)4
♦
Fraser Cos vot trust
—*
Jan
Feb
Mar
55%
5%
Mar
8%
17
3 H
105
554
235
1754
217
75
10
11
12)4
11)4
1254
15
12
15
...*
Fraser Cos Lyd..
Jan
Apr
3)4
5H
5
Falrchiid Aircraft Ltd
Fleet Aircraft Ltd
1.00
Jan
Jan
10
8)4
Jan
7
May
Apr
8)4
1.50
1.50
770
46
50
June
6X
3H June
13)4 July
6
May
10
Jan
22 X
20
Feb
7H June
12
June
21
Jan
38
65c June
9
May
22
Jan
35
26
June
59
Jan
93
Mas8ey-Harrls5%cm pflOO
6% cm pflOO
400
34
93
1
82
June
101H
Apr
75c
75c
100
1.00 May
1.65
Apr
*
44 H
44 H
15
36)4 June
47)4
Apr
6% cum 1st pref—.100
99 H
99 H
5
106)4
Mar
5H
McCoU-Fr Oil
Melchers Distilleries
*
Moore Corp Ltd.
75c
Power Corp. of Canada—
91
Aug
190
4
May
33
25
30
Jan
36
Apr
100H 101
16
95
June
112
Feb
5%
Provincial Transport Co..*
33
Sangamo Co Ltd.....—*
So Can Pow6% cum prf
Thrift Stores Ltd........ *
2.00
2.00
23%
Apr
United Securities Ltd. .100
4H
4H
20
34
Jan
Walkervllle Brewery Ltd.*
70c
70c
300
15%
Jan
41H
181
29 % June
100
10H July
3%c
Oct
3Hc July
12
June
16%
28%
Feb
May
46%
Jan
12 H June
24
Feb
70
June
94
Feb
15
14
May
27
111
July
128
Jan
Walker-Good A Worts(H)*
41H
40
JaD
50
100
25
75c
4
<60c
Apr
7%
2.00
Feb
Oct
Feb
5)4
Jan
Sept
1,20
43)4
Apr
Feb
Feb
June
Jan
17
Jan
27 H
2.00
Jan
Jan
16)4
Apr
20
%
Jan
34
16
105
16 %
16 H
435
79
79
18%
June
4)4
1.00
Jan
Jan
360
16 H
115
8X
May
454
5
10H
5)4
Jan
7
Feb
May
3
May
9.60
July
20c
454
Jan
2%
10c May
EaKootenayPw7%cm pflOO
Eastern Dairies 7% cm pflOO
Feb
100
50
Donnacona Paper cl B—*
6.00
4
10c
525
11%
96
Feb
6
96%
July
May
Sept
2.25
5H
Sept
4%
July
5)4
May
55
June
1.50
Ltd A *
June
78
Jan
7%
80
960
10
10
33
Apr
Apr
100
7)4
Donnacona Pap Co
5
8)4
1.60
554
80
15
14
1.50
1.60
7)4
15
6)4
July
May
Dominion Woollens pref—
135
54
2
2
2
*
11H
90
50c June
75
1.00
Zi%
Cub Aircraft Corp Ltd—*
90
130
26
185
10c
1.60
1.50
1.50
25c
2H
3
14
pref
Celtic Knitting Co
25c
2)4
254
Canadian Vickere Ltd.—*
7%
Feb
213
Cndn Pow & Paper Inv—*
5% cum pref..
654
220
Canadian Indu* Ltd B..
16)4
10
54
37
Pulp Co...*
1.75
28
654
MacLaren Pwr & Paper..*
18)4
8
5
98
Lake Sulphite
115
80
Jan
1.45
37
Canada Vinegars Ltd—
Jan
*
MM.
6
Apr
Jan
7% cum pfd 100
Can North
Feb
1,655
MM-.'-
313
2%
Canada Malting Co Ltd..*
Apr
24
.......100
130
12
British Columbia Pckrs..*
15%
16%
14)4
117
5%
24
11)4
■
554
80
19H
May
15H
11%
5
80c
80
Beldlng-Corticelli Ltd.. 100
June
38%
17 H
June
6
24
*
June
6
18
36)4
100
2
25
5
"38 H
Lake of tbe Woods....
515
30
26
"26"
High
0.50 June
5
11%
12.50
2,985
9
5
18
4
—
25
Intl Petroleum Co Ltd
2%
July
5
—
Low
Shares
9
..100
100
11H
..,*
Preferred...
50c
54
M
Howard 8mlth Paper....*
Intl Nickel of Canada
Jan
Apr
Mar
89
MM
6
Imperial Oil Ltd
5%
8%
70
6H
...
"90
-MM
High
3)4
6% cum pref.
7% cum pref
11H
_
Low
55c
89
90
Gypsum Lime A AJabas..*
Hamilton Bridge..
*
Hudson Bay Mining
15%
10c
1.75
Holllnger Gold
June
3% May
May
6H
4)4
"11%
Range Since Jan. 1, 1940
for
of Prices
Week
80c
18
■
...100
Preferred.....
85
50
534
Rights
General Steel Wares....
6%
9)4
146
M
*
preferred
22
June
10c
-M-M—
*
Gatlneau...
May
113
84)4
*
Foundation Co of Can
16
10
4%
5 H
■.
.._*
Eastern Dairies.
Jan
455
9
~
M
"85
100
Dryden Paper
Apr
148
•
>
27%
40%
128
19)4
'
MM
19% May
22H June
128
MM.—
......
Dominion Steel A Coal B 26
Dominion Stores Ltd
*,
128"
100
Price
Week's Range
3
Abltibl Pow A Paper Co. .*
Dom Oilcloth <fe Lino
Distillers Seagrams
Dominion Bridge
Sales
Friday
Jan
8H
8 %
19%
Mar
Mar
May
Sept
%
Apr
Jan
June
28
Mar
17H
10)4
2%
9%
.
Jan
May
80
96 H
10)4
.
Montreal Curb Market
Sept.
Jan
31
.
163
May
125
.
161
1
.100
.
19 H
31
Class B
Mar
Sept
6 H May
10c May
125
Canadian Locomotive.
Mar
311
12%
»
Cndn Ind Alcohol
212
14 H
100
25
Rights
Canadian Cottons pref
Mar
July
July
10
100
Celane.se.
176 H
280
1,650
680
Preferred 7%
July
171
28
18)4
353
60
Cndn Car A Foundry
Preferred
139
95
15)4
*
5%
73
Apr
275
«.
Apr
Apr
190
Feb
4H
-»• —
«
Apr
13
25
154
Mar
10)4
-
July
280
8H
26 H
4
-
—
«.
M
—
8% June
21
190
154
16H
96
96
100
150
Apr
»
Preferred...
Can North Power Corp...*
Canada Steamship (new).*
250
279
12
5V8
9
23%
Apr
Jan
2H
.100
ttoyal
3
15
w
12
.100
Sept
May
26
24)4
July
6
.100
May
1.50
May
Aug
90c
20
Nova Scotia
Week
4H
-
16
47
7
Banks—
June
26
"l~50
*
Bruck Silk Mills
50
1.25
Montreal
9
5%
19 H
Commerce
Range Since Jan. 1, 1940
for
5H
155
Mar
8H
7
155
May
37
23
Preferred
75
4%
„
55
Aug
...25
Zellers.
Exchange
25
10c.
Oct
22
7
185
10c
■
Apr
45
40
....100
5%
5
4%
3
30
19 H
...
12H
11%
12 H
11
Feb
45
29 H
18
«•
5
2%
Jan
6)4
45
100
12
*
6
3 H
2 % May
1.25
^..
15)4
Agnew-Surpass Shoe.....*
Amal Electric Corp
3
400
4)4
Jan
86 H
m
Sales
Sale
Jan
15
mwrn-
Sept. 28 to Oct. 4, both inclusive, compiled from official sales lists
Range
May
9H June
62
July
Jan
145
...
Preferred
Week's
80
Apr
Mar
77
77
Winnipeg FJectrlc A
Last
160
Apr
52%
145
*
76
100
11
Jan
554
25
Wilsils Ltd
Friday
100
98
10 H
Canada
Wabasso Cotton
Montreal Stock
Jan
350
..100
£ obacco pref..
Viau Biscuit
85
1 1962
19 H
3)4
Pacific Ry—
Grand Trunk
Jan
11%
3H
15H
*
United Steel Corp
4 Ha... ...Feb
14 H
*
Preferred
104 %
Mar
132
225
Steel
A sk
Ry—
96)4
8 H»
Mar
7%
Southern Can Power....
Northern
Jan
1354
14 H
*
Simon (H) & Sons...—.*
Bid
Canadian
Jan
Feb
54
Simpsons pref.
Ask
6)4 June
162
7%
13%
*
.
Sher Williams of Can.
(American Dollar Prices)
Canadian National Ry—
65
9%
Jan
77 H
33 H
51
Preferred
J'
Closing bid and asked quotations, Friday, Oct. 4
63.....
535
Jan
Shawlnigan Wat A Power.*
75
70H
1 1960
5s
73
1 1946
75
1 1951
16 1965
69
Regent Knitting pref—25
Rolland Paper vt
;.
Ask
Canadian Pacific Ry—
4s perpetual debentures
4Ha... ...Sept
4Ha... ...June
June
July
Quebec Power
6s
Bid
34
June
5% pref.--.100
(American Dollar Prices)
Dominion
210
20
Power Corp of Canada
Price Bros & Co Ltd...
Closing bid and asked quotations, Friday, Oct. 4
Ask
Jan
Jan
43%
Penmans
Railway Bonds
Bid
Feb
Mar
80
9)4
31«
45
41H
28
*
Jan
June
28
Ottawa Car Aircraft.
Jan
33
56
Preferred
m
Mar
June
46%
58%
58H
9H
m
56 H
38 H
Opt)vie Flour Mills......*
Province of Nova Scotia—
Preferred
5
25
4 Ha
82%
Preferred
200
60
74
15 1960
5%
6
60
May
2H May
74
Prov of
Jan
210
70
Apr
Pacific
2
6
3%
81
6s
Canadian
80
13
6
3 H
70
Prov of New Brunswlck-
Canadian
High
July
1 1941
Dee
Brazilian Tr Lt A
9
3)4
Legare pref.._.........25
Ma88ey-Harrls
20
10%
2 1959
Juno
6s..
Low
Shares
16 1954
Aug
6s
1
84
1 1963
Province of Manitoba—
4 Ha
Range Since Jan. 1, 1940
for
Week
Province of Ontario—
6s
6s
Range
of Prices
5
Mines—
18
Aldermac Copper Corp—*
Ashley Gold Mining..... 1
Beaufor Gold Mines.
1
•
No par value,
r
18
3»4c
354c
500
7c
8C
4,100
8c
Canadian market.
35
Jan
3)4c
Oct
13c
Jan
The Commercial & Financial
2028
Oct.
Chronicle
5,
1940
Canadian Markets—Listed and Unlisted
Toronto
Montreal Curb Market
Stocks
Par
(Concluded)
Week's Range
for
Sale
of Prices
High
Low
lc
7 Ac
1,000
16c
23
*
2(H)
Jan
21c
Mar
29 H
Jan
Davies
Jan
Delnite
Ac Sept
2Hc
31H
70c June
3.75
1
Jan
2,500
Aug
36o
Apr
1,100
60c June
1.35
Apr
8c
Jan
67c
10 Ho
lc
2,500
1,800
1.95 June
4.10
Jan
Denlson
1
4c
500
25
2.27 May
5.05
Apr
Dlst Seagrams
*
24 a
24 H
25
*
23 H
23
23 A
1,160
Dome
4c
40c
40c
100
68c
Jan
10C
16c
2,000
16c
Sept
16c
Sept
Dominion Bank
18c
Aug
45c
Mar
24 A
lAc Sept
15A July
8Ac
31A
Feb
Dominion Foundry
*
Dom Scottish Inv pref..50
Jan
Dominion Steel class B..25
"9%
23c
IHc
IHc
1,000
21A
25
1
6V»c
23c
VAc
20c May
6%c
1,000
6J4c
21c
Oct
Jan
4.80
2.28 June
Feb
3.40
1.17
4,900
57c June
1.45
Mar
31c
1.15
3.40
1.05
1
Mai Gold Fields
600
31c
500
25c June
hi Ac
Jan
*
*
East Crest
35c
1,032
30c
Sept
54c
Apr
90c
400
59c
July
1.82
Jan
Easy Washing Mach
Eldorado
1
2.20
1,000
1.55 June
2.65
Apr
English Electric clA
*
1.70
1.72
3,900
1.05 June
2.11
Jan
Extension Oil
*
2.85
2.85
100
2.46 June
4.15
Jan
Falconbrldge
»
2.10
2.10
300
1.47 June
2.40
72c
San Antonio Gold Mines. 1
75c
600
53c
"72c
Sberrltt-Gordon Mines...1
*
1
Ford
16A
17H
831
40c
41c
3,000
Jan
Francoeur
*
31c
July
Jan
Gatlneau Power
*
11A
Jan
Gatlrieau Power pref...100
Gatlneau Rights..
Oil—
6 A
60c
500
50c May
1.03
Jan
Gillies Lake
1.30 May
3.10
Jan
God's Lake...
*
37c
Goldale
1
15Hc
Golden Gate
1
lie
Greening Wire
"39c
Gunnar
Members The Toronto Stock Exchange
Hard
BROAD STREET,
HEAD OFFICE, 2010 Royal
Sept. 28 to Oct. 4, both
"95c
Last
Sale
Price.
Par
Stocks-
Week's Range
for
of Prices
Low
High
Week
Range Since Jan. 1, 1940
Low
Shares
6%
85c
Consol
85c
3 H
5
1,655
15c
100
preferred
Alberta Pacific
50c
5
»
15c
2,500
8He
1
Alberta Pacific Grain
High
;
4Ac
3,500
35c
37c
2
June
17H
Aug
21c
Jan
Jan
15Hc 16Hc
39,900
8c June
23c
Jan
10c llHc
13,200
7Ho June
22c
Jan
20c
Jan
6 He
He
22
55
6 Ac
3,600
2,500
7c
5,020
20
47
12
10
38c
39c
5H
1,800
330
20
35
100
Imperial Bank
Imperial Oil Co
*
Imperial Tobacco ord...f5
Preferred
__..£1
Bankfleld
Jan
Jan
100
189"
1,000
1 03
Jan
Kerr-Addison
Aug
3.00
Jan
5c
1,500
4c
July
17c
Jan
Klrkland Lake.
Lake Shore
5c
3,000
2c
Aug
7c
Apr
Lake Woods
1.71
1.81
5,066
91c June
2.68
Jan
Lamaque G
2
July
5Ac
2,000
2Ac
July
9Hc
July
Beattie Gold
1
90c
90c
1,200
70c
July
1.19
Feb
Beauharnols
*
5H
5A
374
2H May
6 A
Jan
150 A 156
13c
11c
169
Bldgood Klrkland
Bobjo
13c
1
37
50
*
Broulan-Porcuplne
1
"70c
Brown Oil
•
12c
B uffalo-Ankerlte
1
4.70
Building Products..
*
*
"40 A
Canada Bread class B...50
Canada Cement........*
1H
64c
72c
39,175
5,400
4 A
•
27
Cndn Bk of Commerce.100
150
1.25
*
20
~18A
10 A
»
25
Cndn Indust Alcohol A...*
.
....
115"
100
....25
5%
■
7
4.76
Feb
2.44
2.55
1.00 June
2.55
1,500
He
July
8H
8H
40
6A
Jan
3
3H
590
*
"3 A
Maple Leaf Milling pref..
Massey-Harrls
Oct
28c May
3H
Apr
Preferred
72c
Sept
19 He
Jan
McColl pref
"~5A
51A
1.03
1.55
1.60
1.00
June
2.39
Jan
McVlttle.
18c June
47c
Jan
McWatters Gold
*
40 H
18
Feb
Modern Containers
3
June
11
78
June
99
29 A
June
39 A
Apr
Moneta.
65
June
104 A
Apr
"30c
Moore Corp
2A
June
8 H
Mar
15 A
16 A
299
9A
June
21A
Apr
M orris-Kir kl an d
1
57
10
40 A
June
65
Apr
Murphy
1.05
Aug
2.75
Apr
National Grocers
21A
May
31A
Apr
National
7H
38
135
June
Feb
10A
Feb
Nay bob
17
July
July
22
Feb
14
Feb
Noranda
16A
Jan
270
11
160
7 A
110
5A
June
12A May
1.100
1
i
5
Mines....
5
May
165
25c
5H
4
May
7
2,034
3.62
20
85c
60c
123
8H
Palcalta Oils
Jan
Page-Hersey Tubes.....
Pamoiir
Porcupine
May
vrar
hAc
"l~35
13
May
13 A
May
22
Apr
Perron
56c
Aug
75c
Jan
Pickle-Crow
Cons
2.55
Jan
Pioneer
91c
96c
15,388
41c June
1.05
Jan
Powell-Rouyn
17c
16c
17 He
2,200
15c
Aug
58c
Jai
Power Corp
53c
64c
22,525
31c
July
78c
Jan
Prairie Royalties
25c
6A
6A
115
3 A
May
9 A
Jan
Premier
30c
Apr
Pressed Metals
Jan
Preston
39
40 A
305
16c June
1.00 June
12 A
28 A
57
1,000
July
8c
2,000
lc
Aug
2Hc
Apr
75
4H
Sept
8H
Mar
5
1.00
265
35
25
25c
165
34,100
150
714
58
40c
58c
700
1.98
July
19
49
Jan
E Dome
*
No par value.
1,000
165
7c
101
54,700
5
1.42
4c
14,650
2,400
Jan
June
69
Jan
Oct
12o
193
Feb
37Hc
Jan
July
85c June
43
July
27c June
30c June
1.40
Jan
78 H
60c
Apr
59c
Jan
Sept
11c June
34c
Jan
6
May
9H
May
17c
July
61c
Feb
13H
Mar
7
June
2Hc June
90
July
80c June
Oct
Jan
2.35
Jan
100
Apr
20c
May
53c
Jan
1 01
June
2.12
3.25
2.82
3.35
11,912
2 12
July
4.25
Jan
2.10
2.05
2.1C
300
1 45
July
2.35
Apr
95c
1.05
8,700
60c
July
2.18
7A
7 A
25
5H
June
11H
Jan
12c
12c
500
11c
Sept
22c
Feb
95c
95c
700
75c
Aug
1.42
Jan
June
12 H
Feb
June
2.3*
Jan
12c
*
"9 A
9 A
9H
35
2.03
1.93
2.03
20,525
2c
7c
111
4,200
...1
Feb
Vfav
Gold
5
10
5 Ac
1.15
Jan
May
IHc
46 H
23c
189
2Hc
165
165
May
2c
Apr
2,350
..*
63c
90
2%c1 He
Oct
June
93 He
48
1.74
1
1.45 May
600
145
10
179
4c
1
1,100
2,100
34H
68 H
July
1.70
26 He
1.72
1.95
22c
181
44 A
Aug
60
24Hc 26He
1
1
Oct
85
1.3£
37Hc
Jan
1.05
Partanen-Malartlc
Paymaster
25
14 A
700
101
•
July
100
60c
10
*
Feb
7
20c
Mar
93
96
30c
18
1.30
99 H
June
68 H
5
July
6
60c
30c
7
14 A
Apr
1,600
Ottawa Car...
A
12 H
2,102
Jan
4
155
18c
125
June
7 H
7
185
109 A
Jan
60c
185
6
58o
1.00
"58"
Oro Plata
115
20c June
14c
Jan
110
1,800
7
32
Aug
Jan
30c 30 He
14c
July
July
15Hc
7
40
32c
4c June
*
16
8
1
1
16
1.65 May
1,000
*
Oct
65
7c
Orange Crush pref
128
500
1.47
Northern Canada..
May
Jan
85c June
Omega
May
104
Jan
5,900
Jan
20
15
14H
58
1,360
1.03
Feb
195
37 A
Apr
51
29
135
33
128
9H
500
9
101
95c
37 H
19
31
1.88
*39 H
June
37c
2,320
1.35
80
45
Normetal
19
10 A
178
60c
Bakeries...*
10
4H'
Niplsslng
May
2Ac
Car....
National Trust
6
18
8A
Steel
13
85
Feb
93 H
179
1
425
Jan
9H
June
96
60c
100
Class A
59 H
5
44
187
July
135
51
Jan
25
67 H
preflOO
4H
6H
6H
6H
1
Jan
July
7c
Monarch Knitting pref. 100
417
Jan
9H
2H
60
35
9
Mercury Mills
Jan
Feb
Oct
705
Apr
May
5H
5A
1
24c
1,100
1,400
58c
Commonwealth Petroleum*
3H
IHc
10
IA J ily
3H May
93 H
100
60c
*
6
3H
34
100
McColl
40
17
6
1
27
Jan
Mar
8A
*
155
020
1.45
3 A
Jan
Jan
July
»
Apr
Jan
64c June
20 He
*
1.94
June
41c June
Maple Leaf Gardens
18
*
5
2.25
48c
2.10
Maple Leaf Milling
96c
8melters
4,420
5
46c
*
3.60
McKenzle
9
Conlaurum
Jan
3.40
Mclntyre.
46c
Cockflbutt Plow
26 H
McDougall-Segur
8H
*
May
Jan
*
Chromium
262
Jan
*
Cochenour
25A
Jan
Canadian Malartlc
Chestervllle
25H
8.60
18 A
"ie"
...
Jan
28 H
14
Canadian Locomotive
Cons
Gold
125
31
*
Canadian Dredge
Central Patricia
Jan
3.40
May
17 H
8A
...100
...1
880
May
May
26 A
Mar
1.71
June
150
Jan
Apr
20 H
20
6 A
1.35
Aug
Jan
5Hc
9H
270
12
1.25
4
Jan
13
6,600
10
4
lc May
Jan
7.25
2,800
345
30
June
27
22 He
50c
700
110
9
July
2.55
Mines.....
23H
8A
5c
2.27
4.70
6
July
4.75 June
Jan
26 A
10 A
7
*
Consolidated
Macassa
McL Cochshutt
May
58
15
32
26
2.27
15A
40
July
3.60
57
16
Cnan Breweries pref
Castle-Tretheway
"49c
15H
25A
B
May
6 A0
Jan
26 A
1
4.50
90
*
Wlrebound
-•
June
2.75 July
89
Breweries
Canadian
25
Little Long Lac
Loblaw A
70
6
6
IHc
5
96 A
37 A
Canadian Wallpaper cl B.*
Legare pref
Leitcb
10H
5H
3
Jan
Feb
9H
June
2,000
IHc
1A
96 A
Canada Steamshtps pref.50
Canadian Wire A
...»
Canadian Oil pref
C P R
IHc
IHc
14 A
37
*
Preferred
lAc
Manitoba A Eastern.
981
*
Canadian Celanese
263
Jan
5A
19A
*
Can Car A Foundry
Preferred
11H
15,650
19H
5H
100
Class B
10 A
10A
5
45c
Apr
19c
4Hc
5
3,000
24c
1.60
1
Canada Steamships
175
7c
10 H
Calgary & Edmonton....*
Canada Malting
Canada Packers
5.15
1.14
11.00 May
12c 12 He
18 H
5.15
6Hc
43c
11 He
615
18H
2,005
1.05
3A June
Aug
Ac June
IHc
Oct
22
21
45C
7.40 June
Apr
Jan
20 H
1
1.12
3 He June
Feb
27c
1.54
J._
293
Jan
24
17c May
Apr
2.85
Malartlc
405
47
70c June
Madsen Red Lake...
1,000
114
May
June
1.20 June
Apr
5A
Jan
June
27 H
12 A
10,556
Apr
42
15H
90
29,343
15
Burlington Steel.........*
Canadian Canners A
52 Ho
Aug
5Ac
5c
19 H
British Columbia Pow B._*
Canadian Canners
July
10.00
6
British American Oil
Canadian
10c
34
hAc
5
Brewers & Distillers
Preferred
50
Jan
Apr
July
97c
16,732
13,450
1H
*
Brazilian Traction....... •
Calmont
14,900
169
10.00
5Ac
1
...
Bralorne
37
37
Mar
July
8
2.90
1
5Hc
16 H
95c
Lebel Oro.s
1
15%
2.65
Jan
Jan
Jan
May
96c
28c
Apr
June
6A
5
2.90
Laura Secord (new)
33c
15
7
8H June
12
.1
Jan
Mar
1,550
150
...1
lOHc
6A
130
lAc
7
1
3
211
15
1,500
1.40
170
125
3c
640
15
9 H
105
IHc
Oct
Blue Ribbon pref
100
3c
July
156
20
7A
22c
3,500
189 A 189
2,910
14 A
105
1
62c
July
11H
11A
14A
lAc
7c
100
Feb
1
500
Bell Telephone Co
220
1,820
220
5%
7
11,600
10c
Exploration
Mar
26c
2H
Bear
Jan
11
16 H
10c
2H
Metals
34
Oct
July
16
2
Base
May
4H
16 A
*
Barkers
July
19 V,
55
International Petroleum..*
1.95
Jan
21 He
300
Jack Waite
1.85
40 He
Jan
5
Jan
1
5c
Jan
May
3.10
7A
Kelvlnator
2,566
10c
54 He
Jan
Jan
J M Consolidated
8c
Jan
Aug
15
38H
Jellicoe
3c June
Mar
1.48
9H June
1.30 May
9 H
Jan
3,000
Apr
38 H
600
38
Jan
7c
8H
May
55c May
34
16
38 A
Apr
5AC
Jan
7H June
.*
380
1
Bank of Montreal
UA
100
International Nickel
2.87
8c
7c
Apr
640
192H 195
Int Metal A
4c
1
14 H
25
4
195
Lapa Cadillac
Bagamac
Sept
1,000
2,900
6Hc
1.80
Jan
11
31 He June
3
July
HH
27c
60c
1
27 A
July
3c
26 H
July
July
-.1
July
June
42c
26c
Sept
4%o
Feb
5Hc
13
500
26 H
lc
5c
57 H
2 He June
61A
5c
26c
4
10c
1
He June
IHc May
48c
26 H
*
75c
Arntfleld
July
4,900
..1
60
41c June
5c
98c
95c
...»
Hunts A
500
1.95
Apr
09c
7,117
1,800
*
Feb
5,300
2.09
19c
*
Feb
10H
10 He
1.95
1.50
A nglo-Huronlan
...
Apr
Feb
0
July
July
25c May
2.05
*
Co...
1 He
Anglo Canadian-.
Gold Mines
2.50
16H
97
Sept
4H
3 He
13
16Hc
1.50
16 He
1
Aunor
50c June
July
55
12H
1 Ac
*
Aldermao Copper
Arum Gold
Ashley
1,905
Jan
July
6H
13
Preferred
Abltlbl
Apr
10H
45 He
11
1
Hudson Bay
Sales
triuay
Jan
6Hc
5c
...1
Rock
Howey
inclusive, compiled from official sales lists
70c
6A
35
Hlnde & Dauch
Exchange
Jan
19c June
1H
Hollinger Consolidated...5
Stock
22 H
10
Home Oil
Toronto
July
79
5
pref...30
Hedley Mascot
Bank Building, Toronto, Canada
Jan
13 A
75
Harker
NEW YORK, N. Y.
27
20
12
*
Hamilton Cotton
Jan
30
20
19
20
Hamilton Bridge
Bunting
Macdonald &
7c
*
Great Lake vot trust pref.*
Quoted in U. S. Funds
Jan
June
1H
53 A
60
Grandboro
33
Apr
IHc July
3H June
20
Sept
11H
Ac
.........
Goodyear pref
Sept
20 A
90
hAc
Eagle.
Goodflsh
25
11A
1
1,805
& Industrial Stocks
1.23
4c
*
2.05
Canadian Mining
21c June
1A
60c
Gold
Mar
89 A
2.00
2.00
10
"l7%
A
General Steel Wares
Anglo-Canadian Oil Co...*
Home Oil Co Ltd
»
750
27
23
8.20
8c June
4.80
Jan
4H
Sept
Apr
Mar
20
100
41c
4.15
2.48 June
8c
4.10
3c
3
6 00
350
Jan
July
1.95 June
1.75 June
9,100
1.00
Aug
July
284
4c
47c June
10
3
3.00
5H
1,750
Feb
2.70
5A
65c
210
3.00
3Ac
05c
3.50
Feb
26 H
Fleury-Blssell pref
Jan
1.00 May
26c
5H
Jan
Jan
6H
15c May
3 Ac
61c
Apr
15H
July
3
1,000
27
Aug
31
Jan
17c
1
20c June
400
10
26
Jan
17c
*
2,200
4,800
26
.......1
Farmer
3,025
10c
1.500
Fanny
18c
6.50
34c
Fleet Aircraft
61c
3.15
32c
Federal-Kirkland
59c
10c
100
Jan
48c
6.50
14,000
3H
Jan
36 H
6H June
3,050
3.45
Jan
Sladen-Malartlc Mines... 1
3.15
hAc
3.25
Apr
Slscoe Gold Mines Ltd...l
*
"32c
.
1.15
95c
.1
1,950
July
68c
Wood-Cadillac Mines....1
7A
6
5c
3.40
2.20
1.72
1
Pickle Crow Gold Mines.. 1
Perron Gold Mines
335
3A
1
90c
1
Pato Cons Gold Dredging. 1
2.50
*
East Malartlc
219
2.00
6H
1,515
4 A
29
210
25
9A
4H
27H May
Oct
19
9
2.00
Dominion Woollens pref.20
25
Aug
Apr
July
May
150
182
20
24H
25
Dominion Stores
3c
18 A May
16
June
49
24
4 A
25c
25c
...*
O'Br en Gold Mines
460
187
185
186
100
Dominion Woollens
McWatters Gold Mines..*
30
19H June
75
2.90
21A
Wright-Hargreaves
218
1.00
13c 13 He
13c
•
Petroleum
Feb
178
65c
...»
Cub Aircraft
Aug
July
26 A
1.00
3.40
Lake Shore Mines.......1
Teck Hughes Gold
26
Cosmos
High
Jjow
141
29
162
lc
500
Sullivan Cons
160
2.90
.....1
Inspiration Mln & Dev
1
Jollette-Quebec Mines...1
Normetal Mining
20c
100
Gas
Range Since Jan. 1, 1940
Shares
3.40
Goldale Mines..,
'
July
June
Price
Par
for
Week
lc
Falconbrldge Nickel
Macassa Mines
Consumers
17
of Prices
Low
High
3.40
Mining..
1
Ltd.l
*
Francoeur Gold
*
Duparquet
East Malartlc Mines
Lapa-Cadillac Gold
Feb
8c
1,000
23 A
16c
1
Century Mining
Dome Mines Ltd
2 Ac
6c
Week's Range
*
lc June
500
7 Ac
Stocks (Continued)
High
Low
Shares
lc
Gold.-.l
Central Cadillac Gold
1
Cartler-Malartic
Sales
Last
1940
Week
Price
Exchange
Sale
Range Since Jan. 1,
Last
Stock
Friday
Sales
Friday
6
1.30
July
Jan
Jan
Volume
The Commercial & Financial
151
2029
Chronicle
Canadian Markets—
W ATLING, LERCHEN & CO.
Listed and Unlisted
Members
New
Toronto Stock
Par
for
of Prices
Low
High
Week
Price
*
Riverside Silk
24
23
23
4c
...I
Roche LL
200
125
4c
3 He
3,000
12c
57c
July
23
Jan
Detroit Stock
Mar
28
June
6 He
2 He June
Jan
Exchange
Sept. 28 to Oct. 4, both inclusive, compiled from official
Royal Bank of Canada. 100
160
160
2
145 %
July
190
Mar
100
165
165
5
130
June
190
Apr
Friday
Last
Russell Ind pref
210
Feb
2H June
10H June
5%
Apr
20
20 A
Apr
2.10
2.36
9,861
1.25 June
2.50
6 He
2,000
15o
Jan
26c
30c,
9,678
570
Jan
Auto City Brew com
Baldwin Rubber com
2.33
Sand River
—
18 H
25
1
30c
1
Senator-Rouyn
*
Shawinigan
Sherrltt-Gordon
3
3
«,
San Antonio
1,000
10c 10Kc
-
*
St Lawrence Corp cl A „50
7He
25
1
73c
73c
75c
1
6.50
6.50
6.50
Silverwoods pref
5H
5 H
10c June
June
1
Standard Chemical
7H
320
55 %
Consumers Steel com
1
55c
55c
3%
1A
July
Mar
105
Aug
57c
950
Apr
Detroit Gray Iron com
20c June
2He June
lHc Aug
7Hc
Jan
7 He
Jan
-.25
Preferred
mm-'-'**
Detroit Steel Corp com
""i%
July
14
July
2.00
Jan
Eureka Vacuum com
5
280
61H June
86 H
Jan
Ex-Cell-O Corp com
165
63
83
*
77
May
June
3.10
Apr
Federal Mogul com
1.42
Straw Lake
*
4c
4c
4 He
27,500
3c
July
8Ho
Apr
*
1.19
1.09
1.19
200
85c
July
2.05
Jan
82
Garwood Ind com
Tamblyn
Teck
—
3
«r
.
-
-
«*
-t'
5
2H
2H
1
Graham-Paige com
1
2,120
2 40
1.15
220
1,.00
July
2.25 May
100
9H
Sept
13H
11
June
35c
Jan
Apr
Hurd Lock & Mfg com
25%c June
1.12
45c
Jan
12
May
17
Feb
30
June
42
Mar
Kinsel Drug com
Aug
10
Mar
Kresge (S S) com
3%
3
5%
4%
470
92c 98 He
20,735
2.65
2.70
6c
May
6%
Jan
65c June
450
6c
12H
1.00
Sept
800
1.95 June
7c
Sept
4.35
Jan
17Hc May
6.05
Jan
Lakey Fdry & Mach com.l
LaSalle Wines com
2
McClanahan Oil com
3.40
3.70
1,762
2.70
41 H
621
29H
June
43 H
Jan
Michigan Sugar pref
19
205
16 %
June
20 %
Feb
Micromatic Hone com—1
10c
19 %
11c
6,700
Apr
45
45 H
45 H
22
5
12 H
12%
12%
Westons
105
6%
Apr
865
1H May
2%
37 H
1,381
2H
61c
2
100
1,474
May
May
50c
July
May
16c
6c June
40
June
106
280
10
Jan
July
112
June
16
July
9H
-5
Murray Corp com..__._10
Packard Motor Car com. .*
11H
ADr
Parke Davis com
Peninsular Mtl Prod com.l
6%
6%
9 He
9 He
3,600
8c
July
30c
Jan
6.25
6.45
2,035
4.70
July
8.15
Ymir Yankee
*
4HC
4 He
4Hc
500
-
7c June
4c May
354
19
Apr
13%
825
9
June
15H
Apr
14% May
May
5%
Feb
33c May
52c
Jan
1 %
1%
100
1
1%
«.
-
Jan
46c
200
35c
60c
Mar
«*-'*•
25 A
25?*
490
19 %
**
May
4
4
107
1%
1%
400
85c
m
*.
85c
300
75c
•
16c
17c
2,406
16c
66c
66c
100
60c
4
8
16c
Feb
May
2% May
1H May
Jan
Sept
Apr
July
1.25
Apr
4
400
4
Jan
350
7
July
1%
14%
267
1H
Jan
235
9H
May
"TH
6%
6%
1,215
3%
785
•» »
3A
3H
33H
34
1,079
4H May
2H May
31 %
1
July
Toronto Stock
Sept. 28 to Oct. 4,
100% ?15.200
100 %
100%
1952
Loans
Low
lc
-
4%
95c
•
*
Dominion Bridge
1
—
1.40
Mar
8H
May
June
40
8
June
100
21 H
1%
1%
050
1
Aug
2
2A
2H
100
Jan
2
2
100
2H May
1H May
3
mm-V
2H
Apr
19
19
320
2,500
He
Aug
2c
Apr
1,825
99c May
2 35
1.80
1.80
300
25c
Aug
%
2H
100
1.75
July
3.25
4%c
4 He
3,500
2 He June
8Hc
75c
100
1.25
Apr
65c
July
28%
Oct
July
2%
Apr
*
3
3
700
Jan
3H
Mar
United Shirt Dist com
*
4%
6%
4H
6%
175
2H May
4%
Mar
850
4
Jan
7%
United Specialties
—
.
2%
2%
250
1
June
2%
Apr
1%
1%
1%
313
1
May
2%
Mar
1.50
1.25
1.50
518
90c May
1%
Jan
1%
1%
100
1
Feb
2%
Apr
13c
13c
200
Aug
25c
Apr
.
9c
Cincinnati Stock Exchange
Par
Stocks—
65
Lake St John Pr & Pap Co
69
82
84
Canada Cement
72
1961
64
66
64
72
'63
58
60
74
1957
68
70
Canadian Vlckera Co 6s '47
40
42
Power Corp of Can 4Hs
*
— 10
Crosley Corp
Hobart A
*
*
*
Kahn
68
70
Kroger
Little Miami gtd
68
70
Nash,-.-
70
71
74
71
73
Quebec Power 4s
Saguenay Power—
71
Winnipeg Electric—
1962
National Pumps
1966
73
75
4-5s series A
1965
52
54
69
n
.1965
38
40
2H
50
55%
135
22 A
25
101
101
5
105
106
87
2A June
3%
60
May
30
Apr
105
Feb
June
110
85 %
50
77% June
87
3 %
3%
644
1% May
12 A
12%
5
4%
100
Feb
Jan
Sept
May
14 A
Mar
June
11%
3%
106A
Sept
5%
58
3% May
7%
Jan
9
50
6% May
12%
100
106
106
Jan
Oct
%
103
21
26%
26H
80
25
34
35
14
14
34
High
19% May
97A July
55%
9%
19 %
50
-.-25
*
*
14
Jan
21
Oct
May
29%
Apr
29
June
43
77
12
June
15
Feb
25
99
June
107
Mar
313
13%
Jan
NOTICES
—Wall Street Post No. 1217 of the American
—
Legion will hold its regular
Nassau and Wall Sts., on Tuesday,
meeting will take place at 6 o'clock and will be the first regular
monthly meeting at the Federal Hall,
299
23% May
26
92% June
16
July
99 H
99%
16
16
A
%
30
~62%
62%
64%
810
115% 115%
22 A
22%
10
113
Feb
20
18
Feb
20
4A May
27% June
100
—
101H 101%
31 %
32%
"ie"
U 8 Playing
5%
Randall A
Nominal
CURRENT
"~5%
32 H
Rapid
4-5s series B
price
,i
—
Procter & Gamble
4 H8 series B
69
2H
...—100
'59
72
67
Low
55%
85
1940
Week
22 X
55%
*
Price Brothers 1st 58—1957
1966
Shares
Price
-100
pref---100 "Joe"
C NO & TP
-20
Cincinnati Street
50
Cin Union Stock Yds
*
Cin Union Term pref. .100
1st pref
N Scotia Stl & Coal 3 Ha
Famous Players 4HS..1951
for
of Prices
Low
High
Mar
66
70
6H8
Donnacona Paper Co—
*
100
*
Gibson Art
Massey-Harris 4H8-.-1954
McColl-Front Oil 4%ts 1949
71
Calgary Power Co 5s—1960
Range Since Jan. 1,
Week's Range
Sale
Champ Paper & Fiber
Ask
Sales
Last
Eagle-Picher-
Gt Lakes Pap Co 1st 6s '55
British Col Pow 4HS-1960
inclusive, compiled from official sales lists
Friday
Formica Insulation
Gen Steel Wares 4H8.1952
The
2H
Sept. 28 to Oct. 4, both
67
69
74
Oct. 8.
Apr
1
*
Wayne Screw Prod com..4
Wolverine Brewing com
1
70
67
/Flat
1
2
1
-
—
Warner Aircraft com
69
72
value.
Apr
May
67
1948
par
1%
1%
1949
Federal Grain 6s
46
44
Alberta Pac Grain 6s.-1946
•No
Mar
May
18 H
Preferred
68
4s
1%
1
835
Cin Gas& Elec
Bid
Ask
Bid
Dom Steel & Coal 6%s 1955
Dom Tar<fe Chem 4Hs 1951
75c June
400
2,008
Carthage Mills A
Utility Bonds
(American Dollar Prices)
Canada SS Lines 5s
100
1H
1%
Jan
75c
-
Closing bid and asked quotations, Friday, Oct. 4
4H»-1951
85c
1H
28 %
Burger Brewing
Algoma Steel 6s
Jan
85c
1%
Apr
—
Industrial and Public
Abitlbl P & P ctfs 5S-.1953
25
28 %
May
75c
1
Aug
Jan
«.
*
17 H
Apr
1
Apr
lc
*
Walkvll Brw_
Jan
i%
85c
Jan
1.80
1.80
Temisk Min
Mar
Apr
3
22
2H
-
1
Ro? MaJ A
Jan
4%c
Pend-Orellle
Robb-Montbray
"•
Jan
55
1,593
•
l%c
15A
65c May
100
95c
Sept
11%
1
.
Scotten-Dillon com
Universal Cooler B
May
5
10
High
lc
11%
•
lc
Pawnee-KIrkland
44%
1%
2H
U. S. Radiator com
1.70
*
Fraspr vot trust
lc
500
■_
4%
29
Low
Shares
6 H
...1
Canadian Marconi
Feb
Mar
Union Investment com
Range Since Jan. 1, 1940
for
lc
6H
4%
*
Consolidated Paper
High
6 %
„.l
Canada Vinegars
Mar
Apr
4%
Tivoli Brewing com-
~Wpp\
Price
400
Apr
8%
2
Simplicity Pattern com—1
Std Tube B com
1
Timken-Det Axle com
10
Sales
Snip
Brett Treth.i
Sept
1%
16
Apr
Mar
compiled from official sales lists
Week's Range
Last
Par
101 %
Exchange—Curb Section
both inclusive,
Friday
Stocks—
July
99
1%
6
11%
2H
5
River Ralson Paper com.
Bonds-
~"i%
Jan
27c
8H
.» «
Mar
1%
1%
1%
13%
•
4%
Feb
July
1%
^
26
.*
10
Reo Motor com
Rickel (HW) com
War
Jan
19
Jan
i—b w
-
-
Apr
3
*
Feb
6.35
—1
1%
Jan
Apr
110
*
Motor Products com
*
Wood-Cadillac
3%
400
10
May
60
Wright Hargreaves...
Winnipeg Electric pref. 100
56
45c
««
Mid-West Abrasive com50c
105
Jan
Jan
36c
*
39%
105
4%
3%
100
1%
1
Michigan Sugar com
3.70
100
Jan
2H May
2
May
4%
100
830
3H
2H
5%
2%
50
Mar
4
1
Masco Screw Prod com
19%
A
Apr
'
35c
1
10
41%
1
34
4
«.
1
Kingston Products com__l
15
131
4
1
110
214
16
52c
Jan
2
37
50c
18 H
Houdaille-Hershey B
*
Hudson Motor Car com..*
2%
10c
150
15H
60c
19
Hoover Ball & Bear com .10
Oct
Oct
100
5,600
Mar
July
105
12c
2
43c
2.70
*
Preferred
M
Jan
4.15
3.25
*
—
16H
2%
*
Wendlgo
m.
•
1
*
Western Grocers
May
49 %
4H
Ventures
Preferred
10H
10
98 He
Walkers
832
Goebel Brewing com
4
1
•
Walte Amulet
14H
14%
3%
2%
^^
General Motors com
37
*
—
Jan
General Finance com
..25
'
20%
Apr
105
15%
Upper Canada
Vermiiata Oil
Feb
285
Feb
12c
50
Class B pref
4H
3.46
2
*
United Steel
June
12
43c
Gas
3
July
*
Uchi Gold
Union
115
June
12c
Towagmac
United Fuel A pref
Apr
Mar
3H
31H
8%
105
Tip Top Tailors pref.. .100
Twin City
1%
1 90
10
Mar
1H May
16 H
225
1.15
2%
500
July
1,070
3.10
3,347
52c
Sept
2.45
10
1%
Jan
Apr
13
11H
1
*
Tip Top Tailors
Sept
Feb
May
130
2.36
3.25
1
Hughes..
Texas-Canadian
72
4%
1%
1
16
10H
2.45
*
com
10
72
72
72
Supersilk pref.
Sylvanite Gold
.
.
Frankenmuth Brew com__l
Jan
11,865
2H May
600
3H
31%
3H
Federal Motor Truck com *
Steep Rock Iron Mines
1.60
1.55
2,760
Jan
1.06
•
Sudbury Basin
Jan
Apr
100
1%
52c
3
77 H
12%
90 A
1 %
3%
1%
July
May
55c July
15
52c
5
40c
76
'*.
—
Mar
3%
5
Det-Michigan Stove com.l
Detroit Paper Prod com__l
8
25
520
75
75
8
*«.«. mum
*.
Continental Motors com_.l
Jan
9,500
•
Steel of Canada
Feb
8H
81K
591
81%
4,000
65c
Mar
1%
5
17,500
12 H
23 H
Aug
4H June
Chrysler Corp com
6c
50c
May
52c
437
Burroughs Add Machine.*
3c
12 H
Apr
13 H
200
Jan
2c
60c
7%
813
65c
Feb
44c
*
6H
22%
7%
79
„
May
64c
8.75
July
5HC
*
Standard Paving
26c
July
6H
65c
July
5
10,000
48c
16c
200
19c
High
Low
Shares
21H
*
Brown McLaren com
6c
South End Petroleum. —1
~"~6%
1
Briggs Mfg com
61c
Slave Lake
High
18c
1
Jan
Week
of Prices
Low
Price
Jan
24
47 Ac
1
Sladen-Malartlc
Sale
Par
Stocks—
1.18
50o
33
60c
57c
57c
1
101
98
101
100
Range Since Jan. 1, 1940
for
4.00 June
135
Slsooe Gold
July
16
200
*
6c
4,508
Sigma
Simpsons pref
sales lists
Sales
Week's Range
Jan
18 H
«.
..
-
15H
6c
—
July
15%
—1
8t Anthony
St Lawrence Corp
i
DETROIT
Telephone: Randolph 5530
High
Low
Shares
14c
14c
14c
1
Chicago Stock Exchange
Building
Range Since Jan. 1, 1940
Week's Range
Sale
New York Curb Associate
Exchange
Exchange
Ford
Sales
Last
Stocks (Concluded)
Stock
Detroit Stock
Exchange
Friday
Reno Gold
York
*
8
A
Jan
52% June
Mill
♦
8%
Apr
Oct
Apr
Feb
33
10
4
25
4
Oct
6
6
50
6
Sept
13
Mar
94
94
6
94
Oct
109
Jan
11%
5%
-__10
23
Jan
Mar
4
--25
—
1%
71%
115%
6
Unlisted—
General Motors
20
33
*
Columbia Gas-
Apr
102H May
6
Card
10
Waco——-*
Wurlitzer
10
Preferred-100
Am Rolling
34%
49%
5%
49
A
12%
5%
50
39
5%
Apr
Feb
9H
May
17
Apr
1,551
4%
May
508
37%
May
7%
56%
Apr
Apr
306
No par value.
William Scanlon is Commander.
and of interest to all veterans will be dis¬
meeting since the election of officers.
Several matters of importance
cussed in open forum at this
a
member of the Wall
either
employed
or
meeting.
Any veteran, whether or not he is
Legion Post but who is
Street or other American
is, below Fulton
Veterans wishing to com¬
E. Stiner, will find him at 63 Wall St.,
resides in this section of the City (that
St.), is cordially invited to attend this meeting.
municate with the Adjutant, Joseph
telephone number WHitehall 4-8450.
—John Heck has been admitted to
Stock Exchange firm of Townsend,
Great
general partnership in the New York
Resumes Permits
to
Sell Securities
held under war-time
control in Canada for the United Kingdom, will be
exchange
resumed tomorrow, the
and loan
Graff & Co.
Britain
Permits for the sale of securities
Bank of England notified its share
department on Sept. 30, according to
Press London
advices of that date.
Associated
Quotations
New York
Bid
a3a
a3%8
aSHfl
a334s
a334s
98
July
1
1975
101
May
1
1954
Nov
1
1964
10734 108 %
107 H 108%
1
1960
106%
Mar
16
a3 34 s Jan
1976
10234
107%
a4%8
a4%8
a434s
o434»
105% 106%
112% 113%
1
Mar
oA%b
a4Jis
a4%8
o4%»
a4%8
1964
11934
1 1966
Apr
15 1972
Apr
1 1974
June
15 1976
Feb
A Trust
120
1977
1981.
493
1-3
81
223
36
38
120
FRANCI8CO—
SAN
8334
Bk of AmerNTAS A 1234
231
119%
1967
1968
113
1959
11334 114%
a4 34s Nov
a4s
May
1
1977.
U5% 116%
a434s Mar
1963.
122%
Oct
1
1980
116
a434s June
1965.
123%
May
1
1960
11734 118%
a434s July
1967.
123%
1
1962.
118
a434s Dec
15 1971.
124%
119
290
480
122?*
1957.
1957.
1
1
1
aiH* Sept
a43£s Mar
1
a4%8 Dee
New York Bank Stocks
Par
127%
14%
Bank of Yorktown._66 2-3
40
Bensonhurst National
50
85
13 5B
30
32
164
170
mm
40
45
National City
1234
2434
26 34
National Safety Bank. 1234
16
1034
1234
10
10
60
1734
47
28
2934
Sterling Nat Bank A Tr 25
26
28
Penn Exchange
Peoples National
Public National
Bid
Ask
Bid
62.00
less 1
3s 1981
62.10
less 1
Highway
5s Jan A Mar 1964 to '71
62.20
Canal Imp 434s Jan 1964..
4s Mar A Sept
1958 to '67
1745
136
11334
New York Trust
Authority Bonds
Bid
Bankers..............10
Bid
Ask
Port of New York-
Ban Francisco-Oakland—
4s September
Bank of New York.... 100
Ask
California Toll Bridge—
120
...
Par
Public
690
130
100
136
Barge CT 434s Jan 11945.
142
650
Bronx
County new
35
100
Brooklyn
315
1st
Companies
Par
Ask
Bid
323
5134
4934
Fulton
15
19
Kings County
Lawyers
95
1942-1960
1 *75
105%
Central Hanover
20
92
ser May
1*76
104
Chemical Bank A Trust. 10
43
45
ser
Clinton Trust
30
35
New York
Continental Bank A Tr.10
1234
Title Guarantee A Tr
12
Corn Exch Bk A Tr
49 %
1434
5034
MAS
4th
Deo 15 '76
09% 100
103
334s 5th ser Aug 15 '77
10634
104
50
1942-1960
3%b
6 25
MAS
b
102% 103
1980
t revenue
3s serial
Empire
1953-1975..
62 45
20
61.50
1959
103
1952
103
(105
15
80
United States
100 1185
334
mmm
90
1535
Par
122
Bid
Par
Ask
.
Bid
Ask
105
434s July
10
100
Telephone and Telegraph Stocks
U S Panama 3s June 11961
4^8 Oct
234
Atk
rev
Ask
Bid
Government—
4434
Trade Bank A Trust
51
10134 10134
2.35%
Bid
41%
.
United States Insular Bonds
Philippine
20
to98l2
2J4s serial rev 1945-1952
10634
Preferred
Underwriters
...
Trlborough Bridge—
Inland Terminal 4%b ser D
1941
MAS
Manufacturers
36
52
25
4s
6 25
34
20
ser Mar
334s 2nd
3s
10934 11034
1976..
Ask
210
277
100 272
10
1034
1134
1550
100 1500
29 34
..25
2634
Irving
78
Bid
190
100
.....
Guaranty
73
General A Refunding—
Holland Tunnel 434s ser E
1941
MAS
12
Improvement—
145
Can A High Imp 4%b 1965
100
Merchants Bank
6100
Canal Imp 4s JAJ '60 to '67
---
145
Fifth Avenue
First National of N Y..100 1705
434s April 1941 to 1949.
Canal A Highway—
Highway Imp 434s Sept '63
Ask
World War Bonus—
Ask
National Bronx Bank...50
100
r.i) MM
Bid
Par
Ask
Bid
Bank of Manhattan Co. 10
Commercial National.. 100
1979.
New York State Bonds
3fl 1974
Ask
280
Northern Trust Co....100
122
May
o4fl
Bid
Par
Ask
195
121%
1978
May
Nov
117
185
100
Bank A Trust....33
First National
1
a4s
114
Bid
Harris Trust A Savings.100
100
Continental Illinois Natl
120%
121
15
Jan
Nov
Mar
Par
American National Bank
120
a 4s
<z4s
5, 1940
Chicago & San Francisco Banks
Ask
97
1977
1
Jan
City Bonds
95%
Oct.
Over-the-Counter Securities—Friday Oct. 4
on
Ask
94 34
15 1969
a2%s July
1
'
—.
The Commercial & Financial Chronicle
2030
6s
Apr
1965...
6a
Feb
1952
534s Aug
1941
115
103
11014
115
111 14
Cuban Teleph 6%
Teleg (N J)
com.
Preferred
121
108
111
July 1948 opt 1943.
Bell
108
pref. 100
40
immm
Franklin
25
71
'-mm
Mtn States Tel A Tel.. 100
131
18
35
3034
3234
'mmm
100
15
32 34
25
Preferred A
«...
46
Telegraph...25
*
Atl
Peninsular Telep com
11734 120
Emp 4 Bay State Tel.. 100
Conversion 3s 1947
118
.
18
---
Pac A
103 %
D 8 conversion 3s 1946
Hawaii 4%B Oct 1956.
100
Telep of Canada.. 100
Bell Telep of Pa pref... 100
118
6s
108
New York Mutual Tel..25
100
4%b July 1962...
9934/101
105
102 %
;.
*
Am Dlst
Govt of Puerto Rico—
Rochester Telephone—
Federal Land Bank Bonds
Telegraph..., 100
Int Ocean
Bid
3fl 1955 opt 1945
J AJ
3s 1966 Opt 1946
38 1956 opt 1946
JAJ
.Ask
Bid
|
ioe 34 10734
107
10714
107141107
MAN
Ask
Telegraph
Atlanta J4s, 134s
Chicago
m
— m
81
-
-
Lincoln 5s
9934
83
mm —
99
Lincoln 534s.
85
New
2
83
York
5s
North Carolina 34s, 134s..
99
—
m
86
99
Oregon-Washington
...
r35
Pennsylvania 134s, 134s
.
*
Ask
Bid
3
234
Par
*
100
2
22
Flshman (M H) Co Inc..*
7
6% pref.._100
99
5s
103
Phoenix
...
99
4%a
102
Potomac 134s._
—
Bid
1134
9934
Ask
1234
3
19
Kress (8 H)
Reeves (Dan el) pref... 100
99
...
--
40
834
U nlted Cigar-Whelan Stores
*
1834
9834
Phoenix
Is, 2s_.
/G Foods Inc common.
Bohack (H C) common
$5 preferred
99
First New Orleans—
First Texas 2s, 214s
Par
B
7% preferred
First Montgomery—
3s, 314s
163
r
'
114s, 2s
159
Ask
Lafayette 34s, 2s
Lincoln 4 34s...
9
rl 34
Denver 114s, 3s....
First Carolina—
Sou New Eng Telep... 100
...
Chain Store Stocks
Bid
m.
r7
18
J AJ
J4'' 43 1964 opt 1944
A sk
99
l%a, 1%b
16
107% 10814
11014 111
JA.l 110»i« llHi,
4s 1946 opt 1944
99
Atlantic
Burlington
113
25
3148 1955 opt 1945..MAN
Joint Stock Land Bank Bonds
Bid
134
100
$6.50 1st pref
So A Atl Telegraph
2034
mmm
..
...
First Trust Chicago—
Is, 154s.
Fletcher 14s, 314s
Fremont 414b, 514s
Illinois Midwest 4%b, 5s..
Indianapolis 5s
St. Louis..
99
99
smmm
99 34
Southwest (Ark) 5s
99
FHA Insured
14
83
Union Detroit 234s
134s
Offerings Wanted—Circular
mmm
WHITEHEAD &
Joint Stock Land Bank Stocks
Par
Bid
Atlanta
Mortgages
99
mmm
98
23
99
rl3
Virginian Is.
mmm
100
Iowa 414s, 434s
r21
San Antonio 34s, 2s
Southern Minnesota
65
Ask
Bid
Par
100
44 Wall Street,
Ask
85
New York
1
5
Atlantic
48
52
North Carolina
.....100
94
73
78
Pennsylvania
100
32
54
60
Potomac
100
100
110
Des Moines
52
58
100
105
110
First Carollnas
FISCHER
New York, N. Y.
38
Denver..
Request
100
Dallas..
on
80
14
4
8
Lincoln..
5
San Antonio
18
Fremont
Telephone: WHitehall 3-6850
9
Virginia..
214
...5
Virginia-Carolina.
85
100
3
FHA Insured Mortgages
95
Bid
Asked
Bid
Asked
Federal Intermediate Credit Bank Debentures
Alabama
Bid
Ask
Bid
Ask
10134 10234
434s
102
dae
due
due
Get
due
Jan
1 1940 6
25%
25%
25%
2 1941 6 .30%
%% due
14% due
Feb
Delaware
Mar 1 1941
District of Columbia 434s.
102
14% due
May
Dec
Florida 434 s
101
Georgia 434 s
Illinois 4%s
Indiana 434s
10134 102%
10134 10234
14% due
1 1940 6
2 1940 6
1 1941 6 .30%
6 .35%
1 1941 6 .40%
June 2 1941 6 40%
54% due
Nov
10334
Oct 1, 1941 6 ,50%
10134 10234
434s
10334
10234
New Mexico 4%a
N Y
101
102
103
102
103
(Metrop area) 434s..
4%a
Pennsylvania 434»
Rhode Island 434s
Bid
Maryland 4 34s
Commodity Credit Corp—
14%
Aug
1 1941 100 11 100.13
1%
Nov 15 1941 100.28 100 30
14%
May
1 1943 100 18 100 20
Home Owners'
54a
..Deo
1
Loan Corp
May
15 1941 1009
100.10
34%
notes
34%
Nov
Texas 434s
10234 10334
114s Jan 3 1944—
A servicing fee from
U 8 Housing Authority—
/Flat
price,
maturities,
n
a
101.14 101.20
Interchangeable.
Nominal ouotatlon.
toi When Issued
y
Now listed
2
Now selling on New York
on
Jan
to-s
r In
price,
d Coupon,
recelvorshlp.
With stock,
F.H.A. INSURED MORTGAGES
z
e
Ex Interest
or
Circular
on
request
Ex-dlvldend.
STORMS AND CO.
Commonwealth Building
Issuer.
389.50 of principal amount.
Sept. 25.
security for Banks and Insurance Co's.
Quotation shown Is for all
Curb Exchange.
Quotation not furnished by sponsor
on
10134 10234
14% notes Feb 1 1944.. 102.13U02.16
6 Basis
Phone Atlantic 1170
5% was paid
on
July 2 and
10234
10234
101
SPECIALIZING
101.11
1 1942 101.9
1955-1953 101 30 102
July
New York Stock Exchange.
1 Quotation based
101
Virginia 434s
34% to 34% must be deducted from Interest rate.
The best "Hedge"
No par value,
Insured Farm Mtges 4 34s
102
10334
10334
10134 10234
10134 103
10134 103
West Virginia 434s
1 1941 100.24 100.26
15 1942 100.26 100.28
Call Nov 16 *40 at 10014 101.10 101.16
♦
Tennessee 4 34 s
103
10134 10234
10134 10234
July 20 1941 100.19 100.21
34%
1%
Treasury 2s
Jan 3 1941 at 101%
10334
102
102
102
Corp—
1940 100.7
28
Apr
1 1943 102.26 103
Federal Natl Mtge Assn—
2s May 16 1943—
•
102
Massachusetts 434s
100.11
Reconstruction Finance
Federal Home Loan Banks
2s
Ask
8outh Carolina 4%b
Minnesota 434s
Ask
10134 10234
10134 10234
Michigan 4348
Bid
103
10134 10234
New York State 4%a
North Carolina 434s
Louisiana 4 34s._
Obligations of Governmental Agencies
102
104
5s
10134 10234
Arkansas 434s
5s
34%
14%
14%
14%
New Jersey 4%b
PITTSBURGH, PA.
The Commercial & Financial Chronicle
Volume 151
Quotations
on
2031
Over-the-counter Securities—Friday Oct. 4—Continued
INSURANCE and INDUSTRIAL STOCKS
Guaranteed Railroad Stocks
bought—sold—quoted
3o$epb Walkers Sons
Members hjjrw
a
Vermilye Brothers
York Sleek Exehemge
E1
,
lH^n ta
Tel. RE ctor
STOCKS
120 Broadway
2-6600
30
GUARANTEED
NEW YORK
BROAD ST., N. Y.
HAnover 2-7881.
CITY
Teletype N. Y. 1-894
Sine* 1855
I
G uara nteed Rail road Stocks
nsurance
Companies
'
Par
(Guarantor in Parentheses)
A*t
Hta
far
Ask
'tin
Aetna Cas A Surety....10
118M
122 M
.......5
49 %
51%
Home Fire Security..... 10
1%
Aetna Life............10
28%
30
Agricultural...
70
74
Homestead Fire——10
Ins Co of North Amer
10
Asked
Bid
Par in Dollars
10
20%
American Equitable.....6
Amer Fidel A Cas Co 00m 5
17%
21%
18 M
12 M
..
......25
American Alliance
6.00
72
75
10.60
111
115
6.00
Alabama A Vlcksburg (IllinoisCentral)......... ..100
Albany 4b Susquehanna (Delaware 4b Hudson).... —100
74
American Home.......10
..........
2.00
30
78
33
8.75
88
90
American of Newark
.....
8.50
10
15
American Re-Insuranoe.10
3.00
38%
41
American Reserve—.10
5.00
89
91
American Surety
68
Automobile ...........10
Allegheny A Western (Buff Rooh 4b Pitts)
Beech Creek (New York Central)
Boston 4b Albany (New York Central)...
—100
Boston A Providence (New Haven)........
—100
Canada Southern (New York Central)....—
—100
Carolina Cllnchfleld A Ohio 00m (L 4b N-A O L). -100
Cleve Cln Chicago A St Louis pref (N Y Central) -100
60
Cleveland A Pittsburgh (Pennsylvania)..
—100
65
5.00
83
3.50
81
—50
2.00
48
—25
2.00
46%
47%
pref (N Y Central)...... -100
—100
Georgia RR ^ Banking (L 4b N-A C L)
Lackawanna RR of N J (Del Laok 4b Western)— -100
-100
Michigan Central (New York Central)...
Morris 4b Essex (Del Lack A Western)—........
50
5.50
56
69%
9.00
147
Betterment stock
.
Delaware (Pennsylvania)..
......... ........
Fort Wayne A Jackson
—
Preferred...
Mass Bonding 4b Ins—12 M
Mereb Fire Assur com...5
18
Mereb A Mfrs Fire N Y..6
48 M
National Casualty......10
National Fire.—....10
38 %
7%
93
Boston.............. 100
594
614
Camden Fire...........5
19
21
New Brunswick
Carolina
New Hampshire Fire...10
New York Fire.........5
95%
28 M
30
City of New York
.10
City Title.—..—.5
21
22 M
...10
8
7
47
44
81
Fire Assn of Phlla.
.10
2M
51
8M
........ ...
.....
——
178
174%
154%
1
49
;
63
——
Fireman's Fd of San Fr.25
94 M
125
64 %
97
38
40 M
St Paul Fire A Marine..25
Georgia Home
23
26
8eaboard Fire A Marine..5
Glens Falls Fire.........6
23%
41M
25%
43M
Security New Haven....10
5.00
62%
23%
66%
3.50
West Jersey A Seashore (Penn-Reading)
3.00
55
58%
Rhode Island...........5
—50
1.20
62.26
1.50
New York Central 4%s—
66 25
4 25
65.25
4 25
N Y Chlo A St
61 50
0.75
J 64.00
Chesapeake A Ohio 4Mis../ 61.50
3.25
Central BR of N J 4 %s_
Central of Georgia 4s
Atk
Bid
Missouri Pacific 4 Ms
Nash Chat A St Louis 2Mb
Nat Steel Car Lines 5s..._
61.60
62 00,
Springfield Fire A Mar. .25
Standard Acotdent
25
26 M
Sun Life Assurance
23M
11M
13 M
25M
Travelers..
12
82
85
U 8 Guarantee
55
57
Westchester Fire
...........10
Hartford Fire——10
Hartford Steam Boiler. .10
62.00
1 00
1.20
62.35
1.75
Par
Bid
63.00
2.50
62.50
2.00
Alabama Mills Ino—....*
American Arch
*
1%
30%
34
64.25
3.60
Amer Bern berg A corn...*
American Cyanamld—
16%
18%
5% conv pref 1st ser.,10
2d series............
12
12%
12
12%
Amer Distilling Co 5% pflO
American Enka Corp....*
3
48%
American Hardware
23%J 24%
Louis
1.00
1.20
No W Refr Line 3 Mb-4s
J
63.00
2.50
1.75
Pennsylvania 4Mb series D
61.00
62 10
1.60
_
.
1.60
62.00
4s series E
62,25
0.50
1.75
2Mb series G A H
62.00
1.60
62.20
1.75
Del Lack A Western 4s
63.25
2.50
Pere Marquette—
Denv & Rio Gr West 4%s_
Erle 4Ms
62.25
1.75
62.20
1.76
2Ms-2Ms and 4Ms
Reading Co 4Mb..
61.60
1 30
American Mfg 5% pref
St Louis-San Fran 4s-4 Ms.
62.00
1.50
Arden Farms
...
1.25
Illinois Central 3a
62.50
2 00
Shlppers Car Line 5a
Southern Pacific 4 Ms
2%s
Kansas City Southern 3s..
61 74
1.40
Southern Ry 4a
Lehigh A New Engl 4Mb..
Long Island 4Ms..
61.80
1.40
62 25
1.75
Texas A Pacific 4s-4Ms—
Union Pacific 2Mb
Louisiana & Ark
62.00
1.25
Western Maryland 2s
62.25
1.75
Western Pacific 5s
62.00
1.50
3%s
Despatch
2Mb. 4Mb & 6s........
;
—
13 partlc preferred...
Arlington Mills.
100
Armstrong Rubber A—.*
35%
27%
53%
62 40
2.00
Art Metal Construction. 10
15
17
Autocar Co
1 20
61.75
61.80
1.50
62,00
62.25
1.60
1.15
50
50
56
67
..—...........—.1943
85
Cessna Aircraft
102"
102%
102 M
7i)
Chicago Indiana A Southern 4s
....................1956
Chicago St Louis A New Orleans 5s........
...1951
Chicago Stock Yards 5s
......................1961
...
65
190
72
115% 118M
39M 41M
3%
2%
295
425
10
.2.50
19M
46%
65 M
32 %
Par
Nat Paper A Type com...1
6% preferred
50
New Britain Machine....*
Newport News Shlpbulld'g
and Dry Dock com.. 1
55 conv preferred..——*
Ohio Match Co
*
Pan Amer Matoh Corp. .25
Pewl-Cola Co.
*
—1
Permutlt Co
Conversion...!
Bid
Ask
3
4%
21
24M
42%
44 K
23
M
219
4%
M
1%
2 K
Dentists Supply com
10
Devoe A Reynolds B 00m *
76
~60~
Draper Corp..*
77
3%
5%
*
Dun & Bradstreet com
Pilgrim
Pollak
Exploration
1
Manufacturing...*
Remington Arms com....*
Safety Car Htg 4b Ltg—.60
Scovlll Manufacturing..26
Singer Manufacturing.. 100
Skenandoa Rayon Corp..*
20
Standard Screw
6%
Tampax Ino
Steel
1
common....
2M
9%'
Tennessee Products......*
Time Ino......
1
...*
Tokheim Oil Tank A Pump
Common
—————5
15
17
34
37 M
27 M
jTriumph Explosives.....2
32
9M
41
United Piece Dye Works. •
30
Preferred.—....100
34 M
2%
Class A.—.—*
Class B
*
13%
32
34%
3%
%
7%
4%
%
1%
VeedeivRoot Ino com....*
63%
Welch Grape Juloe 00m 2M
18%
108
50
Foundation Co Amer she *
2
%
3%
60
Gariock Packings com...*
Gen Fire Extinguisher...*
52
54
70
14M
14M
Kansas Oklahoma A Gulf 5s
1978
99 M
Gen Machinery.
23
24 %
Memphis Union Station 5a
New London Northern 4b
New York A Harlem 3M8
1959
112
1940
90
30
..2000
...1948
...2032
100
Worcester Salt........ 100
York Ice Machinery.....*
13
15
..1946
1947
30
40
Amer Writ Paper 6s_.1961
Brown Co 5Ms ser A..1946
/69
/43%
Carrier Corp 4Ms.—.1948
85%
97
1949
38
42
13%
14%
55
Interstate Bakeries com..*
1%
f5 preferred..
•
King Seeley Corp 00m... 1
Landers Frary A Clark. .25
23%
"9§"
24%
26%
Lawrence Portl Cement 100
12%
12%
67%
14%
13%
103
101
98
53 M
1941
105
...
Portland Terminal 4s
43
Great Northern Paper. .25
Harrisburg Steel Corp.. ..5
99%
.....1947
117
———........
1961
90
.....1947
1965
86
Providence A Worcester 4s....................
Richmond Terminal Ry 3M8—..............
Tennessee Alabama A Georgia 4s.......
Terre Haute A Peoria 5s
Toledo Peoria 4b Western 4s....
105
.....1957
65
1942
.....
....... ........
105%
70
107
1967
99M
100
Great Lakes SS Co com..*
........
Long Bell Lumber
*
f5 preferred
....100
Mallory (P R) A Co
102*
2%
Good Humor Corp
1
Graton A Knight com.—.*
Preferred...
*
Marlin Rockwell Corp
1
Merck Co Ino common..1
3%
49
2
25%
Muskegon Piston RIng.2M
13%
15
95
National Casket......—*
10%
.....1968
76
14%
90%
1954
47
50
1990
63
64
.....
Preferred——
...
For footnotes see page
115
85
2030.
66
20%
5%
8%
3%
31
105
71%
45%
87%
97%
106
/40%
Dow Chemical
103% 103%
2Ks.—1950
f NY World's Fair 4s. 1941
Old Ben Coal 1st mtg 6s '48
105
77
3%s_1950
15
1961
.100
Celanese Corp 3s.....1955
71%
.....1940
2%
28
5%
%
2%
Deep Rock Oil 7s
..1937
Stamped.......—...
69%
55%
5
6%
42%
8%
Bonds—
70%
Vermont Valley
S6 preferred
7% preferred..—...100
13%
63%
109
~9§"
50
Minn A Ont Pap 6s—1945
.....1957
1946
95
com
Chlo Dally News
oys
Toledo Terminal 4Ms....................
Toronto Hamilton A Buffalo 4s................
United New Jersey Railroad A Canal 3Ms...
4Ms—.......................
Vleksburgh Bridge 1st 4-6s....................
Washington County Ry 8Mb..
West Virginia A Pittsburgh 4s...
Wlckwlre Spencer Steel..*
Wilcox A Glbbs
1%
107M 108%
57
31%
4%
5%
53%
45%
2
15
12%
44
Corp com *
Glddlngs A Lewis
Machine Tool........2
10
130
68
7% preferred——100
3
I
2
14%
126
United Artists Theat com. *
■United Biscuit 5% pf-.100
United Drill A Tool-
28%
69%
31M
1%
73 M
.
•
com
Taylor Wharton Iron 4b
1950
loo"
42
68
.1953
97M
103
3 %
38M
54
5
com
60% jTrloo Products Corp—..*
25
102
Talon Ino
7%
57%
24%'
5M
59
,29%
4%
Thompson Auto Arms
23
11M
Indiana Illinois A Iowa 4s
Pennsylvania A New York Canal 5s extended to.
Philadelphia A Reading Terminal 5s............
Pittsburgh Bessemer 4b Lake Erie 5s
5%
K
2%
3%
12 %
51
62%
24%
8%
Farnsworth Telev 4b Rad.l
—
15
13%
205
20
37
34
23
Federal Bake Shops.....*
Preferred..—....,
30
Norwich A Worcester 4Mb...
11
9%
5%
18%
59%
19
...
23%
104%
104
49
20
112
New York Philadelphia 4b Norfolk 4s......
New Orleans Great Northern Income 5s...........
New York 4b Hoboken Ferry 5s
34%
*
Sylvama Indus Corp....*
S3 conv pref..........*
Crowell-Col Iter Pub
,»•
17
...
48 M
68
Stromberg-Carison
3%
12%
111
Illinois Central—Louisville Dlv A Terminal 3Mb..
20%
Stanley Works Inc......25
194
2%
65
Connecting Railway of Philadelphia 4s. .................1951
Cuba RR Improvement and equipment 6s
i960
74
21%
10%
Dictaphone Corp
... .*
Dixon (Jos) Crucible
100
Domestic Finance cum pf_*
102
2%
4
3
60
57
Florida Southern 4s————1945
Hoboken Ferry 5s
...1946
11
Coca Cola Bottling (N Y) *
Columbia Baking com...*
SI cum preferred......*
Consolidated Aircraft—
......1995
...........
1%
20%
.....1
Cuban-Amer Manganese.2
90
101
1965
........
Cleveland Terminal & Valley 4s
84
-.1940]
1955
.................
......
Carolina Cllnchfleld A Ohio 4s
/46
/46
-.1944
.....
Botany Worsted Mills el A5
f 1.25 preferred....... 10
Buekeye Steel Castings..*
Brown A Sharpe Mfg...60
City A Suburban Homes 10
Asked
...1946
Boston A Maine 4Mb...... mmmmS'mmm
9%
10
com
Chlo Burl A Qulncy—100
Chilton Co common..—10
Bid
Cambria A Clearfield 4s
2%
com v to
1.26
61.65
1945
8%
36 M
35 M
57
61.60
....
234
6%
34 M
33 M
415
Petroleum Heat A Power.*
1.25
Wheeling A Lakh Erie 2Mb
6s
4
2M
224
245
Petroleum
1.40
61.50
-
24 M
100
75%
70
2.00
Railroad Bonds
Baltimore A Ohio 4s secured notes
Boston A Albany 4Mb.
16 - no
63.00
1.76
1.20
Akron Canton A Youngstown 5Ms—
*
100
50%
2%
37%
29%
West Fruit Exp 4Ms-4Ms.
Merchants
Amer Malse Products
4
61.90
St Louis S'western 4%s„
4 00
61.65
Maine Central 6s
25
2%
61.75
1.40
64.75
.
1.50
62.00
61.75
4s, 4Mb and 4Mb
Grand Trunk Western 6s.
Great Northern Ry 2s
8%
27%
25%
25M
.——..100
U S Fidelity A Guar Co..2
U S Fire.—
.4
Atk
4s...
NYNH4 Hartford 3a...
mm
North Amer Car 4Ms-5Ms
Northern Pacific 2Ms-2Ms
Growers Express
10
Stuyvesant...—........6
7
Industrial Stocks and Bonds
61 60
mm
2MB
Chic A Northwestern 4 Ms.
Clinchfleld 2Mb
Fruit
9M
118%
1.75
61.70/
—
10
11M
59 M
2d preferred.........15
114
1 25
62.25
62.50
Chlo Burl A Qulncy 2 His..
Chic Mllw & St Paul 5a.
9
9
54M
Globe 4b Republic
5
Globe A Rutgers Fire—15
Hanover.
Atk
1.25
—10
Great Amer Indemnity...!
Halifax
......10
26%
Equipment Bonds
0.60
Seaboard Surety..
Great American.........5
—.
....
Canadian National 4 %s-5si
Canadian Pacific 4%s._
64
25M
114M 119%
14 %
General Reinsurance
10M
137
59
4M
99%
36 %
30
60%
16
14%
34%
Providence-Washington .10
Reinsurance Corp (N Y) .2
Republic (Texas).......10
Revere (Paul) Fire
10
9M
5.00
44 M
38 M
28M
5.00
,
17%
34 M
47%
87
Franklin Fire...........5
Valley (Delaware Lackawanna A Western)
—100
Vlcksburg Shreveport A Pacific (Illinois Central) -100
Preferred
;
-100
Warren RR of N J (Del Lack A Western)
50
8
144
16%
32%
12 M
Firemen's of Newark.....5
Corp 5
10
Gibraltar Fire 4b Marine. 10
7
138
36
70
57
66%
83
141
246
7
27 M
54 M
Pacific Indemnity Co—.10
67
64
48
6
24 M
Preferred Accident— ——5
136
242
62.00
.25
3.00
6.00
61.00
National .25
Northwestern
Pacific Fire—
6.00
-100
100
44
1M
1M
3%
62
65
59
44M
8M
2%
2%
61M
7M
95%
23 M
6.64
;
64 M
Phoenix..——..—...10
9%
43 M
120
19%
63M
41M
12.50
North River.....——2.50
Eagle Fire
,.2M
Employers Re-Insuraneo 10
Exoess
..—5
Federal.
—10
Fidelity 4k Dep of Md.—20
2%
18
Northeastern ........... 5
35 M
6.00
Atlantic Coast Line 4%8..
...10
33%
10.00
Baltimore A Oblo 4 %s
'
Bessemer A Lake Erie 2%s
Boston A Maine 6s
New Amsterdam Cas....2
Continental Casualty..-.5
94
36%
Utlca Chenango A Susquehanna (D L A W)—... -100
Bid
National Liberty .—..—.2
National Union Fire. ...20
Bankers 4b Shippers. ....25
57%
Tunnel RR St Louis (Terminal RR)....
-100
United New Jersey RR A Canal (Pennsylvania).. -100
Railroad
Maryland Casualty......1
14%
45%
Northern
91
7.00
—
......
...6
26M
32
7.00
RR)..—I
6M
2M
....—5
.
Lincoln Fire......
25M
3.00
St Louis Bridge 1st pref (Termlnal
Seoond preferred
46%
36%
Knickerbocker
Connecticut Gen Life... 10
1.50
60
Baltimore American
7
Jersey Insurance of N Y.20
28%
<
4.60
Pittsburgh Fort Wayne A Chicago (Penna) pref.. -100
Pittsburgh Youngstown 4b Ashtabula pref (Penna) —100
Rensselaer A Saratoga (Delaware A Hudson)
—100
———
750
25
5
12 M
43 M
16 M
...
53%
6.00
4.00
46
2M
11
Home
27
8.875
—
153
550
60.00
—60
Oswego 4b Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U S Steel).... ...60
m-mrn
43%
4.00
New York Lackawanna A Western (D L A W).. -100
Northern Central (Pennsylvania)—
—60
-
32 %
30%
10
Aetna
Dividend
Pennsyl Glass Sand 3%s '60
Scovlll Mfg3Ms deb—1950
Western Auto Supp 3%s '65
/38%
9%
47%
42%
40%
10%
49%
104% 105%
106% 106%
98%
Woodward Iron Co—
2d oonv Income 5s.. 1962
119% 121%
The Commercial & Financial Chronicle
2032
Oct.
1940
5,
Quotations on Over-the-Counter Securities—Friday Oct. 4-Continued
Public Utility
Bought
Preferred Stocks"
Sold
.
Quoted
•
i
n vest i
Par
Adminis'd Fund Inc.....*
Aeronautical Securities..
Com pa n ies
ng
Alt
Bid
11.57
8.60
9.35
A sk
Bid
Far
10.88
9.26
9.87
Keystone Custodian Funds
Investors Fund C—
1
1%
♦Amerex Holding Corp..
2.66
2.91
Series B-l——.
27.45
30.02
23.08
Affiliated Fund lnc
13
Series B-2_
21.61
2.93
3.23
Series B-3——
13.46
0.07
6.70
Series B-4:
Aviation Capital lno——1
Jackson & Curtis
11%
Amer Business Shares
Amer Foreign Invest Inc.
Assoc 8tand OH Shares
2
19.59
4
4%
6.41
Series K-l—
14.81
7.07
14.18
15.56
Principal Stock and Commodity Exchanges
Members
Tel. BArclay
♦5% preferred.........
13.34
8.45
Series K-2——
13.99
5%
Knlckbocker Fund...
15"04
British Type Invest A...1
.12
.27
21.72
23.48
1
12%
13%
Canadian Inv Fund Ltd..1
2.80
23.70
25.48
9.66
10.46
Chemical Fundi.
Bid
Far
Ask
102% 104%
6%
5%
93% 95%
Atlantic City El 6% pref.* 3:120%
Alabama Power 17 pref..*
Amer Utll Serv 0% pref.25
Arkansas Pr & Lt 7% pf__*
Bid
Nassau A Suf Ltg 7% pf 100
National Gas A El Corp. 10
26
New Eng G A E 6%% Pf-*
New Eng Pr Assn 0%pf 100
27%
62%
4%
Ask
28%
5%
29%
07 prior lien pref.
..*
00 prior Uen pref———*
Birmingham Etec 07 pref *
84%
87
Birmingham Gas—
03.50 prior preferred..60
47
48%
06 cum preferred
*
New Orleans Pub Service.*
07 preferred
—*
7% pf 100
preferred.—
100
preferred
100
Cent Pr A Lt 7% pref—100
7%
Consol Elec A Gas 00 pref.*
Consumers Power 06 pref.*
11
24 %
26%
107% 109%
108% 110%
81%
78%
New York Power A Light—
00 cum preferred.—...*
103% 105%
101
7% cum preferred...100
N Y Water Serv 0% pf .100
Central Maine Power—
00
74%
68
preferred...—...*
07
Carolina Power & Light—
Cent Indian Pow
73%
65%
8%
103%
no
112%
113
115%
11% 13%
105% 107%
113
27 X
115
29%
Northeastern El Wat A El
04 preferred.......—*
MX
61%
forthern states Power—
10c
3.80
4.85
.1
Maryland Fund lno
18.39
19.77
9.31
10.71
8.82
9.48
Mass Investors Trust
Mass Investors 2d Fund
10
(Del) 7%
1
♦Continental Shares pf 100
Corporate Trust Shares.. 1
Accumulative series
1
1
Series A A mod
Series AA
92%
94%
Derby Gas A El 07 pref..*
65%
08%
Federal Water Serv Corp—
06 cum preferred...—.*
00.60 cum preferred.—*
Florida Pr A Lt 07 pref—*
34% 36%
35% 37%
110% 113
Indianap Pow A Lt com..*
Interstate Natural Gas...*
07%
*23%
preferred...
100
preferred
100
.ila G A E 7% pref—100
Pacific Pr & Lt 7% pf-100
anhandle Eastern Pipe
0%
7%
*
Line Co
84%
86%
108
110%
U3% 116%
116% 119
86
83%
37 X
39%
111
112%
19X 20%
69%
24
24
26
31
34
3.38
(Colo) ser B shares
*
(Md) voting shares..25c
2.21
New England Fund
2.16
5.55
2.10
Agriculture
2.57
Aviation
♦Crura A Forster com—10
26%
100
1.15
1
7.00
Automobile
28%
100
♦7% preferred
4.72
5.12
10.59
...
11.44
7.82
8.46
5.58
Bank stock
Building
7.58
.........
6.05
....
supplies
...
9.13
Chemical
29
7.37
7.98
9.25
10.00
Machinery.
27
111
8.44
Electrical equipment..
Insurance stock.......
♦Cram A Forster Insurance
♦Common B shares.—10
5.97
11.99
N Y Stocks lnc—
2.67
♦8% preferred
Til"
1.07
11.12
National Investors Corp.l
Deposited Bank Shs ser A 1
Deposited Insur Shs A—
16.94
8.60
6.49
7.03
Oils.
4.44
15.67
Delaware Fund
7.95
Metals
Cumulative Trust Shares. *
5.91
6.41
3.00
Railroad...
2.77
jf.54
Railroad equipment....
5.85
6.34
6.43
6.97
3.80
No Amer Bond Trust ctfs.
Steel
Diversified Trustee Shares
43
1
D
—2.50
6.25
5.90
No Amer Tr Shares 1953.*
2.03
25c
1.08
1.19
Series 1955...—....1
2.61
1
2.56
Series 1958
1
2.10
Plymouth Fund Inc... 10c
Putnam (Geo) Fund
.30
.41
12.63
13.51
Ohio Public Service—
66%
Hartford Electric Llght-26
11
9
1
Dividend Shares
..100
3.64
3.35
Series 1956
100
pref..
....1
Commonwealth Invest
Nation .Wide Securities—
C
Continental Gas A Elec—
7% preferred—
7.59
6.88
Manhattan Bond Fund lno
Series ACC mod—1
64
New Eng Pub Serv Co—
0.30
3.60
Century Shares Trust...*
1
Mutual Invest Fund
Utility Stocks
3.86
5.72
-
3.61
Bullock Fund Ltd
Public
9.38
3.42
Series 8-4—
Broad St Invest Co Inc..5
Teletype N. Y. 1-1600
7-1600
4%
Basle Industry Shares..10
Boston Fund Inc.......
New york City
115 Broadway
8%
7%
10.74
12.10
Series 8-3
Bankers Nat Investing—
♦Class A..
21.29
9.71
Series S~2
established 1879
r
EatonA
Howard—
17.17
Balanced Fun.d
10.72
11.38
24.76
26.62
Equity Corp 03 conv pref 1
Fidelity Fund lnc
*
First Mutual Trust Fund.
20%
20%
16.82
18.10
5.92
6.55
.
Insurance stk series. 10c
06 cum preferred......*
77
79
—
—■
<• —
mm
2.16
10c
5% deb series A......
Representative Tr Shs.. 10
Republic Invest Fund
3.30
102"
99
9.23
9.73
3.26
3.69
2.39
2.98
6.55
Quarterly lno Shares
Fiscal Fund lno—
Bank stock series... 10c
—
18.25
Eqult Inv Corp (Mass)..5
Stock Fund....
-
rnmrn.m'
Scudder, Stevens and
% 100
102
Kings Co Ltg 7% pref.100
Long Island Lighting—
80
83
——100
62
24%
30%
*
91
93%
33%
23%
07 prior lien pref
31%
Kansas Pow A Lt 4%
7% preferred.
102%
0% preferred——.—100
100
6% preferred D
02
-
preferred
19
81
90%
8.10
15.48
16.83
Selected Inoome Shares.. 1
3.89
4.52
5.30
5.85
6.47
*
4.13
Sovereign Investors... 10c
Spencer Trask Fund.
*
Standard Utilities Inc. 50c
14.12
14.97
♦
20.75
28.76
Corp...*
62%
4.51
4.92
Super Corp of Amer AA—1
2.34
4.78
4.08
6.51
Trustee Stand Invest Shs—
4.45
7.95
8.64
5.43
5.91
6.13
0.67
—
6
23
General Capital
Corp
Group Securities—
Agricultural shares
17% 18%
105% 107%
Automobile shares..
110% 113%
Chemical
Aviation shares.—.—
Building shares
83%
93%
84
Selected Amer Shares..2%
Fundamental Invest Inc.2
86
...
shares...
5%
28%
17
28%
30%
Investing shares.......
2.64
75%
78
Merchandise shares....
5.00
5.11
1
.
«•
—
-
.30
66
—
2.23
2.17
♦Series
A
1
4.93
♦Series
B
1
i
4.38
■
5.57
Washington Ry A Ltg Co—
52%
17%
Participating units
18%
26%
...
26%
100% 102%
3.54
3.59
.47
.52
Trusteed Industry Shs 25c
5.40
4.74
25c
.73
.82
Class B
3.82
5.01
....
Trusteed Amer Bank Shs—
3.80
RR Equipment shares..
Steel shares
Tobacco shares........
5% preferred...——..*
Narrag El 4%% pref...60
1
♦Series D
5 15
Mining shares
C_.
8.83
—
.25
Trustee Stand OH Shs—
2.89
40
52%
-*
♦Series
4.21
03 pref
29%
18%
44
3.86
02.75 pref—
Monongahela West Penn
Pub Serv 7% pref
15
Mountain States Power...
28
*State St Invest
9.01
26%
Electrical Equipment—
Food shares
8.29
——.*
tah Pow A Lt 07 pref--.*
4%
79.78
Clark Fund lnc
21%
104% 100%
22
Mass Utilities Associates—
6% conv partlc pref. .60
Mississippi Power 00 pref.*
07 preferred
_—.—.*
Mississippi P A L 06 pref.*
Missouri Kan Pipe Line..6
4~ 20
B
5
Mass Pow A Lt Associates
3.65
General Investors Trust. 1
105% 108%
8.93
Foundation Trust Shs A.l
ub Serv Co of Indiana—
Fixed Trust Shares A... 10
Fundament'! Tr Shares A 2
Jamaica Water Supply...*
Jer Cent P A L 7% pf-100
5.17
Petroleum
shares
U S El Lt A Pr Shares A...
15%
2.09
B
Wellington
Fund——l
1
.08
13.85
14.89
Income Foundation Fd lno
1.30
1.41
♦Blair A Co
Independence Trust Shs.*
2.00
2.24
♦Central Nat Corp cl A..*
m,mmm
14.45
.28
Investors..5
13.13
♦Huron Holding Corp
Investment Banking
Incorporated
Public
Bid
Amer Gas A Pow 3-5s.l953
Amer
56%
89%
56%
Utility Serv 6s..1964
Associated Electric 5s. 1961
Assoo Gas A Eleo Corp—
Inoome deb 3%s.—1978
Utility Bonds
Bid
Ask
58
1
.1964
91%
I
1
.1969
58%
.1970
.1955
4%S.
/14%
/14%
A5
A5%
f25
Income deb 3%s—.1978
Income deb 4s.....1978
Inoome deb 4%s.—1978
Conv deb 4a
1973
Conv deb 4%s..... 1973
Conv deb 5s...—..1973
Conv deb 5%s
1973
8s without warrants 1940
103%
112%
103%
102%
Ask
104%
113
104%
103%
1
16
1.02
♦First Boston Corp——10
15%
Insurance Group shares.
1.16
1.28
16.79
18.15
♦Schoellkopf Hutton A
Pomeroy lnc com
10c
%
-
.92
1
61%
80%
106% 107%
UtU.1954
4%s.
Bid
Alabama Wat Serv 5a.l957
106
102 X
Ashtabula Wat Wks 5s *58
Ask
105
103
|
102%
Atlantic County Wat 5s '58
102
mmm-
1st consol 4s
1948
102
mmm
1948
101
mmm
mmm
89%
Butler Water Co 6s—.1957
105
100% 107%
Calif Water Service 4s 1961
100% 108%
Public Servloe 3%s.l969
106% 107%
City Water (Chattanooga)
5s series B—
1954
1st 5s series C
1957
101
88
Ask
1950
1st A ref 5s
.1965
60
Bid
Peoria Water Works co—
mmm
60
30
12
00
Sink fund lno 5-08—1986
Blackstone Valley Gas
A Electric 3%s
1908
4s..
mmm
Prior lien 5s..
—1948
104%
mmm
109%
12
12
12
.1964
3%e_.
111
112
82%
84%
104
99% 101%
95
96%
96%
98%
104% 104%
Central IUlnols Pub Serv-
100
.1970
3%s.
107% 108%
107% 108
1961
lst mtge 3%s.
19f
Central Pow A Lt 3%s 196
Central Public Utility—
rH
r—1
OO
107%
90%
/ie% 17%
lu6% 107%
92
70%
59
89
91
St Joseph Wat 4s ser
.1900
105
.1957
105
Kankakee Water 4%s_1959
103
Kokomo W W Co 5s..1958
105
102
3%s
.1947
4%s_.
62%
.1958
78
80
77%
92%
mmm.
1st mtge 3%b
1970
s f debs
3%s—..I960
107
Muncle Water Works 5s '65
1950
...
5%s
103
104
5b
;
1957
98
1960
101
108
80
106
106
102% 104%
106
107 % 107K
107% 108
103%
5s series b
1st mtge 5s
1st mtge 5%s
.-1951
100%
1950
Westmoreland Water
»
—
107%
104
—
*
mmm
mmm
Wichita Water—
— —
107%
100%
For footnotes See page 2030.
101%
103%
97
0
1950
101
106
128
102
1956
Union Water Serv 5%s *51
5s.
Ohio Cities Water 5%s
Western Public Service—
5%a—
75
104
Springfield City Water—
Western n y Water Co—
101% 104%
103%
102
West Penn Power 3s. .1970
West Texas Utll 3%s.l969
98% 102
102%
w Va Water Serv 4a—1961
105
New Rocbelle Water—
108
103
United Pub Utll 6s A. 1960
Utlea Gas A Electric Co—
»J 100%
-1967
Shenango Val 4s ser b.1961
South Bay Cons Water—
105 %
100
102
•
107% 108%
100%
97
105
109% 110
102% 102%
)
mmm
101% 102%
90%
/64%
67%
105% 106%
102% 102%
101% 102
104
Water Service 58,1901
53%
75%
)
4%s
-1958
Scranton-Sprlng Brook
— ——
4s A
100
.
mmm
Texarkana Wat 1st 5s. 1958
105% 105%
110%
Iowa Pub Serv 3%s..
107%
103
51%
108% 109%
Inland Gas Corp—
106
1st & ref 5s A
106% 107
105% 105%
Houston Natural Gas 4s
mmm
a1966
Scranton Gas A Water Co
Indiana pods Water—
5%s.
58
Cresoent Public Service60
mmm
101
5s
....1951
91%
57
105
1951
Water 5s
73
2%
82%
58
1946
6s series A
Monmouth Consol W 5s *56
—.1950
6s
106
Collateral 5s
5b..
89
Joplln W W Co 5s
90
/1%
80%
84
100% 101%
ortland Electric Power—
---
Rochester A Lake Ontario
Community Water Service
1st mtge
1st Hen 3-68..
---
107
mm
103% 103%
...
6%s series B——.1946
Cent Ark Pub Serv 5s.
Central Gas A Eleo—
103
Richmond w w Co 5s 1957
m
101
Plalnfleld Union Wat 5s '61
105%
105% 107%
Pinellas Water Co 5%s.*59
Pittsburgh Sub Water—
5s—
1951
12
Sink fund lnc 5s.... 1983
Sf lnc4%8-6%8__—1986
1
Phlla Suburb Wat 4s—1965
Cons ref deb 4%s_—1958
Sink fund lno 4%s..l983
0%s stamped.
16%
1st consol 5s
107%
Assoo Gas A Eleo Co—
.
2
84%
30
/57
23
1
Inve8tm't Co of Amer.. 10
Bank Group shares
1%
20
59%
27
/28%
/28%
1%
..*
Water Bonds
15%
15%
29%
Corporations
♦Class B_.
Institutional Securities Ltd
15
/28
,
68 series b
—
1952
—1956
5" series c———1960
6s series A———1949
w'msport Water 5s... 1952
102%
mmm
101
105
-II
103
102%
-
--
Volume
The Commercial & Financial Chronicle
151
Quotations
2033
Over-the-Counter Securities—Friday Oct. 4-Concluded
on
Real Estate Bonds and Title Co. Mortgage Certificates
If You Don't Find the Securities Quoted Here
in
which
our
you
have interest,
you
will
Bid
Alden Apt 1st mtge 3s.1957
Beacon Hotel ine 4s.. 1958
probably flDd them in
monthly Bank and Quotation Record.
B'way Barclay lnc 28—1966
B'way A 41st Street—*
In this publi¬
The classes
bonds.
'..
'
5
27
29
65
1957
/12
14
30
Cheseborough Bldg 1st 6s'48
49
4-63—
'
■
Ask
Bid
.
1945
67
70
.........1956
15
17
4
5
S f deb 5s
21M
62
■
;
Metropol Playhouses Ino—
...
Chanln Bldg 1st mtge 4s '45
of securities covered are:
7.
:
Ask
N Y Athletic Club—
1st leasehold 3M-5s 1944
Broadway Motors Bldg—
cation quotations are carried for all active over-the-counter
stocks and
/32
/4
/20
.—..1948
2s...
N Y Majestic Corp—
4s with stock stmp. .1956
v
Brooklyn Fox Corp—
Banks and Trust
Companies-—
Municipal Bonds—
Domestic (New York and
.
Out-of-Town)
Domestic
3s.—
^'lV
■
Canadian
Canadian
Public
Utility Bonds
Federal Land Bank Bonds
Railroad Bonds
Industrial Bonds
Railroad Stocks
1st 4s (w-e)
1948
Court A Remsen St Off Bid
Real Estate Bonds
Insurance Stocks
Real Estate Trust and Land
ties
Eqult Off Bldg deb
48M
35M
56M
47 M
19
Ollorom Corp v to..—.—.
1 Park Avenue-—
2d mtge 6s...—.1951
25
23
...
2
5s 1952
35
38
33
3
/I
53
103 E 57th St 1st 6s—1941
185 Broadway Building—
3
--
19
21
30
35M
59
61
57 H
60M
38
Sec
50 Broadway Bldg—
s
f ctfs
4M b(w~b '58
6Ms stamped
1st lnoome 3s..—1946
14
U. S. Territorial Bonds
0Ms (stamped 4s>—1949
76
32
5s
8M
Income
——1943
Roxy Theatre—
34
40 Wall St Corp 08—.1958
42 Bway 1st 6s_——
Dept. B, Wra. B. Dana Co., 25 Spruce St., New York City.
•
Realty Assoc See Corp—
52d A Madison Off Bldg—
1st leasehold 3s. Jan 1 '52
FUm Center Bldg 1st 4s '49
Your subscription should be sent to
—.1901
16
500 Fifth Avenue—
Quotation Record is published monthly and
sells for $12.50 per year.
54 M
45
Prudence Secur Co—
Stocks
The Bank and
48 M
33 M
6Ms series C-2-—i—.
5Ms series F-l.—
5Ms series Q...——....
mmm
Deb 5s 1962 legended...
an<i Safe Deposit
U. S. Government Securities
Mining Stocks
22
Hotel units—.....
Stocks
Title Guarantee
Mill Stocks
17
1st 3Ms
.1950
Dorset 1st A fixed 2s..1957
Eastern Ambassador
Industrial Stocks
Investing Company Securities
33 H
Colonade Construction—
Public Utility Stocks
Foreign Government Bonds
Joint Stock Land Bank Securi-
N Y Title A Mtge Co—
5Ms series BK——-
/14M
/25
1400 Broadway Bldg—
1st 4s stamped
1948
33
Fuller Bldg debt 6s...1944
1st 2M-4s (w-s)_.—1949
35
62
1st mtge 4s.—.—1957
'mmm'
■
...
16 H
Savoy Plaza Corp—
3s with stock......1956
Sherneth
7
;
8M
Corp—
35
1st 5« B(w-s)—1956
80 Park Place (Newark)-—
31
34
1st 3Ms—..—...1947
Graybar Bldg 1st Ishld 6s '46
74
77 M
Harriman Bldg 1st 6s. 1951
Hearst Brisbane Prop 6s' 42
fl5
18
3Ms with stock
20
28
616 Madison Ave—
28
30
18
PH
9M
27
32
01 Brdadway Bldg—
Foreign Stocks* Bonds and Coupons
25
27
21
25
Syracuse Hote i (Syracuse)
1st 38—.——..1855
Inactive Exchanges
.1950
3s with stock,..—.1967
75
Lefcourt Manhattan Bldg
1st 4-58—
1948
Lefcourt state Bldg—
BRAUNL
62 William
St., N. Y,
35
63
65
Walbrldge Bldg(fi viffalo)—
27 H
30 H
Wall A Beaver St
Textile Bldg—
1st 3-5s.—1958
below are
Rid
.
Trinity Bldgs Car —
IstSMs.—
...1939
2 Park Ave Bldg 110 4-5s'46
.
38
3s
23
26
/26
'mm
41
...
11
13
17
20
Westingbouse Bldg—
1st mtge 4s
...1948
...
65
••
39
1st 4Mb w-s.....^_1951
Ludwlg Baumann—
1st 6s (Bklyn)
1947
1st 6s (L I)—......1951
\
Ask
-
London Terrace Apts—
1st A gen 3-4s——1952
Due to the European situation some of the quotations shown
bid
41
Lexington Hotel units....
Lincoln BuildingIncome 5Ms w-s...l963
Tel. HAnover 2-5422
.
...
51
Lewis Morris Apt Bldg—
Foreign Unlisted Dollar Bonds
uominal
36
1st 4s..—.........1951
& CO., INC.
46
1st lease 4-6Ms..... 1948
50
54
...1950
Corp—
Ask
'
A oh alt 7s to.....
..1946
/20
Antioquia 8s
..1946
/60
Bank of Colombia 7%. 1947
7s
1948
/20
Housing A Real Imp 7s '40
Hungarian Cent Mut 7s *37
'•
Barranqullla 8s'35-40Ml6-48
/20
/25M
Bavaria 6Ms to
Hungarian Ital Bk 7Ms '32
Hungarian Discount A Ex¬
change Bank 7s..—1936
/20
1946
J22
/5
/5
mm
Bonds
f7
mmm'
m
-
Jugoslavia 6s fund lngl 956
Jugoslavia 2d series 5s. 1956
18
—
18
mmm'
"
/18
.1943
/22
Warsaw 8s '41
fS
4M
Leipzig O'land Pr 0 Mb '46
f20
4M
4M
4M
Leipzig Trade Fair 7s. 1953
/20
/15M
16M
Koholyt 6M8
1946
/14 H
/3M
/3M
/3M
fA%
15M
Land
—
Boilva
(Republic) 8s. 1947
1968
7s—
7s.
-1969
6s—
-1940
Brandenburg Elee 68.1963
Brazil funding 6s.. 1931-61
Brazil funding scrip......
Bremen (Germany) 7s. 1936
6s—
.—.1940
/21
31
/47
-
/22
—
-
•
mmm
Luneberg Power Light A
Water 7s
.—.1948
Montevideo
scrip
Munich 7s to
1945
—
Munlo Bk Hessen 7s to '45
/23
Caldas (Colombia) 7 Ms '46
Call (Colombia) 7s...1947
Callao
■'•
mmm
Recklinghausen 7b. .1947
Nassau Landbank 6Ms
Nat Bank Panama—
/42
115
...
10
/9M
/18
...
'38
/24
32M
/9M
/1M
10 H
•'
mmm
mmm
f25
"''"•'A
m
'
V
...
...
Bk of
-.1902
Hungarian A Ind
Mtge 7s
1948
/5
...
National
/5
Oldenburg-Free State—
7s to..
1945
Oberpfals Elee 7s——1940
...
/SO
City Savings Bank
Budapest 7s.——1963
Panama
/5
...
71
Colombia 4s....
1946
Cordoba 7s stamped.. 1937
Coeta Rica funding 6s. '61
/33
/13
15
Costa Rica Pao Ry 7Ms '49
5s
1949
/16
/12M
17M
Cundinamarca 6Mb. .1959
/8M
8M
...1946
.—1946
...
1952
1950
Porto Alegre 7s
1968
Protestant Church
Prov
Bk
.1940
Westphalia 6s '33
1936
6s
68————1941
Rio de Janeiro
/21
/20
/20
24
P
f 6M
...
...
(Ger¬
many) 7s
14
...
■
/20
5% scrip
Poland 3s
8%
1933
Rom Cath Church 6Mb '40
R C Church Welfare 7s '46
/20
/20
/20
/20
/22
Electric Pr (Ger'y) 6Ms '60
6MB
..........1953
European Mortgage A In
vestment 7Ms—..I960
7Ms Income
1966
/22
In
-.1907
/22
Saarbruecken M Bk 08.'47
mmm
-•
mmm
...
■
—
42
44
/35
37
1989
..
♦
Punta Alegre Sugar Corp- *
Savannah Sugar Refg._.l
/15M
16M
23
7s 1957
/18
mmm
/2M
mmm
m
7a Income....—.1967
mmm
/3M
mmm
—
mmm
mm
m
1948
deposit. 1948
Santa Catbariua (Brazil)—
8s ctfs of
——1947
8%
Santa Fe 4s stamped. 1942
Santander (Colom) 78-1948
/32
mmm
German Building & Landbank
6Ms..
.1948
f2l
mmm
"i
Funding. 3s
4
2%
AH
2030.
the
Reconstruction
40M
/2
/13
Corporation resumed
lending during Feburary, 1938, it has authorized 8,188 loans
aggregating $2,631,493,872.76, it was announced by the
Corporation on Sept. 30.
6,833 of these loans aggregating
$412,400,092.27 were to business (exclusive of National De¬
fense loans) including $23,787,642.87, later taken up by
banks.
Banks participated in these business loans to the
extent of $75,246,953.79, making a total of $463,859,403.19
Federal National
Mortgage Association has bought
Housing Authority insured mortgages ag¬
gregating $187,535,890.02 and has commitments to buy
1,418 additional mortgages aggregating $5,863,714.24.
It
has authorized 15 large scale housing loans aggregating
$5,969,500.
'
: v
46,555 Federal
Loans to open
....1948
■
-
-
-
6M
7M
200
/ 20
6s..
—1957
/20
1953
60
Hamburg Electric 6s.. 1938
/32
—
Hk
mmm
5594,007.43
27,239 ,584.26
15,037 ,705.25
1,432 ,891.91
4,721 ,786.45
140,000 ,000.00
330,881 ,792.30
412,400 ,092.27
563,791 ,005.00
20,000 ,000.00
17,630 ,234.58
4,192 ,600.00
95
2
.......
10
Loans to Joint Stock Land banks-
mmm-
Loans to railroads..
4
Loans to Federal National Mortgage Association.
8M
...
■
...
14 M
.
.
«•'
...
...
...
Stettin Pub Utll 7s—.1946
/21
1955
—1947
80
Uruguay conversion scrip—
Unterelbe Electric 08—1953
Ve8ten Elec Ry 7s
1947
Wurtemberg 7s to....1945
67
^
—
Loans to business—............. 6,833
44
.......
Purchases of stock—National Defense..
Loans to mortgage loan companies
12
—............
—
25
.......
smelting of ores.......
Loan to' self-liquidating project, under Section 201-a,
Emergency Relief and Construction Act of 1932—
Loans to public bodies under Section 5d, as amended
Commitments to Commodity Credit Corporation........
Other Joans for financing of agricultural commodities or
Loans for mining, milling or
33
...
1
—
179
5
7
lives tock......———...........——
/17
/17
Tolima 7s..
Loans to insurance companies..—...
...
...
...
/14M
83
...
7
Loans to the RFC Mortgage Company..
Loans to drainage, levee and
irrigation districts......1'.
Loans to public school districts
/35
/21
/20
/ 20
Loan on
preferred stock of an insurance company.
...
Purchases of securities from PWA__
125,000.00
229,603,202.81
212,250,000.00
47,284,290.40
49,647,473.21
0,016,808.16
6
\
790,250.00
2
200,000,000.00
175,000,000.00
2
—
Purchases of debentures of banks..
259
—
Loans tp rural electrification administration.....
Loans to Secretary of Agriculture...
;
Loans on and subscriptions for preferred stock of banks..
Haiti 6s
10
—
liquidation of ciosed
Loans for national defense..
/7M
/63
/12M
1956
1950
Toho Electric 7s_.
Hanover Han Water Wks
Amount
Authorized
123
banks
mmm'
3M
35
1938, TO SEPT. 27. 1940, INCLUSIVE
banks—
Mtge Bk Jugoslavia
5s—
42
Were to Business
Finance
Loans
/7M
f7M
6s.2930
Siem A Halske deb
2d series 5s
1946
Guatemala 8s.
2
No. of
f5H
/21
/22
MB.
State
/22
German Conversion Office
German scrip.........
Graz (Austria) 8s
1954
6
Saxon
German Central Bank
1938
5
Sugar Co..
...
/15
8s. 1943
78—1945
——.1951
State Mtge 0s.. 1947
Sao Paulo (Brazil)
Saxon Pub Works
Agricultural 6s
31M
/6M
/20
/20
fM
8s
6M
30
Loans to building andioan associations..............
4s scrip
1M
West Indies Sugar Corp—1
AUTHORIZATIONS FROM FEB. 19.
P
— ..
7
18M
1M
5M
Vertlentes-Camaguey
/20
18
—
.
Salvador
7s ctfs of deposit.. 1967
Farmers Natl Mtge 7s. '63
/5
Frankfurt 7s to...—.1945 '720
French Nat Mail SS 6s '52
35
German Atl Cable 7s_. 1945
...1
Haytlan Corp com.
Loans to aid in the reorganization or
East Prussian Pow 6s. 1963
Ask
6M
RFC Authorized 8,188 Loans Aggregating $2,631,493,873
from Feb. 19, 1938 to Sept; 27, 1940—6,833 of These
The
/24
City 6Ms
Bid
loans to business.
/20
/20
Panama
Dulsburg 7% to
—
Preferred-
14
Loans Amounting to $412,400,092
■
Duesseldorf 7s to
m
1954
Haytlan Corp 4s
Since
/20
...
"t
Central German Power
Dortmund Mun Ut116 Ms'48
Par
i
35
res
Hungary 7M8
5M
Central Agrlc Bank—
see German Central Bk
..—
1951
—
Baraqua Sugar Estates—
08.—.—
1947
For footnotes see page
/35
/20
/20
(A A B) 4s...1940-1947
Nat Central Savings
22
/4
Cauca Valley 7Ms—1946
Ceara (Brazil) 8s_—1947
.1934
Storks
Eastern 8ugar Assoo cora.l
New Nlquero Sugar—
3 Ms
...1940-1942
'
'
/21
(Peru) 7Ms—1944
Madgeburg 6s.
6s
.
68.
'
.
/2l
(C A D) 4s... 1948-1949
Burmeister A Wain 68.1940
ASk
Municipal Gas A Elec Corp
/5
7Ms.
.....
Bk
Merldlonale Elec 7s-.1957
■
British
Hungarian Bank1962
Brown Coal Ind Corp—
0Ms-.............1963
Buenos Aires scrip
M
Mannheim A Paiat7s.l941
/30
Bid
■
Antllla Sugar Estates—
Bogota (Colombia) 6Ms '47
8s
'
—
mmm
27 M
Bavarian Palatinate Cons
Cities 7s to....—.1946
Sugar Securities
•mmm
—............
.
1
100,000.00
107
148,976,200.00
1,698,900.00
17
337
22,020,048.67.
8,188
$2,631,493,872.70
...
—
Oct.
The Commercial & Financial Chronicle
2034
General Corporation
i
and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—INSURANCE—MISCELLANEOUS
'
It i« not always possible to arrange companies in exact
However, they are always as near alphabetical position as possible.
NOTE- -For mechanical reason*
FILINGTOF
REGISTRATION STATEMENTS UNDER
SECURITIES ACT
additional registration statements (Nos. 4511
toT4525, inclusive) have been filed with the Securities and
Exchange Commission under the Securities Act of 1933.
The
F The following
involved is approximately
amount
$119,590,194.
Hygrade Sylvania Corp. (2-4511, Form A2) of Salem, Mass., has filed
a registration statement covering 85,000 shares of $40 par 4M% cumulative
convertible preferred stock, and 85,000 shares of no par value common
stock reserved for conversion of preferred stock registered
(For futher
details see "Chronicle" of Sept. 28, page 1898).
Filed Sept. 26, 1940.
*r
(2-4512, Form Al) of Kansas
Inc.
Air Communications,
City,Mo.,
registration statement covering 164,850 shares of $1 par common
offered at $2 per share.
Proceeds of the issue will be
used for machinery, equipment and working capital,
Joseph G. Speer is
President of the company.
Northeastern Securities Corp. has been named
underwriter.
Filed Sept. 27, 1940.
has filed a
stock which will be
Mid-Continent Airliner,
Inc. (2-4513, Form Al) and
Thomas Fortune
Iiyan 3d (2-4514, Form C2) have filed two registration statements covering
140,000 shares of $1 par common stock and 40,000 warrants for 40,000
shares of common stock.
Filed under registration statement 2-4513 are
100,000 shares of common stock which will be offered by the company
through the underwriters, and 40,000 shares of common stock reserved
warrants, which will be issued by T. F. Ryan 3d to Murdoch, Dearth &
White, Inc., et al, in substitution for an option agreement.
Filed under
registration statement 2-4514 are the 40,000 warrants of the company
which will be issued to Murdoch, Dearth & White, Inc., by T. F. Ryan 3d
and which may be resold on a basis of one warrant for one share of common
stock.
The maximum price of the warrants is $1 and the minimum is
12% cents.
Issuer's part of the proceeds will be used toward the purchase
of three airplanes and equipment, and for debt and working capital,
Mur¬
doch, Dearth & White, Inc., et al., will be underwriters of company s
portion of the stock, and may be underwriters of the remaining 40,000
shares, and the warrants filed by T. F. Iiyan 3d.
Filed Sept. 27, 1940.
Public Service Co. (2-4515, Form A2) of
Michigan
Mich,, has filed
a
registration statement covering
Traverse City.
$3,500,000 of 4% 1st
of 4% serial debentures, due
1941-1950.
There was also
registered 7,321 shares ($100 par( 6% cum. pref. stock, series of 1940,
and 85,000 shares (no par) common stock, which was registered by Leonard
8. Florsheim as trustee of Inland Power & Light Corp.
(See subsequent
page for further details.)
Issuer's part of the cash proceeds will be used
for the redemption of the 5% 1st mtge. gold bonds, series A due 1947,
and to reimburse treasury and for working capital.
W. C. Blanchard is
President of the company.
The underwriters of the bonds and the de¬
bentures will be Otis & Co.: Halsey, Stuart & Co., Inc., and othere to be
named by amendment.
Otis & Co. will act as principal underwriter for
the offering of the common stock, which will be sold for the account of
Leonard Florsheim, trustee of the Inland Power & Light Corp., parent
company.
The pref. stock registered will be offered in exchange for out¬
standing 6% and 7% pref. stock of the company.
Filed Sept. 27, 1940.^
mtge. bonds, series A due 1965, and $750,000
1941 to 1950, maturing $75,000 annually.
Paper Co., Inc. (2-4516, Form A2) of Muskegon, Mich., has
filed a registration statement covering 47,010 shares of $1 par common
stock represented by voting trust certificates, which will be offered by
certain voting trust certificate holders at $10.
(See regitration statement
5, 1940
.
alphabetical order.
Adriatic Electric Co.—Interest Not Paid—
The interest due Oct. 1, 1940, on the 25-year 7%
gold bonds, due 1952, is not being paid.—V. 149, p.
external sinking fund
717.
Inc.—Bonds Called—
Affiliated Fund,
Company will redeem on Nov. 4, 1940, the outstanding $2,000,000 AH %
10-year secured convertible debentures due Jan. 1, 1949, at their principal
amount and accrued interest.
Payment of the redemption price will be
made at the offices of the company, 1 Exchange Place, Jersey City, or at
First National Bank,
Jersey City, trustee, at the same
address.—V. 151,
402.
page
Air Communications, Inc.—Registers
of this department.
with SEC—
See list given on first page
Canton
Akron
&
Youngstown
Ry.—Distribution of
Inetrest—
By an order entered April 30, 1940, by the
Northern District of Ohio, Eastern Division,
to make
U. S. District Court for the
the trustees were authorized
payment, as of Oct. 1,1940, of amounts equal to
the interest which,
plan of reorganization of Akron, Canton & Youngstown Ry. and
Interstate Commerce Commission and
by the Court, would have accrued for the period April 1, 1940 to Sept. 30
1940, on the consolidated mortgage bonds, AH% series B, issuable to the
holders of Akron, Canton & Youngstown Ry. gen. & ref. mtge. bonds, 6%
series A, and
% series B.
All such payments will be made upon pre¬
sentation of the gen. & ref. mtge. bonds, with April 1,1935, and subsequent
coupons annexed, by the holders thereof to Cleveland Trust Co., Cleveland,
as agent for the trustees for that purpose, for the stamping of an appropriate
legend thereon.
The bonds so stamped will be returned to the holders in
accordance with their directions, together with checks representing the pay¬
ment to be made on such bonds.
Prior to the issuance of the consol. mtge.
bonds, 4H% series B, under the plan of reorganization, if finally consum¬
mated, the reorganization managers will detach from such bonds issuable in
respect of all stamped gen. & ref. mtge. bonds, coupons maturing Oct. 1,
1940, appertaining to such consol. mtge. bonds, AM% series B, of a face
amount equal to the amount so distributed, and will cancel such coupons.
Therefore, upon the presentation of bonds to Cleveland Trust Co., and
the stamping of an appropriate legend thereon, there will be paid to the
holders or the bonds for each $1,000, principal amount thereof, with April 1,
1935 and subsequent coupons annexed, the following:
on the 6% bonds,
series A, $13.95; on the 5H% bonds, series
B, $13.73.—V. 151, p. 1884.
under tha
Northern Ohio Ry. approved by the
Alabama Power Co.—Bonds Called—
lien & refunding bonds 5% series due
redemption on Nov. 1 at 101 H and accrued
A total of $120,500 first mortgage
1956
has
called
been
interest.
for
-
Company has also called for redemption a total
lien and refunding bonds 5% series due
gage
of $1,830,000 first mort¬
1957 and $275,500 first
mortgage lien and refunding bonds 5% series due 1956, at 101K and ac¬
crued interest.
The bonds are redeemable on next interest payment dates
(Dec.
had
1 for 1957 series and Nov.
or after Oct. 3.
1 for 1956 series) but payment may be
on
payable at the Chemical Bank
Y. City.—V. 151, p. 1884.
All of the above-mentioned bonds will be
& Trust Co., N.
Central
Proceeds of the offering will revert to the above voting trust
C. W. Smith is President of the company.
American
2-4517.)
Alleghany Corp.—Interest—
The interest due Oct. 1, 1940, on the 20-year collateral trust convertible
5% bonds, series of 1930, due 1950, "stamped," was paid on that date, at
office of J. P. Morgan & Co.. Inc.. New York.—V. 151, p. 1884.
certificate holders.
Industries
Filed Sept. 27, 1940.
Corp. has been named underwriter.
Central Paper Co., Inc. (2-4517, Form Fl), voting trustees, have filed
registration statement covering 47,010 voting trust certificates for the $1
par common stock.
(See registration statement 2-4516.)
C. W. Smith,
et al, are voting trustees.
Filed Sept. 27, 1940.
a
Al) of Cleveland, Ohio, has filed
a registration statement covering 100,000 shares of common stock, par $1,
which will be offered at $14 per share.
Proceeds of the issue will be used
to retire bank loans, for machinery, plant and working capital.
A. L.
Parker is President of the company.
Paul II. Davis & Co. and Hornblower
& Weeks have been named underwriters.
Filed Sept. 28, 1940.
Alloy Cast Steel Co.-—Earnings—
8 Months Ended Aug. 31, 1940
Earnings jor
Net income after all charges
$21,057
$1.46
Earnings per share on 14,431 shares
—V. 151, p. 1424.
Parker Appliance Co. (2-4518, Form
Southern Advance Bag & Paper Co., Inc. (2-4519, Form A2) of
Boston, Mass., has filed a registration statement covering 79,992 shares of
no-par common stock, represented by voting trust certificates.
16.665
shares represented by voting trust certificates will be offered by certain
voting trust certificate holders to the public through the underwriters;
63,327 shares represented by voting trust certificates are optioned to under¬
writers at S9.40 per share and if options are exercised, voting trust cer¬
tificates may be publicly offered and terms may be stated by amendment.
(See registration statement 2-4520.)
Proceeds of the issue will be used for
the account of the voting trust certificate holders.
J. E. Kelley is President
of the company.
E. H. Rollins & Sons, Inc., and others to be named by
amendment will be underwriters.
Filed Sept. 30, 1940.
Southern Advance Bag &
trustees,
tration statement
Paper Co., Inc. (2-4520, Form Fl), voting
registration statement covering 79,992 voting
par value common stock outstanding.
(See
2-4519.)
A. P. Hess, et al. are voting trustees.
have filed
certificates for the
a
no
trust
regis¬
Filed
Sept. 30, 1940.
Dovle Machine & Tool
Corp. (2-4521, Form A2) of Syracuse, N. Y.»
registration statement covering 149,004 shares of $1 par com¬
36,000 shares will be offered by issuer through the under¬
writers at $3.75 per share; 36.000 shares are reserved for warrants, which
has filed
mon
a
stock.
be
to
issued
underwriters
to
and if warrants are
and if other
amendment; the remaining
77,004 shares will be offered for the account of two stockholders at $3.75
per share.
Issuer's part of the proceeds will be used toward purchase of
land and building, to reduce mortgage, and for machinery and working
capital.
Lawrence E. Doyle is President of the company.
Burr & Co.,
Inc., et al will be underwriters.
Filed Sept. 30, 1940.
are
exercised the shares
are to
Southern
a
compensation,
post effective
Edison
Co.,
Ltd.
(2-4522,
Form
A2)
of Los
Calif., has filed a registration statement covering $108,000,000
1st & ref. mtge. bonds, due Sept. 1, 1965.
(See subsequent page
of 3%
for further
r>
California
as
be offered to the public at market,
wise terms will be set forth in
details.)
Filed Oct. 1, 1940.
*t'F8£ ^,t'<?na' Fet|"oleum Trust (2-4523, Form Al) of Providence,
v:
a. reSistration statement covering 48,648 trust shares, which
be offered in
Al
,
will
exchange for participation interests in certain oil and
Proceeds of the issue will be used to acquire certain interests
gas leases.
in oil and
ags
leases.
M. MacKenzie et al.
are
trustee.
No underwriter
Filed Oct. 2, 1940.
mentioned.
Pine & 48th Street Corp. (2-4524, Form Fl), voting trustees, of New
York, N. Y., have filed a registration statement covering 1,780 voting
trust certificates for the no-par common stock.
are
voting trustees.
George E. Roosevelt et al.
Filed Oct. 2, 1940.
Gisholt Machine Co.
tration statement
j
no
i
§1,229 shares will be offered for the account of certain stockholders
and 23,127
Issuer
(2-4525, Form A2) of Madison, Wis., has filed
covering 74,426 shares of commao stock (par $10),
shares will be offered
by the company through underwriters.
s
portion of the proceeds will be used for machinery and equipment.
George H. Johnson is President of the company.
A. G. Becker & Co ,v
Inc., and others to be named by amendment will be underwriters.
Filed
Oct. 2, 1940.
♦
in
The last
our
previous list of registration statements
issue of Sept. 28, page 1884.
was
given
Alton
RR.—Earnings1940
1939
1938
1937
$1,414,067
196.806
def94,933
$1,476,754
392,012
109,868
$1,329,284
289.255
3,830
$1,480,898
278.047
11,256
10.578,003
1.796,573
10.520.244
2.323,989
income.def276.315
203,768
10,018.167
1,947,533
defl99.359
11,229,324
2,728.946
572.413
August—
Gross from railway
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from
—V.
_
railway--I——
Net ry. oper.
151, p. 1269.
Alton Water Co.—Earnings—^
$238,158
299
Gross earnings_
-
Federal income tax
Other taxes.
—
Reserved for retirements.
pense
of
$241,656
203
$230,438
$240,859
80,760
70,867
74,773
8,747
8,600
21,505
14,464
8,428
21,932
12,293
8,999
7,920
24,159
11,195
$116,918
41,030
3,113
$113,811
40,000
4,402
4,576
4,447
$104,380
Gross income
41,437
7,522
debt
Other interest charges
Amortization
$230,235
203
$238,457
— -
Operating expenses
Maintenance.
Interest on funded
debt
1937
1938
1939
Calendar Years—
Operating re venue
Non-operating income
discount,
ex¬
4,643
and premium
<
36
415
582
$50,741
$67,784
$64,381
Miscellaneous deductions
Net income
Balance Sheet Dec. 31,
1939
Assets—Property,
plant and equipment, $2,275,247; cash, $9,159;
(net) $15,525; water charges, accrued, $9,525; materials
accounts receivable
and
,
supplies, $9,463; prepayments, $770; unamortized debt discount
$76,593; other deferred charges, $1,201; total, $2,397,482.
and
expense,
Liabilities—Funded debt, $975,000; accounts payable, $156,163; accrued
interest and taxes, $41,290; customers' security and extension deposits,
$25,387; other deferred credits and liabilities, $661; retirement reserve,
$175,590; contributions for extensions, $77,838; common stock, $288,000;
surplus, $657,553; total, $2,397,482.—V. 147, p. 263.
American
Car & Foundry Co. —Government Contracts—
contract to build tanks, including spare
and another tank order amounting to $629,901.
J
Company has been awarded one
parts, totaling $37,687,458,
—V. 151, p. 1884.
American Cities Power & Light Corp.—Dividend—
have declared the regular quarterly dividend of l-32d of one
of convertible class A stock optional
dividend series, payable Nov. 1 to stockholders of record Oct. 11.
Class A
stockholders have option of receiving 75 cents in cash in lieu of dividend in
class B stock provided written notice is received by corporation on or be¬
fore Oct. 21.—Y. 151, p. 237.
Directors
share of class B stock on each share
American Metal Co.,
Harold
Ltd.-—New Director—*
on
Copper Corp.,
of this company to fill a vacancy on the
Kingsmill, Vice-President of the Cerro de Pasco
Sept. 26 elected a director
board.—Y. 151, p. 979.
was
Volume
The Commercial & Financial Chronicle
151
American
European Securities Co.
9 Mos. End. Sept. 30—
1940
Inc.—Cash divs. rec'd..
Interest rec'd or accr'd..
Divs.
$329,338
99,601
$410,985
27,992
113,138
$429,569
41,736
113,363
$269,856
1.990,112
$274,470
prof 1,838
$278,844 y$l,720,256
118,005
Total.
$276,309
$541,318
17,501
75,563
Net income
$278,844
See
sold
on sec.
$422,407
41,025
102,538
$448,254
...
Exps. incl. miscell. taxes
Interest paid or accrued.
Total profit.
.;
stock dividend
See
x
$448,254;.
Pref.
1937
1938
$300,958
104,065
5,963
$309,851 ■>
112,556
in securities-.
rec.
Net loss
-Earnings-
1939
$423,313
x
630
re¬
...
300,000
175,000
150,000
15C.000
Balance, surplus
$148,254
x$103,844
$1,870,257
$126,309
quirements—
Computed without regard to net loss
x
on
sales of securities in the amount
of $783,718 ($943,320 in 1939) which was charged to reserve for possible
losses on sales of securities.
In determining the gain or loss, the cost of
the
specific certificates or bonds sold
was used,
y
Loss.
Comparative Balance Sheet Sept. 30
1940
1939
239,292
287,298
Assets—
Liabilities—
Cash
.
Invest, securities:
e
Stocks
2,077,449
5,000,000
354,500
615
2,015,000
2,015,000
525,390
29,354
27,279
6,549
19,774
Option warrants
19,789
Bond red. deposit.
525,390
Int.on funded debt
Accrued
Res.
on
Bonds
29,724
loss
25,018
taxes
for
on
possible
sale of sec
13,197,550
14,401,701*
Total....
Pj|b Represented by |354,500 shares of
4,288,566
2,170,576
3,566,806
2,224,725
Surplus..
13,197,550 14,401,701
no par value,
c Represented by
d There are issued and outstanding
50,000 shares of no-par $6 cum. stock,
option warrants entitling the holdersj to purchase at any time without limit,
20,500 shares of common stock at ai price of $12.50 per share,
e At cost.
So Dividend—
■). i/f-
.
=-V'i-v"
Directors have declared a dividend of $5 per share on the preferred stock,
covering the cumulative period for the 10 months ended July 31, 1939,
payable Oct. 3 to stockholders of record Oct. 1.—V. 151, p. 97.
American & Foreign Power Co., Inc. (&
Period End. June SO—
Subsidiaries
v
1940—3 Mos.—1939
Subs.)—Earns,
1940—12 Mos.—1939
Net oper. revenues.._ $3,929,961
Rent for lease of plants
$4,540,810 $15,759,165 $17,780,115
.
(net).....
5,062
_
3,636
18,255
18,163
Operating income...'. $3,924,899
244,320
$4,537,174 $15,740,910 $17,761,952
106,209
804,653
801,709
Gross income.—....
$4,643,383 $16,545,563 $18,563,661
Other income (net).....
to
public
$4,169,219
Operating
Operation
Maintenance.
Depreciation
$6,493,138 $83,989,920 $75,399,391
2,076,713
26,504,933
23,711,147
400,445
4,581,926
4,177,019
921,333
11,750,173
10,842,694
947,154
13,108,909
10,441,032
390,322
1,050,565
1,558,081
Taxes
Operating income
Other income._
.
.
$2,147,492 $28,043,980 $26,227,499
10,069
156,076
135,288
$1,983,371
8,993
_
Total income..
424,394
1,157,561 $28,200,056 $26,362,787
9,582,090
789,635
9,592,721
5,092,519
424,394
5,092,519
$773,425
$943,533 $13,514,816 $11,688,178
$1,992,364
Int. & other deductions.
Divs. on pref. stocks
b Balance
1940—12 Mos.—al939
1940—Month—a!939
$7,221,156
2,238,817
revenue
794,545
.
Amer. Gas & El. Co
b Balance
Int. from subs, consol...
Pref.
divs. from subs.
consolidated...
Other Income
943,533
124,328
165,681
4,577
.
Total income
13,514,816
1,542,751
11,688,178
1,877,002
165,681
773,425
130,671
1,988,170
74,421
1,988,170
4,556
;
56,456
Balance..
Int. & other deductions.
Divs. on pref. stock....
$1,238,099 $17,120,158 $15,609,807
548,583
879,281
30,331
$1,010,871
97,163
140,767
$1,207,767 $16,240,877 $15,061,223
1,694,583
128,140
1,304,529
2,133,738
1,850,968
177,811
$772,941
Taxes and expenses (net)
$1,074,354
63,483
$901,816 $13,085,380 $11,232,902
Balance..
a Restated for comparative
purposes, b Of income for common
subs, owned by American Gas & Electric Co.—V. 151, p. 1503.
American Water Works
Output—
Electric
&
;
stocks of
Inc.—Power
Co.,
^
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended Sept. 28,1940, totaled 53,076,000
kilowatt hours, an increase of 0.6% over the output of 52,787,000 kilowatt
hours for the corresponding week of 1939.
Cpmparative table of weekly output of electric energy for the last five
years follows;
Week Ended
1940
1939
1938
1937
1936
Sept. 7—.*50,894,000 *44,270,000 *38,807,000 *46,120,000
47,899,000
Sept. 14
54,817,000
48,974,000
43,170,000
49,985,000 *46,010,000
Sept. 21
54,110,000
51,949,000
42,460,000
49,408,000
49,046,000
Sept. 28— 53,076,000. 52,787,000 _42,999,000
48.908.000_ 49,010,000
—.
LaboFDay holiday.—v7151,
Includes
1885.
p.
American Zinc Lead & Smelting
Co.—Pref. Dividend —
Directors have declared a dividend of $1.25 per share on the $5 prior
pref. stock, payable Nov. 1 to holdors of record Oct. 18.
Same amount
was paid on Aug. 1, May 1 and Feb. 1 last, this latter being the first dividend
paid since Nov. 1, 1937, "when $1.25 per share was also paid.—V. 151, p.
1425.
■'\ '
;■>;/
J T"
'
'
Amparo Mining Co .—To Liquidate Company—
Subsequently,
directors authorized a liquidating capital distribution of 20 cents a share,
payable on Oct. 28 to stock of record of Oct. 10.
The company has 2,000,000 shares of 50 cents par value outstanding.
Its principal property
holdings are in Mexico.—V. 145, p. wf„ gfr.
i***'"" *
Stockholders voted on Oct. 2 to liquidate the company.
other
&
deductions.
American Gas & Electric Co. (& Subs).—EarningsPeriod End. Aug. 31—
Subs. Consolidated
—
Operating revenues
$15,382,164 $15,043,599 $58,859,295 $59,934,724
Oper. exps., incl. taxes.. 10,121,421
9,245,560
37,459,246
36,692,604
Prop, retire, res. approp.
1,330,782
1,257,229
5,640,884
5,462,005
Int.
varnishes, paints and other commodities is obtained. It succeeded two
earlier corporations of the same name organized respectively in Iowa and
Illinois.—Y. 150, p. 2078.
354,500
B'ds called for red.
sold...
Total..
5,000,000
615
_
_
1,834,885 Funded debt
Acc'ts rec. for sec.
Accrued interest
d
$
S
Preferred stock.
c
b Common stock.
10,851,085 11,709,320
Bonds.....
1939
1940
2035
591,816
542,354
...
772,865
Cr7,746
590,360
Cr 1.2,042
Int. charged to constr'n.
Pref. divs. to public
2,520,883
Cr43,223
2,193,330
3,271,513
0120,409
2,381,889
Exchange adjustments on
125,168
453,632
228,414
1,191,262
applicable
to
minority interests....
49,265
92,107
280,754
436,780
Net equity........
$2,872,658
►•working capital (net).
Portion
Anaconda Copper Mining Co.-—New Director—
National City Bank
of this company to fill the vacancy
the death of the late .Tames H. Perkins.—V. 151, p. 1425.
Gordon S. Rentschler, Chairman of the Board of the
of New York, was elected a director
a
$2,742,165 $11,365,405 $11,402,626
Amer. A For. Pow. Co., Inc.—
a
Net
,
$2,872,658
equity.
Other income
$2,742,165 $11,365,405 $11,402,626
8,079
52,285
41,812
6,720
—
caused by
Ann
RR.
Arbor
Total
$2,879,378
140,256
...
Expenses, incl. taxes...
Int. to public & other
$2,750,244 $11,417,690 $11,444,438
135,169
527,946
510,266
1,439,923
1,550,020
5,919,535
6,251,063
$1,299,199
$1,065,055
$4,970,209
$4,683,109
deductions..........
Balance
Of American
&
Foreign Power Co., Inc., in income of subsidiaries
(not all of which is available in IT. S. currency).
a
Statement of Income of Company Only
Period End. June 30—
Income—From subs....
1940—3 Mos.—1939
Total
Expenses, incl, taxes
Int. & other deductions.
>,042,417
$1,947,084
140,256
1,439,923
............
$1,961,783
8,079
$1,969,862
135,169
1,550,020
$9,094,702
527,946
5,919,535
52,285
Net from railway.
$8,117,473
41,812
$8,159,285
510,266
6,251,063
$366,905
$284,673
Balance Sheet June 30,
securities
and
Net ry.
Accounts
receivable
7,780,485
Funded
48,596
Int. & divs. receivable, subs.
debt
Accounts
Accrued
Other current assets.......
2,193
Unamort. debt dlsc't & exp.
Earned
105.000,000
19,105
accounts..
2,454,637
credit
161,353
surplus
29,154,620
6,702,668
Total
..
48,662
..
54,455
47,164
27,277
19,098
2,706,274
2,499.161
401.400
2,221 234
263.377
2.723,560
123,485
def6,555
Total..
502,375
230,085
'U;'>
Apollo Steel Co.—Earnings—•
Net income after all charges
Associated Telephone & Telegraph
$530,730,467
Represented by $7 cum. pref., 478,995shares; $6 cum. pref., 387,025.65
shares (incl. scrip equivalent to 4.65 shares); 2d pref., series A, $7 cum.,
"2,597,061 shares; common, 2,083,938 shares; option warrants (without
expiration date) to purchase 6,641,794.8 shares of common stock for $25
a share
(one share of 2d pref. stock, series A ($7), acceptable in lieu of
cash, with warrants for 4 shares, in full payment for 4 shares of common
stock); capital stock subscribed, preferred stock ($7) allotment certificates,
$480 —V. 151, p. 1269.
$0.27
—
-
■:
,,
Co.—Earnings—
1940
$433,000
34,652
June 30—•
received from subsidiaries
6 Months Ended
»!o§8ooe
$5£6,886
34,209
$501,323
34,768
$467,653
91,914
$536,091
92,222
$561,095
96,800
$375,739
325,267
$443,869
329,116
$464,295
335,302
2
11
63
32,019
32,412
32.813
5,020
$18,451
$82,329
32,308
39,643
$91,097
22,653
def$22,664
$10,378
$55,122
.....—
and taxes
N et earnings
... ......—
Debenture interest
General interest
Amortiz. of debt
$3ln8o7
-
126,911 shares common stock..
.■■■■
Earnings per share on
—V. 151, p. 1713.
— —
-
—
disci. & expense
Expend, in connection
Net income——-
.....$530,730,467
489,024
1270.
Total income..--
payable
1,385,186 Deferred
$333,479
59.913
oper,income..194,522
—v. 151, p.
Operating expenses
Capital stock (no par)....$393,940,452
a
advances—subs., &c__—$514,811,339
Cash In banks, on demand-.
$305,240
82,040
$1,397,956
1940
Liabilities
"
Investment
$2,647,221
$343,899
94,924
—
Other income
earned surplus.
$370,770
Gross from railway— i-:.
Net from railway.-.----
Int. & divs.
Balance carried to
Assets—
.
Ne' ry. oper. income.
From Jan. 1—•
1937
1938
1939
1940
_.
Earnings for 8 Months Ended Aug. 31, 1940
1940—12 Mos.-—1939
$1,940,364
6,720
Other..............
Earnings-
August—
Gross from railway.-
-
with invest'ts.
— -
-
-
— -
---.
18,461
7% 1st preferred stock dividends—.
$6 1st preferred stock dividends.....
16,154
19,821
a
Balance for
surplus....
Balance Sheet June 30
1940
-
Unamort. debt
American Locomotive Co.—Government Order—
Company has been awarded a contract to build artillery material for
the U. S. Government totaling $3.132,800.—V. 151, p. 1884.
American Sugar Refining
A special meeting of stockholders
11 a. m. in Jersey City to act on
Co.—To Extend Life of Co.—
has been called for Nov. 20, 1940 at
resolutions extending the company's
existence to Jan. 10, 1991, and amending the certificate hf
incorporation to authorize the board of directors to make and alter the
company's by-laws from time to time, subject to provisions of the proposed
corporate
amendment.
Under the present certificate of incorporation the company's existence
on Jan. 10, 1941.
Adoption of the proposed resolutions requires
terminates
a
two-thirds vote of both common and
American
tion
Tung Grove
preferred shares.—V. 151, p. 1586.
Developments, Inc.—Registra¬
Sept. 30 suspended a
registration stateipent (2-4359) of the company, on the ground of inclusion
of untrue statements of material fact and omission of material facts necessary
Securities
and
Exchange
Ccromission
on
if the statement were not to be misleading.
with offices at Gulf Port, Mies., has an authoriaed
5,000 shares of $5-par common stock, of which 2,COO have been
business is the sale, management and development of land to
The company,
of
Its
tivated for
Due from subs...*
Cash...—
Accts,
receivable..
Total
946.048
3,909
882,046
380,473
1,069
capital
issued.
be cul¬
growing of tung trees, from the nuts of which an oil used in
1,020,026
4,384
799,221
417,475
S
11,811,595 11,811,595
Capital stock
11,781.000 11,900,000
subsidiary.
39,363
Funded debt
Due to
132,809
136,863
456,885
18,750
938,129
195,000
709,562
648,296
Deferred credit—
Reserves..
b
Surplus reserved
Earned surplus
.
.
.
175,000
7,388
25,126,215 25,628,634
Total
25,126,215 25,628.634
a Represented
by 7% cum., $100 par, $3,296,700 $6 cum., no par,
$4,050,805; $4 preference cum., no par, $1,194,300; class A, cum. at $4
and partic., no par, $2,231,482, and common or ordinary $1, par, $1,038 308.
b For general contingencies.—V. 150, p. 4117.
.
Associated Gas & Electric Co.*—Trustee Dies—
Walter H. Pollak, trustee for Associated Gas & Electric Co., the top
holding company in the Associated Gas & Electric System, died Oct. 2
FPC Reports on
Suspended—
The
Other del. charges
V
Liabilities—
a
Current liabilities.
dis¬
count & exp—
1939
1940
1939
$
$
Investments .....22,912,669 23,380,139
Pats., pat. rights,
Ac
1
1
Assets—
Chairman
Study—
Leland Olds of the Federal Power Commission
reported to the
FPC investigation of six Pennsylvania subsidiaries of
the Associated Gas & Electric System had disclosed "practices and their
evil effects" which might make necessary the strengthening of the Public
Utility Act of 1935.
Concerns involved in the Investigation are Metropolitan Edison Co.,
Northern Pennsylvania Power Co.. Pennsylvania Electric Co., Erie Light¬
ing Co., the Clarion River Power Co., and the Solar Electric Co.
Senate Oct. 1 that an
,
„.f
,
_
The Commercial & Financial Chronicle
2036
In
its report, the Commission said all the companies were "under the
domination and control" of Howard C. Hopson and members of his family
and associates from 1934 to 1938.
Pennsylvania authorities requested the
investigation.
"This investigation has disclosed an extreme example of the way in which
the holding company device was used to injure public utility consumers
and investors," Mr. Olds wrote Vice-President Garner,
Weekly Output—
The
Utility Management Corp. reports that for the week ended Sept. 27
output of the Associated Gas & Electric group was 103,423,883
(kwh.).
This is an increase of 8,824,406 units or 9.3% above pro¬
duction of 94,699,477 units a year ago.—V. 151, p. 1885.
net electric
units
Atlanta
Birmingham & Coast RR.- -Earnings1940
$272,447
August—
Gross from
railway
1939
12,724
def24,347
def28,672
Gross from
def 1,194
2,299,855
194.516
2,340.854
317,913
def68,820
Atlanta & West Point RR.
August—
railway
Net from railway
defl96,624
for
11,728
Autocar Co.—Government Contract—
16,439
16.414
def7,212
1,142,557
1,065,658
1,210.045
167,074
133,557
55,530
def21,767
def58,867
defl33.435
147,843
defl 5,698
Aviation
1940
$774,106
742,897
15,379
$15,830
-----
__
-
$894,975
926,412
18.563
loss$50,000
Dr77,889
profit from operations.
(net).---.
1939
x$89,822 loss$127,890
No provision is required for Federal income taxes for the first quarter
Consolidated
Balance
July 31 '40 Apr. 30 *40
Accounts payable.
$66,388
$93,132
555,114
Notes payable..
$142,780
S.
525,000
of Insurance
21,310
58,333
325,803
Common stock...
278,742
Res. for conting's.
44,831
40,817
Operating reserves
Capital surplus...
73,857
40,817
19,841
23,969
78,635
221,918
519,491
—
Prepd. ins., taxes,
rents, <fcc
Sundryinv.& adv.
1,569,468
4,497
Earned surplus.
Leaseholds
y320,490 *2,467,748
1,122,255
Z89.822
„
31,829
de/256,83
items.-.
Total
2,166
...$1,827,035 $2,622,994
Total
Represented by 320,490 no par shares,
1940.—V. 151, p. 1885.
x
Atlantic Coast Line
Period End. Aug. 31—
-$1,827,035 $2,622,994
Par $1,
y
Net oper. revenues
Taxes
....
$260,135
Since May 1,
1940—8 Mas.—1939
$32,812,141 $32,104,607
26,818,380
24,546,688
$159,991
175,000
$5,993 761
3,300,000
3,300.000
$85,135
40,386
x$ 15.009
$4,257,919
59,721
$2,693,761
1,693,150
$44,749
x$74,730
$1,000,611
$2,475,194
175,000
Operating income
Equip. & jt. facil. rents.
oper.
z
RR.—Earnings —
1940—Month—1939
$3,059,102
2,899,111
Operating revenues
$.3,394.825
Operating expenses.....
3,134,690
Loss.—V.
income..
$7,557,919
Transportation Co.—Transfer Agent—
1714^-
July 31 last; dividend of 20 cents was paid on April 30 last, and one of
25 cents per share was distributed in April, 1938.—V. 151, p. 689, 1271.
on
151, p. 1885.
Locomotive
has received
an
order from the Great
rods
having
a
total
Recent orders also include two 4-8-2 type freight
locomotives, for the Boston & Maine RR., having a total value of about
$320,00.—V. 151,
p.
1886.
Bartgis Brothers Co.—Common Dividend—
Directors
common
Sept. 20 declared
on
a
dividend of 10 cents
per
share on the
stock, payable Oct. 31 to holders of record Oct, 10.
Last previous
dividend was made on Oct. 31, 1938 and likewise amounted to
10 cents per share.—V. 151, p. 541.
An agreement between two of the principal companies in the gas welding
and cutting equipment industry, this company and National Cylinder Gas
Co. to expand production and distribution facilities has been concluded.
National Cylinder Gas Co. will take over the distribution of the "Rego"
line of gas welding and cutting equipment manufactured by the Bastianown
sales offices
and jobbers. National Cylinder, which was recently merged with Compressed
Industrial Gases, Inc., will continue to manufacture in its research and
development department special types of equipment for individual orders.
However, it is undertsood that any new developments in the gas equipment
field produced by National Cylinder in its research department and lending
themselves to volume production will be turned over to Bastian-BIessing
manufacture.
for
Bear Mountain Hudson River
1940
1939
1938
$2,107,258
$139,038
36,242
expenses—
679,692
$1,934,093
1,387,443
532,535
Net profit from operationsInt., rentals, discounts & other inc.—
$230,428
33,510
$14,115
32,742
1.926.467
Net profit
1,416 346
551,874
$263,938
43.001
$46,857
46,667
$175,280
9,620
10.198
10.472
1.948
10-yr. sink, fund 5% notes
Amort, of discount & exp. on 10-yr.
sinking fund 5% notes
on
2.500
5.622
loss$12.508
$98,043
...
48,143
30,000
___
Bridge Co.—Bonds Called
Company has elected to redeem on April 1, 1941, at 103 H % and accrued
outstanding 1st mtge. 7% 30-year sinking fund
gold bonds.
Payment will be made at Brown Brothers Harriman & Co..
59 Wall St,, New York, and full payment may be received immediately
upon surrender of the bonds there.—V. 151, p. 980.
interest to that date, ail the
Beatrice
Creamery Co. (& Subs.)—Earnings■—
Period End. Aug. 31—
1940—3 Mos —1939
Net sales
$17,593,577 $16,146,375
Costs,
1940—12 Mos.—1939
$66,477,383 $59,981,759
ordinary
exps.,
taxes, interest, &c_.—
16,387,728
459,398
14,845,888
429,669
63,447,406
1,159,512
56,957,202
1,108,978
$746,451
42,336
$870,818
40,663
$1,870,465
201,772
$1,915,579
182,348
$788,787
225,500
$911,481
197,000
$2,072,237
394,000
$2,097,927
304,730
$714,481
$1,678,237
$1,793,197
$1.57
$3.13
$3.46
Depreciation..
Profit
L__
-.
Other income
—-
Federal income tax.-...
$2,836,587
Cost ot sales
Other expense
Prov. for Federal income taxes
Works
Ry. covering boilers, steam pipes and side
Total income--..
Years Ended June 30—
Net sales
Selling, shipping & admin,
Baldwin
value of about $455,000.
Net profit... —$563,287
1.782.725
(B. F.) Avery & Sons Co.-—Earnings -
Int.
$3
Both Bastian-BIessing and National Cylinder Gas Co. are already bene¬
fiting from the sharp expansion in shipbuilding, aircraft, automotive and
arsenal production under the national defense program.
National Cylinder
officials say that their production staff is already overloaded with pro¬
duction of oxygen-acetylene equipment, and the new agreement will lighten
this load considerably.—V. 151, p. 1927.
15,000
Vessels, plants and
equip, (less res.)
1885.
Corp.—Listing—
BIessing Co., and will market the complete line through its
15,973
68,333
352,807
Cash surrender val.
x
3,307
233,165
(less reserves)..
Inventories
Netry.
204,167
5,921
cap. stock taxes.
Notes pay. not cur.
receivable
Deferred
29,167
Sundry accruals..
Prov, for inc. and
sale of
trawlers
half-track personnel
Bastian-BIessing Co.—Operating Agreement—
Sheet
Liabilities—
July 31'40 Apr. 30'40
Cash in banks and
Accts.
build
Directors have declared a dividend of 40 cents per share on the common
stock, payable Oct. 31 to holders of record Oct. 15.
Like amount was paid
1940-41.
U.
to
Babcock & Wilcox Co.-—Common Dividend—
common
Total credit to earned surplus for quarter-.-.--
on
contract
a
Schroder Trust Co. has been appointed transfer agent in N. Y. City for
Northern
73,992
Depreciation-
from
awarded
the capital stock of this corporation, effective Oct. 1.—V. 151, p.
The
Co.—Earnings-—
-------
.
hand...
been
Baldwin Locomotive Works—Orders—
sales
Govt,
has
The application to list 385,000 additional shares of capital stock, par
has been approved by the Chicago Stock Exchange.—V. 151, p. 1885.
1937
def7,637
Cost of operations, materials, sales and administr'n
on
of California,
companies
of Sun Oil Assails Suit Against Oil Industry—
Aviation &
1938
$141,282
3 Months Ended July 31—
Itec.
Oil
refining and fixed prices for the industry.
Company
151, p. 1270.
Assets-
Standard
and
exists, and that the industry is mulcting consumers by charging excessive
prices for petroleum products."—V. 151, p. 836.
—Earnings—
$146,713
Atlantic Coast Fisheries
x
California,
Asserting he had been unable to get a copy of the allegations, Mr. Pew
said the Government's suit is "an attempt, in a smear proceedings against
the industry, to convince the American public that a conspiracy of monopoly
313,625
,
1,231.016
Gross from railway
Net from railway
Net ry. oper. income
of
of
J. H. Pew
2,553,106
$148,176
12,199
defl0,843
Net ry. oper.income---.
From Jan. 1—•
Other credits
Co.
Kentucky, New Jersey and Ohio.
J. Howard Pew, President of the Sun Oil Co. on Oct. 1 termed "political"
the Government suit charging that the American Petroleum Institute and
22 oil companies held monopolistic control of virtually all crude oil available
26.243
2,237,276
189.657
1939
1940
$164,911
34,253
11,306
Gross from
Net
Oil
Indiana,
def 6,833
defl86.159
Net ry. oper. income
—V. 151, p. 1270.
Net
Union
carriers for the U. S. Government totaling $9,581,406-—V. 151, p.
railway
Net from railway
—V.
1937
5, 1940
Corp., Mid-Continent Petroleum Corp., Ohio Oil Co., Phillips Petroleum
Co., Pure Oil Co., Shell Union Oil Corp., Skelly Oil Co., Socony Vacuum
Oil Co., Inc., Sun Oil Co., Texas Corp., Tidewater Associated Oil Co.,
$296,829
Net from railway——12.087
Net ry. oper. income—From Jan. 1—
1938
$278,460
38.750
$258,013
Oct.
13,000
Earnings
share
per
common
on
stock.
—V. 151, p.
$1.16
1887.
Bedford
Pulp & Paper Co., Inc.—Bonds Called—•
A total of $10,300 1st mtge; s, f. gold bonds, 6J^ % due Dec. 1, 1942. has
been called for redemption on Dec. 1 at 101M and accrued interest.
ment will be made at the Guaranty Trust Co. of NewYork.—V. 150, p.
Bell Aircraft
Pay¬
2248.
Corp.—New Assembly Plant—
Corporation has purchased 58 acres of land adjacent to Niagara Falls
airport as the site for a new 1,500,000 assembly plant to employ 3,000
persons, President Lawrence D. Bell announced on Sept. 27.
Equipment
is not included in the cost of the new plant.
:
$179,370
Adjust, of prov. for Federal income
taxes applicable to prior years.
Amount realized
Discount
botes
on
13,804
for'n receipts, &e.
10-yr. sink, fund 5%
on
13", 505
purchased for sinking fund
3,751
Net profit.
Dividends on 6% cumul. pref. stock..
Dividends
on common
$119,586
52,127
55,162
stock
7.739
$4,748
$179,370
52,127
80,631
52 127
Bell
Telephone Co. of Pa.—Earnings—
Period End. Aug. 31—
Balance Sheet June 30, 1940
Assess—-Cash,
$293,223; receivables (less, reserve for bad debts and dis¬
$103,000), $1,064,326; inventories (less, reserve for obsolescence
and other losses of $100,000),
$1,527,609; investments. $5,760; plant and
equipment (net), $1,047,726; prepaid expenses & deferred
charges, $89,200;
counts of
total, ^4i027,845»
Liabilities—Accounts payable, $65,710; customers'
prepayments, $96,461;
$116,027; sinking fund deposit due Nov. 1. 1940, $34 095*
10-year sinking fund 5% notes, due June 1, 1947.
$811,905; preferred stocl'
Uncollectible oper. rev__
1940— Month—1939
1940—8 Mo:9.-1939
$6,161,451
$5,832,053 $50,264,042 $47,216,498
23,740
24,610
156,393
190,495
Operating revenues...
Operating expenses.-
Note—The provision for depreciation included in cost of
manufacture arid
expenses for the current year amounted to $70,703.
patents,
Operations also will be expanded in the Buffalo plant, Mr. Bell said.
is leasing 135,000 more square feet of space in its Buffalo
building and will have a total of 435,000 feet.
Employment in this unit
will be raised from around 3,000 to 5,000.
Company has a backlog of approximately $60,000,000 in orders for
military aircraft for the United States and Great Britain.-—V. 151, p. 1714.
The company
$6,137,711
4,208,717
$5,807,443 $50,107,649 $47,026,003
4,067,674
33,766,341
32,388,495
Net oper. revenues.._
$1,928,994
563,114
$1,739,769 $16,341,308 $14,637,508
494,815
4,774,157
4,149,775
Net oper. income
$1,365,880
Net income.919,570
$1,244,954 $11,567,151 $10,487,733
794,157
7,987.382
6,881,344
Operating
re venues
Operating taxes
—Y.
151, p. 1426.
accrued expenses,
(Par $25), $868,750; common stock (par $5). $689,525; pairt-inSmimlu~
$b47,234; earned surplus, $698,138; total, $4,027,845.—V.
151, p. 1564.
Atlantic
Refining Co.—Government Files Oil Anti-Trust
Major Oil Companies Named in Action Aimed to
Dislocation of Defense Program—
Suit—22
Prevent
The Department of Justice
on
Sept. 30 filed
an
major oil companies in Federal District Court,
effort to force gasoline prices to lower levels.
The
suit
was
aimed to
It seeks
prevent
any
anti-trust suit against 22
Washington
serious dislocation
DC
of the
in
an
defense
injunction to halt alleged attempts by the companies
their subsidiaries and affiliated concerns, and the
American Petroleum
Institute, to fix prices, stifle competition and restrict the
production of
program
crude oil and
The
manufacture of the petroleum products.
defendants
Oil
Co.,
following is
a
summarization of operations during the current quarter
for the analogous period of the preceding year:
3 Months Ended July 31—
Sales (net)-.--.
Cost of goods sold
Gross profit...
1940
$640,614
250,321
—
$390,293
287,678
.*
Profit—operating
Sugar future contracts loss
$364,777
250,689
$102,615
—
-
Expense—ordinary
1 939
$670,837
306,060
$114,088
41,782
an
dissolution of the Institute.
Service
ireley's, Inc., Hollywood, Calif.—Earnings—
ie
in comparison with those
are
Atlantic
Consolidated
Refining
Oil
Corp.,
It also seeks the
Co., Barnsdall Oil
Continental Oil Co
Co
,
Cities
Gulf Oil
Net income
$60,833
Balance Sheet July
Assets—Cash
$114,088
31, 1940
demand deposits and on hand,
$48,539; accounts and
notes receivable (less reserve for possible uncollectible items of $17,192),
$179,231; inventories, $393,449; fixed assets (net), $585,568; sundry assets,
$7,705; deferred charges, $102,116; total, $1,316,607.
on
Volume
The Commercial & Financial Chronicle
151
Liabilities—Accounts and contracts payable,
$178,233; notes payable,
$133,056; customers' refundable deposits on bottles and
cases, $58,277;
margin requirement on sugar future contracts,
$1,206; accrued liabilities,
$62,285; trust deed note payable, $3,500; deferred rental
income, $13,428;
res
for products
deterioration, $10,560; cap. stock—(par $1) $200,000;
Paid-in surplus, $380,000; earned
surplus. $276,062; total, $1,316,607.
—V. 151, p. 99.
Birmingham Water Works Co .-^Earnings—
Calendar
Years—
1939
$1,599,140
3,68 1
4,040
$1,621,731
4,245
Gross earnings.
Operating expenses.
$1,570,163
$1,603,180
$1,625,977
383,898
335,215
Maintenance
'
...
Federal income tax
Other taxes....i..
Reserved for
.
_
_
_........
_
of
38,328
33,486
190,493
123,554
191,392
$779,968
$842,494
520,150
$885,724
520,150
459,169
__
5,125
25,912
9,391
25,912
8,035
$284,278
discount,
5,702
25,531
debt
$282,695
$326,534
expense
.i.__
8,002
Balance Sheet Dec. 31, 1939
Assels
Property,
plant and equipment, $15,504,266; cash, $509,537;
(net), $118,063; water charges accrued, $21,937; ma¬
supplies, $39,718; prepayments, $4,924; unamortized debt dis¬
count and expense,
$341,374; other deferred charges, $3,285; income ac¬
crued under contract, $2,302,589;
total, $18,845,692.
Liabilities—Funded debt, $9,500,000; accounts
payable, $37,973; ac¬
crued interest, dividends and
taxes, $234,532; water charges billed in
advance, $56,380; customers' security and extension
deposits, $293,479;
other deferred credits and
liabilities, $5,570; retirement reserve, $1,113,330;
other reserves, $969; contributions for
extensions, $145,696; preferred stock,
$2,499,500; common stock, $2,501,700; surplus arising from income accrued
under contract, $2,302,589;
surplus, $153,974; total, $18,845,692.—V. 149,
p.
receivable
and
1617.
Black & Decker
John T.
been
a
director and
a director, and Robert D. Black has
Vice-President of this company.
V. 151
C
a
1714.
p.
Braniff
r
Mfg. Co.— New Officials —
Menzies has been elected
elected
Airways, Inc.
Period End. Aug. 31—
Operating
Other
$246,121
$469,963
639
558
$160,555
143,857
$470,521
429,347
$310,406
$8,157
$16,698
$41,174
$22,159
400
301
979
614
$8,557
$16,999
$42,153
common stock,
preferred stock, series A,
for
redemption
share and accrued dividends.
Only a
small amount of the called stock remains
outstanding, since most of the issue
was deposited under
the unification plan.—V. 151, p. 1715.
revenue.__
.
Int. and other non-oper.
expense.
"
Estimated income tax..
125
~
1,540
Net Income
on
3,525
$7,017
Aug. 31,
'40
7,109
$13,475
$34,920
$309,443
288,249
The plan has now been
accepted by over two-thirds in amount of the bond¬
holders, by oyer two-thirds in amount of the general creditors and
by more
than a
majority of the preferred and common stock.
175, 593
12, 970
23 392
Other
163,357
159,114
10,443
208 ,115
Due from agents..
Travel card receiv.
37 026
18, 334
3 611
receivables.
Special deposits
Working fund advs.
$19,243
of
$12,607
July 31/40
$1,899
83,709
72,123
27,311
27,804
payable...
Air travel card de¬
posits..
56,525
52,275
116,481
111,532
22,795
Acer. inc. taxes...
15,109
10,435
34,760
7,879
9,197
18,334
Acer, taxes, otherAccrued insurance
3,540
Deferred liabilities
58
175
materials,
Deficit
Paid in surplus...
fuel and oil.....
92, 852
Invest, in stocks._
150
Shows
assure
Improvement in Earnings—
According to
a report made public
by Serge Semenenko, Chairman of
reorganization managers, sales of company and subsidiaries for the 40 weeks
ending with Sept. 7, 1940, were $19,232,878 as compared with $11,993,503
for the
corresponding period in 1939.
Income after Canadian income
taxes and adjustment for
foreign exchange, but before depreciation and
depletion and deferred interest, was $2,868,450 as compared with deficit
of $388,100 in 1939.
After depreciation and depletion of $1,390,117 which
compared with $1,349,571 in 1939, net income before deferred interest on
bonds was $1,478,333 as compared with a loss of $1,737,671 in 1939.
Net sales for the tenth accounting period of four weeks ended with Sept. 7
were $1,761,403 as compared with
$1,164,367 in the similar period in 1939.
Income after Canadian income taxes and adjustment for foreign exchange,
but before depreciation and depletion, was $364,641 as compared with a
loss of $73,243 in 1939.
After depreciation and depletion of $146,671,
which compared with $133,150 in 1939, net income before deferred interest
on bonds was
$217,970 as compared with a loss of $206,403 in the same
four-week period of last year.
While the necessary 66 2-3% of bond assents have been received together
the required amount of assents
by unsecured creditors, preferred
stockholders and common stockholders, all security holders who have not
sent in their assents to the reorganization plan are urged to do so by the
with
reorganization managers prior to Oct. 21, the date set for court hearing on
confirmation of the plan, to assure the success of the reorganization.—
V. 151, P. 1565.
Company
575,000
Burlington-Rock Island RR.—EarningsAugust—
railway.
Net from railway
Net ry. oper. income....
1940
1939
$115,114
1937
1938
21,418
6,971
$99,792
5,520
def9,099
816,246
847,135
$116,043
299
36,087
def80,282
84,232
def63,283
$108,817
6,333
def25,406
951,859
28,411
def97,733
____
....
defl9,587
From Jan. 1—
Gross from railway.-...
Net from railway.
Net ry. oper. income
—V. 151, p. 1272.
7,922
575,000
been awarded a contract to manufacture ammunition
the United States Government totaling $2,415.000.—
Gross from
1,000,000
90,479
has
components for
V. 151, p. 1137.
California-Pacific Utilities
884,067
125.132
def60,933
Co.—Refunding —
The company has applied to the California Railroad Commission for
authority to issue $1,000,000 first mortgage series B 4% bonds of 1960.
The issue would be used to retire outstanding 5s of 1958 and notes and
advances to operating companies.
The issue when approved will be sold
1,202,920
41 661
31,477
8,592
150
1,204 773
27,679
1,000,000
76,273
Capital stock.
accrued assets..
Inv.
A ug. 31, '40
Vouchers payable.
Traffic bals. pay..
and
current
to
Budd Wheel Co.—Government Contract—
3,529
Wages
561,958
mail
claim.
order
the consummation of the reorganization, all bond¬
holders, general creditors and preferred stockholders who have not
yet
accepted the plan are urged by the reorganization
managers to
do so
promptly, irrespective of the size of their holdings or claims.
"It is im¬
portant,
they observe, "that as large a number as possible of such accept¬
ances be given in favor of the
plan prior to the date fixed for confirmation."
~
Accounts payable.
536,085
Traffic bale, receiv
Other
Liabilities—
July 31,'40
hand and
deposit
TI. S. Govt,
(Me.)—Seek Confirmation of Plan•—
Application is being made to the court to fix a date for a hearing on the
°*reorganization, according to a statement by the company made
public by Serge Semenenko, Chairman of the
reorganization managers.
Balance Sheet
Assets—
Cash
a
Security Holders Urged to Assent to Plan Before Oct. 21—
income..__
Total
Dec. 3 at $100
on
$22,773
■
Cash discount and other
non-oper.
In addition to the
liquidating dividend on the B.-M. T.
directors called the
corporation's $6 cumulative
963
$246,221
238,064
.
1
oper.
1940—2 Mos. —1939
$159,915
100
(net).
Total oper. revenue.
Net
-Earnings ■
1940—Month--1939
revenue
revenue
were assured, however, that additional
distributions would
be made as
rapidly as allowed by the proceedings for liquidation of the
corporation and settlement and discharge of its debts.
In
Net income...
accounts
liquidating dividend of
Brooklyn & Queens Transit Corp. and the existence of tax and other
Shareholders
125,356
1,599
and premium
Miscellaneous deductions.
terials
to have
authorized a larger initial liquidating dividend, the decision was
made on advice of counsel and in view of
existing conditions, including un¬
certainties as to the time, amount and kind of the
Brown Co.
...
on
Amortiz.
71,622
2,233
funded debt_.__.i_
interest charges
Other
73,097
318,397
:
212,420
123,804
„.
retirements.."I
Gross income.
Interest
67,840
_
2037
decided upon partly because of a preference
expressed
by stockholders at their recent annual
meeting and partly because sale of
the municipal bonds and
subsequent distribution in cash would result in a
substantial taxable increase to the corporation.
The announcement added that while the directors would
have preferred
was
contingencies.
1937
$1,566,482
„
distribution
the
1938
Operating revenue.
Non-operating income.............
_
of
40,515
x
Real
equipment.
Prepaid and
expenses...
to John Hancock Mutual Life Insurance Co.
def.
w...
Total
x
91,127
property &
$1,854,621 SI,809,1891
Campe Corp. (& Subs.)—EarningsTotal
SI,854.621 Sl.809,189
After deducting accrued depreciation of
$440,793 on Aug. 31, 1940 and
$412,237
on
July 31, 1940.—V. 151,
Brazilian
p.
1272.
x
x
Net
Traction, Light & Power Co., Ltd.— Earns.
expenses
1,589,732
.
earnings......
$1,565,594
1,416,660
1940—8 Mos.—1939
$24,484,820 $25,328,273
12,190,683
12,148,470
$1,547,452 $12,294,137 $13,179,803
Before depreciation and amortization.—V. 151,
p. 1272.
Bristol County Water
Co.—Earnings—
Calendar Years—
1939
Operating revenue
Non-operating income
Gen. adm. & sell. exps._
Prov. for depreciation..
Loss
Period End. Aug. 31—
1940— Month
1939
Gross earns, from oper._ $3,155 326
$2,964,112
Operating
Years End. July 31—•
Profits from operations.
1938
$188,371
1,025
1937
$175,84
$177,264
884
163
Loss
on
on
b$280,016
216,867
a$303,120
209,007
y$364,293
33,877
47,536
58,244
5.535
57,166
sale of cap.assets
sale of market¬
able securities—
—
.
Prov. for possible loss on
commitmentsProv.for Fed.& State tax
Net profit for period
Common dividends.
__
Balance, surplus.....
Shs .com .stk .out. (no par)
Earnings per share.,
1937
1938
1939
1940
x$275,657
174,221
517
a.;
:r *.4.
222,089
5,500
~8"398
•
.
$66 136
30,100
$7,215
.
def $8,453
$36,036
73 602
74,923
$0.14
52.341
_
zl8,90i
$13,814
22,267
53.151
$53,011
$1.01
z16"603
$7,215
9,047
$53,011
$0.19
$0.88
>
received of $32,093.
y Includes
(net) and dividends received of $22,880 and profit on sale of mar¬
ketable securities of $21,208.
z Includes surtax on undistributed profits
of $3,445 in 1938 and $5,500 in 1937.
a Includes interest (net) and divi¬
dends received of $29,022 and refund of processing taxes of $8,065.
b In¬
cludes interest (net) and dividends received of $32,093.
Includes interest (net) and dividends
x
interest
Gross earnings.
Operating expenses
„
Federal income tax
Other taxes
_______
$189,396
...
8,9.50
_.
......
.
Gross income.
Interest
on
.
10,231
$103,776
31,875
_
funded debt....
interest
4,297
8,470
8,631
9,006
..
Reserved for retirements.
Other
55,130
4,254
10,330
.....
$175,968
53,080
______
...... .....
Maintenance
charges.
$89,210
31,875
$177,428
49,220
4,604
5,840
8,153
10,000
$99,611
31,875
69
Amort. of debt discount and expense.
Miscellaneous deductioas.
___
_
8
3
4,628
4,628
Cr215
4,628
$52,914
$62,744
_
Net income
$67,203
360
Balance Sheet Dec. 31, 1939
Brooklyn-Manhattan Transit Corp.—Liquidating Divi¬
dend—Preferred Stock Called—
Directors
Oct. 3 authorized
'
initial liquidating dividend on a share
of the corporation's common stock of $10 principal amount of
Oity of New
York 40-year 3% bonds. The dividend is to be payable on or after Nov. 1.
on
an
501,305
471,509
sundry accruals.
$56,379
Marketable secur.
320,040
320,040
Notes pay., banks.
Res.
for
loss
on
150,000
&
Notes
miscell.
accts. receivable
Inventories
x
8,387
311,043
chlnery & equip.
operations
Misc.
investments
Total
x
.....
385,809
Due to mills
$119,486
5,500
..
198,884
14,018
...—
Prov. for Fed. and
800,137
920,135
17,193
423,812
14,759
21,405
13,607
46,692
y Common stock..
600,000
Initial surplus..-- 1,455,923
Earned surplus—
361,998
z Treasury stock..
Dr76,853
46,692
800,000
1,492,723
370,166
Dr300,209
State taxes
Res. for investm'ts
422,466
.$2,635,062 $2,741,348
&
contingencies.
Total
.....
$2,635,062 $2,741,348
After depreciation of $411,753 in 1940 and $433,694
in 1939.
y
Repre¬
60.000 (80.000 in 1939) no par shares,
z 7,659 common shares
in 1940 and 26,849 common shares in 1939.—V• 149. p. 1908.
sented by
Cambria & Indiana RR.—
August—:
Gross from rail way
Net from railway..
Gross from railway.
announced that dividends of less than $100 would be paid in cash
pay.,
commitments
Land, bldgs., raar
Net ry. oper. income
From Jan. 1—
was
1939
incl.
Accts. receivable..
The B.-M. T. acquired a certain amount of city obligations in consummatibn
on or before Oct. 15, plus interest to and including Oct. 30.
In declaring the
initial liquidating dividend the management of the B.-M. T. said this form
1940
Liabilities—
Accts.
$206,631
of the transit unification deal.
It
1939
$253,145
Deferred charges to
Assets—Property, plant and equipment, $2,018,844; cash with trustee,
$15,937; cash, $22,434; accounts receivable (net), $44,982; materials and
supplies, $9,349; prepayments, $367; unamortized debt discount and ex¬
pense, $49,048; other deferred charges, $3,015; total, $2,163,978,
1
Liabilities—Funded debt, $850,000; accounts payable, $9,969; accrued
interest and taxes, $26,079; water charges billed in advance, $41,613;
customers' security and extension deposits, $11,134; other deferred credits
and liabilities, $289; retirement reserve, $135,070; contributions for exten¬
sions, $6,611; common stock, $750,000; capital surplus, $80,476; surplus,
$252,737; total, $2,163,978.—V, 143, p. 577.
Sheet July ,31
Consolidated Balance
1940
Assets—
Cash
Net from railway.
Net ry. oper. income.—
V. 151, p. 1273.
1940
-Earnings1939
1938
1937
$136,509
33,301
76,691
$92,751
29,523
68,136
$98,960
30,189
993,348
350,725
860,720
720.082
838 821
312,504
174.049
307 219
623,383
572,539
465,968
627.956
$134,518
43,341
80,524
73.582
The Commercial &
2038
Canadian Converters Co., Ltd.—
Dividend—
declared a dividend of 50 cents per share on the common
stock, payable Nov. 15 to holders of record Oct. 31.
Like amount was
paid on Aug. 15, last, this latter being the first dividend paid since May 15,
1937 when 50 cents per share was also distributed.—V. 150, p. 3967.
Central Power & Light
Earnings Statement for
Directors have
Canadian
National Lines in New
$105,265
def27,304
Net from railway
Net ry. oper. income—
From Jan. 1—
def78,938
railway——
1,075,650
def70,228
def516,738
Gross from
Net from railway
Net ry. oper. income—
—V. 151, p. 1273.
1938
$111,227
def38,678
def84,080
$127,135
def32,884
def79,371
996,261
def43,415
def403,257
858,590
defl 18,976
def451,644
904,633
def95,267
def457,773
Gross income
Interest
the 9-Day Period Ended Sept.
30
Decreas
1939
$6,491,022
Grossrevenues
$7,520,260
$1,029,238
Canadian Oil Companies, Ltd.—Extra Dividend—
declared an extra dividend of 12 H cents per share in addi¬
tion to the regular quarterly dividend of like amount on the common stock,
both payable Nov. 15 to holders of record Nov. 1.
Similar payments were
made on Aug. 15, May 15 and Feb. 15 last and on Nov. 15, Aug. 15, May 15
and Feb. 1571939, and on Feb. 15,1938.—V. 151, p. 1273.
and expense
—
Other income deductions-
—
in Maine- Earnings—
19.38
1940
1939
$104,335
$147,510
$102,789
def8,073
Auyust—
Gross from railway.,—-
2,611
def20,915
-
Net from railway
1,556,430
271,134
405,268
Net ry. oper. income—
From Jan. 1—
def29,476
def49,287
2,076,812
658,034
Net from railway
Gross from railway
41,668
income—
1937
$128,265
10,797
defl0,220
def29,730
1,704,553
316,331
70,636
1,630,207
237,703
defl8,671
1273.
1
Canadian Pacific Lines in
1940
$99,585
defl,703
def32,861
Gross from railway
Net from railway
Net ry. oper. income—
From Jan. 1—
803,368
def82,299
income— def309,753
Gross from railway
Net from railway
Net ry. oper.
—V. 151, P. 1273.
These dividends will
1 to
See also V. 151, p. 1138.
be payable Nov.
15.
close of business on Oct.
Directors have declared a
1939
1940
'
Vermont-—Earnings1938
1939
$77,704
$74,679
def41,388
def65,344
1937
$94,801
def5,680
def29,322
defl7,234
def42,724
536,210
def309,562
790,684
def91,763
def517,796
633,183
def218,214
def419,847
Net ry. oper. income-.
—V. 151, p. 1275.
1,637,609
542,302
1,456,780
342,203
1,734,140
596,396
285,016
Gross from railway
Net from railway.
$178,439
46,407
26,981
$186,123
43,212
1,750,835
501,829
Net ry. oper. income—
From Jan. 1—
$210,123
67,336
30,667
Net from railway
333,035
164,586
373,210
$15,512,883
13,249,286
.
earnings
—V.
$2,263,597
p.
1275.
$6,883,454
$905,950 $17,304,434
132,849
50,820
94,186
Gross from railway——
Net from railway—--
10,073,830
1,889,426
9,644,420
1,762,213
9,045,297
1,544,462
10,866,487
2,500.896
Net ry. oper. income-.-
192,677
59,213
def55,938
740,975
151,
p.
1275.
Chicago Flexible Shaft Co.—Earnings—
End.Sept. 30—
1940
1939
1938
$5,777,145
$4,973,524
$5,515,563
1937
$4,276,675
868,210
689,553
1,001,489
595,403
9 Mos.
Sales
Est.
—
net
United
profit
before
taxes
States
—V. 151, p.
982.
The New
of America—Accounting
Supreme Court against
was
made that tne
the corporation by Frank
corporation had utilized an
for manufacturing purposes
Sought—
The charge
Rosenthal.
invention of the plaintiff
without his consent.
plaintiff said he originated in 1926 a process for making irregular
artificial silk yarn, imitating the irregular silk thread used in shantung and
pongee, and turned it over to the company for further experimentation under
an agreement that it was
not to be used for manufacturing without his
consent.
The company later notified him it could not be used, but pro¬
ceeded to patent it in Great Britain, and the United States, and use it, he
declared.
He asked an accounting of the "great profits" and an injunction
against its further use.
.
The Federal Court in Wilmington, Del., dismissed in April last, a bill
of complaint by Mr. Rosenthal against the company which charged infringe¬
ment of two of his patents.—V. 151, p. 1427.
The
Central Illinois Light
Period End. Aug.
31—
Operating expenses-.
Taxes.-
Co.-—Earnings-
1940—Month—1939
$676,878
298,414
$678,029
278,781
130,992
Gross revenue
,
108,689
Provision for deprec. and
—
Int. & other deductions.
Net income
on
pref. stock—
pref. stk. exp
—
Amortiz. of
Balance
—V. 151, p.
3,665,463
1,431,404
1,642,826
115,000
_
Gross income
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
90,000
1,280,000
1,050,400
$153,257
52,274
$179,776
64,451
$2,919,297
730,490
$2,821,423
773,622
$100,983
41,800
15,951
$115,325
41,800
$2,188,807
501,607
191,406
.501,607
191,406
$57,574
$1,495,794
$1,354,788
$1,628,032
364.308
48,632
11,543,511
2,886,105
10,830,766
1,956,009
defl89,734
12,209,392
2.604.957
302,524
653,355
1566.
Ry.—Earnings—
1938
1939
1940
$442,751
167,104
90,680
Net from railway.
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income--—V. 151, p. 1275.
$321,064
88,308
67,304
$310,385
75,707
2.968,195
990.446
723.886
August—
Gross from railway
2.349,023
637,445
486.650
2-271,144
600,066
Chicago Milwaukee St. Paul
49,424
400.370
1937
$343,35S
106,559
66,658
2,597,648
866,413
601,564
& Pacific RR.—No Interest
Company has taken no action with respect to declaring any interest to be
due and payable on Oct. 1, 1940, on the 5% con v. adjust, mtge. gold bonds,
series A, due 2000, and coupon No. 27, maturing Oct. 1, 1940, has no value,
$2,047,801
15,951
$1,537,942
481.696
195,386
Chicago & Illinois Midland
$8,968,691
$9,621,430
3,779,307
$43,232
amortization—
Divs.
1940—12 A/os.—1939
1937
$1,578,116
509,170
207,056
11.539,186
2.678.158
465,219
Net from railway.
—V. 151, p.
1938
$1,536,479
404.512
125,040
Gross from railway
filed Oct. 1 in New York
1939
1940
August—
and injunction action was
RR.—Earnings—
Chicago Great Western
1888.
Celanese Corp.
1937
$1,320,034
296,867
Net ry. oper. income—
From Jan. 1—
have declared a
Carolina Clinchfield & Ohio Ry.—Listing—
York Stock Exchange has authorized the listing of $22,150,000
1st mtge. 4% bonds, series A, due Sept. 1,1965 on official notice of issuance.
1938
$1,132,670
223,275
214,042
22,488
Co.—Accumulated Dividend—
dividend of $3 per share on account of ac¬
cumulations on the 6% cumulative preferred stock, payable Oct. 15 to
holders of record Oct. 5 leaving arrears of $3 per share.—V. 151, p. 407.
1939
$1,194,487
$1,327,970
332,240
Net from railway
1940—8 Mas.—1939
$12,655,361$106,200,971 $86,120,608
11,749,411 88.896,537 79,237,154
Ry.—Earnings—
1940
August—
—V.
(Philip) Carey Mfg.
151,
Chicago & Eastern Illinois
Gross from railway
1887.
accounting
46,385
23,690
Chicago Burlington & Quincy RR.—Earnings—
1940
1939
1938
: 1937
$8,430,325
$8,221,964 $8,788,869
$9,012,749
Net from railway
2,232,559
2,001,768
2,941,988
2,566,058
Net ry. oper. income-1.126,181
816,103
1,725,512
1,014,088
From Jan. 1—
'
Gross from railway—- 61,043,587
59,995,568 58,530,199
64,875,688
Net from railway
13,325,828
13,193,168
14,317,689 14,991,602
Net ry. oper. income.-4,758,923
4,493,491
5,434,882
7,420,397
def307,401
1940—-Month—1939
.
Working expenses.
An
Ry.—Earnings—
1938
1937
$199,544
53,156
Gross from railway
RyEarnings-
Period End. Aug. Zl—
Gross earnings
p.
the common
Previously quarterly
151, p. 691.
dividend of 50 cents per share on
Charleston & Western Carolina
August—
,
Dividend —
stock, payable Oct. 25 to holders of record Oct. 10.
dividends of 25 cents per share were distributed.—V.
.
Canadian Pacific
151,
.
7 % cumula¬
cumulative preferred
in arrears.
stockholders of record at the
dividend of $1.75 per share on the
tive preferred stock and $1.50 per share on tne 6%
stock of the company as payment on the dividend accumulations
August—
August—•
—V.
$1,497,880
!,
Net income
Gross from railway
Canadian Pacific Lines
Directors
long-term debt
Chain Belt Co.—50-Cent
Directors have
Net
2,282
$2,934,644
1,103,198
302,363
29,097
2,106
,
—
Amortization of bond discount
151, p. 1887.
—V. 151, p.
on
-
Directors have declared a
1940
Net ry. oper.
$2,932,362
income.
Other income (net)
Dividends—
Earnings of the System for
—V. 151, p.
$9,360,328
6,427,965
Operating expenses and taxes
General interest
Canadian National Ry .—Earnings —
—V.
Co.—Earnings
12 Months Ended Aug. 31, 1940
Total operating revenues
Net operating
1940
5,
1937
$137,098
def7,129
def58,864
1940
August—
Gross from railway
Earnings—
England-
1939
Oct.
Financial Chronicle
accumulations of cumul. interest on
paid
(but without interest thereon,
declared by the board
the adjustment mtge. bonds will be
against future coupons when and as
of directors in accordance with
the adjustment mtge.
Earnings for August and, Year to Date
1939
1940
August—
$10,805,082
3,022,820
income--1,865,588
Gross from railway
Net from railway
Net ry. oper.
From Jan. 1—
Gross from railway
1938
1937
$9,972,698
2,214.908
1,028,738
$9,920,718
2,426,607
1,180,442
$9,833,303
2,133.416
914,509
66,796,085
10,113,840
1,242,125
62,774,187
10.233.758
1,102,628
70,899,827
13.032.539
5.782,780
,
1427.
Central Kansas Power Co.—To Sell
Preferred Stock—
The Securities and Exchange Commission, Sept. 27. announced that the
had filed an application and declaration (File 70-162) under the
Holding Company Act regarding the issuance and sale of 5.821 shares of
% cumulative preferred stock ($100 par), to an underwriting group at a
price of $97 a share.
The names of the underwriters and the number of shares to be taken by
each are as follows: Beecroft, Cole & Co., Topeka, Kan., 1.455; Estes,
Snyder & Co., Inc., Topeka, Kan., 1,455; Columbian Securities Corp.,
Topeka, Kan,, 1.455; the United Trust Co., Abilene, Kan., 1.456The underwriters propose to offer the new preferred stock to holders of
the company's outstanding 7% and 6% preferred stocks residing in the
State of Kansas on a share for share basis.
Shares not taken under the
exchange offer will be offered to residents of that state at a price of $100
Net from railway
Net ry. oper. income.-.
—V. 151. p. 1888.
72,292,306
14,293,899
5,371,854
company
a
share.
The
proceeds from .the sale of the new preferred stock, together with
will be used to redeem on Nov. 15, 1940, the
Chicago & North Western
Net ry. oper. income.—
From Jan. 1—
1,613,728
Gross from railway—..
58,539,188
10.384,809
3,759,238
Net from railway
Net ry. oper. income
—V. 151, p.
(no par) presently outstanding.
Company is a subsidiary of United Utilities, Inc.
The
an affiliate of the parent company.—V. 151, p. 982.
United Trust
mi
Co.-—Bonds Called—
$21,000 1st mtge. 4% bonds, series C, due Aug. 1, 1964, has
redemption on Nov. 1 at 103 H and accrued interest.
Pay¬
ment will be made at the Guaranty Trust Co. of New York.—V. 151, p. 543.
A total of
been called for
Ended June 30—
Net income after all charges
Earnings per share on 2,500,000 capital shares
—V. 151, p. 1274.
6 Months
Central Paper Co., Inc.—Registers
See list given on
defl29,791
Pacific Ry.—Earnings—
—*
Net from railway-Net railway operating
From Jan. 1—
Net railway operating
—V.
income..
1940
$303,958
0.12
1939
$286,269
$0.11
-
—
income
1Q40
1QQQ
$6,397,074
1,032.093
112,588
52,301,069
10,756,629
3,592,166
51,169,530
9.289,345
2,258,972
151, p. 1888.
Net from railway
Net ry. oper. income
From Jan. 1—
Minneapolis & Omaha Ry.—Earnings
1940
$1,773,966
410,864
168,034
Gross from railway
11,351,001
Net from railway
with SEC—
Gulf Ry.)
$6,707,551
1.294,130
395,690
-
Chicago St. Paul
Gross from railway
—
first page of this department.—Y. 151, p. 1566
def551,175
Gross from railway
August—
Central Patricia Gold Mines, Ltd.—Earnings
1,132,300
54,404,395 51,210,996 59,310,934
6,404,952
4.160,698
3.883,884
28,235 def2681,399 defl442,601
_
Net from railway.
Central Ohio Light & Power
$8,468,289
770,002
Gross from railway
Co. is
1937
$7,769,389
1,547,004
(Includes Chicago Rock Island &
A
1938
$8,361,727
1.878,255
1717.
Chicago Rock Island &
other funds of the company,
outstanding 7% and 6% preferred stocks at $100 a share.
The company also proposes to issue, after reclassification, 30,000 shares
of common stock ($9 par), in exchange for its 3,000 shares of common stock
$9,009,780
2,493.882
Net from railway
Ry.—Earnings—
1939
1940
August—
Gross from railway
1,473,781
def337.255
Net ry. oper. income
—V. 151, p.1275.
1939
1938
1937
$1,796,960
455,880
202,875
$1,817,591
455.376
204,882
$1,888,144
366,192
107,844
10,997,676
1,083,205
10,753,973
1,374,235
def342,392
def492.359
def647,487
11,604,725
968,135
Chrysler division of this corporation has included in the
stock, $5CO,OCO; common stock, $721,700; surplus,
151, p. 840.
prices of its
1941 models several accessories which previously had been optional at
822.—V.
extra
ranging from $45 to $125.
As a result of this change in equipment
policy, made after a study of consumer preferences, and higher materials
and Federal excise tax costs, Chrysler 1941 prices in most cases show
cost
advances ranging
from $55 to $105 and averaging well under 10% as com¬
Town sedans show reductions.
a
on
on
13,200
volts.
City Water Co. of Chattanooga (Tenn.)
1938
1937
$912,952
$884,795
1,970
$879,758
1,09.5
$914,047
$886,765
$881,057
259,563
34,139
21,910
248,389
236.248
Gross earnings
Y
.
;
Auxiliary
coupe
1940
1941
Interest
w«.
_
910
on
funded debt...
Other.interest charges
910
965
Two-door sedan
Four-door sedan
945,
-:_Y
Club coupe
75
55
950
55
85
950
70
990
1,035
1,020
1,045
_
Brougham
....
Four-door sedan
_
50
7-passenger sedan and custom convertible coupe,
7-passenger sedan and 7-passenger limousine are to be announced later.
The prices stated are delivered at Detroit and include Federal excise tax.
7
Most important of De Soto's special equipment items for 1941 is fluid
drive with simplimatic transmission.
The price of this installation is $55
and is available on both de luxe and custom lines installed at factory.
Dodge 1941 Prices—
the Deluxe series of
on
1,396
$151,067
$166,417
Liabilities—Funded debt, $3,816,000; accounts payable. $286,946; ac¬
crued interest, dividends and taxes, $133,376; customers' security, service
and extension deposits, $108,781; other deferred credits and liabilities,
on
delivered price—including Federal taxes—for the 1941 Deluxe
is $825 as against $808 for 1940, for the 2-door Deluxe sedan $880 as
against $865 and for the 4-door Deluxe sedan $920 compared with $910.
For the 1941 season, Dodge is offering two distinct model series, the
$396,284; other reserves, $1,900; contributions
$1,520; retirement reserve,
for extensions.
$79,241; preferred stock, $1,000,000; common stock, $1,total. $7,661,734.—V. 148, p. 2420.
740,300; surplus, $97,386;
Co.—Unlisted Trading—
Clayton & Lambert Mfg.
The New York
Curb Exchange has
removed from unlisted trading the old
capital stock, no par, and has admitted to unlisted trading the new capital
stock, par $4.
The new capital stock was issued, share for share, in ex¬
change for the old capital stock.—V. 151, p. 1888.
Ciinchfield RR,~—Earnings-
181,459
$610,865
328,255
295,223
$493,764
231,181
196,533
$552,189
272,079
285,831
5,681,487
2<963,995
2,403,994
4,477,283
2,201,082
1,918,557
3.689.371
1,497,823
1.200.372
4,684,763
2,255,890
2,161,172
$606,920
231,519
Gross from railway——
Net from railway
Net ry. oper. income.—
From Jan. 1—
„
Net from railway
Net ry. oper.
—V.
151, p.
1937
1938
1939
1940
August—
Gross from railway-----
Dodge 1941 models average 1.6% higher
comparable 1940 models, according to Forest H. Akers, VicePresident and director of sales of the Dodge division of Chrysler Corp.
Prices
3.058
18.745
1,421
$161,179
______
4.855
18,744
$305,399; unamortized preferred stock commission
$15 245; other deferred charges, $10,140; total, $7,661,734.
and expense
Prices of the de luxe
<han
190.800
9.353
18,744
2,079
_____
discount and expense,
45
950
.
51,728
Assets—Property, plant and equipment, $7,219,798; miscellaneous in¬
vestments, $1; cash, $34,232; accounts and notes receivable (net), $52,478;
materials and supplies, $22,804; prepayments, $1,636; unamortized debt
Custom—
Coupe
$380,417
Balance Sheet Dec. 31. 1939
890
Y:
995
_
158,631
$366,889
190,800
190.800
—.
—
Miscellaneous deductions ________
$48
-.VUv'■,,YY;:>
33.277
20,754
157,595
52,579
.53,411
—
Amort iz. of debt discount and expensei
Increase
$850
.
— .----
1,299
37,495
23,817
$382,157
ranging from slightly less
$898
985
_
__
Up—
Y
_
Gross income
5% to more than 8% and averaging about $56 were announced by
Byron C. Foy, President of this division of Chrysler Corp.
At the same
time, Mr. Foy disclosed increases on the custom line of from 5)4% to 9%,
an average-of $65.
The 1941 De Soto line featuring new Rocket bodies, larger bodies and
increased horsepower are now being introduced to dealers and will be shown
to the public soon.
."v-'
.Yv-V
Prices compare as follows:
.
__ _
Other
Reserved for retirements..
$1,325, up 7%;
This line also
than
•
a_
Taxes—Federal income
Net income——
De Luxe—•
- ________
Maintenance
convertible models, two eight-passenger cars
Business coupe
_ _ _
Operating expenses
the entire Crown
1941 De Soto Prices
-Earnings-
1939
Operating revenue.
Non-operating income
standard equipment on all but Royal
extra and optional equipment against
Price increases on the De Soto de luxe models
1,800 rpm.,
and steam
Calendar Years—•
in the Royal lino
Imperial series will be released later.
Fluid drive,
and Windsor series, costs only $25
$38 last year.
A new "vacamatic"
transmission is optional on the sixes at $30.
Prices
and
Turbine
conditions of 650 lb. guage and
town sedan at $1,328.
$1,345, up 7%.
compound type, it will be rated 81,250 kva.,
Specifications call for hydrogen cooling
900 degrees.—V. 151, p. 982.
Of the tandem
and
(eight)—Coupe, $1,195, up 9%; 2-door sedan, $1,248, up
8%; club coupe, $1,268; up 10%;
4-door sedan, $1,278, up 9%.
This
Saratoga (eight)—Coupe, $1,275, up 9%; 2-door sedan,
New
of these.
Yorker
line has added
Co.—Orders
Generating capacity of 65,000 kw. will be added to its Columbia Park
Station by the Cincinnati Gas & Electric Co. with a General Electric
turbine-generator just ordered and scheduled for shipment in January, 1942.
The new unit will join three other General Electric turbine-generators al¬
ready installed in this station, and will duplicate the most recently installed'
priced line, the Royal, 15 separate accessories previously
listed
as
extras
are
standard equipment, purchased separately, these
would cost $45.
With the base model, the coupe, up only $50 from last
year the net price difference thus is only $5.
Similarly on the new Yorker
series, inclusion of fluid drive and other accessories which were extra cost
equipment last year would have increased 1940 prices by around $125,
whereas the 1941 coupe shows an advance of only $100.
Including Federal excise taxes and all other charges except State sales
and license taxes, Chrysler's 1941 cars delivered in Detroit at the following
prices:
Royal (six cylinders)—Coupe, $945, up 6% from 1940: 2-door sedan,
$1,021", up to 6%; club coupe, $1,041, up 8%; 4-door sedan, $1,051, up
6% and town sedan, $1,111, off 10%.
.
Windsor (six)—Coupe $998, up 7%: 2-door sedan, $1,075, up 8%; club
coupe, $1,096, up 11%; 4-door sedan, $1,125, up 10%; town sedan, $1,175,
off 8%.
club coupe, $1,335, up 8%; 4-door sedan,
has added a town sedan, at $1,375.
Electric
&
Gas
Cincinnati
On the lowest
New
$38,298; total, $2,609,-
...
Generator—
pared with corresponding 1940 models.
*
contributions for extensions, $8,865; preferred
retirement reserve, $172,948;
Chrysler Corp.—New 1941 Prices—
The
2039
The Commercial & Financial Chronicle
Volume 151
income
1275.
Detroit
Clinton Water
coupe
While both present entirely new
designs, only the Deluxe series, comprising three models, affords a basis
for price comparison with the Deluxe line of 1940.
'
The new Custom series for 1941 comprise four models—a 2-door brougham
listing at $295, a 6-passenger coupe at $960, a 4-door sedan at $965 and
Custom town sedan at $995.
The prices listed, Mr. Akers pointed out, are for cars with or without
running boards, and include bumpers, bumper guards, new safety-type
wheels, spare wheel and tire, two tail lights, safety glass in all windows,
Deluxe type steering wheels, fenders and sheet metal finished to harmonize
with a variety of new body colors.
The Custom series prices also include
"Air-foam" seat cushions.—V. 151, p. 1275.
Deluxe series
Custom series.
and the
Citizens Water Co, of Washington,
_
Operating expenses
—
*
i7
7.
Gross income
Interest
on
_
_
funded debt
r
257
415
$167,621
48,442
3,170
7,700
$166,430
48,574
3,321
Y 7,736
18,798
11,634
$166,424
44,183
4,750
7,743
19,074
10,050
$76,366
$80,623
23,319
10,474
—
—
Operating expenses
——.
M aintenance
—
Federal income tax.
Other taxes.
21,478
11,955
—
Reserved for retirements
Gross income
debt
—
Other interest charges
•
1937
_
._
_.
Other interest charges
!_
—
$74,876
26,000
1,796
26,000
2,234
510
524
15
$46,570
premium & exp.
Net income
$47,607
$46,816
Balance Sheet Dec. 31, 1939
$409,370
$388,324
106,041
9,081
13,364
17,046
$2.50,100
85,613
6,665
11.412
11,808
12,757
20,649
23,616
20,000
$222,140
$221,131
107,728
107,728
7,325
3,532
11,536
10,946
26,334
11,536
1,141
2,826
;
Y:y Y,
;
$1^985; other deferred charges $568; total, $1 390,598
Liabilities—Funded debt, $650,00;0 accounts payable, $38,402: accrued
dividends and taxes, $36,512; customers' security and extension
deposits, $12,718; other deferred credits and liabilities, $270; retirement
reserve
$98,145; contributions for extensions, $1,148; preferred stock,
$200,000; common stock, $321,000; surplus, $32,403; total, $1,390,598.-—
V. 148, p. 2892.
interest
Cohassett Water
1,169
Co.—EarningsIK7*,;
Calendar Years—
Net
$94,408
Sheet Dec. 31, 1939 'v;7' ' 7
$143,582
income.__
Balance
$97,165
Assets—Property, plant and equipment, $3,135,674; cash, $30,961;
receivable (net), $34,375; due from affiliated company, $513;
and supplies, $27,093;' prepayments, $902; unamortized debt
materials
and
expense,
$130,332; other deferred charges, $14,415; total,
$3,374,264.
Liabilities—Funded debt, $2,000,000; notes payable,
10,719; surplus, $84,552; total, $3,374,264.—V. $150,000; capital surplus,
t2,051; preferred stock, $569,700; common stock, 148, p. 1951.
Gross income
Interest on
1938
1939
Calendar Years-
1937
$245,770
78,471
$249,307
11,42.5
9,940
9,470
14,564
19,059
22,074
12,637
14,336
18,053
383
781
13,792
1,243
1,164
6,467
1,875
$16,145
4,000
3,023
$16,473
2,767
5,487
—
________
68
$8,185
'■
16,905
4,800
3,735
34
$9,054
I Balance Sheet Dec. 31,
*
$248,526
$248,550
80,667
13,550
9,600
—
charges — - - —
Amort, of debt disct. exp. & premium.
Net income.-
$244,380
1,390
$248,167
Operating revenue
Non-operating income ______
funded debt---
Other interest
City of New Castle Water Co.—Earnings—
$40,617
12,948
1,197
1,188
6,479
1,900
1,875
eserved for retirements
$46,369; accrued interest,
$41,015
207
1,043
6,444
-
>ther taxes
tomers' security and extension
$40,615
1
$42,116
14,708
1,902
Gross earnings
Operating expenses
Federal income tax
$40,807
251
Maintenance
$160,000; accounts
dividends, taxes, &c., $60,693; cus¬
deposits, $3,888; other deferred credits and
liabilities, $1,629; retirement reserve, $284,663; contributions for extensions,
payable,
$41,866
Operating revenue
Non-operating income
accounts
discount
$166,009
$166,173
324
Gross earnings
Interest on funded
1938
1939
$167,297
Assets—Property, plant and equipment, $1,342,422; cash, $6,391: ac¬
counts receivable (net), $10,264; water charges accrued, $8,927; materials
and supplies, $8,167; prepayments, $203; unamortized debt discount and
expense
$11,671; unamortized preferred stock commission and expense,
*7
_
;.
$396,249
106,935
--
Reserved for retirements
■
$387,471
8,777
_
_____
;
Operating revenue
Non-operating income
$379,638
8,685
$399,947
9,423
Taxes, Federal income
Other
Works Co.- -Earnings-
111,442
10,546
_
Maintenance
1937
: v
Amortization of debt
Pa.—Earnings—
1938
1939
Calendar Years—
Calendar Years—
$8,369
1939
plant and equipment, $268,577: cash with trustee,
$5,084; accounts receivable (net). $87: materials and supplies,
$79; unamortized debt expense, $1,588; other deferred
charges, $120; total, $278,680.
Liabilities—Funded debt, $100,000; notes payable to parent company,
$48 000- accounts payable, $8,776; accrued interest and taxes, $5,022;
other deferred credits and liabilities, $39; retirement reserve, $14,431; con¬
tributions for extensions, $532; preferred stock, $19,600; common stock
$80,400; surplus, $1,880; total, $278,680.—V. 147, p. 2387.
Assets—Property,
$2 121: cash,
Gross earnings
_
Operating expensesMaintenance
Federal income tax
Other taxes
19,385
Reserved for retirements
$112,310
50,000
$116,380
50,000
4,698
5,363
1,504
$115,878
Interest
on
funded debt
Other interest charges
Amortization of debt, discount
_
& exp.
1,083
$60,096
Y-.
50,000
287
"
Miscellaneous deductions
Net income
75,827
Balance Sheet Dec. 31,
Assets—Property, plant and equipment,
$56,948
$64,590
1939
$2,549,297; miscellaneous in¬
receivable and notes receivable (net),
materials and supplies, $13,121;
prepayments, $770; deferred charges, $442; total, $2,609,822.
Liabilities—Funded
debt,
$1,000,000;
accounts
payable, $112,890;
accrued interest, dividends and taxes, $37,174; customers' security, service,
and extension deposits, $15,240; other deferred credits and liabilities, $2,707;
vestments, $3; cash, $8,926; accounts
$22,888; water charges accrued, $14,374;
$1 025; prepayments,
Coast
Counties
Gas
& Electric
Co.-—Preferred Stock
Offered—Public offering was made Oct. 3 of the unsubscribed
portion of new 5% 1st preferred stock (par $25) at $27 per
divs. by a banking group headed by Dean Witter
(consolidated with Wm. Cavalier & Co.) and asso¬
ciates.
The offering followed the expiration on Oct. 2 of
a 10-day period
wherein holders of the 6% preferred stock
were given the right to exchange their shares for the new
150,000 shares of 5% preferred stock.
All but approximately
58,080 were issued in exchange for the 6% preferred stock.
stare and
& Co.
The Commercial & Financial Chronicle
2040
The
holders
of
first
preferred stock (6% cumulative, par $100) were
given the privilege of exchanging each share of 6% first preferred stock for
the 5% first preferred stock on the following two alternative bases:
(a; For each share of 6% first preferred stock surrendered the stock¬
holder received three shares of 5% first preferred stock and $19 in cash
(plus accrued dividends on each share or 6% first preferred stock from
Sept. 16, 1940 to Oct. 3, 1940, inclusive, in the amount of 30c.) or
(b) For each share of 6% first preferred stock surrendered and for $8
in cash paid to the company with each such share (less accrued dividends
on each share of 6% first preferred stock from Sept.
16. 1940 to Oct. 3,
1940, inclusive, in the amount of 30c.). the stockholder received four shares
of 5% first preferred stock.
(The net amount of cash to accompany each
share of 6% first preferred stock is $7.70).
This offer was made subject to the condition that all of the 150,000 shares
of 5% first preferred stock with respect to which acceptances were not
received by the company from holders of 6% first preferred stock pursuant
to this offer of exchange would be delivered to and paid for by the several
underwriters on Oct. 3, 1940, in accordance with the pro visions of an under¬
writing agreement.
The offer of exchange was made for acceptance by the holders of 6%
first preferred stock by delivery to and receipt by the company, not later
than the close of business (5 p. in.) on Oct. 2, 1940, of the letter of accept¬
ance, in the form furnished by the company, duly executed with signature
guaranteed, accompanied by the certificates for 6% first preferred stock
offered for exchange and the amount of cash
required to complete the
exchange, if made under alternative (b) above.
Company designated as
the places where acceptance may be made its offices at:
225 Bush St.,
San Francisco, Calif, and 22 Pacific Ave., Santa Cruz, Calif.
Transfer Agent:
Coast Counties Gas & Electric Co., San Francisco,
Calif.
Registrar, Bank of California, N. A., San Francisco, Calif.
The several underwriters severally agreed to purchase from the company,
for payment on Oct. 3, 1940, all of the 150,000 shares of 5% first preferred
stock with respect to which acceptances shall not have been received by the
company from holders of 6% first preferred stock pursuant to the offer of
exchange.
Funded Debt and
common
Authorized
1st mortgage 4% bonds, series B, due 1965--—
a$4.000,000
200,000 shs.
200,000 shs.
$4,000,000
Commonwealth Edison Co.—Weekly
The electricity output of the Commonwealth
The
$771,091
$1,660,144
1,685,916
927,205
23,343
Sept. 21
Sept. 14
Sept.
7
—V. 151, p.
a
$1,721,640
1,143,183
221,298
$3,395,034
2,264,016
436,368
$3,432,046
2,194,179
437,732
$3,276,174
2,067,952
424,017
opers..""$357,159
$694,648
$800,134
699
2,086
2,881
$784,204
2,720
$357,858
$696,735
$803,016
59,600
119,200
119.200
7.885
20.214
20.675
$290,373
Depreciation-..
Net inc. from
Other
income.
$557,321
$663,140
— .—
.....
—
Total income
Bond interest
Other
—
dednotions
_
Net income
dividend
Annual
requirements of the
150 shares of 5%
$786,924
119,200
$655,034
first preferred
Including Federal income and profits taxes but excluding depreciation.
Business
and
Territory Served—Company was inoorp. in California
It is engaged in the business of distributing natural gas,
electricity and water as a public utility.
Electricity is dis¬
tributed to domestic, commercial, agricultural and industrial consumers,
at retail or wholesale, in substantially all of Santa Cruz and San Benito
Counties and in certain areas within Monterey and Santa Clara Counties
Calif., south of San Francisco.
The major part of the electric energy sold
is purchased under a contract with Pacific Gas & Electric Co., which
operates in parts of the counties served by the company, but which does
not operate in competition.
Natural gas is distributed to domestic, com¬
mercial and small industrial consumers, at retail or wholesale, in the same
general territory as that in which electricity is distributed and also in certain
areas within Contra Costa, Kern, Kings and Merced Counties, Calif.
The
natural gas is purchased under a contract with Coast Natural Gas Co,
Company also distributes butane gas in portions of Humboldt, Imperial
and Siskiyou Counties. Calif.
Substantially all of the butane is purchased
under a contract with Standard Oil Co. of Calif.
Company also distributes
water in Avenal, Calif., Avhich it purchases under a contract with Standard
Oil Co. of Calif.
Incidental to the foregoing public utility business the
company sells electric and gas appliances and bottled gas.
Operations of
the company are entirely intrastate, being confined to the State of Cali¬
1889.
P.
Community Power & Light Co. (& Subs.)—Earnings —
Period End. Aug. 31—
Oper. revs.—sub. cos...
a
Crocker
First
National
Bank.
Ban
Francisco in the amount of $200,000,
and any remaining
balance will be applied to reimbursement of the com¬
pany's treasury for capital expenditures.
Underwriters—The names or the principal underwriters are set forth
below.
The underwriters have severally agreed to purchase, and in the
ratio which the amounts set after their names respectively bear to 150,000,
all the 5% first preferred stock offered with respect to which acceptances
have not been received by the company pursuant to the offer of exchange.
Name—
88,175
.75,000 shs.
72,391
1940—12 Mos.—1939
$4,733,051
1,499,256
$5,106,106
1,688,198
785,209
640,1(6
Available for dividends and surplus of Community Power & Light Co.
excludes General Public Utilities, Inc., and sub¬
Note—The statement
sidiaries, except to the extent of dividends received.—V. 151,
Consolidated Aircraft
All physical assets as well
as
p.
1568.
Corp.—Acquisition—
the
name
Aircraft Corp. of Britol, Pa., have
and good will of the Hall-Aluminum
been
merged through
purchase with
this corporation.
Some 32 key men of Hall-Aluminum have joined Con¬
solidated's organization, and all patent rights, material and equipment of
the former company have been acquired through the
purchase.
Hall-Aluminum Aircraft Corp. has been engaged in the design and manu¬
facture of aircraft, particularly flying boats and seaplanes, aircraft parts
and sections, and in overhaul and repair work.—V.
151, p. 1889.
Consolidated
Edison
Co.
of
New
York
New
York,
Inc.—Weekly
Output—
Consolidated
Edison
Co.
of
announced
production of the
electric plants of its system for the week ended Sept. 29, 1940, amounting
to 146,800,000 kwh., compared with 148,200.000 kwh. for the
corresponding
week of 1939, a decrease of 0.9%.—V. 151, p. 1889.
Consolidated
Baltimore
Gas Electric Light
(& Subs.)—Earnings—
Period End. Aug. 313
1940—8 Mos.—1939
Electric oper. revnues..$18,856,518 $17,454,880
Gas oper. revenues.....
Steam heating oper. revs
6,305,442
581,074
Total oper. revenues..$25,743,034
Oper,
a
exps.,
6,011,311
525,479
&
Power
Co.
of
1940—12 Mos.—1939
$28,195,390 $25 947,445
9,298,372
8,977,900
842,541
786.373
$23,991,670 $38,336,303 $35,711,719
deprec. &
taxes
20,193,925
18,488,605
29,653,252
27,526,033
$5,549,109
Other income...448,714
$5,503,065
444,069
$8,683,051
662,250
$8,185,686
684,877
$5,997,823
1,700,833
$5,947,134
1,647.068
$9,345,301
2,542,545
$8,870,563
2,445,635
$4,296,990
680,281
2,801,753
$4,300,066
2,801,753
$6,802,756
1,014,686
4,202,629
$6,424,928
1,079,490
4,202,629
$814,957
$790,595
$1,585,441
$1,142,809
$3.10
$3.08
$4.96
------
Operating income....
Gross income........
Total income deductions
income
st
Divs.
on
on common
pref. stock. 1_,
stock.
Balance
Earns, per of com. stock
a
Operating expenses
are
770.718
adjusted to equalize the cost of
$4.58
power
for the
effects of variable flow of the Susquehanna River.
The adjustments are
made through the balance sheet account "hydro equalization," and resulted
in deductions of $348,160 and $880,899 from operating
expenses in the
8 months and 12 months ended Aug. 31, 1940,
respectively, and deductions
of $371,282 and $400,046 from operating expenses in the 8 months and 12
months ended Aug. 31, 1939,
Respectively.
Listing and Registration—
The preferred stock, series C 4% cumul., par $100, has been admitted to
listing and registration by the New York Curb Exchange.—V. 151, p. 1889.
Consolidated Lobster Co.—Extra Dividend—
Name—
Dean Witter & Co
1940—Month—1939
$479,360
$438,241
172,618
154,607
cos.
Balance...
Divs.
Purpose of Issue—All of the outstanding 6% first preferred stock ($3,746,300) will be retired either through cancellation of tne shares surrendered
pursuant to the offer of exchange or by redemption.
The net proceeds
received by the company will be used for the retirement or redemption of
the 6% first preferred stock in the amount of $3,746,300 (exclusive of
accrued dividends).
The balance of the net proceeds will be used to the
extent thereof to pay the company's note dated Dec.
12, 1939, to the
Corp.—Weekly Output—
Connecticut Light & Power Co.—Bonds Called—
gas,
fornia.
139,265.000
1888.
Bankers Trust Co., as trustee, has called by lot for redemption on Nov. 1,
1940, at 105H, for sinking fund purposes, $212,500 principal amount of
1st & ref. mtge. 7% sink, fund bonds, series A.
Payment will be made at
the New York office of Bankers Trust Co. on and after Nov. 1.—V. 151,
March 20, 1912.
butane
3.2%
5-6%
1.8%
3.1%
170,973,917 as compared with 154,323,812 for the corresponding week in
1939, an increase of 16,650,105, or 10.79%.—V. 151, p. 1818.
12,690
'
Increase
154,490,000
149,279,000
152,045,000
to
37,349
stock offered will be $187,500.
a
..
Commonwealth & Southern
$1,562,606
1,676,218
1,700,514
45,181
Total oper. revenues.
Total oper. expenses..
Kilowaithour Output
1939
1940
159,504,000
..157,565,000
154,757,000
143,609,000
The weekly kilowatt-hour output of electrical energy of subsidiaries of
The Commonwealth & Southern Corp., adjusted to show general business
conditions of territory served, for the week ended Sept. 26, 1940, amounted
1938
$1,686,350
the output and percentage comparisons for the last
corresponding periods last year:
Week Ended—
Gross income—sub.
48,973
Water
are
Sept. 28.
a
Gas.-——.
following
four weeks and the
6 Mos. End. 12 Mos. End. —Years End. Dec. 31-—
Oper. revs.—Electric-..
Output—
Edison Co. group (inter¬
company sales deducted) for the week ended Sept. 28, 1940 was 159,504,000
kwh., compared with 154,490,000 kwh. in the corresponding period last
year, an increase of 3.2%.
Outstanding
b$3.000,000
150.000 shs.
144,800shs.
1939
dis¬
was
due to the first Revenue Act approved June 5 and the latest Revenue Act
awaiting the President's approval, cannot at present be exactly com¬
puted; but it is anticipated that the increase will be in excess of 25 cents
per share of common stock. For the year 1939 the total of all taxes (Federal,
State and local) were $1.04 per share of common stock.—V. 151, p. 983.
Earnings
June 30. '40
share
per
now
were
June 30, '40
cents
declaring the current common dividend, directors gave consideration
to the amount of accrued net earnings for nine months past, and in par¬
ticular to the probable effect on both past and future net earnings of the
new Revenue Act passed
by Congress this week which will apply to all
earnings accruing from Jan. 1, 1940.
The amount of increased Federal taxes of Columbia System for 1940,
000,000 thereof are held by
orized by further order of the
Condensed Statement of
1937 when 25
In
authorized, executed and authenticated but $1,the trustee and are not to be sold until auth¬
California Railroad Commission and registered
under the Securities Act of 1933, as amended, if required.
b $20,000 thereof has been reacquired and deposited with the State
Treasurer of California as part of a $30,000 deposit requirement for self.
Insurers under the Workmen's Compensation, Insurance and Safety Act.
a
November,
S, 1940
tributed.
Capital Stock Upon Consummation of Present Offering
5% first preferred stock ($25 par)
Common stock ($25 par),-
stock since
Oct.
Bankameriea Co
4,500 shs.
Brush, Blocumb & Co...4,500 shs.
Blyth & Co., Inc
36.000 shs.
Mitchum, Tully & Co.. 6,000 shs.
Elworthy & Co..4,500shs.
E. H. Rollins & Sons Inc
6,000 shs.
6,000 shs.
Richey & Baikie
an extra
dividend of 50 cents per share in addition
William R. Staats Co....4,500 shs.
Schwabacher & Co.,
Directors have declared
.
Utility
property,
plant
and
equipment
.$12,316,077
1,020,198
196,901
Other physical property
Cash
Special deposits
24,787
220,324
23,576
—
Working funds
5,075
.........
Notes receivable
307
Trade accounts receivable
356,664
Due from associated company
Inventories..
131
218,669
Prepayments, taxes, insur.,&c
Deferred debits
Preferred stock
6,106
440,907
discount....
257,233
Reacquired securities
20,000
Common stock (par $100)
6% 1st preferred stock
$3,620,000
3,746,300
1st mtge. 4% bonds........
Note payable to bank....
Trade accounts payable
Accrued payroll
61,627
20,869
8,551
Prov. for Fed. taxes
155,381
long-term
debt.......
•_
Other curr. accr. liabilities..
Deferred credits
Reserve for depreciation
Reserves
for
injuries
Employees provident
—V. 151, p.
Directors
on
Gas & Electric
Oct. 3 declared
stock, payable Nov.
was
paid
on
57,129
3,546,332
and
Total
422,753
—....$15,106,957
Corp.—10-Cent Common Div.
,
a
this latter being the first dividend paid
on
the
dividend of $1.75
per
share
on
account
of
Crosley Corp.—New Director—
Corporation announced the election of H. E. Coombe to the board of
Mr. Coombe fills the vacancy created by the resignation of
Powel Crosley 3d.—V. 151, p. 1141.
Crown Cork & Seal
32,209
24,241
a
on the 7% cumul. pref. stock, payable Oct. 1 to holders of
Sept. 20.—V. 150, p. 3971.
directors.
35,679
reserve
dividend of 10 cents per share on the com.
15 to holders of record Oct. 19.
Dividend of 20 cents
May 15, last
record
61,661
1717.
Columbia
Directors have declared
accumulations
39,733
Contrib. in aid of construction
Earned surplus
$15,106,957
Courier-Post Co.—Accumulated Dividend—
33,130
Taxes accrued
on
Company informed us that on and after Sept. 1 its general offices will
Spring, Texas.—V. 151, p. 1889.
be located at Big
41,362
cos
deposits
Interest accrued
Cosden Petroleum Corp.-—New Address—
200,000
damages
Total
common
Company has been awarded following contracts by the United States
To build spare parts for radial engines, $69,082;
airplane
engines, $4,727,542; engines and miscellaneous parts, $186,628, and engines,
$6,694,940.—V. 151, p. 1889.
3,000,000
...
Payable to associated
Customers'
the
Government:
Liabilities-
Intangibles and franchises.__
Organization expense.,
on
Continental Motors Corp.—Government Contract—
3,000 shs.
..
Uncertified Balance Sheet June 30, 1940
Assets—
the regular quarterly dividend of 50 cents per share
stock, both payable Oct. 31 to holders of record Oct. 5.
to
Co., Inc.-—Bonds Called'—
The Chase National Bank, as trustee, has designated by lot for redemp¬
on Nov. 1,1940, out of sinking fund moneys, $121,000
principal amount
tion
of the 15-year 4% sinking fund bonds due Nov. 1, 1950.
A redemption
price of 102% and accrued interest will be paid at the principal trust office
of the bank, 11 Broad St., New York.—V. 151, p. 1276.
Crucible Steel Co. of
Voted—Held
The stockholders at
e
rgei
America—Merger with Subsidiary
Up by Writ—
a special meeting in Jersey City, Oct. 3
approved its
with the Pittsburgh Crucible Steel Corp., a subsidiary.
Volume
The Commercial & Financial Chronicle
151
Because of
temporary injunction against the merger issued on Oct. 2
by Vice-Chancellor James J. Fielder on the petition of eight holders of
preferred stock, who contended that a consolidation would deprive them of
dividend arrearages, the agreement cannot yet be put into effect. Argument
on a permanent injunction will be heard by the Vice-Chancellor oh Oct. 7.
a
The stockholders also voted to eliminate the deficit of $29,187,889 in
the earned surplus account, as of June 30, last, by
charging it off against
the capital surplus account. However, the proposal to authorize the issuance
of $25,000,000 of mortgage bonds was tabled.
In accordance with the merger agreement, the holder of each share of
the 7 % preferred stock will receive in exchange 1.4 shares of 5% convertible
preferred stock. Accumulations on the preferred stock on July 1, last, were
$40.75 a share. Upon consummation of the merger , the management said
a
dividend would
be declared on the new stock
for
the quarter,
which
began on July 1.
\
F. B, Hufnagel, Chairman, who presided, told stockholders that earnings
in the third quarter were decidedly better than in the second quarter, when
they amounted to $1,211,727, or $1.78 a common share. He declared that
the outlook was "excellent," basing this statement on orders on hand
rather than on merely prospective business.
Mr.
Hufnagel said his company was a large factor in the production of
defense materials and that the ordnance department, which was running at
capacity, probably would have to be expanded.
In general, he added, the
company's capacity was well taken up, although one or two divisions were
not particularly active.
Declaring that taxes probably would be increased, Mr. Hufnagel said it
was too early to determine the effect of the new excess-profits tax bill on
the company's earnings.—V. 151, p. 842.
Crystalite Products Co.—Earnings—
Years Ended June 30—
Net sales—
Cost of goods sold
;
-—
Gross profit-
Operating
-—- -
expenses
*
-
—
-
$166,492
124.529
$38,800
30,796
$41,962
30,990
$8,005
$10,972
650
—
-. -
-
-1
-
-
— -
-—-—.
.
—
_
1939
1940
129,970
919
——
_
Detroit & Toledo Shore Line
1940
August—
Gross from railway
Net from railway.——
_
Gross from railway.—
Net from railway.
Net ry. oper, income—_
—
— —,
Total income
Other expenses.
.
—
.
.
—
-
„
-
-----— --------
-
-
L ~j
—. — _
-
-
i.
.
776
'
Net profit
$11,891
3,219
1,300
$8,654
2,976
■.
—
Provision for Federal income taxes
■
$4,902
$7,372
•
6% cum. preferred stock (par $100), $90,800; common stock (par $1), $9,546;
capital surplus, $13,101; earned surplus, $3,992; total, $126,299.—V. 150,
p. 836.
Curtiss
The
1939
Operating revenueNon-operating income
,1937
$370,232
1,438
$363,935
1,392
Gross earnings—
$380,128
Operating expenses
113,746
Maintenance. —7,005
Federal income tax——
17,800
Other taxes
53,826
Reserve for retirements
25,637
$365,327
113,254
7,956
16,648
51,975
25,422
$371,670
110,214
9,951
Gross income
Interest on funded debt
$162,114
64,000
366
1,939
C'rl36
$150,072
64,000
$177,243
76,622
1,860
$95,944
-
-
—.
-
------ .
-
„
—
-
—,—
^
—
-
Other interest charges
-
Amortization of debt exp. & premium
Miscellaneous deductions
586,217
112,379
2,557,349
1,413,145
732,820
a
"
48", 941
•
907
25,321
—
contract to building half track personnel
totaling $14,220,000.—V. 151, p. 845.
(W. S.) Dickey Clay Mfg. Co. —Dividends—
Directors have declared a cash dividend of 70 cents per share on the noncumulative preferred stock, payable Oct. 21 to holders of record Oct, 10.
Directors also declared a dividend of 30 cents on the non-cumulative
preferred stock, payable in class A cumulative stock
basis of $1
on
par
value
Oct. 21 to holders of record Oct. 10.
Last previous dividend was the 20 cent cash and 80 cent stock distribution
made on Oct. 20, 1939.—V. 150, p. 3971.
on
District Bond
Co.—Delisting Hearing—
Commission Sept. 28 announced a public
Oct. 28, at its Los Angeles Regional Office, on the application
of company to withdraw its common stock ($25 par) from
listing and
registration on the Los Angeles Stock Exchange.
The application stated,
among other things, that the listing of this stock on the Los Angeles Stock
Exchange is ineffective and serves no real purpose in that only a very small
volume of the stock is traded on the exchange.
It further stated that most
of the stock which has been traded on the exchange has been purchased
by
the company for the account of its officers and directors and employees.
—V. 149, p. 3259.
The Securities and Exchange
hearing
on
Co.—Subscription Agent—
Guaranty trust Co. of New York has been appointed agent of the com¬
pany to accept subscriptions to additional shares of common stock at the
Erice of of record share upon the exerciseTrust Co. will also transfer, split,
of subscription warrants issued to
olders $100 per Sept. 20.
Guaranty
and group
these subscription warrants.
The subscription privilege expires
1940.
The Cleveland Trust Co., Cleveland, Ohio, will
city for Dow Chemical Co. with respect to subscription
and the acceptance of subscriptions.—V. 150, p. 1720.
at 3 p.m., Oct. 11,
act as agent in that
warrants
Dovle Machine Tool Corp .—Registers with SEC—
See list given on
first
of this department.
page
Duluth Missabe & Iron
Range Ry.- Earning s~
1940
August—
Gross from railway.
Net from railway.
— —
— .-
Net ry. oper. income.—
From Jan. 1—
-
—
-
-
- -
—
Net ry. oper. income—_
—V. 151, p. 1720.
Net ry. oper. income.—
From Jan. 1—
Gross from railway.
Net from railway
*
-
-
-
Net ry. oper. income.—
—V. 151, p. 1278.
v
1937
$4,434,858
3,253,469
2,522,330
$2,838,647
2,018,975
1,740,732
$1,529,274
16,501,648
10,475,926
5,038,767
3,468,091
5,794,847
1,238,428
720,016
10,148,310
6,984,655
1940
AugustGross from railway.——
Net from railway.
1938
1939
Duluth South Shore & Atlantic
1938
$377,714
2,414
-
-
1,505,345
832,120
243,119
119,328
51,714
Diamond T Motor Car Co. —Government Contract
Davenport Water Co. —Earnings—
Calendar Years—
$252,265
1,961,600
2,442,026
1,279,803
560,134
Company has been awarded
Net from railway,
Airplane Division has been awarded a contract to build
airplanes for the U. S. Government totaling $48,514,819.—V. 151, p. 1430
1937
$181,395
73,017
9,575
146,272
60,324
carriers for the U. S. Government
Gross from railway.
Wright Corp.—Government Contract—
Ourtiss
1938
$228,831
107,268
35,571
—V. 151, p. 1277.
Balance Sheet June 30, 1940
Assets—Cash in bank and on hand, $2,222; marketable securities—at
market value, $935; notes and accounts receivable due from customers
(less allowance for bad debts of $1,256), $20,604; due from others, $7;
inventories, $26,743; property, plant and equipment (less allowance for
depreciation of $20,773), $67,759; deferred charges, $8,028; total, $126,299.
Liabilities—Trade accounts payable, $4,578; accrued expenses, $4,282;
RR,«r—Earnings—
1939
$279,107
Net ry. oper. income—
From Jan. 1—
Dow Chemical
Net profit from operations
Other income
j————
2041
945,979
833,379
$4,138,238
3,089,442
2,576,863
20,216,370
13,220,413
10,791,778
Ry.—Earnings-
$280,148
54,720
30,430
1939
$253,406
73,537
54,283
1,705,510
325,671
182,463
90,259
def65,556
1,395,459
1938
1937
$170,595
13,597
def4,646
1,198,1769,086
def133,663
$257,495
62,861
35,479
1,990,647
534,741
385,778
(E. I.) du Pont de Nemours & Co.—To Pay Drafted
By action of its executive committee, it was announced that
comoany
will grant two months' wages to employees when inducted into the military
provided they have been with the company one or more years.
1,985
449
281
1,871
service
$82,899
$96,440
service
Employes who have not had their vacations prior to entering the military
Net income
Balance Sheet Dec, 31,1939
Assets—Property, plant and equipment, $3,303,793; miscellaneous in¬
vestments, $886; cash, $150,391; accounts receivable (net), $21,123; water
charges accrued, $14,582; materials and supplies, $12,776; prepayments,
$840; unamortized debt discount and expense, $44,059; other deferred
charges, $5,466; total, $3,553,917.
Liabilities—Funded debt, $1,600,000; accounts payable, $13,650; aceured
interest, dividends and taxes, $80,789; customers' security and extension
deposits, $15,222; other deferred credits and liabilities, $653; retirement
$453,579; preferred stock, $591,100; common stock, $750,000;
surplus, $48,924; total, $3,553,917.—V. 146, p. 1708.
will also be granted pay in lieu thereof in accordance with the
standard vacation plan.
Full service credit for the time spent in military service, and up to two
months thereafter, the total not to exceed 14 months, will be given any
such employee from the date of leaving the company's employ to enter
military service provided he makes application for re-employment within
40 days and re-enters the company's employ after he is relieved of military
duty.—V.
151, p.
1720.
..
Eaton & Howard Balanced FundSee Eaton & Howard Management
-New Name—
Fund A-l below.
f;.,
reserve,
Changed—
Dedham Water Co. —Earnings—
Calendar Years—
1939
Operating revenuei
Non-operating income
Gross earnings—
Operating
—
Reserved for retirements
-
Gross income---.--.--------—-.
funded debt
--
-
$132,384
IM25
$133,043
41,293
£,690
1,701
26,237
8,061
$132,259
40,909
9,699
$47,063
17,000
5,277
$46,100
17,000
3,751
Cr309
Cr309
13,058
1,160
28,058
8,344
-----
Federal income tax
Other taxes..-.
on
$132,924
119
49,78i
—
Maintenance.
Interest
1937
$141,956
—
.
expenses
1938
$141,747
208
-
--
--
—
$41,554
17,000
_
Other interest charges.
7,095
Cr309
Amort, of debt discount exp. & prem-
Eaton
1,556
26,196
7,800
Howard
&
:
•
Management
Fund
y:-'.
A-l—Name
K,;'>
Effective Oct. 1, 1940, this company changed its name to Eaton cfe
Howard Balanced Fund.
The new name has been approved by the share¬
holders and was selected because it indicates the Managers' policy of main¬
taining in the portfolio of the Fund a balance between bonds, preferred
and common stocks.
Effective the same date, Eaton & Howard Management Fund F changed
its name to Eaton & Howard Stock Fund.
The name implies the intention
to use stocks as the primary vehicle for attaining the investment objective
of the Fund.—V. 151, p. 243.
Eaton & Howard Stock Fund—New Name—
See Eaton & Howard Management Fund A-l above.
Ebasco Services Inc.—-Weekly Input—
26, 1940, the kilowatt-hour system input of
operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National Power & Light Co., as
compared with the corresponding week during 1939, was as follows:
\
For the week ended Sept.
the
Net income
$17,769
-
$25,095
$25,658
Balance Sheet Dec. 31, 1939
Assets—Property, plant and equipment, $1,122,677; cash, $15,093; ac¬
(net), $44,870; materials and supplies, $8,650; prepay¬
ments, $282; unamortized debt expense, $3,887; other deferred charges,
Operating Subsidiaries of—•
1940
1939
counts receivable
American Power & Light Co-.130,591,000 129,077,000
Electric Power & Light Corp.. 68,495,000
67,518,000
$1,003; total, $1,196,462.
Liabilities—Funded debt, $400,000; notes payable to parent company,
$112,500; accounts payable, $50,333; accrued interest and taxes, $8,657;
customers' security and extension deposits, $30; other deferred credits and
liabilities, $265; retirement reserve, $176,266; unamortized premium on
bonds, $8,631; common stock, $400,000; surplus, $39,779; total, $1,196,462.
—V. 143, p. 583.
National Power & Light Co.—
Denver & Rio Grande Western
August—
1
Gross from railway—_
Net from railwayNet ry. oper. income---
1940
$2,563,737
656,767
318,401
From Jan. 1—
Gross from railway
Net from railway.—...
Net ry. oper. income
15,907,742
2,437,570
240,990
_
—V. 151, p.
August—
Gross from railway-.—,Net from railway.-Net ry. oper, income-From Jan. 1—
Gross from railway
Net from railway
—Net ry. oper. income—.
151,
p.
1938
1937
$2,122,569
$2,347,433
410,497
143,494
300,433
defl7,890
12,086
v
def287,596
14,825,733
13,720,067
16,697,830
1,651,529
920,003
473,234
def361,114 def1,347.489 def 1,105,114
1430.
Denver & Salt Lake
—V.
RR.—Earnings-
1939
$2,275,075
Ry.— -Earnings-
1940
$225,217
84,058
104,787
1,348,149
273,671
453,924
1277.
1939
$186,642
54,164
80,336
1,233,278
115,414
267,698
1938
1937
$160,911
37,299
64,750
$176,233
def5,476
14,110
1,131,857
159,322
309,779
1,567.716
289,959
413,514
89,866,000
79,857,000
Increase—•—
Amount
%
1,514,000
977,000
10,009,000
"1.2
1.4
12.5
not include the system inputs of any companies
appearing in both periods.—V. 151, p. 1893.
The above figures do
not
El Canada Mines, Inc.—Promoters Indicted—
The Securities and Exchange Commission reported Sept. 27 that a
Federal Grand Jury for the Southern District of New York had returned
an indictment charging 16 individuals and five corporations with fraud in
the sale of the common stock of El Canada Mines, Inc. and El Canada
The indictment contained counts charging violations
conspiracy statutes,
of the securities.
The defendants are:
Phillip Cornelius Walsh, James Harold Warner,
Harry L. McGee, Albert A, Hall, Lionel A. West, Ralph C. Graves,
Lionel Joseph Albrecht, Orion Steel man, Marshall E. Birkens, Albert A.
Monfried, Hugh Devlin, Lewis G. Logan, Leo Sheehan, Hugo L. Myers,
Leroy Baker, Jack Warner, A. B. Morley & Co., Inc., Lionel A. West &
Co., Inc., El Canada Mines, Inc., El Canada Gold Mines Corp. and El
Canada Gold Mines, Ltd.
It was charged that the defendants falsely represented that the common
stock of El Canada Mines, Inc., had sold at $800 a share in 1933, and was
active between $6 and $8 per share after a split-up of 100 for 1; that the
stock of the successor corporation. El Canada Gold Mines Corp., would be
listed on the Toronto Stock Exchange; that the mines of the company had
always made money; and that $50,000 of new capital had been raised.
The defendants failed to state, according to the indictment, that the
price at which the stock of El Canada Mines, Inc. sold in 1933 represented
a fictitious
market price, and that the company had continuously lost
money.—V. 139, p. 2044.
Gold Mines
Corp.
of the Securities Act of 1933, and of the mail fraud and
in the fraudulent sale
■
Operating revenues
Operation
89,948
$183,644
$19.^,154
52,376
Depreciation
Taxes (incl. Fed. inc. tax)
Net oper. revenues*.*
a
$6,385,335
1.848,137
128,374
142,272
7,895
47.018
49.114
146,842
15,189
Maintenance*
708,084
916,016
$2,784,724
ment
costs..
$198,154
1,189
4,862
$187,042
35,103
2,159
Gross income...
Interest
Amort, of dt. disc. & exp
b Miscell. inc. deduc'ns*
$2,766,875
$199,343
29,085
$182,180
Other income
1,561,862
104,382
609.453
526,822
$2,648,659
$2,795,54
28,665
$2,648,659
12,779
$2,661,438
362X69
9,835
2,275
698
25
352,542
15,477
xCr 125,761
$149,756
8,632
$169,560
8,632
$2,421,361
103,579
$2,419,180
Balance for common
divs. and surplus—
$141,124
$160,928
$2,317,782
$2,315,601
Earns, per sh. on 601,594
sbs. com. stk. ($3 par)
$0.23
$0.26
$3.85
$3.85
Net
income
—
Pref. stock div. require'tst
Carried in operating expenses
a
expense,
to
and donations (carrieo
103,579
b Non-recurring income and
in operating expenses in 1939) are charged
miscellaneous income deductions in 1940.
Federal income tax accrual in December, 1938, was
reduced by $124,768
due to the write-off of unamortized debt expense and premium on funded
debt retired by refinancing consummated Dec. 15, 1938.
Adjustment was
credited to non-recurring Income instead of tax expense for the purpose of
retaining normal comparison of operations.—V. 151, p. 1431.
x
Engineers Public Service Co. (& Subs.)—Earnings—
End, Aug. 31—
1940—Month—1939 1940—12 Mos.—1939
$4,859,724 $4,641,780 $55,994,662 $53,725,925
1,652,900
20,538,507
19,708,625
1,789,844
Period
Operating revenues
Operation
334,074
526,428
4 84,408
Taxes
740,998
3,648,465
6,401,507
c7,736,220
299,933
Depreciation
Maintenance
....
Dividends
$1,608,168 $17,669,962 $17,877,009
ZM5.883
ZM41.763 Dr313,783
$1,601,286 $17,528,199 $17,563,226
7,661,786
8,289,573
$832,431
$943,084
$9,866,413
preferred stocks, declared..*.
*
2,614,189
$9,273,652
on
$7,252,223
$6,960,321
Balance
—
2,313,331
1,773,582
$4,894,637
19,536
18,332
$4,876,305
7,574
12,194
9,578
earned but not declared—
Balance...
-
minority interests
Amount applicable to
2,065,685
$5,478,641
$5,459,105
Cumulative pref. divds
a
658,202
627,208
amortization..
Balance
3,593,026
5,873,287
c6,673,978
$1,459,639
Balance...
Interest &
596,370
$1,468,379
Dr8,740
Net oper. revenues—.
Other income (net)
,*.
Balance—
b Preferred dividends not declared
b Amortization on bonds
Earn's from sub. eo.,
*
included in charges above:
102,726
175,664
73,460
102,838
$5,816,777
$5,250,040
336,471
248,854
Eng. Pub. Serv. Co.. $5,480,306
2,285,192
$5,001,186
2,307,571
$3,195,114
$2,693,615
$1.57
$1.41
187,858
59,513
Preferred dividends declared—
Interest
,——* ——* —
*—--*——*«-*—
Earnings from other sources.
Total
—
Bal. applicable to stocks of
Div.
on
—
—
Expenses and taxes
pref. stock of Engineers Public Service Co.
Balance for common stock and surplus
Earnings
per
share on common stock
Applicable to Engineers Public Service Co., before allowing for un¬
dividends of a subsidiary company,
b Charges
applicable to securities of subsidiary companies owned by Parent Co.,
included above,
c Includes Federal income taxes
of $1,878,505 (1939—
a
$971,021).—V. 151, p. 1894.
Co.—Earnings—
[Including Wholly-Owned Subsidiary Reserve Insurance
Federal
Reserve
Net premium income...!
$3,208,093
$61,327
Increase in premium reserve
125,996
28,100
6 Months Ended June 30, 1940—
Co.]
Combined
$3,269,420
154,095
$3,115,324
2,537,926
$573,242
253,389
expenses,
$33,227
29,071
$4,155
21,931
$577,399
$826,632
Underwriting losses,
$26,086
$852,719
$26,086
$572,719
$3,082,096
2.508,853
&c
Net Investment income.
o
$546,632
on
275,321
280,000
280,000
Dividends paid in cash.
Net loss
sales of securities
Cr908
12,097
Net reduction in security values
11,189
K1Q
1,165,668
4
1,138,672
Contribution to surplus
1,000X00
Dr$604,137Cr$l,022,175
12,866,769
1.277,500
Surplus June 30, 1940
--..,-$12,262,632
Dr$604.137
12,866,770
$2,299,675 $12,262,632
Balance Sheet June 30, 1940
Assets—
Federal
Government bonds
State and municipal
Railroad bonds
Combined
Reserve
$4,729,585
1,480,997
568,566
bonds..
$166,233
100,866
595,358
168,523
702,260
453,712
Public utilities bonds
Industrial and miscellaneous bonds..
Preferred and guaranteed stocks
2,906,306
Common stocks
8.169.008
70
Cash in banks
2,503,194
1,233,061
14,848
Net premiums not over due..
Interest due and accrued.
626,461
284,712
54,083
107,309
Other assets
— --$21,531,094
Liabilities—
Reserve for outstanding losses*.
Reserve for unearned premiums
1,094,998
2,950,055
495,000
Reserve for taxes and expenses
Reserve for dividends declared
140,000
88,408
Reserve for liability to reinsurers
Reserve for security fluctuations
$4,895,819
2,183,258
1,022,280
696,225
794,986
2,906,306
4,869,403
3,736.256
299,562
76,909
22,825
107,310
$3,356,893 $21,588,312
6,233
43,985
7,000
1,101,231
2,994,041
502,000
140,000
88 4C9
_
500,000
—V^llop3660"
~
500!000
4,000,000
12,262,632
Capital
Surplus
1,000,000
2,299,675
4,000,000
12,262,632
$21,531,094 $3,356,893 $21,588,312
(J. J.) Felin & Co., Inc.—Preferred Dividend—
Directors have declared
a dividend of $1.75
per share on the preferred
payable Oct. 5 to holders of record Oct. 1.
A dividend of like
amount was paid on April 15, last, and on Jan. 15, 1939.—V. 150,
p. 2574.
Filing Equipment Bureau, Inc.—Accumulated Div.—
cumulation
Sept. 20
on
the
4%
dividend of $1.50 per share on account of ac¬
preferred stock, on Oct. 1 to holders of record
a
Like amount was paid
on
mately 45% of the first mortgage
by the refunding bondholders
outstanding refunding bonds
Group which holds approxi¬
This plan, dated Sept. 19, 1940,
bonds.
The independent protective com¬
has recommended opposition to the plan.
The plan proposes a new first mortgage having a first lien on all presently
mortgageable property of the Railway company and certain after-acquired
property.
The authorized amount of the new bonds will be $18,000,000,
of which $12,000,000 will be exchangeable par for par for the presently
outstanding first mortgage bonds and the additional $6,000,000 will be
filed with
from
issuable
the Court on Sept. 21.
time
to
for
time
corporate
proper
mortgage may be increased above $18,000,000
amended with the consent of holders of 66 2-3%
July 1 last, and dividend of $1
was
paid
The First
purposes.
and may be otherwise
of the outstanding first
mortgage bonds.
The $12,000,000 of bonds to be delivered in
for the present first mortgage bonds will mature 40 years after
% per annum, provided
will bear interest at the rate of
exchange
date and
that if for each
consummation of the plan
not less than $1,250,000,
computed in accordance with accounting rules of the Interstate Commerce
Commission, then interest on such $12,000,000 of bonds shall thereafter
be paid at the fixed rate of 4% per annum.
The additional $6,000,000 of
bonds may contain different provisions as to interest, sinking fund, re¬
demption, &c., but all first mortgage bonds will be equally secured by the
lien of the first mortgage.
The plan also contemplates
authorized
be issued
of the first mortgage except to
to that
,
.
.
creating a new general mortgage of unlimited
amount, under which $9,000,000 of 4H% income bonds will
in reorganization.
The general mortgage lien will be inferior
the extent permitted by the terms
of the first mortgage.
title to the railway's property will issue 450,000
without par value.
The income bonds and the
capital stock will be deliverable in exchange for the total claims of the
refunding mortgage bonds, including accrued interest.
Unsecured in¬
debtedness and the present capital stock of the Railway company will be
eliminated.
There will also be authorized an additional 45,000 shares
of capital stock to be issuable from time to time to officers and other execu¬
tives for such cash consideration as the board of directors may determine.
The plan contemplates the creation of a discretionary capital fund de¬
ductible after fixed charges, but before interest on the general mortgage
income bonds and not to exceed 2% of the railway operating revenues.
Funds so deductible will be used for capital investments and will not be
capitalized with mortgage bonds.
The plan is to be carried out under the supervision of three reorganization
managers, one to be designated by the Institutional group, one by the
refunding bondholders committee and one by the Court.
The court has ordered a hearing to be held in Jacksonville, Fla., on
Oct. 24, at which time all interested parties who desire to appear and be
heard upon the proposed plan of reorganization may do so.
The company taking
shares of capital stock
119933247568
Outstanding Capital Liabilities as of Sept. 1,
1940
First mortgage 4H % bonds
First and refunding mtge. 5%
Fixed
Annual Int.
Amount
$1,358,000
12,000,000
Equipment trusts
—
gold bonds, series A. 45,000,000
Open account owing to trustees of Flagler Estate
and Florida East Coast Car Ferry Co
;*_>
1,900,000
Deficiency judgment in connection with series D
equipment trusts.b
788,668
Capital stock
37,500,000
$43,440
540,000
a2,250,000
b
*
In
addition accrued interest totals $21,375,000.
Interest accrues at
the rate of 5% per annum.
b The deficiency decree, as subsequently modified by stipulation, finds
that after applying the proceeds of the judicial sale of the equipment and
certain funds held by the trustee under the equipment trust agreement to
the total indebtedness of the Railway company to the trustee under the
equipment trust agreement (which included principal, accrued interest and
certain expenses) there remains due a balance of $788,668 with interest
upon $763,353 from May 9, 1936 until paid at the rate of 6% per annum
and with interest on $19,856 from Dec. 22, 1936 until paid at the rate of
addition to obtaining such deficiency judgment,
D equipment tfust (which was disaffirmed by
1936) has brought suit for an accounting by the receivers
and maintenance of the equipment subject to such trust.
6% per annum.
In
trustee of the series
the
the
for
A
motion by the receivers for judgment on the pleadings was denied on Feb. 2,
1940, and the questions of fact and law involved were referred by the court
to a special master.
The court in a memorandum ruled that the receivers
are equitably liable for the reasonable use value of the equipment in question
during the time the receivers retained possession of the equipment less
such deductions, if any, as should be equitably be applied because of
payments made by the receivers during that period under the contract
of purchase.
The trustee in addition to asking for an accounting for use
of the equipment intends to prosecute its claim for an accounting for failure
to maintain the equipment.
Sums for which the receivers may be held
liable as a result of this suit will, of course, constitute receivers' obligations
to be met with cash or assumed by the new company, as distinguished from
the deficiency judgment, and interest thereon, which is an unsecured
obligation and which as such is eliminated under this plan.
Earnings Experience—The receivership of the Florida East Coast dates
from Aug. 31, 1931, as a result of the inability of the road to provide for
the interest due Sept. 1, 1931, on the 5% bonds.
The following table
shows the earnings compiled from figures furnished by the receivers for
each year from 1931 to 1939, inclusive.
This table is divided into two
periods, because of the decided change in the operation and earning power of
the railroad resulting from the destruction of a substantial part of the
Key West extension by the hurricane in 1935, and the subsequent abandon¬
receivers in
their
use
ment
was
of
the
whole
extension
written out of the
south
value of the
of Homestead.
About $27,000,000
Railway company's fixed property.
The Key West extension mileage had been operated for some years at a
substantial loss due to the change in conditions affecting the Cuban traffic.
The figures for the years 1931-1935 do not, therefore, afford any useful
basis for arriving at the present position of the
here only for the purposes of the record, and
with the later years.
property, and are included
to emphasize the contrast
They are as follows:
Income
Applicable
Amount
Net from
Operating
Railicay
Revenues
Year—
Operations
$2,519,000
1,020,000
1,155,000
1,468,000
1,035,000
$9,379,000
6,721,000
6,694,000
7,610,000
7,729.000
1933—
a
Taxes,
&c.
Available
of
Tax Credit
for Fixed
Charges
$732,000
of June '39
$1,787,000
1,219,000
1,231,000
1,185,000
1,214,000
$137,000
defl99,000
def76,000
283,000
def42,000
a Taxes, net rentals and miscellaneous deductions less other income.
The elimination of the loss on the Key West extension mileage, including
the elimination of maintenance and depreciation on
in
the
the large investment
extension, greatly improved the results of operation of
the road.
The extent of this change is apparent from the following table, and it is
clear that only the 1936-1939 figures are relevant in considering a proper
capitalization for the future.
They are:
Net
Year—
a
stock,
Directors have declared
reorganization has been prepared
representing about 50% of the
which has the approval of the Institutional
a
earned cumulative preferred
Federal Insurance
Ry.—Reorganization Plan —
Florida East Coast
A plan of
committee
of any two consecutive calendar years after the
income available for fixed charges amounts to
in 1939.
■Registers with SEC-
first page of this,department.
mittee for the first mortgage bonds
17,848
1,464
1940
5,
$5.451,1>0
was
Exploration & develop¬
Balance
See list given on
1940—12 Mos.—1939
1940—Month—1939
$487,999
$444,453
Period End. Aug. 31—
First National Petroleum Trust-
(Del.) (& Subs.)—Earnings
El Paso Natural Gas Co.
i
Oct.
The Commercial & Financial Chronicle
2042
*
from
Operating
Railway
Revenues
Operations
$8,615,000 a$2,099,000
9.303,000
2,180.000
9,594,000
2,591,000
9,261,000
2,128,000
Applicable
of
Amount
Tax Credit
b Taxes,
of June '39
&c.
$138,000
$1,140,000
149,000
1,386,000
155,000
1,611,000
1,317,000
Income
Available
for Fixed
Charges
$1,097,000
943,000
1,135,000
811,000
representing depreciation of way and struc¬
Key West extension the disposition of which had not then been
b Taxes, net rentals and miscellaneous deductions, less other
After deducting $147,794
tures on
determined,
income.
During the four years covered by the preceding table, income available
for fixed charges, on the basis stated, averaged $996,000 annually, after
adjusting figures, as currently reported, by the receivers, for tax reduc¬
tions effected in June, 1939 as a result of a decrease in assessed values,
and allocated, in the above tables, to the years to which they were appli¬
cable.
Volume
The Commercial & Financial Chronicle
151
Fixed charges proposed under the plan, so long as annual income
avail¬
equipment trust certificates outstanding as of Sept. 1, 1940, totals $493,440,
which was covered more than twice by the annual average of earnings
for
Gellman Mfg. Co.—Listing—
,
able for fixed charges does not amount to SI,250,000 for any two con¬
secutive years, will amount to $450,000 annually on the $12,000,000 new
first mortgage bonds.
This, together with the $43,440 annual charge on
the years
1936-1939, inclusive, on the basis stated.
The remaining
such years, $502,560, were in excess of interest at the
on the $9,000,000 income bonds contemplated under the
plan.
These figures make no allowance for any capital fund appropriation.
Any such appropriation is to be discretionary, cannot exceed 2% of total
railway operating revenues (or a maximum of $200,000 on the basis of total
railway operating revenues of $10,000,000) plus any amounts necessary
to make up deficiencies as hereinafter provided, but to the extent appro¬
priated it would come ahead of income bond interest.
Attention is called
to the fact that the recapitalization on the basis proposed in the plan will
result in some increase in taxes, including Federal income taxes, due to
the reduction in charges resulting from the proposed new capitalization.
The New York Curb Exchange has approved the listing of 325,005 out¬
standing shares of common stock, par $1, with authority to add to the list,
subject to prior effectiveness of registration thereof under the Securities Act
of 1933, if required. 149,995 additional shares of common stock, par $1,
upon official notice of issuance.—V. 151, p. 1896.
average earnings for
General Cable
of 4%%
rate
/
Company
ing outstanding is substantially
.
'
■
•
Total annual fixed charges.
—
—
a
-.
and about 500
151, p. 1896.
models, although
direct comparisons are
1,120,940
coupe
reductions
show
seem
mixed trend
a
new
a
compared with
in cases where
as
predominate
to
its previously lowest priced
series of Cadillacs.
The
series 61 Cadil¬
new
in the 61
$1,435 for the
delivered in Detroit with State taxes extra;
series
series 62 models range as high as
15%.
$1,685 is off $265 and the sedan at $1,495 is off $250.
a deluxe coupe at $1,510 and a deluxe sedan at $1,585.
Also new this year is the series 63 sedan at $1,695, and series 67 which has
four body types ranging upward from $2,595 for the touring sedan.
The
Fleetwood 75 series is based at $2,995 for the sedan, unchanged from last
year, and it has eight body tyres ranging up to $4,045.
on
The 62 coupe at
Added to the line are
;
Chevrolet Prices for 1941—.
Prices of 1941 model Chevrolet passenger cars,
ials and
tax costs and the addition of
despite the higher mater¬
previously extra-cost equipment to
1940 models have
the standard list, show that advances over comparable
been held in narrow range.
:
At
the
;
.
General Motors division has discon¬
the "Master 85" which was based
Its 1941 retail prices at $712 for the
$28 or 4% above last year's like model.
however, this
time,
same
tinued its previously lowest priced line,
in 1940 at $659 for the business coupe.
"Master Deluxe" business coupe,
Similar percentage advances are shown in the Flint delivered prices,
which include Federal excise taxes but not State sales taxes, of the "Master
Existing Securities and Claims
Deluxe" two door sedan at $754 and the four-door sedan at $795.
Chevro¬
show price increase of $49 on an average of
slightly above 6% for the business coupe at $769, the two-door sedan at
$810 and the four-door sedan at $851.
Other models in both lines show
corresponding advances.—V, 151, p. 1896.
let's "Special Deluxe" models
General
board of directors held Sept. 27 Morris F. LaCroix,
Chairman of
affairs of the
Harold V. Bozell, who has been
Vice-President of the corporation, was elected President to fill the vacancy
caused by the recent resignation of John Winn.
The board also announced
the elections of Thomas A. Boyd, formerly Comptroller of the corporation,
as Vice-President, and Raymond E. Dolar as Comptroller.—V. 151, p. 1573.
-
corporation.
bonds at the rate of 4%%
preceding the con¬
to and including the last day of the month
unreasonable delay in consummation
of the plan and no materially adverse change in cash position, and the
new first mortgage bonds, series A, will be dated as of, and will bear interest
from, the first day of the month in which the plan is consummated.
The income bonds will be dated Jan. 1, 1940 and bear interest from
that date due and payable only as hereinbefore provided.
No provision is made for present unsecured claims against the Railway
company or capital stock of the Railway company, which in the opinion
of the 5% committee are without value.
The claim, if any, of the trustee for series D equipment trust certificates
against the receivers will be paid in cash or assumed by the new company
upon such terms as the board of directors of the new cpmpany may deter¬
mine subject to approval of the Court.
Management—The board of directors of the new company shall consist
of not less than 11 nor more than 17 members who shall consist initially
of such persons as may be designated by the reorganization managers with
the approval of the Court.
■
The directors shall be divided into three classes whose terms of office
shall respectively expire at different times.
Each class shall consist as
nearly as is practicable of one-third of the whole number of the board
of directors.
The first class shall consist of directors whose terms of
office shall expire in the year following the year in which the plan is con¬
summated; the second class shall consist of directors whose terms of office
shall expire in the second year following the year in which the plan is
consummated; and the third class shall consist of directors whose terms
of office shall expire in the third year following the year in which the plan
is consummated.—V. 151, p. 1894.
Telephone Corp.—New Chairman, (fee.—
At the meeting of the
Boston, Mass., was elected to the newly created position of
the Board and will actively devote a portion of his time to the
'■
Accrued interest will be paid on thd 4 %%
manu¬
sedans in this group are $1,455 for the standard and $1,535 for the deluxe.
The series 60 special sedan at $2,195 is up $105 or roughly 5%, while
■
per annum
the LaSalles with
deluxe
y
Holders of bonds now outstanding are to receive, (a) in respect of the
principal amount thereof in the case of the 4 % % bonds, and (b) in respect
of the principal amount thereof and accrued interest thereon to Dec. 31,
1939 in the case of the 5% bonds, new securities issuable under the plan at
the following rates for each $1,000 principal amount of 4%% bonds, and
for each $1,000 principal amount of 5% bonds and accrued interest thereon
to Dec. 31, 1939:
:• v
'v-\
v
Gen.Mtge.
•
"■
>:
'
1st Mtge.
Bonds,
Capital
i\::
>." >
Bonds
Income
Stock
Series A Series A (No Par)
First mortgage 4%% bonds
$1,000
First & refunding mtge. 5% gold bonds, ser. A: $200
lOshs.
v
Contracts—
differences in size, equipment and mechanical construction.
Cadillac's 1941 line starts at $1,345 for the coupe and
a
Treatment of
cars
reductions
possible.
This division of General Motors has replaced
22,500
discretionary capital fund deductible before interest on
the general mortgage bonds, income series A, which will not exceed 2%
of total railway operating revenues (or a maximum of $200,000 a year on
the basis
of $10,000,000 of total railway operating revenues) plus any
amounts necessary to make up deficiencies as hereinafter provided.
b Will be increased by $30,000 annually if income available for fixed
charges equals or exceeds $1,250,000 per annum for any two consecutive
calendar years after consummation of the plan.
c In addition to the 450,000 shares of capital stock to be presently issuable
under the plan, there will be authorized an additional number of such
shares, not in excess of 45,000 shares, to be issuable from time to time to
officers and other executives of the new company for such cash consideration
at such times and upon such terms as the board of directors may from time
to time determine.
The board of directors may give options to such
officers or executives to purchase any or all of such shares.
20, record date
lacs are based at $340 below last year's lowest-priced Cadillac but $105
above the LaSalle.
The two lines are not fully comparable because of
.
There will be
a
Sept.
Models—
Prices of 1941 model Cadillac
1940
a405,000
____
on
than the previous record date, June 28, 1940.—V.
more
Cadillac Prices for 1941
Annual
cars,
__
Stockholders—
Electric stockholders
has been awarded contracts totaling $10,563,100 to
for the U. 8. Government.
Oompany
b450,000
Sinking fund for general mortgage bonds, in¬
come series A (if earned)
Total annual requirements, fixed and contin¬
gent, before income available for divs. (incl.
discretionary cap'l fund at $200,000 a year)a
Capital stock (450,000c shares no par)___
c36,000,000
for the
151,
facture ammunition components
$493,440
_
of General
ago
/^CQlliTCTllCTltS
$43,440
9,000,000
22,358,000
-
manufacture wire
p. 1896.
to
25 dividend, was 211,611, it was announced on Sept. 26 by
Charles E. Wilson.
This is an increase of 1,758 over a year
President
(4%%), due
...
Total funded debt
$1,358,000
12,000,000
-
General mtge. bonds, income series A
Jan. 1, 2015-
contract
a
General Motors Corp .—Government
JfSSlDP(t
1
Undisturbed equipment trusts (as of Sept. 1, 1940)
1st mtge. bonds, series A, due40 years after date..
awarded
General Electric Co.—Number of
The number
initially outstand¬
Presently
'
..
Corp.—Government Contracts—
been
for the Oct.
follows:
as
>
has
U. 8. Government totaling $2,183,424.—V.
Proposed Capitalization of the New Company
The capitalization proposed for the new company to be
2043
At
the
same
summation of the plan, assuming no
General
of
Trust
meeting,
Canada—$1.25 Preferred Dividend—
the 6% nonpreference stock, payable Oct. 15 to holders of record Sept. 21.
Previously regular quarterly dividends of $1.50 per share were distrbuted.
—v. 143, P. 2368.
Directors have declared a dividend of $1.25 per share on
cumul.
.
Called—
General Water Gas & Electric Co.—Bonds
Company has called for redemption on Nov. 1, at 100%, $200,000.
15-year 5% first and collateral trust bonds, series A, due 1943,
of General Water works Corp.
Payment will be made on and after Nov. 1
at the office of Central Hanover Bank & Trust Co.—V. 151, p. 1143.'
assumed
Georgia & Florida RR.—Earnings —
[Including Statesboro Northern Ry.]
Period End. Aug. 31—
.
1940—8 Mos.—1939
1940—Month—1939
$163,783
107,486
$181,599
99,184
operations—
Railway tax accruals
$56,297
$82,415
8,544
8,238
$52,478
66,172
Railway oper. incomeEquipment rents (net) _ _
Joint facility rents (net)
$47,752
8,515
$74,177
$787,498
691,258
$783,088
730,610
Ry. operating revenue.,
Ry. operating expenses.,
!Net
rev.
from railway
$96,240
64,296
■
Ford Motor Co.—New 1941
Prices—y
of 1941 passenger cars show advances ranging from less than
5% to nearly 10% and averaging about $50 per car as compared with 1940.
The retail price advances will be slightly larger, due to the increase in
Federal excise taxes which is not included in the base price.
Exclusive of dealer handling charges, Federal excise taxes, State sales
tax, &c., the f.o.b. Dearborn prices of 1941 and 1940 models co npare as
follows, for representative models:
lnc.%
De Luxe Series—
1941
1940
2-Door sedan.
4-Door sedan
$695
725
$640
660
8.5
9.8
735
775
680
725
6.4
......
..
Super De Luxe Series—
Coupe
—
„
,780
820
—
2-Door sedan
Base prices of the
lowest priced
720
;
740
785
Gross income—
6.9
5.4
4.4
,
_
of the next
of 2 H cents per share in addi¬
dividend of five cents per share on the common
of record Oct. 15.—V. 149, p. 3556.
Directors have declared an extra dividend
tion to the regular quarterly
Fort Worth & Denver
Net ry. oper. income,-Gross from railway..
.
Net from railway-----Net ry. oper. income
—V. 151. p.
City Ry.—Earnings—
1937
1940
$458,899
124,411
49 596
1939
$475,336
130,375
50,391
1938
$533,564
155,611
64,38 1
$538,447
144,720
60.837
3,906,001
1,070,749
504,957
3,923,718
4,452,638
1,320,078
633,404
5,035,543
1,998,063
1,445,745
1,032,399
426,120
1279.
Fuller Brush Co.—Extra Dividend—
Directors have declared an extra dividend
tion to the
mon
p.
of 10 cents per share in addi¬
share on the com¬
regular quarterly dividend of 12M cents per
payable Nov. 1 to holders of record
A stock, both
1143.
318
303
x$39,364
2,623
$39,064
$65,526
x$41,987
Deductions from income
?
' .••• '.
■'
' ■ "
Surplus applic. to intx
,
$2,385
2,586
x$201
:
Loss or deficit.
.
Sept.
21—
1940
Operating revenues (est.)
—V. 151, p. 1896.
Georgia RR.-
1939
$19,725
$23,875
—Jan.
1
to
1940
$840,813
Sept. 21—
1939
$857,723
Earnings—
1940
1939
1938
1937
$357,736
$320,608
$318,999
$308,058
Net from railway
80.386
66.611
83.437
39.137
Net ry. oper. income—
From Jan. 1—•
73.455
67,388
83,838
48,089
2,574,858
457,550
2,374,361
2,246,259
2.518,453
391,264
372,321
305 106
274,793
452,666
485.414
Gross from railway
Net ry. oper. income—
—V. 151, p- 1280.*
Gisholt
stock, both payable Oct. 25 to holders
Net from railway,
$65,829
15.702
Machine
391,421
Co.,0 Madison,
Wis.—Registers
with
SEC—
Co.—Extra Dividend—
Fort Pitt Brewing
-
$39,381
from railway
Net from railway
about $25 less than those
series.—V. 151, p. 1721.
August—•
x$6,109
8,494
Gross
list prices averaging
Gross from railway
x$48,997
9,632
August—
5.7
Ford
unchanged from last year,
Company is not producing
which carried
700
770
Opera coupe
4-Door sedan...—
$63,927
1,902
7.0
.
^
740
-
-
$37,339
2,042
-
income.
Non-operating income.-
Base prices
Coupe
—
Opera coupe>w>.-«»----»-,--»-«^-—--------
x$13,694
19,963
15,340
Net ry. oper.
•
8,302
1,948
$31,943
22,350
1,899
Oct. 21.—V, 151,
registration statement was filed Oct. 2 with the Securities and Exchange
covering a proposed offering of 74,426 shares of common
The offering will represent new financing by the company to the
extent of 23,127 shares, proceeds to be used to reimburse the company's
treasury in part for expenditures or commitments for additional machinery
and equipment. The remainder of the stock is being obtained from present
holders. The offering will be underwritten by a group of investment banking
houses headed by A. G. Becker & Co., Inc.
This offering will represent
the initial public distribution of the company's securities, the ownership
of the business heretofore having been closely held.
Company is an old Wisconsin business, founded over a half century ago
by John A. Johnson, whose son and grandson are today, respectively.
Chairman and President of the company. From an initial capital of $120,000
at the time the business was incorporated in 1889, it has grown to a present
net worth exceeding $3,800,000, after payment of substantial dividends.
The plant occupies a 27 H acre site at Madison and employees exceed
1,100.
Products include horizontal turret lathes, in the development of
which the company was a pioneer, other automatic lathes,
balancing
machines and a large line of tools for use with the company's lathes.
Cus¬
tomers include a wide range of industries whose operations involve metal
working. In normal times the compaay does a large export business. ProA
Commission,
stock.
The Commercial & Financial Chronicle
2044
duction has been substantially stimulated in the last few years by armament
programs here and abroad and operations are at a high level.
$19,279,158—V.
excess
first
Gleaner Harvester
Directors have declared
page
of this department.—V. 81,
p.
dividend of 15 cents per share
a
on
p.
1433.
Co., Ltd. (& Subs.)—Earnings—•
Net sales....
...$23,691,866
352,150
Other gross income
779.
Total
-
Product and operating costs
Corp,—15-Cent Dividend—
stock, payable Sept. 30 to holders of record Sept. 25.
was paid on Oct. 10. 1939.—V. 149, p. 3873.
the
Otherexpenses.net
Depreciation.
common
Dividend of 30
1940
Earnings for the Year Ended Dec. 31, 1939
under
See aUo list given on
151,
Golden State
profits tax or increased corporation tax rates that may be payable
legislation now before Congress. The company has no funded debt.
Capitalization consists solely of common stock ($10 par), of which 267,000
shares will be outstanding upon completion of the present financing.
5,
capital surplus arising from retirement of preferred
stated value, $146,797; earned surplus, $3,378,643; total,
stock at less than
Earnings of the company last year amounted to $437,163, and in the first
28 weeks of 1940 to $666,789. The latter figure gives effect to provision for
income taxes based on laws presently in effect, put does not allow for any
Oct.
$6,935,769;
shares),
....
...
,.
Provision for Federal income tax
cents
-$24,C44.016
22,950,7 29
16,895
515,185
.
61,119
...
Net profit.
Globe-Wernicke Co. (&
Calendar
Subs.)—Earnings—
1939
Years—
Dividend
1937
1938
$650,926
$809,143
558,848
518.744
570,391
500,308
74,862
73,537
64,841
42.263
$166,285
36,439
$58,645
38.158
$173,911
49,268
$141,254
45,004
$202,724
32,727
$96,803
30.311
49,690
51.860
$223,179
45,015
53.309
$186,259
27,875
56,782
-
Net profit from opers.
Non-operating income-.
Total income
Non-oper.
expenses
Bond interest
15,534
1,413
20,658
11,328
$104,773
68,889
$13,219
$104,197
68,880
19,902
$90,274
20.516
Federal income taxes
Net profit for year
Preferred dividends
5.058
28,804
$35,893
Surplus.
$55,491
Good Humor
(less reserve for amortization of $307), $2,858; sinking fund,
$28,705; deferred charges to future operations. $.37,139; total. $3,216,990.
Liabilities— Notes payable to banks, $200,000; accounts payable, $78,812;
accrued expenses, $66,560; Federal income taxes, $16 613; sinking fund
requirements, year l939, $28,618: bonded indebtedness, $880,550; 7% cum.
preferred stock, $998,400; common stock (50.041 no par shares), $50,042:
earned surplus. $135,207; paid-in surplus, $762,188; total, $3,216,990.—
V. 149, p. 2231.
Godchaux Sugars,
Years End. Jan. 31—
Gross sales...
1940
1939
1937
Not
Reported
Net operating profit..$
Other income (net)
1,087,303
1937
1936
$360,379
x$404,978
350,OCO
350,000
Consolidated Balance Sheet Dec. 31,1939
depreciation
of $433,492),
$397,220; deferred charges,
$81,099; patents,
trade mark and territorial rights, $548,861; total, $1,359,445.
Liabilities—Accounts payable and accrued liabilities, $27,289; reserve for
taxes, $53,193; unclaimed dividends, $.359; capital stock (par $1), $350,000;
capital surplus, $600,000; earned surplus, $328,604; total, $1,359,445.—V.
149, p. 2231.
Gorham, Inc.<—To Acquire Preferred Stock—
of $3
cumulative preferred^ stock, have been informed by the
the directors have voted to appropriate $90,000 for the
that
purchase and eventual retirement of
such
shares
at
lowest
the
price at
which they can
$20,888,900 $22,300,901 $22,351,668)
19,801,597
21,306,885
20,915,691]
Cost of sales & exps
1938
$251,351
105,000
,
Assets—Cash, $205,003; accounts receivable and inventories, $118,638;
lease and power deposits, $8,625; sales cars and plant assets (less: reserve for
company
1938
1939
$203,719
175,000
x After
deducting reserves for Federal and State income taxes, and de¬
preciation, amounting to $169,747,
Holders
Inc. (& Subs.)—Earnings—
$1.04
Corp.—Earnings
Calendar Years—
Net earnings for year
Dividends paid
Condensed Balance Sheet Dec. 31, 1939
patents,
capital stock
Assets—Cash, $848,670; trade accounts and notes receivable (net),
$1,634,205; products & product manufacturing supplies, $1,103,861;
operating supplies and prepaid expenses, $202,864; other notes & contracts
receivable (secured by real estate), $40,539; sundry non-marketable invest¬
ments
(valued at cost or less), $50,195; land, plant & equipment (net),
$4,318,064; deferred charges and miscellaneous, $310,166; trade routes and
goodwill (record value), $1; total, $8,508,565,
Liabilities—Accounts payable, $1,229,417; accrued expenses, $440,376;
dividends payable (payable Jan. 15, 1940), $98,368; term debt, $905,000;
capital, representing 486,839 shares, no par value, $4,825,390; capital
shares contracted to be issued (total 7,000 shares, 5,()00 of which to be
issued Jan. 2, 1940), $56,000; capital surplus, $418,199; earned
surplus
since Jan. 1, 1938, $535,815; total, $8,508,565.—V. 149, p. 3557.
$24,281
Assets—-Cash, $105,320; postage and sales tax stamps, $702; notes re¬
ceivable, $4,398; accounts receivable (less; reserve for doubtful accounts of
$39,993), $411,106; cash surrender value of life insurance, $89,404; accrued
items receivable, $2,487; investments, current, $87,104; inventories, $1,079,802; notes receivable, other, $125; investments, other, $307; real estate,
plant and equipment (less: reserve for depreciation of $325,810;) $1,167,535;
on
Consolidated Balance Sheet Dec. 31, 1939
45,477
def$60,719
Common dividends..—
x
-
share
per
$683,826
profit lrom sales..
Administrative, selling, &
advertising expenses..
Other deductions
Earnings
1936
$799,995
Gross
$510,(88
98,368
be purchased, but not in excess of $20 per share.
There
43,073 shares now outstanding.
Under the plan at least 4,500 shares
are
will
be retired.
A stockholder wishing to sell all or part of his shares to the
company is
offers to Bankers Trust Co., agent, on or before
3 p. m. Oct. 10, at a flat price without adjustment for dividends, and the
lowest offer or offers at prices not exceeding $20 per share will be
accepted
28,257
$994,0 1 5
70,325
$1,115,560
97,616
$1,064,341
99,676
352,400
352,400
$1,529,428
108,981
350,000
income taxes (est.).;.
107,000
120,000
200,000
170,000
exceed the number of shares purchasable4s retained.
Notices of acceptance
will be mailed on or before Oct. 14 and delivery of stock on
accepted orders
Net income.........
$558,544
186,900
170,494
$492,265
186,926
340,988
$795,447
$857,642
651,750
170.500
must be made to the agent before 3 p. m. Oct. 29.
The funds appropriated arise from the disposition of merchandise of a
character which the management believes will not have to be replaced, the
letter says, and the purchase and retirement of the preferred stock is in
Income from opers
Int. & exp. on fund, debt
Prov. for depreciation..
Loss
$1,435,9771
93,450 J
112,634
250,000
75,000
$7 pref. stock..
Divs. paid on class Astk.
x
,390,276
dismantlement
on
of property (est.)
Prov. for Fed. & State
Divs.
asked to submit sealed
on
Gross
sales
of
sugars
and
other
188,501
341,000
merchandise,
less
discount,
allow-
&c.
ances,
Assets—
1939
$
,
Cash
1940
Liabilities—
5
767,885
accrued expenses
Notes A accts. rec.
2,116,739
39,700
1,836,775
Inventories
1,847,333
1,892,143
102,710
102,545
60,175
33,684
Planted &
Prepaid
500,000
Serial notes pay'le.
expenses.
rently
due
Sell., admin. &
8,232
8,349
57,613
9,089,953
1st mtge. 5% serial
bonds.
33,976
120,676
c
Total...
a
After
14,187,948
reserve
85,250
no
par
13,949,322*
120,000
shares,
3,467,402
Year Ended Jan.
13,949,322
31,
80,620
$636,830
584.577
$453,439
389,718
$624,081
682,007
$420,105
341,003
$52,253
$63,721
def$57,926
$79,102
Assets—
1940
Cash
1939
970,070
Notes & accts. rec.
799,846
703,875
1 421,685
1,452,245
500,000
.500,000
57,098
$884,821
33,478
31,934
Rental income...
.
...
.
_
_.
_I__~
______
$950,283
152,902
_
share
on
_
_
~
720,780 shares
common
stock-I." ."HI
„
$797,381
126,080
y202 384
$0.93
x Includes
occupational taxes of $1,251,516 and depreciation of $360,242.
$179,086 paid in cash and $23,298 paid in common
stock, 23,298 shares
at stated value of $1 per share.
Consolidated Balance Sheet Jan. 31,1940
Assets—Cash in banks and on hand.
$470,038; accounts receivable (net),
$2,727,072; inventories, $6,941,911; prepaid expenses, $190,532; other
assets, $362,801; fixed assets, at cost, less reserves for
depreciation: cost
includes land and buildings acquired in
exchange for capital stock at date
of organization of company in 1928 at an amount
$1,031,528 in excess of
original cost to predecessor partnership, $8,586,803;
goodwill. $1; total,
$19 279 158/
Liabilities—Bank
loans,
$1,676,000;
accounts
payable,
$1,893,949;
accrued expenses, $1,069,005; instalment
4>3% notes, payable to bank,
maturing 1941 to 1944 (current maturity included above) collaterized
by
life insurance policies, $1,667,146; $2.50
cumulative convertible preferred
tock (50,237 no par shares), $2,511,850; common
stock (720,780 no par
,
189,268
Surplus
414,563
3,953,895
428,736
2,006,550
3,901,642
...$6,820,354
$6,609,852
reserves.,
Capital stock...
Surplus...
...
2,006,5.50
50,123
1,253,952
Total.
118,265
$6,820,354 $6,609,852'
Represented by 200,655
Grand Union Co. (&
Total..
par shares.—V.
no
150,
p.
2578.
Subs.)'—Earnings—
3 Months
6 Months
Period—
x
Aug. 31, '40 Sept. 30, '39 Aug. 31, *40 Sept. 30, '39
$163,460
$129,438
$288,630
$231,623
x After taxes,
depreciation, &c.
Retail sales for the quarter ended Aug. 31, 1940, amounted to
$9,377,944
Net profit
with
14.45%.—V.
$8,193,735 for
151. p. 701.
Great Lakes
profit.
Preferred dividends
Common dividends
49,274
297,145
sal's
Plant
compared
...
taxes
1939
534,382
97,969
and wages, Ac..
x
prop'ty depred. bank vaJL), 1 ,273.445
Deferred charges..
141,343
1940
$50,232
Accounts payableDividends payable
Acer,
less reserve
$15,841,813
.xl4,774,885
170,817
11,289
,
Net profit before income taxes...........
Provision for Federal income taxes
Liabilities—
$2 626,937 SI,561,322
U. S. Govt, securs.
113,338
1
Miscellaneous income.......
142,32!
Consolidated Balance Sheet Jan. 31
...
Profit
y
119.529
!.$15,728,475
....
per
99.944
_____
Miscell. investm'ts
/
...
Interest paid..
Other deductions
Earnings
$873,225
230,178
Surplus—...
x
Net
$1,110,928
243,616
123,702
s
Inc
1940
__
gross profit
Stores and operating expenses..
$856,059
182,216
120,460
Invest, in Gorham,
„„__$47 975 422
32,246,947
profit from trading.
Total
$829,087
44,138
Federal taxes
3,432,272
Net sales, less returns and allowances...
....
$1,033,176
77,753
2,670,000
14,187,948
Total...
concessions
48,279
122,018
137,879
4,262,500
Bros., Inc. (& Subs.)-—Earnings'—
from
$807,779
37,598
Cash distrib. of surplus.
stock
($7 cumulative), 2,670,000
4,262,500
Class A stock
Cost of sales
Commissions
$1,073,229
214,100
Net income
$2,467,177 in 1940 and $2,188,924 in
by 26,700 no par shares,
c Represented
by
d Represented by 83,250 no par shares.—V. 149,
Earnings )or the
1937
$1,829,180
1,000,093
operationi
Inventories
Golblatt
1938
$2,106,899
1,073,724
»
Deductions from income
2,726
2085.
Gross
from
61,827
for depreciation of
b Represented
p.
Profit
1,500.000
125,000
d Class B stock...
1939.
1939
$1,854,542
1,046,763
Depreciation
107,000
Res. for conting's.
Res. for fire losses,
b Preferred
dlsct. & expense.
1940
gen. exps
before depreciation
Prov. for Fed. and
State inc. taxes.
Unamortized bond
(& Subs.)—Earnings—
100,000
60,221
marks..
■
$2,244,511
1.171,282
Other income-..^.-
__
Investments
equipment..
8,942,965
Goodwill & trade¬
.
1,300,000
cur¬
(past due)
Prop., plant and
/
Years End. Jan. 31—
Gross profit from sales..
2,000,000
Notes receivable
a
502,723
1st mortgage serial
bonds,
exhausted.
$1,110,827
1,053,320
Notes pay. to bks.
and brokers
growing
crops
is
Gorham Mfg. Co.
$
Accts. payable and
39.700
available
3826.
1939
$
975,894
Market, securities.
sum
accord with the program of endeavoring to reduce the senior
capitalization
of the corporation upon liquidation of unnecessary inventories.—V. 150,
p.
Condensed Consolidated Balance Sheet Jan. 31
1940
until the
If the $90,000 is not thus absorbed, further open market
purchases
within the price limit set will be made, if possible, until the sum is exhausted,
and the right to pro rate purchases in the event lowest identical offers
of
sale
and
period
increase
of
1939
1938
1937
1936
$1,879,117
102,507
$2,468,469
255,767
$1,110,709
234,250
$414,974
289,105
$2,724,236
$1,344,960
$704,079
18,058
19,807
income
4,602
z77,000
Dividends
329.000
36,206
475,000
$1,634,566
1,369,800
$2,213,030
1,655,910
$254,766
y
1939—an
■
aban¬
equipment
Federal taxes..
Net
of
$1,981,624
Gross income
donment of
same
Dredge & Dock Co.—Earnings-
Calendar Years—
Net operating profit..
Other income
x
Loss
the
$557,120
552,120
$2.96
552,120
$4.01
Shs. of capital stock out¬
standing (bo par)
Earns, per sh. on cap. stk
zl77,000
$1,148,153 "
828,180
$622,476
963,647
$319,973 def$341,171
552,120
$2.08
552,120
$1.12
Net profit after depreciation of physical
properties: $619,589 in 1939*
$600,023 in 1938; $618,416 in 1937 and $630,217 in 1936.
y Divs. paid less
dividends received on investment in company's own common
x
is
no
liability in respect of Federal
stocky
zThere
surtax on undistributed profits.
Volume
The Commercial & Financial Chronicle
15J
Balance Sheet Dec. 31
1939
Assets—■,
Bonds
1938
Liabilities—
y
equipment, &c_. 8,419,096
Investments
•—
18,478
U. S. Securities—_ 4,412,329
Accrued interest..
Cash—.——
1,193,855
Accts. receivable.
1,731,808
1938
1939
8
*Plant, tools,
S
7,831,900
surplus...
15,335,758 15,075,770
38,402 Accounts payable,
&c
3,559,317
452,269
435,189
12,254
2,598,842
....
of
M.
A. Brey-
Work in process..
228,177
1,479,214
178,584
191,679
184,839
146,174
108,297 State unemploym't
_
Advances
other
&
under
Dredging
500,000
Prov. for taxes
receivables.....
Dep.
mann
'Co.
trust
Insurance
agreement.....
397,159
557,553
14,304
4,394
res've
200,000
Deposit in respect
of
State
Unem-
ploy. Ins. Res've
Deferred assets...
14,303
143,590
4,394
76,864
'.Total..!; ......16,699,490 16,072,906
.16,699,490 16,072,906
Total....
x After reserve for
depreciation of $8,605,383 in 1939 and $8,152,049 in
1938.
y Represented by 552,120 shares of no par value.—V.151, p. 552
Engineering Works—Earnings—
Denreciation..........
1937
1936
$227,854
$548,494
67,992
$304,959
57,802
75,314
$155,902
136,000
$126,444
102,000
y$480,502
340,000
y$247,157
$19,902
$24,444
$140,502
$60,157
$0.92
Net inc. for the year........_
$0.74
$2.83
$1.45
Balance
26,096
......
— —
187,000
Earns, per sh. on 170,000
shares capital stock...
y
Before undistributed profits taxes and before adding in 1937 $9,275
transferred by U. S. Treasury Department from 1936 to 1937
amount
ncome.
■
Balance Sheet Dec. 31, 1939
;
-
^
Assets—Cash, $397,753: U. S. Treasury notes and bonds, at cost (market
$78,814), $77,755; accounts receivable, net collectable, $435,791: inven¬
tories (materials and supplies and work in process), $189,386: cash in closed
banks (less reserve of $10,000), $14,034: land, buildings, machinery and
equipment (net); $1,185,397; miscellaneous assets and deferred charges,
$19,516; total, $2,319,631.
Liabilities—Accounts payable, accrued expenses and reserves for taxes,
$140,342: capital stock (oar $10), $1,700,000; surplus, $479,289; total,
$2.319,631.—V.
151, p. 702.
Great Lakes
Steamship Co., Inc.
Years End. Dec. 31—
Transporting
1937
$218,794
54,334
$999,340
$497,711
91,149
$862,587
185,000
112,854
$273,128
185,000
$588,861
81.092
71,739
$1,128,773
185,000
139,093
131,608
$483,641
$3,903
240,000
$673,072
630,000
$243,528
330,000
$662,464
Expenses of operation..
$2,090,018
1,290,070
&cI3
$799,948
62,639
Interest and divs.,
secured by a lien on substantially the entire road and the major part of
the equipment owned by the company subject, insofar as they attach, to the
following closed prior liens in the hands of the public: equipment obligations
(as of Dec. 31, 1939), $8,511,878; Eastern Ry. of Minn. 1st 4s, 1948, $9,700.000; 1st & ref. mtge. 4Kb, 1961, $35,668,000.
The Great Northern gen. mtge, bonds are additionally secured by a 1st
lien on $82,933,700 capital stock of the Chicago, Burlington & Quincy RR.
and by a 1st lien on $36,332,000 1st & ref. mtge. bonds which are in addition
to and rank equally with the $35,668,000 of 1st & ref.
4Kb in the hands
are
of the public.
The gen. mtge. permits the extension of prior liens to a date not later
than Jan. 1, 2000, but the extension of the Eastern Ry. of Minn, bonds is
prohibited by the terms of the 1st & ref. mtge. which it underlies.
Addi¬
tional general mortgage bonds may be issued within certain resrtictions.
Purpose—The proceeds from the sale of these bonds, together with over
$8,000,000 of treasury funds, have been used to provide for the payment at
maturity of $28,132,364 St. Paul, Minneapolis & Manitoba/ Pacific ex¬
tension 4s due July 1, 1940.—V. 151, p. 1898.
Great West Saddlery Co.—Preferred Dividend—
Directors have declared a dividend of 75 cents per share on account of
accumulations on the 6% cumul. pref, stock, par 150, payable
30 to
holders of record Oct. 17. Like amount was paid on July 20, last; dividend
of «1.50 was paid on March 30, last* and one of 13 was paid on Dec. 27.
1939.—V. 150. p. 4127.
Green Bay & Western RR.
1936
$1,356,063
858,352
1938
ore, coal &
grain
$292,360,000 outstanding, including the pledged $40,000,000 series J bonds,
-Earnings$2,964,566
1,965,226
1939
443,671
129,433
.
The Great Northern gen. mtge. bonds of which there are approximately
.
1938
69,990
33,767
Federal income tax.....
Taxes
_..
_
_
.
„.
-
_
.
Administration expenses
Balance,
inc.
to
plus account..
Dividend-.
.
_
12,485
185,000
j.
480,000
...
$43,072
def$86,472
Towing Co.—$3.50 Dividend—
Directors have declared
dividend of 13.50 per share on the 7% non-
a
cumulative pr*f->Tred stock, payable Oct.
—V. 148, p. 4030.
5 to holders of record Sept. 30.
Great Northern Paper Co. (&
Years Ended Dec. 31—
—
Prov. for depletion & depreciation..
Losses from replacement of fixed as¬
.
resulting from obsolescence, &c.
.
Total income..
—
........ _
Prov, for Federal income taxes.I....
Net profit for year....
Previous earned surplus.
1938
$3,608,285
999.480
1937
$3,569,234
1,252,107
33,011
28,243
100,685
$3,346!650
....
Inc. from in vs.;, int., royalties, &c...
-
...
......
Total surplus.....
^.
Cash dividends paid.'4—..
—
..
,
..
..
75,563
1,422,213
126,474
568,296
$2,580,561
xll 1,628
$2,216,441
x414,386
$2,692,189
$2,630,828
54,086
y399,087
85,478
437,904
$2,727,442
$2,168,808
16,259.613
16,085,765
$2,177,654
15,903,271
.'.$18,987,056 $ 18,254,573 $18,080,924
!;.
2.393,952"
1*51,
.
Gross profit...........
987.425
1,136 760
,
?°4 899
139,220
308 362
131 957
246 657
289 015
154 620
.. _
—
1,994,960
97.458
.
.^
.
.
—— —
.
.
operations..,'!,,!!,...—:*■_.——
$2.17
$2.18
Consolidated Balance Sheet Dec. 31, 1939
Assets—Cash in banks and on hand, $5,985,933; trade notes and accounts
receivable, less reserve, $1,422,789; other accounts receivable, $34,607;
inventories, $6,435,857; investments in and advances to controlled and
affiliated companies, $255,040; loans receivable from officers and employees
under stock purchase agreements, subject to cancellation at their optionsecured by 5,917 shares of capital stock of Great Northern Paper Co. held
as collateral, $157,016; non-current notes and accounts receivable, &c.,
$55,554; miscellaneous Investments, &c., $43,891; held in treasury for
corporate purposes (850 shares, at cost), $43,419: timberlands, plants,
townsites, dams, river improvements, &c.—less reserves for depletion and
depreciation, $25,751,677; mill sites and water powers, $3,305,101; un¬
expired insurance premiums, prepaid taxes and other deferred charges,
$76,580; total, $43,567,464.
Liabilities—Accounts payable, $340,288; accrued interest, payrolls and
expenses, $159,460; timberland purchase obligations maturing in 1940,
$24,046; provision for purchased stumpage cut, $103,498; provision for
Federal income taxes, $568,296; timberland purchase obligations, maturing
subsequent to 1940, $144,273; capital stock (par $25). $24,958,250; premium
on sale of capital stock, $676,250; earned surplus, $16,593,104; total, $43,~
567,464—V. 151, p. 1144.
Great Northern Ry.-^-Bonds Offered—Salomon Bros. &
Hutzler, Dick & Merle-Smith, and Stroud & Co., Inc.. have
purchased from the RFC and reoffered on Oct. I $20,000,000
4% coll. trust bonds, consisting of $7,000,000 serial bonds
and $13,000,000 term bonds.
The serial bonds are offered
prices to vield from 0.50% to 3.60%, according to ma^
turity, and the term bonds at 103 and interest.
$1,743,276
1.128,396
$674~i80
—
Excess of other expenses over other income..............
Income taxes.
i.•.....w—w
67,681
98,447
$448*J52
Final net profit.
—
Assets—Cash
hand and accounts receivable, $259,154; revenue stamps,
Balance Sheet Dec. 31, 1939
on
$34,689; stock on hand and bottles with trade, $254,941; life insurance,
aside for plant additions, preferred
dividend and redemption of balance of debenture notes, $189,443; fixed
assets. $1,457,322; deferred charges, $8,874; total, $2,213,884.
Liabilities—Accounts payable and accrued taxes, $104,818; unredeemed
debenture notes, $285; preferred dividend declared, $8,395; reserve for
income taxes, $103,648; customers deposits for containers, $127,959; re¬
serve for unpresented checks, $219; 5H% preferred stock, $610,550; com¬
mon stock
(62,789 shares), $376,734; paid in surplus, $122,716; earned
surplus, $758,560; total, $2,213,884149, p. 2233.
cash surrender value, $9,461; cash set
Group No. 1 Oil Corp.—Earnings1939
Calendar Years—
Gross oper. income—..
Oper. & admin, expenses
$876,007
222,255
Royalties paid.......:
72,078
......
59,086
Net oper. income....
Non-oper. income (net).
$522,587
264,401
Taxes—
,«
Total income..
—
Surrendered leases.
Depletion ......
Depreciation
i —...
Net loss on disposal of
-
-
$786,988
12,694
73,605
81,311
230,298
79,018
50,564
1938
1937
$989,307
250,406
63,733
52,898
1936
$879,405
243,658
"$53M17
$622X69
394,687
2J7.C20
$528,795
265,578
$934,104
21,819
61,927
68,853
$839,290
$794^374
260
234
xl25,324
$899,297
equip. & w'house stock
... - —
Federal income tax.:20,000
29,104
$599,379
$752,402
Net
$16,259,613 $16,085,764
Including $20,938 in 1938 and $319,687 in 1937 profit on sale of market¬
able securities.
y Includes $15,190 surtax on undistributed profits.
_
—
~
1,995,160
x
..J.
Selling and general and administrative expenses
66,790
85,264
Balance, surplus.....
60,(35
46,916
74,306
8,474
y25,764
17,062
y25,420
z$552,027
614,400
def$62,373
512,000
income..
Dividends
Earned surplus, Dec. 31 ^—.-$16,593,104
Earns, per sh. on 997,480 shs. cap.stk.
$2.73
at
15,941
1.090,676
Griesedieck Western Brewing Co.— Earnings-
Subs.)■—Earnings—
$4,508,182
1,128,521
1939
__
Miscellaneous charges
35 308
24,866
1938
—
(less reserve for depreciation of $3,~
959,729), $4,922,327; cash, $1,742,129; accounts receivable. $41,571;
accrued interest on bonds, $159; marketable securities, at cost, $1,293,350:
cash in suspended bank, in liquidation (less reserve of $243,237), $191,115;
prepaid expenses, $7,911; total, $8,198,562,
Liabilities— Common stock (120,000 no par shares),
$6,000,000; ac¬
counts payable, $34,169;
accrued taxes, $111,053; surplus, $2,053,341;
total, $8,198,562.—V. 151. p. 1722.
Operating profit
railway.....
income
p. 1280.
Net ry. oper.
—V.
Assets—Steamers and eauipment,
sets
1937
$142 900
47,223
1.107.954
From Jan. 1 —
Gross from railway—.
Profit bn
$3,641 def$236,097
Balance Sheet Dec. 31, 1939
Operating profit.
$147 286
36,251
12,861
Earnings for Year Ended Dec. 31, 1939
t
Surplus..
Great Lakes
mo
$141,508
43.251
20,470
Net from railway
Net ry. oper. income
48,261
112,072
sur¬
—
—Earnings-
1940
August—
Gross from railway—$145,003
Net from
Total
Depreciation.
'
York.
Redeemable at option of company upon not less than 45 days' notice on
prices plus
1,1943 and
Jan. 1, 1944,104J4; on July 1, 1944 and Jan. 1, 1945, 104; on July 1, 1945
and Jan. 1, 1946, 103 K; on July 1, 1946 and Jan, 1, 1947, 103; on July 1,
1947 and Jan. 1,1948.102 H; on July 1,1948 and Jan. 1,1949,102; on July 1,
1949 and Jan. 1, 1950, lOlH; on July 1, 1950, 101; on Jan. 1. 1951 and
July 1, 1951, 100.
Upon the redemption of less than all of the bonds out¬
standing the bonds redeemed shall be of the latest maturity outstanding.
No serial bonds to be redeemed if any of the term bonds are to remain
outstanding,
The term bonds shaU be redeemable in whole or in part by
lot.
The serial bonds of each maturity shall be redeemable in whole, but
not in part.
No bonds are to be issued in lieu of bonds redeemed.
The $20,000,000 collateral trust bonds are secured by the pledge of $40,000,000 gen, mtge. 4% bonds series J due Jan. 1; 1952.
As none of the
collateral may be withdrawn until the entire issue of collateral trust bonds
has been paid, the security increases progressively as the serial maturities
are paid off.
At the present time the principal amount of the pledged
collateral is equal to 200% of the principal amount of the collateral trust
issue.,
Great Lakes
Calendar Years—
1939
Net income....—$259,658
Dividends
New
any interrest date on and after July 1, 1942 at the following
accrued interest: on July 1, 1942 and Jan. 1,1943,105; on July
Balance pay'le for
business & plant
Inventories
1,1940.
.
Capital stock and
.
2045
The $7,000,000 serial bonds are du®
$500,000 each July 1, 1941 to 1946 incl. and $800,000 each July 1, 1947 to
1951 incl.
The $13,000,000 terrii bonds are due Jan. 1, 1952.
Bank of
the Manhattan Co., trustee.
Interest payable J & J.
In the opinion of
counsel, these bonds are legal investments for savings banks in the i State of
dated Jan.
are
614,400
$652,737
512,000
$87,379
$138,002
$140,737
Including intangible development costs and dry holes,
y No liability
on undistributed profits is anticipated,
as Before provision for
amortization of non-producing leases determined by the management as
having no value and charged to earned surplus March 31, 1936.
Balance Sheet Dec. 31, 1939
x
for
tax
Assets—Cash in banks, $569,004; accounts receivable, $878; inventories,
$18,704; other current assets, $2,777; due from affiliated companies,
$35,614", cash on deposit for payment of unclaimed dividends (contra),
$390; investments, $117,939; property accounts at cost (less reserves for
depreciation, depletion and intangible development costs of $3,238,359),
$1,177,982; prepaid expenses, &c., $8,798; total, $1,932,086.
Liabilities—Accounts payable, $15,217; accrued liabilities, $7,970; Fed¬
eral income tax (est.), $20,000; dividend payable Jan, 2, 1940, $102,400;
due to affiliated companies, $17,331; unclaimed dividends payable,
$390;
capital stock (2,048 no par shares). $324,335; earned surplus, $1,444,443,
total, $1,932,086.—V. 149, p. 2233.
Group No. 2 Oil Corp.—Earnings—
Years End. Dec. 31—
1939
1938-
1937_
1936
^
Gross operating income.
$1(4,624
$20,701
23,054
$65,684
21,694
$53,050
Operating charges......
17,527
11,331
Net oper. income—
Non-oper. income......
$81,570
13,196
$43,990
18,679
$35,553
20.870
$9,370
25,379
x Net income
Surrendered leases—
$94,766
9.677
30,865
17,567
2,600
$62,669
15,569
$56,393
Depletion and dry holes.
Depreciation— — — .
Est, Fed. income tax...
18,645
12,816
14,347
6,889
$34,749
237
6,864
3,057
209
206
x625
income-....-.
$34,057
$15,431
$34,287
y$23,966
——— —
Net
x
or
_
—
664
Includes $313 undistributed profits tax.
y For year before provision
amortization of non-producing leases determined by management as
The Commercial & Financial Chronicle
2046
having no value and charged to earned surplus March 31,1936.
capital extinguishment* and Federal income tax.
z
Assets—Cash, $248,787; marketable municipal bonds, at cost, less re¬
reduce to aggregate quoted market prices, $194,305; trade accounts
reserve of $1,000, $151,791; inventories, $235,553; invest¬
ments and other assets, $220,057; property, plant and equipment (less
reserves for depreciation of $661,726), $339,566; patents and goodwill, $1;
deferred charges, $34,041; total, SI ,424,100.
Liabilities—Accounts payable for purchases, expenses and payrolls,
$73,936; dividend, payable Jan. 25, 1940, $53,770; accrued Federal capital
stock tax, $1,603; Federal tax on income of year 1939, estimated, $17,100;
common stock (par $5), $896,173; capital surplus, $230,319; earned surplus,
since Jan. 1, 1939, $151,199; total, $1,424,100.—V. 150, p. 3511.
Balance Sheet Ded. 31, 1939
serve to
receivable, less
Assets—Cash in banks, $9,228; inventories, $1,656; cash on deposit for
payment of unclaimed dividends (contra), $331; investment, $1; property
accounts at cost (less reserves for depreciation, depletion and intangible
development costs of $81,643), $443,708; prepaid expenses, &c„ $1,027;
total, $455,952.
Liabilities—Accounts
$209; accrued liabilities, $849; Federal
due to affiliated companies on current account,
income tax (est.), $2,6'
$9,775; due to affiliated company (not current), $136,250; unclaimed divi¬
dends payable (contra), $331; capital stock (par 50 cents), $242,500; capital
1936, $57,440; total,
surplus, $5,998; earned surplus since March 31,
$455,952.—V, 149, P. 3717.
Co.—Earnings—
Period End. Aug. 31—
Grossrevenue
$163,269
$48,037
19,902
$44,168
$28,135
5,584
Gross Income
Int. & other deductionsNet income.
pref, stock
Balance—
—
84,234
20,284
14,583
19,765
$283,873
67,014
Net profit
Common dividends
1937
1938
$79,008
defl9.170
def44,280
1939
1940
$125,370
$79,965
defl0.022
def34,164
Gross from railway——
762,977
Net from railway—13,904
764,399
26,773
816.144
19.118
1,081.444
196.881
defl73,947
defl95,484
def9,411
-
Net ry. oper. income-From Jan. 1—
defl88,075
9.731
de^l9.347
earned
Hammermill Paper Co.
Co.—Earnings-
........
Balance for dividends and surplus...
a After
depreciation
151, p. 1573.
and
-
1939
1939
............
non-operating
including
Taxes, other than income taxes
Profit from operations
Other income---.--
(net).—V.
income
Jan, 16, 1933.
In addition, a special dividend of $1.50 was paid on April
1939.—V. 150, p. 3511.
paper mill plant and advances on contracts for pulpwood, $389,572;
non-current advances and accounts and notes receivable, including em¬
ployees $14,307 (net), $51,404; investments, $427,632; timberlands and
improvements, at cost (less reserves for depletion and depreciation of $1,316,959), $548,020; paper mill plant, $5,168,982; deferred charges, $261,827; total, $11,051,464.
Liabilities—Accounts payable, $413,284; dividend on preferred stock,
Earnings for Year Ended Dec. 31, 1939
......
—
....
...
Gross profit-
.
-$9,940,883
-
7,927,928
.1
—
!
.—$2,012,955
Operating, selling, general & administrative expenses.———. 1,671,181
Profit from operations
Other income.
...
^;
...
payable Jan. 2, 1940, $28,093; accrued payrolls, $73,898; accrued taxes—
Federal and other, $288,799; insurance and other reserves, $164,067;
cumulative preferred stock,
$2,500,000; common stock (par $10), $1,800,000; surplus as of Dec. 31, 1927, including credit from adjustment of
property values on basis of appraisal in 1928, less stock dividend paid ill
1928 and other charges, $3,387,340; surplus net earnings accumulated sub¬
sequent to Dec. 31, 1927, $2,395,924; total, $11,051,464.—V- 151, p. 1898.
Harshaw Chertiical Co.—Extra Dividend-
$341,774
...
«...
—
$208,453
to
;
Hajoca Corp.—Earnings—
—
$463,405
—"
Assets—Cash, $1,242,724; U. S. Treasury notes, at cost (quoted market
Directors have declared a dividend of 55 cents per share on account of
on the $1.50 cum. pref. stock, payable Oct. 1 to holders of
record Sept, 26.
Similar payment was made on April 1, last, and Oct. 2,
1939.—V. 150, p. 2099.
^
—.
$322,861
31,909
82,500
value $102,531), $99,938; trade accounts and notes receivable (less reserves
of $40,007), $764,653; inventories, $2,096,713; pulpwood cut for shipment
accumulations
Net sales
37,290
160,000
Consolidated Balance Sheet Dec. 31, 1939
15,
Trust—Accumulated Dividend—
$239,886
82,975
— — .._.
Net profit
Like amounts were
15 to holders of record Sept, 30.
844,531
196,467
$660,696
— .—
Provision for Federal and State Income taxes
paid on July 15, last.
Extra of $4 was paid on April 15, last, and extra
dividends of $2 -50 per share have been paid each ouarter since and including
1938
$ 1,854,857
573,973
$636,119
24,576
•
.......
—
Total income
Other charges and interest paid-
Guarantee Co. of North America—Extra Dividend—
an extra dividend of $2.50 per share, and a
regular quarterly dividend of $1.50 per share on the common stock, par
Investment
$2,274,224
534,964
901,812
"
201,329
;
Selling, general and administrative expenses
$10,702,267 $10,347,529
3,934,077
3,853,687
2,645,104
2,367,252
Directors have declared
Cost of goods sold—
(& Subs.)"—Earnings —
—
Provisions for depletion and depreciation--------
1940
revenues--..
Guardian
surplus, $232,044; paid in surplus, $423,324; appreciation of plant
appraisal of American Appraisal Co. as at June 30,
totaC $1,720,384,—V. 150, p. 2425.
Profit from operations
12 Months Ended Aug, 31—
Balance for interest
$50 both payable Oct
$2.03
1931, $71,025;
Years Ended Dec. 31—
Gulf States Utilities
a
162,783
and equipment, as per
Net ry. oper. income—
—V. 151, p. 1281.
Operating
$288,001
———
-
on
Assets—Cash on hand and in banks, $294,622; accounts and notes
receivable (less reserve of $12,463), $335,139; inventory of finished product,
work in process, raw materials and supplies, at cost or market, whichever
is lower, $359,498; marketable securities, $28,532; plant and equipment,
$689,180; patents and formula (at cost less amortization of $652), $8,698;
deferred charges to future operations, $4,716; total, $1,720,384.
Liabilities—Accounts payable and accruals
(including provision for
Federal and State taxes), $286,241; common stock (par $5), $707,750;
$134,253
$82,617
defl2.022
def40.344
.
5,778
141,550 shares of common stock-..----Consolidated Balance Sheet Dec. 31,1939
Earnings per share
Ship Island RR.~ Earnings—
August—
Gross from railway.. .
Net from railway------
*377,224
—$883,001
67,014
$216,859
—
——
Provision for Federal income tax——.—....
68,000
Provision for miscell., other Federal and State taxes.27,000
$201,267
818,818
depreciation and
...—
Total
$440,299
239,031
$24,402
5,584
$22,551
...
$526,606
242,733
Other Income less other deductions—*
—V. 151, p. 1433.
Gulf &
Subs.)—Earnings-—
Income from operations (after deduction for
amortization of $51,958)
1940—12 Mos.—1939
$1,976,987
$1,829,779
982,176
1,016,529
205,971
248,851
201,333
185,000
1940—Month1940—Month—1939
$177,287
Operating expenses.86,600
Taxes
26,816
Provision for deprec'n..
15,833
on
Haloid Co. (&
Earnings for the Year Ended Dec. 31,1939
Gulf Power
Divs.
Oct, 5, 1940
Balance Sheet Dec, 31, 1939
Before
189,220
Directors have declared an extra dividend of 50 cents per share in addition
the regular quarterly dividend of 25 cents per share on the common
stock, both payable Sept. 30 to holders of record Sept. 24.—V. 150, p. 3662.
to
Gross income
Other expenses
-----
...
Provision for depreciation
.....
Provision for Federal and State income .taxes............
Net income......
...
- ■
„
-
-
$530,994
300,609
60,995
34,112
$135,277
-
Hartford Electric Light Co.—Dividend—
Directors have declared a dividend of 68 H cents per share on the common
stock, payable Nov. 1 to holders of record Oct. 15.
Dividend of 73 1-3
cents was paid on Aug. 1 last, and dividends of 68% cents per share were
paid in previous quarters.-—V. 151, p. 104.
Balance Sheet Dec. 31, 1939
Assets—Cash, $142,034; notes and accounts receivable, Customers*
(less reserve for doubtful accounts of $251,144), $1,318,253; accounts
receivable, other, $60,502; inventories, $1,471,003: investments, $13,438;
property (less reserve for depreciation, &c., of $1,129,135), $1,626,097;
deferred charges, $39,108; total, $4,670,435
WLiabilities—Notes payable, $707,203; accounts payable, $567,538; accrued
taxes and interest, $54,698; accrued Federal and State income 'taxes,
$34,112; deferred credit, $14,048; long-term liabilities, $475,669; 'preferred
stock (par $100), $1,852,600; common stock (par $1). $36,076; earned
surphiR, $432,442; capital surplus, $496,049; total, $4,670,435.—V. 147,
Hingham Water Co.—Earnings—
Gross earnings
-
-;
_
-
Operating expenses
$154,720
4,399
$157,784
-;—-----
$163,929
$159,119
—
49,7(9
46,701
8,575
3,839
28,907
$161,877
50,708
7,986
2,590
29,542
8,200
.
Other taxes._
_
-:
—
—
8,706
8,479
$60,760
funded debt.18,750
Inc.—Earnings—
$62,616
1939
Net sales (including those of leased departments)
$15,084,510
Net income (inch $34,022 resulting from divs. & profit on security
...
Earned surplus, Jan.
1,1939................
$1,454.807
337,500
—.......
Earned surplus, Dec. 31, 1939.
Interest on
Other interest charges.-—
Amort, of debt disc't exp.
$1,117,307
.
Balance Sheet Dec. 31, 1939
Assets—Cash, $1,399,579; Federal and State of California bonds (market
receivable, $2,071,197;
inventories, $2,465,878; cash surrender value of life insurance policies,
$67,541; insurance deposits, $23,353; notes receivable and stock purchase
contracts (with collateral), $45,008: due from affiliated company (net),
$334,308; investments, $308,108; fixtures and improvements to leased
property (depreciated value), $711,403; deferred charges—prepaid taxes,
insurance and miscellaneous, $50,401; goodwill, $1; total, $7,598,096
Liabilities—Accounts payable, $652,052: personal deposit accounts of
officers, stockholders, and others, $51,602; salaries, commissions and
bonuses payable, $151,043; California State sales tax payable, $142,749;
Federal income and capital stock taxes, &c., $78,652; Federal social security
taxes and State of California unemployment insurance taxes payable,
$52,213; due to affiliated, company, $40,342; deferred credits, $27,357;
capital stock (outstanding, 225,000 shares no par value), $5,284,781;
earned surplus, $1,117,307; total, $7,598,096,—V. 149, p/4030.
value approximately $127,031), $121,320; accounts
(sales, less cost of products sold)
Selling, administrative and general expenses.
""
(R.) Hoe & Co .—Government ContractCompany has been awarded a contract totaling $3,014,750 to manu¬
facture artillery material for the U. S. Government.---Y. 151, p. 1144, 246.
Home
^
Earnings for Period Jan. 1 to Dec. 30, 1939
'
....
...
....
$210,649
37,559
,
Total Income.
....
on
...
Income of the year (est.)
....
$248,208
26,139
17,100
_______
$204,969
Note—Provision for depreciation of all properties for the year amounted
to
$35,246.
Such provision was reduced by $16,082
write-down of Lawton Ave. property as of Jan. 1, 1939.
-----
as
a
result of the
$559,963
-
—.—....
_—
—
-
——
—.
-
—-
Miscellaneous
——-
deductions.
Net_ loss—..
Provision
—
—
-I1—--..of propertieTlfor
for~depreciation
585,987
$26,024
8,001
$18,023
2,194
1,336
$2L554
the period Jan.
i
to
Dec. 30, 1939, amounted to $44,719.
x
Net profit
1,131,248
—
Loss
*
Other deductions
Provision for Federal tax
-
Gross profit
$302,541
91,892
$1,691,211
—
Cost of goods sold-
Interest paid-
Operating profit
Other income
Dairy Co .—Earnings—
Sales
Other income
...
399
$42,264
Balance Sheet Dec. 31, 1939
Operating loss.
...
399
Assets—Property, plant and equipment, $1,297,254; securities and cash
fund with trustee, $86,172; cash, $3,745; accounts receivable
(net), $15,739; materials and supplies, $12,754; prepayments, $389; un¬
amortized debt discount and expense, $1,365; other deferred charges,
$2,294; total, $1,419,713.
Liabilities—Funded debt, $400,000; notes payable, $51,600; notes payable
to parent company, $68,500; accounts payable, $41,212; accrued interest
and taxes, $8,165; customers' security and extension deposits, $5,449: other
deferred credits and liabilities, $226; retirement reserve, $168,647; sinking
fund reserve, $86,172; contributions for extensions, $5,294; common stock,
$440,000; surplus,, $144,449;,total<J$1,419,713.~V ,_143, p._924._
Expenses
Gross profit from sales
$62,850
18,750
1,436
$39,644
$37,018
-----
4,093
In sinking
(C. M.) Hall Lamp Co.—Earnings—
Earnings for Year Ended Dec. 31, 1939
18,750
3,822
4,593
399
& premium.
Net income-.--.—-
408,373
1,046,434
........
^
Total.
Dividends paid.
— -
Gross income
Earnings for the Year Ended Dec. 31,
F* transactions)
10,361
3,140
31,253
..
—
Reserved for retirements.
Hale Bros. Stores,
1937
$158,329
5,600
—
Maintenance
Federal income tax
1938
1939
Calendar Years—
Operating revenue..... —
Non-operating Income
_
Balance Sheet Dec. 30, 1939
'Assets—Cash 7"$29.088; trade accounts receivable^(1 ess""allowance "of
$1,400), $17,398; inventories, $133,326; investments and other assets,
$1,805; property and equipment (less allowance for depreciation of $336,930), $801,929; deferred charges, $49,060; total, $1,032,607.
Volume
The Commercial & Financial
151
Liabilities—Trade acceptance payable, $665; accounts payable, incl.
Federal, State and local taxes, $85,324; accrued expenses, $945: land con¬
payable in 1940, $1,000; mortgage payment due in 1940,
$7,500: mortgage payable, $24,500; class A stock (13,457 no par shares),
$134,570; class B stock (85,010 no par shares), $425,050; capital surplus,
$273,366; earned surplus, $86,812; treasury stock (14,250 shs. of class B
stock, at cost), Dr$7,125; total, $1,032,607.—Y. 147, p. 1929.
tract instalment
stock
applied to the purchase of preferred shares outstanding.
Offers of shares,
prices not to exceed $115 per share and accrued dividends should be sent
to the company's transfer agent. Chase National Bank, 11 Broad St., New
York, on or before Oct. 14, 1940.
Payment will be made by check drawn
on the First National Bank of Colorado Springs, Colo.—V. 150, p. 3662.
at
$2,251,427
1,538,039
227,664
*
Cost of products
sold
Selling, advertising, general and administrative expenses
._
Operating profit
151,
Other income.
.
...
Other deductions
Federal taxes
. _
income of the year,
on
_
Net profit
—
__
...
.
..
Earnings per share on 139,473 shares capital stock
Note—Provision
-
estimated
Cash dividends paid
amounted to
;
w
_
for
included
depreciation
in
702.
A total
of $176,000 first mortgage
Payment will
(par $10) — .
the above
$489,703
23,155
94,954
$371,593
292,581
$2.66
statement
per
payable, $100,991; accrued Federal capital stock
$4,240; Federal taxes on income of year 1939, estimated, $94,954;
for contingencies, $14,000; capital stock (par $10), $1,394,731;
capital surplus, $53,451; appreciation surplus, $31,686; earned surplus,
$202,448; total, $1,896,501.—V. 151, p. 1724.
Liabilities—Accounts
Horder's, Inc.—Earnings—
Cost of sales
$3,666,053
2,407,196
.
—
Selling, general and administrative expenses.
^
.—
65,311
........
...
Total income...
$311,018
....
Other deductions-....
$268 net assessments for
$201,594
...
...
Cash dividends paid-...
45,723
—.
.......
Net income.
63,701
...
...
Provision for Federal income tax (incl.
prior years)
1,013,150
$245,707
—
—
Other income.
;
156,250
-
$1.61
Earnings per share on 125,000 shares captial stock (no par)....
Ccmsolidated Balance Sheet Jan. 31, 1940
hand and demand deposits,
provision for Federal income tax, $45,454; first mortgage loan instalments,
payable within one year, $6,250; deferred ground rent—Seymour Building,
$1,650; first mortgage loan 5% (due serially June 1, 1941 to Dec. 1, 1948),
$175,000; common stock (125,000 shares no par) at stated value, $1,500,000;
surplus earned, $603,359; total, $2,553,801.—V. 149, p. 3874.
(A. C.) Horn Co. (& Subs.)—Earnings—
Earnings for the Year
Ended Dec. 31, 1939
'
.!
consolidated sales
Selling, administrative and general expenses..
Net operating profit, after deprec.
.....
•
$1,461,334
1,303,065
$158,269
charges of $34,588--
Other income
46,653
—
....
...
....
...^
...
....
30,879
29,967
17,636
... — — ..—
companies
Consolidated net income for the year
Prior preferred dividend
Second preferred dividend
$204,922
1,592
_.— ...
-
income taxes—...
Minority interests in subsidiary
..... — ....
...
...
...
Consolidated Balance Sheet Dec.
$124,847
23,154
30,410
on
hand and in banks,
$2,479,869.
Liabilities—Notes payable,
$100,000; accounts payable and accrued ex¬
$190,904; Federal income tax,
$29,967; Federal and State social
security taxes, $17,653; State and other taxes, $17,109; mortgage payable
on real estate owned by subsidiary company, $84,000; reserve for guarantees
completed contracts, $26,976; reserves for general contin¬
gencies, $35,341; minority interests in subsidiary companies, $142,599;
7% non-cum. prior preference stock (par $5), $348,680; 6% non-cum. 2nd
preferred stock (par $30)., $506,820; common stock (par $1), $98,849;
capital surplus, $691,651; earned surplus, $189,320; total, $2,479,869.—•
V. 147, p. 2245.
and repairs on
Huntington Water Corp. (&
1940
1,966.048
Net from railway
Gross
from
1939
$8,491,786
1,807,328
1937
1938
$8,610,325
2,333.811
$9,219,189
2,269 1 45
1,069,033
873,813
1,468,680
1,198,952
72,582,713
68,990,128
15,351,186
7.715,486
66,583,530
74.908.717
16 089.393
8.870,654
Net ry. oper. income
From Jan. 1 —
railway....
15,249.691
Net from railway..
7,502,948
Net ry. oper. income.._
16,227,035
8,414.406
1937
1940
1939
1938
$7,966,752
1,582.307
$7,350,496
1,531,125
$7,442,760
Net ry. oper. income...
From Jan. 1—
893.787
823,539
1.971,581
1,302,441
1.903.175
63,030,036
Net from railway
12,754.376
6,649,014
60,189,783
13,131,139
57.660,799
13,626,264
64.593 0 65
12,982.959
7.082.004
7,442.845
August—
1938
Net from railway
expenses.....
Federal income taxes
Other taxes.......
...
held Oct. 14 on the
7,287,136
r
Corp.—SEC to Hold Hearings on
Utility Holding Company Act of 1935 by Leonard
Inland Power & Light Corp.), and Michigan Public
Co.
pledged with Central Hanover Bank & Trust Co.
collateral, to secure the $4,782,500
are
,New York, along
6% collateral trust
The trustee is also the bene¬
notes of Michigan Public Ser¬
Co., bearing int. at 6K% Per annum, which promissory notes are
by the trustee among the free assets of the trust estate of Inland
with certain other
gold bonds of Inland Power & Light Corp.
ficial owner of $620,132 promissory demand
held
Power & Light Corp.
to sell all of the shares of common stock to Otis &
underwriters, for distribution to the public for the con¬
The trustee proposes
Co. and others, as
demand notes
Co. for can¬
sideration of $1,045,134.
At the same time the promissory
will be surrendered by the trustee to Michigan Public Service
contribution to the capital of the company, there being re¬
served, however, to the U. S. District Court full power to allocate the
consideration of $1,045,134 between the shares of common stock and the
promissory notes in such manner and in such amounts as it shall see fit.
cellation as a
part of
5% bonds of
that company
its plants and
properties, by means of $3,500,000 new first mortgage 4% bonds, series A,
due Oct. 1, 1965, and $750,000 serial 4% debentures maturing in the
The sale of the common
stock and the surrender of the notes are
a
general program whereby the $3,943,000 first mortgage
Michigan Public Co. will be refunded and the treasury of
will be reimbursed in part for additions and extensions to
amount of
As part
dividends
$75,000 each year over a period of ten years.
of the same general program it is proposed that
now
in arrears upon
the 7% and 6% preferred
all cumulative
stock and $6
amounting to $135,to the holders of
the preferred shares the opportunity to exchange such shares for shares of
new issue of preferred stock ("6% series of 1940") to be made available
by appropriate amendment of the articles of incorporation, which new
preferred stock shall not contain the provision In the stock presently out¬
standing requiring the company to redeem it Dec. 31, 1956.
The basis
of such exchange is to be share for share as regards the present 6% pre¬
ferred, and share for share plus a premium of $7 per share in the case of
junior preferred stock of Michigan Public Service Co.,
110 shall be paid up, and that the company shall offer
a
the present
7% preferred.
Court Approves
Liquidation Plan —
Federal Judge Philip
L. Sullivan at Chicago, approved Sept. 27 the plan
the trustees of the corporation to liquidate part of
compliance with a request of the Securities and Exchange Com¬
mission
The Court also authorized $79,690 in fees and expenses in con¬
nection with the bankruptcy proceedings which Inland Power and its
parent, the Commonwealth Light & Power Co., entered in 1934.
pro¬
posed plan of reorganization was rejected on May 2 by the SEC,
suggested that the properties be liquidated within two years.
linder the liquidating order signed by the Judge, Leonard S. Florsheim,
trustee for Inland Power, receives authority to sell all of the 85,000 out¬
standing shares of the Michigan Public Service Co , a subsidiary, for
134 to an underwriting group headed by Otis & Co. of Cleveland and
its assets in
The
which
**
$1,035,-
C1rtuf<Court
also authorized
Mr. Florsheim to surrender and
cancel a
$620,132 held by him against the Michigan company and
of outstanding first mortgage 5% bonds of that
demand note for
to refund
the $3,948,000
^A^hearing
on
the allocation of
procedure will be
funds obtained through the liquidating
held by Judge Sullivan next
Interborough
Rapid
Transit
month.—V. 151, p. 1727.
Co.—Suspended from'
stock, the 10-year 6% gold notes due Oct.
secured convertible 7% gold notes due Sept. 1, 1932,
The common
1937
year
refunding mortgage 5% gold bonds due Jan. 1, 1966
dealings on the New York Stock Exchange, Sept. 25,
$460,336
119,220
$469,052
126,060
1 8,152
28,135
5,092
76,184
1, 1932; the 10-
and the first &
were suspended from
—V, 151, p. 1898.
trustee,
36,379
bentures due
87,727
9,563
80,420
34,141
784
$197,202
124,250
$198,840
4,134
4,476
3,737
10,493
3,384
10,493
3,031
10,493
...
Amortization of debt discount & exp.
Miscellaneous deductions.
1,055,456
Attention will be directed at the hearing to the following
matters and questions:
'
,
,
,
Leonard S. Florsheim, trustee of Inland Power & Light Corp. (appointed
trustee by the U. S. District Court for the Northern District of Illinois,
Eastern Division), now owns beneficially 85,000 shares of common stock
of Michigan Public Service Co., subsidiary of the trust estate, being all of
the outstanding common stock of the company.
The shares are presently
of no par value but by amendment to be made before the transaction is
consumated they will be given a par value of $20 per share.
The shares
Service
$468,268
$199,585
124,250
...
funded debt
$7,946,222
Exchange Commission has ordered that a hearing be
declaration and application fiied with the Commission
pursuant to the Public
S. Florsheim (trustee of
$459,637
699
>—
Other interest charges
;
Inland Power & Light
$482,179
500
34,694
Reserved for retirements...
.
Net ry. oper. income—„
—v. 151, p. 1898.
23,546
6,547
Gross earnings
Gross income...
railway
$482,679
130,578
....
Maintenance
on
9,244 618"
railway
Dealings—
Subs.)—Earnings'—
1939
Calendar Years—
Operating revenue.......
N on-operating income
Interest
Earnings of System—
Illinois Central RR.
August—
Gross from
submitted on Sept. 12 by
31, 1939
$160,110; marketable securities at
market quotations (which are lower than cost), $64,790; notes and accounts
receivable (less reserve of $66,298), $364,544; inventories, $706,751; equity
in partly finished contracts, $9,691; other current notes and accounts re¬
ceivable, employees, &c., $10,992; cash surrender value of life insurance,
$225,878; investments and other assets, $38,289; property, plant and equip¬
ment
(less reserves for depreciation of $406,895), $837,546: patents and
goodwill, $1; prepaid expenses and deferred charges,
$61,277; total,
Assets—Cash
$0.10
.
Hygrade Sylvania Corp.—Registers with SEC—*
given on first page of this department.—V, 151, p. 1898
vice
$169,084; accounts receivabl0
(net), $338,054; merchandise inventories (at the lower of cost or market),
$573,959; cash surrender value of life insurance policies, $17,091; deferred
charges, $40,621; notes and accounts receivable, $2,883; land, buildings,
machinery and equipment, including leasehold improvement, (less Allow¬
ance for depreciation and amortization of $425,674), $912,110; goodwill,
$500,000; total, $2,553,801.
Liabilities—Accounts payable,
$149,323; accrued liabilities, $72,766;
Life insurance, &c
for Federal
V
The Securities and
Year Ended Jan. 31, 1940
...
....
Provision
■
V
-
Financing Plan—
'
Consolidated Income Account for
Net sales
Interest
$1.34
...
...
Gross from railway.*—
tax,
Operating
share
Earnings of Company Only
reserve
Total income
$65,413
389,611
See list
$9,923; total, $1,896,501.
Gross profit on
1939
1940
$552,951
391,7C6
.
Gross from
on
Corp.—Earnings—
and Fed. & State inc. taxes
.
securities, $65,730."
trade notes, acceptances and accounts receivable, less reserve of $6,000,
$209,136; inventories, $761,952; investments and other assets, $79,813;
property, plant and equipment (net), $657,059; patents, $1; deferred charges
Assets—Cash
,
—V. 151, p. 1575.
1939
Assets—Cash, $112,886; United States Government
penses,
,
Hummei-Ross Fibre
Earnings
Boston, Boston,
the First National Bank of
be made at
Mass.—V. 150, p. 2728.
$72,187.
Balance Sheet Dec. 31,
Profit.
Called—
bonds series B 6% maturing June 1,
Nov. 6 at par and accrued interest.
1950 has been called for redemption on
3,977
.....
:„..¥
_
Total income
p.
Houston Electric Co,—Bonds
$485,725
..
.
$1,358
deferred charges,
$6,957; other
expense,
payable, $14,603; accrued
interest, dividends, taxes, &c., $94,088; customers' security and extension
deposits, $78,695; other deferred credits and liabilities, $1,239; retirement
reserve, $425,282; contributions for extensions, $19,270; preferred stock,
$575,000; common stock, $227,000; surplus, $37,236; total, $3,697,413.—V.
Net profit after charges
Shares common stocu
Dec. 31, 1939
Earnings for Year Ended
Net sales
and
36 Weeks Ended Sept. 7—
Co.—Earnings—
Hoover Ball & Bearing
commission
total, $3,697,413.
Liabilities—Funded debt, $2,225,000; accounts
Holly Sugar Corp.—Tenders for Preferred Stock—
W. M. Trant, Treasurer of this corporation, is notifying preferred stock¬
holders of the company that $100,019 now in the sinking fund will be
2047
Chronicle
124,250
3,324
International
Business
Machines
Corp.—To
Retire
Debentures—
Corporation has deposited $1,200,000 with the Guaranty Trust Co,
for the retirement of a like amount of the $5,000,000 3H% de¬
1947, held by the Prudential Insurance Co. of America. The
retirement will be effective as of Dec. 15, 1940, after which date there will
remain outstanding $3,800,000 of the issue.
This is in addition to the retirement on June 15, 1940 of $800,000 of 3%
sinking fund debentures due 1946.—V. 151, p. 703.
International
Harvester
Co .—To Pay
Final
80-Cent
Dividend—
$57,324
Net income..
Consolidated Balance Sheet Dec. 31,
$56,588
1939
$55,398
$3,390,487; cash with trustee,
$50; cash, $31,181; accounts receivable (net), $43,19/; water charges
accrued, $24,116; materials and supplies, $19,571; prepayments, $623;
unamortized debt discount and expense, $ 179,87a; unamortized preferred
Assets—Property, plant and equipment,
have declared a final dividend
stock, payable Oct. 23 to holders of
Directors
common
of 80 cents per share on the
record Oct. 14. This distribu¬
total of $2.40 paid during the current fiscal year as com¬
pared with $1.60 paid in preceding year.
The company previously declared
a dividend of 40 cents payable on Oct. 15. while similar amounts being paid
on July 15, April 15 and Jan. 15.—V. 151, p. 3361.
tion will make a
The Commercial A Financial Chronicle
2048
Kansas
Inc.—Accum. Div.—
International Metal Industries,
dividend of $7.50 per share on account of
cumulative convertible preference stock, and
Directors have declared
accumulations on the 6%
a
the convertible preference class A stock, both payable Nov. 1 to holders of
record Oct. 15.
Accruals on both issues after the current payment will
amount
to
a
$16 per share.—V. 151, p. 106.
International
Arrangement—
Net
Corp.-—Sinking Fund
Securities
Power
$1,409,386
649,479
expenses
earnings
charges
7% secured gold bonds series F due Jan. 15, 1952 have been
on July 15 last the interest on the 7% series F bonds became
payable at the office of Bankers Trust Co., trustee.
Under the terms of the indenture, the Eocieta Generale Elettrica Cisal-
Holders of
notified that
due and
Sina, a subsidiary of thetrustee, Co. of to each is obligeddate an amountthe
ankers Trust Co.,
Edison prior Milan, interest to deposit with in
as
dollars and coupons in lieu of dollars sufficient to cover the interest .
Because of exchange restrictions imposed by the Italian Government,
it
impossible for the Cisalpina Co. to provide the dollar exchange.
Knowing that the/Italian company owned series F bonds sufficient to
care of the sinking fund, also tiue on July 15, and because of the physical
was
118,699
8,540
176,<*46
8,540
180,544
Amort, oflim.-term inv.
$8,770,9(6
1,428,396
$684,645
$759,906
119,359
Interest
Amort, of disc't & prem.
Depreciation
*
.
1940—Month—1939
1940—12 Mos.—1939
$1,341,631 $16,765,684 $16,194,986
656,986
7,994,778
7,767,216
31—
(all sources)
earns.
Operating
1940
City Power & Light Co .—Earnings —
Period End. Aug.
Gross
Oct. S,
$8,427,769
1,423,858
102,479
102,479
2.140,3*6
16,170
1,071,497
2,181,122
18,552
64,762
846,005
Miscell. inc. deductions.
5,472
Fed. & State inc. taxes..
102,20C
2,488
5,220
71,485
$342,230
$301,766
$3,945,576
$3,790,990
$0.61
$0.54
$7.06
$6.76
Earnings
share
per
1.560
66,402
com.
after income tax
Including maintenance and general property tax.
Note—Net income adjusted to reflect the provisions of the Revenue Act
of 1940.—V. 151, p. 1576.
a
take
Key West
difficulties in shipping bonds from Italy to this country, an arrangement
was made in advance of July 15 by cable with the Cisalpina Co. to satisfy
sinking fund, pursuant to which the Cisalpina Co. deposited with the
Banca Commercial© ltaliana in Milan, for account of the trustee and for
cancellation, the $112,000 principal amount of bonds due the sinking fund
and Bankers Trust Co. has received from the Banca Commerciale ltaliana
advice that these bonds have been so-deposited.
To sum up, the Cisalpina Co, at the moment apparently has met its
sinking fund obligation but has not met the interest due July 15, A counter
value in lire has been deposited with the Italian Government Exchange
Control Board in an amount which will provide the dollars as soon as the
exchange restrictions are removed.
The trust indenture under which the series F bonds are issued specifies a
period of 60 days' grace on interest payments.—V. 151, p. 849.
the
International Rys. of
Period End. Aug. 31—
Railway
oper. revenues.
Net
rev. from ry. opers.
Inc. avail. for fixed chgs.
Net income.
$4,079,630
1,676,056
1,502,687
843,776
$4,123,397
1,696,597
1,545,489
845,361
151, p.
International Utilities
Corp.—Dividend—
share on the prior
payable out of capital surplus on Nov, 1 to holders of
Dividend is subject to the approval of the Securities and
Exchange Commission.
Like amount was paid on Aug. 1 last.—V. 151,
dividend of H7lA cents per
a
stock,
record Oct. 22,
554.
Interstate Department Stores,
Inc. (& Subs.)—Earns.
& Months Ended July SI—
1940
...
w
Laclede Gas Light Co.—Interest—
Interest of
2)4% was paid Oct. 1, on the refunding and extension mort¬
5% gold bonds, due 1939, upon presentation of bonds for endorsement
York,—V. 151, p. 1283,
gage
of payment at office of Bankers Trust Co., New
Lake
Superior & Ishpeming RR.—Earnings-—
*
Profit...
income
27,776
$525,186
391,123
314.139
Gross from railway.
Net from railway ______
2,205,824
1,383,492
1,459,450
602,804
2,306,068
771,710
927,647
432,6C2
def60,738
def246,458
1,420,150
1,049,096
Net ry. operating
From Jan. 1—
Directors
common
will
$50,925 loss$107.557
.....
Cr72
Cr510
43,556
Proportion of loss of sub, applic. to its min. int
Prov. for Fed. normal & State income taxes.
Sept. 20 declared a dividend of 20 cents per share on the
15 to holders of record Sept. 30.
This
paid on the common shares since Oct. 22, 1937,
per share was distributed—V. 151, p. 1434.
on
stock, par ?1, passable Oct.
when 15 cents
13.988
$7,441 loss$ 121,034
...
$8,545,802
Total net sales
566,363
Gross profit,
x
Depreciation
Interstate Home Equipment
The
board
standing
Like
has
of directors
to
common
amounts
265,852
________
Cr80,264
__
Interest
Amort,
share in addition
declared
Co.—Extra Dividend—
extra
an
dividend
of 5
cents
22,568
58,000
paid
Net
4.042
10,750
10,733
6,354
5,363
14,189
$296,413
33,113
$435,565
160,000
99,900
149,850
$326,131
8,084
162,100
55,500
$117,541
160,000
$3,400
$92,761
$100,447
$75,541
80,000
$3.29
80,000
$5.02
79,387
$3.97
84,000
$1.39
expenses.
z2,122
1,671
dividends.___
and
expenses.
_
profit
Preferred
Class A di vidends.
Investors Participating Corp.—Promoters
„
Indicted—
The Securities and Exchange Commission and the Department of Justice
Sept. 26 reported the return of two indictments by a Federal Grand Jury
Rock, Ark,, charging W. J. Herring and Melvin E. Herring with
violating the Securities Act of 1933, the Mail Fraud Statute and conspiracy
in the fraudulent sale of common stock of Investors Participating Corp.
The indictments charged that the defendants falsely represented that
the stock was an absolutely safe investment, that funds received from the
sale of the stock were being used to promote and advance the interests of
the corporation, and that a 100% stock dividend would shortly be declared
because of the corporation's splendid progress.
The defendants also told investors, the indictments charged that W. J,
Herring & Co., Inc.. security brokers and dealers of Little Rock, through
whom sale of the stock were made, would return any money invested in
the stock of Investors Participating Corp. upon request.
The indictments charged, however, that the stock was not a safe invest¬
ment, that funds from the sale of the stock were being converted to the use
of the defendants, that the corporation had operated with a deficit during
its entire existence, and that W. J. Herring & Co., Inc. could not return any
money to investors because it was hopelessly insolvent.
at Little
Class B dividends
Balance, surplus____
Supply Co.—Earnings
Years Ended June 30—
Gross revenue....
1940
expenses.^
...
Administrative and general expenses..
Maintenance
1939
$1,770,907
386,863
....
Operating
—
172.382
...
$1,788,850
401,092
184,537
103,636
101,146
308,890
.
Operating taxes.
-
$690,610
$689,549
23,611
$690,610
215,437
$713,160
215,437
C>7,754
41,588
C>561
Other income.
Gross corporate income.
_
--
Interest on long-term debt
Amortization of premium on debt
Other interest charges
!
Interest charged to construction
_
_
„
_
_
...
Cr2,922
Federal income taxes.
Excess dividends & capital stock taxes.
47,500
...
Net income
Common stock dividends
Preferred stock dividends
9,426
..
$400,193
$407,525
125,000
_
75,000
122,640
Balance Sheet June 30
1940
Assets—
s
Wat. plant In
1939
$
serv.11,286,543
plant
75,860
56.801
Mis cell, invests...
1,000
Cash
56,801
1.000
31,202
Accrued util.
416,000
670
670
400,719
425,984
65,433
67,500
111,199
120,025
9,803
9,788
...
_
Prepayments
1,715,941
1.500,000
5,745,000
173,224
224.522
Customers deposits
99,330
110,579
Taxes accrued
85.577
98.739
Interest
17,953
17,953
accrued..
Int. accr. on other
liability.
Deferred credits..
standing (no par)__
Earnings per share_____
x
for surtax
on
undistributed profits.
construction
Earned surplus
443
134,775
Deferred debhs...
July 1 '39
Liabilities—
$241,628
Accts. payable
197,799
193,004
Inventories
457,752
379,357
Cash
'40
y
taxes, &c
Cash surr. value of
life
mills
ag'st
and
46,155
32,927
19,286
insurnace..
Claims
>
17,680
July 1 '39
$170,062
$184,050
Note payable
417,500
c97.641
460,000
93,977
10,000
20,000
Equip, pur. contr.
Reserve
for
self-
15,638
insurance.:
S.
56,594
.56,594
Plant & equipment 2,239,453
Deferred charges15,818
50,972
2,339,488
146,758
2,358,916
1
16,109
28,268
Capital stock
d2,339,488
Earned surplus.._
150,158
MLscell. reserves..
flour
U.
June 29 '40
and
accrued expenses
Federal taxes.....
Prepaid Insurance,
1
Goodwill
Total...
18,020
$3,228,755 $3,311,3551
....$3,228,755 £3.311,35
Total.
deposits.
c Note payable to
Equitable Life Assurance Society of the United States dated Aug. 26, 1938,
1938, interest rate 5% payable in quarterly instalments of $10,625 commenc¬
ing Jan, 1, 1939, with balance of principal and interest payable Oct. 1, 1950,
with provisions for accelerating principal payments as set forth in the note,
and with collateral consisting of deed of trust chattel mortgage, and real
and
chattel
mortgage (including $42,500 instalments maturing within
a
one
Includes $11,046 ($130,838 in 1939) time
year).
d The
amount
of
$2,339,488
assigned
to
the
capital
stock
includes
$560,000 assigned by the Board, of Directors to the preferred stock, repre¬
senting the par value of the entire authorized issue of 11,200 shares, which
would have been outstanding had all the old class A stock been exchanged
in accordance with the plan of recapitalization.
Included in the 80,000 shares of class A stock are 269 shares of old class
exchanged at June 29, 1940, and 137 shares
of receiving preferred stock, to have
indicate that dividends in the sum of $7 per
share remain unpaid * Provision has been made in the accounts for the
accumulated dividends on the aggregate of the 137 shares so stamped and
the unexchanged 269 class A shares.
Included In the 111,000 shares of
class B stock are 1,148 shares of old class B stock which had been not ex¬
changed at June 29, 1940.—V, 151, p. 1899.
A stock, which had not been
the holders of which elected, in place
their certificates stamped to
Lehigh & New England RR.—New Address—
1 announced the removal of its general offices to
Fidelity-Philadelphia Trust Building, 123 South Broad Street, Phila¬
delphia, Pa.
Earnings for August and Year to Date
The company on Oct.
the
Net from railway.
183,753
183,753
Gross from railway
188,092
543,064
Net from railway
Net ry. oper. income
From Jan. 1—
Net ry. oper. income
—V. 151, P. 1283.
1940
1939
1938
1937
$375,545
144,587
106,260
$348,715
126,274
103,106
$246,313
2,885,666
1,038,698
2,701,189
949,604
756,307
2,206,200
514,160
2,472,623
44,719
530,945
776,646
51,552
42,362
$248,367
37,774
32,032
598.822
652,211
Lehigh & Wilkes-Barre Corp.—$2 Dividend—
24,697
Capital stock exp.
z
$209,125
June 29
Assets—
a
2,250,769
373
Includes $7,970
Amortization of loan expense.
Accts. receivable-_
402,672
2,246,341
402,973
42,000
Comparative Consolidated Balance Sheet
August—
Contribs. in aid of
*
Includes amortiazation of leasehold improvements,
Gross from railway
1.000
& accr'd
assets
Total
Pref. cap. stock.
1,500,000
Long-term debt.._ 5,745,000
Reserves
revs.
(not billed)....
Materials & suppl's
curr.
43,949
159,738
...
Accts. receivable.
1,715,941
Accounts payable.
for future use...
Oth.
62,101
held
Special deposits
Working funds
Com. cap. stock..
..
in progress
1939
$
10,936,891
Construction work
Water
1940'
i—
Liabilities
_
32,954
Shares class A stock out¬
Government...
Jamaica Water
July 1, '39 June 25. '38 June 26, '37
$8,487,406
$7,717,648
$8,687,346
589,461
351,865
748.353
247,151
277.354
259,509
098,021
Cr81,314
091,204
34,387
37,598
26,352
80,000
3,500
y63,700
dis¬
bond
Miscellaneous
stock, both payable Oct.
were
of
count
per
quarterly dividend of 15 cents per share on the out¬
15 to holders of record Oct. 1.
on July 15 last.—V. 151, p. 703.
a
■Years Ended-
53 Weeks
June 29, *40
Federal income taxes
1576.
-Earnings-
Langendorf United Bakeries, Inc.
Non-oper. income.
p.
$132,661
53,801
be the first dividend
Period Ended—
151,
$468,226
350,811
276,176
$513,384
operating income
—V. 151, p. 1283.
$53,570 loss$167,759
Dr2M4
60,202
■
Interest and other non-trading income.........
-V.
1937
1938
1939
1940
387,962
287,418
Gross from railway...^.
Net from railway
Lakey Foundry & Machine Co.—Common Dividend—
Cost of goods sold,
Net profit...
(net),—V,
-
-
Profit
income
Koppers Co.—Bonds Called—
1939
$ 11,280,405 $ 10,974,4.58
selling, oper. & adminis. exps.. 11,136.471
11,057,017
Deprec. on bldgs., alterations, & improvements,
fixtures, equipment, &c
83,850
79,827
Amortization, leaseholds..
...i
6,513
5,372
„
_
39,231
41,910
non-operating
including
A total of $246,000 first mortgage and collateral trust bonds, series A
4% dated Nov. 1, 1936 has been called for redemption on Nov. 1 at 101)4
and accrued interest.
Payment will be made at the Union Trust Co. of
Pittsburgh.—V. 151, p. 1147,
Net ry,
Net sales.
62,321
65,289
and
A ugust—
Directors hatfe declared
p.
depreciation
lo76.
1939
$193,379
1940
$215,522
.....
...
After
a
~~V. 1.51, p. 703, 554.
preferred
revenues...
Balance for interest
Balance for dividends and surplus.
1940—8 Mos.—1939
127,447
110,321
24,42 1
123,680
103,144
22,016
__
Operating
a
Central America—Earnings—
1940—Month—1939
$354,854
$425,770
-Earnings-
Co
Electric
12 Months Ended Aug. 31—
Directors have declared a dividend of $2 per share on the common stock,
12,358,883
-V. 150, p. 3205.
12,793,295
Total.,
j.
12.358,883
12,793,295
value, payable Oct. 24 to holders of record Oct. 9.
paid in previous quarters.—V. 149, p. 4032.
no par
were
Dividends of $1
Volume 151
The Commercial & Financial Chronicle
Lehigh & Hudson
River
August—
1939
$128,610
32,911
1,073 A 92
353,708
143,888
1,023,812
315,566
108,917
1283.
Liberty Aircraft Products Corp.
'
'
_
$132,876
915,293
8,541
20,740
of the
McLellan Stores Co.—20-Cent Dividend—
Directors have declared a dividend of 20 cents
per share on the common
stock, payable Nov. 1 to holders of
record Oct. 1.
This compares with
40 cents paid on Jan.
25, last; 20 cents paid on Nov. 1, 1939: 40 cents on
Jan. 25, 1939; 20 cents on
Nov. 1, 1938; 40 cents on Jan. 25,
1938; 20 cents
on Nov.
1, 1937; 75 cents on Jan. 23,
1937, and an initial dividend of 20
cents was paid on Nov.
1,1936.—V. 151, p. 1283.
-Earnings—
Net income before taxes
—V.
151.
p.
'
mm.** mm*mm, «*..
$964,613
II"
849.
141.900
Madison Square Garden
Corp.Director-—
,
Liberty Loan Corp.—Earnings—
6 Months Ended June 30—
Net income after all charges
—V. 150, p. 4130.
1940
«59 693
an
Stockholders
1939
$42,165
®oy,oy,j
Telegraph Co. (Del.)—Extra Div.
extra dividend of 25 cents
per
share in addi¬
regular quarterly dividend of 25 cents per share on the class B
stock, both payable Oct. 10 to holders of record
Sept. 30.—V. 151, p. 1148.
Long Dock Co.-—Interest—
The interest due Oct.
1, 1940,
extended at 3*4% to 1950. was
on
paid
the consolidated mtge.
-To
gold bonds,
Morgan
on that date at office of J. P.
& Co., Inc., New York.—V. 151,
p. 2236.
Long Island RR.
Agreement—
%
meeting voted to retire 6,100 shares of capital
capital to $2,798,259 andm $2,861,737.
.Another proposal approved at the meeting was the indemnification of
and directors of the
company against expenses "reasonably in¬
curred
in any action, suit or
proceeding to which they may be a party by
reason of
being an officer or director of the company.
stock and to reduce the
company's
Operate
Terminal
Under
New
Hamilton V. Bail
was
Manati Sguar
elected
a
director.—V. 151, p. 1900.
Co.—Earnings—
Years Ended—
Production (bags)
June 30, *40
Interstate Commerce Commission on
Sept. 18 issued a certificate
authorizing continued operation by the
company, under trackage rights,
over the railroad,
including use of yard, station, and other facilities, of the
Pennsylvania Tunnel & Terminal RR., under a new
agreement.
_
The
supplemental report of the Commission states in part:
By the terms of the proposed agreement
approximately 93 % of the pay¬
required of the applicant are based upon the value of that
portion
or the
property used mainly by it, plus the taxes and
operating costs there¬
of, and are not governed by the fluctuating use
by both the applicant and
the Pennsylvania RR. of
property and facilities, whereas, under the agree¬
ment of Mar. 10,
1932, approximately 90% of the total payments are
based upon a relative use of
property and facilities.
Further, the appli¬
cant now will be charged for the use of
only two of the four East River
tunnels, the interest rate which is applied to determine the
payments is
reduced from 5 to 4% a
year, and the applicant is to be credited with the
derived from concessions in the station
The proposed agreement is to be
entered into
cant and the
Pennsylvania RR., lessee of the
mainly by it.
by and between the appli¬
railroad and properties of the
Pennsylvania Tunnel & Terminal RR.
It will supersede, as of Jan. 1,
1936 any existing agreement or
arrangement for use by the applicant of
facilities to which it pertains, and is to
continue in effect for 10 years, and
thereafter from year to year unless
terminated, either at the end of the in¬
itial 10-year term or of
any subsequent year, by either party by six months'
prior notice in writing.
The lessor company and the Long Island are
subsidiaries of the Pennsylvania.
The amounts payable
by the applicant under the new agreement are
estimated to be
approximately $1,000,000 a year less than those required
under the agreement now in effect.
August—
1940
1939
1938
$2,516,425
879,338
203,493
$2,283,874
805,658
186,631
$2,404,997
694,864
158,873
16,548,873
4,059,338
482,261
17,105,821
4,247,507
232,515
15,465,578
3,815,673
157,028
16,999,649
3,480,584
109,599
Net from railway.Net ry. oper. income..,
—V.
to Date
$2,492,915
923,520
287,012
Net ry. oper. income
From Jan. 1—■
Gross from railway
151. p. 1283.
Los Angeles Railway
Period End. Aug. 31—
Passenger
Athim*
Other
wotr
1937
Corp.—Earnings —
1940—Month—1939
$1,010,781
$978,164
revenue.....
1940—8 Mos.—1939
$8,250,950
$7,967,822
rev. from transp.
Revenue from other rail
87
203
657
and coach operations.
8,831
8,401
58,613
70,306
$1,019,699
798,599
121,255
$986,768
831,745
119,145
$8,310,220
6,446,099
$8,039,092
6,212,604
955,906
$35,878
$918,743
82,206
644,007
$870,582
627,866
.
Operating
expenses
*
'
$99,845
81,810
$18,035
x$46,328
$274,736
1,520
$242,716
3,308
446
$246,024
562,216
4.127
$115,909
$260,492
$320,319
$49,322
Net loss
x
x$46,150
69,313
364
S.
179
$18,192
67,151
...
945,378
964
$276,257
533,676
3,073
157
Gross income
Loss.—Y. 151, p. 1283.
August—
1940
27,989
$1,900,282
1,504,624
$1,925,179
1,671,879
$395,658
$253,300
5,337
14,902
2,986
2,315
44,425
6,494
$443,068
235,296
$262,109
229,102
Operating profit
224,803
121,192
Gross from railway
5,301,741
Net from railway
Net railway operating income
—V. 151, p. 1283.
__
1,788,456
984,395
Louisville Gas & Electric ,Co.
1938
$620,597
217,046
133,676
$640,961
231,338
139,902
4,647,767
1,480,380
828,568
4,704,329
1,432,238
768,153
(Ky.) (& Subs.,)—Earns.
Years Ended Aug. 31—
Operating
1940
revenues
Operation
Maintenance
:
Appropriation for retirement
p
Total profit
Interest.....
reserve.
Amortization of limited-term investments
.
Taxes
Provision for Federal and State income taxes
$21,101
227,514
18,500
...
4,473
99
Net operating income
income
Gross
income
Amortization of contractual capital expenditures
Interest charged to construction....
Miscellaneous deductions
Net income
-V. 151, p.
$3,050,543
oper.
$4,241,166
1,030,450
160,227
-
58,638
250,000
37,000
Cr 5,766
25,299
$2,685,318
Loss
income
Net from railway
Net ry. oper. income
1939
1938
1937
$7,459,464
1,974,941
1,448,635
$6,740,807
1,754,787
1,307,258
$7,349,388
1,666,207
1,183,879
63,875,474
16,054,659
10,613,348
54,909,434
13,496,014
8,564,936
49,815,308
10,009,203
5,510,732
60,345,259
15,279,830
$413,780
$47,475
71,437
$156,094
$398,853 prof$23,962
6,840
5,100
.
$156,094
2,200
$158,294
14,927
Loss.
Provision for Cuban profits tax.....
Loss for the year
4,856
------
prol$18,862
x As the first fiscal
period of the company, as reorganized, covered only
from Nov. 1, 1937 to June 30, 1938, a
period of eight months, in order to
show the comparative results for a full 12 months
period there has been
made
a part of the above
statement, the results from Nov. 1, 1937 to Oct.
31, 1938, including the operating expenses, bond interest, depreciation,
&c., for the four months July 1 to Oct. 31, 1938, inclusive, which are also
included in the results for the fiscal year ended June
30, 1939.
Manuel Rionda, President states in
part:
In view of the terms of applicable tax laws and
regulations ana the results
of the operations of the
company and its subsidiaries, no provision has been
made in the accounts for income or excess
profits taxes, other than the Cuban
profits tax of the Ferrocarril de Tunas, S.A. in the amount of $6,840.
In
accordance with the terms of the indenture dated as of Feb. 1, 1937,
4% sinking fund bonds due 1957, the company paid to the
paying agent the amount of $4,715, as a sinking fund, with which amount
there was purchased $13,000 principal amount of the said bonds, which
were cancelled.
Company purchased during the past fiscal year, $67,000
of the said bonds at a cost of $29,703, which are held in the
treasury. These
purchases of bonds were made from proceeds of sale of sugar mill equipment
which was not being utilized.
Company is one of the few Cuban sugar
producing companies that under its plan of reorganization recognized the
full value of the old bonds and exchanged them for new bonds in the same
principal amount.
for the 20-year
At the time of the reorganization of the company as of
Nov. 1, 1937, the
company had a liability for purchase money mortgages on Cuban lands and
interest accrued thereon of $128,051, and in the balance sheet of the com¬
30, 1939, there was shown an additional liability of accrued
on these purchase money mortgages to that date of $9,552, or a
obligation to that date of $137,603.
During the past fiscal year, the
company entered into an agreement with the holder of the mortgages to
surrender the lands subject to the mortgages in satisfaction of the principal
of the mortgages and accrued interest thereon.
The lands covered by the
mortgages aggregating 3.538 acres were not being utilized by the company,
with the exception of a parcel of land comprising 708 acres.
This latter
parcel of land has been leased by the company for a period of 10 years.
pany as at June
interest
total
On June 4,
1940, there was promulgated by the Cuban Constitutional
Transitory Provision, which provided for cancellation of
a
moratorium
on
debts and for the extension
of principal
Cuban
mortgage obligations.
This Transitory Provision affected the
amount of interest accrued on mortgages held by the company on lands of
the Colonos amounting to $15,040, which amount was charged during the
on
past fiscal year to the reserve for doubtful advances.
The 20-year 4% sinking fund bonus of the company
and are
payable in the United States and the
10,772,528
due 1957 were issued
therefore, does not
company,
consider that its obligation to pay its said bonds in accordance with their
terms or their enforcibility in the United States are affected by the said
Transitory Provision and. accordingly, has not taken and is not contemplat¬
ing taking any action based thereon.
Consolidated Balance Sheet June 30
1940
Assets—
1939
I
'
Cash in banks and
on
hand.
$155,834"
Accts. receivable
56,831
24,916
Margins on deposit
1,462
58,399
x
Amts.
molasses
199,890
...
7,137
5,622
1,054,125
23,093
6,315
1,595,793
23,628
A ccts. receivable—
5,424
Y. Coffee
& Sugar
Exch'ge
5,045
3,000
3,000
x
(45,738
Est.
in Cuba
exp.
&
mo¬
lasses
Res.
61,991
for
curr.
23,093
change
24,453
differ.—
25,000
19,245
38,280
20-yr.
4%
123
34
5,958,598
6,164,387
44,355
49,196
..$8,215,237 $8,718,986
37,298
sinking
fund bonds,I due
1957
5,347,900
5,427,900
Com. stk. (par $1)
430,045
430,045
1,717,623
Capital surplus— 1,724,244
Earn, surplus from
Nov. 1, 1937...def291,224 surll4,469
Total
After reserve for doubtful accounts of $9,000 in
1900.
13,615
of 4%
sink. fund bonds
cost
over
held in treasury.
37,644
p.
23.628
24,398
ex¬
362,592
13,943
4% sinking
due
1939.—V. 151,
25,000
bond in¬
terest, &c
for
73.810
currency
exchange differ.
Excess of par value
fund bonds,
Total
$690,384
107,321
210,486
animals and
Property & plant.
87,644
35,653
not current
221,294
Adv. to Colonos282,000
Administrate cane
20,138
Deferred charges.
$714,950
Deferred income..
written off
1957
1939
cept. agreement
Accts. pay. & accr.
Res.
/
hand, rt cost less
year
1940
ac
Res. for conting.^.
Matls. & supp. on
amt.
*
Unci aim.
not current
Inv. in membership
in N.
sugar
on sugar
contr't
Sugar on hand
Special deposits
under
Accrued interest..
pending on
sugar contracts.
Liabilities—
Secured bank loans
$301,640
Sink. fund, for 20-
$8,191,747
2,174,108
1,457,091
—V. 151, p. 1283.
184,183
$405,693
1
live stock
RR.—Earnings—
1940
From Jan. 1—
Gross from railway
62
183,496
Special credits to profit and loss—
Work
August—
Gross from railway
Net from railway.
Netry.
$4,551,483
1,030,450
160,227
13,758
250,000
37,000
Cr 13,776
23,281
$4,034,866
206,300
1726.
Louisville & Nashville
572
184,227
1939
$11,809,288 $10,873,471
3,683,939
3,249,765
607,888
638,526
1,311,000
1,247,667
1,428
1,426
1,100,525
1,125,051
766,482
576,170
$4,338,027
213,456
Interest on funded debt
Amortization of debt discount and expense
Other interest
Amort, of flood and rehabilitation expense
20,150
1,030
68
Accounts written off.
Balance pending on
Other
50,000
amount of such debts, and reduced the rate of interest from the said date
1939
$683,231
Net railway operating income
From Jan. 1—
50.421
100,432
19,966
23,568
$862
expenses, f.o.b. basis
interest accrued
—Earnings—
"V'.A
Gross from railway
Net from railway
64,441
29,678
23,633
Total...
Convention
Louisiana & Arkansas Ry.
$1,781,214
used
area
Earnings for August and Year
347,518
$1,778,173
24.932
ments
revenue
xOct. 31, *38
313,839
45,535
$1,578,324
1,577,462
Revenue of F. C. de Tunas, S. A
Miscellaneous income..
Operating
June 30, *39
322,419
46,780
$1,459,217
70,542
Long tons
Sugar sales f.o.b. basis...
Blackstrap molasses sales
The
Gross from railway
Net from railway
-Capital Reduced—New
at their recent
officers
Lincoln Telephone &
Directors have declared
tion to the
They succeed C. C. Stretch, deceased, who had held
both
~
m,
corporation.
positions.
W. B. Ryan Jr. has been elected a
director to fill the
unexpired term of office of Edwin A. Potter, also
deceased.—Y. 151, p. 1578.
Earnings for 8 Months Ended Aug. 31, 1940
*
&c.<—
G. C. Chambers has been
elected Vice-President and II. Bosch, Controller
1,110,284
338,495
142,214
38,884
246.589
43,294
2049
^McCrory Stores Corp.—New Vice-President,
1937
$114,882
28,611
4,088
■
Net ry. oper. income
p.
1938
$144,846
47,233
19,953
From Jan. 1—
Gross from railway
Net from railway
151,
-Earnings—
1940
Gross from railway
Net from railway
Net ry. oper. income
—V.
Ry.
$8,215,237 $8,718,986
1940 and
$9,976 in
The Commercial &
2050
Manhattan Ry.— Suspended from Dealings—
guaranteed 7% stock, the modified guaranteed 5%
consolidated mortgage 4% gold ixmds due April 1, 1990 and
mortgage 4% gold bonds due June 1, 2013 were suspended from
the New York Stock Exchange, Sept. 25.—V. 150, p. 2583.
The
Manning, Maxwell & Moore,
the common
Extra dividend of
12 A cents per share
payable Oct. 3 to holders of record Sept. 30.
12 lA cents in addition to regular quarterly dividend of
was paid on July 3, last.—V. 151, p. 108.
«i9oo
$199,422
1,043
67/
o3i
$198,251
$196,465
75,491
$199,953
j.
_
80,742
18,474
5,761
2,014
6,963
19,396
6,932
23,233
6,887
$78,769
35,325
$80,122
35,325
$68,604
35,325
103
238
226
159
159
159
208
281
252
$42,974
144,119
Reserved for retirements,..
Gross income
......
Interest on funded debt
fuel
iJitoi C9V viiai
Amortization of
debt discount & exp.
Net income
Balance Sheet Dec. 31,
1937
$865,875
167,006
114,807
5.683.704
1,010,657
5,717,043
5,412.702
_
984.590
705,962
347,641
298.326
127.325
Net ry. oper. income
—V. 151, p. 1284.
def22,350
Net ry. oper. income
From Jan. 1—
rv.
oper.
—V. 151, p.
_
-
and equipment, $1,615,485; cash, $42,560;
accounts receivable (net), $19,559; water charges accrued, $4,274; materials
and supplies,
$9,890; prepayments, $1,037; unamortized debt discount
and expense, $2,150; other deferred charges, $2,436; total; $1,697,391.
Liabilities—Funded debt, $706,500; accounts payable, $5,670; accrued
interest, dividends, taxes, &c., $41,383; customers' security and extension
deposits, $397; other deferred credits and liabilities, $362; retirement reserve,
$84,302; Contributions for extensions, $730; preferred stock, $445,500;
common stock. $386,394; capital surplus,
$3,362; surplus, $22,791; total,
$1,697,391.—Y. 143, p. 593.
Mississippi Power Co.'—Earnings—
$290,255
$3,469,141
$3,621,640
151.310
44.758
52.818
25,000
23.333
1.734,880
483,499
293,333
1,753,321
515,243
346,667
$81,053
$96,390
47,652
$957,429
536.642
$1,006,410
41,397
-
$323,852
139.444
$39,655
.
$48,738
$420,787
$423,798
Operating expenses
Taxes-.Prov. for
1940—12 Mos.—1939
1940—Month—1939
Period End. Aug. 31—
Gross revenue-
—
.
depreciation..
Gross income
Net income
1940_^^
$6,210,743
Operating revenues
Operation
4,426,519
--*•
Maintenance
and repairs—
21,088
21.088
253,062
253,062
$27,650
$167,725
$170,736
stock
Balance
1939 of certain properties
other public agencies on that
Note—ResuPs of operation through Dec. 18.
conveyed to Tennessee Valley Authority and
date are included herein.—V. 151, p. 1901.
Mississippi Valley Barge Line Co.—Earnings—
30, 1940
transported.
Water line revenues
$2,476,129
$6,414,395
4,558,577
Water line expenses
2,301,578
.
oOO.OOO
418,000
736,921
500,000
413,000
Net profit on water
Net operating income
$205,898
8,670
$144,290
-
5,698
•
on
Amortization of debt discount
17,233
75,948
2,970
and expense—
Other interest-
Other deductions-
—....—
.......
$214,568
333,251
20,765
101,449
$149,988
298,478
—
funded debt—
3,569
$244,466
$244,642
Net loss
Interest—
Quarterly interest at the rate of
on
&
5% per annum was paid Oct. 1, 1940,
7% sinking fund gold bonds, series A, due April 1,
presentation of bonds for stamping at office of Wells Fargo Bank
Union Trust Co., San Francisco, Calif.—V. 151, p. 1727.
on
Marshall Drug
Co.—Earnings—
Earnings for 6 Months Ended June 30,
1940
$1,620,356
17.946
Net sales..
Net
loss after all chqrges.
Merchants & Manufacturers Securities
Directors have declared
common
a
Co.—Divs.—
dividend of 10 cents on the class A and class B
stock, payable Oct. 15 to holders
of record Oct. 11.
Like amount
paid on April 15, last, and on Oct. 16, 1939; dividend of 20 cents was
paid on April 15, 1939, and the previous dividend on these issues was a
quarterly payment of 15 cents on Nov. 15, 1938.
Company also declared a participating dividend of 20 cents and the
regular semi-annual disbursement of $1 on the participating preferred stock,
likewise payable Oct. 15 to holders of record Oct. 11.
Same amount were
paid on April 15, last, and on Oct. 16, 1939.—V. 151, p. 1727, 1578, 851.
was
"Employees'
period
Commission, Sept. 30, announced that com¬
had filed an application (File 70-163) under the Holding Company
Act regarding the proposed acquisition of real and personal property in
the natural gas field known as the Austin field situated in Mecosta County,
Mich.
The Austin field comprises approximately 3.960 acres of land in
pany
Austin and Colfax, Mich., it is stated.
Property to be acquired consists of land, gas wells, well head connections,
stations, gathering lines, oil and gas leases, gas leases and contracts
covering the sale of gas from the land.
The application stated that the
company had entered into an agreement with 0. W. Taggart and others
for the purchase of certain property in the Austin field for $750,000 in cash.
The company stated that it has also obtained an option, exercisable on or
before Nov. 1, 1940, to purchase additional property in the Austin field
for $30,000 in cash.
Approximately 2,500 acres of land and 12 producing
wells are included in the agreements and option.
The company estimates
that these lands cover substantially 98% of the natural gas in the Austin
the townships of
meter
Stock Purchase Plan."
Balance Sheet at June 30, 1940
the company also intends to purchase,
$20,000, the remaining property
in the Austin field, consisting of approximatetly 1,500 acres of land, two gas
producing wells, oil and gas leases, gas leases and contracts covering the
sale of the gas.
If satisfactory purchase of this land cannot be effected,
the company states that as an alternative it will take long-term leases.
The company is a subsidiary of the United Light & Power Co. and Ameri¬
can Light & Traction Co.—V. 151, p. 851.
According
to
if it is able to do
the
so
application
at a cost not to exceed
Michigan Public Service Co.—Registers with SEC—
See list given on first page of this
Mid-Continent Airlines,
department.—V. 151, p. 1727.
Midland
Utilities
Co.—Protective
150,
p.
Group
Net from railway
Net ry. oper. income
—V. 151, p. 1284.
committee.
»
The committee for holders of Midland Utilities Co.
require in any reorganization of their
company that the company shall not be liquidated, that the properties in
the system must be operated for the benefit of public investors who invested
approximately $20,000,000 in the enterprise, that creditors must determine
what allocation the claimants shall be given in the estate;
of the interest in the estate's valuation by Jay Samuel
Hartt, trustee, shall be given to stockholders while holders of the estate's
obligations should receive a senior security equal to 75% of that evaluation
and that securities issued in payment of these obligations should be income
debt bearing about 3% interest.
The committee took the position that hearings upon intercompany claims
among themselves
that at least 25%
628.269
70,963
750,908
26,257
def22,429
113,975
10,553
Earnings1937
1938
1939
$214,664
110.776
$155,055
52,325
24,789
$89,183
16,274
38,338
72,756
3.600
1.418,282
619.934
1,423,116
1,014,697
659.286
671,392
114.422
345,423
377.882
def 1,361
169,363
Net ry. oper. income
From Jan. 1—
Net from railway
Net ry. oper. income
.—V. 151. p. 1284.
328,514
'
Corp.—Dividends—
Mode O' Day
dividend of 15 cents per share on the common
Directors have declared a
stock, payable Oct. 15 to holders of record Sept. 30.
This compares with
35 cents paid on June 24, last; 25 cents on April 15, last; 15 cents on Jan. 15,
last; 10 cents paid on Dec. 22, 1939; 15 cents on Oct. 13, 1939; 10 cents on
June 27, 1939, and dividends of 15 cents paid on June 20 and on April 13,
1939.—V. 150, P. 3365.
Monarch Machine Tool
Co.-—Stock Dividend—
stock dividend of 40% on the common stock,
payable Sept. 30 to holders of record Sept.
Monongahela
1939
1940
August—
$389,538
248,713
$464,250
301.496
Net from railway
1937
1938
'
$273,722
$366,726
167.484
210 288
income
1284.
160.745
130,488
75,198
80.157
3,447.296
2,098.471
2,346,067
2,032,322
1,344.995
1.189.933
3.009,595
1,749.160
999,885
Netry. oper. income.-,
From Jan. 1—
Gross from railway
Net ry. oper.
—V. 151. p.
20.—V. 151, p. 1727.
Ry.—Earnings
Gross from railway
570,471
440,474
785,453
(John) Morrell & Co.-—Departments Consolidated'—
T. H. Foster, President of this company, on
consolidation, effective Oct. 1, of the company's
and the trademark
Ottumwa,
Sept. 27 announced the
advertising department
and label department, at the firm's general offices in
Iowa.
of Publicity, will continue to supervise the firm's
advertising and publicity assisted by A. C. Michener, who is promoted
to the position of Advertising Manager.—V. 150, p. 282.
G. A. Morrell, Director
in the Midland United-Midland Utilities reorganization should not be post¬
poned any longer and that negotiations toward settlement of these claims
can not be completed successfully without an adjudication of the claims.
The committee, composed of William R. Basset, Charles T. Mordock, and
Hugh R. Partridge, asserted that continuance of these negotiations, which
were opened without their knowledge or approval, would only delay further
ultimate determination of the issues before the Court.—V, 147, p. 1347
15.466
680,326
116.849
$202,296
95.739
Gross from railway
Net from railway.._—
6% and 7% prior lien
stocks assert that stockholders will
13 298
1940
Net from railway
Staying Plan—
The protective committee for holders of Midland Utilities Co. 6% and
7% prior lien stock have obtained an order from Federa .Judge John P.
Nields. of the Delaware District Court, stopping negotiations to settle the
claims of Midland United Co. and Midland Utilities Co against one another
and liquidation of the latter, according to Martin Taylor, Counsel for the
28,717
5,854
Missouri Illinois RR.August—
Directors have declared a
Order
$109,211
26.226
48,777
Gross from railway—._
$91,404
755.451
151 879
Net ry. oper. income
From Jan. 1—•
$88,500
17 234
11,190
Gross from railway
3207.
Gets
1937
1938
1939
1940
$101,912
25,035
Net from railway
Inc.—Registers with SEC—
See list given on first page of this department.—V.
Ry.—Earnings-
Missouri & Arkansas
August—
Gross from railway
field.
$129,382
-
Assets—Floating equipment, terminal property, and other equipment
(less allowance for depreciation of $2,070,559), $2,745,130; general expenses
during construction, $77,615 less allowance for amortization of $45,472),
$32,143; cash in banks and on hand, $339,621; freight accounts receivable,
$134,684; open voyage freight accounts, $80,206; inventories at cost, $67,709; prepaid expenses and deferred charges, $47,472; other assets, $91,679;
total, $3,538,643.
Liabilities—Capital stock (par $1), $689,450; notes payable (due $6,000
monthly from July 1, 1940, to Oct. 1, 1944, and $2,000 payable Nov. 1,
1944; first preferred mortgaged held on certain of 12 cargo barges), $314,000;
notes payable (due $2,000 semi-annually from Dec. 31, 1940, to June 30,
1949, and $37,000 due Dec. 31, 1949; first preferred mortgage held on part of
terminal site and appurtenances at Cincinnati, $73,000; accounts payable,
trade, $111,205; accrued liabilities, $168,903; employees' subscriptions to
company stock, $10,550; unearned open voyage revenue, $59,447; reserve
for losses not covered by insurance, $10,512; capital surplus at June 30,
1940, $2,101,575; total, $3,538,643.—V. 149, p. 880./
Michigan Consolidated Gas Co. —Acquisition—
The Securities and Exchange
$163,761
34,380
Federal income tax...
Note—A dividend of 25 cents per share ($175,000) was paid on Aug. 18,
1939, to 731 stockholders; and a dividend of 15 cents per share ($103,387)
was paid on Dec. 26, 1939, to 797 stockholders.
The total amount of divi¬
dends paid ($278,387) was charged (1) to net income for the eight months
ended Dec. 31, 1939 ($212,512); and (2) to capital surplus ($65,874), which
contained net income of $113,112 for the four months ended April 30, 1939.
The sum of $1,612 was appropriated from income on Dec. 31, 1939, for
the benefit of 123 instalment purchasers of company stock under the
the first mortgage
1940,
10,789
—„•
Provision for Federal income tax
Net income for
Gross income.
Interest
$174,550
line operations
income
Other deductions, less other
Net income before
Other income..
454,078
—._
1939
721,934
■ -
Appropriation for retirement reserve
Taxes (other than income taxes)
—
582,612
$18,567
Divs. on pref.
Tons
31—
Years Ended Aug.
608.987
88,286
21.986
10,418
Earnings for the 12 Months Ended June
Ry.—Earnings—
Market Street
5,073
516,180
86.852
33.006
Int. & other deductions.
1939
16,134
12,810
def46,460
-
$83,829
22.390
535,191
def2.549
def76.654
r*.
_
income
1284.
1937
$71,641
$75,743
7.664
def3,262
502,937
Gross from railway
Net
1938
1939
1940
$63,408
defl2.528
Net from railway
Net from railway
224.514
Central RR.—Earnings-
Gross from railway
plant
Assets— Property,
1938
$952,984
271,229
540,642
Gross from railway
Net from railway
$32,642
Other taxes
v
^oo
8,763
79,067
8,914
5,600
18,938
Federal income tax
1939
$895,312
238.602
146,522
5.972,99 1
1,207,428
Net ry. oper. income
From Jan. 1—
Mississippi
iPof-rc?
SI95.787
Operating revenue
Non-operating income
1940
Net from railway
August—
1039
1940
$974,394
345,412
244,356
August—•
Gross from railway
Marion Water Co.—Earnings—
Calendar Years—
5,
Minneapolis & St. Louis RR.—Earnings-
stock, the
the second
dealings on
Inc.—25-Cent Dividend—
dividend of 25 cents per share on
Directors have declared a
stock,
Oct.
Financial Chronicle
Mueller Brass Co.—Earnings
Period End. Aug.
x
31—
Net income
Shares common stock._
Earnings per share
x
After expenses, est.
—
1940—9 Mos.—1939
$552,822
$438,782
265,517
265,516
$2.08
$1.65
1940—12 Mos.—1939
$732,101
265.517
$2.76
"
$540,458
265.516
$2.03
income taxes, and other charges.—V. 151, p. 110
Volume
The Commercial & Financial Chronicle
151
Motor Products
Period End. June 30—
1940—3 Mo?.—1939
aNetprofit
1940—6 Mos .—1939
$251,880
Earns, per sh on 391,254
shares common stock
$16,450
$651,760
$83,411
$0.64
$0.04
$1.66
$0.21
"
a After
interest, depreciation, Federal and Canadian income taxes, &c.
Note—Fiscal year has been changed to end June
30, from Dec. 31.—V.
p. 1284.
151,
$2,218,903; unearned
$3,225,000; $2 cumul.
revenue,
$53,796; $3 preference stock (par $50),
conv. class A stock at liquidating price of $25 per
share), $750,000; common stock (200,000 shares par
of $1),
$200,000; paid-in surplus, $760,000; earned surplius, $317,072;
.total, $8,165,365.—V. 151, p. 582.
share
Net sales_
June30,'40
$3,358,151
2,539,332
...
Cost of goods sold
Selling, warehouse and
delivery expenses.
Admin. & gen. expenses.
June30,'S9 June 18, '38 June 19,'37
$2,840,425
$3,127,961
$2,365,813
2,211,145
1,948,280
2,453,995
202,231
131,436
222,568
152,774
$374,271
9,350
$245,910
$83,865
$298,624
4,595
2,056
$250,505
53,886
25,035
$85,921
45,943
$300,233
39,475
__
...
Extraordinary credits
Res. for Fed. inc. tax...
Profit for period.
14,387
Balance
1940
Sheet
1939
$25,592
and amort,
Nil
Net profit.
Dividends paid
Earnings
of
773,164
543,239
7,294
6,935
8,965
20,711
1940
Accepts, payable..
Dlvs. declared....
e
c
$69,074
2,305
21,816
•
Reserve
50,000
------
Accrued
payrolls,
corn's, taxes, &c.
507,500
507,500
Real est., equip¬
ment, &c
Paid-in surplus...
632,937
632,937
Earned surplus...
426,723
339,479
Total...... ^..$1,890,651
$1,695,987
589,549
Goodwill, &c._
Total.
531,644
1
....£1,890,651
151,450
122,875
1
$1,695,9871
a Represented
by 14,237 shares,
b After reserve of $34,274 in 1940 and
$25,526 in 1939.
c After reserve for depreciation of $509,925 in
1940 and
$464,995 in 1939.
d Represented by 101,500 shares (no par), including
treasury stock,
c For
possible price decline in inventory and commit¬
ments.—V. 151, p. 1580.
stock.
$125,903
165,244
$311,931
242,982
$1.08
$0.38
$0.94
p.
1903.
(& Subs.)—Earnings—
194C—Month—1939
$122,508
1940—12 Mos.—1939
$1,590,4(6
$1,391,694
864,415
779,700
52,289
62,992
104,365 '
91,085
57,395
34,751
$133,849
73,020
5,750
8.583
6,035
65,197
4,981
9,705
2,442
$40,460
127
$40,184
Dr735
$511,941
8,257
$423,165
Dr2,707
accruals.
$40,587
15,270
$39,449
15,317
$520,198
215,718
$420,458165,804
Gross income........
$25,317
' $24,132
•
7,3(6
355
269
$304,479
87,666
4,266
2,645
$254,654
89,279
4,540
3,776
$16,201
$209,902
$157,059
......
......
62,066
........
$0.68
$0.51
a
Utility
a
Gross
.
income
Other income (net)
Retire,
Int.
on
oper.
income......
reserve
long-term debt..
7,304
355
189
Amort, of dt, disc. & exp
Other income charges...
Ambassador Six:
Business Coupe, $923.50; Special 4-door slipstream
sedan, $930; six-passenger Brougham, $973.50; De Luxe 4-door slipstream
sedan, $980, and 4-door truck sedan, $1,030.
Ambassador Eights:
Special
slipstream 4-door sedan, $1,051; De Luxe six-passenger Brougham,
$1,081;
De Luxe slipstream 4-door sedan, $1,101, and De Luxe 4-door truck
sedan,
$1,151.
Earnings
These new Nash prices plus Nash's low-priced line of cars, Mr. Blees
pointed out, makes Nash competitive in prices ranges where
92% of the
automobiles are sold annually, taking the company out of the limited
market in which it operated last year.
Mr. Blees says that he
Contract—
expects
of the Aeropowered Ambassador Six models to be
especially heavy
this year as a result of the action in
bringing these cars into the $900 price
Co.—Operating Agreement-
Bastian-Blessing Co., above.—V. 151,
General taxes.
Fed. & State inc. taxes.
Price reductions on these two new series of Nash cars
range from $70 to
$159, it was announced by W. A. Blees, General Sales Manager, who ex¬
plained that the move was part of the 1941 plan of Nash Motors Division
of Nash-Kelvinator Corp. to double its 1940 sales.
Announcement of the prices of the new low-priced Nash Ambassador 600,
sales
__
Period End. Aug. 31—
Operating revenues...
Operation...
Maintenance.
on its 1941 medium-priced six and eight-cylinder
models.
This is contrary to the industry trend, as all manufacturers
already have announced price increases for 1941 models.
Oct. 3 were for the Aeropowered Ambassador Six and
Aeropowered Ambassador Eight models, and are as follows:
155,448
45,000
$357,945
132,199
National Gas & Electric Corp.
reporting lower prices
on
,
18,000
330,482 shares
on
National Cylinder Gas
Nash-Kelvinator Corp.—Nash Prices Lowered—
the new car with which Nash is
entering into competition with Chevrolet,
Ford and Plymouth in the low-price field, will be made at the
opening of the
New York Auto Show on Oct. 12, Mr. Blees said.
171.552
75,700
on common stock
per share
common
See
Nash Motors, which made major news in the automobile
industry this
fall with announcement of its invasion of the
low-priced auto market with a
new kind of car, on Oct. 3
again became the news leader of the business by
Prices released
.
...
taxes
271,405
Assets—Cash on hand and demand deposits in banks, $198,588; notes
receivable, $132,210; accounts receivable (less reserves for doubtful accounts
and freight-out of $60,322). $378,139; inventories,
$416,127; cash surrender
value—officers' life insurance, $17,255; deferred charges, $262,884;
treasury
bonds at cost (National Container Corp.), $31,569; investments,
$125,029;
deposits and advances, $47,220; fixed assets, $5,188,159; goodwill, patents
and trademarks, $1; total, $6,787,181.
Liabilities—Notes payable, $43,391; accounts payable, $248,295; current
debenture bond sinking fund requirements (estimated due June 30, 1940),
$38,500; mortgage instalments payable during 1940, $37,842; reserve for
Federal income tax^s, $65,700; 5Ks, debenture bonds due Apr. 1, 1952,
$1,872,500; mortgages payable, $470,616; minority interest in subsidiary
(bood value), $6,801; capital stock, $330,482; surplus, $3,673,G54; total,
$6,787,181.—V. 151, p. 994.
1939
$107,220
14,820
d Capital stock...
own
$584,764
72,384
2,054,774
Consolidated Balance Sheet Dec. 31, 1939
June 30
Accts. pay., trade.
capital
Co.'s
$258,853
114,950
non-recurring
Estimated Fed. income
$2.26
stock reacquired
a
$546,112
112,468
debenture bonds.
on
Disbursements
and
charges written-off
$197,636
141,803
32,724
Liabilities—
$211,096
382,360
Prepd. insur., &c_
$413,212
x40,000
$141,661
87,263
$1.62
$2.94
$94,129
417,548
bNotes, <fcc.,rec._
Inventories..
$171,446
84,407
Total profit.
Int.
x
Including $6,360 surtax on undistributed profits,
y Before deducting
$50,000 provision for possible decline in inventory and commitments.
Other assets
$468,715
77,397
Operating profit
Other income...
33,814
29,922
119,987
Assets—
$1,010,511
325,893
Taxes...-
Cr 10,693
y$257,231
Dividends
Earns.per sh.on cap.stk.
Cash
$963,442
409,851
306,398
72,747
1,609
$383,621
57,423
34,235
Cr28,524
63,255
$3,065,285
$1,670,608
678,311
433,278
expenses
1937
$3,087,702
2,124,259
90,305
administrative
1938
$4,864,163
3,193,554
..
Gross profit on sales..
Selling and shipping expenses._
General
146,046
(Del.)—Earnings—
1939
Net merchandise sales
Cost of merchandise sold
to
**
237,324
Operating income
Other deductions
to
255.081
189,468
Int. earned & sundry inc.
Total income
Prov. for depreciation
to
per
Calendar Years—
July 1, '39 June 19, '38 June 20, '37 June 14, '36
to
(par $10
National Container Corp.
Nachmann-Springfiiled Corp .—Earnings—
Period—
2051
$124,288; accrued taxes, insurance and other expenses, $144,728; dividend
payable on preference and class A stocks—Feb. 1, 1940, $55,125; accrued
Federal taxes on income, $126,479; equipment and other term obligations,
Corp.—Earnings —
Net
income...
Dividends
$17,468
declared..
...
per share...
Before retirement
a
National
Malleable
'•>
Company has
munition
—V.
reserve
..
accruals.—Y.
Steel
&
151, p.
19(3.
Casting Co.—Government
■
been awarded a contract to manufacture artillery am¬
for the U. S. Government totaling $1,470,000.
components
151, P. 421.
level.
All prices were
National Power & Light Co.
factory delivered prices, and include all present Federal
taxes.
The Eights have the same wheelbase, but horsepower of the
in-line, twirignition, valve-in-head engines have been increased to 115.—V. 151, p. 1284.
Nashawena Mills, New Bedford, Mass .—Earnings
Calendar Years—
1939
Net after deprec. and all other
Earns.per sh.on 75,000 shs.
a
Ten months
ended
charges
$84,987
cap. stk.
1938
$1.13
Dec.
Period
End.'Aug.
31—
1940—3 Mo.?.—1939
1940—12 Mos.—1939
Operating revenues.....$19,088,916 $18,398,759 $76,943,660 $81,009,538
Operating expenses
9,313,251
9,001,763
37,158,068
38,199,043
Direct taxes..
1,844,874
1,269,104
7,489,694
8,815,283
Property retirement re¬
serve appropriations..
1,803,007
1,894,970
6,189,504
7,229,810
al937
loss$49,618
$62,144
$0.83
Nil
Net oper. revenues-J. $6,127,784
from
lease
of
1,478
plants (net).........
as
at Dec.
31, 1939
$6,129,262
Operating income
Assets—Cash, $96,606; accounts receivable, $159,542; inventories, $435,163; deposits with mutual.insurance companies, $17,688;
property, plant
equipment (less reserve for depreciation of $119,967), $1,343,552;
deferred charges, $5,060; total, $2,057,614.
Liabilities—Notes payable, $100,000; accounts payable, $111,407; ac¬
crued accounts, $10,628; capital stock
(75,000 shares, no par; stated value
$8 per share), $600,000; surplus, $1,253,577; total. $2,057,614—V.
151,
p. 707.
Other income
Int. to public & other
ductions...
Portion
applicable
minority interests
17% last month
over
the
corresponding month in 1939, totaling $3,879,7/9 as against
$3,315,307 last year.
Blue network billings were up 32.4%, totaling
$747,774 compared with $564,619 for September 1939.
Red network
billings rose 13.9%, being $3,132,005 as against $2,750,668 last year.
Cumulative billings for the first nine months were up
10.8%, totaling
$36,008,355 as compared with $32,510,369 for the same period in 1939.
Billings for the first nine months on the Red network were $28,673,(91
compared with $26,351,849 in 1939, an increase of 8.8%.
Cumulative
Blue network billings totaled $7,335,264,
compared with $6,158,520 in
1939, an increase of 19.1%.—V. 151, p. 1580.
National City Lines, Inc. (& Subs.)—Earnings
1939
.
_
__
Net operating income
Other income
Total income
Other deductions
.
_
.
_
..
..
...
*
.
.
Net income
per
share
.
.
_
......
on common
$4,774,393
4,306,165
$468,228
46,250
$811,583
220,298
____
$5,876,963
5,096,498
$780,464
.....
1938
31,118
Operating income
Operating expenses
$514,479
162,206
$591,284
$2.05
$352,272
12,335
$6,288,265 $26,198,313 $26,805,892
Net
2,576.647
Cr6,564
1,405,802
3,017,802
Cr2,595
1,435,192
10,539,049
/
Crl9,245
5,623,206
11,668,793
Cr8,736
5,963,280
20
248
90
885
$1,837,618 $10,055,213
$9,181,670
56,520
$1,837,618 $10,0.55,213
30,150
128,230
$9,181,670
96,443
$2,251,295
148,147
253,766
$1,867,768 $10,183,443
94,240
466,941
252,738
1,021,720
$9,278,113
360,567
1,135,077
$1,849,382
$1,520,790
$8,694,782
$7,782,469
$0.26
$0.20
$1.28
$1.11
equity.$2,194,775
National Power & Light Co.:
a
Net equity-.......—
Other incomd—
Total
Expenses, incl. taxes....
Int. & other deductions.
$2,194,775
33cilciric6 carried to con**
stock.
a Of National Power & Light Co. in income of subsidiaries.
Note—Certain properties of subsidiaries were sold during 1938 and 1939
and consequently the statement of consolidated income includes the opera¬
tions of these
properties only to dates of sale.
Statement of Income (Company Only)
Period End. Aug. 31—
1940—3 Mos.—1939
1940—12 Mos.—1939°
Income: From subs, (con¬
solidated).—$1,630,201
Other
56,520
$1,372,871
30.150
$6,715,436
128,230
$5,920,176
$6,016,619
360,567
$5,656,052
96,443
$1.01
I, 1939
Assets—Cash on demand and on hand, $1,636,802; accounts and notes
receivable, $54,050; Due from affiliated companies, $5,609; materials and
supplies, $82,184; prepaid expenses, $116,768; property (less depreciation
of, $2,047,108
and
amortization of $22,293), $3,530,344;
intangible
property (less reserve for amortization of $125,704 and franchise extension
expenses, less amortization of $3,124), $2,420,504; other assets, $319,102;
total, $8,165,365.
Liabilities—Accounts payable—arising in ordinary course of business,
$187,421; due to affiliated companies, $2,553; accrued salaries and wages,
a
2,736
to
sol. earned surplus.
Earns, per share of com.
—
$26,765,402
de¬
Int. charged to construct
Preferred divs. to public.
Gross client expenditures on NBC networks increased
Calendar Years—
-
6,857
$6,170,680
53,753
......
Other income deductions
Gross income
1,934
$6,234,856 $26,113,251 $26,768,138
,55.400
141,295
251,834
1.991
56,233
214,080
and
National Broadcasting Co.-—Billings—
$6,232,922 $26,106,394
Rent
31.
Balance Sheet
Earnings
(& Subs.)—Earnings—
Subsidiaries:
The Aeropowered Nash Ambassador Six models are built on 121-inch
wheelbase and have 105 horsepower twin-ignition, valve-in-head
engines.
Total income.
$1,686,721
148,147
Expenses, incl. taxes
Net
operating income.
Interest
and
other
$1,538,574
$1,308,781
$6,376,725
_^_253:766
252,738
1,021,720
1,135,077
$1,284,808
$1,056,043
$5,355,005
$4,520,975
$0.15
$0.11
$0.67
$0.52
Net income.....
mon
94,240
$6,843,666
466,941
de¬
ductions from income
Earns, per
$1,403,021
share of com¬
stock
—V. 151, P. 1580.
The Commercial &
2052
discount and expense,
National Gypsum
Oct.
Financial Chronicle
Co.—Acquisition—
$85,419; other
5, 1940
deferred charges, $1,869;
total, $2,-
Company has purchased the Windsor Paper Mills, Inc.,
N. Y.f for about $200,000. as the start of a program in which
plans to
manufacture all of the major items reauired in making its own products.
This company is about to enter capacity production at all its major
wall board plants to fill current and expected National defense
1
Liabilities—Funded debt, $1,593,000; accounts payable, $10,632; ac¬
crued interest, dividends and taxes, $72,370; customers
security and
extension deposits, $22,924; other deferred credits and liabilities,
retirement reserve, $268,801; contributions for extensions, $132,782; pre¬
ferred stock, $300,550; common stock, $476,000; capital surplus, $11,549;
Melvin H. Baker, President,
surplus, $103,751;
992 788
of Newburgh,
it
orders,
estimates call for
said on Sept. 27. He added that Government
nearly 3,000,000,000 feet of wallboard
and air bases—twice the entire industry s production
1150.
the purchase of
for army cantonments
1939—V. 151, p.
in
North American Aviation,
Inc.—Government Contract—
to build
997.
Company has been awarded a contract totaling $72,857,049
airplanes for the United States Government.—V. 151, p.
National Supply Co.—New Chairman, &c.~
been named Chairman of this company to succeed
A. W. McKinney and J. Crossman Cooper Jr.
have been elected directors to fill two vacancies on the board.—V. 151,
$429;
1581.
p.
Port Edwards, Wis.—
Paper Co.,
Nekoosa-Edwards
Privately—To Refund Existing Issues
with two insurance
companies $1,600,000 1st mtge. 4^% sinking fund bonds
due Oct. 1, 1955.
It was also announced that the company
had obtained $400,000 bank loans due in one to three years
SI,600,000 Bonds Placed
—The
from
financing was
The
banks.
two
Proceeds of the
arranged through
Chicago.
Harris, Hall & Co. (Inc.),
financing, together with other
together with the following premiums: with respect to unendorsed bonds
maturing July 1,1941, at a premium of M of 1 %; with respect to unendorsed
bonds maturing July 1, 1942, at a premium of M of 1%; with respect to
unendorsed bonds maturing J^y 1,1943, at a premium of % of 1 %, and with
respect to bonds bearing endorsement pursuant to the provisions of supple¬
mental indenture, at a premium of 7%.
From and after Jan. 1, 1941, in¬
terest on said bonds will cease to accrue.
Any of the above bonds called for redemption may be presented to First
Wisconsin Trust Co. at its office at any time after Oct. 2,1940, for payment
at their full redemption price, including interest to Jan. 1, 1941.
Income Account Year Ended
Selling, administrative
Net
week a year ago.
Gas output is reported
ft.,
:
27.079
_■
_
Total income
$456,196
29,694
177,656
50,737
15,700
_
Other charges
_
Interest charges, &c
Federal income taxes..
Wisconsin income taxes
a
year
Co.—Annual Report—
Niquero Sugar
New
Income Account
Year Ended July 31
Sugar and molasses produced
$696,256
15,389
22,566
$627,086
$983,958
5,252
40,803
10,395
37,865
$644,452
$734,211
$673,141
$1,032,218
604,311
560,179
901,495
132,202
149,327
616,623
70,000
136,500
19,985
_
Total income
& mfg.
_
$590,571
32,556
21,326
Int. and discts. receiv—
Prod.
costs and
_
selling ancf gen. exp—
Prov. for Colonos accts.
depreciation._
Prov. for
of exp.
Amort,
...
54,934
1,500
for contingencies.
Prov.
1937
1938
1939
1940
gold
on
2,367
bonds extended
fund
Interest on sinking
on
loans
13,930
Prov.
bills, drafts and
payable
for
Cuban and
22,713
19,985
23,099
gold bonds
Int.
30,021
31,937
38,543
xTt770
x4,417
Cr5,995
7,124
xCrl4,483
$123,096
$12,170
373
48,530
U. S. income taxes—
Net inventory adjustm't
Net loss.
companies bonds
carried
Balance
$429,117
profit from operations
Other income
.
„
at 91,123,000 cu. ft., an increase of 2,244,000 cu.
production of 88,879,000 cu. ft. in the corresponding
ago.—v. 151, p. 1903.
2.52% above
or
week
$6,777,659
5,916,198
432,343
commissions & freight
and general expense
27, New England Gas & Electric Association
output of 9,537,664 kwh.
This is an increase of 222,361
above production of 9,315,303 kwh. for the corresponding
For the week ended Sept.
Dec. 31, 1939
sold
Cost of goods
151, p. 1903.
Association—System
Electric
&
Gas
Output—
reports electric
kwh., or 2.39%
funds of the company, will
6% serial
Sales, less discounts, allowances,
England
New
Misceil. income (net)—
be used to redeem on Jan. 1, 1941, all the outstanding 1st mtge.
Bonds series A
due 1943, and 1st 5% serial bonds series A, due 19401943.
The bonds have been called for redemption on Jan. 1, 1941 at the
office of the trustee, First Wisconsin Trust Co., Milwaukee, at par and int.
nreviously distributed.—v.
dividends of $1 per share were
has placed privately
company
2889.
Div.—
J. H. HiJlman Jr. has
the late John M. Wilson,
total, $2,992,788.—V. 150, p.
New Bedford Gas & Edison Light Co.—9o-Cent
Directors have declared a dividend of 95 cents per share on the common
stock, payable Oct. 15 to holders of record Sept. 30Regular quarterly
>def$122,723
surplus account.
$709,117
$745,477
molasses carried
adjustments (net).
adjustments on sugar and
Net inventory
i $10,478
612,282
$601,804
$831,840
Deficit at July 31
x
60,000
$36,360 def$143,673
745,477
601.804
709,117
Previous deficit
$203,673 prof$ 10,478
previous crop, and other prior year
over
Balance Sheet July 31
1939
1940
Net
profit
$182,409
__
Provision for depreciation
included above
...
429,929
$109,042; receivables (less; reserve
for doubtful accounts, allowances and discounts of $31,747); $813,081;
inventories, $2,118,026; cash value of life insurance policies, $18,416;
investments, non-current, receivables, &c., $231,545; prepaid expenses and
deferred charges, $84,606; property, plant and equipment (less depreciation
of $7,450,227)
$5,490,305; water rights, $1,788,717; total, $10,653,739.
Liabilities—Bank loans, $314,500; trade payables (incl. notes of $6,800),
$197,518; miscellaneous payables, $22,539; accrued expenses, $277,317;
provision for income taxes, $68,400; current maturities of funded debt, $1,000; funded debt, $2,258,378; other liabilities, $61,098; common stock
($100 par)
$6,262,500; premiums on capital stock, $800,000; surplus
arising from appraisal of properties, $2,045,534; earned surplus, $1,349,355;
unallocated stock dividend distributed in 1928, Dr$3,000,000; treasury stock
(44 shares at par, cost $3,116), Dr., $4,400; total, $10,653,739.—V, 151,
Assets—Cash in banks and on hand,
p.
a
Buildings, mach., railroad
Work animals,
Balance Sheet Dec. 31,1939
995
$1,664,139
2,193,271
100,217
46,812
Land, including pastures
rolling stock, &c
livestock and equipment
Planted and growing cane
Sugar on hand (less
Molasses on hand
Nevada-California Electric Corp. (& Subs.)—Earnings
1940—Month—1939
1940—12 Mos.—1939
Operating revenues-....
$456,870
$458,418 $5,174,843 $5,482,492
Maintenance
16,628
22,782
225,846
249,588
Other oper. expenses
145,841
181,140
2,002,180
2,230,136
Taxes
48,738
42,609
562,587
553,694
Depreciation......
51,140
48,945
596,847
594,171
receivable (less reserve)
Cash in banks and on hand
Cash in hands of trustee
$1,787,383
595
33,826
21,225
$163,537
112,767
$1,821,208
1,342,815
$1,876,127
1,365,262
6,694
6,803
81,119
82,277
1,131
1,179
13,633
13,616
$77,654
$42,788
$383,642
$414,972
1,374
4,132
2,275
15,514
36,790
3,439
47,205
67,641
$75,588
Interest.
$162,942
$196,360
110,881
Gross income
$44,644
$351,951
$384,121
Amortization of debt dis¬
count & expenses
Misceil. deductions.....
Net income
Profit
on
retirement
of
- -----
$4,659,735
Liabilities—
$100)
—
7% sinking fund goid bonds
1st mtge.
$4,933,289
5,892,500
$3
Total
b Common stock (par
Bills
8,099
8,096
12,194
17,474
Deferred charges
$3,892,500
payable
Drafts and notes
Accounts
payable
395.000
27,691
695,718
394,000
27,691
550,449
5,432
11,279
-
payable
—
Miscellaneous liabilities
10,449
1,890
""213
and insurance
Est. exps. of shipping molasses sold
c Capital surplus
434
2,356
Unclaimed wages..
11,224
Accrued interest, rents, taxes
157
607,500
831,840
607,500
709,117
$4,659,735
Total.
$4,933,289
depreciation of $3,020,780 in 1940 and $2,895,205
After reserve for depreciation of $3,020,780 in 1940 and $2,895,205
in 1939.
b After deducting 6,075 shares acquired and held in treasury,
c Through acquisition,
without consideration, of 6,075 shares of the com¬
pany's stock.—V. 149, p. 2521.
i
After reserve for
a
a
New Orleans Public
Calendar
Pbonds & debs, (net)...
Other misceil.debits (net)
660
33",763
$1,854,903
$194,522
1,837
Net oper. revenues...
'
826
52,749
23,868
58,475
Accounts
Deficit
Other income.....
2,305,474
96,944
29,093
165,596
149,182
458.949
268,670
reserve)
Merchandise in stores
Cuban censos
Period End. Aug. 31—
$1,665,236
135,629
97,605
and contractors (less reserve)._
Materials, supplies & mdse. in stores & in transit.Advance to colonos
from
Service Inc.-—Earnings—
1939
1938
$18,964,860 $18,322,153
12,132,913 12,047,558
2,349,814
2,124,000
Years—
Operatingrevenues
Operating expenses, incl. taxes
Property retirement reserveappripriations
Earned
surplus avail,
redemption
of
bonds, dividends, &c
—V. 151, p. 1728.
for
$4,482,133
1,552
—
•
Gross income
Nevada Northern
Ry.—Earnings—
1939
$46,793
1938
$50,415
39,250
27.516
18.998
8,526
25,668
19,869
$56,602
29,743
23,818
484,721
269.045
Gross from railway
416.919
196.584
124,858
342,531
125,680
80,648
449,477
220,706
163,752
Net from railway
Net ry. oper. income...
From Jan. 1—
Net from railway
Net ry. oper. income.182,701
1285.
New Jersey
on
mortgage bonds
Other interest and deductions—
Interest charged to
$1,567,752
construction
Net income
Balance Sheet Dec. 31
Gross from railway
—V. 151. p.
Interest
1937
1940
$70,538
August—
$4,160,416
2,406,279
246,144
Cr59,759
$1,947,072
(net).
$4,150,595
9,821
$4,483,686
2,284,038
252,576
Net operating revenues
Other income
prop.,
1939
$379,742
408
71,713,902 72,029,870
Investment & fund
Water Co.-—Earnings—
Calendar Years—
Operating revenue
Non-operating income.—
a
and
equipment
1937
$373,380
222
219,651
2,381,071
723,033
3,085
1,608,297
Taxes accrued
285,491
160,340
Other current
13,539
1,794
Deferred debits.— 1,669,327
49,217
1,826,203
Special
Gross earnings..
$380,151
$373,816
$373,602
Operating expenses
Maintenance
90,490
88,832
92,566
13,996
Accts receivable-_ 1,652,130
Mat'ls & supplies.
413,168
14,932
10,454
82,772
30,000
15,663
9,656
83,800
30,000
14,755
Prepayments
76,033
30,000
$151,502
79,650
$145,863
79,650
227
8,071
$153,195
79,650
60
8,071
,1^46
1,506
$56,369
$63,907
Other
Reserved for retirements
7,051
Other current and
accrd.
assets
Interest
on
funded debt
Other interest charges
...
Amort. o>f debt discount and expense.
Miscellaneous deductions
49
8,071
1,402
61,176
67*381
Customers' deps
1,076,910
1,048,437
698,063
579,578
823,822
854,508
accrued
Interest
and
115,212
accrued liabils
Deferred
$62,328
Net income
Balance Sheet Dec. 31, 1939
plant and equipment, $2,722,416; cash, $133,856;
receivable (net), $22,402; water charges accrued, $16,043; materials and supplies, $9,669; prepayments, $1,113; unamortized debt
Assets—Property,
accounts and notes
a
par
78,963,178 79,286,260
New York Auction
Directors have
116,588
.1,720,399
1,636,131
78,963,178 79,286,260
Total.
b Represented by 753,367 no
Co., Inc.—To Pay 25-Cent Dividend—
declared a dividend of 25 cents per
stock, payable Oct. 15 to holders of record Oct. 1.
tion was the 15 cent dividend paid on Dec. 27, 1937
mentioned in last week's
34,273
2,113,877
In
Contributions
Represented by 77,798 no par shares,
shares.—V. 151, p. 1903.
,
157,515
115,196
3,821,542
credits—
Reserves
Earned surplus
Total
7,779,800
Matured Interest
aid of construct.
Gross income
5
stock.18,834,169 18,834,169
62,016
3,116,733
Cash
Notes receivable..
Taxes, Federal income.
Stk 7,779,800
$7 cum. pref.
b Common
• "
1938
Long-term debt—43,209,130 45,439,790
604,652
Accounts payable.
591,171
136,146
Dividends declared
deposits-267,419
Working funds...
39,154
accounts
1938
$373,594
222
5
Liabilities—
S
S
Assets—
Plant,
>
1939
1938
1939
"Chronicle, page
share on the common
Last previous distribu¬
(not 1939 as erroneously
1904.—V. 151, p. 1904.
Volume
The Commercial & Financial Chronicle
151
New York New Haven & Hartford RR.—Oct. 1 Interest
on New York Providence & Boston
RR. 4s—
The interest due
Oct.
1, 1940, on New York Providence & Boston RR4% gen. mtge. gold bonds, due 1942, was paid on that date at office of
Central Hanover Bank & Trust Co., New
York.—V* 151, p. 1904.
New York Ontario & Western
August—
1940
Gross from railway
Net from railway
Ryv- -Earnings-
1939
$536,801
def26,561
def82,382
3,674,955
134,555
def505,119
4,313,196
387,736
def258,445
4,248,151
220,905
def460,932
60,406
Net ry. oper. income___
From Jan. 1—
$553,409
9,391
$525,416
26,787
def44,053
or
sinking fund
639,520
def8,524
Connecting
RR.—Bonds
Offered—A
group
including
63
sub-underwriting
houses
publicly
ofered Oct. 4 a new issue of $27,333,000 1st
mtge. 3Vl%
bonds, series A, due 1965, the first public financing operation
of this transportation unit since 1926.
The bonds, which are
unconditionally guaranteed by endorsement and by agree¬
ment as to principal and interest and
sinking fund payments
by the Pennsylvania RR. and the trustees of the property
of the New York New Haven
& Hartford RR., are
priced
at 102 and interest.
The complete list of
tions, is
as
1939
$224,091
sub-underwriters, with their participa¬
follows:
120,890
166,296
94,477
$133,278
70,765
12,421
1,639,942
1,126,507
849,394
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
1,650,868
1,103,712
797,865
1,959,400
1,095,917
542,366
1,838,496
1,421,264
948,688
New York & Richmond Gas Co.
Period End. Aug. 31—•
Baker, Watts &Co..
A. G. Becker & Co., Inc
Biddle, Whelen & Co
Co,, Inc
Blyth & Co., Inc
$150,000
100,000
250,000
Ladenburg, Thalmann & Co.
Lazard Freres & Co
600,000
Lee Hlgginson Corp
600,000
Lehman Brothers
600,000
250,000
Laurence N. Marks & Co
600,000
Bonbright & Co., Inc
Mellon Securities Corp
Merrill Lynch, E. A. Pierce &
600,000
150,000
Alex. Brown & Sons........
Central Republic Co
200,000
Clark, Dodge & Co
250,000
F. 8.
E.W. Clark & Co
150,000
G. M.-P. Murphy & Co
W. H. Newbold's Son & Co..
....
Dillon, Read & Co..
Dominick & Domlnick
Drexel & Co
250,000
200,000
1,350,000
Cassatt
1,000,000
250,000
Moore, Leonard & Lynch
Moseley & Co
100,000
Paine, Webber & Co
300,000
150,000
150,000
250,000
250,000
250,000
600,000
Eastman, Dillon & C0.1
.
El kins, Morris & Co
Estabrook & Co
300,000
100,000
...
Dick & Merle-Smith
income
after
1937
$240,052
Earnings—
1940—Month- -1939
$92,984
1940—21 Mos.—1939
$1,232,045
$1,204,325
321,366
322,322
149,872
168,751
re¬
tirement accruals
Net income..
21,067
7,684
24,481
11,379
—V. 151, p. 1904.
New
York State Electric & Gas Corp.—-Public Service
Commission Denies Permission to Issue $24,000,000 Securities
—Financial Practices Hit—
7
1
The New York State Public Service Commission
refused Oct. 1 to grant
the corporation permission to issue
$24,000,000 in stocks and bonds for
refunding and construction and said that the permission would not be
granted until "the company comes before the Commission with clean hands
and shows a disposition to conform to sound
capitalization practices."
Corporation is one of the largest operating subsidiaries in the Associated
Gas & Electric system.
The company sought to issue
$20,584,500 first mortgage bonds at a rate
exceed 354 % to mature not earlier than
1964, the proceeds to be
applied to redeeming a like amount of 453 % bonds
not to
maturing in I960 and
Corporation also sought to issue $3,500,000 of cumulative preferred
%.
over a period of years
the unamortized balance of debt, discount and
expense of $1,779,074,
which represented on June 30 the
remaining unpaid cost of issuing the bonds
it asked to refund, the Commission said.
It also sought to amortize over
a 10-year period the $446,590 in
premiums to be paid on the refunded bonds.
The company pleaded that it did not have
enough money in its earned
surplus account to pay these costs.
William T. Wilkinson, Commission
examiner, in a memorandum approved by the Commission, said that, while
the company could not afford to make these
payments out of earned surplus,
it has paid dividends in the last 6 XA years
totaling $9,895,000 to NY PA
NJ Utilities Co., an intermediate company also controlled
by the Associated.
Mr. Wilkinson said that during 1940 up to June 30, the
corporation has
paid $1,445,000 in dividends on its common stock and that the total for
1940 will be about $2,400,000.
"Manifestly," the Commission said, "any proposal to pay common stock
dividends of $2,400,000 during the current year
contemplates the granting
of the amortization request herein if the
refunding securities are authorized.
Conversely, if the company were to give effect to the refunding without
the collateral permission to amortize the amount applicable to refunded
securities it would be unable to pay common stock
dividends, at least in the
1980.
A. C. Allyn & Co., Inc......
Blair &
1938
$177,502
104,067
68,745
140,049
Operating revenues.$95,246
headed by Morgan Stanley & Co., Inc. and Kuhn, Loeb &
and
1940
Gross from railway
Net from railway
Gross
Co.
•
Earnings for August and Year to Date
4,529,595
—V. 151. p. 1285.
York
moneys.
August—
—V. 151, p. 1285.
Gross from railway
Net from railway
Net ry. oper. income..,
New
2053
bonds purchased or redeemed to the date of purchase
redemption shall be paid by the company out of moneys other than
on
Net ry. oper. income
1937
1938
$473,033
35,803
def61,129
Accrued interest
...
First Boston Corp
First of Michigan Corp......
Glore, Forgan & Co
Goldman, Sachs & Co
Rlter & Co
150,000
200,000
100,000
E. H. Rollins & Sons, Inc....
L. F. Rothschild & Co
300,000
100,000
Salomon Bros. & Hutzler
300,000
250,000
1,200,000
100,000
300,000
R. W.
Pressprich & Co
Shields & Co
300,000
Singer, Deane & Scrlbner...
Smith, Barney & Co
.....
100,000
1,200,000
150,000
Graham, Parsons & Co
Hallgarten & Co.
600,000
Starkweather & Co.
150,000
.
Stone & Webster and Blodget,
Inc
350,000
Stroud & Co., Inc
100,000
250,000
Harriman Ripley & Co., Inc.
Harris, Hall & Co., (Inc.)...
1,200,000
300,000
Spencer Irask & Co
300,000
150,000
Tucker, Anthony & Co
200,000
Union Securities Corp
400,000
Hemphill, Noyes & Co.
300,000
White, Weld & Co...
400,000
Hornblower & Weeks.
W. E. Hutton & Co
250,000
Whiting, Weeks & Stubbs Inc.
150,000
300,000
Yarnall & Co
Jackson & Curtis.,
100,000
100,000
100,000
Kean, Taylor & Co.
Kidder, Peabody & Co
600,000
lotal
amount as heretofore.
"Upon the filing of the applications for reorganization by Associated
250,000
Hayden, Miller & Co..
Hay den, Stone & Co
stock for refunding, the dividend rate not to exceed
The company also asked for permission to amortize
...$21,300,000
Dated Oct. 1, 1940; due Oct. 1, 1965.
Interest payable A-O.
Noncumulative sinking fund of 1 % per annum of the
aggregate principal amount
of bonds issued under the first
mortgage (except bonds issued in lieu of other
bonds) to be applied to the purchase or redemption of first mortgage bonds.
Redeemable at option of company as a whole at any time, or in part on
any
int. date, upon 30 days' notice at
following redemption prices: to and incl.
Oct. 1, 1944, at
107%; thereafter, to and incl, Oct. 1, 1947, at 106%;
thereafter, to and incl. Oct. 1,1950, at 105%; thereafter, to and incl. Oct. 1,
1953, at 104%; thereafter, to and incl. Oct. 1, 1956, at 103%; thereafter,
to and incl. Oct. 1, 1959, at
102%; thereafter, to and incl. Oct. 1, 1962, at
101%; and thereafter at 100%; in each case together with accrued interest.
The issue, guaranty and sale of the bonds are
subject to approval of the
Interstate Commerce Commission and the guaranty of the bonds
by the
trustees of the property of New York New Haven & Hartford
RR., is subject
to authorization by the U.S. District Court for the District of Connecticut.
In the opinion of counsel these bonds
upon issuance will be legal invest¬
ments for savings banks in the State of New York.
Company—Company is a joint undertaking of the Pennsylvania and the
New Haven railrodas which facilitates
interchange between them of freight
traffic moving into and out of New England end
provides the only all-rail
route through New York
City for passenger traffic between New EnglandCanadian territory and points to the south. These movements involve, in
addition to the New York Connecting, the use
(for passenger traffic) of the
facilities of the Pennsylvania Tunnel & Terminal RR., in which the
Pennsyl¬
vania has an investment of more than $125,000,000 and the use of the
Harlem River and Port Chester line of the New Haven, in which there is an
investment of more than $32,000,000. Without the New York Connecting
it would be
necessary to float from three to five million tons of freight a
year 14 miles between Jersey City and the New Haven's Oak Point Yard,
resulting in substantially increased operating costs and in slower and less
certain interchange deliveries.
NThe railroad of the company consists of two passenger and two freight
tracks extending from the New Haven connection at Port
Morris, the
Bronx, over the Hell Gate Bridge, to Sunnyside Junction, Queens, where
the passenger tracks diverge to a connection with the
Pennsylvania Tunnel
Extension a mile beyond, while the freight tracks continue to a connection
with Long Island RR. at Fresh Pond Junction,
Queens, eight miles from
Port Morris. Company's freight operations continue from this
point under
trackage rights over Long Island RR. for 1% miles to a float-bridge at
Bay Ridge, Brooklyn, where connection is made with the car-float operating
to and from the
Pennsylvania railhead at Greenville, J. C., a distance of
3H miles.
The entire railroad of the company is electrified and is con¬
Gas & Electric Co. and Associated Gas & Electric
Corp, and the appoint¬
of trustees over the estates of those corporations, the
hope was en¬
tertained," the Commission said, "that NY PA NJ Utilities Co., upon being
subjected to the control by and indirect supervision of the trustees of
Associated Gas & Electric Corp. would be less exacting upon the
petitioner
ment
herein (New York State Electric & Gas
Corp.) in the matter of dividends
and that the theretofore policy of extracting the last pound of flesh would
be somewhat relaxed.
"Apparently that is not to be," it said.
"Instead, this Commission s
asked to approve an amortization proposal which would permit of a continu¬
ance of that policy."
>
•
'
,
Mr. Wilkinson also charged in his memorandum that the company's
proposed refunding operation and stock issue is deficient and indefinite in
several other important respects.
"Perhaps this company is not at fault," the Commission said.
"As
previously stated, it is controlled by NY PA NJ Utilities Co., a holding
which is in turn controlled by the trustees of Associated Gas &
Electric Corp.
Prior to the institution of reorganization proceedings of
was
company,
Associated Gas & Electric this Commission was well aware of the many,
varied and devious methods employed by the controlling interests in siphon¬
ing the earnings of this company.
"As legislation was forthcoming the Commission, with the authority thus
added, was enabled to stopper many of the leaks," the report continued.
"The controlling interests thereupon availed of the remaining principal
as a result the extraction of earnings
outlet—the dividend channel—and
did not diminish."
Statement
by Trustees—
At the office of the trustees it was pointed out that the financing was
before the trustees assumed control of the Associated System
and attention was called to a statement by the Commission that the re¬
duction in charges was desirable.
The trustees will work with the Com¬
mission in an attempt to aid New York State Electric & Gas Corp. to fulfill
any requirement laid down by the Commission before the proposal is again
presented, it was said.—V. 151, p. 1285.
proposed
New York
Susquehanna & Western RR.—Earnings—
1940
$235,075
62,546
def1,752
1939
$197,280
22,252
def32,242
2,086,738
1,970,742
756,449
642,443
293,331
104,407
August—
Gross
from
railway
Net from railway
Net ry. oper. income
From Jan.
from
Gross
151,
1937
$216,699
def26,343
defl 1,586
1,973,497
607,879
28,569
2,203,533
754,364
36,177
1—•
railway
Net from railway
Net ry. oper. income
—V.
1938
$209,212
44,389
p.
267,324
1285.
Norfolk
Southern
RR.—Time
Extended for
Deposit of
Securities—
contested
15 of the time within which deposits of securities
made under the reorganization plan was announced Oct. 1 by
Shanks, reorganization manager.
More than $9,000,000 of the company^ securities has been deposited so
far under the plan, Mr. Shanks announced.
Expressing the opinion that
the best interests of the security holders will be promoted by the early
consummation of the plan, he urges all non-depositors to take advantage of
the extension to deposit their securities.
Certificates of deposit issued by the reorganization manager with respect
to the Norfolk & Southern first mortgage 5% bonds, due 1941 and the
Norfolk Southern 1st and refunding mortgage 5% bonds, due 1961 have
been admitted to trading on the New York Stock Exchange.
erty and appurtenances now owned by the company.
An additional $2,667,000 of bonds of series A or of any other series may
from time to time be issued under the first mortgage.
Bonds may also be
issued in lieu of bonds retired otherwise than by the sinking fund.
The
Gross from railway.„
Net from railway
structed either
over or
under all streets which
are
crossed.
Purpose—Net proceeds to be received by the company from the sale of
the bonds ($27,333,000 exclusive of accrued interest),
together with funds
frovided 1941, of company, will be used forfirst mortgage 4J^% or before
by the $27,333,000 outstanding the redemption on and 5%
'eb. 1,
bonds, due Aug. 1, 1953.
Security—In the opinion of counsel for the
secured
company, these bonds are
(subject to liens for taxes and assessments not yet due or being
in good faith) by a first lien on all the lines of railroad, real prop¬
provisions of the first mortgage with certain exceptions therein specified
may be modified by the company and the trustee with the approval of holders
of 66
2-3% in principal amount of outstanding bonds affected.
Purchase—Subject to certain terms and conditions, Morgan Stanley &
Co., Inc. and Kuhn, Loeb & Co. have agreed to purchase these bonds from
the company at
100% and accrued interest to the date of delivery.
Sinking Fund—Indenture provides that so long as any bonds are out¬
standing thereunder the company will pay to the trustee on Oct. 1, 1941,
and on each Oct. 1 thereafter an amount equal to 1% of the aggregate
principal amount of bonds theretofore issued thereunder excluding bonds
issued in lieu of other bonds retired. Sinking fund payments may be made,
in whole or in part, in first
mortgage bonds at their principal amount.
Cash sinking fund payments are to be applied by the trustee to the purchase
(from the company or otherwise) for cancellation of first mortgage bonds,
if the same can be purchased at not
exceeding the applicable redemption
prices in effect on the next interest payment date. If on Feb. 10 in any year
the cash in the sinking fund is $50,000 or more, the same shall be applied
on the next April 1 to the
redemption of first mortgage bonds drawn by lot.
An extension to Nov.
may
be
Carrol
M.
Earnings for August and Year to Date
August—
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
—V. 151, p. 1285.
1940
$365,206
1939
$375,490
73,722
24,487
61,569
14,630
2,927,325
455,065
49,612
3,017,791
580,313
184,213
1938
1937
$358,273
64,981
21,414
$356,324
43,998
2,983,904
589,033
201,106
3,365,807
def3,456
790,069
345,014
Norfolk & Western Ry.—New Director—
George H. Pabst Jr. has been elected
a
director of this railway, to succeed
A. J. County, resigned, it was announced on Sept. 24.—V. 151, p. 1904.
North American
Aviation, Inc.-—To Build Dallas Plant—
Backlog—
Company has completed plans for construction of a plant at Dallas to
estimated $7,000,000.
The plant, involving 1,000,000 square feet
is expected to be completed and ready for occupancy in March,
1941.
Simultaneously company announced current backlog of unfilled
cost an
of space,
The Commercial & Financial Chronicle
2054
orders of $225,000,000, an increase
of $135,000,000 over previously
reported
plant will employ between 10 000 and 12.000 men in addition
to upwards or 15,000 employes at the Inglewood, Calif., plant which will
be expanded by 1,000,000 seuare feet of floor space by Jan. 1.
The Dallas
plant will be the first divisional unit to be created in the southwest by a
jp&cijTIc
producor^
J. L. Kindelberger, President, in announcing the increased backlog and
and plant addition stated that due to fact company "on its responsibility"
plunged into the task of building planes for the War Department before
the first air crops expansion contracts were placed in August, the first
ship under the program has already been completed.—V. 151, p. 997.
The Dallas
Northeastern Water & Electric
Corp.-—SEC Bars Bur-
Dividends While
of Unit—Holds Company Cannot Pay
Outstanding —
chase
Note Is
Federal Judge in New York, the Securities and Ex*
change Commission ruled Oct. 2 tnat the corporation could not pay divi"
dends on its capital stock so long as any part of a $1,000,000 note which
it proposed to issue remained unpaid.
Northeastern, a unit of the Asso¬
ciated Gas & Electric System, sought to issue the note in connection with
the purchase of the Union Water Service Co.
Federal Judge Vincent L. Leibell, in whose court in New York a re¬
organization or the Associated Gas system is pending, recently said that it
would be "unreasonable" for the SEC to order the dividends withheld,
adding that "if conditions imposed by the SEC in the future are reasonable
and necessary, that is one thing, but if they lack those qualities they will
not be approved by this court.
"It is clear," the SEC set forth in its long opinion on the Northeastern
case, "that Congress did not intend in the Chandler Act (a bankruptcy
law) to modify in any way the jurisdiction and powers of this Commission
under the Public Utility Holding Company Act.
.
.
"That Associated Gas & Electric Corp. is under the supervision of a Fed¬
eral Court sitting in bankruptcy, through trustees in bankruptcy, does not
in any way relieve us of our statutory duties under the Holding Company
Act.
It is still a plain statutory duty to protect the direct public investors—
Including the public holders of bonds and preferred stocks—of the sub¬
Taking issue with
a
sidiaries of that holding company.
...
"We have never intended, nor do we ever
we nor
obliged it to deny permission to issue, or sell, a security of a utility company
security did not meet the standards set by Congress.
Associated Gas owns the common stock of Northeastern indirectly
when it found that the
through Northeastern Water Co., Inc.
The Commission said that this
stock, together with capital and earned surplus, amounted to "at
best" 12.2% of North eastern's total capitalization.
Asserting that this represented "an extraordinarily thin margin," the
SEC held that, nevertheless, the corporation's dividend policy was con¬
common
trolled through the common stock.
The Commission's order also included approval
of
application under
utility subsidiaries
an
which Northeastern proposed to dispose of its electric
in Ohio with a stipulation that if it failed to sell them
within six months,
it would consent to an order by the Commission requiring the disposition
under the so-called "death sentence" Holding Company Act
The Ohio subsidiaries are the General Utilities Co., New London Power
Co., Ohio Northern Public Service Co., and the Western Reserve Power &
.
of Interest—
By orders entered April 30, 1940 and June 17, 1940 by the
U. S. District
Court for the Northern District of Ohio, Eastern Division, the trustees were
authorized to make payment as of Oct. 1, 1940. of amounts equal to the
plan of reorganization of Akron Canton & Youngsand Northern Ohio Railway Co., approved by the Interstate
interest which, under the
Commerce Commisson and by the court, would have
April 1, 1940 to Sept. 30.
1940.
accrued for the period
the consolidated mortgage bonds. 4%
on
series A, issuable to the holders of the first mortgage 5% gold bonds of the
Northern Ohio Ry., and to the holders of detached complete sets of eight
1935 to Oct. 1,
bonds.
be made
upon presentation of bonds by the holders thereof
to Central Bank &
Trust Co., 70 Broadway. New York, as agent of the trustees for that
bearing the
bond number, dated April
same
1.
1938. both dates inclusive, formerly appurtenant to any Northern
All such payments, in amounts authorized by said orders, will
purpose,
(1)
and will be
as
follows:
the unregistered
Northern bonds as to which complete coupon sets have been pre¬
viously presented to and retained by said agent....
$12.00
(2) On unregistered bonds accompanied by less than all coupons
dated April 1, 1935 to Oct. 1, 1938, both dates inclusive, with respect
to principal only
10.00
(3) On complete coupon sets presented to said agent accompanied
by bonds to which appurtanant.^..
2.00
On
the
registered
Northern
bonds
and
on
-
.
All
bonds
will
be stamped with
an
appropriate legend to evidence the
payment or payments made to the holders thereof, and thereafter will be
returned to the holders as they may direct, together with checks represent¬
ing such payments.
Coupons, to the holders of which no payment, is to
be made on account of the interesest which would have been payable to
them on the consolidated bonds issuable under the plan in exchange for
such coupons, will be returned by the agent to the holders presenting them.
Prior to the issuance of the consolidated bonds under the plan, if finally
consummated,
the reorganization
will detach from such bonds
issuable in respect of all stamped Northern bonds and of all complete
coupon sets, coupons of the earliest available maturities appertaining to
such consolidated bonds of
a
managers
face amount equal to the amount so
buted and will cancel such coupons.
To secure the payment to which
distri¬
bondholders are entitled, they should
present or forward their bonds and coupons by registered and insured mail
to Central Hanover-Bank & Trust Co., for aupropriate stamping, together
with the letter of transmittal.—V. 151, p. 855.
Directors have declared an initial dividend of $1.25 per share on the
5% Preferred stock, payable Oct. 1 to holders of record Sept. 27.—V. 151,
p. 1905.
Northern Pacific
55,339
From Jan.
from
—V. 151, p.
1939
1938
1 937
$7,017,590
2,121,564
1,705,964
$6,441,701
1,755,349
1,350,559
$6,435,682
1,955,678
1,505,684
$6,354,585
1,526,417
1,240,437
43,302,938
9,309,283
6,852,504
39,755,265
6,091,540
35,476,270
3,965,320
1,459,081
42,406,596
6,922,668
6,126,643
1—
railway
Net from railway
Net ry. oper. income...
3,526,690
1437.
Northern States Power Co.
(Del.) —Weekly Output —
Electric output of the Northern States Power Co. system for the week
ended Sept. 28,1940, totaled 30,861,211 kwh., as compared with 29.001,366
$369,028
51,117
15,880
1,950,212
def493,518
def745,003
2,174,528
defl2,357
def236,014
$374,005
33,261
2,576,287
37,647
2,125,249
def42,902
def297,462
Net from railway
Net ry. oper. Income
—V. 151, p. 1287.
Northwestern Utilities,
def2,380
„
„
Gross from railway
206,402
def4,421
Ltd.-—Earnings—
Earnings for the Year Ended Dec.
31, 1939
Gross income from operations
$1,105,055
..
544,577
Operating expenses and taxes
130,097
Provision for amortization.
Net
operating income
Miscellaneous income
$430,381
—
....
2,059
$432,440
118,398
3,924
995
Total income
Interest
on
funded debt
Interest on consumers'
deposits
jobbing..
Loss on merchandise and
Proportion written off bond discount and expenses
Proportions written of leases, wells, property rights &
14,280
10,000
—
intangibles.
40,694
$244,148
Net income
60,756
6% cumulative preferred dividends
150,000
Common dividends
Balance Sheet Dec. 31,
Assets—Fixed
1939
$7,113,568; investment in securities of affiliated
assets,
exploration company, $1,525; cash, $133,664; cash in hands of trustees in
excess
of requirements for redemption of bonds called, $481; accounts
receivable (net), $134,976; advances to officers and employees for traveling
and other expenses, $1,428; due from affiliated companies, $25; appliances
leased and on approval to customers (ilfet), $3,759; materials, supplies and
tools, $104,120; equipment on rental (net), $1,122; deferred charges, $161,087; total, $7,655,755.
Liabilities—6% cumulative preferred stock, $1,012,600; ordinary shares
($25 par), $1,500,000 funded debt, $2,500,000; reserve for amortization of
fixed assets, $1,825,901; consumers' deposits, $85,535; accounts payable,
$43,031; accounts payable to affiliated companies, $6,045; interest accrued
on funded debt, $8,958; unclaimed consumers'
deposits, $526; franchise,
corporation and municipal taxes and Provincial and Dominion income
taxes. $109,798; other liabilities accrued, $1,057; miscellaneous reserves,
$50,255; earned surplus, $512,048; total, $7,655,755.—V. 148, p. 2752„•
Light & Power Co., Ltd.—Earnings-
Nova Scotia
$2,051,712
1,283,049
$2,153,365
1,340,125
1936
1937
1938
1939
Calendar Year—
$2,050,283
1,248,586
215,353
$1,989,856
1,169,848
203,024
247,872
222,738
$565,368
170,207
$545,925
136,162
$586,344
119,715
75.994
$735,575
$682,087
Interest and exchange..
157,407
Provision for deprecn..
Bond discount
220,000
25,223
159,312
200,000
24,874
$706,059
172,707
230,000
15,978
$692,978
210,233
150,000
3,548
$332,945
139,350
$297,901
120,000
$287,372
115,500
$329,197
102,000
.207,138
198,507
172,615
155,353
~~
Net oper.
income
Miscellaneous income—
Gross income
Net income—
Preferred dividends
Ordinary dividends
.
$6~16,984
Balance Sheet Dec. 31, 1939
$8,372,093; shares of subsidiary
companies, $1,021,369; bonds of subsidiary companies, $3,563,116; funds
on deposit with trustee for bondholders, $210,500; cash, $26,571; accounts
receivable, $168,575; materials and supplies, $92,014; investment securities,
$4,002; bonds of Nova Scotia Light & Power Co., Ltd., $84,575; accounts
of subsidiary companies, $476,818; accrued interest on bond investments,
$50,387; prepaid and other deferred charges, $6,889; unamortized discounts
premiums and expenses, $587,985; total, $14,664,894.
Liabilities—6% cumulative redeemable preference stock, $2,430,000;
ordinary stock (34,523 shares of no par value), $1,661,755; 4% 1st mortgage
sinking fund bonds, $7,650,500; accounts payable, $156,919; bank loan,
$100,000; ordinary stock divdiend, $51,784; provision for income tax,
$51,768; accrued bond interest, $102,007; sundry accrued items and other
credits, $30,535; customers deposits and accrued interest thereon, $111,991;
reserve
for
retirements,
$1,950,661; miscellaneous reserves, $125,586*
surplus, $241,386; total, $14,664,894—V. 149, p. 118.
Assets—Property, plant and equipment,
Ohio Associated Telephone
Period
31—
End. Aug.
Co.—Earnings—
1940—Month—1939
$64,312
1940—8
A/05.—1939
151
$544,377
1,266
$516,083
159
$69,650
$543,111
360,829
$514,884
$69 809
Operating revenues
Uncollectible oper. rev..
1,199
46 200
$64 161
45,008
Net
$23 450
8,302
$19,153
7,520
$182,282
64.874
$165,179
Net
$15,148
$11,633
$117,408
$109,072
Operating revenues
Operating expenses
operating revenues
Operating taxes
—V.
operating income
151, p. 1153.
Old Dominion Water
1938
1937
$157,924
$196,480
325
288
272
$201,155
$158,212
95,791
14,006
$196,752
100,591
10,608
4,044
13,611
6,161
.
Gross earnings
Operating expenses
„
113,737
14,223
2,700
Maintenance
Federal income tax
15,361
6,392
15", 347
$48,741
$61,737
11,600
9,328
1,691
$26,735
6,767
18,158
1,182
$26,122
$629
$34,280
Other taxes
Reserved for retirements
Interest
Other
income
on
funded debt
interest
56,107
$200,830
1939
Operating revenue
Non-operating income
349,705
Corp.—Earnings
Calendar Years—
charges
Amortization of debt expense.
Net income
Balance Sheet Dec.
1940
railway
71.544
Net ry. oper. income
From Jan. 1—
1937
1938
1939
$364,399
90,569
Gross from railway
Ry.—Earnings—
August—
Gross from
Net from railway
Net ry. oper. income...
—Earnings-
1940
$367,641
Net from railway
Gross
Northern Ohio Telephone Co.—Initial Dividend—
Gross
Northwestern Pacific RR.August—
Taxes
formal order im¬
posing rigid restrictions in connection with the proposed acquisition of the
Union Water Service Co., the deal would not be consummated.
Two weeks ago, at hearings before Federal Judge Leibell, the trustees
for the corporation, Wiilard L. Thorp and Denis J. Driscoll, indicated that
the restrictions proposed to be imposed by the Commission coincident to
the deal were unacceptable.
It was on the basis of the trustees' testimony
and position in the matter that the judge castigated the SEC for unneces¬
sarily "shackling the business judgment of the trustees."
Since the Commission's formal order of Oct. 2 laid down specific re¬
strictions on the payment of common dividends by Northeastern Water
& Electric Corp. ir the Union Water deal is carried out, the trustees, it was
said, feel that they would not be justified in making the acquisition.—V.
151, p. 1905.
coupons
50 cents per share on the common
1 to holders of record Oct. 15.
This compares with
25 cents paid in three preceding quarters: 50 cents paid on Dec. 20, 1939;
25 cents on Nov. 1, 1939, and in each of the three preceding quarters;
$1 on Dec. 20, 1938: 25 cents on Nov. 1,1938, and 75 cents paid on Dec. 20,
1937.—V. 150, p. 134.
Gas & Electric Corp.,
indicated Oct. 2 that, since the SEC had issued a
Ry.
Co.—To Pay 50-Cent Dividend—
Northwest Engineering
Directors have declared a dividend of
stock, payable Nov.
Operating expenses
Deal Will Not Be Consummated—
At the offices of the trustees for the Associated
town
6.4%.—V. 151
corresponding week last year, an increase of
1965.
Gross earnings
Light Co.
Northern Ohio Ry.—Distribution
1940
intend, to encroach in any
the jurisdiction or powers of the Bankruptcy Court
.
.
.
But
the Bankruptcy Court, nor the trustees, can disregard the
clear provisions of any act of Congress.
.
.
,
No order of the Bank¬
ruptcy Court can relieve this Commission of its plain duties under that
act.
Nor can any order of that court exempt the trustees in bankruptcy
from the provisions of that act applicable to them, any more than it could
exempt from the applicable provisions of the Federal Income Tax Law,"
The Commission further held that "broad duties" imposed by Congress
was
5,
Provision for income taxes
way on
neither
it
kwh. for the
p.
figure.
Oct.
6,332
27,457
31, 1939
plant and equipment,
$1,139,252; cash, $8,364;
(net), $23,358; water charges accrued, $12,827; materials
Assets—Property,
accounts receivable
and supplies, $6,192; prepayments, $457; unamortized
other deferred charges, $2,638: total, $1,202,439.
debt expense, $9,351;
Liabilities—Funded debt. $285,000; accounts payable, $223,782; accrued
interest and taxes, $12,420; customers' security and extension deposits,
$5,554; other deferred credits and liabilities, $453: retirement reserve,
$240,931: contributions for extensions, $10,486; common stock, $400,000;
surplus, $23,813; total, $1,202,439.—V. 147, p. 277.
Orchard Farm Pie
Directors
have
accumulations
on
declared
Co.—Accumulated Dividend—
a
dividend of $1.25 per share on account of
participating preferred stock, no par value.
the $5 class A
Volume
The Commercial & Financial Chronicle
151
payable Oct. 1 to holders of record Sept. 2C.
Arrearages after the current
payment will amount to SI per share.—V.
151, p. 112.
Outlet
Company has been awarded a contract totaling $3,817,884 to manufac"**
ture artillery material for the United States
Government.—V. 151, p. 1154.
Co.—Earnings—
6 Months Ended July 31—
Sales, after discount, &c
Cost of goods sold
1940
1939
1938
$3,289,103
2,214,175
Gross profit on sales
Income from leasing departments
$1,133,696
18,147
38,684
$1,165,451
$1,190,526
935,143
Broadcasting profit, under deprec...
$1,231,560
970,802
45,000
Pacific Portland
Oct
15.
Like amount
was
paid
Pacific Western Oil
6 Mos. End. June 30—
Gross inc. from all oper.
Oil and gas royalties
Dividends received
Gain
on
on
Corp. (& Subs.)
Balance
1938
$1,078,680
Drl79,003
100,040
$1,312,200
Drl87,686
295,502
$1,855,994
Dr272,970
789,358
$999,717
287,982
104,480
108,172
170,873
94,027
29,062
60,964
58,183
....
Depreciation,
&c____.„
taxes
....
Interest..
Amort, of bond discount
expenses
5,224
5,500/
Federal income taxes
profit
72,279
218,686
285,892
60,883
66,811
96,663
25,000
Earns, per sh. on 1,000,000 (par $10) shs.
cap.
70,000
$1,002,298
$0.46
$1.04
June
30, '40 Jan.1, '40
$
Cash...
372,302
220,579
123,431
9,947,085
9,947,085
Tide
Water
Assoc. Oil Co. 1,721,659
Tapo Mutual
1,721,690
Inventories.
Inv. assets at cost:
xMissionCorp..
for
come
Water Co. stk.
■
,
334,527
334,220
110,000
taxes
requirements
Other accr.liabil..
110,000
—*V. 151, p.
115,128
66,675
71,724
par)
.....10,000,000
Capital surplus—
10,000,000
reserves &
deferred credits.
Capital stock
8,008,366
8,170,641
252,013
186,822
3,416,500
3,582,263
Earned surplus
20,924,999 20,807,8511
Total
3,416,500
Postal
3,507,015
....20,924,999 20,807,851
....
—v.
Earnings
Company has been awarded
Operating
1940
1939
$1,427 897
$2.80
$3.40
1153.
Oper
for
on
1937, to July
of
Sept. 27 authorized the
1, 1958, the date of
lirst-mortgage 6% gold bonds.
company to extend
expenses
$2,995,134
Lrl81,461
$4,543,780
Drl97,594
$4,644,387
$2,813,673
1,892,212
$4,346,186
2.576,982
$4,361,183
2,865 403
$921,461
$1,769,204
$1,495,780
—V. 151, p.
by
Service Co. of Oklahoma with all the natural gas used as fuel in the
opera¬
of the generating station.
tion
Public
Gross from railway...
*
...
...
$810,799
211,166
def66,066
$841,856
282,239
14,204
From Jan. 1—
Gross from railway.
4,056,315
3,866,014
Net from railway....
62,892
17,244
Net ry. oper. income. ...def1391,541 defl343,963
...
—V,
151,
p.
Service
Corp.—V,
p.
$781,116
235,304
52,490
of Oklahoma
is
a
subsidiary of The Middle West
1155.
Aug. 31—
1940
Operating
a
revenues
Balance for interest
....
....—
p.
1908. '
Railway Express Agency, Inc.—Earnings —
Period
End. July 31—
1940— Month—1939
1940—7 Mos.—1939
Charges for transports.$12,196,462 $11,391,018 $96,533,438 $92,891,710
Other revenues & income
209,672
243,783
1,512.561
1,604,885
4,576,657
def52,063
518,946
defl452,487 defl029,844
1287.
Aug. 31, 1932.
Number of shares "foreign" held is reported at 606,034, an increase of
over a year ago, but it is noted that the June 30, 1940
statement is
affected by adjustments to classify as "foreign" certain accounts with
19,937
Total revs. & income.$12,406,134 $11,634,801 $98,045,999 $94,496,595
Operating expenses
8,750,141
8.317.851
61,771.746
59,000,014
Express taxes.
Interest
&
601,492
552,196
4,203.693
3,902,492
86,335
8,072
discount
80,995
8.847
591,475
547,455
on
funded debt
Other deductions
;
64,514
53,599
$2,674,912 $31,414,571
$30,993,035
x
Rail transports rev. $2,960,094
x
Payments to rail and other carriers (express privileges).—V. 151, p. 1438
Rayonier, Inc.—$1.50 Preferred Dividend—
Directors
have
declared
a
dividend of $1.50 per share on account of
$2 cumulative preferred stock, payable Oct. 25 to
This payment will clear all accruals on the issue.
American addresses,
accumulations
recent trends.
holders of record Oct. 10.
of the
—
Company has been awarded a contract to manufacture artillery material
for the U. S. Government totaling $5,775,575.—V. 149, p. 2985,
3,665,490
Stockholders showed a further slight contraction in the second
quarter of
1940.
Total on June 30 of 207,679 showed a decrease of 1,026 from
March
31, 1940, and a decrease of 4,679 from June 30, 1939. Average
holdings at
June 30, 1940, was 63.40 shares, as compared with 63.09 at
March 31,
and with 62.0 a year
ago.
Shares outstanding were unchanged at 13,167,754.
The June 30 total is the smallest figure reported in recent
years.
Peak number of holders was 252,142 reported as of
eve
$16,543,740 $16,314,699
5,501,430
5,832,565
2,048,582
2,041,311
income (net).—V. 151,
Pullman-Standard Car Mfg. Co.—Government Contract
1937
$946,179
337,541
29,039
Pennsylvania RR.—Number of Stockholders—
the
,
1939
Balance for dividends and surplus..
a After
depreciation and including non-operating
1130.
1938
Co.
151, p.
Puget Sound Power & Light Co. {& Subs.)-—Earns.
on
Pennsylvania- Reading Seashore Lines—Earnings—
Merge Subsidiary•—
Exchange Commission Sept. 24 announced that com¬
had filed an application (File 70-161) under the Holding Company Act
regarding the proposed acquisition of all the property and assets of its
wholly-owned non-utility subsidiary, Weleetka Pipe Line Co.
Weleetka
owns gas gathering lines and a gas transmission line in Okfuskee
County,
Okla., which are used to furnish the Weleetka generating station of Public
12 Mos. Ended
interest. Payment will be made at the
Pennsylvania Co. for Insurances
Lives and Granting
Annuities, Philadelphia, Pa.—V.
.rr;:
The Securities and
Penn-Jersey Water Co.—Bonds Called—
Net from railway
Net ry. oper. income.
1288.
Dr283,204
pany
All of the outstanding first collateral trust
5H% sinking fund series due
Aug. 1, I960 have been called for redemption on Nov. 4 at 104 and accrued
142,
$1,250,731
Public Service Co. of Okla.—To
pledged them as partial
collateral
security under the transcontinental short-line first mortgage
dated July 1, 1908, of which
$22,545,000 is outstanding due July 1, 1958.
The extension of the
maturity date of the bonds will coincide with the
maturity of the transcontinental bonds and will avoid litigation or
refunding
which otherwise would be
necessary, will simplify and improve the financial
structure of both the
company and the Santa Fe, will avoid disturbance or
rearrangement of the liens securing the transcontinental
bonds, and will
avoid possible disturbance of the leases to
the Gulf, Colorado & Santa Fe
and the Panhandle & Santa Fe.—V.
151, p. 1731.
1939
Indiana—Earnings—
$2,995,494
Drll0,853
Net 'ncome
May 1,
maturity of not exceeding $11,984,000
1940
tojmanufacture artillery am¬
totaling $2,191,000.
Government
.$2,884 640
Interest & other deducts
1,633,909
from
All the company's stock
except directors' qualifying shares is owned
the Atchison, Topeka & Sante Fe
By.
The bonds are owned by the Santa
Fe, which has
August—
S.
Gross 'ncome
first page of this department.
Pecos & Northern Texas
Railway—-Bonds Extended—
The ICC
contract
a
U.
1940—8 Mos.—1939
1940—12 Mos.—1939
.$11,108/742 $10,532,080 $16,802,186 $15,734,266
& taxes.-.
8,113,248
7,536,946
12,258,406
11,089.879
....
on
the
revenues....
Net operating income
Other income
Parker-Appliance Co.—Registers with SEC—
See list given
8 Mos.
$1,718,472 $13,829,672
141,011
543,690
346,919
2,126.518
.
Public Service Co. of
......
........—
Period End. Aug. 31—
$1,713,020
per common share
151,p. 1438.
munition components
—V. 151, p. 1003.
Cos., Inc.—Earnings—
Net profits....
—V. 151, p.
...
Pressed Steel Car Co.—Government Contract—
Vice-President—
''-v.-■■■•''
Month
_
Earnings for Fiscal Year Ending June 30
^
2,910,164
768,816
851,685
Telegraph, Inc. (& Subs.)—Earnings—
Loss before depreciation and interest charges......
Net loss.....
M. M. Gilman, President of this
company, announced the appointment
Marks as Vice-President in
charge of procurement, machinery and
accessories.—V. 151, p.
1730.
v
.
Light Co.—SI Preferred Dividend—
Period Ended Aug. 31, 1940—
Total revenues
of J. H.
:
1,854,267
342,579
314,027
Like amount was paid on July 15, April 15, and Jan. 15, last,
paid on Oct. 15, 1939; 50 cents paid on July
15, April 15 and Jan. 15, 1939: dividends of 75 cents were paid on April 15
and Jan. 15, 1938, and
previously regular quarterly dividends of $1.50
per share were distributed.—V. 151, p. 255.
x
641,808 shares of common stock,
y 250,100 shares of common stock,
After reserves for
depletion, depreciation, amortization and abandonments
of $12,992,118 on June
30, 1940 and $12,582,926 on Jan. 1, 1940.—V.
151,
p. 1906.
Paraffine
2,057,454
562,026
424,581
1937
$362,844
90,045
97,393
Sept. 24.
z
Packard Motor Car Co.—New
1938
$260,254
36,807
28,248
and compares with 75 cents
($10
Paid in
Date
to
The directors have declared a dividend of
$1 per share on the $6 cumu¬
lative preferred stock, no par value, payable Oct. 15 to holders of record
155,354
3,061,750
ill
Year
1939
$321,876
107,771
92,583
1732.
Portland Gas &
3,006,750
Long-term liabil..
and
91,543
Net from railway.......
Net ry. operating income
151,288
Fed. In¬
Miscel.
Ill
Lands, leases and
Total
8
293,156
136, p. 383.
-Readj ustment Plan in
2,765,855
728,612
584,556
Net ry. operating income
From Jan. 1—
Gross from railway....-
Deben. sink, fund
y
equipment
Otherassets
Accounts payable.
Prov.
department.—V.
Earnings for August
$1.00
$
Corp.—Registers with SEC—
August—
1940
Gross from railway
$392,293
Net from railway.105,603
30, '40 Jan. 1,'40
Liabilities-
804,262
122,495
134,198
Acc'ts receivable..
June
$
Street
outstanding bonds of Pittsburgh Terminal Coal Corp., to extend the ef¬
fective date of the guaranty of payment of
principal by the railway com¬
1, 1942, to July 1, 1952, and that such agreements have
as a part of the plan of financial
readjustments.
^
Comparative Balance Sheet
.
Assets—
& 48th
pany, from July
become effective
50,000
$1,037,682
$0.75
^
,417,804
451,631
112,659
454,222
115,224
73,528
238,365
143,650
46,136
95,123
98,451
$462,669
$75,249
stock
$2,372,381
Mo.—
Mr. Graham added that this
program leaves the company with no debt
maturities until 1945, other than the
regular annual maturities of its equip¬
ment trust certificates and its
obligations with respect to $128,000 of unextended bonds of Pittsburgh Terminal Coal
Corp. The several series of
outstanding bonds of the railway company do not mature until 1958, 1959
and 1960.
It was stated that as a result of this
program becoming effective all of the
company's Reconstruction Finance Corporation, bank and other short-term
loans have been paid in full
through the issuance of $7,400,000 of five-year
4% secured notes dated July 1, 1940 and maturing July 1, 1945.
Mr. Graham also announced that the
company had received agreements or
commitments on the part of holders of
95% of the $2,564,000 face amount of
70,451
$1,454,236
338,888
CV19.346
204,150
195,659
65,148
34,724
74,999
72,345
City,
The financial readjustment
program of the company as proposed last
May by the directors and as authorized by the Interstate Commerce Com¬
mission in July (V. 151,
p. 1154) has been completed and is now in effect,
Charles J. Graham, President has announced.
$1,879,372
Dr277,567
745,548
34,220
Kansas
Pittsburgh & West Virginia Ry.
Effect—
1937
Intang. develop, costs
Amort, and insurance..
z
Pine
See list given on first
page of this
Earnings—
1939
Prov. for abandonments
Depletion & lease amort.
Net
3670.
July 29, April 29 and Jan. 25 last.—
sale of invests..
Ordinary
p.
1940
Expenses
and
150,
22,000
a
loli J)» 562♦
*»
$1.82
$107,279
$0.86
dividend of $1 per share on account of accumu¬
6H% preferred stock, payable Oct. 29 to holders of record
the
on
$201,269
Cement Co.—Accumulated Dividend—
Directors have declared
lations
$129,279
per share
On 99,420 common shares.—V.
x
$244,019
42,750
,$1.59
Net profit-______
$105,680
23,599
59,700
r
Profit before taxes
Federal income taxes
44,902
$215,856
28,163
$238,903
-
Co.,
only when all bonds now outstanding are
deposited with Arthur Fels Bond & Mtge.
Co., Kansas City, Mo. for
exchange for the new bonds.
Beginning on March 15, 1944 retirements are to be made at the rate of
$24,000 per annum ($12,000 each six months period) payable
concurrently
with the semi-annual instalments of
interest, on March 15 and Sept. 15 of
each
year, by method of call and tender conditioned, however, that there
shall be expended in the
intervening three years (1941, 1942 and 1943) a
minimum total of $72,000, and at least $24,000 of the
$72,000 in 1941 and
a like sum in
1942 in improvements, equipment and betterments to the
Hotel in excess of and in addition to usual
upkeep.
If the expenditures
for
improvements, equipment and betterments shall not approximate
$72,000 in the intervening three years, there shall be
additional bond
retirements also by
way of call and tender.—V. 151, p. 711.
$1,157,445
996,250
55,515
$179,203
Operating profit
Other income
Earnings
The holders of the
outstanding $865,800 Phillips Hotel 1st mtge. lease¬
hold 5% bonds due
Sept. 15, 1940 are being asked to exchange their bonds
par for par for new 5%
1st mtge. leasehold bonds due Sept. 15, 1952.
The exchange is to be made
$210,384
28,519
—
Expenses
Depreciation and amortization
x
21,702
44,407
Phillips Hotel Operating
Exchange of Bonds—
$1,074,928
21,870
60,647
_
Total gross profit
2055
Pettibone Mulliken Corp.-—Government Contract— "
and that actually there is no substantial change in
Trend of foreign holdings has been slightly downward since
European war.—V. 151,
p.
1906.
See also
V.
on
the
151, p. 712.—V.
151,
p.
1288.
,
The Commercial &
2056
of notes maturing
Dividend—
(C. A.) Reed Co.—Accumulated
Directors have declared a dividend of 50 cents per share on account of
accumulations on the $2 cum. pref. class A stock, no par value, payable
Nov. 1 to holders of record Oct. 21.
Like amount was paid on Auk. 1 last;
May 1 last; 50 cents was paid on Feb. 1 last, one
paid on Nov. 1, 1939, and dividend of 50 cents was paid in pre¬
dividend of $2 was paid on
of $1 was
4138.
ceding quarters.—V. 150, p.
Copper & Brass,
Revere
Directors
1 declared a
Oct.
on
Inc.—Preferred Dividends—
7%
the 5M% preferred
11. These will be
1937, when similar
dividend of $1.75 per share on the
preferred stock and a dividend of $1.31 M per share on
stock, both payable Nov. 1 to holders of record Oct.
the first dividends paid on the shares since Dec. 20,
amounts were distributed.—V. 151, p. 1156.
Irving Trust Co., as depositary, on Oct. 1 received notice from this
company that its directors had recommended a dividend of 6d. for each
unit of 5s. of stock, less the British income tax of 4s. lid. for every £l
payment.
The company stated that the date of the annual general meeting
and the payment of dividends will be announced later.—V. 150, p. 3372.
April 15 in the years 1946,
1947, and 1948.
Bank Loan—
Company has made arrangements with 5 banks to sell $1,890,000 of
notes.
Proceeds will be applied to refund $1,870,000 of 4% serial
and to reimburse its treasury.
The new notes, which are being
bank
notes
purchased by Harris Trust & Savings Bank, First National Bank, Detroit,
and 3 San Antonio banks, will bear 2*A% interest if the company proceeds
to refund $16,500,000 of 4% first mortgage bonds, due 1963, with a like
amount of 3Y % bonds, to mature in 1970.
If the bonds are not refunded
the bank notes will bear 2Vi% interest.—V. 151, p. 1734.
Ry. Lines—Earnings—
St. Louis Southwestern
1940—Month—1939
1940—8 Mos.—1939
$1,643,943
$1,464,206 $13,068,796 $12,280,954
Period End. Aug. 31—
1,257,419
1,296,793
9,508,837
10,066,277
$386,524
~~ $167,413
$3,559,959
888,939
"$2,214,676
The
Rolland Paper
Co.—30-Cent Dividend—
dividend of 30 cents per share on the common
Directors have declared a
stock, payable Nov. 15 to holders of record
were paid on Aug.
15, May 15 and Feb.
Nov. 5. Dividends of 15 cents
15 last, and previously regular
In addition, an
1939.—V. 151,
quarterly dividends of 12 cents per share were distributed.
extra dividend of 10 cents per share was paid on Nov. 15,
p.
1734.
$3,504,055
604,452
511,849
$2,397,849
$2,628,489
596,905
377,998
Federal normal income taxes
477,355
302,152
92,171
profits..
Federal surtax on undistrib.
."$2,387,753
$1,653,586 $1,526,172
JDr7,063]
Cr716 (
Cr4,855
fj
[
[
15,874
profit for the period
Adjust, of res. for taxes, prior years..
Adjust, of res. for deprec. of certain
Net
fixed assets
"$2,380,690 $1,654^02 "$L54~6,901
Total
possible further losses on in¬
foreign
Prov. for
vestment in and advances to
263.883
$552,994
6,626,374
$563,829
6,062,545
"$444,164
$7,179,368
$6,626,374
$6,062,545
pref. stock
On common stock
Surplus
Previous surplus
...
Surplus, July 31
Earnings per share on 268,618 shares
5,618,381
$4.70
bu^
$5.18
and provision for doubtful accounts,
After depreciation, charges
before provision
805,854
$7.90
(no par)
fc common stock
33,001
263,883
805,854
20,737
287,877
263,883
1,275,936
subsidiaries
Cash divs. paid—On
for taxes.
$
hand,
on
$
&
In v.
206,814
& munic. taxes.
4,141,279
3,806,894 Sals., wages, <kc_.
765,283
571,496
143,355
954,956
3,625,727
3,816,422
97,689
244,750
10,000
297,513
Real estate, ma¬
chinery & equip. 2,248,915
2,250,945
355,785
264,630
1
12,637,043
11,716,218
35,681
32,120
3,769.750
3,769,750
268,618
268,618
7,179,368
6,626,374
1
Def. chgs. to exps.
coupons
Cum.
After
z
reserve
Common stock..
for depreciation
1939. zRepresented by 268,618
y
in 1940 and $3,084,913 in
noparshares.—V. 151, p. 1908.
After reserve
1937
1938
1940
Net profit
dividends
Common dividends
Surplus
$161,558
40,250
54,000
loss$17,972
40,250
36,000
$112,301
40,250
$38,044
Depreciation
Income tax
36,975
30,000
39,000
$132,294
40,250
54,000
Officers' remuneration..
593
41,750
30,000
92,000
Legal fees.
$273,127
5,000
395
Directors' fees..
1939
$301,440
5,000
Years End. Aug. 31—
Net operating profit
$67,308
def $94,222
$39,051
$53,278
5,000
$211,711
1,502
34,100
821
5,000
38,000
28,807
26,782
30,000
648
33,000
After income tax adjustment.
Balance Sheet Aug.
$93,599
263,468
Accts. receivable..
35,912
Other receivables.
347,305
Inventory
31
$3,660
Bank
Bank overdraft
24,137
600,440
Accounts payable.
Dominon
of
$37,517
Can.
16,651
processing tax..
2,320
Investments
11,460
144,000
Investments
2,590
639*823
Fixed
property
Goodwill, &c
Dividend
153,250
634,877
!
1
1
Income
141
93,053
tax
30,000
Contingent reserve
Preferred stock
575,000
575.000
Common
269,777
*269,777
515,748
478,541
stock
Surplus
$1,537,887 $1,627,965
Total
x
18,000
3,219
39,000
30,000
declared
4,627 Unclaimed divs
11,150
Dom. of Can. bds.
$170,000
11,120
33,306
loan
193,233
Accrued interest on
Prepaid insurance.
1939
1940
Liabilities—
1939
1940
Assets—
Cash
$1,537,887 $1,627,965
Total
Represented by 36,000 no par shares.—Y. 151, p. 114.
St. Louis-San Francisco
Ry.—Earnings—
1940
$3,771,800
650,950
operating income
387,064
August—
Gross from railway
Net from railway
Net ry.
1939
$3,855,490
1938
$3,716,757
585,758
289,862
429,918
121,303
28.999,943
3,703,954
27,751,230
2,332,284
def488,545
1937
$4,221,116
616,650
372,263
From Jan. 1—
29,303,927
4,364,935
operating income
1,921,163
Gross from railway
Net from railway
Net ry.
—V. 151, p.
1,102,902
Net ry. operating income
From Jan. 1—
Gross from railway
Net from rail way
Net ry. operating
151, p.
4,276,964
Ry.- -Earnings—
1938
1937
1940
Net from railway
1939
$109,302
10,081
def 19,270
$124,725
17,257
defl4,312
$163,612
48,923
12,794
$164,422
49,932
12,441
909,094
109,261
1,105,206
248,153
def30,648
1,155,063
266,053
def45,592
1,082,129
income def 151,344
1289.
196,259
def86.457
San Antonio Public Service Co.—Notes Called■—
each of the
years 1942 to 1948 inclusive have been called for redemption on Oct. 30.
Payment will be made at the Chemical Bank & Trust Co., N. Y. City,
at the principal amount of such notes and accrued interest thereon to the
date of redemption and a premium upon the principal amount of such notes
as follows;
4% in the case of notes maturing April 15 in the years 1942
and 1943; 2% in the case of notes maturing April 15, 1944; 1% in the case
All of the outstanding 4% serial notes maturing April 15 in
f
,
125,198
1,266,419
x$48,457
6,661
$1,586,224
56,386
*
.
,
■
.
,
.
$218,009
58.294
.
■
.
,
$183,512
x$41,796
$1,642,610
$276,303
253,246
270,643
2,107,610
2,144,226
$69,734
$312,439
$465,000
$1,867,923
Net deficit
Loss.—V. 151, p. 1289.
San Antonio Gold
Directors
Mines, Ltd.—Extra Dividend—
have declared an
common
stock,
of three cents per share in
dividend of seven cents per share on
5 to holders of record Oct. 21.
extra dividend
addition to the regular semi-annual
both payable Nov.
—V. 150, p. 2742.
San Diego Gas & Electric Co.—$16,000,000 Bond Issue
Approved—The Securities and Exchange Commission on
Sept. 30 exempted the company from the provisions of
Section 6 (a) of the Holding Company Act in connection
with the issuance and sale of $16,000,000 1st mtge. bonds,
3%% series due July 1, 1970, to the Equitable Life Assur¬
ance Society of the United States.
The debentures will be
accrued interest and the
sold at 107.38% of the principal amount and
proceeds will be applied to the redemption, at
107% and accrued interest, of 415,500,000 4% first mortgage bonds, due
1965; to the retirement of $250,000 in short-term notes payable to banks;
and to reimburse the company's treasury, in part, for construction ex¬
Issuance
of Preferred Stock Approved—;
permitted to become effective the declaration filed
by the company pursuant to Section 6 (b) of the Public Utility Holding
Company Act of 1935 in connection with the issuance and sale of 314,625
shares or cumulative preferred stock, 5% series, ($20 par) and a declaration
pursuant to Rule
U-12-C1 promulgated under the Act with respect to
acquisition and retirement of 62,925 shares of
par) now outstanding.
the
7% cumulative preferred
Stock Offered—Public offering of an issue of
preferred stock, 5% series ($20 par), represent¬
ing the unexchanged portion of an issue offered to 7% pref.
stockholders, was made Oct. 4 through an underwriting
group headed by Blyth & Co., Inc. and including 15 Cali¬
fornia investment houses. The offering price is $23 per share,
exclusive of accrued dividends.
Of the 314,625 shares of
cumulative
preferred stock.
Transfer Agent, First National
Registrar, Bank of America N.T. &
Trust & /Savings Bank of San
S.A., San Diego.
Diego.
Offer of Exchange Expired Oct. 3—Company offered to the holders of its
7% cumulative preferred stock the privilege of exchanging each share of
7% cumulative preferred stock (par $100) for five shares of cumulative
preferred stock, 5% series ($20 par) together with an amount equal to the
accrued and unpaid dividends on the 7 % cumulative preferred stock on the
date of issuance of the cumulative preferred stock, 5% series ($20 par).
This offer was made subject to the condition that the company shall on or
before Oct. 25, 1940, sell and receive payment for all the 314,625 shares of
cumulative preferred stock, 5% series ($20 par), with respect to which
acceptances are not received by the company from the holders of its 7%
cumulative preferred stock pursuant to this offer of exchange.
This offer
of exchange could be accepted by the holders of 7 % cumulative preferred
stock only by delivery to, and receipt by, the company not later than the
close of business (5 p. m. Pacific Standard Time) on Oct. 3, 1940, of the
letters of acceptance, in the form furnished by the company, duly executed,
7%
signature guaranteed, accompanied by the certificates for the
cumulative preferrd stock offered for exchange.
AU shares of 7% cumulative preferred stock received by the company
with
shares
pursuant to the offer of exchange will be retired and all remaining
will be redeemed at the redemption price of $115 per share puis accrued
divs.
Offering—The underwriters severally agreed that if acceptances
were received by the company with respect to at least
157,310 shares of
cumulative preferred stock, 5% series ($20 par), pursuant to the offer of
exchange, to purchase from the company, for delivery and payment on
Oct. 8, 1940, all the cumulative preferred stock, 5% series ($20 par), with
respect to which acceptances shall not have been received by the company
pursuant to the offer of exchange.
By an agreement between the under¬
writers, each of the several underwriters has named Blyth & Co., Inc. as
its representative and has authorized Blyth & Co., Inc., in its discretion,
to determine whether a public offering shall be made of the cumulative
preferred stock, 5% series ($20 par) to be purchased by them in accordance
with the provisions of such agreement.
Public
Capitalization and Funded Debt
(Giving Effect to Present Financing)
Authorised
3H% series 1970
Cumul. pref. stock, 5% series, ($20 par)K_ _
Cumul. pref. stock, series B (div. rate un¬
determined) $20 par
Common stock ($10 par)
*
St. Louis-San Francisco & Texas
August—
—V.
33,496,719
6,019,326
1908.
Gross from railway
1,326,837
121,787
income.
Non-operating income..
Net ry. oper.
the
220,249
$1,544,846
$176,322
7,190
income
x
181,623
$2,852,643
5% preferred stock offered about 59.9% or 188,460 shares
were
accepted in exchange by the holders of the] 7%
Co., Ltd.- -Earnings-
St. Lawrence Flour Mills
Preferred
....12,637,043 11,716,218
Total
for doubtful accounts,
of $3,219,533
x
$76,740
Preferred
stock
Surplus
goodwill
Total
_
pref.
(par $100)
Patents, licenses &
x
$298,109
stock ($100
Unredeemed mdse.
adv. to
in &
foreign subsid's.
y
Total ry. bper. income
Deducts, from ry. oper.
890,079
"$27671,020 ~IlU324,597
The SEC on Sept. 30
220,892
152,701
accts.
Inventories
S
payable.
Commis'ns payable
Acer.
Fed., State
Accounts
receivable
1939
$
Liabilities—
in
banks & in trans. 2,580,194
Drafts
1940
1939
Assets—
x
$51,636
25,104
penditures.
Consolidated Balance Sheet July 31
1940
Cash
115,777
$274,797
23,312
Deducts, from gross inc.
1938
1939
1940
31—
profit from operation..
State franchise, &c., taxes
x
111,727
Railway oper. income.
Other ry. oper. income..
Railway tax accruals
Gross income
(& Subs.)—Earnings■—
Years Ended July
Net
x
Net rev .from ry.opers.
■
Royal Typewriter Co., Inc.
S, 1940
April 15, 1945, and Yi% in the case of notes maturing
Railway oper. revenues.
Railway oper. expenses.
Ltd.—Dividend—
Antelope Copper Mines,
Roan
Oct.
Financial Chronicle
Additional bonds may be
Outstanding
* Not Limited
11,000,000
$16,000,000
6,292,500
4,000,000
15,000,000
None
10,032,500
issued under the indenture only upon com¬
pliance with the provisions thereof.
In its application to the California Railroad Commission for authority to
issue and sell or exchange shares of its cumulative preferred stock. 5% series
($20 par), company requested permission to credit the amount of the premi¬
be received by it from the sale of shares of such stock to underwriters,
ums to
namely $3 per share, to
paid-in surplus or capital surplus, and to
charge
redemption premiums upon the shares of 7%
be redeemed. Directors will determine by
resolution that such premiums to be received upon the sale of said shares of
cumulative preferred stock, 5% series ($20 par), will be credited to paid-in
or capital surplus and the premiums to be paid upon such 7 % cumulative
preferred stock will be charged thereto, or, in both cases, in such other
manner as the Commission may prescribe in its order.
Proposed Issuance of Bonds—Under date of Aug. 16, 1940, company
entered into a contract with Equitable Life Assurance Society of the United
States whereby company agreed to sell and Equitable agreed to purchase
$16.000,000first mortgage bonds, 3H% series due July 1, 1970 to be issued
under and secured by a mortgage and deed of trust from the company to
Bank of California, National Association, as trustee, at 107.38 and interest
against such surplus the
cumulative preferred stock to
Volume
The Commercial & Financial Chronicle
151
from July 1, 1940 to date of
delivery, on such date on or after Sept. 15,
1940, and on or before Oct. 15, 1940, as the
company shall designate by
three days' notice in writing.
Company agreed to take all corporate and other action necessary to
provide for the redemption, on or before Nov. 20, 1940, of $15,500,000 first
mortgage bonds, 4% series due 1965.
The redemption price of the first
mortgage bonds, 4% series will be 107.
Purpose of Issue—All shares of the company's 7% cumulative preferred
stock exchanged pursuant to the offer of
exchange will be retired.
The net
proceeds to be received by the company from the sale of cumulative pre¬
ferred stock, 5% series ($20 par), together with other funds of
the company,
will be used for the purpose of
redeeming all of 7% cumulative preferred
stock not exchanged pursuant to the offer of
exchange, at $115 per share
plus accrued dividends to the date of redemption.
Underwriters—No firm commitment to take the issue has been made.
The shares offered will be initially offered
by the company to the holders
of its 7% cumulative preferred stock.
If company receives acceptances
with respect to at least 157,310 shares
pursuant to the offer of exchange,
then the several underwriters are
obligated, to purchase from the company
all of the shares offered with respect to which
acceptances are not received
by the company pursuant to the offer of exchange.
With respect to the offering of the 314,625 shares
offered
by the com¬
pany to the holders of its 7% cumulative preferred stock
pursuant to the
offer of exchange, but only as to such number of
shares thereof as may be
taken pursuant to such offer of
exchange, the principal underwriter is
Blyth & Co., Inc., Los Angeles.
With respect to 157,315 of the shares
offered, which may be purchased
by the several underwriters as provided in the underwriting agreement,
principal underwriters and the respective amounts underwritten by
the
them
follows:
are as
Name—
'
53,315 shs.
28,000 shs.
11,000 shs.
Dean Witter & Co
William R. Staats Co
Weeden & Co
6,000
6,000
6,000
5,500
5,500
Mitchum, Tully & Co
Schwabacher & Co
Banks, Huntley & Co
Pacific Co. of Calif—
Earnings
Name—
shs.
shs.
shs.
shs.
shs.
5,000 shs.
5,000 shs.
O'Melveny-Wagenseller &
Durst--
5,000 shs.
—
Brush, Slocumb & Co
Hills, Richards & Co
4,000
4,000
Page, Hubbard & Asche-- 3,000
Davis, Skaggs & Co
2,000
shs.
Amortization of limited-term investments
Taxes
1 Q3Q
$8,645,848
3,109,186
699,503
1,370,000
429
$2,253,079
$2,122,588
2,115
425
$2,255,194
620,000
61,954
10,385
Crl8,177
operating income
460
1,062,102
282,008
$2,123,013
Other income
Gross income
funded debt
Amortization of debt discount and expense.*
Other interest
61,954
7,268
Cr9,434
7,490
$1,571,771
$1,435,735
-,
Net income
-V. 151, P. 1909.
Savannah Electric & Power Co.
-Earninos-
12 Months Ended Aug. 31—
1940
Operating revenues
....
Balance for interest
___
Balance for dividends and surplus
After depreciation and
.
Seaboard Air Line
August—
Gross from railway
Shaler
V. 151.
Ry.—Earnings—
$3,361,926
233,204
def31,846
$3,028,010
147,189
def66,899
28,897,991
4,757,421
1,596,631
5,391,279
2,130,853
1938
1937
$2,745,218
93,067
def 115,372
$2,930,960
211,120
23,993
26,457,042
3,820,604
755,217
29,010,436
6,080,032
3,139,184
Co.—Earnings—
on
$98,264
51
$994,981
3,676
$958,646
3,889
$97,818
11,770
$98,315
7,557
$998,657
124,388
$962,535
91,486
$90,759
9,649
$874,269
115,585
9,676
9,598
$871,049
115,877
9,675
9,665
$739,410
210,000
498,122
$735,831
210,000
339,628
$86,048
9,624
Int. on long-term debt_.
Amort. of dt. disc. & exp.
Other income charges
806
828
income
Preferred dividends
dividends
99,849 shares class B stock
_
Before retirement
Shawmut Bank Investment Trust6 Mos. End. Aug. 31—
Interest and dividends
on secur.
At
their
annual
and special
addition,
Canadian divs--
$59,237
96,939
$88,117
prof53,906
$102,031
11,043
106,872
Ioss$37,702
10,456
108,181
"1,162
$142,023
12,653
112,652
x5,045
1,343
Administrative expenses
Interest paid & accrued.
Federal capital stock tax
Federal surtax
"148
152
1939
1938
year.—V. 151,
on
.
Sheet
1939
—$2,610,230y$2,928,285
Accrued interest &
divs. receivableCash
V
Aug. 31
Liabilities—
1940
Debent. and notes
payable
360
140,847
218,621
*
Accounts payable.
Reserve for capital
stock tax
1939
$3,994,000 $4,199,000
500
333
441
Accr'd Int. payable
172,800
Deficit
140,343
115,200
67,033
—
-
Unrealized deprec.
of securities
Drl,276,213Z>rl, 100,342
Total-.
$2,751,077 $3,147,266
Total
$2,751,077 $3,147,266
y Aggregate cost per books $3,886,443.
Note—Stock consists of 75,000 shares of no par value In part issued and
outstanding and the balance issuable on conversion of warrants outstanding.
—Y. 150. p. 3987.
as a
director
early this
1005.
p.
South Carolina Power
Period End. Aug. 31—
revenue
Operating
expenses
__
Gross income.--.
Int. & other deductions.
on
1940—12 Mos.—1939
$3,842,570
1,824,749
580,675
375,000
$3,528,713
1,552,567
516,328
383,752
$73,430
55,275
pref. stock
Balance.
$1,062,145
674,512
$1,076,065
672,728
$18,154
14,286
-
$72,453
54,844
$17,609
14,286
$387,633
171,438
$403,337
171,438
$3,868
Net income.--
Divs.
Co.-—Earnings—
1940—Month—1939
$310,924
$279,761
159,325
132,783
46,919
43,276
31,250
31,250
$3,322
$216,195
$231,899
—V. 151, p. 1439.
Southern
Advance
Bag & Paper Co.,
Inc.—Registers
SEC—
with
See list given on first page of this
department.—V. 151, p. 1005,257.
Southern California Edison
Co., Ltd.—Registers $108,-
000,000 BondsCompany on Oct. 1 filed a registration statement (No. 2-4522, form A-2).
$108,000,000 of 3 % first & refund¬
ing mortgage bonds, due Sept. 1, 1965.
The net proceeds to be received from the sale of the bonds will be
applied
to the redemption on Jan. 1, 1941, at 105, of
$73,000,000 3%% 1st &
ref. mtge. gold bonds, due 1960, and of $35,000,000 of 3
M% 1st & ref.
mtge. gold bonds, series B, due I960.
The balance of the funds required
tor the redemption of the securities will be obtained
through bank loans.
The First Boston Corp., New York
City, and Harris, Hall & Co. (Inc.),
Chicago, will be the principal underwriters.
The names of the other under¬
writers, the offering price to the public and the underwriting discounts or
commissions, as well as the redemption provisions, will be furnished
by
under the Securities Act of 1933 covering
amendment.
To
facilitate the
offering, the prospectus states that It is intended to
price of the bonds.
This statement is not an assurance, it
the
Southern California Gas Co.—Bonds Called
Company will redeem
on
stabilizing,
151, p. 1586.
—
Nov. 1, 1940, all its first mortgage and refunding
gold bonds 4 Yi % series due 1961 and all its first mortgage and refunding
bonds 4% series due 1965 issued and outstanding.
The 4H% bonds will
be redeemed at 104% and accrued interest and the 4% bonds at
107% and
interest, and payment will be made in each case at the corporate trust
department of the Chase National Bank, 11 Broad St., New York.
The.
bank, as trustee, has been authorized to purchase the bonds at the call
price at any time after Oct. 1, according to the notice.—V. 151, p. 1911.
Operating
Operation
Co.—Earnings—
1940
Other income
Gross income
Interest
—
funded debt
on
$737,845
409,698
34,174
11,844
Cr 3 60
409,698
Amortization of debt discount and expense
Other interest
Interest charged to construction
Miscellaneous deductions—
—
6,328
4,108
$228,089
—
Net income
-V.
$687,858
Cr641
Provision for Federal and State income taxes
$736,833
1,012
10,209
—
-
$2,394,159
834,038
121,392
300,000
336,349
65,547
34,174
—
reserve
Taxes
1939
$2,412,811
893,028
127,965
300,000
328,838
78,333
$684,647
3,211
revenues
$278,381
151, P. 1586.
Southern Indiana Gas & Electric
Period End. Aug. 31—
Gross revenue
Operating expenses
m
for
4m m
mum mm m 4m
deprec'n
1940—Month—1939
$371,279
$337,520
135,221
137,972
77,345
57,759
Co.—Earnings—
1940—12 Mos.—1939
$4,596,484
1,839,492
861,967
$4,181,141
1,666,970
630,478
and
49,454
49,454
593,452
537,747
$109,259
32,685
$92,335
32,142
$1,301,672
390,709
$1,345,945
389,359
$76,573
34,358
10,848
$60,193
34,358
10,848
$910,863
412,296
130,181
$956,586
412,296
130,181
$31,367
$14,987
$368,386
$414,109
1937
$156,487 prof$ll,521
undistributed profits and Federal capital stock tax.
1940
.
meetings called concurrently for Oct. 18,
$17,046
Balance
Assets—
1909.
amendment to the certificate of incorporation to
provide
authorized capital stock comprise
only 1,400,000 shares of $15 par
common shares, will be voted.
The preferred stock was retired
Gross income
Int. & other deductionsNet income
Divs.
on
pref. stock
pref. stk. exp-
Amort, or
Balance
—V. 151, P.
—
p.
an
amortization
$67,730
prof34,301
$58,988
11,245
101,343
sold
Total income
Investment..
-Earnings—
1940
$73,500
14,512
_
151,
stockholders will be asked to vote on the election of J.
D. Powell
to succeed the late W. T. Atkins.
Prov.
$54,943
_
x
accruals. —V.
reserve
Skelly Oil Co.—New Director, &c.—
TcLX0S
on
$79,798
Maintenance and repairs
Following an inspection by the directors of the
company and the St.
Maurice Power Corp. of the newest hydro-electric plant in Canada on the
Upper St. Maurice at La Tuque, James Wilson, President of both com¬
panies, announced Oct. 2 that the first units of the plant had started pro¬
duction, with two 44,500 h.p. generators synchronized to the transmission
system of the Shawinigan Water & Power Co.
A third will come into
production about Oct. 15.
By December of this year, a total of our such
units will be in operation, adding 178,000 h.p. to the resources of
the
St. Maurice Valley.
The completion of this great undertaking,
harnessing once more the
waters of the St. Maurice River, is of the utmost
significance at the present
time when adequate supplies of power are so
indispensable to the Domin¬
ion's production of war materials, said Mr. Wilson.
The work has been completed by the Shawinigan
Engineering Co. well
ahead of the scheduled time.
In spite of increases in the cost of labor,
equip¬
ment and materials, the total construction costs are less than the
original
estimates.—V. 151, p. 1289.
Loss
506
$74,790
Net
Appropriation for retirement
Tax
806
Years Ended Aug. 31—
$25,356
$0.11
Shawinigan Water & Power Co.—Plant Opened Ahead
of Schedule—
Net loss
;/
Southern Colorado Power
Earnings for 6 Months Ended June 30, 1940
Net income after all charges
Earnings per share
—V. 150, p. 2440.
184,432
130,013
$97,830
Gross income.
a
$2,040,078
659,465
107,523
149,589*
states, that the price of the bonds will be stabilized or that
if commenced, may not be discontinued at any time.—V.
1939
Net from railway
Net ry. operating income
—V. 151, p. 1735.
.
Retirement res've accr'ls
Common
1940—12 Mos.—1939
$2,212,732
752,376
111,286
204,500
Dr 12
income
stabilize the
31,510,954
Gross from railway
Net from railway
$2,310,926
791,346
415,459
v.,;.
1940
Net ry. operating income
From Jan. 1—
1939
$2,396,355
686,907
312,105
including non-operating income (net).
y!.
.
620,000
9,262
Interest charged to construction
Miscellaneous deductions_
a
Gross
Taxes
1,209,867
283,645
__
Provision for Federal income taxes
p. 1585.
a
shs.
$8,979,723
3,166,391
686,461
1,379,851
Depreciation
a
income
oper.
Prov. for depreciation..
revenues
on
Utility
Other income (net)
Gross
jor 12 Months Ended Aug. 31
Maintenance and repairs
Interest
General taxes
Federal income taxes
shs.
shs.
1940
Net
Operation
Maintenance
a
Co.-—Earnings-
1940—Month—1939
$212,311
$195,949
64,705
58,884
8,150
8,504
20,613
16,296
21,013
14,000
-
that
E. H. Rollins & Sons, Inc.
Bankamerica Co
8,000 shs.
Elworthy & Co
Operating
Operation
Period End. Aug. 31—
Operating revenues.
In
Blyth & Co., Inc
2057
Sierra Pacific Power
1439.
Southern New England
Telephone Co.—Earnings—
Period End. Aug. 31—
J 940—Month—1939
1940—8 Mos.—1939
Operating revenues—-- $1,750,929
$1,626,763 $13,384,744 $12,423,815
Uncollectible oper. rev..
2,000
3,000
18,500
28,500
Operating revenues
$1,748,929
Operating expenses—1,198,131
Net oper. revenues
Operating taxes
Net oper.
income
Net income
$1,623,763 $13,366,244 $12,495,315
1,171,341
9,209,281
8,758,629
$550,798
176,639
$452,422
137,897
$4,156,963
1,273,095
$3,736,686
1,098,373
$374,159
298,229
$314,525
239,093
$2,883,868
2.290,512
$2,638,313
2,049,685
—V. 151, p. 1586.
Southern Pacific
Co.—Equipment Trust Certificates—
The Interstate Commerce Commission Sept. 24 authorized
he company
obligation and liability in respect of not exceeding $11,820,000
equipment trust certificates, series Q, to be issued by Pennsylvania Co. for
to assume
The Commercial & Financial
2058
Annuities, as trustee, and sold at
dividends, in connection with the procurement of
(See offering in V. 151, p. 1291).—V. 151, p. 1911.
Insurances on Lives & Granting
accrued
and
equipment.
Lines—Earnings—1640
1939
1938
96.777
certain
Southern Pacific SS.
August—
$616,738
$590,528
9,993
$597,237
65,424
def9.855
43,514
def20,341
6,083,600
495,512
293,242
4,742,794
305,159
4,390,318
5,173,708
2oo'TS2
171,587
def55,942
Net from railway
operating income
Net ry.
J?37
_
S7.52.792
90,081
Gross from railway
Gross from railway
Net from rail way—
Net ry. operating income
—V. 151, p. 1291.
33,127
Cease Payments on M. & 0. Certificates
Future Distributions—The company
announced Sept. 30 that it would cease payments on $5,Southern Ry.-—To
—To Seek Court Review on
stock trust certificates pending
a
judicial review of the status of the certificates.
The
announcement was made in notices sent to holders with
the dividend on the certificates due Oct. 1.
This action
follows the sale at foreclosure of the Mobile & Ohio RR. on
Aug. 1.
The company, which formerly was controlled by
the Southern Ry., has been merged with the Gulf Mobile &
650,200 Mobile & Ohio 4%
the Gulf Mobile & Ohio RR.
notice addressed to registered holders of Southern
Northern RR. into
In
a
Ry .-Mobile & Ohio stock trust
Vice-President, states:
The check
ln
officials, is the first of three "test" cases to be brought under the Elkins Act.
Two more cases are expected to be filed in Federal Court at Wilimington,
Del., against two other oil companies.
All such actions are of a civil
character, it was stated.
The company
While the company has not as yet been served nor has it had an oppor¬
tunity to examine the pleadings, it is believed from advance information
the Department of Justice that the action at Hammond involves
only a question of law—whether payment of dividends by a subsidiary to its
parent company constitutes a rebate of the sort forbidden by the Elkins Act.
Stanolind Pipe Line Co. has been for years a fully-owned subsidiary of
Standard of Indiana.
It constitutes merely a plant facility for transporting
crude oil from oil fields to refiners.
There are consequently no profits in
released by
the usual
registered
final judgment and decree of foreclosure and sale dated
S. District Court for the Southern District of
of the Mobile & Ohio RR. was sold on Aug. 1,
posited under the
certificates registered in your name has ceased to repre¬
interest in the Mobile & Ohio RR property.
In the opinion of counsel, because of the facts stated above, the obli¬
gation of Southern on the Southern Ry-Mobile & Ohio stock trust certi¬
sent any
been
terminated. In view of such legal advice, it becomes the
Ry. to have this question authoritatively determined by
appropriate judicial proceedings, and pending such determination, to make
no payment after the present one.
It is hoped that a final determination
may be had prior to April 1, 1941, the next payment date.
Should the
adjudication be that this company's liability continues, it stands ready and
willing to make the payments specified on the face of the certificates, to¬
gether with such interest as may be due.
The present payment is made without prejudice, and neither Southern
Ry. by making it, nor the certificate holder by accepting it, waives any
rights,
are
of the Elkins Act.
The question has never been, raised before, but if such payments as are
case should be held to be rebates under the Elkins Act then
involved in this
many
$7,300,000 Equipment Issue Offered—An
issue of $7,300,000
Oct. 3 to
serial equipment trust certificates was awarded
Drexei & Co. and Laurence M. Marks & Co.,
whose bid
of 100.568 for 1%% obligations topped those of six other
banking groups.
The winning bid represents an average
cost to the road of approximately 1.77%.
Offering of the
certificates was made Oct. 4 at prices to yield from 0.35
to 2.20% for maturities from 1941 to 1950, inclusive.
The
certificates are due at the rate of $730,000 annually.
from
the sale will be used to finance the purchase
750 all steel hopper coal cars, 821 all steel
steel sheathed box cars,
of 1,500
high side
low side gondola cars, five 1,000 h. p. 125-ton
600 h. p. 100-ton diesel-electric switchers.
included in the trust will cost not less than $18,168,000.
The certificates are issued under the so-called "Philadelphia Plan."
Prin¬
cipal and dividends payable (M-N) in New York.
Trustee, J. P. Morgan
& Co., Inc.
Issuance of the certificate is subject to the approval of the
gondola cars, 250 all steel
dlesel-electric switchers and three
Equipment to be
Interstate Commerce
Other
Brothers
bids were:
&
&
Commission.
Gregory & Son, Inc., 100,309 for l%s and Evans,
Co., 101.0111: Mellon Securities Corp., 100.567: Salomon
Hutzler, 100.689; First Boston Corp., 100.534, and Halsey,
Stuart & Co.,
100.279 for 2s.
1006.
p.
Directors have declared
Week of Sept.
1939
1940
$2,808,169
earnings (est.)
Jan.
to Sept. 21—
1939
1
1940
$2,852,593 $97,595,741 $91,804,251
—V. 151, p. 1911.
Southwestern Light
At
a
Staten Island
& Power Co.—Accumulated Div.—
held Sept. 27, they declared a
the $6 cumulative preferred stock of the
dividend accumulations in arrears, payable
record at the close of business on Sept. 30,
meeting of the board of directors
company, as a payment on the
Oct. 1, 1940 to stockholders of
1940.
wiil eliminate all dividend accumulations in arrears on the
$6 cumulative preferred stock of this company.—V. 151, p. 1912.
This payment
Sperry Corp., Inc.—Government
Contract—
totaling $2,942,825 to build fire
Company has been awarded a contract
control equipment for the
Gross from railway
Net from railway
1938
$153,580
25,001
def9,480
$134,349
2,158
def22,922
Net ry. operating income
1,063,294
72,459
defl78,910
1,083,135
83,879
defl92,820
1,052,890
63,440
def208,810
1,043,223
def7,534
def224,682
—V.
151.
p.
1940
$92,609
1939
$67,987
1938
loss$720
$0.50
$0.37
1939
$141,930
1292.
Strouss-Hirshberg Co.—Earnings-—
6 Months Ended July 31—
Net income after all charges
Earnings per share
—V. 150, P. 1616.
on
185,000 shares,
Ni
Superheater Co.-—New Chairman, &c.—
Samuel G.
William H.
has been appointed
Allen has been elected Chairman of the Board,
Bourne has been elected
a
director, and Herman F. Ball
member of the Executive Committee.—V.
151, P. 1006.
Tacony-Palmyra Bridge Co.—Earnings—
Earnings for Years Ended Dec. 31
1939
1938
$643,671
146.716
100,881
Total income.
.
Other deductions
Provision for Fed. & State income taxes
Net profit
Cash dividends paid—5% cu. conv,
Class A stock
pf. stock
Common stock
$207.933
47,500
82,500
66,000
Other income
$392,238
135,540
48,765
$220,553
47,500
Gross profit
$391,129
1,109
$396,814
122,199
54,062
Operating expenses
Administrative & general expenses
$615,473
$396,074
740
Tolls, &c
75,000
60,000
125,627
98,717
Balance Sheet Dec. 31, 1939
Assets—Cash, $216,062; investments, ($20,000 U. S. savings bonds, at
$15,100; accounts receivable, $124; cash with sinking fund trustee
cost),
for 4% bonds, $40,885; mortgage receivable, $12,000; real estate, bridge
and approaches (less reserve for depreciation and amortization of $514,944),
depreciation), $9,353;
$5,668; other equipment (less reserve for
deferred charges, $272,811; location valuation, $1;
total $4,180,807.
Liabilities—Dividends payable,
$11,875; accrued accounts, $81,345; pre¬
paid commutation tickets, $2,745; funded debt, $2,124,000; 5% preferred
stock (par $100) $950,000; class A participating stock (30,000 no par shares),
$30,000; common, (24,000 no par shares), $24,000; surplus, $956,842;
total, $4,180,807.—V. 151, p. 1158.
Taggart Corp, (& Subs.)—Earnings—
1939
$6,931,944
5,713,753
270,831
Provision for
depreciation...
1938
$5,528,179
4,843,605
268,523
$947,360
Earnings for Years Ended Dec. 31—
Net sales (incl. sales to associated companies)
Cost of sales and selling, admin., and gen. exps
$416,051
Operating income
5,060
19,333
$952,420
$435,384
193,771
Other income credits
Gross income.
Spicer Mfg. Co.'—$1.50 Common Dividend—
dividend of $1.50 per share on the com¬
holders of record Oct. 8. This
Income charges
Provision for Federal income tax..
196,034
161,000
50,000
$597,648
$189,350
stock, no par value, payable Oct. 15 to
with $1 paid on April 15, last; $1.50 on Oct. 14, 1939; dividends
Aug. 15, July 15, 1939, and on Dec. 19, 1938, $2 paid
on Oct. 15,1937, and on Dec. 5,1936, and a dividend of $1 paid on Oct. 15,
1936, this latter being the first distribution to be made on the common
stock since Aug. 1, 1920, when an initial dividend of 50 cents per share was
paid.—V. 150, p. 4141.
compares
of 50 cents paid on
Standard Fruit & Steamship
Directors have declared a dividend of
Corp.—Accumulated Div.
75 cents
per
share
on
account of
accumulations on the $3 participating preferred stock, payable Oct. 15 to
holders of record Oct. 5. Dividend of 75 cents was paid on July 15, last;, and
p.
22,948
deflO.611
Net ry. operating income
From Jan. 1—
Gross from railway
Net from railway
1937
1940
$139,390
13,182
defl8,362
,.
U. S. Government.—V. 151, p. 1912, 1439.
The directors have declared a
on
stock,
Like amount was paid
dividend of 25 cents a share on common
Rapid Transit Ry.—Earnings—
August—
dividend of $11.25 per share on
mon
a
payable Nov. 1 to stockholders of record Oct. 15.
June 26, last.—V. 151, p. 1912.
$3,608,802; other real estate,
—Third
Gross
other parent companies are in for prosecution as the result of accepting
which they own in whole or in part.—V. 151,
dividends from companies
a
-
Pipe Line company were organized as a department of the Standard
no question of rebate because there would be no
If dividends paid under the circumstances herein mentioned
found to be a rebate, it will be a very new and revolutionary construction
If the
of Indiana there would be
dividends.
duty of Southern
Stillman
Commission.
from time to
surplus cash and this has been returned to the parent
company in dividends.
The Government in the meantime has coUected a
substantial tax on both the transportation charges and the dividends so paid.
time accumulated
called for on this
face of the certificates of the above issue
1940- the sale was confirmed by said Court and the Special Master's deed
has now been delivered to the purchaser.
The result of the recei vership and foreclosure proceedings is that Mobile
& Ohio RR. has been deprived of all its property, and that its stock de¬
Proceeds
Standard of Indiana has paid transporta¬
meaning of the word.
tion charges at rates approved by the Interstate Commerce
At the Government approved rates the Pipe Line company has
Alabama, all the property
ficates has
issued the following statement in connection
by the Justice Department:
with the suit filed
1940, of the U.
14
1940
on
I^ursuantnto
June
5,
Standard Products Co .—Dividend—
enclosed herewith represents the payment
(Oct. 1) by the
date
certificates, John B. Hyde,
Oct.
Chronicle
for nearly 30 years and is referred to as the anti-rebate act and prohibits
the return of part of a purchase price to the original seller by the buyer.
The action against the company, it was explained by Justice Department
Dec.
21, 1939 and one of $1.50 was paid on Oct. 16,
1939.—V. 151,
714.
Standard
&
Gas
Electric
Co.—Time for Exchange of
Securities Extended to Oct. 31—
The
Securities and Exchange Commission on
Sept. 30 issued an order
extending to Oct. 31 the time within which holders of notes and debentures
or the company would be permitted under certain circumstances to exchange
the notes and debentures for common 3tock of San Diego Consolidated Gas
& Electric Co. (the name of which has since been changed to San Diego
Gas & Electric Co.).
of the public utility operating companies in the Standard
Gas & Electric system for the week ended Sept. 28, 1940, totaled 133,688,020
kilowatt-hours, as compared with
120,207,366 kilowatt-hours for the
corresponding week last year, an increase of 11.2%.—V. 151, p. 1912.
Co. of Indiana—Government Files Suit—
of Three "Test" Cases Brought Under Elkins Anti-Rebate
Act—Company's Reply—
The Department
of Justice on Oct. 1 filed suit in Federal Court in Ham¬
mond, Ind., against the company alleging it
This act, rarely enforced in recent years,
1938 include the opera¬
Jan. 1 to June 30, 1938,
corporation.
Note—The figures for the year ended Dec. 31,
tions of three other subsidiaries for the period from
at which date
they were merged with the parent
Consolidated Balance Sheet Dec. 31, 1939
Assets—Cash, $887,776; accounts receivable (less reserve, $9,214), $471,"
971; due from associated companies, $139,203; inventories, $1,390,336;
sinking fund for retirement of funded debt, $554; investments, at cost
(less reserve provided prior to Jan. 1, 1936 of $1,200,000). $287,693; land,
buildings, machinery, water-power rights, &c. (less reserves for deprecia¬
tion of $3,566,087), $6,095,340; goodwill, $1; deferred charges, $91,989;
total, $9,364,864.
Liabilities—Accounts payable, $599,135; due to associated companies,
$124,088; funded debt maturing in 1940 (less $13,500 in treasury), $62,109;
Federal income tax, $176,497; other accrued accounts, $47,947; funded
debt, $2,498,852; reserves, $102,432; deferred credits, $23,112; preferred
stock ($50 par) $1,449,950; common stock ($1 par), $816,633; consolidated
surplus, $3,464,108; total, $9,364,864.—V. 146, p. 3972.
Temiskaming Mining Co., Ltd.—Earnings—
Earnings for the Year Ended March 30, 1940
$7,015
1,020
Taxes...
Electric output
First
...
Earnings
Electric Output■—•
Standard Oil
Net income
violated the Elkins Act.
has been on the statute books
1,218
General expenses
$4,777
Profit for the year
Balance Sheet March 30, 1940
securities, $70,902; interest
$630; fixed assets (less reserve for depreciation
$273,026), $13,258; total, $118,519.
Liabilities—Accounts payable and accrued charges, $518; reserve for un¬
claimed dividends, $4,598; capital stock (authorized and issued, $2,500,000;
less mining properties written down to $1, $2,257,627), $242,373; deficit,
$128,969; total, $118,519—V. 147, p. 1050.
Assets—Cash in banks, $33,729; marketable
and dividends receivable,
of
Volume
The Commercial & Financial Chronicle
151
Tampa Electric Co.—Earnings—
Period End. Aug. 31—
Operating
1940—Month—1939
$410,856
revenues
Operation
Maintenance-General taxes
26,274
36,67 1
29,402
-
Federal income taxes—
Assets—Cash
1940—12 Mos.—1939
$373,062
153.737
26,69 1
37,574
16,276
170,407
2059
Consolidated Balance Sheet Dec. 31, 1939
$4,944,729
1,987,634
$4,572,656
1,694,016
273,682
408,687
255,944
291,765
438,705
300,002
in
banks
and
on
receivable
hand,
$113,472;
notes
and
accounts
(less reserve for doubtful accounts of
$24,269), $688,116; mer¬
chandise on hand, $121; other
assets, $6,401; properties (less reserve for
depreciation of $371,232). $1,963,720; deferred
charges, $63,262; total,
$2,835,091.
Liabilities—Notes payable, $65,596; accounts
payable, $22,588; accrued
taxes, &c., $21,702; provision for Federal income
tax, $8,336;
reserve for loss and
damage claims, $15,766; reserve for repairs, $6,000;
deferred credits to future
operations, $2,474; $3 cum. pref. stock (32,000
•^P,-a£5hares) * SI.600,000; common stock (par $1), $78,249; capital surplus,
$725,207; earned surplus, $289,172; total, $2,835,091.—V.
149, p. 3731._
wages,
a
Utility
income
$148,102
Other income (net)
$138,784
96
488
$1,926,624
2,674
$1,940,327
2,278
Gross income-
$148,199
35,833
$139,272
35,833
$1,929,298
430,000
$1,942,604
430,000
$112,365
1,230
$103,439
$1,499,298
7,880
$1,512,604
6,848
$111,135
$102,846
$1,491,418
70,000
$1,505,756
70,000
1,338,929
a
oper.
Retirement
accruals
res.
Texas
Gross income
interest deductions
Net income
592
Preferred dividends
-
Common dividends
1,338,950
before retirement reserve accruals.—V.
a
151,
p.
1913.
Tampa Union Station Co.—Refunding Proposed—
The
company has applied to the Interstate Commerce Commission for
permission to issue and sell at par $225,000 of first
mortgage 4% bonds,
proceeds to be used to retire a iike amount of 30-year first
mortgage 5s,
due Nov. 1, 1940.
The new issue would be dated Oct.
1, 1940, to mature
Oct.
1, 1958 and would be guaranteed as to
principal and interest by the
Seaboard Air Line and Atlantic Coast Line roads
which jointly control the
Texas Mexican Ry.
$5,731,474
78,494
-
Discounts allowed
28,112
Net sales
-
Costofsales (incl. depreciation of plant and
equipment, $55,164)
on
sales
Net income from public warehouse operations
$5,624,868
4,918,574
railway
Net from railway
Net ry.
operating income
—V. 151, p. 1292.
$719,798
"J ! 440,842
-
xpenses
—
Net operating profit
Miscellaneous income (net)
$278,955
5,151
Net income, before provision for Federal income
tax_____
Provision for Federal income tax
Net income
Dividends paid
$284,107
63,375
...
$220,732
50,000
Consolidated Balance Sheet Dec. 31, 1939
Assets—Cash in banks and
hand, $77,376; customers' notes and ac¬
bad debts), $693,577;
sundry accounts
receivable, $64,214; inventories, $985,661; prepaid expenses,
$31,899; real
properties and equipment not used in operations (less reserve for
deprecia¬
tion), $74,994; cash surrender value of life insurance
policy, $62,875;
miscellaneous investments
(at cost), $4,067; property plant and equip¬
ment (less reserve for depreciation and fire loss
recovery), $1,080,887; total,
$3,075,552.
Liabilities—Notes payable (banks), $450,000; accounts
payable, $176,695;
accrued liabilities, $60,163; reserve for Federal income
tax, $65,059; capital
stock (100,000 no par shares), $1,613,480; earned
surplus, $710,153; total,
$3,075,552.—V. 149, p. 3884.
receivable
(less
on
reserve
for
Teck-Hughes Gold Mines, Ltd.—Earnings—
12 Mos. End. Aug. 31—
1940
Gross value of bullion.__ $3,605,008
1939
1938
$3,399,280
Dividends Lamaque Gold
Mines, Ltd.
Inc. from investments..
690,338
98,291
27,938
1,029,137
322,842
223,503
RR.—Earnings-
1940
oper. income
1938
$3,529,542
284,909
393,404
386,127
29,013,662
6,624,409
2,203,383
Net from railway
—V. 151, p.
1939
$3,475,585
784,248
446,001
Net ry. oper. income
From Jan. 1—•
Gross from railway
27,533,352
27,199,202
5,342,866
1,333,355
31,218,324
7,350,357
3,198,468
6,305,492
2,147,099
1292.
1937
$3,895,921
861,310
•
781,150
Thompson Products, Inc. (& Subs.)— Earnings—
1,122,880
44,958
$3,930,356
Net sales,
Cost of products sold-
w—.
.....
....
Operating profit
& general expenses
-
Gross earnings--.—. $4,772,846
Develop, mining & mill¬
ing expenses.
1,949,576
Insurance and taxes
x517,759
on
72,522
104,877
$4,674,914
1,790,349
287,471
198,851
1,844,124
318,876
220,911
1,755,120
461,883
219,503
65,164
14,444
$1,736,940
Note—Provision for depreciation for the 12 months'
period amounted to
$348,344.
The net profit for the 12 months includes
$45,452 for the Canadian sub¬
a charge of $78,665 for exchange transactions and
reduction of
all assets, except fixed
property accounts to the basis of 89 cents for each
sidiary after
Canadian dollar.—V. 151. p. 1441.
Timm Aircraft
Of the
Corp.—Stock Offering—
215,835 shares of common stock (par $1) offered to
stockholders,
45,429 shares have oeen subscribed at $1 per share.
Such rights expired
Sept. 10.
In accordance with amendment dated
Sept. 7, 1940, to under¬
writing agreement dated May 17, 170,406 shares
(being the unsubscribed
for portion of the 215,835 shares offered to
shareholders) are being offered
to the public at $1.10 per share
by G. Brashears & Co., Los Angeles.
See
also V. 151, p. 863.
Toledo Peoria & Western
1940
Gross from railway
Net from railway.
$193,400
73 487
38,990
$2,036,646
$1,604,523
$2,203,195
Net ry. oper. income---
35,212
From Jan. 1—
Gross from railway
Net from railway
Netry.
Tennessee Products
$0.33
$0.46
1939
1938
$2,954,118
Less commissions
$2,156,063
22,099
1,392,941
435,505
185,871
1,408,042
1,552,572
409,437
439,257
181,225
183,082
65.663
26,951
Rapid Transit Co,-—New Director—
715.
been elected a director of this
company, filling the
the death of Frank Carrel of Quebec City.—V. 151, p.
.
Union Pacific RR. Co.—New
$2,140,123
2,064,988
—
-
—
Loss from branches
$465,450
Oregon-Washington
Union Wire Rope Co.—20-Cent Dividend—
Directors have declared a dividend of 20 cents per share on the common
stock, payable Oct. 5 to holders of record Sept. 15.
Previously regular
quarterly dividends of 15 cents per share were distributed.—V. 151, p. 261.
$75,135
United Gas Improvement
996
146,291
expenses
f;v
Directory &c.—
Railroad & Navigation Co., and Los Angeles & Salt Lake Railroad
Co.,
succeeding the late James H. Perkins.—V. 151, p. 1738.
15,939
$2,932,018
Cost of sales before depletion and depreciation—.
2,466,568
-
Gross profit
1937
$215,145
Gordon S. Rentschler, Chairman of the Board of the National
City Bank
of New York, was on Sept. 26 elected to the boards and executive committees
of this railroad, the Oregon Short Line Railroad Co.,
Corp.—Earnings—
-
Selling, general administrative
1938
$191,959
71,702
38,128
■
$0.42
Years Ended Dec. 31—
Net sales
1939
$196,646
82,360
38,747
Webster has
vacancy caused by
page
211,874
RR.—Earnings—
1292.
Twin City
C.
1,529,737
486,712
income.--
oper.
—V. 151, p.
L.
Provision for taxes only.—V. 151, p. 714.
Sales
ZZ~'.
income...
$2,513,975
135,828
397,075
515,788
Net profit
Balance to surp. acct.
(estimated)
$2,305,512
Earns, per sh. on 4,807,144 shs. cap. stock
$0.48
——
~'
...
$4,782,653
2,268,678
1937
$4,002,878
Exp. on outside props. &
exploration work
.
*
;
Federal & Dominion taxes
$4,570,037
$4,378,482
General expense—
I]
...
Other income
Other deductions
August—
957,800
21,401
..--$20,828,478
16,045,825
.
Gross profit
Selling, administrative
-
x
defl0,478
626,048
124,592
49,097
Earnings for 12 Months Ended July 31, 1940
Total income
counts
1937
$132,162
40,727
26,297
$68,456
2,124
$3,742,699
946,577
Gross from railway
Net from railway
$706,294
13,504
-
1938
$55,844
def3,568
defl0,225
573,441
87,661
15,406
operating income
From Jan. 1—
Gross from
Netry.
1939
$84,785
17,933
9,154
August—
I Earnings for the Year Ended Dec. 31, 1939
V Gross profit
1940
Gross from
railwayNet from railway
Net ry.
Texas & New Orleans
Taylor Milling Corp. (& Subs.)—Earnings —
Freight outward
-Earnings—
August—
company.—V. 125, p. 383.
Gross sales
Corp.—New Vice-President—
Michael Halpern who has been
Manager of the refining division of the
was on Sept. 27 elected a
Vice-President.
He has been with
the company since 1916.—V.
151, p. 1158.
corporation
151,876
Co.'—Weekly Output—
The electric output for the U. G. I. system companies for the week just
the figures for the same week last year are as follows; Week
ended Sept. 28, 1940, 112,059,439 kwh.; same week last year, 104,775,086
closed and
Operating profit-Other
$318,163
income.
12,577
—
Total income
Other deductions
$330,739
15,539
Interest paid or accrued
81.282
—
Depletion and depreciation
Net profit
209,100
-
-
loss$76,741
7,328
loss$69,413
16,528
*
89,687
185,283
$24,818 loss$360,911
Balance Sheet Dec. 31, 1939
Assets—Cash in banks and on hand, $108,595; notes and accounts re¬
ceivable (less reserve), $259,877; inventories, $790,822; deposit under State
Workmen's Compensation Act, $10,000; sundry other notes and accounts
receivable and deposits, $7,552; investments (at nominal
values), $4;
Prepaid expenses and deferred charges, $82,352; iron and timber lands,
properties, plants, equipment, &c. (less reserve for depreciation and de¬
pletion of $2,552,520), $5,926,588; replacement equipment and non-current
repair parts, $56,558; expenditures on uncompleted additions,
$24,259;
patents, formulas, trademarks, goodwill, &c., $1; total, $7,266,609.
Liabilities—Notes payable to banks, $216,707; accounts payable,
(trade,
&c.), $110,836; accrued liabilities, $i64,482; claims payable (workmen's
compensation), $1,816; Instalments and maturities of long-term debt (due
within one year), $166,447; long-term debt,
$1,156,476; reserves, $79,630;
capital stock (par $5), $3,085,522; capital surplus, $2,767,908; earned
deficit since Dec. 31,1936, $483,216; total, $7,266,609.—V.
145, p. 3360.
kwh.; increase, 7,284,353 kwh., or 7.0%.—V. 151, p. 1914.
!
United States Cold Storage Corp.—Accumulated Dividend
Directors
have
accumulations
on
declared
the 7%
to holders of record
a dividend of $1.75 per share on account of
cumulative preferred stock, payable Sept. 30
Sept. 27.—V. 151, p. 116.
Utah Idaho Sugar
Co.—Correct Name—
The item published in the "Chronicle" of Sept. 21, page 1739, under the
heading Utah-Idaho Co., properly refers to this company.—V. 151. p. 1739
262.
.
.
Utah Ry.August—
Gross from
\
vv'V'
:
.
Earnings—
railway
Net from railway
Net ry. oper. income
From Jan. 1—•
Gross from railway
Net from railway_-
Netry. oper. income-.—V. 151, p. 1294.
1940
1940
$75,068
10,328
1,371
1939
$41,395
def3,188
def6,033
496,212
62.833
19,180
409,224
345.949
755,468
28,199
defll,367
,104,061
def8.139
def75,386
31,663
1938
1937
$45,673
1,692
$77,398
6,998
1,015
def4,618
Vermont
Valley RR.—Bonds Placed Privately—The com¬
has sold privately to the Equitable Life Assurance
Society of the U. S. $1,500,000 1st mtge. sinking fund 4%
bonds at par and int.
The issue has been approved by the
pany
Terminals & Transportation Corp. (& Subs.)—Earns,
Years Ended Dec. 31—
Gross
revenue
Operating
1939
from operations
expenses, exclusive of
-—
depreciation
Gross profit from operations
Interest earned, &c. (less interest paid)
-
Total income
Administrative, selling and general
expense
Provision for depreciation
-i
Provision for Federal income tax—-—
Net
profit
-
—
1938
$1,851,404
1,569,264
$1,679,291
1,469,115
$282,140
20,722
$210,176
14,735
$302,862
162,653
78,025
7,359
$224,910
132,956
82,852
7,700
$54,825
$1,402
Interstate Commerce Commission.
The Boston & Maine RR. owns all of the capital stock and operates
company's properties under an agreement dated April 30, 1926, which has
been successively extended so that the present date of expiration is July 1.
1950.
There is now pending before the Interstate Commerce Commission
a further application for authority to extend the term of the
agreement to
July 1, 1960.
Under this agreement, as further extended, the Boston &
Maine covenants to operate the properties and to pay all the costs thereof,
including maintenance, taxes, interest on funded and unfunded debt, and
the cost of additions and betterments, and to provide funds to discharge
the sinking fund requirements.
The Commercial & Financial
2060
Company has outstanding $1,500,000 first mortgage 4 *A% bonds dated
1, 1910, which matured on Oct. 1, 1940.
To obtain the funds neces¬
retire these bonds at maturity, company proposes to issue $1,500,000
Western Electric
Oct.
sary to
of first mortgage sinking fund
The proposed bonds will be
4% bonds.
dated Oct. 1, 1940 and mature Oct. 1, 1955.
Merchants' National Bank, Boston, trustee.
Indenture will also provide,
among other things, for the pledge thereunder of 7,000 shares of the capital
stock of the Connecticut & Passumpsic Rivers RR. and 1,000 shares of the
capital stock of the Massawippi Valley Ry.
Coupon bonds, registerable
as to principal, or fully registered bonds, in denom.
of $1,000, if coupon
bonds, and of $1,000 or such multiples thereof as may be determined, if
fully registered bonds.
Interest payable April 1 and Oct. 1.
Bonds will
for sinking fund purposes on any interest-payment date
principal amount thereof and interest thereon to the date fixed for
redemption.
The bonds will also be redeemable in part on any interest
date, and as a whole at any time, at the principal amount thereof and inter¬
est accrued to the date of redemption, together with a premium equal to
354% If redeemed on or before Sept. 30, 1941, the premium decreasing
54 of 1% annually thereafter.
As a sinking fund for the bonds, the company will pay to the trustee, at
least 10 days prior to each interest-payment date, the sum of (a) $11,475,
redeemable
be
at the
$11,250 of bonds with interest accrued thereon
for the 6 months period next preceding the date of redemption, and (b) an
amount in cash equal to 6 months interest at the rate of 4% per annum on
the aggregate principal amount of all bonds theretofore retired through
the operation of the sinking fund.
Company may, upon not less than 50
days' notice in writing to the trustee, elect to surrender for cancellation,
in lieu of all or any part of such payments in cash, outstanding bonds,
together with all appurtenant unmatured coupons, if any, the principal
amount of bonds so surrendered to be deemed the equivalent in cash.
Any
bonds so surrendered shall not include any bonds theretofore called for re¬
demption.
In the event that the company elects to make any sinking fund
payment in cash, the trustee shall, in not less than 45 nor more than 50 days
prior to the next sinking fund payment date, designate the bonds to be re¬
deemed on that date, and company shall give the notice required for the
redemption of the bonds specified, such notice to state that the bonds so
called for redemption are to be redeemed through operation of the sinking
fund.
Provision is made for the postponement of the redemption of bonds
through the operation of the sinking fund whenever the cash therein falls
$5,000.—V. 151, p. 1740.
Operating revenues
a
Balance for interest
Balance for dividends and
a
p.
$20,335,685 $18,931,535
-
After
surplus
depreciation and including
5,846,386
5,616,293
4,081,310
3,776,728
non-operating income (net).—V. 151,
1587.
Eligibility for company death benefits will not be affected, the company
making up the difference between the Federal and State benefits and the
total provided for under its own plan.
All regular employees of Western Electric called up for training or service
will be granted leave of absence for a period of 12 months.
Upon applica¬
tion within 40 days of the conclusion of their military service,
will be reinstated by the company in their previous positions or in positions
such employees
of comparable status
have
changed as
so
V. 150. p.
and pay, unless the company's circumstances shall
to make it impossible or unreasonable to do so.—
1796.
./
Co., Ltd. (& Subs.)—Earnings—
Western Grain
$434,277
1,075
800
825
6,881
Crl,504
29.454
Cr20,062
20,981
Crl3,917
Cr65,806
$272,790
$441,847
$224,394
Directors' fees
Loss
disposal of fixed
on
assets
Divs.
_.
investments
on
Prov. for income & excess
51,400
profits taxes (est.)
prof. $142,242
Net loss.
Consolidated Balance Sheet
[Including Mutual
52,104
Notes & accts. rec.
17,236
2,256,704
7,735
5,928
Inventory
;
160,051
4,115,090
183,130
45,308
Preferred stock...
15,112
3,304,800
1,900,000
3,141,600
1,900,000
Common stock..
775,229
775,229
749,331
888,469
Bonds....
y
Deficit
1937
$1,710,203
908,302
1938
$1,677,111
873,490
719,343
16,684,407
9,266,124
13,116,294
6,670,164
12,122,171
5,747,776
12,895.665
6,944,502
6,846,539
5,091,301
4,688,679
5,952,664
1940
$2,194,690
1,191,985
income.._
669,976
1939
$2,002,383
1,120,480
Net ry. oper.
From Jan. 1—•
Gross from railway
Net from railway..
Net ry. oper.
—V. 151, p.
.
income
1294.
894,989
772,203
Inc.—Earnings—
9 Mos.—
3 Months
x
Net
x
'40 Feb. 29, '40 Aug. 31, '40
$473,231
$265,289 $2,855,426
Aug. 31, '40 May 31,
Period—
$2,116,906
Net sales
lossl80,984 loss58,139
151, p. 1915.
277,179 lossl54,334
profit
After charges and
provision for Federal tax.—V.
Walker & Co.— Accumulated
Dividend—
declared a dividend of 50 cents per share on account of
accumulations on the $2.50 cum. class A conv. stock, no par value, payable
Oct. 15 to holders of record Oct. 5.
This compares with 62H cents paid
on Aug. 31, June 1 and March 1 last; dividends of 75 cents were paid on
Dec. 23, 1939, and dividends of 50 cents were paid Dec. 1, Sept. 1, July
15 and March 1, 1939, and on Dec. 20 and Dec. 1, 1938.—V. 151, p. 1009.
x
y
Western Public Service
the protection of the holders of first mortgage and
6% coupon gold bonds of the corporation announced
475 bondholders owning a total of $540,000 of bonds have
signified their desire to have the committee represent them in the pro¬
ceedings attendant to the suit to foreclose the mortgage.
This gives the
committee representation for over 14% of the bondholders who own more
than 11% of the outstanding bonds.
In a letter addressed to all the bondholders the committee says "Believing
the question of Mr. Hearst's legal liability upon his guarantee to be of
serial
Sept. 28 that
obtained an
this opinion
prime importance, your committee has requested and has
opinion from its counsel upon that subject.
It appears from
that because of the provisions of the New York State Mortgage
Moratorium
Act, as interpreted by the decided cases, Mr. Hearst may, if he wishes,
limit his legal liability upon his guarantee of the principal of the bonds
to the excess of his obligation thereunder over the fair market value of
the
properties.
Since Mr. Hearst has appeared by counsel
undoubtedly will attempt to take advantage of this
his counsel
v
and thereafter.
Edward H. Crandall,
manager
of Mayfair House, is Chairman of the
Bedell Stores; Gardiner S.
Escher; Philip L. Gerhardt,
Vice-President of Slawson &
Albert T. Scharps of 1450 Broadway, is
Hobbs, are the other members.
Secretary.—V. 151, p. 158$.
Wayne Pump Co. (&
9 Months Ended Aug. 31—
Profit of domestic companies,
1940
1939
$832,699
42,358
$807,188
after all charges
after taxes.
_
$875,057
for foreign exchange
1,118,469
123,525
def692
73,089
Westinghouse Electric & Mfg.
H. Cunningham as
announced on 8ept. 30 by L. W.
Mr. Cunningham was
71,530
~
$878,718
75,000
loss
$875,057
146,000
$803,718
137,000
elected at a recent meeting of the
Wheeling & Lakes, Erie
board of directors.
Net from railway
Net ry. oper.
Ry.—Earnings—
1939
1940
$1,550,217
503,865
August—
$1,401,356
513,358
1938
$1,082,331
353,542
1937
$1,439,556
457.648
378,134
426,554
263,829
386,120
11,060,257
3,825,784
8,628,300
2,525,424
6,604,485
1.580.790
11,240,958
3.677,976
2,990,390
2,015,119
1,077,844
3,371,057
income...
From Jan. 1—
Gross from railway
-
Net from railway
Net ry. oper.
—V. 151, p.
income
1589.
.
White Motor
CoGovernment Contract—
Company has been awarded a contract to build half-track cars
for the U. 8. Government totaling $34,451,249.—V. 151, p.
cars
Williamsport Water
866.
1937
1938
1939
Calendar Years—
$350,611
5,436
$340,876
5,504
$351,759
7,452
$356,047
68,440
$346,380
65,371
$359,212
62,131
$229,766
133,650
263
10,315
8,040
$219,724
133,650
920
10,315
1,573
$231,669
133,650
584
10,315
1,470
$77,498
Gross earnings
Operating expenses
Maintenance
$73,265
$85,651
Other taxes
Reserved for retirements
Gross income
funded debt
& expense—
Miscellaneous deductions
-
Net income
10,302
9,466
24,343
21,300
10,656
12,059
17,038
21,532
12,091
13,100
11,053
21,597
...
Federal income tax
on
and scout
Co.—Earnings—
Operating revenue
Non-operating income
31, 1939
Assets—Property, plant and equipment.$4,786,577: miscellaneous invest¬
$151; cash, $298,462; accounts receivable (net), $30,424: water
ments,
charges accrued,
$31,503; accrued interest
receivable, $571; materials and
$12,488; prepayments, $927; unamortized debt discount and
$129,794; other deferred charges, $1,623; total, $5,292,520.
Liabilities—Funded debt, $2,673,000; accounts payable, $9,194; accrued
interest, dividends and taxes, $103,610; customers' security, service, and
extension deposits, $9,396; other deforced credits and liabilities, $470;
retirement reserve, $475,751; contributions for extensions, $14,775; pre¬
ferred stock, $706,504; common stock, $365,700; capital surplus, $907,249;
surplus, $26,870; total, $5,292,520.—V. 143, p. 448.
supplies,
expense,
Wilson & Co.,
the period
$729,057
$666,718
x Converted at average rate of exchange prevailing during period,
y The amount of $75,000 provided for foreign exchange loss in the column
for the 9 months ended Aug. 31, 1939, was used and applied at the close of
the company's last fiscal year, Nov. 30, 1939, to reduce the net current
assets of foreign subsidiaries to the exchange rates prevailing at that time.
There has been no material change in the exchange rates at Aug. 31, 1940,
compared to Nov. 30, 1939, and accordingly no provision is made for any ■»
foreign exchange loss during the nine months ended Aug. 31, 1940.
Note—The investment in physical assets of the British subsidiary at
Nov. 30, 1939, amounted to $382,014.
It is reported that these assets
have since Aug. 31, 1940 suffered war damages estimated at $100,000.—
V. 151, P. 118.
Co.—New Officer—
Assistant Treasurer of the company
Lyons, Treasurer of the company.
151, p. 1915.
Gross from railway
Net profit for
1,042,017
84,637
43,057
Net ry. oper. income...
—V. 151, p. 1296.
York City.—V. 151,
Subs.)—Income Statement—
Total
Total profit
Estimated Federal income tax.
1,092.699
134,694
87,152
Net from railway
—V.
$137,087
13,431
7,270
1,163,596
175,508
Gross from railway
was
$141,201
18,581
8,957
$132,647
13,489
'
4,748 :
Balance Sheet Dec.
except Federal income tax
xProfit of foreign subs, and branches,
y Pro vision
Net ry. oper. income.__
From Jan. 1—
1937
1938
1939
1940
$1.54,355
36,191
18,740
Gross from railway.....
Amort, of debt discount
the New York Trust Co., New
*
Alabama—Earnings—-
Ry. of
Western
August—
Other interest charges
mortgage 6% sinking fund gold bonds, due Dec. 1,
redemption on Dec. 1 at 106 and accrued interest.
Payment will be made at
p. 1443.
*
;«.*—...
1915.
p.
Interest
Co.—Bonds Called—
Watauga Power
A total of $6,000 first
1952 has been called for
1939
$2,153,239
486,951
503,364
Balance for dividends and surplus
168,195
167,177
a After depreciation and including non-operating income (net).—V.
151,
Balance for interest.......
in the suit,
committee.
Alfred M. Bedell, President of
Dresser of the investment firm of Dresser &
industrial consultant, and Henry L. Showier,
1940
$2,162,255
Operating revenues
opportunity.
market value of the properties necessarily will
involve vigorously contested litigation.
It is the committee's settled policy
to prosecute this claim to the fullest extent."
Kellogg, Emery & Inness-Brown, counsel for the committee, in their
opinion stated that the New York State Mortgage Moratorium Act does
not relieve Mr. Hearst from his guarantee of the payment of interest on the
bonds.
The committee has instructed its counsel to confer with the trustee
and its counsel in order to take all steps possible to enforce the claim of the
bondholders against Mr. Hearst for interest payments due Dec. 1, 1940,
Ascertainment of the fair
Subs.)—Earnings—
:
The election of A.
The committee for
leasehold
Co. (&
12 Mos. Ended Aug. 31—
Corp.—Bondholders1 Committee—
R. Realty
W. A.
$6,651,389 $5,073,114
Less depreciation of $1,318,057 in 1940 and $1,097,968 in 1939.
Represented by 200,000 no par shares.—V. 149, p. 2102.
Net from railway
Directors have
-
Total
$6,651,389 $5,073,114
Total
a
Vultee Aircraft,
customers
margin accounts
4,299,224
26,474
24,664
liabilities,
crued
159,953
Fixed assets
secured
(est.).
Accts. payable, ac¬
and
investments
x
Acer, taxes
$74,781
5230,744
931,000
75,818
-
Bank loan,
20,838
14,065
441,498
Prepaid expenses.
Memberships and
1939
1940
&c_
of
hands
in
Ltd.]
Liabilities—
Cash ticket orders,
$116,496
515,996
July 31
Grain Co.,
1939
1940
Assets—
Ry.—Earnings—
August—
Gross from rail way
Net from railway
loss$8,881
163,901
116,368
1,050
163,200
116,229
163,200
115,466
234,182
Depreciation
1937
1938
$16,069 loss$ 154,529
1939
1940
Years Ended July 31—
Net profit after oper.exp.
Bond interest
Other assets
Virginian
as well as
Reserves in the
company's employ who may be inducted into Regular Army service.
For the first three months of military service employees of a year or more's
paying agents..
1939
1940
the Organized Army
standing will receive their regular company pay less Government pay.
Under the company's pension plan, employees called into military service
will receive full credit for their previous term of employment plus the period
of Government service upon reinstatement in the company's service.
Cash
Co,—Earnings—•
31—
Sept. 30 announced the com¬
for military
members of the National Guard or
Cash...
Virginia Electric & Power
12 Mos. Ended Aug.
Drafted Employees—
Co., Inc.—To Pay
G. 8toll, President of the company, on
C.
1940
pany's policy in regard to employees who may be called up
service undet the Selective Training and Service Act of 1940,
being sufficient to redeem
below
Oct. 5,
Chronicle
Edward H.
Inc.—New Director—
Rawls, Vice-President
of the Guaranty Trust
Co. of New
York, has been elected a director of this company to succeed the late E. A.
Potter, who also was a Vice-President of the Guaranty Trust Co.—V. 151,
p.
1916,
Wisconsin
Michigan
Power
Co.—To
Sell
Additional
Stock to Parent Company—
The
Securities
and
Exchange Commission Oct. 1 announced
its wholly-owned subsidiary, Wisconsin
North American Co. and
that The
Michigan
filed an application (File 70-165) under the Holding Com¬
pany Act regarding the sale by the subsidiary company of 28,750 addi¬
tional shares of its capital stock ($20 par) to the parent company at par.
Power Co., had
The Commercial & Financial Chronicle
Volume 151
Wisconsin Michigan Power Co. will use the proceeds from the sale of the
stock to finance additions and betterments to its plant and distributing
system, including the construction of the Michigamme storage reservoir,
estimated to cost approximately $525,000, to reimburse the company's
treasury for construction
expenditures previously made, and for working
capital.—V. 151, p. 1296.
Windsor Hotel; Ltd.—New President—
J, A. Raymond, Vice-President and Managing Director has been elected
President of, this company,
147,
p.
succeeding the late Hon. J. M. Wilson.—V.
1055.
Wright Aeronautical Corp.—Government Contract—
Company has been awarded a contract totaling $3,121,680 to manufacture
engines for the U. S. Government.—V. 151, p. 1010.
Wrigley Jr. Co.—Stock Sold—Smith, Barney &
(Wm.)
Co. distributed after the close of the market Oct. 2 15,000
shares (no par)
capital stock of the
share.
company at
v-
.
.!■/'
$80.25
per
L"^•-.VX'-''-'
Special Dividend—
Directors have declared a special dividend of 25 cents per share on the
stock, no par value, payable Nov. 1 to holders of record Oct. 19.
Directors at the same time declared regular monthly dividends of 25 cents
and Howard E. Norris, (a partner
in Giles, Norris & Hay, New York Stock
Exchange firm), is Secretary and Treasurer.
In addition to the three officers named, members of the Board of directors
include Samuel Darby, promoter of prison football at Sing Sing, Benjamin
Jacobson and Chester Gaines, both members of the New York Stock Ex¬
change; Newton Kutner, partner of Giles, Norris & Hay; William F. Ashley,
New York attorney; and Herman Muller, New York accountant.
The New York Yankees will play their five home games in the Yankee
Stadium for the first time this year.
The team personnel is entirely new
and is composed of former college stars from all parts of the country as well
as players who have already made a name in professional football.
The
team will play a 10-game, home-and-home schedule with the other five
teams in its league and will play a number of exhibition games.
Teams
representing Boston, Buffalo, Columbus, Cincinnati and Milwaukee com¬
plete the league. A number of the Yankee games will be played at night.
Corporation has a total capitalization of $250,000, consisting of 50,000
shares of stock (par $5)
Of the 50,000 shares there has been issued 46,000
shares.
Of these, 25,000 shares are now outstanding and the bankers are
offering for sale 15,000 shares to the public at $5 per share (of which 5,000
shares have been placed privately) the corporation receiving $4 per share.
.
Yazoo &
common
share payable Nov. 1, Dec. 2 and Jan. 2, 1941 to holders of record
Oct. 19, Nov. 19 or 20, and Dec. 19 or 20, respectively.—V. 151, p. 572.
per
Yankee
Football
Exhibition
Corp .—Stock Offered—
Public offering of 10,000 shares ($5 par) common stock of
the corporation was made Oct. 3 at $5 per share by Giles,
Norris & Hay, New York.
The offering is made to bona
fide residents of New York State only.
In addition 5,000
additional shares have been placed privately.
Proceeds from this public financing will be used as working capital to
the operating expenses of the New
the American Professional Football League
cover
York Yankee Football team of
for the next three years, accord¬
ing to officials of the corporation.
The Yankee Football Exhibition Corp. was organized in September,
1937, to conduct professional football games.
The management and per¬
sonnel of the corporation has been completely reorganized this year, new
2061
directors and officers having been elected early last September. Willard K.
Rice, who has been actively engaged in sports since his graduation from
Harvard in 1927, is the new President. John F. McBride, is Vice-President,
Mississippi Valley RR.
August—
1940
Gross from railway$1,277,866
Net from railway.
383,741
—
Net ry. oper. income.
From Jan. 1—
_
Gross from railway._._
Earnings—
1939
$1,141,290
276,203
166,334
42,361
9,550,677
2,495,315
781,631
.
Netry. oper. income...
—V. 151, p. 1297.
1937
$1,272,967
362,230
365.970
8,800,345
2.220,047
562,679
*
Net from railway.
1938
$1,167,565
.
156,339
134,696
8,922,731
2,600,771
10 315,652
t
897,161
3,106,434
1,507,568
Youngstown Sheet & Tube Co.—Elans Refunding—
Officials of the company are reported to have discusssed with Kuhn, Loeb
& Co. and Smith, Barney & Co., a plan to refund the outstanding 1st
mtge.
sinking fund series C 4% bonds, due in 1961.
at
The bonds
are
redeemable
104.
■
y*
Frank Purnell, President of the company, said that the
company is not
considering any plan to replace the 4% convertible debentires withalower
coupon issue.
There are $55,500,000 of the mortgage 4s outstanding,
$1,500,000 of the original issue having been redeemed for sinking fund on
May 1, 1940.—V. 151, p. 1297,
The Commercial Markets and the Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY
COMMERCIAL EPITOME
GOODS—WOOL—ETC.
Some Brazil cost and freight offers were
reported reduced
by 10.points.
Friday Nighty Oct. 4, 1940
Coffee—On the 30th ult. futures closed 12 to 9 points net
higher for the Santos contract, with sales totaling 53 lots.
Santos coffee futures added 8 to 11 points to the gains of last
Friday, erasing about 75% of the losses from the tops of
last Monday.
This compares with a low of 5.50c, Aug. 15
and a high of 6 05c. Sept. 23.
The actual market was better
with milds improving by % to %e.
Fears of higher freight
rates in the near future were coupled with the belief that an
inter-American marketing agreement for coffee, including
quotas on shipments to this country and possibly even
minimum prices, would soon be announced.
The stocks of
coffee in the Port of Santos reached
a new
low for recent years
Saturday at 1,424,000 bags. Normal stocks, under recent
crop regulations, are 2,200,000 bags.
On the 1st inst. futures
closed 8 to 5 points net higher. Transactions totaled 64 lots,
all in the Santos contract.
The gains established today
brought prices within striking distance of the highs made a
week ago. July at 6.20c. was up 4 points and within 5 points
of its seasonal high.
It is believed export quotas for ship¬
ments to this country will be approved in Washington
Thursday.
Local closing: Santos contracts: Dec., 5.85;
Mar., 6.02; May, 6.11; July, 6.21; Sept., 6.30. On the 2d
inst. futures closed 3 to 6 points net lower for the Sant03
contract, with sales totaling 25 lots. Washington action on
export quotas on coffee to the United States is expected to¬
morrow.
It is said that Brazil will give up 33,000 bags of its
tentative allotment and Colombia 150,000 bags to be shared
by Salvador, Guatemala and Mexico.
Meanwhile coffee
futures were unchaned to 1 point lower on sales of about 6,000
bags up to early afternoon. The demand for actual coffee
continued good. Brazilian cost and fieight offers were higher
in most instances.
Prompt shipment Santos 4s ranged
generally from 6.10 to 6.30c., while forward shipment 4s were
as much as 35 points higher.
On the 3d inst. futures closed unchanged to 2 points off.
on
Sales totaled 14 lots all in the Santos contract.
On only
a handfull of trades Santos coffee futures advanced 5
points,
with March selling at 6.04c. or
only 1 point under the re¬
high. Most traders were marking time pending some
Washington news on the plan for orderly marketing of
cent
Latin-American coffee.
that
Private cables from Brazil mention
supplies are "tight." The effect of the recent
drought on the Brazilian crop to be harvested next year was
also said to be a factor.
Meanwhile actuals are steady to
firm here with activity not great.
Today futures closed 8
to 6 points net lower.
Transactions totaled 14 lots, all in
the Santos contract. Lack of support rather than any selling
pressure sent Santos coffee futures 5 to 10 points lower.
According to reports the question of export quotas on ship¬
new
crop
ments of coffee to the United States is back in committee
because certain countries with smaller quotas are not satis¬
fied. It is said that Brazil and Columbia have withdrawn
the concessions offered from their tentative quotas, earlier
in the week, because the discontented areas were still not
appeased.
Meanwhile actuals
are
quiet and barely steady.
Rio coffee
prices closed
as
follows:
December
3.951 May
March, 1941
3.991 July
—
4.03
4.08
.
Santos coffee prices closed as follows:
December
-
-
—6.07
5.73 July-.—..
-——5.92 September-.
.5.99
£l
———
March, 1941—.
May.
——6.16
—...
Cocoa—On the 30th inst. futures closed 6 to 8 points net
lower, with sales totaling 91 lots. Trading conditions in the
cocoa futures market were unchanged.
Little interest was
shown.
In the absence of activity prices drifted 2 to 3 points
lower on a turnover of 45 lots to early afternoon. There have
been rumors that Bahia shippers may quote lower prices to
break the current deadlock.
They have caused buyers to
move cautiously in the market. Warehouse stocks decreased
500 bags.
They now total 1,346,424 bags compared with
1,167,291 bags a year ago. Local closing: Dec., 4.19; Mar.,
4.34; May, 4.41; July, 4.49; Sept., 4.57.
On the 1st inst.
futures closed 2 to 4 points net lower, with sales totaling 170
lots. Cocoa futures
were
easier
on news
that Brazilian holders
showing greater willingness to sell. During early after¬
noon Dec. was selling at 4.16c., off 3 points and a new low
for the movement.
Trading to that time totaled 170 lots.
Manufacturers were buyers on a scale down.
Warehouse
stocks increased 1,500 bags.
They now total 1,347,966 bags,
compared with 1,164,021 bags a year ago. A steamship, the
Calgary, has arrived here from West Africa with what is
believed to be a record cargo of cocoa. It is carrying 110,181
bags. New York gets 38,800 bags, Boston 56,717 bags and
Montreal 14,664 bags.
Local closing: Dec., 4.17; Jan., 4.20;
Mar., 4.30; May, 4.38; July, 4.47; Sept., 4.56.
On the 2d
inst. futures closed 3 to 4 points net lower.
Transactions
were
totaled 100 lots.
The trend in
cocoa
futures continued down¬
ward when tired longs liquidated Dec. contracts.
Prices lost
3 to 4 points with Dec, selling down to 4.13c., a loss of 4
The turnover to early afternoon was 85 lots. Manu¬
were buyers on a scale down.
Warehouse stocks
decreased 1,600 bags.
The total now is 1,346,315 bags com¬
pared with 1,164,021 bags a year ago.
Arrivals of cocoa
during Sept. were in excess of half a million bags. The exact
total was 533,845 bags.
In Sept. of last year only 202,499
bags arrived.
Arrivals for the 9 months ended Sept. 30
totaled 3,541,743 bags compared with 3,574,400 bags in the
corresponding time last year. Early in the year arrivals were
behind those of 1939 by approximately one million bags.
Local closing: Dec., 4.13; Mar., 4.27; May, 4.35; June, 4.44;
Sept., 4.52.
On the 3d inst. futures closed 2 to 3 points net lower.
points.
facturers
Transactions
totaled
125
lots.
Cocoa
futures
reflected
liquidation by tired holders when prices dipped into new
low ground for the season, with December at one time selling
for 4.10 and standing at 4.11c. this afternoon, off 3 points.
May also registered a new low price. Sales to early afternoon
totaled 80 lots. Manufacturers continued to buy on a scale
down.
Warehouse stocks decreased 3,600 bags overnight.
They now total 1,342,700 bags, against 1,152,534 bags a
year ago.
Local closing: Dec,, 4.11; Mar., 4.24;May, 4.33;
The Commercial £ Financial
2062
.
July, 4.41.
Today futures closed 1 to 3 points net lower,
with sales totaling 653 lots.
Hedge sales against offerings of
cocoa
by producing countries deluged the cocoa futures
market today with the effect of breaking prices to new low
levels for the season.
Losses ranged from 3 to 4 points,
with December at 4.07c., off 4 points.
It appears that both
Brazil and West Africa after holding off for weeks, have de¬
cided
meet
to
price ideas of the American consuming in¬
result cocoa is beginning to move and trading
has been accelerated.
The turnover today was 625 lots to
As
terests.
a
Warehouse stocks decreased 2,400 bags
They now total 1,340,334 bags, compared with
1,150,150 bags a year ago.
Local closing: Dec., 4.09;
Mar., 4,23; May, 4.30; July, 4.39; Sept., 4.47.
early afternoon.
overnight.
Sugar—On the 30th ult. futures closed 3 to 2 points net
higher for the domestic contracts, with sales totaling 276 lots.
The world sugar contracts closed 3 to 4 points net higher,
with sales totaling 67 lots.
Sugar markets were firm. Behind
the advance was news that the Senate Finance Committee
would take up the pending Cummings sugar resolution, which
provides for extension of sugar control, the ensuing Wednes¬
day. It is believed hearings will be brief and the bill will be
passed. The House already has approved the measure.
In
the raw sugar market Sucrest bought Philippines now loading
for 2.75c, a pound, unchanged.
Evidence of a good demand
for refined sugar was seen
has withdrawn from
in the announcement that Sucrest
the market, apparently because booked
the year. In the world sugar market prices
334 points higher in light trading.
It is believed
Japanese domination of the Dutch East Indies, if effected,
would spell the end of shipments of sugar from Java to
Europe, thus diverting buyers to the Cuban market.
On
the 1st inst. futures closed 1 point off to 1 point up for the
domestic contract, with sales totaling 220 lots.
The world
up
to the end of
were
sugar
contract closed 2 to
334 points net higher, with sales
totaling 134 lots.
Sugar markets continued their rise. The
was aided by hopes of early passage of pending
advance
legislation and improvement in the raw and refined sugar
markets.
Raws were 2 points higher when an operator paid
2.77c.
pound for 2,000 tons of Philippines
a
Other duty paid sugars were sold for 2.75c. a
2.80c. was asked for additional sugars.
In the
Oct. shipment.
pound. Up to
shin lard to Sweden, Spain
that
raw
sugar was
higher and that demand for refined sugar
In the raw sugar market, 5,000 bags of Puerto
Ricos, clearing Oct. 10, were sold to an operator for 2.77c. a
pound, while refined syrups paid 2.80c. a pound for a cargo of
was
good.
also contributed
to $6.70 at
On the
Nov. shipment Cubas were offered
Philippines were offered at 2.82c.
In the world sugar futures market
prices gained about 234 points in active trading.
Recent
demand for molasses in Cuba at prices relatively higher than
world sugar, has had a buoying effect on the market.
On the 3d inst. future closed 1 point off to unchanged for
the domestic contract, with sales totaling 88 lots.
The world
sugar contract closed 134 to 2 points net higher, with sales
totaling 145 lots.
Sugar markets advanced for the fourth
consecutive day.
Offerings were somewhat heavier, that
fact making for some caution on the part of buyers.
The
Senate Finance Committee today approved the Cummings
Sugar resolution. Quick passage by the Senate is forecast.
It extends the Sugar Act.
Raw sugar also continued strong.
A Gulf refiner paid 1.88c., equivalent to 2.77c. duty paid
basis, for a cargo of' Oct. shipment Cubas. An operator paid
2.80c. a pound for a cargo of Puerto Ricos first half Nov.
shipment.
The refined sugar market is in a more settled
condition than previously in months.
In the East 4.35c. a
pound is quoted. In other parts of the country cane refined
is uniformly held at 4.30c. a pound.
In the world sugarmarket new buying lifted prices still higher.
Today futures
closed 1 point net lower for the domestic contract, with sales
totaling 25 lots.
The world sugar contract closed 2 to 334
points net lower, with sales totaling 28 lots.
The rise in
sugar futures was halted today pending news of Senate action
on the Cummings bill.
The domestic market this afternoon
stood unchanged, with Mar. selling at 1.91c.
In the raw
market two parcels of Oct. shipment Puerto Ricos and four
1
cargoes, either Oct. or Nov. shipment, were offered at 2.80c.,
while buyers were ready to pay 2.75c. and possibly more a
pound. The possibility of an advance in the Eastern refined
sugar market was seen if raws go higher.
The, price is now
4.35c. a pound.
The world sugar futures market reacted a
bit under selling which looked like profit taking,
in early
Chicago.
3d inst.
futures closed 2 to 5
a
year
Today futures closed unchanged to 5 points
Trading was light, prices moved within a very
ago.
higher.
narrow
range.
DAILY CLOSING PRICES OF LARD FUTURES
Wed.
Tues.
Mon.
Sat.
IA to 3 points lower.
follows:
November
1.86 May
January, 1941
1.86 July
March
1.90 September
1.94
1.98
2.02
Lard—On the 30th ulto. futures closed 12 to 15 points net
lower.
ability
The opening range was 2 to 7 points lower.
on
In¬
the part of exporters here to obtain navicerts to
Thurs.
Fri.
4.50
4.65
4.50
4.52
4.42
4.40
4.45
4.87
4.72
4.75
4.67
4.65
4.65
4.85
4.87
4.80
4.77
4.80
5.97
5.92
5.90
6.17
6.12
6.07
5.90
6.10
5.00
■
6.20
mmmtmrnm
■
-
March.
6.17
—
Pork—GCxport), mess, $23.75 (8-10 pieces to barrel);
family (50-60 pieces to barrel), $16.75 (200 pound barrel).
Beef: (export), steady.
Family (export)., unquoted.
Cut
Meats:
Pickled Hams: Picnic, Loose, e.a.f.-—4 to 6 lbs.,
1234c.; 6 to 8 lbs., 12c.; 8 to 10 lbs., 1134c. Skinned, loose,
173ic.; 18 to 20 lbs., 1634c.
Bellies:
c.a.f.—14 to 16 lbs.,
Clear, f .o.b. New York—6 to 8 lbs., 1234c.; 8 to 10 lbs., 13c.;
12 to 14 lbs., 13c.
Bellies: Clear, Dry Salted, Boxed, N.Y.
quoted; 18 to 20 lbs., 934c.; 20 to 25 lbs.,
934c.; 25 to 30 lbs., 934c.
Butter: First to Higher than
Extra and Premium Market: 26 to 30c.
Cheese: State,
—16 to 18 lbs., not
Packs:
as
IN CHICAGO
4.62
Held '39, 22 to 23c.
Prices closed
points net lower.
Chicago lard futures were extremely quiet and outside mar¬
kets helped to discourage trading interest.
Western hog
marketings were heavy, with prices 10c. to 15c. lower at
Chicago. Sales ranged from $5.85 to $6.50. Western receipts
totaled 67,900 head against 35,300 head for the same day
1.90c., while 2 lots of
and 2.85c., respectively.
afternoon the market was
few days.
the decline.
to
Nov. shipment sugars.
at
and Switzerland and the lack of
The weakness in hogs has
Although hog receipts at
Chicago today were slightly below trade expectations, prices
there declined 10c. on the day.
Sales of hogs ranged from
$6.15 to $6.55.
Receipts of hogs for the Western run
totaled 76,200 head, against 79,600 head for the same day
last year.
On the 1st inst. futures closed 2 points net higher.
Steadiness in grains, hogs and other markets restricted selling
in lard, and as a result of the lack of pressure prices held very
steady all day.
The opening range was 2 to 5 points higher.
Prices on hogs at Chicago today finished about 10c. higher,
and throughout the session sales were reported at prices
ranging from $6 to $6.65.
Hog marketings at the principal
packing centers in the West as reported today totaled 77,106
head, compared with 61,100 head for the same day la3t year.
Stocks of lard at Chicago continue to decrease and during the
last half of September supplies declined 12,627,508 pounds.
On the 2d inst. futures closed 5 to 10 points net lower.
The
market ruled heavy today, influenced by the continued dull¬
ness of export trade and reports of heavy hog marketing at
the principal packing centers in the West during the past
week.
There was also a good deal of liquidation in the
nearby October, which contributed to the break.
Further
gains were registered in hog prices at Chicago today despite
the heavy run on hogs to the principal packing centers so far
this week.
Receipts were again very large today and market¬
ings for the Western run totaled 64,600 head, against 42,100
head for the same day last year.
Sale? ranged from $6.35
market for the past
raised prices 15 points to 4.30c. a pound,
effective at the close of business tomorrow.
The Far Eastern
partly responsible for the vigor and strength
displayed by the world sugar market. On the 2d inst. futures
closed 1 to 2 points net higher for the domestic contract, with
sales totaling 182 lots.
The world sugar contract closed 2
to 3 points net higher, with sales totaling 78 lots.
The re¬
covery in the sugar markets continued.
Domestic futures
contracts showed substantial gains under buying, which
reflected hopes of early and favorable action by the Senate
on the pending sugar bill.
The movement was aided by news
1940
by British importing firms to increase their lard
supplies, have been depressing influences on the futures
refined market
was
5,
interest
2 Southern refiners
situation
Oct.
Chronicle
Eggs: Mixed Colors: Checks to Special
16 to 2534c.
during most
is quoted 7.7 to 7.9c.
Oils—The Linseed oil market has been quiet
of the
week.
Linseed oil tank
cars
Quotations: ChinaWood: Tanks, spot—2534c. bid; drums—
2634c. bid.
Cocoanut: Crude: Tanks, nearby—.023ibid;
Pacific Coast—.0234 bid. Corn: Crude, West, tanks, nearby
—.0534 to .0534 nominal.
Olive: Denatured: Drums, spot—
Soy Bean: Tanks, West—.04 bid;
November forward .0334 to .04; New York, 1. c. 1. raw—.06
bid.
Edible: Coconut: 76 degrees—.08 bid.
Lard: Ex.
$1.85 to $1.95 nominal.
winter
prime—734 offer; strained—734 offer. Cod: Crude;
Turpentine: 3634 to 3834- Rosins: $2.15 to $3.20.
50c. offer.
Cottonseed Oil sales,
contracts.
yesterday, including switches, 72
Prices closed as follows:
Crude, S. E., val., 434-
December
January, 1941--
5.47® 5.49 May
5.51®
5.57®
5.60®
5.40®
February
5.38®
March —
5.45® 5.45 April
OctoberNovember
Rubber—On the 28th ult. futures
—
n
n
5.65®
closed 5 points lower to
Sales totaled only 300 tons. Although the
market opened about 15 points higher, the lack of support
or interest saw prices drift lower during the two-hour session.
There was some shipment business done in the actual-market.
Spot standard No. 1-X ribbed smoked sheets in cases ad¬
vanced 34 to 1934c. per pound.
Local closing: Oct., 19.55;
Dec., 19.49; Jan., 19.43; Mar., 19.32; May, 19.20.
On
the 30th ult. futures closed unchanged to 1 point higher,
with sales totaling 42 lots for the No. 1 standard contract.
Rubber futures were dull but steady.
Sales to early after¬
noon amounted to only 30 lots.
At that time the market
was unchanged to 2 points net lower.
Steadiness was in
sympathy with the market at Singapore, but traders were
not disposed to make new market commitments pending
developments in the Far East.
A mixed trade developed.
It was said that shipment offers were plentiful.
London
closed 34 to 5-16d. higher.
Singapore was l-32d. lower
to l-32d. higher.
Local closing: No. 1 Standard: Oct.,
19.55; Dec., 19.50; Mar., 19.32.
On the 1st inst. futures
closed 6 to 7 points net higher for the No. 1 standard con¬
tract, with sales totaling 29 lots.
There were 5 contracts
traded in the new standard, May delivery at 19.28, which was
2 points off from previous close.
Reports of activity in the
7
points higher.
Volume
The Commercial & Financial Chronicle
151
spot rubber market and the strength of the stock market,
had a favorable iufluence on sentiment in rubber futures
trading.
Prices during early afternoon were up about 5
turnover of 27 lots, of which 25 were on the old
contract.
Certificated stocks decreased 10 tons.
They
now total 1,750 tons.
London closed l-16d. lower to }/%&.
higher.
Singapore was 1-32 to l-16d. lower.
Jesse H.
Jones revealed in Washington that 60,000 tons of rubber had
been, purchased so far by the Rubber Reserve Co.
Local
closing: No. 1 Standard: Dec., 19.56; Mar., 19.39.
On the
2d inst. futures closed 4 points off to 2 points up.
Transac¬
tions totaled 38 lots, all in the No. 1 standard contract.
There was a sale of two contracts in the July delivery of new
standard contract at 19.17, 2 points above the previous close.
points
on a
Traders in rubber futures
the market.
were not
inclined to venture far in
see what will turn up in
heavy tone, prices losing
points by early afternoon on the sale of 26 lots.
Dec.
then was selling at 19.47c.
Certificated stocks decreased
40 tons to a total of 1,710 tons.
Primary markets were
steady.
Singapore closing unchanged to l-16d. higher.
London also was steady.
Local closing: No. 1 Standard:
Dec., 19.52; Mar., 19.37; May, 19.30.
On the 3d inst. futures closed 3 points up to unchanged
for the No. 1 standard contract.
Trading in rubber futures
continued quiet at steady prices.
The market stood about
unchanged in early afternoon on a turnover of three lots.
Since the Government's rubber purchase plan was announced
They
the Far East.
are
waiting to
The market had
a
5 to 9
interest has been limited.
The London market closed
Mar.
The
because
London
of its
market
wide
discount from the
spot month.
closed
unchanged to l-16d. lower.
Singapore was ^ to l-16d. higher.
Local closing: No. 1
standard: Oct., 19.63; Dec., 19.58; Mar., 19.35; May, 19.25.
Hides—On the 28th ult. futures closed 10 to 15
points net
Transactions totaled 2,160,000 pounds.
The hide
futures market was quiet and firmer today.
Opening prices
were o points higher.
The list worked upward during the
later dealings, and at the close showed substantial gains.
No important developments were leported in the domestic
spot hide situation as the week drew to a close.
Local
closing: Dec., 10.36; Mar., 10.40, June, 10.50; Sept., 10.52;
Mar., 10.45.
On the 30th ult. futures closed 9 to 5 points
net higher.
Transactions totaled 44 lots.
Raw hide futures
opened 5 to 7 points net higher.
Additional slight advances
were registered during the morning.
Toward noon prices
declined and by 12:30 p. m. the market was about 1 point
lower.
Towards
the
close
the market developed con¬
higher.
siderable
strength and closed at the liighs of the day, which
substantially above the previous finals.
Certificated
stocks decreased by 1,536 hides to 585,384 hides.
Local
closing: Dec., 10.45; Mar., 10.46; June, 10.55.
On the 1st
inst. futures closed 30 to 20 points net higher.
Sales totaled
218 lots.
The opening registered gains of 5 points.
The
market continued to advance throughout the morning and
were
by early afternoon Dec. had advanced as much as 30 points
previous close.
Transactions were 124 lots up to
early afternoon.
The advance in the market was due to
stronger spot prices and the rise in the stock market.
Cer¬
tificated stocks decreased by 2,912 hides to 582,472 hides.
Local closing: Dec., 10.75; Mar., 10.73; June, 10.75.
On
the 2d. inst. futures closed 6 points higher to 3 points lower,
above the
with sales totaling
119 lots.
Raw hide futures opened about
point above Tuesday's closing levels.
Prices declined
following the opening and by 12:30 p. m. values were about
8 points below opening levels.
Transactions totaled 2,720,000 pounds up to early afternoon.
The decline was due to
commission house liquidation.
Certificated stocks decreased
to 578,826 hides.
There were about 100,000 hides reported
sold in the domestic spot markets including light native
cows, Aug .-Sept. take-off, at 12>£c., river points at 13c.
Branded cows, Aug.-Sept. take-off, sold at 11c.
In the
Argentine spot market 1,000 frigorifico steers, Sept. take-off,
sold at 1134c.
On the 3d inst. futures closed 5 to 9 points net lower.
Transactions totaled 73 lots.
Raw hide futures opened
1
unchanged to 6 points higher. The market was steady
following the opening, and by 12.30 p. m. advances of about
4 to 5 points were shown.
Short covering absorbed moderate
about
commission
house
liquidation.
Transactions amounted to
early afternoon. ^Certificated stocks decreased by
6,692 hides to 572,134 hides.
Local closing: Dec., 10.74;
Mar., 10.65; June, 10.65; Sept., 10.68. Today futures closed
2 to 10 points net lower.
Transactions totaled 118 lots.
Raw hide futures opened about 4 points lower.
The market
continued to decline and by mid-mornirg losses of as much
46 lots to
as 30 points were shown.
By 12.30 p. m. prices had firmed
somewhat and values then were about 12 points above the
During early afternoon the market was 4 to
points lower.
Transactions to that time amounted to
3,4(X),000 pounds.
Sales in the domestic spot markets
totaled about 15,000 hides, including September-October.
Light native cows (river points) at 13c. Heavy native steers
sold at 13343., and butt branded steers sold at 11343Local
closing: Dec., 10.72; Mar., 10.55; June, 10.57.
previous close.
17
Ocean
Freights—Owing to cautious attitude many
have adopted within the past few days, the
volume of trade has decreased a little in the dry cargo
market.
Charters included: Grain: Plate to North Atlantic►
(corn) rate will be $8 per ton commencing Nov. 1,
Plate
to St. Lawrence, $7 to $7.50 per ton asked nominal -corn).
South Africa to St. Lawrence $12 per ton (corn).
Plate to
North Atlantic, $5.50 per ton (heavy grain), basis Buenos
Aires. Time: Reported round trip east coast South American
trade, October, p. t. A steamer, reported fixed, round trip
South
African
trade, October, no other details given.
Delivery Atlantic range, October, 15-31, Chilean nitrate
trading. West Indies trade, $2.50 to $2.75, nominal. North
charterers
of Hatteras-South African trade, $3.50 to $3.75 nominal
per
ton.
North of Katteras-South American trade, $3.50
per
Round
ton.
trip Pacific trade $4
per
ton.
Scrap Iron:
Atlantic range to Japan, $15.75 per ton.
Gulf to Japan,
$16 nominal.
Pacific Coast to Japan, $90,000 lump sum,
f. i.
o.
Net Form: Gulf to Japan, $14 per ton.
Coal—The
anthracite
total
for
un¬
changed to l-16d. lower.
Singapore was steady and un¬
changed.
A little more activity in the market for actual
rubber was reported here, with some dealer buying and also
factory demand.
Local closing: No. 1 standard: Jan.,
19.50; Mar., 19.40; May, 19.30.
Today futures closed 3
points up to 5 points off.
Transactions totaled 80 lots.
Liquidation was caused by circulation of 22 notices of de¬
livery on Oct. contracts, two on the new contract and twenty
on the old, but the market absorbed that selling and this
afternoon stood 4 to 16 points higher with Mar. at 19.55,
up 16 points.
Sales to that time totaled 31 lots of 10 tons
each.
Trade interests were credited with buying Oct. and
Dec. but selling Mar.
Commission houses were buyers of
2063
estimated
the
1,084,000 tons, is
week
an
production of Pennsylvania
Sept. 21, amounting to
ended
increase of 57,000 tons
over
the total
of the
preceding week, it was reported by the Department
of the Interior.
Comparison with the corresponding we9k
of 1939, however, shows a decrease of 278,000 tons, or about
20%. The better grades of coal, containing higher B. T. U.
values, are currently commanding slight premiums over the
minimum levels set by the new bituminous code prices
which became effective
these better
ducers
here
grades
state.
on
the first of Oct.
still moving out at
are
In
cases
a
where inferior
Deliveries of
brisk rate,
coal
has
pro¬
been
bought at low prices before Oct. 1st, shipment has been
Consumers find that it is more expedient to buy
the better coal at the current code levels. Reports have been
received locally that mines in Ohio, Pennsylvania and West
Virginia have shut down because of the new quotations.
Coal producers here state that many of these mines, which
are shut and more will probably follow—produce the lower
or inferior grades of bituminous coal.
halted.
Wool Tops—On the 30th ult.
futures closed 6 to 26 points
higher. The opening range was 6 to 11 points up. Lowest
prices at which active contracts sold during the day were 6 to
22 points up, with the highs ranging from 30 to 33 points up.
Wool top futures continued their upward movement today
and reached new high levels, with Oct. position registering
the sharpest advance. Trading was very heavy, with volume
approaching record proportions as in trade quarters it was
estimated between 375 and 400 contracts, or 1,875,000 to
2,000,000 pounds had been sold hera. The rise in values was
accompanied by a further sharp gain in spot wool tops, which
moved up 40 points, or 4c. a pound, to $1.23.
The spot price
added to a 3c. gain, which was made on Saturday.
Trading
was featured by an active and general demand centered in the
Dec. and Mar. contracts.
Local closing: Oct., 116.9; Dec.,
106.3; Mar., 98.3; May, 95.7; July, 93.5. On the 1st inst.
futures closed 8 to 16 points net lower.
Opening prices here
were 4 points lower to 1 point higher.
Somewhat later the
active Oct. Dec. and Mar. positions gave way and eased to
maximum losses of 23 to 27 points, the largest drop being in
the Oct. position.
Pressure on Oct. was a surprise to some
inasmuch as no delivery notices were issued or have been
issued so far against it.
Some thought notices might appear
soon.
Selling was general, with a poor offtake adding to the
weakness of the market.
However, around the low point
the trade took contracts and spot houses for a time were
net
Trading volume continued large, with about 325
1,625,000 pounds estimated to have been sold
during the day, against 1,945,000 officially reported for
Monday. Spot tops declined 10 points or lc. to $1.22c. a
pound. Local closing: Oct., 115.3; Dec., 105.5; Mar., 97.5.
buying.
contracts or
On the 2d inst. futures
ing
was
closed 2 to 15 points net lower. Trad¬
lighter today, with the undertone heavy throughout
Dealings were confined to the Oct.,
positions and the list varied from 3 points
down to 5 points up at the best, to 2 to 13 points decline at
the lowest levels.
Trading opened unchanged, but liquida¬
tion of the Oct. position contributed contracts despite the
fact that no delivery notices were issued.
The Oct. narrowed
to about 89 points premium over Dec. against 100 points at
one time the previous day.
Mar .-Dec. exchanges were made
at 74 points during the session.
Sales for today Were esti¬
mated at 80 contracts, or 400,000 pounds against 1,420,000
officially reported for the previous session.
Spot tops lost
lc. or 10 points and were quoted at $1.21 a pound.
Local
closing: Dec., 105.0; Oct., 113.8; Mar., 97.3; May, 94.5;
July, 92.3.
On the 3d inst. futures closed 2 points up to 13 points off.
The market opened 2 points lower. Best prices of the session
were 7 points up to 8 points down on the active positions,
and the lows were 3 to 18 points off.
October and December
contracts were subjected to continued general liquidation
and were heavy over the session.
Sales for the day were
privately estimated at about 90 contracts or 450,000 pounds,
most of
the session.
Dec. and Mar.
The Commercial & Financial Chronicle
2064
against 395,000 officially reported for
There
were no
October notices issued.
prior to the opening was 1,020,000 pounds. Spot tops were
unchanged today at $1.21 a pound.
Local closing: Oct.,
112.5; Dec., 104.6; Mar., 96.7; May, 94.1; July, 92.5.
Today futures closed 6 points up to 1 point off.
The wool
top futures market was exceptionally quiet today, with
trading confined to only two of the usually active positions.
Prices eased earlier in the morning, but turned firmer again
in later dealings.
Total sales on the New York exchange to
midday were estimated in the trade at about 75,000 pounds
of tops.
The December and March contracts were the only
active deliveries during the forenoon.
Local closing: Oct.,
113.1; Dec., 104.6; Mar., 96.6; May, 94.2; July, 92.7.
Silk—On the 30th ulto. futures closes 4He. to 5He. net
higher, with sales totaling 156 lots, all in the No. 1 contract.
Circulation of seven October notices caused liquidation in the
October delivery, but offerings were absorbed by trade and
importer buying and short covering with the result that in
early afternoon October stood unchanged at $2.56.
The
remainder of the list was steady.
Sales to early afternoon
totaled 21 lots.
The price of crack double extra silk in the
uptown spot market advanced 4 cents to $2.59 a pound.
The Yokohama Bourse closed 13 yen higher to 3 yen lower.
Grade D silk in the spot market advanced 15 yen to 1,370
yen a bale.
Local closing: No. 1 Contracts: Oct., 2.61;
Nov., 2.62; Dec., 2.62; Jan., 2.61H; March, 2.61H; May,
2.60.
On the 1st inst. futures closed H-point higher to Hpoint lower for the No. 1 contracts, with sales totaling 104
lots.
Trading in raw silk futures was rather active and
prices were strong in sympathy with a sharp advance in spot
silk.
The fact that 240 bales
the October contract
were
tendered for delivery on
without perceptible
the
market as prices this afternoon were 2 to 3H cents higher.
The price of crack double extra silk in the uptown market
advanced 4H cents to $2.€3H a pound.
The Yokohama
Bourse closed 13 to 35 yen higher.
Grade D silk in the spot
market advanced 25 yen to 1,395 yen a bale.
Local closing:
No. 1 Contracts: Oct., 2.61H; Nov., 2.61H; Dec., 2.61 H;
Jan., 2.62; March, 2.61; May, 2.60.
On the 2d inst. futures
closed unchanged to H-cent lower.
Sales totaled 55 lots,
all in the No. 1 contract.
The market opened 2H. cents
lower and failed to make much recovery.
During early after¬
was
The
the previous day.
October open interest
effect
on
the market was 1H to 2 cents lower, with December at
$2.60, off 1H cents, and March at $2.59, oft 2 cents, respec¬
Oct.
5,
1940
following table shows the week's total receipts, the
1940, and the stocks tonight, compared
total since Aug. 1,
with last year:
Stock
1939
1940
Receipts to
Oct. 4
Galveston
1,1940
85,564
15,707
5^689
10,678
13,434
1,290
19,245
20,855
40,660
2,642
6,010
25
6,649
Beaumont
95",677
3,556
Pensacola,
Ac-
169
Jacksonville
Savannah
"774
"5,844
Charleston---.
1,816
Lake Charles-.
566
300
519
5,722
2,567
Wilmington
Norfolk
1,585
2,373
2,363
300
123
3,153
574
78,463
41,963
535,381
66,854
?90",983
100,363
557,811
52,092
74,603
2,030
1,330
117,422
27,335
5,098
6,600
30,040
999
Gulfport
Mobile
689,777
88.495
20"456
745
l",839
54",216
Corpus Christi.
New Orleans--.
88,666
111,641
15,572
465,530
129,175
3,591
270,037
1939
1940
727,522
1,047
850,492
468.614
38,291
688,327
167,881
13,161
418,610
32',865
Brownsville
Houston
1, 1939
Since Aug
18,906
—
Since Aug
Week
This
Week
This
56^947
1,737
145,771
37,991
26,078
8,326
29,444
New York
399
600
Boston--
831
1.708
539
Baltimore
975
4,524
Totals.—— 118,475 1,030,583 297,556 1,923,950 2,643,510 2,512,998
*
Included in Gulfport.
In order that
comparison may be made with other years,
give below the totals at leading ports for six seasons:
we
1939
1,816
68,221
64,886
34,676
2,129
1,094
1,991
300
123
1937
1938
88,666
95,677
85,564
5,689
1,585
2,373
1940
Receipts at—
1935
1936
106,879
75,510
108,289
8,534
4,005
10,525
519
574
830
641
7.240
17,305
8,901
1,554
23,161
1,461
14,016
64.351
87,142
109,449
27,931
27,580
20,080
1,324
3,166
46,037
118,475
297,556
183,369
441,721
330*033
387,060
Galveston
18,906
Houston
New Orleans
54,216
32,865
1,839
-
Mobile
774
Savannah--
Charleston--.
Wilmington.
-
Norfolk
All others
Total this wk.
145,526
117,116
126,714
11,924
7,926
17.440
360
814
Since Aug. 1— 1.030,583 1,923,950 1,439,653 2,796,962J 2,082,957 2,103,438
The exports
for the week ending this evening reach a total
21,297 bales, of which 18,905 were to Great Britain,
1,371 to Japan and 1,021 to other destinations.
In the
corresponding week last year total exports were 237,299
bales.
For the season to date aggregate exports have been
145,084 bales, against 1,022,455 bales in the same period of
the previous season.
Below are the exports for the week.
of
noon
Trading was small, sales to that time totaling only
16 lots.
Fifty bales were tendered on the October contract.
The price of crack double extra silk advanced H cent in
the New York spot market, standing at $2.64 a pound.
The Yokohama Bourse closed unchanged to 16 yen lower.
Grade D silk in the spot market was 5 yen higher at 1,400
yen a bale.
Local closing: No. 1 Contracts: Nov., 2.61 H;
Dec., 2.61 H; Jan., 2.61 H» Mar., 2.59; April, 2.60; May, 2.60.
On the 3d inst. futures closed lc. up to He. off.
Trans¬
actions totaled 67 lots, all in the No. 1 Contract.
Lower
primary markets affected the silk futures market adversely.
Liquidation set in with the result that prices during early
afternoon stood 1 to 2He. lower, with October at $2.60,
off lc.
Sales to that time were about 40 lots.
The price
of crack double extra also declined, showing a loss of 3c.
at $2.61 a pound.
The Yokohama Bourse closed 7 to 15
yen lower.
The price of grade D silk in the outlook is "ex¬
cellent."
Local closing: No. 1 Contracts: Oct. 2.62; Nov.
2.61; Dec. 2.61 H; Jan. 2.61; March 2.61; May 2.61. Today
futures closed lc. off to lc. net higher. Transactions totaled
34 lots, all in the No. 1 Contract. Silk futures were irregular
today. The opening range was 1 to 2c. lower, but the market
firmed during the forenoon to stand H to lc. higher during
early sfternoon. Only two lots had been sold to that time
indicating lack of interest. Ninety bales were tendered on
the October contract. The price of crack double extra silk
in the
uptown spot market remained unchanged at $2.61.
Less activity was reported.
The Yokohama Bourse closed
8 yen higher to 1 yen lower.
In the spot market grade D
silk was 1,385 yen, unchanged.
Local closing: No. 1 Con¬
tracts: Oct. 2.61 H; Dec. 2.61 H; Jan. 2.61 H; March 2.61 H;
May 2.60.
tively.
Week Ended
Oct. 4,
Exported to—
1940
Britain France
Houston
Total.—
18,905
Total
1939——
Total
1938
47,883
8,826
Great
Exports from—
Britain
Galveston-
*
Galveston
Houston
Corpus Christi,.
New Orleans---.
Mobile
Mon.
Tues.
2,742
2,491
1,335
7,185
12,856
99
174
"223
"114
"93
"229
4,333
6,982
2,129
Thurs.
Total
1,986
5,350
2,701
3,699
2,927
28,985
886
803
740
756
2,670
2,665
199
74
7,489
1,070
25
25
"l47
"146
45
14
1,802
774
1,816
566
566
300
300
519
Wilmington
Totals this week.
Fri.
4,217
7,709
Charleston
Lake Charles
Norfolk
10
13,976
79
25,567
13,343
1,021
17,300
32,551
13,471
19,975
100
Ger¬
France
Italy
many
China
Japan
.
—
......
....
......
....
New
26,517
....
......
....
....
......
3
356
...
214
York-
Los Angeles.
400
.
1,351
Francisco
Total
.
—
.
—
.
Total 1938—
......
961
....
69,541
2,205
22,050
29,683
....
/
-
-
.
-
....
------
....
....
....
.
.
—
....
.
'......
—
377,574 131,884
85,092 132,396
1,105
650
150
274
10,556
145,084
1,324
19,458
—
41,986
80,183
94,859
127,069
70,970
163,806
356
....
6
....
...
12,467
....
——
3
....
.
1,319
13,523
2,825
'
114,796
1939—
5,784
6,320
268
....
Orleans.
.
Total
126
3,283
....
22,050
MobileJ
Other
1,423
4,235
59,670
Total
21,297
82,896 237,299
24,207 104,071
19,505 276*464 1022,455
2,286 123,984 705,603
la. 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—
Oct. 4 at—
Leaving
Ger¬
Great
Britain France
Other
Coast-
many
Foreign
wise
1,500
800
Orleans-
7,143
11,200
....
10,588
400
T,913
Other
2,300
17,731
13,513
725,222
832,761
544,298
117,422
27,335
74,603
30,040
258.285
Charleston——
Mobile
Norfolk
Stock
Total
-
ports-
Total 1940—
19,143
Total 1939—
Total 1938—
40,802
9,069
4",997
"305
10,725
18,339
10,988
40,938
38,604
3.413
4,805
9,627
33,544 2,609,966
91,847 2,421,151
86,364 2,819,892
Speculation in cotton for future delivery during the past
week showed little change from the dulness that has pre¬
some
time.
At times there are spurts of activity,
but
Wed.
Pensacola, &c
Savannah
6,677
Houston
vailed for
Sat.
23,693
Corpus Christi
San
1,189
Exported to¬
Aug. 1, 1940 to
Oct. 4, 1940
New
850
80
1,371
—
32,976
30,815
From
Norfolk
14,520
4,476
"850
l",i09
Angeles
Savannah—
Friday Night, Oct. 4, 1940.
Crop, as indicated by our tele¬
grams from tho South tonight, is given below.
For the week
ending this evening the total receipts have reached 118,475
bales, against 137,695 bales last week and 142,923 bales the
previous week, making the total receipts since Aug. 1,1940,
1,030,583 bales, against 1,923,950 bales for the same period
of 1939, showing a decrease since Aug. 1, 1940, of 893,367
Receipts at—
"*91
4,476
_
New Orleans
Los
Total
262
::::
14,429
Corpus Christi.
New
The Movement of the
Other
China
Japan
262
Houston-
bales.
Italy
many
Galveston-
Galveston-
mmaaf/gamm
COTTON
Ger¬
Great
Exports from—
69
11,155
10,108
361
18,906
54,216
6,649
32,865
1,839
44,326 118,475
price trend is irregular and fluctuations narrow. There
is a wide divergence in crop ideas prior to the issuance of
the Government report next Tuesday.
Some crop ideas are
being revised downward.
Sentiment in the local trade ap¬
pears to
be crystallizing for a Government estimate of
around 12,500,000 bales.
On the 28th ult.
prices closed 5 to 10 points net higher.
Friday's losses in the local cotton futures
market were recovered today when offerings proved to be
light and trade buying was supplemented by local demand.
Early declines of 1 to 3 points were followed by recoveries
About half of
Volume
of 8 to 13
The Commercial & Financial Chronicle
151
points from the lows.
Failure of hedge selling to
anticipated degree, was
reassuring to some traders after Southern offerings had
increased on Friday's early advance to new highs for the
movement.
There were some offerings from Texas which
had accumulated overnight at the start of the market,
but after these had been absorbed, the market displayed a
steady undertone. There was less liquidation and con¬
tracts became relatively scarce.
In only moderately active
trading quotations steadied late in the session.
Spot houses
continued to absorb near months, while there was a fair
volume of small trade buying orders in the more distant
deliveries.
Spot cotton sales for the week at the 10 desig¬
nated spot markets amounted to 185,868 bales compared
with 127,913 bales the preceding week, and 458,664 a year
ago.
On the 30th ult. prices closed 4 points off to 1 point ;
up compared with previous finals.
Trade support absorbed
hedge sales in the cotton futures market, with the result that
prices held a steady course throughout the session, the
market standing 1 to 3 points lower during early afternoon.
The opening range was 2 to 3 points off as a result of in¬
creased hedge selling, which converged on the Dec. position.
Buying by trade interests and local traders, as well as by
spot firms, absorbed the selling but not- aggressively.
There
was some hedge selling also in distant positions and quite a
little bwitching from near months to deferred deliveries.
The character of the market changed but little as the session
increase
the
at
week-end
to
the
were scattered liquidation of Oct.
switching from Oct. to Mar. and hedge
selling as well as switching operations in Dec., transferring
from Dec. to Mar
Reports from the South suggest that the
crop has not made much progress on account of lower tem¬
peratures.
Spot cotton markets in Texas and Oklahoma
were reported to be active as ginnings increase.
On the 1st
inst. prices closed 2 points up to 1 point off.
The market
ran
into sufficient hedge selling to prevent prices from
following other commodity markets upward.
During early
afternoon prices were unchanged to 2 points lower.
The
opening range was 3 to 4 points under last night's close, the
second day of lower initial prices.
Two Oct. notices were
issued but they had small visible effect on the market.
As heretofore, the South was on the selling side, while spot
houses were buyers.
They wanted Oct., Dec. and May
options.
The selling was in part hedge pressure, the latter
coming particularly from Texas.
A sharp fall in Liverpool
prices affected sentiment somewhat.
Trading after the
opening continued of the same character as before.
Most
of the demand originated with spot houses, trade interests
and mills.
Trade opinion was mixed, but sentiment leaned
wore
on.
contracts
The features
as
well
to the view that the near months were so close to
the loan
unlikely.
More
was heard today regarding purchases
of Texas cotton by
Russians.
It was reported that 58,000 bales would clear for
Russian ports during Oct.
On the 2d inst. prices closed
unchanged to 1 point lower.
Cotton futures hesitated,
reflecting the conservative attitude of traders pending the
release of the next Government report on the crop, prices
during early afternoon standing 1 point higher to 1 point
lower.
The opening of the market was irregular, but around
last night's closing levels.
Trading was quiet.
It looked
as if the market was awaiting the forthcoming Government
report on the crop.
Business consisted mostly of scattered
hedge sales and Southern offerings on the one side and pricefixing for mill accounts and spot house buying on the other.
In the course of the forenoon prices dipped 1 to 3 points
under small liquidating sales of Oct. and hedge selling in
Dec.
Pressure was light, with the result that the market
readily absorbed it and by noon had recovered most of the
a
further advance in them
forenoon losses.
was
Local traders furnished
Bombay observed
foreign interest was small.
port.
a
some
of the sup¬
holiday, with the result that
Liverpool cables were irregular.
Information from Houston states that in
northern
some
Memphis.
recent
did.
It may have represented hedge selling against
purchases of spot cotton.
Some traders thought it
Spot firms were on the buying side.
They bought
December contracts.
The market developed no trend during
forenoon, prices showing light change. However, after
that prices developed a firmer tone, the market standing
2 to 4 points net higher in
early afternoon.
Buying was
chiefly by trade firms and mill accounts.
The official quotation for middling upland cotton in the
New York market each day for the last week has been :
the
Sept. 28 to Oct. 4—
Sat.
Middling upland % (nominal) .. 9.77
Middling upland 15-16 (nom'l). 9.97
Mon.
9.69
Tues.
9.69
9.71
9.89
9.89
9.91
Wed. Thurs.
Frl.
9.71
9.91
9.74
9.94
Premiums and Discounts for 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 Oct. 10.
Premiums
and discounts for grades and staples are the average quota¬
tions of 10 markets, designated by the Secretary of Agri¬
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. 3.
on
H
■
29-32
15-16
31-32
Inch
;■
v.; V
Inch
Inch
Inch
1 Inch
and
Up
White—
Middling Fair
Strict
Middling
Middling
on
.44
on
.55 on
on
.39
on
.22
.08
on
.32
on
.50 on
.43 on
.61
.
,67
on
on
.66 on
.62 on
.66 on
on
.18 on
.30 on
.21 off
.72 off
.11 off
Basis
.50 on
.36 on
.06 on
.62 off
.52 off
.47 off
.41 off
1.31 off
1.24 off
1.16 off
1.12 off
1.07 off
..........
Strict Low Middling.........
Low Middling.......
...
.43 on
.14 on
Extra White-
Good. Middling.............
Strict Middling.
.22 on
.08 on
Middling.......
.21 off
.72 off
.11 off
Even
.36
.06
.62 off
.62 off
.47 off
.41 off
1.31 off
1.24 off
1.16 off
1.12 off
1.07 off
.14 off
.28 off
.04 off
.18 off
.81 off
.72 off
...
Strict Low Middling.........
Low Middling..............
.32
.43
on
.18
on
.50on
on
.30 on
.56
.43
on
on
on
.14
on
on
Spotted—
Good Middling
Strict
Middling...
.
oMiddllng.
a
....
.05 on
.11 on
.17 on
.09 off
.62 off
.03 off
.03 on
.51 off
.57 off
Middling spotted shall be tenderable only when and II the Secretary of Agrl.
culture establishes a type lor such grade.
;
New York Quotations
The
,
,
for 32 Years
quotations for middling upland at New York
have been as follows:
on
Oct. 4 for each of the past 32 years
1940
1939
..
-
1938-
1937
1936
1935
1934
1933
—
-
—
—
-
9.74c.
-.9.20c.
8.45c.
8.33c.
.—12.38c.
11.40c.
12.40c.
1932
1931
1930
1929
1928
1927
9.50c.
1925
—
—
...
—
1926
—
...
7.05c.
5.85c.
10.25c.
...18,90c.
—19.05c.
—21.30c.
—.13.65c.
—23.20c.
-
...
.a
...
-
-
—
..
—
-
—
1924
1923
1922
1921
1920
1919
1918
1917
Market and Sales
The total sales of cotton
week at New York
For
are
..
.
market for spot
1915
1914
1913
1912
1911
1910
__
—
—27.00c.
1909
—
-17.00c.
-12.45c.
—
—
—
—14 10c"
-11.25c.
-
—
—
9.95c.
-14,15c.
-13.30c
New York
at
the spot each day during the
indicated in the following statement.
and futures closed
the
same
....
days:
SALES
Futures
Market
Closed
Closed
Nominal.....
Nominal
Nominal...
also show how the
we
on
Spot
Contract
Total
400
400
200
200
"300
Steady........
/. Steady.
Steady....
Nominal-.....— Steady.
Steady
Thursday... Nominal—
Nominal—........ Very steady...
Friday
Saturday.
Monday
Tuesday
Wednesday
—
on
Spot Market
;
1916
...26.25c.
...28.55c.
...21.50c.
.—20.80c.
...25.25c.
_32.65c.
—.33.10c.
—
the convenience of the reader
"3oo
....
_
.....
300
300
week.
1,200
1,200
Since Aug. 1
16,068
Total
....
16,068
Futures—The highest, lowest and closing prices at New
York for the past week have been as follows:
Saturday
60% had been picked.
Today prices closed 2 to 9 points net higher. No material
change in the price level of the cotton futures market took
place today, as traders waited for the Government crop
estimates due next Monday.
During early afternoon con¬
tracts were unchanged to 4 points higher.
Demand and
Monday
Tuesday
Sept. 28
about 95%
.34
.29
.
Strict Good Middling........
Good Middling
districts of
of current pickings are either
being held for higher prices or are going into the loan.
On the 3d inst. prices closed 2 points to 1 point net higher.
Bight hedge pressure in the cotton futures market was
offset by mill buying to fix prices.
As a result the market
held steady, standing about 1 point net higher during early
afternoon.
Firm foreign markets contributed to steadiness
of the market in the opening.
First prices were unchanged
to 1 point higher, and held steady after the opening.
Busi¬
ness was moderate in volume.
Contracts were supplied by
the South and by sellers of hedges against actual cotton,
such orders coming mainly from Texas.
The offerings were
readily absorbed by spot firms, by brokers acting for Bom¬
bay houses, and by brokers buying for mill accounts.
The
market drifted along during the afternoon without any ma¬
terial change, with the result that at midday prices still
stood unchanged at 1 point higher.
It is estimated by an
important spot firrm, on the basis of information from its
Southern connections, that nearly 60% of the cotton is open
and that 40% has been picked.
The figures signify that
the crop is a.late one, for at the corresponding time last
year 75% to 80% of the cotton was open and approximately
Texas
supply for contracts appeared to be evenly divided oh the
opening, when initial prices were unchanged to 1 point net
higher.
Selling came principally from Texas points and
as
.
level that
2065
Sept. 30
Oct. 1
Wednesday
Oct. 2
Thursday
Friday
Oct. 3
Oct. 4
Oct .(1940)
Range..
9.50- 9.58
9.54-9.56
9.49- 9.56
9.62- 9.56
Closing.
9.58
9.64
9.64m
9.56
9.58 n
9.55M
9.54m
9.54- 9.58
9.52- 9.57
Closing.
9.63
9.67- 9.59
9.56- 9.57
9.55
Jan. (1941)
Range..
9.40- 9.40
9.50- 9.51
9.50M
9.51
9.50M
9.50n
9.60M
9.5On
9.50M
9.41- 9.64
9.47- 9.50
9.46- 9.61
9.51
9.60
9.60- 9.51
—
9.56- 9.58
9.58 —
9.58-9.61
9.55M
9.67n
9.60m
9.63- 9.57
9.55- 9.68
9.57-9.60
9.65
9.57- 9.58
9.59- 9.60
9.61
Nov.—
Range..
Closing.
Dec.—
Range..
Closing.
Feb.—
9.50
—
—
9.62- 9.60
9.52M
9.60
9.49M
9.51M
9.59M
9.46- 9.50
9.48- 9.52
9.51- 9.58
9.49
9.51
9.58M
—
Range..
Closing.
Mar.—
Range..
Closing.
April—
—
—
—
—
Range..
9.43 n
9.42n
9.42M
9.41M
9.43M
9.51m
Range-
9.25- 9.35
9.32- 9.34
9.31- 9.35
9.32- 9.36
9.34- 9.37
9*37-
Closing.
9.35
9.34
9.34
9.34n
9.36
9.44
Closing.
Map—
—
—
—
—
9.44
June—
Range..
9.24M
9.23n
9.23M
9.23M
9.25M
9.33M
Range..
9.03-9.16
9.10- 9.14
9.10- 9.14
9.13- 9.16
9.15- 9.24
Closing.
9.14
9.09- 9.14
9.13 —
9.13M
9.13
9.14
9.23- 9 .24
Closing.
J|^|y -
Aug.—
Range..
Closing.
Sept.—
Range..
Closing.
n
Nominal.
—
—
The Commercial & Financial Chronicle
2066
Oct.
-1939Since
-1940Since
Oct. 4—
Week
Aug. 1
Week
Shipped-—
Range Since Beginning of Option
Range for Week
Via St. Louis.
October....
November
9,49 Oct.
9.61
1
Oct.
8.25 Nov.
4
1 1939 10.29 Apr.
17 1940
«
9.50 Sept. 28
9.63 Sept. 28
8.33 June
9.40 Sept. 28
9.60 Oct.
4
8.26 Juno
9.41 Sept. 28
9.68 Oct.
4
8.10 May
18 1940 10.08 Apr. 17 1940
9.25 Sept. 28
9.44 Oct.
4
8.00 May 18 1940
9.24 Oct.
Apr.
17 1940
1941—
January....
February...
March.....
23 655
426
4,895
Mounds, <fec.......—...... 5,625
......
43,147
39,325
502
3*733
2,091
1,592
30,766
32,831
9,668
35,636
70,053
.15,927
117,068
30,814
189,715
"205
2,285
1,787
91,908
539
189
8,083
4,528
1,880
85,893
----
316
3.000
Via
Virginia points........
Via other routes, Ac
1,052
Deduct Shipments
April......
May
Aug. 1
11,038
6,175
200
Via Rock Island.....
Via Louisville
6 1940 10.14 Apr. 17 1940
9.03 Sept.28
December..
6 1940 10.18
27,798
Via
1940—
1940
Overland Movement for the Week and Since Aug. 1
Range for future prices at New York for the week ended
Oct. 4, 1940, and since trading began on each option:
Option for—
5,
9.45 Sept.27 1940
8,546
._
June
July
August
8.59 Aug,
4
9.24
7 1940
Sept.24 1940
8,751
95,980
8.811
92,301
7,176
21,088
22,003
97,414
.
...
September
.
Leaving total net overland
Delivery—The Commodity
Volume of Sales for Future
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for future 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
figures are given in bales of 500 lb. gross weight.
Open
Sept.2 7 Sept. 28 Sept.20
New York
oa. 1
oa. 2
Oct. 3
Contracts
*
.
Including movement by rail to Canada.
-1939Since
1940In
Sight and Spinners1
Takings
Since
Week
Week
Aug. 1
Aug. 1
Oct. 4—135,000
1,279,000
297,556
22,003
130,000
.260,651
Interior stocks in excess
—122,964
Excess of Southern mill takings
over consumption to Sept. 1...
2,330,671
226,668
449,559
188,084
118,475
Receipts at ports to Oct. 4
Net overland to Oct. 4
Southern consumption to
....
1,030,583
7,176
21,088
Total marketed...—
Oct. 2
*48,300
551,200
North. spinn's'takingstoOct. 4--.
3,221,364
683,766
*27,830
*297,117
Came Into sight during week
383,615
Total in sight Oct. 4——
...
1,923,950
97,414
1,200,000
632,643
2,260,222
....
3,877,300
......
1940—
October
December.
.—
3,400
23,600
8,300
57,800
23,700
55,700
3,200
25,000
5,600
27,500
3,200
28,300
♦
Decrease.
64,936
472,229
-
-
■.
42,347
263,871
.
1941—
March.
..............
May...........
July
—.
Total all futures.
100
600
100
700
17,900
24,400
21,000
6,600
4,300
10,600
4,800
8"800
9~666
10,600
10,900
8,700
9,000
4,700
6,500
5,600
3,600
4,400
January.—..—
42,700 101,900
130,000
..
New Orleans
53,200
55.600
Sept. 25 Sept. 26 Sept. 27 Sept. 28 Sept. 30
10,100
206,100
'
234,500
122,200
63,700 1,172,400
Oct. 1
Movement into sign in previous years:
6——
8
10———
1938—Oct.
1937—Oct.
1936—Oct.
Bales
Since Aug
Bales
.565,849 1938-....
.816,069 1937
...639,867 1936
Week—
—3,397,379
— _
...—.
-—
——
.
—4,687,643
...4,075,724
...
Quotations for Middling Cotton at Other Markets
Open
Contracts
Oct. 1
Closing Quotations for Middling Cotton on—
1940—
October.......—.—.
3,100
5,950
1,350
5,100
December............
4,400
8,750
400
850
750
25,500
2,900
2,900
5,100
Week Ended
70,750
Monday
Saturday
Tuesday
Wednesday
H
15-16
H
15-16
In.
In.
In.
In.
In.
9.40
9.22
9.42
9.24
9.32
9.52
9.35
9.55
9.35
9.55
9.25
-9.45
9.27
9.47
9.29
9.49
9.65
9.53
9.68
9.55
9.70
9.50
9.65
9.50
9.65
9.50
9.65
9.20
9.40
9.20
9.40
9.20
9.40
15-16
H
15-16
%
15-16
In.
in.
In.
In.
In.
In.
H
In,
Galveston...
9.22
9.42
9.21
9.41
9.20
9.40
9.20
New Orleans.
9.37
9.57
9.32
9.52
9.32
9.52
Mobile
9.27
9.47
9,26
9.46
9.25
9.45
Savannah...
9.52
9.67
9.51
9.66
9.50
9.65
9.50
Norfolk,....
9.50
9.65
9.50
9.65
9.50
9.65
Montgomery.
9.20
9.40
9.20
9.40
9.20
9.40
1941—
800
January...—......
March. ..............
l"400
May................
1,950
1,950
...
Total all futures....
*
Friday
15-16
%
July
Thursday
UCl. 4
3",760
3"250
l'.ioo
2",650
2~300
2,600
3,900
8,650
4,900
1,650
1,250
2,300
1,800
19,300
11,750
29,950
950
7,000
9,950
550
10,500
39,300
37,650
24,950
198,950
Includes 200 bales against which notices have been Issued, leaving net open con¬
9.44
Supply of Cotton—Due to war conditions,
cotton statistics 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:
Oct.
Stock in Alexandria, Egypt....
1940
195.000
the
At
Interior
241,000
6.44d.
S.OOd.
4.75d.
8.55d.
5.39d.
5.53d.
3.92d".
3.93d".
5.75d.
5.95d.
9.46
9.71
9.45
9.70
9.45
9.70
9.47
9.72
9.49
9.74
9.25
9.00
9.25
9.00
9.25
9.00
9.25
9.00
9.25
9.00
9.25
9.23
9.43
9.20
9 40
9.20
9.40
9.20
9.40
9.20
9.40
9.22
9.42
Little Rock..
9.00
9.20
9.00
9.20
9.00
9.20
9.00
9.20
9.00
9.20
9.05
9.25
Dallas
8.91!
9.16
8.89
9.14
8.88
9.13
8.88
9.13
8.90
9.15
8.91
9.16
Augusta
New Orleans Contract Market
Saturday
Monday
Tuesday
Sept. 28
Sept. 30
Oct. 1
Thursday
Friday
oa. 3
Wednesday
Oct. 4
154,000
14.86d.
Middling uplands, Liverpool
Egypt, good Giza, Liverpool...
Broach, fine, Liverpool.
Peruvian Tanguis, g'd fair, L'pool
O. P. Oomra No. 1 staple, super¬
fine, Liverpool
.........—
125,000
8ild.
— .
9.73
9.00
Houston
The Visible
9.48
Memphis..
tracts of 48,100 bales.
6.43d.
9.06d,
1939
1938
1937
1940—
October... 9.625-9,63a 9.686-9.60a 9.606-9.61a
9.62n
9.69n
December.
9.60
6.67d.
6.44d.
3.89d.
4.08d.
the movement, that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, ana the same items for the
corresponding period of the previous year—is set out in
9.59n
9.626-9.64a 9.656-9.(6a
9.58
9.60- 9.61
9.62
9.476
9.506
9.586
1941—
January
Towns,
oa. 2
..
March
May.**..
July......
9.486
9.596
9.52
9.54 6-9.55a
9.38n
9.356-9.36,0
9.14
9.18
9.496
9.55
—
9.38 n
9.166-9.17a
9.52
9.55- 9.56
9.60
9138
9.40
9.46
9.16
9.18
9.25
•
Tone—
Spot
Steady
Futures
Steady
Nominal,
6 Bid
Steady
Steady
a
Steady
Steady
Steady
Steady
Steady.
Steady.
Steady.
Steady.
Asked.
detail below:
Four New Members of New York Cotton
Movement to Oct. 4,
Ship¬
Week
Season
Stocks
ments
Receipts
Towns
Oct.
Week
4
459
510
1,973
1,928
781
9,695
Montgom'y
20,507
230
Seima
2,000
10,982
13,724
3,229
6,724
4,403
1.560
1,000
1,564
91,198
54,891
102,935
Ala., Birm'am
Eufaula
...
Ark., Blythev.
Forest City
8,397
6,396
1,572
3,166
631
201
13,113
7,949
8,776
8.561
T.192
4,175
6,629
675
1,066
1,084
27,534
35,732
31,863
23,791
118,716
28,350
66,362
32,038
10,691
33,030
99,712
4,679
153,441
300
30,000
35,385
33,972
681
Receipts
Season
3,553
7,580
18,899
1,436
2,000
3,772|
2,461
20,007
3,925
6,839
5,035
Ship¬
15,108
58,555
15,072
Natchez...
368
571
1
Vicksburg*.
Yazoo City
Mo., St. Louis
N.C., Gr'boro
Oklahoma—
2,015
3,645
325
3,416
4,821
8,578
652
16,183
12,336
14,360
32,453
27,869
4,895
4,638
11,019
29,966
22,538
4,726
32,423
14,314
40,891
25,561
6,215
13,879
9,439
70,053
3,000
9,006
2,154
61,959
54,444
4,393
117,806
19,097
2,357
10,738
31,804
42,864
75
595
8
487
37
615
17,923
34,491
174,619
20,073
283,766
10,132
10,721
6,782
20,583
15,811
4,497
6,229
6,048
39,285
65,585
3,071
486,069 170,143
16,979
3,032
oa.
Week
379
1,000
1,904
500
8,249
1,423
1,615
3,357
6
16,327
10,741
59,668
76,977
195,304
67,091
68,245
60,512
37,425
167,210
49,493
102,343
2,161
82,785
3,238
2,902
2,031
59,591
1,550
Stocks
ments
Week
Helena....
Hope
Joneaboro..
Iittle
Rook
Newport...
Pine
Bluff.
Walnut Rge
Oa., Albany..
Athens....
2,254
1,148
3,291
5,532
5,239
2,956
1,222
1,064
141
941
906
Columbus..
300
Macon....
3,180
7,311
19,633
69,130
3,500
13,606
440
496
525
7,248
6,191
23,036
12,937
2,293
3,121
412
795
100
36,230
20,931
14,344
2,026
37,791
6,654
4.330
71,824
687
Atlanta....
Augusta...
Rome
La., Shrevep't
Miss., Clarksd
Columbus.
Greenwood...
Jackson
...
16 towns *,
9. C., Gr'vUle
Tenn., Mem's
Texas, Abilene
Austin.....
Brenham
..
2,966
6,074
11,636
3,303
427
Dallas
...
6,922
Paris
...
6.499
Robstown..
559
San Marcos
608
Texarkana
Waco
2,435
3,884
Total.56towns 234,392
*
Includes
23,754
822
3,362
62,348
820
11,616
5,903
13,936
10,160
632
4,735
2,325
9,615
300
3,304
1,119
7,838
12,313
1,697
21,198
3,893
1,094
3,995
5,545
375
365
6,466
3,130
2,633
40,319
772
29,425
2,834
10,006
597
2,618
4,283
23,906
27,607
85
1,815
96
191
538
3,307
3,104
360
1,860
125,850
59,556
14,037
33,953
839
70,855
7,108
155,116
31,600
25,855
32,824
103,308
100
3,180
625
4,706
4,390
131
8,526
1,805
81,391
32,352
143,522
1,442
11,038
27,932
17.288
25,013
64,173
2,052
49
666
229
208
22,608 306,293
23,885
1,910
57,717
574,533 104,948 720,259
7,845
3,386
15,043
2351
5,458
4.072
628
11,570
5,904
26,733
2,400
38,361
43,162
8,853
50,822
396
6,489
1.073
2,411
2,603
3,807
5,316
830
845
892
3,013
16,000
43,084
2~ 304
42,882
5,941
27,450
785,160 111,428 2185,245 417,570 1612,522 229,486 3118,815
t^ie combined totals of 15 towns in Oklahoma.
Exchange—
meeting of the Board of Managers of the New York
Cotton Exchange held Oct. 3, the following were elected to
membership in the Exchange: Charles N. Oignilliat, a
partner in Charles N. Gignilliat & Son of Seneca, S. C.;
Robert Lee Kohns of New York City, a partner in Hirsch,
Lillienthal & Co.; John D. Ramsbottom of Fall River,
Mass., President of Andrews & Ramsbottom, Inc., and
Pierre L. Sarrat of New Orleans, La., Secretary and Treas¬
urer of the American Cotton Cooperative Association.
At
Movement to Oct. 6. 1939
1940
a
Domestic Cotton Mill Consumption
Record
Pointing to New
high record of cotton mill consump¬
tion, totaling more than 8,000,000 bales during the year
ending July 31 next, was indicated on Sept. 30 by the Bureau
of Agricultural Economics in its monthly analysis of the
cotton situation.
It is pointed out that in contrast to this
favorable domestic consumption outlook, a continuation of
the present rate of cotton exports, adjusted to allow for
seasonal variations, would give total exports of much less
than 2,000,000 bales.
Exports during the last marketing
year totaled more than 6,000,000 bales.
The Bureau's
High-—A
survey went on to
new
state:
Large Government defense purchases, improved business conditions, and
larger Government subsidies on cotton textiles to foreign consumers through
the export program and to domestic consumers through the cotton stamp
plan and other programs for wider use of cotton were given as reasons for
the expected increase in mill consumption.
In August, domestic mill con¬
sumption established a record all-time high, for that month, and a new record
high for September appears probable.
Total consumption for the season
may materially exceed 8,000,000 bales.
This compares with total con¬
sumption last season of 7,750,000 bales and the record high, established in
1936-37, of a little less than 8,000,000 bales.
Exports of American cotton for August and September" are likely to total
only about 125,000 bales, compared with 870,000 Dales for these two month*
last year and a 10-year average of close to 1,000,000 bales.
Disappearance of American cotton (consumption plus exports) was un¬
usually small in August, despite the uigh level of domestic consumption.
This will also be true for September.
This situation, and an increase of
1.333,000 bales in domestic crop prospects in August, contributed to the
decline in spot prices during August and early September.
Even with
ginnings to Sept. 16 less than half as large as to the same date last year,
ginnings materially exceeded domestic disappearance and increased the
stocks of raw cotton available to domestic merchants and manufacturers.
Volume
The Commercial & Financial Chronicle
151
The
September estimate of the 1940 domestic crop of 12,772,000 bales
of 500 pounds gross weight is nearly 1,000,000 bales more than the 1939
crop.
This estimate in terms of running bales, plus a world carry-over of
just over 12,500,000 bales, gives an indicated world supply of American
cotton of nearly 25,250,000 bales, including 2,000,000 Dales in foreign
countries on Aug. 1 last.
This makes the fourth consecutive year that the
world supply of American cotton has been close to 25,000,000 bales.
With
the exception of 1926 and 1931-33, the world supply of American cotton
never before these years exceeded 21,000,000 bales.
Such data as are now available indicate that the 1940-41 world supply of
foreign cotton will equal or exceed that of the previous season.
It probably
will not be greatly different from the 23 to 26-million bale supply of each
of the past four seasons.
Manchester
retardation.
32s Cop
good.
Picking and ginning
through the wliole cotton belt.
have
Rain
Days
Amarillo
Inches
—
Brenham
—
—
Corpus Christi
El
Paso
—
2
——
High
63
50
56
50
89
91
86
Huntsville
Kerrville.
dry
87
87
93
84
85
91
81
84
85
Paris
-
'
___i
Taylor__--__
Weatherford
1
0.02
dry
dry
dry
dry
dry
Orleans
Shreveport
Mississippi—Meridian
Vicksburg-
d.
s.
1
85
63
83
\
Atlanta
—
Augusta
*
61
50
48
;
0.28
Carolina—Charleston--
2
82
50
85
46
79
57
1
0.07
74
0.25
80
38
46
dry
77
48
6
9
7.98
9
@ 9
3
5.52
6
@12
414 @12
9
7.83
9
3
5.23
9
7.95
8J4@ 9J4
8J4® 9J4
8 10
12
8 10 J4@
9
1J4
5.40
Aug.
2—
14.00
12
4H@12
7*4
7.82
8H® 9H
8H© 9H
8H@ 9«
9
@10
8 10H@
8 10 *4 @
9
1>4
5.28
9
1J4
5.22
8 10>4@
9
@
9
1H
5.14
9
3
6.52
@ 9
3
6.71
9—
14.04
12
7.84
14.26
12
4H@12
6
@12
7J4
16—
9
8.19
14.37
12
6
@12
9
8.18
14.51
12
6
@12
9
8.23
9
available
8.33
Nominal
Nominal
14.61
12
6
@12
9
8.31
Nominal
14.58
12
6
@12
9
8.40
8H@ 9H
14.86
12
7J4@12 10H
Not
available
7.03
Nominal
7.09
@ 9
9
3
4.76
8.82
1
13
@13>4 11
3
@11
6
6.74
8.21
13
@13*4 11
3
@11
6
6.44
Bales
Orleans—
New
262
-
To Colombia
200
-
To Chile
400
To Cuba.
14,429
Columbia-—
To South
,
80
62
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. 4, 1940
Feet
Above
zero
of gauge-
Memphis
Above
zero
Above
zero
of gauge.
Shreveport
Vicksburg
Above
Above
zero
of gauge.
of gauge.
zero
Oct. 6, 1939
Feet
2.0
1.9
9.1
2.5
—4.2
of gauge-
Nashville
50
To Guatemala
91
200
To Great Britain
-
4,476
1,109
—.
America
Cotton
3Tork
80
Total
21,297
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:
Woild's Supply and Takings of Cotton.
in
India Cotton Movement from All Port J.
Liverpool Imports, Stocks, &c.
Liverpool—The tone of the Liverpool market for spots
day of the past week and the daily closing
prices of spot cotton have been as follows:
and futures each
2.2
Spot
Saturday
Monday
Tuesday
\
12:15
-.;• ■"
•••
1
P. M.
Mid, upl'ds
CLOSED
SO
•
opened
Sat.
Sept. 28
demand
8.18d.
8.21d.
25
to
Quiet, 15
St'dy,
Tuea.
Quiet,
un¬
changed
Quiet,
un¬
pts. dec. to changed to
6 pts. adv. 8 pts. adv.
Liverpool for each day
Mon.
8.21d.
Barely st'y Quiet, st'y, Quiet, st'y,
17 to 25
4 pts. dec. unch'g to 9
to 3 pt.adv.
pts. dec.
pts. adv.
pts. dec.
Prices of futures at
Moderate
doing
8.30d.
15
M.
business
demand
Barely st'y
4
the Plantations—The following table
indicates the actual movement each week from the plaotations.
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:
Friday
Moderate
Quiet
CLOSED
Futures
Market
P.
Thursday
A fair
Market,
0.6
9.0
0.4
—5.0
Wednesday
f
Market,
from
Receipts
Not
Los Angeles—
To Japan_--
64
64
57
dry
50
45
34
44
0.21
Nashville
Orleans--
9
12
Corpus Christi—
The following statement
New
6.61
12
63
78
82
79
3
-
-
3
14.05
To
56
dry
dry
Raleigh
Wilmington-Tennessee—Memphis
Chattanooga
@10
@ 9
63
^
Charlotte
d.
9
14.19
To Great Britain
68
1
North Carolina—Asheville
@10
19—
Houston—
66
1.25
,
9
7.82
Bales
66
0.32
1
9
To Japan
73
68
64
2
-
@12
@12
26—
68
84
85
80
dry
—
-
Macon
6
Galveston—
78
50
0.14
Upl'ds
d.
s.
Shipping News—Shipments in detail:
67
86
2
Georgia—Savannah
12
14.25
4__
68
68
dry
Tampa
d.
Oct.
63
dry
-
14.13
27—
68
51
,
87
8.
13—
74
68
64
66
50
85
1.07
2
-
Pensacola
South
82
V
dry
Miami--
v
85
83
84
dry
Florida—Jacksonville
44
53
50
48
51
45
49
39
43
64
50
44
47
54
44
82
dry
Birmingham
Montgomery
d.
20-
72
70
70
66
66
73
67
67
71
63
67
62
45
84
0.11
1
—
Alabama—Mobile
d.
d.
s.
Cotton
Middl'g
74
52
0.18
—
_
'
dry
—
Oklahoma—^Oklahoma City
Arkansas—Fort Smith
Little Rock_,»
Louisiana—New
85
87
dry
dry
dry
dry
dry
*
to Finest
July
74
60
59
56
55
88
87
Lampasas
Luling
Nacogdoches
Twist
to Finest
d.
6„
73
70
74
68
74
57
90
87
dry
dry
dry
Houston
32s Cop
Upl'ds
Common
ings,
Twist
Sept.
Mean
Low
83
0.11
Fort Worth,
Middl'g
8H Lbs. Shirt¬
ings, Common
30—
Thermometer
dry
dry
dry
dry
dry
dry
Abilene
Brownsville
been
Rainfall
Texas—Galveston—
is
Cotton
Lbs. Shirt¬
23„
to
<
mostly fair
fairly active
it
was
1939
1949
8H
5—
Where cotton is still growing
report from Manchester
not received this week.
12—
Returns by Telegraph—Telegraphic advices to us this
evening denote that low temperatures in Texas caused some
2067
-Our
Market-
are
Wed.
un¬
changed
given below:
Thur#
Ffl.
to
Oct. 4
Close Noon Close Noon Close Noon Close Noon Close Noon Close
Contract
d.
a.
d.
October, 1940—_
*
*
*
7.90 n7.89
December
*
*
*
n7.66
ivew
a.
d.
7.78
d.
a.
7.74
7.53
7.81
-
d.
d.
d.
7.81 n7.81 n7.81
7.61
m.
m
— m
n7.61
Receipts from Plantations
End.
1939
1940
1938
1940
1939
1938
1939
1940
1938
July
5.
27,653
26.363
12.
19,555
19.
19.881
33,685
68,075
26.
21,723
73,527
17,684 2061,441 2490,599 2053,520
32.676 2034,995 2462,476 2024.282
Nil
43,924 2013,138 2444,446 1997,566
53,593 1980,272 2434,289 1978,400
Nil
Nil
Nil
4,043
6.562
40,045
63,370
Nil
3,438
17,198
44.437
7.61 »7.56
7.52
7.47
*
•
*
7.44 n7.36
7.41
7.37
7.44
7.42 »7.42 n7.42
May
»
*
•
7.32
7.25
7.31
7.29
7.36
7.33 »7.33 »7.33
July
Stocks at Interior Towns
*
March
Receipts at Ports
Week
♦
*
*
7.17
7.15
7.21
7.21
7.21 n7.21 «7.21 «7.21
1941..
January,
♦
Closed,
n
*
d.
*;
7.54
7.53 «7.53 n7.53
Nominal.
Note—'The Liverpool Cotton Exchange market reopened Oct. 1,
subject to Gov¬
ernment restrictions.
Maximum prices for American and Egyptian futures are
closing values of Tuesday, Sept. 24. fluctuations limited to 25 points decline Ameri¬
can, 60 points Egyptian.
Spot prices also subject to maximum regulations.
Busi¬
ness hours, 11:00 to 4:00 until Nov. 4, when they will be 10:30 to 2:30.
Aug.
49,379 19*4,131 2441,606
51,885 1925,605 2434,071
73,033 1910,674 2417,622
23.
78,102 1893,294 2408,973
30. 111,232 196,344 144,055 1886,703 300,222
29.
16.
64,962
60,375
73,404
72,192
78,606 101,982
91,740 140,844
1951,616
1933,484
38,821
80,721
22,695
31.849
64,657
33 753
1927,836
63,675
85,433
Sept.
143,187 209,955 195,347 1878,515 2487,313 2044,616 134,999 270,132
13. 137,224 266,665 227,732 1893.099 2590.656 2198,739 151,740 369.908
20. 142,923 306,040 236,651 1947,476 2745,834 2390,140 197,300 461,318
27. 137,695 297,080 221,656 2062,281 2930.731 2633,565 252,500 481,97
6.
290,308
381,855
428,052
465,081
Oct.
4. 118,475 297,556 183,369 2185,345
3113,815 2881,086 241,439 480,640 430,890
That the total receipts
il)
from the
plantations since Aug. 1, 1940, are 1,263,842 bales;
they were 2,607,716 bales, and in 1938 were 2,366,341
bales.
(2) That, although the receipts at the outports the
past week were 118,475 bales, the actual movement from
plantations was 241,439 bales, stock at interior towns having
increased 122,964 bales during the week.
in 1939
Alexandria Receipts
and Shipments
1938
*1939
1940
Oct. 3
Receipts (cantors)—
Since
18,000
75,553
202,000
420,000
This week
Aug. 1
250,000
745,858
This
To Manchester,
Since
This
Since
This
Since
Week
Exports (bales)—
To Liverpool
Aug. 1
Week
Aug. 1
Week
Aug. 1
13,000
\4,750
*
7,814
12,155
7",500
1,000
14,000
22,000
4,770
1,300
49,211 13,050
4,000
61,000 15,820
71,936 20,550
To America
Total exports
25,000 J5.000
&c—
To Continent and India
Figures for 1939 are for week of Sept. 5.
Friday Night, Oct. 4, 1940.
Flour—Business has been slow in the local flour market,
due in part to the Jewish holidays.
It is stated that the
rather
lengthy pause in buying recently suggests that
within
the
near
future
a
more
Since the start of this week
The above statement shows:
Alexandria, Egypt,
BREADSTUFFS
67,385
1922,216 74,360.132,295 83,722
2427,136 111.232.836,739 214,607
2,756
13,742
22,242
98,848
2,225
137,057
cerns
have
brisk trade should develop.
of the large baking con¬
making inquiries for round
some
been credited with
lot orders, but up to late yesterday no confirmations of
any
large
or
small deals were uncovered.
Wheat—On the 28th ult. prices closed 1% to
2%c. net
higher.
The commercial wheat supply due to the Govern¬
ment loan program, with millers and merchandisers
raising
helped to lift Chicago wheat futures
today to the best level since the middle
of June.
Dec. wheat soared 2^c. to 82%c., the
highest
any futures contract has been quoted here since June 13.
In the spot market, where prices were 1 to l^c.
higher,
No. 1 hard sold up to 84%c., 2% over the Government loan
rate and the best premium since harvest.
At Kansas City
No. 2 hard sold up to 82
Mill buying and short covering
contributed to the wheat upturn.
Renewed activity at
Winnipeg, where until this week futures had been pegged
at minimum levels since last June, attracted attention.
Winnipeg futures rose 13^ to 1
There were rumors that
Canadian mills have received large export flour orders from
England and were buving futures for protection.
On the
30th ult. prices closed unchanged to %v. higher.
Wheat
rose to the highest price level since June 13 on the Board of
bids to obtain grain,
more than 2c. a bushel
The Commercial & Financial Chronicle
2068
Government loan program continued to
with dealers here quoting over 90c. a
Several substantial sales of stored wheat were made to out¬
lying mills, reflecting the artificial shortage at some points
due to the loan program. Traders expressed belief Russian
inquiry for 5,000,000 bushels of Canadian wheat for ship¬
ment to Vladivostok may be turned down and that eventu¬
ally some of this business might be directed to the United
States Pacific Northwest.
No. 2 Alberta was quoted at
Vancouver at equivalent of 56c., while American Pacific
around 75c.
was
On
3d
the
inst.
prices closed unchanged to 36c. lower.
rally was snuffed out today
The wheat market's attempted
in
final hour setback that wiped away
a
from
36
year's
to
crop,
early gains ranging
July, 1941, contracts, representing next
led the downturn, and sold at more than 4c.
%e.
December
under
discount
weakness of the deferred
attributed
Traders
contracts.
likelihood of
large carryover next July 1.
Trade reports
indicated elevators in some areas were satisfying rather
strong bids
a
from
the country
mills
stored wheat
for
in
Corn prices ignored
extreme gains were shaded
before
the coarse cereal was due
mainly to the tight cash market. Dec. was purchased
against sales of May at 134®- difference.
On the 2d inst.
prices closed unchanged to 34c. off. The smallest United
States corn crop in four seasons was forecast on the basis of
of wheat,
although
the close.
Strength in
the average of six
1939 crop totaled 2,619,000,000 bushels.
Experts said
early Sept. frost did some damage but the Government
weekly report said frost in the northern part of the belt this
week did no serious damage.
Corn trade was quiet, with
the market steadied by holding of spot premiums.
Borne
sample white new corn was quoted at 6034c. and shippers
sold 63,000 bushels.
On the 3d inst.
expressed relief that some grain ineligible for loans be¬
cause of quality may find its way to market, although it is
generally believed producers will use most of this on farms.
The crop quality is not as good as in the past
DAILY
CLOSING
Today prices closed 36 to %c. net lower.
Lagging domes¬
tic flour demand and restricted world export
trade helped
wheat pit today,
The decline was
associated with easiness of securities. Helping to encourage
rallies at times was disclosure that despite the fact that
prices have advanced to above loan levels, the rate at which
wheat is being put up as collateral has been accelerated.
to encourage additional profit-taking in the
and prices slipped off about lc. a bushel.
loan
PRICES OF CORN IN
Sat. Mon. Tues.
No. 2 yellow—
80%
79%
80%
—
NEW YORK
Wed. Thurs.
80%
80%
Fri.
80%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO
Sat. Mon. Tues.
Wed. Thurs. Fri.
December——
57%
57%
58%
58
57%
57%
May—————————— 58%
July--59%
60%
July 24,1940 May—
Sept.25, 1940 July—
July 15,1940
Aug. 16. 1940
June 12, 1940 December---- 53%
61%
60%
...
59%
59%
Season's Law and When Made
Season's High and When Made
December--
May
July——
—
58%
59%
59%
59%
59%
60
59
59%
-
54%
58%
— .
—
Sept.23* 1940
Oats—On the 28th ult.
prices closed 34 to 34c. net higher.
The firmness of oats was influenced largely by the strong
action of corn futures.
On the 30th ult. prices closed 34c.
net lower.
Trading was of a routine character, with the
undertone of the market fairly steady.
On the 1st inst.
prices closed unchanged to 34c. off.
Oats were quiet with a
steady undertone.
On the 2d inst. prices closed 34c.
higher.
Trading was very light and of a routine character.
On the 3d inst. prices closed 36 to 34c. net higher.
Short
covering strengthened oats.
Outside of some slight firm¬
there
ness,
unchanged
was
to
little to the market.
36c.
Trading
off.
Today prices closed
light
was
and
without
feature.
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO
December--—
—
May—July—.
-
—
Sat.
32
32%
-
—
Season's High and When Made
December
34%
32%
31%
——
Mon.
Tues.
31%
32%
31%
Wed.
31%
32%
Thurs.
31%
32%
32
32%
Fri.
32
32%
30%
Season's Low and When Made
June 12,19401 December
27%
Aug. 19,1940
Oct.
3,1940 May—
28%
Aug. 16,1940
Sept. 30. 1940|July
—
31
Sept. 30,1940
I
—
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon. Tues.
Wed.
Thurs. Fri.
-
—
December—
——
31%
29%
—
May———
30
30%
28%
29%
31%
29
29%
31%
28%
29%
31%
29
29%
32
29%
29%
Rye—On the 28th ult.
tions of loan wheat have been reported.
Government
few seasons,
Today prices closed 34 to 36e. higher.
The
independent strength of corn was attributed largely tp short
covering over the week-end.
experts state.
October-
under
With
prices closed 34 to 36c. net lower.
harvesting of corn expected to be in full swing soon, traders
holding their grain privately.
Some grain not up as
collateral is being released in cases where premiums over
loan rates are satisfactory or sellers, for various reasons,
amount
Average was 2,284,-
private estimates.
000,000 bushels, 28,000,000 larger than a month ago but
13,000,000 below the Government's last prediction.
The
are
The
totaling 384 cars, reflecting better
the action
May-July
willing to part with their grains, but no actual redemp¬
142,000 bushels to arrive.
On the 30th
net higher.
Corn was held in
prices closed 34 to %c. net higher.
instances where available "free" supplies are scarce because
of the loan program and the policy of many producers who
are
predicted sealings under
country sales the last few days.
Some of the corn coming
to terminals was Government loan grain. On the 1st inst.
delivery to favorable crop pros-
pects and the poor outlook for export business as well as
booked
Dealers
ult. prices closed 34 to
check by heavy receipts,
dominate the trade,
bushel for the best
grades of red wheat ana getting only moderate supplies.
On the 1st inst. prices closed unchanged to 34c. lower.
Successive waves of profit-taking sales and pressure from
local longs engulfed the wheat futures pit in the final hour
today, erasing most of the gains.
Prices eased off to around
last night's final quotations after advances of as much as a
cent a bushel had been chalked up soon after the opening.
Final prices showed losses of as much a3 34c. for Dec., while
the deferred contracts were unchanged from yesterday's
final figures.
The first of the private crop reports, issued
by Mrs. E. H. Miller, placed the corn crop at 2,367,147,000
bushels compared with her estimate of 2,329,106,000 and the
Government report of 2,297,186,000 last month,
Mrs.
Miller revised the final estimate on all spring wheat upward
to 220,635,000 bushels, including 34,200,000
of aurum
wheat.
On the 2d inst. prices closed %to 34c. net lower.
Wheat prices backed down almost a cent a bushel today as a
result of selling by dealers accepting profits.
The urge to
take profits ranging from fractions up to 5 to 7c. a bushel
accumulated over the past month, was the dominating trade
factor although sluggish flour business and sharp decline of
wheat at Buenos Aires attracted attention.
Crop experts
raised their estimates of domestic spring wheat production
slightly, but the indicated harvest still was below the latest
Government forecast.
Despite the fact that Kansas City
cash wheat prices were above the loan rate, there has been
no loosening up of supplies in the country, reports indicated.
5, 1940
the 1940 loan program will be smaller than a year ago, but
more steel bins for storage of Government corn were ordered.
program, was the principal factor in the futures pit.
artificial commercial supply situation resulting from
loan
The
Government agents
of this later.
Trade of Chicago today when Dec. contracts sold at 83c. a
bushel, but the market was strong enough to retain all of its'
advance.
Profit-taking attracted by the upturn which has
lifted values as much as 14c. from the seasonal low point
reached in mid-Aug., caused a reaction from the day's
highs. July 1941 contracts displayed most weakness, due
to favorable crop prospects ana likelihood of a substantial
domestic as well as world wheat carryover for next season.
Cash grain dealers paid 8534c. for No. 2 hard wheat here,
4}4c. over the Government loan rate, and quoted red wheat
around 90c.
Strength in the spot market, reflecting the
Oct.
as
of
Wednesday
prices closed 134 to 134c. net
There was strong demand in evidence in rye futures,
a substantial portion of which came from short3
covering.
The strong action of wheat played its part in the substantial
gains displayed in rye futures.
On the 30th ult. prices closed
34 to 34c. net lower.
The heaviness of rye futures in the
face of firm wheat and corn markets was rather surprising,
higher.
and
was
attributed
prices closed
to
listless demand.
unchanged to %c. lower.
On the
Trading
with the undertone inclined- to be heavy.
1st inst.
was
light,
On the 2d inst.
little in the news
177,020,802 bushels, about 10,000,000 bushels more
volume sealed up through December last year.
A year ago at this time 123,458,341 bushels had been sealed.
Storings increased 19,123,000 bushels in the week ending
Oct. 2, compared with an increase of 15,111,000 the previous
prices closed 34 to 34c. lower. There was
to stimulate trading in rye futures, and as a consequence
the market ruled relatively quiet, with a heavy undertone.
week.
closed
totaled
than
the
DAILY CLOSING PRICES OF WHEAT IN NEW YORK
1
Sat. Man. Tues.
Wed. Thurs.
__
No. 2 red-^.-———
Sat.
82%
81%
78%
December
-
-—
FUTURES IN CHICAGO
Man. Tues.
Wed. Thiers. Fri.
82%
82%
81%
81%
82
82
%
81%
78%
78%
78%
1,1940
,
July—
Sat.
October
December-—
DAILY CLOSING PRICES
——
May—
71%
73%
77%
Man.
76%
Tues.
71%
71
73
72%
OF
—
45%
49%
50%
higher.
Corn
rose
heavy wheat
45%
49%
50%
45%
IN
Wed.
45%
48%
49%
CHICAGO
Thurs.
45%
48%
49%
Fri.
32
29%
29%
81%
77%
77
Season's High and When Made
Season's Low and When Made
December---- 50%
May 29,1940 December
38%
Aug. 19, 1940
May
42%
50%
July 24,1940 May
Aug. 19,1940
July51
Sept. 30,1940 July
47%
Sept. 23,1940
Sept. 27,1940
-
—
-
IN WINNIPEG
Wed. Thurs. Fri.
70%
70%
72%
72%
71%
77%_76%_76%_76%_76
prices closed unchanged to 34c.
about 34c. with wheat, but lost most
49
49%
DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG
Sat.
Mon.
45%
44%
47
October
December-—
46%
48%
Tues.
Wed.
Thurs.
Fri.
44%
45%
47%
44%
39%
42%
45%
38%
44%
May
49%
47%
39%
46%
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG
—
Sat.
Corn—On the 28th nit.
net
a
RYE FUTURES
Sat. Mon. Tues.
_
December
OF WHEAT FUTURES
.
Influenced by
May
July
—.
—
36 to lc. net lower.
81%
80%
Season*8 High and When Made
f™ Season s Low and When Made
December—— 85%
May 27,1940 December— 68%
Aug. 16,1940
May
83%
Oct.
1,1940 May
70
Aug. 16,1940
DAILY"CLOSING'PRICES
prices closed unchanged to 34 c. higher.
light, with undertone steady.
Today prices
OF WHEAT
_
July———_79%Oct.
was
market and releasing commitments over the week-end, rye
futures weakened and closed at about the lows of the day.
-102% 103% 102% 102% 102% 101%
DAILY CLOSING PRICES
May
July-—
Fri.
On the 3d inst.
Trading
October—
December—
May
39%
39%
40%
Mon.
38%
38%
40%
Tues.
39%
39%
40%
Wed.
39%
39%
40%
Thurs.
44%
47%
Fri.
38%
38%
39%
Volume
Closing quotations
follows:
were as
Hard winter straights
Hard winter patents
Rye flour patents
Seminola, bl., bulk basis
good
>5.15
3.95@4.05
Corn flour...
>5.40
Spring pat. high protein._5.25
Spring patents
4.95
Clears, first spring
4.50
2.30
>4.70 Oats,
@
5 65@6.15
2.50
bushels;
Buffalo,
Wheat
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
Bushels
4-75@4.90 Barley goods—
Prices Withdrawn
Coarse
Nominal
Hard winter clears
Fancy pearly (new) Nos.
1.2-0.3-0.2
4.75@6.75
Oats, New York—-
Wheat, New York—
45
No. 2 white
No. 2 red, c.i.f., domestic—101 %
Manitoba No. l.f.o.b.N.Y. 82%
60%
Rye, United States, c.i.f
Barley, New York—
40 lbs. feeding
Chicago, cash
80%
Corn, New York—
yellow, all rail
Canadian—
724,000
62
-_48~63N
of the last three years:
Wheat
Corn
Oats
bush 60 lbs
bush 56 lbs
bush 32 lbs
bush 56 lbs bush 48 lbs
2,329,000
485,000
201,000
Minneapolis
3,944,000
1,171,000
244,000
142,000
1,949,000
61,000
63,000
2,000
135,000
806,000
167,000
112,000
1,847,000
395,000
107,000
66,000
330,000
72,000
2,000
2,000
236,000
384,000
25,000
134,000
21,000
75,000
18,000
.
Indianapolis
_
139,666
Peoria
41,000
41,000
336,000
Kansas City
Omaha
30,000
346,000
1,121,000
105,000
635,000
184,000
2,000
175,000
30,000
14,000
8,170,000
Canadian
348,938,000
4,498,000
2,471,000
Total Sept. 28, 1940—521,563,000
37,143,000 12,798,000 10,641,000 15,136,000
12,357,000 10,577,000 14,936,000
Total Sept. 21, 1940.-490,589,000 32,370,000
The world's
shipment of wheat and
St.
Joseph..
397,000
Wichita
furnished by
corn, as
Broomhall to the New York Produce Exchange, for the week
ended Sept. 27 and since July 1, 1940, and July 1, 1939, are
shown in the following:
Corn
Wheat
Week
Since
Since
Week
Sept. 27,
July 1,
July 1,
Sept. 27,
1940
1940
1939
1940
1940
1939
Bushels
Bushels
Bushels
Bushels
Bushels
Bushels
Exports
No. Amer.
1,933,000
40,556,000
560,000
1,400*666
33,111,000
Black Sea.
ArgentinaAustralia
24,000
Louis—
5,065,000
8,300,000
562,000
29,000
3,000
64,000
46,000
34,000
St.
5,355,000
172,625,000 37,143,000
198,000
72,000
2,000
Toledo
2,471,000
2,163,000
American
926,000
Duluth
Buffalo
1,239,000
3,372,000
9,781,000
5,355,000
Sept. 28, 1940—348,938,000
1940-317,845,000
Total Sept. 21,
353,000
544,000
Milwaukee-
936,000
1,173,000
4,498,000
3,551,000
Total
Barley
Rye
Flour
bbls 196 lbs
224,000
744,000
356,000
3,418,000
Summary—
All the statements below 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
for the week ended last Saturday and since Aug. 1 for each
Chicago
362,000
Lake, bay, river & seab'd 66,653,000
Ft. William & Pt. Arthur 81,683,000
Other Can. & other elev.200,602,000
GRAIN
Receipts at—
665,000; Baltimore, 156,000; in transit—rail (U. S.),
165,000; total, 1,147,000 bushels, against 1,024,000 bushels In 1939.
Wheat—
New York, 3,111,000 bushels; New York afloat, 472,000; Boston, 2,267,000; Phila¬
delphia, 1,018,000; Baltimore, 1,084,000; Portland, 1,211,000; Chicago, 29,000;
Buffalo, 6,990,000; Buffalo afloat, 179,000; Duluth, 6,752,000; Erie, 1,956,000;
Albany, 9,073,000; on Canal, 530,000; in transit—rail (U. S.), 2,289,000; total,
36,961,000 bushels, against 11,586,000 bushels in 1939.
161,000
FLOUR
No 2
2069
The Commercial & Financial Chronicle
151
.
51,300,000
9,000,000
42,222,000
11,293,000
Since
July
Since
1,
July 1,
678,000
8,738,000
936,000
1*2*6*666
12,150*,000
39,710,000
746,000
India-
Other
V
-
a.
VV—»—
V.
128,000
countries
;
Total
-
—
------
13,000
163,000
14,000
3,000
452,000
9,639,000
8,082,000
489,000
Same wk '39
615,000
10,461,000
7,217,000
642,000
2,448,000
6,873,000
Same wk '38
503,000
10,453,000
7,694,000
1,306,000
2,621,000
2,607,000
548,000
2,684,000
3,760,000 115,847,000
4,162,000 113,862,000
3,863,000 122,904,000
39,420,000
41,006,000
9,000,000
360,000
2,520,000
19,612,000
77,627,000 122,815,000
1,164,000
23,408,000
61,004,000
3,400,000
21,000
Tot. wk. '40
3,461,000
Sioux City.
.
Since Aug. 1
1940
1939
1938
24,761,000 4,144,000 25,611,000
7,801,000 38,811,000
39,590,000 11,533,000 31,953,000
53,299,000
36,082,000
receipts of flour and grain at the seaboard ports for
28, 1940, follow:
Total
Redeeming Loan Corn Extended—Secretary
Time for
the week ended Saturday, Sept.
Agriculture Claude R. Wickard announced on Sept. 27
that the time within which farmers may obtain the release
of their farm-stored 1937 and 1938 corn pledged to Commodity
of
Credit
Corporation has been extended from Oct. 1 to Oct. 31,
The price at which corn may be redeemed, as pre¬
viously announced, is 58 cents per bushel on farm stored
corn.
Where the storage allowance of seven cents per
bushel has not been received by the producer, this allowance
1940.
is
Rye
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Receipts at—
bush 56 lbs bush 48 lbs
44,000
104,000
139,000
17,000
217,000
38,000
i",666
"2*660
11,000
4,000
46,000
13,000
NewOrl'ns*
21,000
57,000
2,000
8,000
Baltimore—
Barley
14,000
York-
New
Boston
Philadel'la
_
5,000
"
*2*666
10,000
Galveston—
St.
22*666
had
1,148,000
222,000
226,000
1,370,000
441,000
84,000
9,175,000
96,724,000
26,270,000
3,168,000
1,789,000
1,176,000
73,000
493,000
943,000
6.158,000
Tot. wk. '40
2,000
288,000
4,684,000
339,000
11,872,000
81,131,000
15,051.000
3,884,000
Week 1939Since Jan. 1
1939
*
Receipts do not include grain passing through New
Orleans for foreign ports
through bills of lading.
on
The exports from the
ended Saturday, Sept.
several seaboard ports for the week
28, and since July 1 are shown in
and
461,000,000 bushels under loan,
approximately 5,300.000 bushels
allowance of five cents per
corn
72,000
be expected either to have re¬
additional period of one or two
additional period of either one or two years.
An
bushel is made for storage with respect to the
bushel with respect to the corn
had been resealed for an
24,000
Since Jan. 1
1940
By Oct. 31, it was stated, farmers will
deemed the pledged corn, resealing it for an
years, or delivered it to the Corporation in liquidation of their loans;
As of Sept. 21, approximately 64,141,500 bushels of the 1937, 1938,
1939 loan corn, out of a total of about
been redeemed by producers and
Lawr'ce
ports
paid at the time of redemption.
The closing date has
to give additional time needed to
complete the resealing program.
The Agriculture De¬
partment's announcement went on to say:
been extended in order
resealed for one year and 10 cents per
resealed for two years.
corn delivered to the CCC in liquidation of loans will be
terminal and sub-terminal elevators, and the balance will, be
bins purchased by the Corporation in order to provide the
Much of the
in
stored
stored in steel
facilities as near as possible to the points of production.
Secretary Wickard announced that CCC had accepted
purchase of 8,277 additional steel bins, providing an additional
storage capacity of 22,596,210 bushels.
This brings the total number of
steel bins purchased by tho Corporation in 1939 and 1940 to 62,887 with
necessary storage
In this connection,
bids for the
an
aggregate storage
capacity of approximately 135,000,000 bushels.
1940 Wheat Loans—Wheat of the 1940
placed under loan up to Sept. 25 totaled 157,897,080
bushels valued at $112,895,028.25, the Commodity Credit
CCC Reports on
the annexed statement:
crop
Wheat
New
Flour
Oats
Rye
Barley
Bushels
Exports from—
Corn
Bushels
Barrels
Bushels
Bushels
Bushels
2,000
32,350
124,000
York
—
132,000
Can. Atl. ports-
1,148,000
2*22*666
Total week 1940.
1,412,000
222,000
8,994,000
Baltimore
New
•
Since July
1 1940
26,576,000
Total week 1939.
3,686,000
Slnce July 1 1939
30,798,000
last year.
date
*8*666
8,000
Orleans
Corporation announced on Sept. 28.
This compared with
114,573,793 bushels valued at $80,861,927.21 on the same
C40.350
562,410
2,000
18,000
72,140
1,006,000 1,201,802
10,000
815,000
The number of loans made to date are
246,178 compared to 164,527 last year.
pleted and reported to the Corporation,
183*666
5*5*666
98,000
'698,000
3,377,000
Wheat loans com¬
by States, follow:
Warehouse
No. of
a
117,000
Export data not available from Canadian ports.
supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Sept. 28, were as follows:
The
visible
GRAIN STOCKS
Wheat
afloat
x
Philadelphia
y
Baltimore
New Orleans
Galveston
Fort Worth
Wichita-.
Hutchinson
St. Joseph
Kansas City
Omaha
Sioux
City
St. Louis
Indianapolis.
Peoria
Chicago
»•
2,000
15,000
*9*666
"i~66o
22,000
8,000
41,000
38,000
15,000
3,000
100,000
253,000
1,000
150,000
140,000
*7\666
1,059,000
6,029,000
2,071,000
39,673,000
10,281,000 12,024.000
1,053,000
1,399,000
634,000
8,166,000
347,000
1,697,000
118,000
1,070,000
9,089,000
14,807,000
120,000
13,000
9,000
46,000
366,000
3,000
556*000
915,000
95,000
1,511,000
10,690,000
4,969,000
Minneapolis
Duluth
afloat...
814,000
*1*4* 631
2,801
186,000
9,000
207,000
6,000
21,000
406,000
12,000
4,000
32,000
1,076,000
205,000
136*666
61,000
1,664,000
1,355*666
662,000
3,161,000
4,592,000
135,000
2,204,000
1,336,000
603,000
178,000
815*666
1,404,000
2,300,000
1,308,000
147,000
5,616,000
948,000
Detroit
130,000
*2*666
*6*666
2,000
300*666
Buffalo
4.732,000
423,000
770,000
1,169,000
1,252,000
50,894
*—»
606
Kentucky-
87
Maryland
...
840
Michigan
9,412
.
—
16,786
6,422
20,830
Montana
Nebraska
■
443
—
19,019
Dakota
52,000
Total Sept. 28, 1940—172,625,000
Total Sept. 21, 1940—172,744,000
37,143,000
8,170,000
9,781,000
9,149
29,304
1,403
Ohio
Oklahoma
—
Oregon
South Dakota
Tennessee
15,897
...
63,837
2,239
116,385
2,075,084
215,028
3*11*146
66,521
5,073,632
264,120
16,491,736
166,201
135,320
6,326,844
*97*463
157,165
32*7*221
829
—
18,494
1,378*069
259
Texas
307,831
-
472
-
2,538
Washington...,.—
8,871
21
West Virginia
234
Wyoming
Total
2,162,857
264
Pennsylvania.
Utah
91,386
124,974
97,732
427,941
246,178
1,417,315.05
8.977.977.59
2,196,591.76
1.500.404.60
26,370,288.16
191,701.53
29,829.55
153,610.44
2,909,064.90
5,503,143.02
4,703,689.92
7,026,950.44
319,623.83
9,065,284.44
2,475,601.32
13,972,609.41
2.216.322.38
50,101.13
3,994,355.09
206,644.18
13,116,601.91
234,087.60
102,679.41
3.742.156.39
7,711.26
171,903.30
13,192,855 144,704,225 112,895,028.25
604,000
55,000
250.47
2,163,831.80
397,854
158,623
119,188
4,020,191
3,583,083
10,821,749
2,683,471
1,878,496
32,681,144
256,021
41,591
127,918
3,612,674
7,218,579
6,909,694
7,506,726
379,199
12,461,211
2,967,121
17,360,694
3,555,106
9,117
3,744
Indiana
-
373
23,933
Iowa_.—_—
Kansas
1,874,606
438*165
-——
Virginia
86*666
$
4,591.90
70,645.47
245,016
1
Delaware
Idaho
North
6,258
88,202
Amount
2,338
Colorado
New Mexico.
199,000
29,100,000
26,194,000
13
28
Missouri..,.——
10,000
Storage
Bushels
California
Minnesota
9.182,000
305*666
Milwaukee
Barley
Bushels
124,000
afloat
Lakes
*'
Bushels
17,000
..
-
Rye
Oats
Bushels
156,000
55,000
New York
"
Corn
Bushels
Storage
Arkansas
Illinois.—.
Bushels
United States
On
State
Farm
Loans
Bushels
262.000
"
On
x
afloat
Canal
76*666
32,370.000
8,300,000
8,806,000
Philadelphia also has 639,000 bushels Australian wheat
8,414,000
9,871,000
in store,
in store.
Note—Bonded grain not included above: Oats—Buffalo, 258,000 bushels; Erie,
213,000; total, 471,000 bushels, against 22,000 bushels in 1939.
Barley—New York,
y
Baltimore also has 98,000 bushels Australian wheat
Weather
-
Report for the
Week Ended Oct. 2—The
general summary of the weather bulletin issued by
Department of Commerce, indicating the influence of
the
the
Mather for the week ended Oct. 2, follows:
\ The depression that was central over the lower Mississippi Valley at the
beginning of the week moved rapidly northeastward to the middle Atlantic
area and was attended by general precipitation from the Mississippi VaUey
eastward.
From the Ohio Valley eastward and northeastward the falls
TheCommercial & Financial Chronicle
2070
substantial to heavy.
At the same time the extensive mass of cool
polar air that had reached the northern Great Plains moved slowly south¬
were
eastward, resulting in a sharp drop in temperature throughout the eastern
and central portions of the country.
In fact, it carried abnormally low
temperatures far southward, with local freezing to the extreme lower
Ohio Valley.
Freezing weather occurred also over a considerable north¬
eastern
area
and in the Appalachian
highlands as far south
as
West Virginia.
The lowest temperature
reported from a first-order station was 25 degrees
the 25th.
The minima were in the low 40's in the
northern cotton belt, but in Gulf sections they did not go as low as 50
degrees at any time during the week.
The high-pressure area very largely dominated weather conditions over
at
Fargo, N. Dak.,
on
the eastern half of the country during the last half of the period, while in
the West showers became increasingly
frequent as the week progressed.
There was widespread, substantial precipitation over wide areas by its close.
The week was abnormally cool in nearly all sections east of the Great
Plains, the greatest minus departures from normal temperature occurring
the lower Lake region southward to the Gulf.
In this area most
stations reported weekly mean temperatures from 6 degrees to 10 degrees
below normal.
In the Northwest, from North Dakota westward, and in
the far Southwest, the departures averaged from 5 degrees to 9 degrees
above normal, while in other western areas about-normal warmth prevailed.
Precipitation was substantial to heavy in parts of Texas rather generally
from the lower Mississippi Valley eastward, and from the upper Ohio
Valley eastward and northeastward.
Also, good rains were reported rather
generally in the Rocky Mountain States and the far Northwest.
Other¬
wise, there was very little precipitation, with the western Ohio and central
and upper Mississippi valleys having a practically rainless week.
An outstanding feature of the weather in recent weeks, and especially
for that Just closed, was the widespread, generous rains from the Rocky
Mountains westward.
In general, soil-moisture conditions are quite satis¬
factory over these more western States.
In the South and East generous
rains during the first part of the week improved conditions materially,
especially in the South, the Atlantic States, and eastern Ohio Valley.
Rain
is still needed in some southeastern sections, especially parts or Georgia
from
decidedly dry, and in need of rain badly, include the central and upper
Mississippi Valley and northern Great Plains, especially Illinois, Missouri,
Iowa, western Wisconsin, Minnesota, eastern Montana, southern North
Dakota, South Dakota, and central Nebraska.
In much of Montana recent showers have been
decidedly helpful and
this State is still largely free from killing frost.
An unusual condition
exists in that freezing temperatures have occurred as far south as the
lower Ohio River with Montana still largely frost-free.
Farm work made good progress during the week, but the abnormally
cold weather resulted in more or less frost damage, principally in exposed
places, over large areas including the Northeast, Appalachian Mountain
sections, northern Ohio Valley, Lake region, and the central-northern
States.
Fall plowing is still hampered by dry soil over large interior and
north-central sections.
Small
Grains—Present moisture conditions In the winter wheat area
the eastern and southwestern parts of the belt
helpful, and soil moisture is largely sufficient for
current needs; seeding is active with good germination.
However, in the
central belt, including the western Ohio and central and
upper Mississippi
valleys, there was again very little rainfall, and the soil is much too dry
for good germination in many places.
In Oklahoma seeding progressed
rapidly, but moisture is needed in the extreme northwest and parts of the
southwest, as well as western Texas.
vary considerably.
In
recent rains have been
In
Kansas the
bulk of wheat has been seeded and is coming
up to ex¬
stands
generally; early fields are being pastured. In Nebraska
seeding is about half-done, with progress very slow in central counties
because of dryness; elsewhere considerable wheat is
up to mostly good
cellent
In most of Montana and the
Rocky Mountain States, the eastern
Great Basin, and the Pacific Northwest, conditions are
satisfactory rather
generally.
Some normally drier parts of Washington still need rain.
Corn—Heavy to killing frosts occurred over parts of the northern corn
belt during the past week, but no serious,
widespread damage occurred
stands.
because the crop had
lowlands
was
was
not
largely matured beyond danger.
Some late corn on
killed In the Ohio Valley and elsewhere, but damage
extensive.
In
Iowa
progress
toward
about
maturity
was
generally
fair with
95% now safe; green leaves and some stalks were killed
by frost, but
there was little damage to ears for commercial
purposes; seed harvest is
very active
5, 1940
condition.
Oklahoma—Oklahoma City:
Harmless frosts in northeast several days;
rain, except locally, and rain needed in many areas.
Rapid progress
sowing winter wheat, but soil too dry for seeding in parts of southwest and
extreme northwest; some up to good stands.
Corn harvest general; good
yield.
Grain-sorghum harvest rapid progress; good yields, except in pre¬
viously dry west areas.
Late cotton improved by recent rains in westcentral, but yields less than expected in most of west; bolls rotting in some
east-central
areas;
condition generally good elsewhere; picking rapid
progress.
Livestock very good; feed generally abundant.
Arkansas—Little Rock: Adequate rain first part.
Planting small grains
and winter legumes favored and growing crops and pastures helped.
Soil
moisture badly depleted locally.
Cotton picking fairly active, except on
heavy land where rank growth lays open.
Late corn mostly matured, but
no
in northeastern lowlands will need several weeks free from frost.
Rice
harvest delayed by rain; maturing slowly, due to cold.
Late potatoes and
truck improved.
Tennessee—Nashville:
Light rains; more needed, although late vegeta¬
greatly helped.
Fair progress seeding.
Much early sown
Pastures poor; only slight recovery. Progress and
picking fairly active. Condition of early corn very
good to excellent; late rather poor, except some good.
Slight frost damage
in north.
Tobacco in fields poor to fair; early curing satisfactorily.
tion
and
soil
clover killed by drought.
condition of cotton fair;
THE DRY GOODS TRADE
New
and South Carolina.
In the Midwest from Kansas southward the moisture situation is largely
satisfactory, although some localities are still too dry.
The areas still
Oct.
harvested; good to excellent condition.
Cotton opening rapidly in
northwest and mostly fair to good condition, except locally in west-central
where poor to only fair; picking near end in south and half done in north.
Ranges and feedstuff improved, but rather dry in west. Truck and gardens
mostly good condition; tomato and pepper setting nearly done in extreme
south; setting cabbage.
Rice harvest favorable progress.
Livestock good
corn
York, Friday Night, Oct. 4, 1940.
There has been less activity in
the markets for dry goods
during the past week, and particularly during the latter part,
owing to the widespread observance of the religious holidays.
Mills, however, continued to book moderate orders on a wide
variety of gray goods and on other lines at strengthening
prices.
All in all, merchants appeared to be satisfied with
the way business was developing and commented favorably
on
the absence of hysteria that had accompanied buying
operations during the past four or five weeks.
It was pointed
out in some quarters that trading during the past few
days
had been reminiscent of the stable merchandising of the
years prior to 1914, when mills added to their backlogs and
prices kept pace with demand.
In many instances mer¬
chants have been credited with having curbed over enthusi¬
asm on the part of those buyers who
sought to purchase
twice as much or more of their normal requirements in the
belief that a runaway market was in the offing.
Prices
during the last few days displayed an upward tendency but
at no time did the advances retard business or scare
buyers
away from the market.
Merchants have discouraged at¬
tempts of buyers to enter into contracts for delivery during
the first quarter of next year and have done
everything in
their power to prevent speculative excesses.
Trading in the wholesale markets was of fair volume.
In
fact it was quite active m certain divisions even though a
number of converters closed
their offices in
observance of
the religious
part of the week rather widespread rains
over the central and eastern cotton
belt, but, on the whole, picking
ginning were fairly active; there was some retardation to development
by abnormally low temperatures.
In Texas bolls are opening fast in the
northwest, and cotton is mostly
fair to good where still
growing, except some localities in west-central
sections; picking is nearly completed in the southern half of the State and
holidays.
Gray goods continued to be taken
at an encouraging rate.
There was little indication of any
rush, steady ordering of spot and nearby goods at firm prices
being the rule.
Mills also continued to move out a moder¬
ate volume of print cloths, sheetings, drills and various other
lines.
A considerable portion of the buying represented
orders from out-of-town houses. In regard to sheetings, bag
about half done in the northern.
manufacturers and other
Cotton—During the first
occurred
and
In Oklahoma late cotton shows some
improvement in west-central sec¬
tions since recent rains, but yields are rather
disappointing in much of the
west and bolls are rotting in some east-central
localities; elsewhere condi¬
tions generally are very good.
In the central portions of the belt, harvest was
fairly active, although
heavy lands in parts of Arkansas opening is being delayed by rank
growth.
In the eastern belt conditions continue mostly
satisfactory, with
picking progressing favorably, although in the northeast there was some
delay by rain.
Picking is completed in many localities of southern Georgia
and about half of the crop is now
open in South Carolina.
on
The weather bulletin furnished the
following resume
conditions in different States:
of
Virginia—Richmond: Cool; light rain; killing frost in Wytheville section
damaged some late truck and uncut corn. ~Silos filled; cutting corn about
Picking cotton well under way: crop excellent.
Digging peanuts;
yields fair to good.
Pastures becoming short.
8eedtng winter grains; more
finished.
rain needed for soil preparation.
but undersized.
North
Carolina—Raleigh:
Apple picking rapid progress; crop fair,
Moderately
favorable for digging sweet
picking rapid progress first part, but slow thereafter
general unfavorable cold and too much rain in extreme east. Late
truck and pastures progressed
nicely in east because of rain.
Slight frost
damage in some bottom lands in west. Progress of corn fair in
east, but poor
in west account cold and lack of
rain.
Slight storm damage in extreme
potatoes.
Cotton
account
northeast.
South Carolina—Columbia:
Mostly unfavorably cold; fairly adequate
rain, except little in northwest where lack
keenly felt. Truck and gardens
improved.
Sowing fall grains in south, but soil still too dry for plowing
elsewhere.
Over half of cotton
open; picking mostly good progress, but
behind in many areas;
ginning active.
Georgia—Atlanta: Unfavorably cold, mostly at
night; moderate rain first
half, but more needed.
Cotton picking good progress
generally; ended
many places in south.
Harvesting corn in central and south.
Soil too dry
for sowing wheat and oats, but some
started in central.
potatoes in central and south.
Digging
sweet
Truck improved slightly.
Fall planting in
Pastures very dry. Most crops improved
moderately.
Floridar—Jacksonville:
Favorable warmth: adequate rains; soil moisture
Progress and condition of cotton fairly good;
picking good progress.
Digging sweet potatoes. Planting fall truck.
Citrus groves in good snape;
fruit holding well and
beginning to ripen a little late.
Progress.
Alabama—Montgomery:
Unfavorable cold retarded cotton opening in
north; progress poor to fair; condition fair to
locally poor; good progress
picking. Good .general rains refreshed vegetation, but still too
dry to plow.
Mississippi—Vicksburg: Nights generally too cool; moderate rain at
beginning, dry thereafter. Cotton picking fairly active on
uplands, mostly
slow on lowlands where
opening probably latest in years.
Fair progress
housing early planted corn.
Gardens, pastures, and truck much improved
by rain.
Louisiana—New Orleans:
Rains first half delayed
harvesting matured
crops, but very beneficial to cane, truck,
gardens, and pastures.
Too cold
for growing crops latter half.
Cotton picking slow at beginning, rapid
progress last few days; some late planted still
putting on bolls. Rice damaged
locally by flooding rains. Good progress
preparing land and planting oats
and winter legumes.
Truck and gardens doing well.
Corn and sweet
potato harvests satisfactory progress.
Texas
Houston:
Temperatures rather low, but not detrimental to
needed in most of west and extreme
south; too much
Fall plowing good progress.
Some winter wheat and much
oats sown, but rain needed in west for
proper germination.
plants;
more rain
elsewhere.
Nearly all late
users
moved to those constructions
whien prices had not been
of the^more active numbers.
advanced as rapidly as on some
According to reports, buyers
who had requested advancement of shipping dates on old
contracts covering a wide range of dry goods lines found vir¬
tually no selling agents in a position or willing to accommo¬
date them.
Shortages have developed in a number of direc¬
tions, especially on domestics, and the delivery situation has
become unusually tight.
Various mills have already begun
to fall behind on scheduled shipments.
Orders for military
textiles continued to absorb the attention of a large part of
the trade and was responsible for a complete reversal of situa¬
tions in a number of divisions.
Prices for print cloths were
as
follows: 39-inch. 80s, 7c.; 39-inch 72-76s, 6^c.-624e.;
39-inch 68-72s, 5J^c.; 3834-inch 64-60s, 53^c., and 38J4-inch
6-48s, 4%c.
on
Woolen
Goods—Trading in the markets for woolen goods
a good pace during the week.
Although adverse
weather had a tendency to curtail seasonal expansion in some
merchandising lines in certain areas, there was little signifi¬
cant change in the general demand.
Orders and reorders
for men's fall clothing continued in large volume.
Topcoats
were said to be in particular demand, and it
appeared as if
this type would have its first good season in three or four
years.
Another encouraging factor was found in reports
from buyers of woolen goods in the industrial area, which
continued to indicate sharply rising trade activity.
There
was no let-up in
inquiries for various goods from the Govern¬
ment and the general undertone of the market was firm,
with price advances being made in a number of directions.
continued at
Foreign Dry Goods—The market for linens continued
with sales maintaining their recent improvement.
Although Northern Ireland is the only remaining source of
supply, shipments are being received with remarkable regu¬
larity
As a result, those in the trade say that the recent firm
undertone in prices is the result more of the fact that there
is not an over-supply rather than from the fact that there is a
scarcity.
Demand for burlaps took a turn for the better.
There was an improved demand for nearby-shipments, the
latter being prompted by international developments in the
Far
East.
Domestically, lightweights
were
quoted at
active
.
5.30c. and heavies at 7.30c.
Volume
The Commercial & Financial Chronicle
151
3,000,000 Mississippi (State of) bonds were sold as follows: $2,000,000
highway, bearing interest rates of 2M%, 2%%, 3M% and
3Ms, and due Feb 1 and Aug. 1 in I960 and 1961, were pur¬
chased by an account headed by the Equitable Securities
Corp. of New York, at a price of 101.01. a net interest cost to
the State of about 2.97%.
Reoffered from a yield of 3% to a
price of 96. ^Approximate yield to Aug. 1, 1944, the first call
date, run from 1.57% to 3.64%, according to interest rate and
maturity date.
A further issue of $1,000,000 refunding bonds,
due from Oct. 1,1944 to April 1,1946, awarded to John Nuveen
& Co. of Chicago and associates, as lMs, at 100.062, a basis of
about 1.24%.
Specialists in
Illinois & Missouri Bonds
Stifel. Nicolaus 6t Co-Inc.
2,748,000 Cleveland,
314 N. Broadway
DIRECT
CHICAGO
WIRE
ST.
Ohio, bonds awarded to
,
syndicate headed by
Lazard Freres & Co. of New York, as 2s, at 100.138, a basis
of about 1.979%.
Due serially from 1942 to 1966, incl.
The
$1,728,000 bonds maturing from 1941 to 1947, incl. were
reoffered to yield from 0.40% to 1.85%, according to maturity.
The remaining $1,020,000 bonds, due 1942-1966 incl., were
reported sold before the close of business on the day of the
Founded 1890
106 W. Adams St.
2071
LOUIS
a
award.
MUNICIPAL
BOND
SALES
IN
1,875,950 Manatee County, Fla.,
SEPTEMBER
long-term State and municipal bonds were
sold in the aggregate principal amount of $65,767,276 during
the month of September, the total being the second smallest
output in any month of the present year. The lowest level
was achieved in May when the disposals were no more than
$50,092,352. Spirited competition again marked bidding for
th8 bulk of the relatively small supply of new business in the
recent month, a fact that was perhaps best exemplified in the
case of the Detroit loan.
This was the largest single issue up
for award and attracted bids from five syndicates.
The
Lehman Bros, account obtained the bonds
on a
net interest
2.91%, with the second high offer figuring a cost of
no more than 2.96%.
The dispatch with which the bonds
were
placed in investment account clearly illustrated the
heavy demand for high-grade tax-exempts, despite the trend
toward-continually smaller returns on such investment.
Equally satisfying results attended placement of the other
important offerings during the month, such as the New
York City
Housing Authority, California Toll Bridge
Authority and Pennsylvania Turnpike Commission.
The
to
was
of
particular interest
as
it constituted market¬
ing of the last of the grand total of $40,800,000 bonds which
were issued
in connection with financing of the 160-mile
highway project. Further than that, the $5,800,000 bonds
in question were placed on the market at a price of 104, while
earlier offerings, except for one at 99.50, were made at par.
A development of great interest in the municipal field in
the past month was the rejection by the Senate of the pro¬
posal by Senator Prentiss Brown of Michigan to amend the
Excess Profits Tax Bill to provide for Federal taxation of
future issues of State and municipal bonds. Similar authority
was offered the States with respect to new borrowings by the
Federal Government.
The official vote, which was inter¬
preted in informed quarters as a clear expression of Senate
opinion as to the merits of the much debated proposal, was
announced as 40 to 30 in opposition to the plan. Despite the
outcome in this instance, however, the concensus of opinion
among those in close touch with the situation inclined to the
belief that the plan was by no means a dead issue and quite
likely will be again resurrected when its proponents find an
opportunity to do so. In any event, the probable adverse
effect of such legislation on the future course of municipal
borrowings was indicated on several occasions in the recent
month.
This was seen in the fact that many of the bids
submitted on some of the issues up for award during the
period that the proposal was being debated in the Senate
contained an "escape clause," relieving the bidder of any
responsibility in the event or any change in the tax-exempt
status of the bonds in question. The City of St. Louis, Mo.,
for example, rejected a conditional bid of 100.76 for an issue
of $1,396,0CK) bonds, in favor of an unconditional tender of
100.43, which was the second high proffer.
The issues of $1,000,000 or more brought out during
September were as follows:
MUNICIPAL FINANCING
59,675,000 Detroit, Mich., non-callable series F refunding bonds awarded
to a syndicate headed by Lehman Bros, of New York at a net
interest cost to the city of about 2.91%.
Bankers b'd a price
of $100.0319 for $1,823,000 4s, due 1941 1950, incl., $1,153,000
3Ms, due in 1951 and 1952, and $6,699 000 2%s, maturing
from 1953 to 1961, incl.
Reoffered from a yield of 0.40% for
the 1941 bonds to a price of 96.50 for those due in 1961.
8,046.000 New York City Housing
were
Authority, N. Y., series A bonds
sold to Lehman Bros, of New York and associates
net interest cost of about
2 705%.
at a
Syndicate paid a price of
100,006 for a combination of 2s, 2 As, 2Mb, 2%s and 3s. Bonds
mature serially from 1941 to I960, Incl. and were reoffered to
yield from 0.25% to 2.85%. according to maturity.
At a
previous offering of the bonds the housing authority rejected
the sole bid submitted, which provided for an average net
cost of
refunding bonds were sold to
Dueserially from 1944
3.01%.
5 943,000 California
Toll
Bridge Authority,
Calif., 3%
Carquinez
Bridge revenue bonds purchased by Kaiser & Co., and
Sargent Taylor & Co., both of San Francisco, at a price of
108.43. a basis of about 1.79% to final maturity
Due serially
from 1941 to 1954, inclusive.
Toll
5,800.000 Pennsylvania Turnpike Commission, Pa., 3%% revenue
bonds purchased by B. J. Van Ingen & Co.. Inc. and Blyth &
Co
Tnc., and associates, and placed on the market at a price
of 104 and accrued interest.
This offering constituted the last
.
total of $40,800,000 bonds which had been con¬
tracted for by the RFC, all of which have now been offered
to the market.
The bonds mature Aug. 1, 1968, and contain
a call feature.
The Public Works Administration contributed
an outright grant
of about $29,250,000 toward cost of con¬
structing the now completed 160-mile highway, which covers
most
or
the distance between Harris burg and Pittsburgh.
Bonds are secured solely by tolls.
of the grand
1969, inclusive.
1,600,000 Cuyahoga County. Ohio, IH% and 3^% refunding bonds
awarded to Field, Richards & Co of Cleveland, and associates,
at
100.01,
net
a
interest
of about
cost
1.87%
Due semi¬
annually from 1942 to 1951, inclusive
1,396.000 St.
Louis, Mo., refunding bond" taken by Lehman Bros of
New York and associates, as l^s. at 100.03, a basis of about
1.41%.
Due serially from 1945 to 1955, inc1.; optional on or
after Oct
1, 1945.
Reoffered to yeld from 0.85% to 1.50%
according to maturity.
1,385,000 Chester, 111., 4% toll bridge revenue bonds publicly offered by
Bitting Jones & Co. of St. Louis and associates, at a price
of par.
Due Sept. 1, 1965, with provision for redemption
prior to that date.
Municipal Housing Authority, Ky., 2A%,
2H% and 3% bonds sold to J. J. B. Hilliard & Sons of Louis¬
ville and associates, at par.
Due from 1941 to 1958, incl
1,258 C00 Louisville
cost of
latter deal
4%
R.E.Crummer& Co. of Miami, at par.
New issues of
1,000.000 DeKalb
Ga.,
County,
bonds sold to a group
of Atlana, at a price
In
4% water supply system revenue
headed by the Equitable Securities Corp.
of 106.
rv ■
.
the
following we list the issues which, for various
reasons, were not sold during September.
Page number of
the "Chronicle" is given for reference purposes:
Int. Rate
Name
Page
Amount
Report
1936 Harris Co. Fresh Water Supply Dist.,
not exc. 5%
No. 6, Texas
1932
Hartford, Argyle, Granville, Hebron
and Fort AnnS.D.No. 1,N. Y___not exc. 6%
1454
$40,000
v
Not sold
Imperial Co. (Imperial Union S. D.),
Calif_
1929 aLake
not exc.
-
Co.
Road
and
Bridge
7,500
5%
14,000
and
not exc. 4%
6,824,500
30,000
50,000
1754 cRockwood, Mich
-..-..not exc. 4M%
12,000
1758
Teneha, Texas
5%
14,500
1755 dTownsend Precinct, Neb
.not exc. 4M%
20,000
1753 eVolusia Co. Rd.& Bridge Dists., Fla.
4%
2,789,000
1753 fVolusia Co. Spl. Tax Sch.Dists., Fla.
4%
1,721,500
1754
York, Minn
x
7,500
Special Tax Sch.Dists., Fla
1608 bMineral Co., Mont...
1935
6%
not exc.
5%
Old Forge 8. D„ Pa
—
Rate of interest was optional
x
Not sold
No bids
with the bidder,
a
No bids
Not sold
Not sold
Not sold
Bids rejected
Not sold
Not sold
Not sold
Salecanceled
Tentative offer of 98 accepted
bridge district bonds, b Issue withdrawn because of Attorney
of election at which bonds were authorized. Loan
c Issue was reoffered on Oct. 2.
d Valuation of precinct was insufficient to permit bond Issue,
e The one bid was
returned, f Sole offer of 98.125 was rejected.
for $5,896,000 road and
General's opinion regarding legality
to be
resubmitted to voters at Nov. 5 election,
Temporary financing by States and municipalities during
September aggregated $101,128,178, of which $40,000,000
was accounted for by the City of New York.
Most of the
remainder of the month's total was represented by note sales
by various local housing authorities.
Offerings of this
character are eagerly sought after by banks and other in¬
stitutions.
Virtually all of the $325,316,293 of Canadian municipal
financing in the past month can be ascribed to the Dominion
Government's second war loan, the amount of which was set
$300,000,000.
Actual subscriptions accepted by the
totaled $324,946,200, of which $24,946,200
at
Government
represented conversion subscriptions by holders of a $75,000,000 4 3^% loan that matured Sept. 1, 1940. No special
inducement for conversion was offered.
United States Possession financing in amount of $3,200,000
consisted of the sale of that amount of Territory of Hawaii
refunding bonds to a group of Honolulu banks.
It was
originally planned to dispose of the bonds through com¬
petitive bidding on Sept. 27, but announcement was made
by Territorial Treasurer W. C. McGonagle on Sept. 24 that
the offer of the island banks to purchase the securities had
accepted and the call for sealed bids canceled^ The
stated that none of the bonds would be offered
in the United States.
•
"
A comparison is given in the table below of all the various
forms of securities placed in September in the last five years:
been
Treasurer also
1940
1939
1938
1937
1936
$
$
$
$
$
65,767,276
24,003,498
*Temp. l'ns (U. S.)_. 101,128,178
Can. l'ns (perm.)—
325,316,293
Placed In Canada
65,967,000
Perm, loans
(U.S.K-
General funds
—
291.852
None
None
3,2 50,000
None
None
None
None
500,000
None
None
None
None
bonds
None
(New York City).
Total
*
207,500 100,295,500
510,100
None
3,200,000
.
Placed In U. S—B'ds U. S. Poss'ns
74,295,414 48,435,338 158,784,553
89,225,720 155,634,590 101,027,798
495,411,747
90,480,5°8 163,812,986 207,527,428 360,607,851
issued by New York City: $40,000,000 in Septem¬
in September, 1939; $66,000,000 in September, 1938; $39,1937; and $48,000,000 in September, 1936.
Includes temporary securities
ber, 1940; $45,000,000
500,000 in September,
The number of
municipalities emitting permanent bonds
during September,
This contrasts with
and the number of separate issues made
1940, were 227
and 273, respectively.
The Commercial & Financial Chronicle
2072
275 and 343
Oct.
for August, 1940, and with 219 and 285 for
September, 1939.
For comparative purposes we add the following table,
showing the aggregate, excluding temporary loans and also
Canadian issues, for September and the nine months for a
Page
series of years:
1012 Jefferson Twp. S. D., Pa
1757 Jermyn, Pa
11992370
Month of
September
1940
$65,707,276
24,003,498
74,295,414
48,435,338
158,784,553
148,870,640
40,819,694
38,239,955
1939
1938
1937
1936
1935
1934
1932
64,034,406
1931
117,083,951
80,358,117
1929
100,028,167
1928
66,704,334
117,571,822
1926
130,795,778
1925
115,290,336
1924......— 124,336,682
1923
56,398,075
1922
99,770,656
88,656,257
1921
1920.
49,820,768
1919
1918
70,839,634
24,732,420
1917
31,175,017
1916
22,174,179
In the
following
the past month:
$772,712,180 1915
903,210,360 1914
695,435,540 1913
741.081,528 1912
872,306,815 1911
902,053,073 1910
682,911,759 1909
336,662,675 1908
058,175,205 1907
13,378,480
$406,490,817
408,044,823
26,025,909
2)i
1929 Johnson County, Iowa
40,000
100.37
100,000
102.24
15,000
100
___!
3.50
27,800
100.08
0.98
1930 Kaufman, Texas (2 Issues)...3)4-3)4
1607 Kellogg,
Iowa
20-30
yrs.
70,000
Kenton County, Ky
1941-1955
7194,000
2.20
3
1899
4,033.899
7,201,693
95,026,437
6,173,065
83,150,559
106,387,463
56,229,410
92,253,916
90,454,836
40,072,566
63,583,834
1900
1897.
97,194,441
1895
9,272,691
3,693,457
11,423,212
1894
8,240,347
1893.
3,885,137
6,242,952
1896
1892
Rate
Amount
Maturity
1758
Albany, Texas
4
1941-1965
1942-1960
r50,000
1942-1947
Basis
d60,000
Allen Co. Public Sch. Corp., Ky_3H
Price
1608 Anoka County, Minn
1)4
Aqullla Con. Rural H. S. D., Tex.4
(3 Issues)
4-4 )4
...2)4-2»A
1)4
Asheboro, N. C
1934 Ashland, Ohio
Atlantic, Iowa..
Atlantic, Iowa
2
3
101.43
1.80
94,000
100.07
1.23
100.51
0.90
1942
1941-1954
50,000
1941-1970
1947-1958
1942-1947
1941-1960
r329,000
1753
Lincoln Twp. Sch. Twp., Ind
1767
r23,000
100.17
2.63
12,000
100.83
1.06
100.50
1.95
100*83"
l".09
1.57
11,127
5,000
15,000
4
1944-1970
<*300,000
117.07
2.85
4
1944-1961
47,500
112.51
2.84
4
1753 Louisville Municipal Housing Au¬
1941-1960
93,000
97
thority, Ky
1605 Loveland, Colo
1941-1958
1,258,000
100
1752 Little Rock, Ark
1758 Longview, Wash
2)4-3
2.10-2.20
70,000
100.06
5,000
101.15
2.10
23,580
100.14
1.21
1941-1945
4,250
1931
1943-1963
7150,000
100.12
3.11
..
McComb, Miss
4
1607 McCracken Co. P. 8. Corp., Ky._4
1942-1951
1754
1940-1956
7482,000
1607
1943-1957
7<fl30,000
Macomb County, Mich
2X-4)4
Madison Co. P. 8. Corp., Ky
3
1608 Madison County 8. D.f Miss.
1941-1956
15,750
100
2
1941-1960
10,000
100.19
1928 Marlon 8. D., Ark
1936 Marshfleld, Wis
rl8,000
60,000
100
"~
100.04
Birmingham, Ala
2
1931
Blair, Neb
2
1941-1950
225,000
1941-1954
400,000
721,700
104.61
1941-1954
287,000
1931
Blue Hill, Neb
1753
1931
Boardman Township, Iowa
Bollinger County, Mo
1755 Nebraska City
2
8,300
100.02
1.99
2)4-3)4
1960-1961
2,000,000
101.01
2.97
2)4-'3)4
1944-1946
71,000,000
100.06
....1)4
2)4
1945-1947
30,000
100.35
1.19
1948-1951
715,000
100.41
2.44
1941-1950
5,000
100.58
1.90
1457
Bozeman Imp't Dlst. 333,
1931
Bruno, Neb
Neb
Newport, Neb
Y.
City
2.91
3.00
1750 North
1.17
1.47
1941-1954
14,000
100
1.75
45,000
101.16
2.40
100.006
2.70
N.
C.
1941-1960
8,046,000
1953-1962
7572,000
106.17
2,55
1945-1960
50,000
100.05
3.99
1609
1941-1960
6,500
100.28
2.20
1950-1954
121,000
100.38
1.63
1757
1941-1947
r31,000
100.40
1.15
1758
Carbon County S.D, No. 33, Wyo.2 )4
Carroll ton, Mo
2
1.56
100
4.25
1941-1970
30,000
1941-1949
1754
Choctaw County, 111
3%
1949-1965
r75,000
7-217,000
1934
Cleveland, Ohio (5 Issues)
2,748,000
Coeur d'Alene, Idaho
2
6
1942-1966
2074
1941-1961
40,000
1936 Colorado City, Texas...
3)4
Commerce, Texas (2 Issues)
4
Conneaut, Ohio
*
3
1612 Cooke
County Justice Precinct
No. 1, Texas
.2)4
1758 Cotulla, Texas
3*A
1753 Cowley County, Kan
1)4
20,000
1460
1457
Cut Bank, Mont
1942
1459
Cuyahoga Co., Ohio (2 1bh.)..1*A-3*4
Danville, Ky
3
Dayton, Ohio (2 Issues)
.5
1754 Dearborn, Mich......
1611 Deemston, Pa
2
1929 De Kalb Ctounty, Ga
4
1763
1611
Dickson City S. D., Pa
1609 Doyle Fire Dlst. No. l.N.Y
2076 Duluth, Minn
101.57
rl,600,000
70,000
100.89
Turnpike
1.33
2)4
Commis¬
3*4
1941-1945
16,500
100
2.25
100.55
3.62
100
3.00
101.28
53,000
100.22
2.17
1608 Pontotoc County, Miss
3)4
1758 Port Arthur, Tex. (4 Issues)..l*A-2
1941-1961
<*7730,000
100
3.50
1943-1951
372,000
100.02
1.97
1609
1941-1959
<*85,000
1945-1954
5,000
1941-1955
35,000
2,000
108.75
3)4
3)4-4
1)4
1941-1948
17,000
102.49
1958-1965
7136,500
1945-1955
71,390.000
2*A
1942-1946
5,967
1941-1955
185,000
1941-1960
35,000
100*43*
1*87
Portales, N. M
Prairie City, Ore
1752 Preston, Conn
1931 Raymond, Minn
5
1611
60,000
1941-1968
30,000
175,000
100.33
3.17
1943-1951
Salinas, Calif
1754 Salisbury,Md
1935 Sandy, Ore
1941-1950
100,000
100.10
1.65
1612
1946-1949
54,000
100.02
1.49
2)4
1928
20,000
2.91
1756
100.03
2.91
1755
Rutherford County, N. C
St. Louis, Mo
100.03
2.91
1754
1752
100.21
0.95
105.76
2.10
6,000
2.60
Stark vllle.
100.41
1.97
1757
Summit County, Ohio
100.41
0.28
1757
Sunbury, Pa
797,000
1941-1943
26,000
25,000
1.41
2.75
100.054
1.65
101.50
2.11
1942-1948
4,000
101
2.80
60,000
100
4.00
730,000
13,000
1)4
1941-1950
200,000
100.56
1.14
4
1941-1950
10,000
107.30
2.68
100.40
1.18
101
1.85
100.64
1.40
15,000
1942-1951
239,000
3)4
1941-1951
753,000
1*4
1942-1957
70.000
2
1945-1949
7425,000
1941-1955
773,000
1942-1950
1945-1965
21,200
14,500
101.21
2.10
1941-1950
12,000
100
4.25
5
1945-1961
27,000
100.55
4.94
2.20
1)4
Stuntz, Minn.
1942-1970
3.87
100.43
1943-1967
4
Springfield, Tenn
1606 Springfield S. D., Ga
1606 Stamford, Conn. (2 Issues)
1755
100
100.20
100
3
Somerville, Mass
2076
<*15,000
100.40
4
1758
4.50
100.16
1950
1941-1965
2)4
Wis
Sheridan S. D„ Ark..
1928 Sheridan S.D., Ark
1930
6,000
Sauk vllle,
1)4-4
1.77
7,000
__
St. Louis Park, Minn
40.000
760,000
r60,000
106
7,500
4
1607 Ren wick, Iowa
1612 Rosebud, Texas
5.66
1941-1950
1942-1945
6,651
20,500
35,000
4
1941-1960
2.75
1941-1958
rl.823,000
1941-1948
188.000
1.23
100
<*5.800,000
1941-1903
1941-1950
4
Pleasantvllle, N. Y
71,153,000
3.20
1968
3 *A
6
Issues)
100.05
1942-1951
Miss
...1)4
1929 Teton Rural H. S. D. No. 2 and
7,049
10*0*32"
2.57
100
3.00
Commons. D.No.51, Idaho—3
1936 Tionesta 8. D., Pa
2)4
3
1941-1951
5,-500
34
1941-1947
54,000
1)4
1942-1956
240,000
100.13
1.48
1)4
1941-1950
735,000
100.89
1.33
2)4
1941-1950
15,000
100.18
2.46
1611
Toledo, Ohio
2)4
1947-1951
958,619
100.42
0 75
1941-1945
16,500
100.48
0.57
1611
Toledo, Ohio
2
1942-1951
37,000
100.05
1.99
..2*4
1942-1966
7500,000
...4)4
1941-1960
28,000
lob"""
4*50
1931
8,500
4
1941-1960
225,000
1942-1946
1942-1946
36.622
36;622
4
1941-1968
90,000
100.02
La..3M-4
1941-1960
50.000
100.02
25.750
25,750
100.37
100.16
1.21
1753
1612
23,000
Grants Pass, Ore
Gunnison, Colo
Ha'ley, Idaho
14
Miss
Trenton, N. J.
1928 Tulelake, Calif
2^-3
Ullln, N. Dak
Gonzales Ind. S. D., Texas
1930 Grant Parish Cons. S.D.
9,
Tishomingo County Second Super¬
visors Dlst., Miss
4)4
1931 Tishomingo Co. Spec. Con. 8. D.(
1932
80,000
J934 Glen
Girard, Ohio
1757
3.96
1757
1931
1752
724,000
3
__
1935 Harrison Twp., Pa
1931
Hazelhurst, Miss
1932 Hlghtstown, N. J
1609 Hillsdale, N. J. (2 Issues)
1609 Hillsdale, N. J
1934 Hickory, N. C
1932 Hooslck Falls, N. Y
1930 Hopkins Co. P. S. Corp., Ky
1932 Hornell, N. Y. (4 Issues)
7600.000
1941-1950
2.20
100
1756
1612
50,000
1960-1959
2
102.50
1758
Hamilton, Ohio (3 Issues)
Harmony Twp., Pa
1941-1945
Pierce Co. S. D. No. 99, Wash___3
1941-1950
2
1936 Free port, Texas
2078
2.99
826,000
1609 Plattsmouth 8. D. No. 1, Neb
1951-1952
0.50
Franklin, La
Franklin, Mass
Freeburg, III
1605
100.12
12,000
1758
20,000
1930 Fillmore Twp. S. D.No.
1, Mich
1455 Flora, 111
J
1929
717,000
<*72,000
1933
100*03*
4)4
2075 Floyd County, Iowa
1455 Fort Wayne, Ind
1611
4.22
1*33
1953-1961
1931
1606
100.28
2.50
10,700
Elgin, Neb
Fair bury, Neb
1457 Falls burgh, N. Y
1609 Fallsburgh, N. Y
<1125,000
Phoenix, Ariz
1931 Piedmont, Mo
717,000
1455 Elm Grove Rural Ind. S.
D.,Iowa.2^
Emerson, Neb
1755 Englewood, N. J
1607 Essex County, Mass
1941-1970
1.24
1.87
100
18,000
5
1931
4-4)4
1928
1,000,000
60,000
76,699,000
1456 East Longmeadow, Mass...
1
1936 East Wenatchee W. D.,
Wash..4H-5
1934 Eddy County, N. Dak
3*A
1456
Pelham Manor, N. Y
1941-1947
1607 East Baton Rouge Parish, La.D4-1H
1608 East Grand Rapids,.Mich
1)4
1460 Edge S. D., Texas
2.47
2*A
1)4
sion, Pa
3.00
100.51
53,644
1756
1457 Perth Amboy, N. J (3
17,000
721,000
105
2.93
VA
4
Detroit, Mich
1930 Detroit, Mich
1930 Detroit, Mich
1930
1.97
102.08
100*""
20,000
1942-1951
9,500
Mich
1757 Pennsylvania
rl7,000
1941-1945
1942-1959
Peabody, Mass
2)4
2 *A
3)4
Des Moines, Iowa
1930
1931
100.13
1950
1607
1.96
3
Oxford, N. C. (2 Issues)
.3
Paintsvllle, Ky
4
1753 Paris, 111
1754 Paris-Wyoming Twp. 8. D. No. 6,
1607
1941-1944
....2)4
1459
9,300
100.17
1612 Pawtucket, R. 1
35,000
1611
83,000
1941-1950
10*1*72"
1*A
3)4
1941-1949
1953-1955
100.12
4)4
2
1458
101.34
8,000
Childress Ind. S. D., Texas
Choctaw County, 111..t
100.04
1607
220,000
1941-1948
1754
1936
100.50
100.05
55.160
2.97
11,000
1943-1960
1965 <11,385,000
1941-1960
615,000
<*27,000
7821,000
1943-1947
1958
1.79
4
Cascade, Iowa
1929 Chester, 111
1935 Chester, Pa
1943-1956
1)4
Oak wood City 8. D., Ohio
1756 Ocean City, N.J
1455 Ocheyedan, Iowa
1758 Orange Ind. 8. D., Texas
1460 Outlook Irrig. Dlst., Texas
3
1607
718,500
(Central
1611
2076
1941-1966
3
Asheboro,
Falls
108.43
3.94
2)4
1012 Norfolk, Va
100
5,943,000
93.89
100.39
100.25
2-3
100.43
52,723
1941-1954
<*868,000
Authority,
Housing
N. Y
<*4,600
J942-1951
3
1960
63,500
Sanitary District issue)..4
1931 North Branch, Minn
2)4
1608 Oakland County, Mich......2H-3
Calif...
2.27
40,000
1932 N.
7-9,900
1.20
100.41
1941-1950
2.34
6-10 years
Buchanan, N. Y_
2)4
Butler, Pa..
1*4
1010 Butler County, Ohio
1)4
1605 California Toll Bridge Authority,
100.26
1941-1960
100.02
85,000
39,600
304,000
1)4
1457 Newfame Water Dlst. No. 2, N.Y.I *A
1935 New London. Ohio
2)4
3
..
1943-1950
1)4
1.99
3
Mont.
3 )4
1.24
1941-1967
3)4
100.03
rl5,000
1*58
286,000
1764 Newbury port, Mass
1928 New Canaan, Conn
12,000
4.00
1941-1950
2)4
1.30
1931
SouthfleldTwp. S. D. 1, Mich.2^-3
1.19
100
Muskingum Watershed Con. Dlst.,
3.75
1930 Bloomfleld, Troy, Royal Oak and
100.29
2)4
Fla
Ohio
40,000
1752
4.00
3-3)4
MayvllleH. S.D., Wis
2079
1942-1949
2.70
100
101.02
3.00
3*4
100.17
755,000
3.19
Mich.-.1)4-1)4
10,000
1944-1969 71,875,950
1941-1950
120,000
7<*180,000
100.60
Bennett, Colo
1*75
1941-1950
1949-1958
100
1928
lob"""
1943-1954
47,000
2075 Benton Harbor 8. D.,
Bexar County, Texas
56,250
4
20,000
40,000
2080
1941-1951
2.10
Middlesboro, Ky
1608 Midland, Mich
1754 Mississippi (State of)
1754 Mississippi (State of)
1607 Monroe County, Iowa
1458 Mount Airy, N. C......
1.96
15,000
Mamoroneck, N. Y
;
1 *A
1755 Manasquan, N. J
2.70
1753 Manatee County, Fla. (8 Issues)-.4
1457 Manchester, N. H.
1)4
1612
<*10,000
3-3)4
issues)
1975 Malheur Co. 8. D. No. 8, Ore
1611 Malta, Ohio....
1757 Multnomah Co. 8. D.No. 6. Ore..2
1929 Muncie, Ind
1)4
1942-1965
4.33
1941-1947
100.16
1941-1960
1.42
1941-1945
25,000
..
2.25
3.57
100.22*
1935 Lower Paxton Twp. 8. D., Pa
2)4
1935 Lucas County, Ohio
1)4
1607 McCameron Twp. Sch. Twp.,Ind.
1941-1953
3)4
104
9,500
1.60
_3
2". 16
100.29"
1942-1951
1457
Bedford City S. D„ Ohio..
Belle Creek Township, Minn
100.31
1942-1944
r100,000
1754 Batesvllle, Miss
2.72
1)4
1941-1950
1750
102
3
1)4
1931
56,250
760,000
1753 Augusta, Me
Baldwlnsvllle, N. Y
100
103.40
1,000
1941-1955
1753
100,000
2.03
76,000
...
Lindsay, Okia
1429 Miami,
r5,000
1942-1946
..
2.77
260,000
County, Tenn
1935 Linn County 8. D. No. 2, Ore
1752 Little Rock, Ark
(2
1029
1H
4,400
3
1609 Larchmont, N. Y
1928 Las Animas, Colo
8,762,079
1.97
1942-1961
1612
9,179,654
97.40"
1941-1955
1942-1946
3
272,389,451
243,241,117
14,408,056
100.19
2)i
23,001,771
9,825,200
10,694,671
4.00
17,800
3)4
1
-
La Grove Com. H. S.D. 196,111—3 V,
199,722,964
153,152,345
141,021,727
197,921,057
111,745,993
117,678,355
99,324,001
3.50
100
781,000
King County W. D. No. 14, Wash.
47,947,077
8,980,418
Basts
100
1951-1952
1-10 yrs.
1768
34,531,814
Price
r492,000
1753
Lauderdale
1940
0,500
1609
1934 Alliance, Ohio
1753
1605 Jefferson County, Ala......
1936 Jefferson County, Texas
1946-1948
1753
120,000
1455
2
317,912,921
1942-1959
1756
1455 Jackson County, Iowa
1754 Jasper, Minn
5,
50.000
288,024,714
2
1612
1941-1958
Amount
4
314,503,570
231,921,042
1757 AHquippa, Pa
1758 Arlington, Texas
Maturity
.3)4
Humphreys County, Miss
1460 Huron, 8. Dak
25,469,043
show the various issues sold during
we
Rate
26,487,290
18,364,021
1898
1,095,480,400
1,138,425,601
705.963,785
918,854,893
754,294,023
489,716,223
519,669,754
238.179,833
328,078,924
308,388,101
For the
Nine Months
$26,707,493
1,140,002,546 1906
1,056,321,325 1905
936,398,760 1904
994,840,978 1903
1,178,508,094 1902
1,046,221,618 1901
Name
page
Month of
September
For the
Nine Months
1931
Name
1942-1959
27,000
100.18
2.98
1929
2
1945-1954
82,634
100
2.00
1758
2
1945-1953
16,000
100.74
1.92
1 *4
3*A
2)4
2)4
1941-1950
10.000
100.28
--
1941-1960
1941-1950
24,000
2)4
1945-1951
1949-1952
740,000
1941-1945
1941-1956
1941-1950
32,000
12,500
1943-1944
1*94
98.16
4.18
38,000
loo'ir
3*21
11,500
100.16
2.22
1943-1958
20,000
1 941-1956
2)4
1941-1950
5
726,000
5
20.000
100.28
2.44
2*13
1936
100.09
1.22
1936 Wichita Falls, Texas (2 issues)
1606 Wilder 8. D.. Idaho
100.08
1.07
1930 Williamsburg Ind. 8. D., Ky
2.13
2.08
2.69
2.94
100.13"
7,500
•50,000
3)4
100.09"
loV.oi"
100*86"
100.29
100.51
78,000
1941-1945
1943-1967
1757 Wall, Pa
Wappingers Falls, N. Y
Webster County, Miss
1456 Webster County, Miss
1612 West Virginia (State of).
7132,000
1.10
1945-1954
80,000
7436,500
105,000
1456
712,000
2-2)4
..1)4
3)4
9,000
1941-1950
1942-1949
2078
12 000
19^500
Tyro 8. D., Kan
Uniontown, Pa
2)4
University Heights, Ohio
2 *A
University Heights, Ohio
3
Valley Park, Mo...
4
Ventura County, Calif
2
Volusia County S. D. No. 7, Fla--4
Waelder,Texas
4-4)4
1936
West Warw ck, R. 1
Whitehall, Wis
1)4-4
2)4
1941-1964
1941-1970
4
3-3H
480,000
85,000
40,000
1942-160
100.08
1.64
100.50
2.46
100
4.00
100
4.5#
400,000
20.000
4)4
1943-1947
8,000
Volume
2073
The Commercial & Financial Chronicle
151
Name
Wlllmar, Minn. (2 Issues)
Wiota Con. 8. D., Iowa.___
1754 Woburn, Mass
1929 Woodbury County, Iowa
P<Uie
Maturity
Rate
1931
3
3A
1A
1753
104.39
Basis
1.92
Price
Amount
1941-1948
22,000
r28,000
—-
1932 Yerington, Nev
1610 Yorktown, N. Y
Total bond sales for September
50,000
1941-1948
130,000
100.63
100.05
1.38
0.98
1941-1956
r33,000
r25,000
100.04
1941-1960
2.70
Wray, Colo
1608 Yazoo City, Miss
1941-1950
1
,.3A
2H
2H
2074
1941-1958
r40,000
9,000
100.37
100.22
4.24
2.71
2.64
1941-1955
(227 municipalities,
$65,767,276
covering 273 separate issues)
Fisk & Sons, Inc.
The bonds, due April
were reoffered at prices to yield 0.40% to
to
1, 1941 to 1955,
2.85%, according
maturity.
The $206,000 issue of Columbia, S. C.f bonds were purchased at 100 for
234% and 2%% bonds, a net interest cost of 2.712%.
Associated with
Phelps, Fenn in this financing are F. S. Moseley & Co., Equitable Securi¬
ties Corp., Harvey Fisk & Sons, Inc. and Courts & Co.
The bonds, due
April 1, 1941 to 1955, were reoffered at prices to yield 0.35% to 2.75%,
according to maturity.
d Subject to call in and during the earlier years and to mature
A: Not Including $101,128,178
loans
temporary
or
funds
municipalities from agencies of the Federal Government,
previous months:
'
Name
Rate
(May)
1459 Cambridge Springs, Pa
1606 Breese, 111.
Maturity
Amount
1943-1970
1943-1949
1950-1961
1941-1957
1945-1960
250,000
6,000
45,000
r35,000
16,000
102.22
100.05
103.18
3.59
1.99
2.70
1941-1945
1941-1950
8,000
d72,000
120,000
55,000
11,500
r4,500
9,000
100
3.00
104.18
100
100.25
100.25
100
....
3.50
National Bank at par
100.16
2.48
2%s,
6
1941-1946
\A
-
2.10
4.55
1.46
1460 Harris County Water Control and
1611 Hillsdale 8. D.No. 11, Okla...3^-3^
1460 Lavaca County, Texas
3H
1459 Littleston, Pa
2
1612 Mlddlebury S. D., Pa...
1754 Oxford & Metamora Twp.
3
No. 2, Mich. (July)
3
...4
1460 Phillips Ind.S.D., Texas
1611 Prineville, Ore
3A
4«
1459 Ringtown S. D., Pa
4
1459 Rlngtown S. D., Pa
4
1936
San Juan Co. 8. D. 141, Wash...3M
1455 Santa Cruz County, Calif.
1459
3
2A
Spring Township S.D., Pa
1457 Townsend, Mont..
1753 Washington Township, Ind
3.45
100.22
....
S. D.
1456 Paintsville, Ky
1941-1954
1943-1965
1945-1965
1945-1965
23 years
1941-1960
1941-1960
20,000
16,500
75,000
13,000
10,000
30,000
....3.20
2
1460 Yakima Co. S.D., No. 10, Wash.2.80
1459 Yoncalla,Ore.
4M-4J4
.........
1944-1960
2.23
4.25
2.80
100
indicated) are for August.
These additional August issues will make the total sales
(not including temporary or Federal loans) for that month
$74,849,089.
an
Housing
$151,000
Fort Worth, Tex., Housing Authority, sold $265,000 bonds,
Fort Worth National Bank on a bid of par for $191,000
due 1941-55,
as 234s and
interest cost basis of 2.35%.
Mobile. Ala. Housing Board sold $191,000 bonds, due 1941-55, to
Merchants National Bank and First National Bank of Mobile and Marx &
Co. and Watkins Morrow & Co.
The bid was 100.004 for 334s.
$74,000 at 254s,
Additional
made the
an
Information—The above named Federal agency
following news release public on Oct. 2:
Bids have been received by 13
local housing authorities for the
public sale
3.12
$2,600,000 of their series A bonds, maturing serially from April 1, 1940
April 1,1955, it was reported today by the United States Housing Author¬
ity.
Average interest cost to local authorities on these bonds sold to pri¬
vate investors was 2.57%, or about A of 1 % less than the rate which USHA
is required to charge on its loans.
Lower interest rates obtained from pri¬
vate capital mean substantial savings in the cost of the public housing
IN SEPTEMBER
62,500
2A
1936 Brantford, Ont
99.50
1936 f
12 years 324946,200
40,251
1460 Joliette, Quebec
1-20 years
74,500
1758 Thorold, Ont...
1941-1955
rl62,842
1758 Uxbridge, Ont..
..........3 A
1941-1960
30,000
Total long-term Canadian debentures sold in Sept...$325,316,293
1460(Canada (Dominion of)...
1612 Carleton County, Ont
3
_.._3^
3A
3 A
Temporary loan; not included in month's total.
UNITED
Sales—Austin, Texas, Housing Au"
bonds, due 1941-55, to Fort Worth
for $109,000 as 234s and $42,000 as
interest cost basis of 2.35%.
Additional
thority sold
of
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES
1929 Hawaii
Fisk & Sons, Inc. ana Courts & Co.
are
to
100.60
100
All of the above sales (except as
*
Phelps, Fenn & Co. are Equitable Securities Corp., Harvey
The bonds, due April 1, 1941 to 1954,
being reoffered at prices to yield from 0.35% to 2.75%, according to
maturity.
Mackey, Dunn & Co., Inc., of New York, also purchased on Sept. 30
a new
issue of $228,000 Harrisburg Housing Authority, Pennsylvania,
1 H% and 2.20% serial bonds, due April 1, 1941-1955, inclusive.
Of the
total, $150,000 or the 134 % bonds, due 1941-1950, are priced to yield 0.30%
to 1.75%, and $78,000 of the 2.20% bonds, due 1951-1955 are priced to
yield 2% to 2.30%, according to maturity.
Shields & Co. and G. M.-P. Murphy & Co., both of New York, pur¬
chased on the same day $287,000 Trenton, N. J., local housing authority
bonds, due 1941 to 1955, on a bid of 100.047 for $107,000 as 2s, $82,000 as
2.30s and $98,000 as 2.60s, a net interest cost of 2.4449%.
1942-1950
1941-1946
1459 Defiance, Ohio
Associated with
101.26
104.40
100.22
2A
Creekside, Pa
Basls
Price
Co., the National Co. of Omaha, and Harvey Fisk & Sons, Inc.
The
bonds, due 1941 to 1955, were reoffered at prices to yield 0.25% to 2.40%,
according to maturity.
The $105,000 Housing Authority of the City of Rome, Ga., bonds were
purchased at par for 2Ms, 2 %b, 3s, and 3J4s, a net interest cost of 2.6605%.
15,000
12,000
2,500
34,000
1941-1945
___3
Impt. Dist. No. 3, Texas—3A-3A
1611
r
following additional sales for
We have also learned of the
Page
in the later year.
States and
Refunding bonds.
obtained by
STATES POSSESSION
(Territory of).......
,"
98.75
102.08
95.20
4.07
program
Under the United
......
....
row
98.50
3.70
slum-clearance projects.
Thus, at least 10% of such cost must be
from sources other than USHA.
This is usually done by local agencies
.
,
i:
ISSUES DURING SEPTEMBER
1943-1950
to
r3,200,000
....
local housing agencies may bor¬
the development cost of their low-rent and
States Housing Act,
from USHA up to 90% of
raised
selling what are known as series A bonds to the public.
The bonds evi¬
dencing the remainder of the development cost, which are taken up by
the USHA, are known as series B bonds.
Today's sales were the third group of series A bonds offered by local
housing authorities at public sale.
The first such sale took place on Feb.
15,1940.
•
Prior to today's sales. 18 different local housing authorities had sold their
series A bonds, aggregating $15,051,000.
The bonds are dated Oct. 1, registerable as to principal and interest or
as to principal alone, and are subject to redemption on any interest payment
date at par, plus a redemption premium.
Together with the series B
bonds they will be secured by a pledge of the annual subsidy which, under
the United States Housing Act, USHA has contracted, subject to provi¬
sions of the Act, to make to each of the local authorities concerned.
The
first annual subsidy will be payable March 17. 1941, which is 15 days be¬
fore the first interest and principal payments become due.
,
,
News Items
Florida—Population Increase Reported—A study of the
preliminary figures for this State, as given in the 1940
Federal Census reports, reveal some interesting facts, ac¬
cording to A; B. Morrison & Co. of Miami.
They show a percentage increase of population for the State as a whole
1930 to 1940 of 27.9%. Comparing the 1935 State
for the decade from
figures with those for 1940 for the State, a decidedly increasing
population trend is shown in the period from 1935 to 1940.
Of the 67
counties of the State 16 show various decreases in population and three
other counties remained practically stationary.
Three lower East Coast
counties, Palm Beach, Broward and Dade, account for approximately
4134% of the total population increase. As a matter of fact, Dade County
alone shows slightly over 30% of the total population increase for the State.
As a rule the smaller rural counties are the ones showing a decrease in
census
population.
Idaho—Proposal to Curb Road Fund Diversion on Ballot—
The voters of the State will be asked at the general election
on Nov. 5 to ballot on an amendment to the State Constitu¬
tion, which would exclusively limit the use of funds collected
through gasoline and motor vehicle taxes to use on high¬
ways of the State.
Both Democrats and Republicans seek
ratification of the amendment, approved by the 1939 legisla¬
ture,- according to a report by the American Petroleum
Institute.
!
Wisconsin—Effect of New Census on Local Units Dis¬
cussed—Municipal officials throughout Wisconsin are busy
scanning the statute books to determine how the 1940 census
affects the tax distribution status of their governments,
according to the Wisconsin Taxpayers Alliance. Numeroiis
statutes depend for their application on the census classifi¬
cation
of
municipalities, it is pointed out, and
changes will have a significant
Distribution of liquor tax revenues
by census change, the
returns the collections
will be an important item
Alliance says. The
to local units on the
affected
and
State collects liquor taxes
basis of population. Any town
or city in the State having a population increase of more than 6.4% between
1930 and 1940 would receive a larger share of liquor taxes, while munxcipalties with a smaller percentage increase or with a decrease in population
would receive lower tax allotments.
It is indicated
by preliminary returns that six cities in the State probably
four class to third class cities. One, Green Bay,
will alter their status from
will jump to a second class city.
visions of various laws, including
These changes bring into effect the pro¬
increased State aids for local streets and
roads.
York, N. Y.—Capital Budget Reduced by $22,000,000
—The City Planning Commission made public on Oct. 3
a
tentative 1941
capital budget of $87,347,746.78, ap¬
population
bearing.
'
New
Bond Proposals
proximately $22,000,000 less than the 1940 capital budget
The sharp reduction was due to Mayor F. H. LaGuardia's
certification that the amount of money for new projects to
be included in the 1941 budget should not exceed $1.
Last
year the Mayor authorized the Commission to recommend
appropriations of $20,000,000 for new projects.
and Negotiations
ARIZONA BONDS
Marketa in all Municipal
laauea
provided by the city charter, the Planning Commission will hold a
public hearing on the budget at 10 a. m. on Oct. 9 at City Hall.
The
Commission must adopt the budget and send it to the Board of Estimate
by Nov. 1.
The Board must hold a public bearing also and then adopt
the budget and submit it to the Council no later than Dec. 6.
The Council
will have until Dec. 27 to hold hearings and adopt the budget.
It will go
into effect on Jan. 1.
Actually, the capital budget does not provide for the automatic dis¬
bursement of funds.
It simply lists the capital projects that may be
undertaken during the year and makes a reservation of funds to pay for
them.
Each expenditure must be separately authorized by the Board of
RIVER PROJECT AGRICULTURAL IMPROVEMENT AND
POWER DISTRICT (P. O. Phoenix), Ariz.—BOND SALE—The $2,500,-
Estimate.
Most of the money
sale on Oct.
As
appropriated in the tentative budget is for
schools,
hospitals and water supply and for revenue-producing projects, such as
transportation facilities, docks and markets.
The tentative budget con¬
tains less than a quarter of the money sought by the various city depart¬
ments, which submitted requests totaling $384,222,746.13.
Authority—Bonds Sold—Five
issues of local housing authority bonds for four communities
were purchased on Sept. 30 by Plielps, F'enn & Co. of New
York, and associates. The $274,000 first issue and $208,000
second issue of Chattanooga Housing Authority, Tennessee,
were purchased at par for 2%,
3 and 334% bonds, a net
interest cost of 2.79%.
Associated with Phelps, Fenn in the
financing are F. S. Moseley & Co., R. W. Pressprich & Co.,
Equitable Securities Corp., Webster & Gibson, and Harvey
Un ted
States
Housing
ELY, BECK & CO
REFSNES,
PHOENIX, ARIZONA
ARIZONA
SALT
000 issue of
coupon
semi-annual Corporate Issue No. 3 bonds
offered for
1—V. 151, p. 1752—was awarded to a syndicate beaded jointly
Shields & Co. of New York, and Stranahan, Harris & Co., Inc.
Toledo, as 434s, at a price of 96.023, a basis of about 5.01%.
Oct
1
1940.
Due on Jan. 1 as follows: $100,000 in 1946 to 1950, and
$200 000 in 1951 to 1960.
The district reserves the right to redeem
bonds on Jan. 1, 1951, or on any interest payment date thereafter upon
45 days' notice at par and accrued interest plus a premium of 34 of
of the principal for each year or fraction of year of the term thereof which
had not expired at the date of redemption, provided the premium shall not
exceed 3 % of the principal.
of
Dated
by
the
1%
BONDS OFFERED FOR
to the
INVESTMENT—The above issue was offered'
3.75% to 4.45% for the 1946-1957 maturities,
public priced to yield
1958-1960 maturities are priced at par.
TT
T.
...
Associated in the offering are B. J. Van Ingen & Co., Inc.: E. H. Rollins
& Sons, Inc.; First of Michigan Corporation; Pasadena Corporation,Pasadens; Mullaney, Ross & Co., Chicago; Refsnes, Ely, Beck & Co., Phoenix;
Thomas & Co., Pittsburgh; Boettcher & Co., DenverjFox, Einborn & Co.,
Inc.; Cincinnati; Tyler & Co , Inc., Boston; Peters, Writer Ac Christensen.
while the
The Commercial & Financial Chronicle
2074
Inc., Denver; Martin, Burns & Corbett, Inc., Chicago; Walter, Woody,
Heimerdinger, Cincinnati; Dahlberg, Durand & Co., Phoenix; Seasongood
& Mayer, Cincinnati, and
Schlater, Noyes & Gardiner, Inc.
11
a.
m.
Oct. 15, by P. M. McCall, City Clerk, for the purchase of
the
on
coupon
bonas aggregating $228,000:
$2,000 not
to exceed
Dated Oct. 1, 194
1,000 not to
exceed
semi-ann. refunding
Due $1,000 on Oct.
4%
Dated Oct. 1, 1940.
series A bonds.
1 in 1944 and 1945.
school, series C bonds.
sewer,
semi-ann. refunding
Due on Oct. 1, 194*.
25,000 refunding street, series S bonds.
Interest rate is not to exceed
4%, payable A-O.
Dated Oct. 1, 1940.
Due on Oct. 1 as follows:
$2,000, 1944 to 1948, and $3,000 in 1949 to 1953.
Interest rate
to be in multiples of K of
1%.
175,000 4% semi-ann. school bonds.
Dated Oct. 1, 1940.
Due on Oct. 1
as follows:
$7,000 in 1941 to 1945, and $10,000 in 1946 to 1949.
25,000 4% semi-ann. library bonds.
Dated May 1, 1940.
Due on May 1
as follows:
$1,000, 1941 to 1955, and $2,000 in 1956 to 1960.
Denom. $1,000.
Prin. and int. payable at the Central Hanover Bank &
Trust Co., New York.
The school and library bonds may be registered as
to principal on the registry books of the city.
No bid for less than par and
accrued interest will be considered.
The bonds are general
obligations of
the city.
The approving opinion of Storey, Thorndike, Palmer &
Dodge
of Boston, will be furnished.
Enclose separate certified checks for
$1,000
each, with bids for refunding, school and library bonds.
,
The above supersedes the report which
appeared in our issue of Sept. 28.
ARKANSAS
LAURA CONNER SCHOOL DISTRICT
ADDITIONAL INFORMATION—The
(P.
O.
Augusta)
Ark.—
Secretary of the Board of Edu¬
cation reports that the $50,000
3M% refunding bonds approved by the
State Board of Education on Sept. 13, as noted here—V.
151, p. 1752—will
be dated Jan. 1, 1941, and will mature in from
1942 to 1956; callable at 101
after five years from date.
MARION SCHOOL DISTRICT (P. O.
Marion),
Ark.—MATURTrY^-
The President of the Board of Directors states that
the $55,000 4 % semi-ann.
refunding bonds sold at par to T. J. Itaney & Sons of Little Rock, as noted
here—V. 151,p. 1928—aredueonJan. lasfollows:
$4,500in 1949and 1950;
$5,000, 1951 and 1952; $5,500, 1953 and 1954; $6,000, 1955 and
1956, and
$6,500 in 1957 and 1958.
PULASKI
COUNTY
SPECIAL SCHOOL DISTRICT
(P. O. Little
Rock), Ark.—BONDS AUTHORIZED—The Board of Directors is said to
on Sept. 23
calling for the issuance of $545,000 in
3
have adopted a motion
5, 1940
be somewhat less than the original $2,250,000
planned, because the amount of bonded indebtedness for the district would
exceed that permitted by the State Constitution.
FLORIDA, State of—BOND
ALABAMA
GADSDEN, Ala.—BOND OFFERING— Sealed bids will be received until
following
Oct.
The issue proposed will
AND
NOTE
TENDERS
RECEIVED—
In connection with the call for tenders of sealed
offerings of matured or
unmatured original or refunding road and bridge or
highway bonds, time
warrants, certificates of indebtedness and (or) negotiable notes of various
counties and special road and bridge districts, noted here on
Sept.
14—
V. 151, p. 1606—it is reported
by W. V. Knott, State Treasurer, that 10
parties offered bonds.
JACKSONVILLE, Fla.—CERTIFICATES
SOLD—It is stated by J. E.
Pace, City Auditor, that the Atlantic National Bank of Jacksonville has
purchased at par a block of $55,000 3K% semi-ann. municipal
airport
revenue certificates, validated
by a Circuit Court ruling on Aug. 20. Dated
Aug. 1,1940. Due as follows: $2,000 in 1941; $3,000, 1942 to 1947; $4,000.
1948; $3.000,1949; $4,000, 1950 to 1954; $5,000,1955, and $3,000 in 1956.
LAKE
COUNTY
SPECIAL
TAX
SCHOOL
DISTRICTS
Tavareg), Fla.—BONDS
(P.
O.
SOLD—It is stated by D. H. Moore, Superin¬
Board of Public Instruction, that the following
4% semi¬
annual refunding, series of 1939 bonds
aggregating $928,500, offered for sale
tendent of the
without
on
success on Sept. 20, as noted here—V.
151, p. 1929—-were purchased
Sept. 30 by R. E. Crummer & Co. of Miami, at a price of 98.001, a basis
of about
4.17%:
Special Tax School District No. 5
Special Tax School District No. 6
Eustis
$21,000
-
40,000
-
Special Tax School District No. 10
145,000
Mount Dora Special Tax School District No. 16
Tavares Special Tax School District No. 18
Lees burg Special Tax School District No. 21
Special Tax School District No. 24
69,000
116,000
401,000
24,000
23,000
Special Tax School District No. 25
Special Tax School District No. 26
CJermonfc-Minneola Special Tax School District No. 31Groveland Special Tax School District No. 36
28,000
24,000
37,500
PINELLAS COUNTY
SPECIAL TAX, SCHOOL DISTRICT NO. 7
Fla.—BONDS SOLD—The $300,000 coupon semi¬
annual general refunding bonds offered for sale on
Aug. 19, as noted here
—V. 151, p. 729—are said to have been purchased by a
syndicate composed
of Stranahan, Harris & Co., Inc., of Toledo; John Nuveen &
Co., Barcus,
Kindred & Co., both of Chicago; B. J. Van Ingen & Co., Fenner & Beane,
both of New York; Sullivan, Nelson & Goss. of West Palm
Beach; D, E
Arries & Co.. of Tampa; A. B. Morrison & Co., of Miami;
Clyde C. Pierce
Corp., of Jacksonville; Kuhn, Morgan & Co., of Tampa; Welsh, Davis &
Co., of Chicago, and the Baynard Bros. Realty & Insurance Co. of St.
Petersburg, divided as follows; $90,000 as 4s. due $15,000 on April 1 in
1941 to 1946; the remaining $210,000 as 4Ks, due $15,000 on
April 1 in
(P.
O.
Clearwater),
1947 to 1960.
Yi % refunding bonds.
SHERIDAN SCHOOL DISTRICT
(P. O. Sheridan) Ark.—COR¬
RECTION—In connection with the
report given in our issue of Sept. 28,
that the W. R. Stephens Investments of Little
Rock, had purchased $30,000 refunding and $13,000 construction bonds—V.
151, p. 1928—it is now
stated that only the $30,000 issue was
sold to the above firm, as 4s at
par.
The $13,000 issue has not been sold as
yet, it is reported.
SARASOTA,
Fla.—BOND
REFUNDING
PLAN
APPROVED—A
refunding plan for this city is said to have been approved on Sept. 14 by
Federal
Judge Alexander Ackerman in the U.
Southern District of Florida at Orlando
S.
Court for the
District
by the signing of
an
d0cr66
■
interlocutory
*
The city was ordered to levy a 1940 tax to meet the
requirements of the
plan and bondholders were assessed $40 on each $1,CCC bond to pay Nathan
R. Graham, special master, attorneys and other costs.
The Judge at the
time ordered Mr. Graham paid $4,CC0 as a fee and
$600 for costs.
The refunding set-up, for which the Judge
same
signed a temporary decree
California
several months ago, was made binding on all creditors in the new order and
Municipals
they were enjoined from filing suits against the city pending the refunding
operations.
All securities, except certain specified, were given
equal rights, and EdC.
Wright & Co. of St. Petersburg, was named exchange agent.
The refund
BANKAMERICA COMPANY
San Francisco
Los
will
Angeles
BEACH
VERO
New York Representative
62 Wall St.
be confirmed in
a
final decree to be signed after operations are com¬
pleted.
SCHOOL
DISTRICT
(P.
O.
Vero
Beach),
Fla.—
BOND ELECTION—It is reported that the voters will
pass on the issuance
of $70,000 construction bonds at the general election in November.
Telephone WHitehall 3-3470
IDAHO
CALIFORNIA
CALIFORNIA, State of—WARRANTS
SOLD—A sale was made on
Kaiser & Co. of San
Francisco, of $3,324,919 registered unem¬
on a bid of par plus $5,751
premium for 1Kb.
The issue is dated Oct.
8, 1940 and is expected to be redeemed on or
about Aug. 27, 1941.
The warrants are not
COEUR D'ALENE, Idaho—BONDS SOLD—A $40,000 issue of
6%
semi-annual Local Improvement District sewer bonds is said to have been
Oct. 3 to
purchased jointly by Murphey,
ployment relief warrants,
Hardgrove of Seattle.
being reoffered.
r.£,RESNO COUNTY (P. O. Fresno),
ING—We
informed
by
receive sealed bids until
10
are
Calif.—SCHOOL BOND OFFER*
Dusenberry, County Clerk, that he wiP
E.
a.
m.
Oct.
on
Tranquillity School District bonds.
Due
LOS
ANGELES,
Calif.—BOND
OFFERING
SCHEDULED—In
con~
Street Journal'
of Oct. 3:
"Upon the recommendation of Commissioner
W. R. Fawcett, Finance
Committee Chairman, the Board of
Water and Power Commissioners of
Los Angeles has taken
steps to refund power revenue bonds in the total
amount of $42,592,000.
Formal notices of the
proposed refunding opera¬
tion will be issued on
Oct. 11 and bids will be received and
offered Oct. 22,
it was
stated.
"Included
in the proposed
refunding are all of series B electric plant
bonds issue of 1937, a
part of series A of the same issue and a
portion of the electric plant
revenue bonds second issue of
1937.
revenue
MONTEREY COUNTY (P. O.
Salinas), Calif.—BOND ELECTION—
At the general election
the issuance of
in
November the voters will be called
upon to approve
$165,000 military reservation purchase bonds.
ONTARIO, Calif .—BONDS VOTED—The City
on
election held
of the
Clerk states that
at the
Sept. 24—-V. 151, p. 1752—the voters
approved the issuance
$150,000 4% municipal airport bonds
by a count of 1,999 to 508.
The date of sale has not been
fixed
as
yet.
mv?Ar^TA;CRF^ COUNTY (P. O. Santa Cruz), Calif.—PRICE PAID—
X"? Co"nty c]erk now states that the $20,000 3% semi-ann. Scotts
Valley
Union
of
San
Elementary School District bonds sold
Francisco
price of 100.65,
a
to
Lawson, Levy & Williams
1455—were purchased at a
as noted
here—V. 151, p.
basis of about 2.93%.
Due on July 2 in 1941 to 1960 incl.
Co.
of Spokane
Ferris
and
purchased by the State Department
Due in 20 years, optional after two years.
&
of
ILLINOIS
Interest
CHARLESTON, III.—BOND SALE CANCELED—The
follows:
^h the report given here on Sept. 28 regarding the proposed
$42,592,000 bond offering by the Department of Water
and Power—V. 151
p.
1928—the following additional
information is taken from the "Wall
&
been
payable
purchaser for the purpose of
determining at his own expense the legality of
the proceedings had in
connection with the issuance of the
bonds, and the
bonds must be taken
up and paid for within five days after notice has been
given that they are ready for
delivery.
Enclose a certified check for
$1,000,
payable to the Board of Supervisors.
Favre
1941 to 1951.
IDAHO, State of—BONDS SOLD— It is reported by Myrtle P. Enking,
State Treasurer, that $240,000 semi-annual State Institutions and Buildings
improvement bonds have
Finance, as 1Kb, at par.
8, for the purchase of $30,000
rate is not to exceed
5%,
A-O.
Denom. $1,000.
Dated Oct. 1,
1940.
Due Oct. 1, as
$1,000 in 1941 and 1942, $2,000 in 1943 to
1947, and $3,000 in 1948
*3,
Prin. and int. payable in lawful
money at the County Treasurer's
office.
A reasonable time, not to
exceed 10 days, will be allowed the
in
water and
sewer
bonds to C.
revenue
COUNTY
(P.
O.
88C—was not consummated,
p.
the voters refused to authorize the loan at
COOK
sale of $130,000
W. McNear & Co. and Lansford &
Co., both of Chicago, jointly—V. 151,
as
regularly scheduled election.
a
Chicago),
III.—PROVIDES
INTEREST
PAYMENT ON JUDGMENTS—A resolution was passed Sept. 30 by the
Cook County, 111., Board of Commissioners providing for the payment of
current interest amounting to $334,333 on the $3,136,914 of
municipal
court costs judgments against the county formerly held
by the City of
Chicago and sold by the latter to Morris Mather & Co., in May of this year.
The payment,
representing 5% interest, the legal rate on judgments, dates
from the dates the judgments were entered to Oct. 1, 1940.
Request for the
action was made by Morris Mather & Co. at the behest of the Woodmen
of the World and Ben Hur Life Insurance Association,
which claimed
$304,297 and $30,035, respectively,
OAK
PARK
SCHOOL
as present
DISTRICT,
holders of the judgments.
111.—BOND
ELECTION—A
proposal to issue $275,000 school construction bonds will be included on the
ballot to be considered by the voters at the Nov. 5 election.
PARIS UNION SCHOOL DISTRICT NO. 95, 111.—BONDS VOTED—
gymnasium and class room bonds was approved
a vote of 1,285 to 785 at an election on Sept. 26.
Due seriallv from 1945
to 1955, incl.
Bids on the issue will be received early in December, accord¬
An issue of $100,000 3%
by
ing to present indications.
TRENTON COMMUNITY HIGH
SCHOOL
DISTRICT
NO. 70,
III.—BOND SALE—The issue of $16,000 3% auditorium bonds offered
Sept. 30—V. 151, p. 1929—was awarded to the Mississippi Valley Trust
Co. of St. Louis, at a price of 109.76, a basis of about 1.72%.
Due $1,000
annually on Oct. 1 from 1941 to 1956 incl.
Second high bid of 109.105
was made by Vieth, Duncan & Wood of Davenport.
TRENTON GRADE SCHOOL DISTRICT NO. 18, III.—BOND SALE
—The $9,000 3K% auditorium bonds offered Sept. 30-—V.
151, p. 1929—
were awarded to the
Mississippi Valley Trust Co. of St. Louis, at a price
of 108.05, a basis of about 1.81%.
Due $1,000 on Oct. 1 from 1941 to
1949 incl.
Second high bid of 106.27 was made by the Channer Securities
Co. of Chicago.
COLORADO
3
p.
1928
INDIANA
^ *s stafced by the Town Clerk that the
% water refunding bonds authorized
recently, as noted—V 151.
werei purchased at
par by Peters, Writer & Christensen of Denver.
*
Pen01?1- fL0,00- ?ated Oct . 15, 1940. Due on Oct. 15 as follows: $2,000 in
}a k\
wi' aIl
§3,000 in 1956; optional at any time. Prin. and int.
(A-O)
payable at the Town Treasurer's office.
CONNECTICUT
NEW
proved
CANAAN,
an issue
Conn.—BONDS
of $50,000
sewer
VOTED—The
voters
recently
ap¬
construction bonds.
FLORIDA
DADE COUNTY'SPECIAL TAX
SCHOOL DISTRICT NO. 2 (P. O.
Miami). Fla.—BOND LEGALITY SOUGHT—It is
stated that the Board
Instruction recently instructed its
counsel to file papers seeking
approval by court order of the bond issue voted at the
election on May 28.
of Public
DELAWARE
Muncie),
were
COUNTY
Ind.—BOND
awarded
on
HOUSING
AUTHORITY
(P. O.
Box 869,
SALE—Hemphill, Noyes
& Co. of Indianapolis
issue of $52,000 first issue series A housing
a price of 100.09, a net interest cost basis of about
Sept. 30
an
authority bonds at
2.766%.
Bonds bear interest and mature
as
follows:
$19,000 2Mb.
Due $9,000 Apr. 1, 1941; $2,GOO, 1942; $3,000, 1943 and
1944. and $2,000 in 1945.
15,000 2Hs.
Due $3,000 on April 1 from 1946 to 1950 incl.
18,000 3s.
Due Apr. 1 as follows: $4,000, 1951; $3,OCO, 1952; $4,000,
1953; $3,000 in 1954 and $4,000 in 1955.
OTHER BIDS—Magnus & Co. of Cincinnati, par for
$11,000 2Mb and
$41,000 3Indianapolis Bond & Share Corp. and McNurlen & Huncil100.117 for 3s; C. E. Weinig, White & Co., 100.001 for $34,000
2.70s and $18,000 3s.
man,
ELKHART
COUNTY
(P.
O.
Goshen),
Ind.—BOND
OFFERING—
H.
P. Sisterhen, County Auditor, will receive sealed bids until 1
p. m. on
Oct. 29 for the purchase of $27,000 not to exceed
3% interest refunding
bonds.
Dated Nov.
15, 1940.
Denom. $500.
Due
$1,5C0
on
May
1
Volume
The Commercial & Financial Chronicle
151
2075
A certified check for 5% of the principal
and Nov. 1 from 1942 to 1950 incJ.
livered with the bonds.
expressed in
bid upon is required.
The above supersedes the report which
under the capition of "Ida Grove, Iowa."
Bidder to name a single rate of interest
a multiple of K of 1%.
Prin. and int. (M-N) payable at the
Treasurer's office.
Bonds are unlimited tax obligations of the
county and obligations to be refunded mature Nov. 15, 1940.
A certi¬
fied check for 3% of the bonds bid for, payable to order of the Board of
Commissioners, must accompany each proposal.
Legal opinion of Matson,
Boss, McCord & Ice of Indianapolis will be furnished the successful bidder.
County
ELWOODj Ind.—BOND OFFERING—Calvin
DTsi^iove,
City Clerk-
OSAGE, Iowa—BONDS VOTED—At an election held on Sept. 27 the
are said to have approved the issuance of $325,000 in municipal
voters
electric plant bonds.
LOUISIANA
NEW IBERI A, La.—BOND
three local banks, each
Clerk.
MAINE
SALE—The $180,000 coupon permanent
improvement bonds offered Oct. 3—-V. 151, p. 1930—were awarded to
H. M. Payson & Co. of Portland, as l}£s, at a price of 100.725, a basis of
about 1.15%.
Dated Oct. 1, 1940 and due $12,000 on Oct. 1 from 1941
to 1955 incl.
Other bids:
<
For 1M % Bonds:
•
provisions of said ordinance as to the extent and char¬
works on account of which said bonds are
being issued, the service to be rendered thereby, and the revenues expected
to be received therefrom.
Said bonds are being issued under the provisions
of Chapter 51 of the Acts of 1932 (Special Session), and all Acts amenda¬
tory thereof or supplemental thereto, and pursuant to the provisions of
said Act the bonds will be payable solely from the revenues of the sewage
they will not constitute
city.
;
VMM"
.
of
which
bonds
the
'".V'
......
Estabrook & Co., Boston
are
—
Ind.—BOND
SALE— Hemp¬
hill, Noyes & Co. of Indianapolis were awarded on Sept. 30 an issue of
$82,000 first issue series A housing authority bonds at a price of 100.068,
a net interest cost of about 2.766%.
Bonds bear interest and mature as
-follows;
Due
$30,000 2 Ms.
$14,000
on
Apr.
1,
1941
and $4,000 from
1942 to
1945 incl.
Due $5,000 April 1,
1948 to 1950 incl.
24,000 2Hs.
28,000 3s.
to
1946; $4,000,
1947, and $5,000 from
1951 and 1952, and $6,000 from 1953
Due $5,000 April 1,
1955 incl.
■
,
POSEYVILLE, Ind.—BOND OFFER ING— Mary Taylor, Town ClerkTreasurer, will receive sealed bids until 8 p. m. on Oct. 19, for the pur¬
chase of $14,000 not to exceed 5% interest refunding bonds.
Dated Aug. 1,
1940.
Denom. $500.
Due as follows:
$500 Aug. 1, 1941: $500 Feb. 1 and
Interest F-A. The
Aug. 1 from 1942 to 1954, incl. and $500 Feb. 1, 1955.
bonds are issued for the purpose of refunding a certain debt of the town
evidenced by bonds known as "The Town of Poseyville Water bonds" and
the bonds now offered are the direct obligations of the town payable out of
the taxes levied and collected on all the taxable property within the town
limits.
Enclose a certified check for 5% of the bid.
ROANN, Ind.—BOND SALE—The $4,000 3% water works system
bonds offered Sept. 30r-V. 151, p. 1455—were awarded to the State Ex¬
change Bank of Roann, at a price of 102.92, a basis of about 2.45%.
Dated
Second high
Sept. 15, 1940, and due $400 on Jan. 1 from 1942 to 1951, incl.
bid of 102.919 was made by Raffensperger, Hughes & Co. of Indianapolis.
ST.
JOSEPH COUNTY
(P. O. South Bend), Ind.—BOND OFFER¬
ING—Nicholas A. Muszer, County Auditor, will receive sealed bids until
10 a. m. on Oct. 14, for the purchase of $245,000 not to exceed 3% interest
series 1-1940 advancement fund (poor relief) bonds.
Dated Oct. 1, 1940.
$1,000.
Due $25,000 June 1 and $24,000 Dec. 1 from 1941 to
1945, incl.
Bidder to name a single rate of interest, expressed in a multiple
1%.
Interest J-J.
Bonds will be direct obligations of the county,
payable from unlimited ad valorem taxes, and the proceeds will be used by
the county to finance poor relief in its various townships.
A certified check
for 3% or the bonds bid
for, payable to order of the Board of County Com¬
missioners, must accompany each proposal.
IOWA
•
DISTRICT (P. O. Carroll)
Rawhouser, Secretary of
the Board of Directors, that she will receive sealed and open bids until
Oct. 9, at 2 p. m., for the purchase of $100,000 coupon construction bonds.
Denom. $500.
Due as follows: $2,500 in 1942 to 1944, $3,000 in 1945 and
1946, $1,500 in 1947, $2,000 in 1948 to 1950, $4,000 in 1951, $6,000 in
1952, $7,000 in 1953, $6,000 in 1954 and 1955, $9,500 in 1956 and 1957,
$10,000 in 1958, and $10,500 in 1959 and 1960.
The date of issuance of the
bonds and the rate of interest thereon, to be determined after bids are
received.
These are the bonds authorized at the election held on July 23.
A certified check for $2,000, payable to the Secretary, is required.
CARROLL
Iowa—BOND
INDEPENDENT
SCHOOL
OFFERING—It is stated by Helen
DAVENPORT,
Iowa—BONDS
NOT
SOLD—The
Secretary
of
the
Bridge Commission states that the $1,100X00 not to exceed 2 Kt% semi¬
annual bridge revenue refunding bonds offered without success on June 6,
when no bids were received, still remain unsold.
FLOYD COUNTY (P. O. Charles City) Iowa— BOND SALE—'The
$240,000 issue of court house bonds offered for sale on Sent. 26—V. 151,
p. 1607—was awarded at auction to Halsey, Stuart & Co., Inc. of Chicago,
as
l^s, paying a premium of $326, equal to 100.1358, a basis of about
1.48%. Dated Oct. 1, 1940. Due on Jan. 1 in 1942 to 1956.
Other bids
were as
follows:
Int. Rate
Bidder—
Paine, Webber & Co., Chicago...
Iowa-Des Moines National Bank & Trust Co., Des-
Premium
$325
134%
—
225
1K%
Moines
Jackley & Co., Des MoinesCarleton D. Beh Co., Des Moines,
134%
3,425
1 K %
1,150
GALVA, Iowa—BOND OFFERING—Both sealed and open bids will be
received by I. E. Baumgardner, Town Clerk, until Oct. 7, at 2 p. m., for
the purchase of $10,000 sewer bonds.
Dated Sept. 1, 1940. Due on Nov.
1 as follows: $500 in 1945 to 1951, $1,000 in 1952, $500 in 1953 and 1954,
$1,000 in 1955, $500 in 1956, $1,000 in 1957, $500 in 1958, $1,000 in 1959,
and $500 in 1960.
The bonds are callable on any interest payment date
after Nov. 1, 1946.
Bids for the bonds shall specify the rate of interest at
which the bidder will take the bonds at par plus accured interest.
Interest
payable May and Nov. 1.
The bonds are issued under the authority of
Code Section 6125, and will be general obligations of the town.
The
bonds will be sold subject to the opinion, as to their legality, of Stipp,
Perry, Bannister & Starzinger of De6 Moines, which opinion will be de¬
101.00
100.913
100.789
100.543
M00.53
vM''
BALTIMORE, Md.—BOND ISSUE DETAILS—The $10,000,000 bonds
considered by the voters at the Nov. 5 election—V, 151, p. 1930—
would bear interest at not more than 5% and mature as follows:
$5,000,000 street paving, bridge construction and grade crossing elimina¬
tion bonds.
Due Aug. 15 as follows: $100,000, 1946; $200,000,
1947; $300,000, 1948; $400,000,
1949; $500,000, 1950, and
$700,000 annually from 1951 to 1955. inclusive.
5,000,000 sewer repair and related purposes bonds.
Due Aug. 15 as fol¬
lows: $100,000, 1946; $200,000, 1947; $300,000, 1948; $400,000,
from 1949 to 1956, incl., and $300,000from 1957 to 1960, incl.
to be
'
MASSACHUSETTS
Mas8.—BOND OFFERING—John C. Lovett, City Trea¬
surer, will receive sealed bids until 11a. m. on Oct. 9, for the purchase of
$70,000 coupon municipal relief bonds.
Dated Oct. 1, 1940.
Denom.
$1,000.
Due $7,000 on Oct. 1 from 1941 to 1950, incl.
Bidder to name
one rate of interest in a multiple of 34 of 1 %.
Principal and interest (A-O)
payable at the First National Bank of Boston.
These bonds will be valid
general obligations of the city exempt from taxation in Massachusetts, and
all taxable property in the city will be subject to the levy of unlimited ad
valorem taxes to pay both principal and interest.
T1 ey will be engraved
under the supervision of and authenticated as to their genuineness by the
First Nat. Bank of Boston.
The favorable opinion of Messrs. Gray, Best,
Coolidge & Rugg of Boston as to the validity of this issue will be furnished
without charge to the purchaser.
The original opinion and complete
transcript of proceedings required in the proper issuance of the bonds will
be held in custody by tne First National Bank of Boston, and available for
BEVERLY,
inspection upon request.
:
BROCKTON, Mass.—BOND OFFERING—Leo V. Clancy, City Treas¬
urer, will receive sealed bids until noon on Oct. 7 for the purchase of $132,000 coupon or registered municipal relief bonds.
Dated Oct. 1, 1940.
Denom. $1,000.
Due Oct. 1 as foUows: $14,000 in 1941 and 1942 and
$13,003 from 1943 to 1950, incl.
Bidder to name rate of interest in multiples
of K of 1%.
Principal and interest (A-O) payable at the National Shawmut Bank of Boston.
The bonds will be engraved under the supervision
of and certified as to their genuineness by the aforementioned bank.
Legal
opinion of Ropes, Gray, Best,
Coolidge & Rugg of Boston will be furnished
the successful bidder.
Mass.—NOTE SALE— The Lexington Trust Co. was
awarded on Sept. 28 an issue of $100,000 notes at 0.09% discount., Dated
Sept. 28,1940 and due Dec. 6, 1940.
;
,
LEXINGTON,
MICHIGAN
Denom.
of M of
101.378
101.37
101.316
101.039
Boston
-
MARYLAND
.
Ind.—BOND OFFERING—
Roy Trueblood, County Auditor, will receive sealed bids until 10 a. m. on
Oct. 22* for the purchase of $30,000 not to exceed 4% interest series A
advancement fund (poor relief) bonds.
Dated Oct. 22, 1940.
Denom.
$500.
Due $1,500 on June 1 and Dec. 1 from 1942 to 1951, incl.
Bidder
to name a single rate of interest, expressed in a multiple of K of 1 %.
Pro¬
ceeds of the issue will be used by the township to finance poor relief require¬
ments of its townships.
Bonds will be direct obligations of the county,
payable out of unlimited ad valorem taxes and the approving legal opinion
of Matson, Ross, McCord & Ice of Indianapolis will be furnished the success¬
ful bidder.
A certified check for 3% of the bonds bid for, payable to order
of the Board of Commissioners, must accompany each proposal.
101.467
101.169
-
Halsey, Stuart & Co., Inc., New York..
... —
Kidder, Peabody & Co. and Harriman, Ripley & Co., Inc.,
E. H. Rollins & Sons, Inc., Boston.
The First National Bank of Boston, Boston.......... —
Stone & Webster and Blodgett, Inc., Boston...
0.40% and $14.11 premium.
101.509
Boston—New
York
R. K.Webster & Co., New York..._x.._
,-C.
AUTHORITY,
...
Wood, Struthers & Co., New York
Union Securities Corp. and First of Michigan Corp,
LAWRENCE COUNTY (P. O. Bedford),
HOUSING
100.179
__
SCHOOL CITY, In<i.—TEMPORARY LOAN— The
City Securities Corp. of Indianapolis was awarded on Sept. 25 a $325,000
temporary loan at 0.40% interest, plus a premium of $42.50.
A group
of Indianapolis institutions submitted the only other bid, naming a rate
KOKOMO
100.299
134 % Bonds'.
Harris Trust & Savings Bank, New York
__
Lazard Freres & Co., New York
....
F. S. Moseley & Co. and Maine Securities Co., Boston—Portland.
INDIANAPOLIS
of
Rate Bid
v
For
an
;
Bidder—•
Tyler & Co. Inc. and F. Brittain Kennedy & Co., Boston
IrederickM. Swan & Co., Boston..
being issued, and
indebtedness of the city within the provisions
and limitations of the Constitution of the State.
The approving opinion
of Matson, Ross, McCord & Ice of Indianapolis, together with a transscript of the proceedings had relating to the issuance of the bonds, will be
furnished the purchaser at the expense of the city.
No conditional bids
will be considered.
Enclose a certified check for $30,000, payable to the
account
Me.—BOND
PORTLAND,
to be advised of the
on
SALE—The $30,000 coupon bridge construc¬
on Sept. 30—V. 151, p. 1456—were awarded to
taking $10,000 as 4Hs at par, according to the City
Due in from 1 to 10 years after date.
tion bonds offered for sale
acter of the sewage treatment
works
(P.
O. Logan)
Iowa—BONDS SOLD—A
said to have been pur¬
by Vieth, Duncan & Wood of Davenport.
COUNTY
HARRISON
$20,000 issue of 2% semi-ann. poor fund bonds is
chased recently at par
Treasurer, will receive sealed bids until 2 P. m. (C8T) on Oct. 15 for the
purchase of $300,000 not to exceed 4 H % interest coupon sewage works
revenue
bonds.
Dated Sept.
1, 1940.
Denom. $1,000.
Due $2,000
Jan. and July 1, 1943; $3,000 Jan. and July 1. 1944; $4,000 Jan. and July 1,
1945; $5,000 Jan. and July 1, 1946 to 1960; $6,000 Jan. and July 1, 1961 to
1966; $7,000 Jan. and July 1, 1967 and 1968, and $8,000 Jan. and July 1,
1969 and 1970.
Bonds maturing on and after Jan. 1, 1964, are redeem¬
able at the option of the City on Jan. 1, 1947, or any interest payment date
thereafter, in their inverse numerical order, at 102 and accrued interest to
date of redemption on 30 days' notice.
Bidder to name a single rate of interest, expressed in a multiple of H
of 1%.
Prin. and int. (J-J) payable at the Citizens Bank, Elwood.
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 registerable as to principal,
and are being issued for the purpose of
financing a portion of the cost of sewage treatment works to be owned and
operated by the city pursuant to Ordinance No. 752 adopted by the Com¬
mon Council of the city on Sept.
14.
A copy of said ordinance may be
examined at the office of the Clerk-Treasurer.
All bidders shall be deemed
treatment
amount
apzeared in our issue of Sept. 28,
SCHOOL DISTRICT, Mich.—BOND SALE—
The $50,000 coupon or registered school bonds offered Sept. 26—V. 151,
p
13Q9—were awarded to the First of Michigan Corp. of Detroit, at a
price of 100.041 for $20,000 134s and $30,000 134s, a net interest cost of
about 1.302 %:
The 134s mature Oct. 1 as follows: $3,000 in 1942; $8,000,
1943; $4,000 in 1944 and $5,000 in 1945; the 1Kb are due $6,000 in 1946;
$7,000, 1947; $8,000 in 1948, and $9,000 in 1949.
Second high bid of
100.759 for 1 Kb was made by Halsey, Stuart & Co., Inc., Chicago.
Other
BENTON
HARBOR
bids:
.
Int. Rate
Bidder—
Detroit—_ —
E. W. Cress & Co., Benton Harbor, 1942 to 1945
-
Crouse & Co.,
1946 to 1949 -------- — Channer Securities Co., Chicago
-
Toledo—
Bosworth & Co., Toledo, 1942 to 1947
Paine, Webber & Co.,
John Nuveen & Co.,
Grand Rapids—-
21.00
83.00
—
-
—
------
-
x^%
181.00
-
1948 to 1949
$10.75
85.50
— —
Ryan, Sutherland & Co.,
Premium
Par
—
McDonald, Moore & Hayes, Detroit-Stranahan, Harris & Co., Toledo--Braun,
IK %
-
1K%\
3.00
1 K%
31.60
— - — - —
Chicago
-
—
1 K%
519.50
SCHOOL DISTRICT (P. O. Garden City), Mich.—
BOND SALE—The issue of $20,000 coupon school bonds offered Sept. 30—
V. 151, p. 1930—were sold as 4^s.
Dated July 1, 1940, and due $4,000
on July 1 from 1941 to 1945, incl.
GARDEN CITY
GROSSE
POINTE
WOODS, Mich.-—TENDERS WANTED—Phillip
Village Clerk, (formerly Yillage of
1937 certificates of indebtedness in an
Allard
for
Lochmoor), will receive tenders
amount of approximately $18,-
onWednesday, Nov. 6, 1940, at 8:00 o'clock p. m., at the Municipal
Building, Offerings shall state the certificate number, their par value, and
the amount for which they will be sold to the village.
The village reserves
the right to reject any and all tenders, to waive any irregularities in such
tenders, and to accept the tender or tenders which, in the opinion of the
Village Commission, are most favorable to the village. Offerings should be
firm for two days, and should be marked on the outside of a sealed envelope
'Tenders of 1937 Certificates of Indebtedness."
•
000 00,
•
TOWNSHIP SCHOOL DISTRICT NO. 2, Wayne
Mich.—BONDS AND CERTIFICATES CALLED FOR PAY¬
Board of Education, announces
the following obligations:
MONGUAGON
County,
MENT—James L. Hale, Secretary of the
the call for redemption on Nov. 1, 1940, of
$25 000.00 series A bonds dated May 1, 1934, bonds Nos. 3-27, inclusive.
13,000.00 series B bonds dated May 1, 1934, bonds Nos. 4-16, inclusive.
4 702.50 certificates of indebtedness dated May 1, 1934, certificates Nos.
9-10-11-12-14-16.
The
above
paid.
be presented to the Detroit
before Nov. 1, 1940 after which date no interes
bonds and certificates should
Trust Co., Detroit, on or
will be
The Commercial & Financial Chronicle
2076
NEW BUFFALO TOWNSHIP (P. O. New Buffalo), Mich.—BONDS
NOT SOLD—The issue of $42,000 not to exceed 4% interest Michiana
Shores waterworks bonds offered Sept. 3—V-
PARIS TOWNSHIP
(P.
O.
R.
R.
No.
Grand
Rapids),
Mich.
within the county including homesteads.
Trauernicht of St. Louis.
BOND OFFERING—Jake Van Houten, Township Clerk, will receive sealed
bids until 8 p. m. on Oct. 8 for the purchase of $14,000 not to exceed 4 14 %
interest special assessment sewer bonds.
Dated Oct. 1, 1940.
Denom.
Due $1,000 on Oct. 1 from 1942 to 1955 incl. Rate of interest to be
expressed in multiples of
of 1 %.
Principal and interest (A-O) payable
at the Old Kent Bank, Grand Rapids, or at any other financial institution
agreed upon between the township and successful bidder.
Legality approved by Charles &
WASHINGTON COUNTY (P. O. Greenville), Miss.—BONDS VOTED
Chancery Clerk states that at the election held on Sept. 24 the voters
approved the issuance of $30,000 airport bonds.
It is said that these bonds
$1,000.
to be
5, 1940
1940.
Due on July 1, 1960: callable on any interest date, upon 30 days'
notice, at par and interest.
Prin. and int. payable at the Bank of Raleigh.
These bonds are general obligations of the county payable from direct
unlimited ad valorem taxes levied against all taxable property located
151. p. 1310—was not sold.
6,
Oct.
—The
will be offered for sale in the
near
future.
The bonds
issued in anticipation of special assessments on lands in Pennell Park
Sanitaiy Sewer District, and are payable from such assessments.
Bids
shall be conditioned upon the unqualified opinion of Miller, Canfield,
Paddock & Stone, Esqs., of Detroit, approving the legality of the bonds.
are
MISSOURI
CARROLLTON, Mo.—BONDS SOLD—A $220,000 issue of 2% semiann. water works and electric light plant bonds is said to have been pur¬
chased on Sept. 19 by the Mississippi Valley Trust Co. of St. Louis, and the
The township will pay for such legal opinion and cost or printing the bonds.
a certified check for 2% of the total par value of the bonds,
payable
Enclose
to the
City National Bank & Trust Co. of Kansas City, paying a premium of
$2,948, equal to 101.34. Dated Sept. 20, 1940. Due on Feb. 1 in 1943 to
Township Treasurer.
ROCK WOOD, Mich.—BOND SALE—The $12,000 sewer bonds offered
Oct. 2—V. 151, p. 1754—were awarded to Charles A. Parcells & Co. of
1960.
DUNKLIN COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 9
Detroit, as 4>£s. at par plus a premium of $19, equal to 100.159, a basis of
about 4.47%.
Dated Oct. 1, 1940 and due Oct. 1 as follows: $1,000 from
1941 to 1944, lncl. and $2,000 from 1945 to 1948, incl.
Interest A-O.
Pur¬
chaser to pay for printed bonds and legal opinion of Miller, Canfield, Pad¬
dock & Stone of Detroit.
Crouse & Co. of Detroit bid a premium of $1
for 4.14s.
(P. O. Card well), Mo.—BOND SALE DETAILS—The Superintendent of
Schools
reports that the $12,400 3%% semi-ann. school bonds sold to
as noted here on July 20, were purchased at
price of 100.08, and mature on July 1 as follows: $1,000 in 1950 t* 1958;
$1,400, 1959, and $2,000 in 1960, giving a basis of about 3.74%.
Berger-Cohn & Co. of St. Louis,
a
SAULT STE. MARIE, Mich.—BOND OFFERING—S. M.
Stevenson,
City Clerk, will receive sealed bids until 5 p. m. on Oct. 7 for the purchase of
MONTANA
$22,129.86 not to exceed 6% interest special assessment sewer bonds.
Dated Aug. 15, 1940.
One bond for $2,329.86, others $2,200 each.
Due
Aug. 15 as follows: $2,329.86 in 1941 and $2,200 from 1942 to 1950 incl.
Rate or rates of interest to be expressed in multiples of
H of 1 %. Bonds are
issued to finance construction of a sanitary sewer system in the
Algonquin
area. City will furnish bonds and transcript of
proceedings, successful bidder
to furnish legal opinion.
A certified check for 2% of the par value of the
bonds, payable to order of the City Treasurer, is required.
BOND OFFERING—It is reported that sealed bids will be received until
Oct. 11, by the District Clerk, for the purchase of $38,489 not to exceed
4% semi-ann. gymnasium bonds.
Denom. $1,000, one for $489.
Dated
Nov. 1, 1940.
Due on either the serial or amortization plan.
A certified
check for $1,925 must accompany the bid.
DEER LODGE SCHOOL DISTRICT (P.
MEAGHER COUNTY SCHOOL DISTRICT NO. 8 (P. O. White
Sulphur Springs), Mont .—BOND SALE—The $17,600 refunding bonds
offered for sale
on Sept. 27—V. 151, p. 1457—were awarded to the First
Bank of White Sulphur Springs, as 2.30s, according to report.
MINNESOTA
BEARDSLEY, Minn.—BOND SALE—The $5,000 semi-ann.
water tank
and tower bonds offered for sale on Sept. 30—V.
151, p. 1931—were
awarded to Juran, Moody & Rice of St. Paul, as
2%s, paying a price of
NEBRASKA
101.00, according to the Village Recorder.
Coupon bonds, dated Nov. I, 1940.
BAYARD, Neb.—BOArD SALE DETAILS— It is
Denom. $500.
Int. payable Nov. 1.
1754—was awarded to Halsey, Stuart & Co., Inc. of Chicago,
1.40s, paying a price of 100.223, a basis of about 1.37%.
Dated Oct. 1,
Due on Oct. 1 in 1943 to 1951, incl.
BONDS OFFERED FOR INVESTMENT—The successful bidder reoffered
the above bonds for public
subscription at prices to yield from
McCOOK,
0.60% to
Halsey Stuart & Co., Chicago._
Sheilcfs & Co., Chicago
Wells Dickey & Co., Minneapolis
Northern Trust Co.,
Chicago-
bonds
which
were
KENESAW, Neb.—BONDS SOLD—The Village Clerk states that
$6,000 3K% semi-ann. refunding bonds authorized last April, have been
purchased by the Wachob-Bender Corp. of Omaha.
1940.
The following is an official list of the bids received:
Name of Bidder—
Rate
reported by the
$78,102 electric light and power plant acquisition
sold, as noted here on June 13, were purchased by
the Kirkpatrick-Pettis Co. of Omaha, as 314& and4s.
Dated June 15,1940.
—V. 151, p.
1.50%, according to maturity.
now
City Clerk that the
revenue
DULUTH, Minn.—BOND SALE—The $175,000 issue of coupon semi¬
annual municipal flying field and airport bonds offered for sale on
Sept. 30
as
O. Deer Lodge), Mont.—
Neb.—BOND ELECTION—It
is reported
that the voters
election
will pass on the issuance of $30,000 municipal airport bonds at an
scheduled for Oct. 29.
OMAHA, Neb.—BOND ELECTION—We
Premium
are
informed by the City Clerk
1.40
„
First <fc American National Bank, et al, Duluth
Milwaukee Co., Chicago.Firstof Michigan Corp., Detroit
-
Lazard-Freres & Co., Chicago. *
390.25
that the voters will pass on the issuance of $500,000 in not to exceed 3%
1.4%
1.4%
114%
114%
114%
114%
1.6%
220.00
airport addition bonds at the general election on Nov. 5.
ORD, Neb.—BOND PURCHASE CONTRACT—'The City Clerk states
that the Nebraska State Bank and The First National Bank, both of Ord,
jointly, have contracted to
refunding bonds.
71.75
729.75
purchase $55,000
NEW
MINNEAPOLIS, Minn.—BOND
OFFERING—It is stated by Charles
Swanson, City Clerk, that he will receive sealed and open bids until
10, at 9:30 a. m., for the purchase of $337,000 not to exceed
5%
coupon semi-ann. refunding bonds.
Dated Nov. 1, 1940.
Denom. $1,000.
Due Nov. 1, as follows: $33,000 in 1941 to
1943, and $34,000 in 1944 to
1950.
Rate of interest to be in a multiple of M or l-10th of
1%, and must
be the same for all the bonds.
The bonds may be registered as to both
principal and interest on application to the City Comptroller.
Prin. and
int. payable in lawful
money at the fiscal agency of the city in New York
City or at the City Treasurer's office.
The obligations will be issued
pursuant to the terms of Section 16 of Chapter V of the
City Charter, and
the full faith and credit of the
city will be pledged for the payment thereof.
Delivery will be made by the City Comptroller in New York City, in
Chicago, or in Minneapolis at a national bank satisfactory to the
purchasers,
any charge by the bank for
delivery service to be paid by the purchasers.
Lost of printing and
transporting the bonds to place of delivery will be
paid by the city.
The obligations will be accompanied by the opinion of
Thomson, Wood & Hoffman of New York, that they are valid and
binding
obligations of the city.
Bids must be made on a form prescribed by the
Lity Clerk.
Bids offering an amount less than par cannot be
accepted.
A
certified check for
2% of the amount of the obligations bid for. payable to
the City Treasurer, is
required.
Due $100,000 in
1947 to 1951 incl.
98.00
1,013.25
647.00
90.00
3H%
semi-ann. city hall
JERSEY
C.
Oct.
ASBURY PARK, N. J.—$305,000 BONDS RETIRED—The city retired
$305,000 of its 4% refunding bonds, due Dec. 1, 1966, on Oct. 2, through
public call for tenders.
This compares with the retirement of $172,000
through call for tenders in October, 1939.
A total of $732,000 of bonds was tendered at prices ranging from 86.39
to par.
The average price paid by the city was 86.91.
„
Richard H. Monaghan, Newark, $100,000, at 86.39.
Outwater & Wells, Jersey City, $25,000 at 86.60; $25,000 at 86.70;
$25,000 at 86.80 $25,000 at 86.90; $5,000 at 88.40.
J. B. Hanauer & Co., Newark, $25,000 at 87.15; $25,000 at 87.35; $25.000 at 87.42; $10,000 at 88.18.
B. J. Van Ingen & Co.. New York, $10,000 at 88.20; $5,000 at 88.40.
Mayor Clarence E. F. Hetrick expressed himself as highly pleased with
„
the results obtained.
debtedness. Denoms. $1,250 and $200. Dated Oct.
15,1940.
Oct. and $1,250 on Dec. 15 in 1941 and 1942.
Due $200
on
r
STUNTZ (P. O. Hibbing) Minn.—BOND AWARD—Of the
$165,000
sewage bonds offered for sale on
Sept. 26—V. 151, p. 1754—a block of
$70,000 was purchased by the Northern National Bank of
Duluth, as 1 J£s,
according to the Town Clerk.
TAYLORS FALLS, Minn .—CERTIFICATE SALE—The
$3,800 3H%
of indebtedness offered for sale on
Sept. 27—
purchased by Juran, Moody & Rice of St. Paul,
according to the Village Clerk.
semi-annual certificates
V. 151, p. 1931—were
P*
of
VIRGINIA, Minn.—BOND OFFERING—Sealed bids will be received
JP™111, on
22. by J. G. Milroy, jr., City Clerk, for the purchase
$70,000 not to exceed
4% coupon semi-ann. water, light and heat plant
extension
Jan.
bonds.
Dated Oct.
1, 1940.
Denom. $1,000.
Due $7,000
1. 1943 to 1952.
Prin. and int. payable at the
City Treasurer's office
in lawful
money.
No bid will be considered at less than par and accrued
interest at the rate bid.
The bonds are issued for the purpose of
paying for
the making of extensions to the
municipal water, light and heat
the assistance of the Works
Progress Administration.
the printing and
plant, with
The city will pay for
lithographing of the bonds but each
bidder must pay for
the approving opinion, if
any is desired.
The city shall have 10 days
after the purchaser has
approved the issue within which to prepare bonds
for delivery.
Enclose a certified check for $2,000, payable to Henry W. S.
Tilman, City Treasurer.
MISSISSIPPI
^.PI9£Y,UNE» Miss.—BOND
Park.
remain
1?60' and $8,000 in 1961.
the
Prin. and int. payable in lawful money at
Whitney National Bank, New Orleans.
The bonds are secured solely
by the income from the sale of natural
gas by the city, and were authorized
31, 1939, by a vote of 323 to 20.
Legality to
by Charles & Trauernicht of St. Louis, and to be validated
by the Chancery Court of Pearl River
County.
The city reserves the right
to
reject any and all bids and also reserves the right to hold the check of
the three lowest bidders for 30
days or less in order to have sufficient time
to secure the approval of the
legality of the bonds and the validating and
engraving of the same, and the checks of all other bidders will be
returned
by the city upon the opening and reading of the bids.
Enclose a certified
check for $5,000, payable to the
city.
•
These are the bonds originally offered for sale on
Sept. 6, as noted here—
V. 151, p. 1456.
at the election held on Oct.
be approved
'SMITH
COUNTY
(P. O. Raleigh), Miss.—BONDS OFFERED TO
PUBLIC
An issue of $100,000
4% semi-annual direct obligation road
refunding bonds is being offered by Edward Jones & Co. of Jackson, for
enaral investment, priced at 99.75,
subject to confirmation.
Dated July 1,
S
ever
He commented
on
increasing improvement
o
_
_
the fact that this is
a
oo
true reflec¬
in the credit standing of Asbury
He stated that after the recent operation was completed there will
in cash in the debt service fund of the city well over $200,000, more
than
enough to meet all
balance of the year 1940
CAMDEN COUNTY
principal and interest requirements during the
(P. O. Camden), N. J.—HEARING ON BOND
a public hearing
Oct. 9
ISSUE—The Board of Freeholders will conduct
on
the question of issuing $101,000 road and bridge bonds.
CINNAMINSON TOWNSHIP SCHOOL DISTRICT (P. O. Riverton),
N. J.—BOND OFFERING—Emma D. Frank, District Clerk, will receive
15 for the purchase of $26,000 2%, 214,
2%, 3, 3li, 314, 3%, or 4% coupon or registered school bonds.
Dated
sealed bids until 8 p. m. on Oct.
Sept. 15, 1940.
Denom. $1,000.
Due $2,000 on Sept. 15 from 1942 to
1954 Incl.
Bidder to name a single rate of interest on all of the bonds.
The price for which the bonds will be sold shall not exceed the aggregate
an additional sum of not less than
In addition to the amount of the bid, the purchaser must pay
interest, at the rate borne by the bonds, from Sept. 15 to the date
of payment of the purchase price.
No bonds will be sold for less than par
and accrued interest.
Bid forms will be forwarded by the District Clerk
upon request.
The purchaser shall make final settlement upon the pur¬
chase of the bonds and accept delivery thereof at the Cinnaminson Bank
& Trust Co., Riverton, on Oct. 31 at 11 a. m.
As required by statute, a
certified copy of the record of the proceedings authorizing the issuance of
the bonds has been submitted to the Attorney General of the State for his
approval of the legality of the proceedings, and his official approval has
been endorsed thereon.
The bonds will be general, unconditional and
legally binding obligations of the district, and the opinion of Walter Carson
of Camden, attorney for the Board of Education, to this effect will be
furnished to the purchaser.
Enclose a certified check for 2% of the
amount of the bonds bid for, payable to the Board of Education.
par
value of bonds offered for sale and
$1,000.
accrued
FORT LEE SCHOOL DISTRICT, N. J.—BONDS TENDERED—The
Peoples Trust Co. of Bergen County, fiscal agent for the borough and thi
school district, reports that tenders received on Sept. 27 of 314% and 4%
school refunding bonds were as follows: $10,000 at 89.20; $1,000 at 99.50
and $4,000 at 99.80.
OFFERING—It is stated by A. J. Read,
City Clerk, that he will receive sealed bids until 3
p. m. on Oct. 7, for the
purchase of $220,000 not to exceed 414% coupon semi-ann. natural
gas
transmission and distribution system revenue bonds.
Dated Dec. 15, 1939
Denom $1,000.
Due Dec. 15, as follows: $2,000 in 1941,
$5,000 in 1942,
1943, $11,000 in 1944 to 1948, $12,000 in 1949 to
1959, $10,000
of the
tion
r ST.
LOUIS PARK, Minn.—CERTIFICATE OFFERING—Sealed bids
will be received until 8 p. m. on Oct. 14,
by Joseph Justad, Village Recorder,
for the purchase of $2,900 not to exceed
5% water main certificates of in¬
^
The list of successful bidders follow:
GARFIELD,
N.
J.—NAMES
REFUNDING AGENT— According
to
the minutes of the meeting of the Local Government Board,
constituting
the Funding Commission, held on Sept. 23, the Secretary reported that there
had been filed with him a certified copy of resolution adopted by the City
Council under date of Sept. 17, which resolution provides for the appoint¬
ment of B. J. Van
Ingen & Co., Inc., of New York City, as refunding agent
of the City of Garfield.
This resolution supersedes a resolution
previously
filed with the Commission naming Walter Walsh, City Comptroller, as sucn
refunding agent.
Funding Commission ruled the Comptroller could not
act
as
fiscal agent.—V.
151,
p.
1932.
HOBOKEN, N. J.—BOND OFFERING—Arthur C. Malone, City Clerk,
will receive sealed bids until 10 a. m. on Oct. 15 for the purchase of
$634,000
not to exceed 5% interest series II coupon or registered
refunding bonds.
Dated May 1, 1940.
Denom. $1,000.
Due July 1 as follows:
$200,000
in
1957; $234,000 in 1958, and $200,000 in 1959.
The bonds will be re¬
deemable at the option of the city, in whole or in part by lot, on
any in¬
terest payment date.
Rate of interest to be in a multiple of
of 1%.
Principal and interest payable in lawful money at the City Treasurer's
office or at the Bank or New York, New York.
Each bidder must state
in his proposal the rate of interest which the bonds are to
bear, naming a
single rate.
No proposals will be considered for bonds bearing interest at
a
rate
The
higher than the lowest rate stated in any legally acceptable proposal.
required to be obtained at the sale of the bonds is $600,000.
bonds will be sold than will produce such sum, and an additional
sum
more
No
sum
Volume
The Commercial &
151
As between legally acceptable proposals stating
be borne by the bonds, the bonds will be sold
$1,000.
of not exceeding
the same rate of interest to
bidder complying with the terms of sale and offering to pay not
less than the sum required to be obtained at the sale of the bonds and to
the
to
accept therefor the least amount of bonds, the bonds to be accepted being
and if two or more bidders offer to accept the same
least amount, then to the bidder offering to pay therefor the highest ad¬
ditional price.
In addition to the amount bid the purchaser must pay
those first maturing,
by the bonds from the date of the Donds
purchase price.
The bonds will be valid
accrued interest at the rate borne
the
to
date
of payment of the
and legally binding obligations of the city and will be further secured by
certain special covenants and provisions with respect to the establishment
sinking fund exclusively for the retirement of said bonds and the
pledging to said fund of certain uncollected taxes of the city, and the city
will have power and will be obligated to levy ad valorem taxes upon all
the taxable property within the city for the payment of the bonds and interest
thereon without limitation as to rate or amount.
The approving opinion
of Hawkins, Delafield & Longfellow of New York City will be furnished to
the successful bidder.
Copies of the proposed approving opinion may be
obtained from the City Clerk.
A certified check for 2 % of the bonds bid
for, payable to order of the city, is required.
of
a
NEW
JERSEY
(State of)—BOND CALL—It is reported that Chris¬
topher Ellin, Secretary of*the State Sinking Fund Commission, has called
for payment on July 1, 1941, $6,000,000 highway extension bonds, of which
$5,000,000 are part of a 1920 issue of $28,000,000 and $1,000,000 part of a
$8,000,000 loan authorized in 1924.
(P. O. Asbury Park),
bonds was
par to the Methodist Home for the Aged of New Jersey, of Ocean
Dated July 1, 1940.
Denom. $1,000.
Due $1,000 on Aug. 1
OCEAN TOWNSHIP FIRE DISTRICT NO. 2
N. J.—BONDS SOLD—An issue of $5,000 4% pumper purchase
sold at
Grove.
from 1941 to 1945 incl.
HOUSING AUTHORITY, N. J.—BOND SALE—Shields
Murphy & Co., both of New York, in joint account,
issue of $287,000 first issue series A housing
authority bonds at a price of 100.047 for $107,000 2s, due 1941-1945;
$82,000 2.30s, due 1946-1950, and $98,000 2.60s, maturing from 1951 to
1955, incl., the net interest cost being 2.444%.
Tucker, Anthony & Co.
of New York made the second best bid, the offer being based on a net interest
TRENTON
& Co. and G. M.-P.
were
awarded on Sept. 30 an
cost of
2.454%.
NEW
were
(P. O. Portale,)
that $37,000 con¬
paying
purchased by the State Treasurer as 2}4s,
Due on June 1 as follows:
par.
$1,000 in 1943 to 1945; $2,000, 1946 to
1956, and $3,000 in 1957 to 1960.
which appeared in our issue of
(This notice corrects the sale report
July 13.)
Municipal Bonds
-
Government Bonds
Housing Authority Bonds
Tilney & Company
76 BEAVER STREET
System Teletype: NY
MANLIUS,
$40,000 village
1-2395
YORK
COUNTY
N. Y.—BOND OFFERING—Alfred A. Sabey, Jr.,
Village
Clerk, will receive seaied bids until 3 p. m. on Oct. 7 for the purchase of
$75,000 not to exceed 6% interest coupon or registered water system bonds.
Dated Oct. 1, 1940.
Denom. $1,000.
Due $3,000 on Oct. 1 from 1941 to
1965, incl.
Bidder to name a single rate of interest, expressed in a
or l-10th of 1%.
Principal and interest (A-O) payable at
of M
tional Commercial Bank & Trust Co., Albany, with
The bonds are
valorem taxes.
multiple
the Na¬
New York exchange.
general obligations of the village, payable from unlimited ad
A certified check for $1,500, payable to order of the village,
required.
Lega. opinion of Dillon, Yandewater
City will be furnished the successful bidder.
is
& Moore of New York
COXSACKIE, N. Y.—BOND SALE— The $120,000 coupon or registered
water bonds offered Oct. 3—V. 151, J). 1932—were awarded to Halsey,
Stuart & Co., Inc., New York, as l%s, at par plus a premium of $401,
equal to 100.334, a basis of about 1.72%.
Dated Oct. 15, 1940 and due
$5,000 on Oct. 15 from 1941 to 1964 incl.
Re-offered to yield from 0.30%
to 1.80% according to maturity.
Other bids:
Bidder—
Rale of Int.
.
Wood, Struthers &
\%%
C. F. Childs & Co., Inc. and Sherwood & Co->___
1.90%
Harris Trust &c Savings Bank
—1.90%
Roosevelt & Weigold, Inc
1.90%
The Marine Trust Co. of Buffalo and R. D. White & Co__1.90%
Geo. B. Gibbons & Co., Inc. and F. W. Reichard & Co_
1.90%
E. H. Rollins
& Sons, Inc.-.--.
— -
2%
— -
Prem.
$56.40
441.00
512.40
516.00
624.00
731.88
286.70
Blair & Co., Inc. and Bacon, Stevenson & Co
H. L. Allen&Co. andMinsch, Monell & Co.,
2%
375.60
Inc.
2%
Union Securities Corp..
—-
2%
420.00
526.80
2.10%
156.00
A. C.
Allyn & Co., Inc
and
—
—
Trust
McEntee & Co., Inc....*.—
Manufacturers
Traders
Co.
and
sale oj
151, p.
10, according to E. D. Smith, Village Treas¬
urer.
Clerk, will receive sealed bids
to exceed 6%
building bonds. Dated Oct. 1,
Oct. 1 from 1941 to 1960, incl.
expressed in a multiple of
or
l-10th of 1 %.
Principal and interest (A-O) payable at the Bank of Manlius.
Bonds are pay. from unlimited ad valorem taxes of the village and the legal
opinion of Chapman, Newell & Crane of Syracuse will be furnished the suc¬
cessful bidder.
A certified check for $800, payable to order of the village,
BONDS OFFERED—E. D. Smith, Village
until
3 p.
m.
10 for the purchase of $40,000 not
Oct.
on
interest coupon or registered municipal
1940.
Denom. $1,000.
Due $2,000 on
Bidder to name a single rate of interest,
must accompany
an
each proposal,
N. Y.—PROPOSED BOND ISSUE—City is con¬
VERNON.
MOUNT
sidering
issue of $80,000 public works department
Adams,
2.20%
514.80
CASTLE,
Co.
of
N.
White Plains
$40,000 at 1.75%.
NEW
YORK, N. Y.—BOND OFFERING—Joseph D.
Other bids:
Int. Rate
Rate Bid
1.30%
1.40%
100.11
100.19
i.40%
Bidder—
Tilney & Co
100.13
—
George B. Gibbous
R.«D. White & Co
Inc
——
—
-
1.40%
i.H%
.1.07%
& Co., Inc
Bacon, Stevenson & Co_ _
Marine Trust Co. of Buffalo
HEMPSTEAD
AND
NORTH
SCHOOL DISTRICT NO. 2 (P. O.
ING—J. Edwin Russell,
—
2%
100.09
100.237
100.202
100.281
HEMPSTEAD
CENTRAL HIGH
Floral Park), N. Y.—BOND OFFER-
District Clerk, will receive
sealed bids until 3:30
Oct. 10 for the purchase of $70,000 not to exceed 6% interest
coupon or registered school bonds of 1940.
Dated Oct. 1, 1940.. Denom.
$1,000Due Oct. 1 as follows: $4,000 from 1941 to 1945, incl., and $5,000
from 1946 to 1955, incl.
Bidder to name one rate of interest, expressed
in a multiple of M or 1-I0th of 1%.
Principal and interest (A-O) payable
at the Bank of New Hyde Park, or at the Chase National Bank, N. Y. City.
The bonds are unlimited tax obligations of the district and the approving
legal opinion of Hawkins, Delafield & Longfellow of New York City will
be furnished the successful bidder.
A certified check for $1,400, payable to
order of the Board of Education, must accompany each proposal.
p.
m.
on
FREE SCHOOL DISTRICT NO. 17 (P. O.
Franklin Square), N. Y.—BOND OFFERING—William B. Bryan, District
Clerk, will receive sealed bids until 2:30 p. m. on Oct. 10 for the purchase of
HEMPSTEAD UNION
McGoldrick, City
Comptroller, will receive sealed bids until noon on Oct. 8 for the purchase
of $60,000,000 not to exceed 4% interest Delaware Aqueduct construction
bonds.
Dated Oct. 1, 1940.
Due $2,000,000 on Oct. 1 from 1941 to
1970 incl.
Bidders are to name the rate of interest in multiples of M of 1 %.
the net yield but not stating the rate of interest will not be
Bidders offering to purchase all or any part of the issue may
but this latter bid must state a single
rate of interest.
Bids will be accepted in series at one rate of interest,
but bids on separate yearly maturities will not be accepted.
Bonds are
issued for the purpose of redeeming $30,000,000 of bond anticipation notes
maturing Oct. 15, 1940, proceeds of which have already been expended to
provide for water supply.
Balance of $30,000,000 is to provide additional
cash for the payment or contract and land liabilities incurred in connection
with the Delaware water project.
In connection with the offering, the belief in municipal bond circles is
that the size of the loan will preclude the prospect of more than one bid
being submitted for the issue.
Smaller offerings usually attract at least
two syndicate bids, with the groups being managed by the National City
Bank of New York and the Chase National Bank of New York, respectively.
In the present instance, however, the expectation is that a combination of
two groups will be effected to underwrite the bonds.
Such a procedure, it
is pointed out,greatly facilitates the distribution of the securities,
NORTH HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 7
Other bids:
Int. Rate
Rate Bid
and Chase National
Bankers Trust Co. of New York
1.60%
W.
100.169
1.60%
1.70%
100.117
100.66
1.70%
100.56
1.70%
1.70%
100.458
100.429
1.70%
Union Securities Corp., R.
First of Michigan Corp.
100.259
1.60%
Bank of New York
100.37
100.279
100.209
100.11
100.072
Pressprich & Co. and
Marine Trust Co. of Buffalo, B. J. Van Ingen
& Co.,
Inc. and R. D.White & Co
Adams, McEntee & Co., Inc
.......
Blair & Co., Inc., George B. Gibbons & Co. and Roose¬
velt & Weigold, Inc._._>.
A. C. Allyn & Co., Inc., E. H. Rollins & Sons, Inc. and
Hemphill, Noyes& Co
Harriman Ripley & Co., Inc. and Goldman, Sachs & Co
Manufacturers & Traders Trust Co., Kean, Taylor & Co
and H. L. Allen & Co
Lehman Br os., Jackson & Curtis, and
Eldredge & Co— 1.70%
Blyth&Co., O. F. Childs & Co. and Sherwood &Co__.
Phelps, Fenn & Co., Inc. and F. S. Moseley & Co
Shields & Co. and G. M.-P. Murphy & Co___>
1.70%
1.75%
1.75%
Oneida), N. Y.—BOND SALE CANCELED
19 of $100,000 coupon or
registered armory bonds to Harriman Ripley & Co., Inc., New York, as
Is, at 100.30, a basis of about 0.94%—V. 151, p. 1756—had to be canceled
ONEIDA COUNTY (P. O.
—ISSUE REOFFERED—The award on Sept.
because of
a
legal technicality.
BONDS REOFFERED—Sealed bids for
purchase of the above issue will
by John C. Schantz, County Comptroller, until 2 p.m. on
Dated Sept. 1, 1940.
Denom. $1,000.
Due Sept. 1 as follows:
be received
Oct.
10.
$12,000 from 1941 to 1945 incl. and $8,000 from 1946 to 1950 incl.
interest, expressed in a multiple of % or 1-10
to name a single rate of
Bidder
of 1%.
Principal and Interest (M-S) payable at the County Treasurer's office or
at the First Citizens Bank & Trust Co., Utica.
The bonds are unlimited
tax obligations of the county and the approving legal opinion of Hawkins,
Delafield & Longfellow of New York City will be furnished the successful
bidder.
A certified check for $2,000, payable to order of the County
Comptroller, must accompany each proposal.
Oyster Bay), N. Y.—BOND SALE— The $13,000
registered Massapequa Water District bonds offered Oct. 1—
1933—were awarded to the North Shore Bank Trust Co. of
Oyster Bay as 1.90s, at par plus a premium of $35, equal to 100.269, a
basis of about 1.88%.
Dated Oct. 1, 1940 and due $500 on Oct. 1 from
OYSTER BAY (P. O.
coupon
V.
or
151, p.
Other bids:
1941 to 1966, incl.
Bidder—
2.20%
2.30%
....
-
Manufacturers & Traders Trust
2.40%
2.40%
Co.-
NEW
100.30
100.20
100.51
100.15
214%
-
YORK AUTHORITY,
100.55
100.41
100.317
2H%
Tilney & Co
R. D. White & Co
OF
Rate Bid
214%
2)4%
George B. Gibbons & Co., Inc—
Bacon, Stevenson & Co
Gremmel & Co
PORT
.
m
Int. Rate
A. C. Allyn & Co., Inc
Roosevelt & Weigold, Inc
Gordon Graves & Co
CITY, N. Y.—BOND SALE—The $19,000 coupon or reg¬
istered municipal shop building bonds offered Oct. 1—V. 151, p. 1932—•
were awarded to the Garden City Bank &
Trust Co., Garden City, as
I.20s, at 100.279, a basis of about 1.14%.
Dated Oct. 1, 1940, and due
Oct. 1 as fodows: $2,000 from 1941 to 1949, incl., and $1,000 in 1950.
GARDEN
Adams, McEntee & Co.,
H. L. Allen & Co...
equipment bonds.
Y.—CERTIFICATES AWARDED—The County
was the successful bidder for approximately
$69,000 certificates of indebtedness.
These certificates will mature $40,000
on Aug. 1, 1941; the balance payable on the same date with the privilege of
paying all or any part thereof in any prior month.
The Trust company
bid was $40,000 at 1%, approximately $29,000 at 2%.
Other bids were
Leavitt & Co., $69,000 at 1.70% and the First National Bank of Boston,
NEW
Trust
Bidder—
(P. O. Little Valley), N. Y
OFFERING—R. L. Farnham, County Treasurer, will receive sealed bids
until 2 p. m. on Oct. 10 the purchase of $98,000 not to exceed 5% int. coupon
or registered bridge bonds.
Dated Oct. 15, 1940.
Denom. $1,000. Due
Feb. 15 as follows: $10,000 in 1941 and 1942; $15,000 from 1943 to 1947 incl.
and $3,000 in 1948.
Bidder to name a single rate of interest, expressed in
multiple of % or l-10th of 1%.
Prin. and int. (F-A) payable at the Sala¬
manca Trust Co., Salamanca, with New York exchange.
The bonds are
direct obligations of the county, payable from unlimited ad valorem taxes
on all of its taxable property.
A certified check for $1,960, payable to
order of the county, is required.
Legal opinion of Dillon, Yandewater &
Moore of New York City will be furnished the successful bidder.
COLONIE,
single rate of interest,
N. Y.—BOND SALE
POSTPONED—Proposed
hall bonds, originally scheduled for Oct. 1—V.
1932—was postponed to Oct.
according to maturity.
NEW
CATTARAUCUS
Central Hanover Bank
expressed in a multiple of M or l-10th of 1%. The bonds are unlimited tax
obligations of the district and the approving legal opinion of Hawkins,
Delafield & Longfellow of New York City will be furnished the successful
bidder. A certified check for $300, payable to order of the Board of Edu¬
cation, must accompany each proposal.
(P. O. Great Neck). N. Y.—BOND SALE— The $535,000 coupon or
registered school bonds offered Oct. 3—V. 151, p. 1933—were awarded
to Halsey, Stuart & Co., Inc., New York, as l^s, at a price of 100.254,
a basis of about 1.47%.
Dated Oct. 1, 1940 and due Oct. 1 as follows:
$30,000 from 1941 to 1948 incl.; $35,000, 1949 and 1950; and $45,000 from
1951 to 1955 incl.
Re-offered by the bankers to yield from 0.20% to 1.50%,
NEW YORK, N. Y.
Telephone: WHitehall 4-8898
Bell
Square National Bank, Franklin Square, or at the
& Trust Co., New York City.
Bidder to name a
also submit a tender for all or none,
ROOSEVELT COUNTY SCHOOL DISTRICT NO. 1
bonds
$15,000 not to exceed 6% interest coupon or registered school bonds of
1940.
Dated Oct. 1, 1940.
Denom. $1,000.
Due $3,000 on Oct. 1 from
1941 to 1945 incl.
Principal and interest (A-O) payable at the Franklin
Bids stating
considered.
MEXICO
N. Mex.—BONDS SOLD—The County Treasurer reports
struction
2077
Financial Chronicle
100.17
100.39
2.60%
—
N. Y.—BOND SALE—The
$5,284,000 series G special refunding bonds offered Oct. 1 were awarded
& Co., Inc., New York, as 1.10s, at a price of 100.08973,
a net interest cost of 1.07%.
*
to J. P. Morgan
unquestionably was among the most
"This
held by the Port
successful bond sales ever
Authority," said Frank C. Ferguson, Chairman, in
mak¬
ing the announcement of the award.
"It is also notable as marking the
entry of the Morgan firm into the competitive field for Port Authority
securities.
The Commissioners of the Port Authority have reason to feel
highly pleased with the latest testimonial to the
financial structure."
The bonds are dated
Oct.
1,
1940.
strength of this agency's
Denom. $1,000 or such multiples
be specified by the purchaser.
Bonds issued in denomina¬
than $1,000 will be exchangeable for bonds of smaller denomi¬
1941 to 1944, incl., and
$1,056,000 in 1945.
Not subject to redemption.
Coupon bonds, registerable as to both principal and interest, or as to principal alone, and if so
registered, convertible into coupon bonds upon payment of a nominal fee.
The legal proceedings incident to the issue and sale of the bonds will be sub¬
thereof
as
may
tions greater
nations.
Due Oct. 1 as follows: $1,057,000 from
ject to approval of Julius Henry Cohen, General Counsel of the Port of
New York Authority, and Thomson, Wood & Hoffman of New York,
bond counsel.
Exempt, in the
opinion of general counsel and bond counsel, under the
United States as now in force, from any and all taxation
Constitution of the
The Commercial & Financial Chronicle
2078
'
(except estate, inheritance and gift taxes),now or hereafter imposed
by the
United States of America, unless the States of New York
and New Jersey
consent to such taxation; and under the
Treaty of 1921 and supplemental
legislation, from any and all taxation (except estate, inheritance and
gift
taxes) now or hereafter imposed by the States of New York or New
Jersey
or by
political subdivisions thereof.
Eligible, In the opinion of general counsel and bond counsel, under ex¬
isting legislation, for investment in New York and New Jersey for State
and municipal officers, banks and
savings banks, insurance companies,
trustees and other fiduciaries; and for deposit with State or
municipal officers
or agencies for
any purposes for which the deposit of bonds or other
obliga¬
tions of the States of New York or New
Jersey, respectively, is now or may
hereafter
be
authorized.
_
by^the Reconstruction Finance Corporation. Due
YADKINVILLE,
They will be further secured by the general
NORTH
settlement and liquidation
aid of construction of the
$2,777,777.78
less than par will be considered.
the bid is required.
OHIO
bid for
were
as
The
follows:
Int.
Rate
Bid
Rate
Corp., Estabrook & Co., Hemp¬
hill, Noyes & Co., Harvey Fisk & Sons and
G. M.-P.
Murphy & Co
1.10%
National City Bank of N. Y., Chase
National
Bank of N. Y. and Chemical Bank & Tr.
Co__ 1.10%
Salomon Bros. & Hutzler.
Halsey, Stuart & Co., Inc.; Ladenburg, Thalmann & Co.; Blair &
Co., Inc.; Swiss American
Corp., Hallgarten & Co.; Dick & Merle-Smith,
E. H. Rollins &
Sons, Inc.; B. J. Van Ingen &
Co., Inc.; Shields & Co.; Jackson &
Curtis;
Otis & Co.; Spencer Trask 6c
Co.; Eastman,
Dillon & Co.; Wprtheim 6c
Co.; Van Alstyne,
Noel & Co.; Starkweather &
Co.; Arrowsmith
& Co.; Van Deventer
Bros., and MacBride,
Miller & Co
Net
Cost
100.059
1.096%
1.223%
.
1.30%
BEXLEY, Ohio—BOND OFFERING—S. W. Roderick, City Auditor,
will receive sealed bids until noon on Oct. 21, for the purchase of $79,250
2% coupon alley improvement bonds.
Dated Sept. 1, 1940. One bond for
$250, others $1,000 and $500.
Due Oct. 1 as follows:
$19,500 in 1942,
$20,000 in 1943, $19,500 in 1944, and $20,250 in 1945.
Bidders may bid for
a different rate of interest in multiples of M of 1 %.
The bonds will be sold
to the highest bidder for not less than the par value thereof and accrued
interest, and are issued for the purpose of raising money in anticipation of
the collection of special assessments for the improvement of alleys in the
city under authority of the laws of Ohio and of the Uniform Bond Act, and
under and in accordance with a certain ordinance of the city, entitled
Ordinance No. 52-40, passed July 30, as amended by Ordinance No. 59-40,
passed Sept. 10.
The opinion of Squire, Sanders 6c Dempsey, of Cleveland,
approving the issue will be furnished to the purchaser without charge.
Enclose a certified check for $1,500, payable to the city.
1.08%
100.01
100.08
1M%
100.075
/
1.274%
TARRYTOWN, N. Y.—PROPOSED
is
considering
an issue of
BROWN COUNTY (P. O. Georgetown),
BOND ISSUE—Board of Trustees
$50,000 pumping plant bonds.
UTICA, N. Y.—BOND SALE— The $502,517.90 coupon or
registered
bonds offered Oct. 3 and
fully described in V. 151, p. 1933, were awarded
Weeden & Co. of New York as Is at
100.16, a basis of about 0.96%.
The sale embraced seven issues and
the maturities are from
1941 to 1950 incl.
Other bids:
4% interest poor relief notes.
Dated Nov. 1, 1940. Denom. $1,000. Due
$1,000 on Nov. 1 from 1941 to 1945, incl.
Rate of interest to be in multiples
100.11
100.105
100.09
100.085
100.079
100.079
1%
100.079
1%
1.10%
of Section
County Commissioners, passed on Sept. 16.
Enclose a certified check
payable to the Board of County Commissioners.
CELINA, Ohio—PROPOSED BOND ISSUE— Fillage Council recently
passed an ordinance providing for an issue of $225,000 municipal power
plant mortgage revenue bonds.
COSHOCTON, Ohio—BOND SALE—'The $39,276.39 coupon street
improvement bonds offered Sept. 30—V. 151, p. 1611—were awarded to
1M8- at par plus a premium
of $72, equal to 100.183, a basis of about 1.22%.
Dated Oct. 1, 1940 and
due Oct. 1 as follows:
$4,276.39 in 1942; $5,000, 1943; $4,000, 1944 and
1945; $5,000, 1946; $4,000, 1947 and 1948; $5,000 in 1949 and $4,000 in
100.06
100.031
100.30
1.10%
100.259
1.10%
100.234
1%
1950.
and
1.10%
100.22
1.10%
100.199
1.10%
100.189
-
1.10%
Co.,
relief and under authority of the laws of Ohio and
the Commercial National Bank of Coshocton, as
Kidder, Peabody & Co. and Estabrook & Co.
Chase National Bank of New York
and Bankers Trust
Co. of New York
Shields & Co.;
8choelIkopf, Hutton 6c Pomeroy, Inc.,
&
poor
for $100,
Taylor &
Schlater, Noyes & Gardner
Union Securities
Corp.; First of Michigan Corp.; Minsch,
Monell & Co., ana G. M.-P.
Murphy & Co
Graham, Parsons 6c Co.; Hemphill,
Noyes & Co., and
Campbell, Phelps & Co
Halsey, Stuart & Co., Inc., and Blair &
Co., Inc..
George B. Gibbons 6c Co,;
Eldredge & Co:, and F. W.
or 1 %.
The notes will be sold to the highest bidder at not less than
and accrued interest.
Bids may be made upon all or any number of
The notes are issued for the purpose of providing funds
M
2293-43a and pursuant to the Uniform Bond Act of the General Code of
Ohio, and under and in accordance with a certain resolution of the Board
100.11
of
Co.; Gregory & Son, and H. L. Allen & Co
Mercantile-Commerce Bank & Trust Co. of St. Louis
and Putnam & Co.
First National Bank of
Chicago
Recihard & Co__.
Lazard Freres &
Co.; R. W. Pressprich
Jackson & Curtis
First National Bank of New York
for
Rate Bid
1%
1%
1%
1%
1%
—
O. F. Childs & Co. and Sherwood
& Co
Manufacturers & Traders Trust Co.; Kean.
of
par
notes of this issue.
1%
Blyth & Co.; Stone & Webster and Blodget,
Inc., and
Equitable Securities Corp
Co., Inc._r^
Phelps, Fenn & Co., Inc., and F. 8.
Moseley & Co
Wood, Struthers & Co. and Spencer Trask & Co
J. P. Morgan &
Ohio—NOTE OFFERING—
W. L. Faul. Clerk of the Board of County Commissioners, will receive
sealed bids until noon on Oct. 14, for the purchase of $5,000 not to exceed
to
Bidder—
Int. Rale
Harriman Ripley & Co., Inc., and
Goldman, Sachs & Co
1%
Harris Trust & Savings Bank
Principal and
sundry improvements at the airport stadium in the city, consisting of the
instalation of electrical apparatus, plumbing, sound equipment, turnstiles,
gates, &c., and to participate in Federal aid, under authority of the General
Laws of the State, particularly the Uniform Bond Act of the General Code,
the City Charter, under authorization of the Department of Taxation of
Ohio, and Ordinance No. 227-1940 of the city, duly passed on July 16.
The
bonds are payable from taxes levied inside the IB-mill limitation of Section 2,
Article XII, of the Constitution, and inside the 7.5-mill limitation of Sec¬
tion 86a of the City Charter.
Bonds may be registered as to principal only,
or
may be exchanged for registered bonds.
No formal bidding blank
required, and bonds will be furnished by the city.
Bids should be made
subject to approval of bidder's attorney as to legality of issue, approving
opinion to be paid for by the purchaser.
Enclose a certified check for 2%
of the amount bid for, payable to the Director of Finance.
were
Authority.
Bidder—
Union Securities
different rate of interest in multiples of M of 1 %.
a
interest payable at the office of the Director of Finance in lawful money.
Make bids for all or none.
The bonds are issued for the purpose of making
interest on
these bonds was secured by an<f
payable from the general reserve fund.
Both the series F and series FF bonds will
mature March 1, 1941.
Pro¬
ceeds of the present sale of series G
bonds will be used to
pay the
principal
amount of series F and series FF
bonds, at or prior to maturity, including
those held by the Port
Unsuccessful bids for the bonds
A certified check for not less than 2% of
AKRON, Ohio—BOND OFFERING—P. W. Ferguson, Director of
Finance, will receive sealed bids until noon on Oct. 14, for the purchase of
$50,000 3% coupon airport stadium improvement bonds.
Dated Oct. 1,
1940.
Denom. $1,000.
Due $10,000 Oct. 1, 1941 to 1945.
Bidders may
In each case they were
issued in
of claims of the State for
moneys advanced in
George Washington Bridge.
DAKOTA
MARYVILLE SCHOOL DISTRICT NO 10 (P. O. Rolla), N. Dak.—
OFFERING—Both sealed and oral bids will be received
10, at 2 p. m., by A. T. Johnson, District Clerk, for the pur¬
chase of $5 000 not to exceed
7% annual certificates of indebtedness.
Denom. $500.
Dated Oct. 19, 1940.
Due on Oct. 19, 1943.
No bids at
Chapter 293
Chapter 253
Of these, $2,500,-
outstanding.
that
until Oct.
such
are
stated
in 1942 to 1947 incl.
The series F and series FF bonds were
issued pursuant to
of New York of 1935, Chapter 165 of New
Jersey of 1935 and
of New York of 1938.
$5,277,777.78
is
been purchased at par
CERTIFICATE
hereafter issued, as
security for which the general reserve fund is or
may hereafter be pledged,
and any undertakings assumed to or for the
benefit of the holders of
000 were issued to the State of New
Jersey in 1935 and
issued to the State of New York in 1938.
on May 1 in 1941 to
RFC—It
by Arthur Soule, Town¬
ship Clerk, at the County Auditor s office In Wahpeton, for the purchase of
$3,000 not to exceed 6% semi-aim. township bonds.
Due $500 on April 1
be payable therefrom.
The amount in the general reserve
fund
as at June
30, 1940, was $5,155,642.31.
The pledge of the general reserve fund as
security for series G bonds
is without
prejudice to pledges heretofore made and rights heretofore
granted In the general reserve fund.
The Port Authority,
moreover, has
reserved the right to pledge the general reserve fund as
security for bonds
or other obligations hereafter
issued, provided that it Is at the time author¬
ized by law to do so; and has reserved the further
right to expend general
reserve fund moneys to fulfill
obligations assumed under or in connection
with any bonds or other obligations,
heretofore or
bonds.
TO
IBSEN TOWNSHIP (P. O. Wahpeton) N. Dak.—BOND OFFERING—
fund,
reserve
SOLD
1940
Sealed bids will be received until 5 p. m. on Oct. 10,
To be issued to refund series F and series FF bonds of
the Port Authority.
Series G bonds will be direct and general
obligations of the Authority,
for the prompt payment of which the full faith and credit
of the
Authority
is pledged.
and will
C.—BONDS
N.
$45,000 4% semi-ann. water and sewer bonds have
by the Reconstruction Finance Corporation.
■
,
Oct. 5.
100.159
1.10%
1.10%
100.143
and
100.13
WAPPINGERS
FALLS, N. Y.—BOND SALE—R. D. White & Co. of
New York purchased on
Sept. 25 an issue of $11,5G0 fire house bonds
as
2 Ms, at a price of
100.16, a basis of about 2.22%.
Dated Aug. 1, 1940
and due Aug. 1 as follows:
$1,000 from 1941 to 1947 incl. and $1,500 from
1948 to 1950 incl.
Interest F.A.
Legality approved by Reed, Hoyt,
Washburn & Clay of New York
City.
Other bids:
Int. Rate
Bidder—
Pohl&Co
—'
Paine, Webber & Co
_
_
Chas. A. Hinsch & Co
—
--------
Ryan, Sutherland & Co
Peoples Bank & Trust Co.,Coshocton,.
Coshocton
National
Bank
-
...
Stranahan, Harris & Co
Otis & Co
--
-
Braun, Bosworth & Co
---—
BancOhio Securitities Co.
Ellis & Co........
-----
.........
CUYAHOGA
--
1M%
1M%
1M%
1M%
2%
2M%
1M%
1M%
1M%
1M%
1M%
Premium
$235.66
251.50
377.77
226.00
107.00
87.50
134.00
37.00
4.72
80.00
64.64
SALE— The $100,000 coupon
refunding bonds offered Oct. 1—V. 151, p. 1756—were awarded to Fox,
Einhorn & Co., Inc. of Cincinnati and associates, as 3s, at par plus a
premium of $1,315, equal to 101.315, a basis of about 2.82%.
Sale con¬
FALLS,
Ohio—BOND
sisted of:
$74,000 series B-68 bonds.
Due
as
follows:
$3,000 June 1 and $4,000
1 and Dec. 1 from 1950
Dec. 1 from 1944 to 1949, incl.; $4,000 June
NORTH
CAROLINA
to
BENTON HEIGHTS, N. C.—BOND
SALE— The $5,000 coupon semi¬
street improvement bonds
offered for sale on Oct.
1—V. 151,
1933—were awarded to the First National
Bank of Waynesville, as 4
paying a premium of $1.51, equal to
100.03, a basis of about
4.49%.
Dated
Sept. 1, 1940.
Due $500 on Sept. 1 in 1941 to
1950 incl.
CANTON, N. C.—BOND SALE—The $5,000
coupon semi-annual street
bonds offered for sale on
Oct. 1—V. 151, p. 1933—were
awarded to Kirchofer & Arnold of
Raleigh, as lMs, paying a premium of $10.10,
equal to
100.202, a basis of about
1.36%.
Dated Aug. 1, 1940.
Due on Aug. 1
in
1944
GASTON I A, N. C.—BOND
SALE—The $50,000 coupon semi-annual
on Oct. 1—V.
151, p. 1934—were
awarded to Jackson & Smith of
Gastonia, as 2 Ms. paying a premium of $11,
equal to 100.022, a basis of about
2.247%.
Dated Sept. 1, 1940.
Due on
Sept. 1 in 1943 to 1955, incl.
PERSON COUNTY (P. O.
Roxboro). N. C.—BOND SALE— The
$28,000 coupon semi-annual school
building bonds offered for sale on Oct. 1
—V. 151, p. 1934—were
awarded to Kirchofer & Arnold of
Raleigh, paying
a premium of
$30.80, equal to 100.11, a net interest cost of
about
on
2.37%,
divided as follows: $20,000 as
2Ms, due on Oct. 1: $2,000
$3,000, 1945 to 1948; the remaining $8,000 as
2 Ms. due on
$2,000 in 1949, and $3,000 in 1950 and
1951.
the bonds
in 1941 to 1944;
Oct. 1:
SAND HILL CONSOLIDATED
SCHOOL DISTRICT (P. O. A»heville) N. C.—BOND LEGALITY
UPHELD—The County Attorney reports
that the State Supreme Court has ruled in
favor of the $100,000 construction
bonds approved by the voters in
October, 1939. It is considered probable
that these bonds will be issued in the
near future.
TARBORO,
N.
C.—BOND
SALE—The $9,000 coupon semi-annual
bonds offered for sale on Oct. 1—V.
151, p. 1934—were awarded to
Kirchofer & Arnold of
Raleigh, as 2Ms, paying a premium of $13.20, equal
to 100.146, a basis of about
2.22%. Dated Oct. 1, 1940.
Due $1,000 on
Oct. 1 in 1941 to 1949, inclusive.
sewer
WILKESBORO, N. C.—BONDS
4% semi-annual
SOLD TO RFC—A
water system bonds is said to have
been
$32,000 Issue of
purchased at par
to
1951, inclusive.
p.
public Improvement bonds offered for sale
Due as follows: $1,000 June 1 and Dec. 1 from
1946, inclusive; $2,000 June 1 and Dec. 1 from 1947 to
26,000 series B-67 bonds.
annual
1941 to 1943.
1953, inclusive.
All of the bonds will be dated Oct. 1. 1940.
OTHER BIDS—First Cleveland Corp., 100.524 for $26,000 2Ms and
$74,000 3s; Charles A. Hinsch & Co., 100.68 for 3s; Stranahan, Harris &
Co., Inc., 100.165 for 3s.
EAST
PALESTINE,
Ohio—BOND
OFFERING—George
Archibald,
City Auditor, will receive sealed bids until noon on Oct. 15, for the pur¬
pool bonds.
Dated Oct. 1, 1940.
Due Oct. 1 as follows: $2,200 in
1942; $2,500 from 1943 to 1950, incl. and $2,000 in 1951.
Bonds maturing
Oct. 1, 1950 and thereafter shall be callable on Oct. 1, 1941 or on any
subsequent interest date.
Interest A-O.
Bidder may name a different rate
of interest, provided that fractional rates are expressed in a multiple of
M of 1%.
Principal and semi-annual interest payable at the Union Com¬
mercial 6c Savings Bank, East Palestine,
Bonds are to be payable from a
tax to be levied outside the 10-mill limitation.
The proceedings in con¬
nection with the issuance of bonds have been taken under the supervision
Of Squire, Sanders & Dempsey of Cleveland, whose approving opinion will
be furnished to the purchaser at the city's expense.
A certified check for
$250, payable to order of the city, is required.
chase of $24,200 3% coupon swimming
One bond for $200, others $500 each.
FAIRVIEW, Ohio—TENDERS WANTED—Reuben C. Wright. Village
announces that approximately $5,000 is available for the purchase of
bonds, dated Jan. 1, 1939.
Sealed tenders for sale of such
bonds at the lowest price will be received by the Village Clerk until noon
.
Clerk,
Refunding
Get. 21,
loard purchased the following
! HAMILTON,
82,634.23:
described 2% refunding bonds aggregating
Ohio—BONDS SOLD—The City Treasury Investment
37,109.00 various municipal bonds.
Dated July 1, 1940.
Due Oct. 1
as follows:
$3,809 in 1945 and $3,700 from 1946 to 1954, incl.
10,000.00 street cleaning bonds.
Dated May 1, 1940, and due $1,000
on Oct. 1 from 1945 to 1954, incl.
35,525.23 special assessment bonds.
Dated July 1, 1940, and due Oct. 1
as follows:
$4,025.23 in 1945 and $3,500from 1946 to 1954, incl.
^
-
Volume
2079
Financial Chronicle
The Commercial &
151
BONDS SOLD—An issue of $23,368.90 3% special assessment street
improvement bonds was sold to the City Treasury Investment Board, at
par.
Dated Oct. 1, 1940.
Due Oct. 1 as follows:
$2,668.90 in 1942 and
$2,300 from 1943 to 1951, inclusive.
WELLSTON. Ohio—BOND ELECTION— An issue of
$35,000 improve¬
election.
be considered by the voters at the Nov. 5
ment bonds will
YOUNGSTOWN, Ohio—ADDITIONAL REFUNDING ARRANGED
City Council has authorized the board of control to refund $300,000
general city bonds which mature in 1940 and 1941 under the provisions
of a State EnaDling Act, which expires Dec. 31, permitting cities to refund
bonds.
The authorizing legislation was passed as an emergency measure
so the 1940 bonds may be refunded before they mature on Oct. 1.
The city will refund $50,000 of 1941 bonds and $250,000 of 1940 bonds,
bringing the total refunding for 1940 to $525,000.
Officials refunded
$275,000 of 1940 bonds on Aug. 30—V. 151, p. 1459.
The action was taken to safeguard the city's financial situation next
year in case the State Legislature does not renew the current enabling act.
Of the $300,000 to be refunded, Ryan, Sutherland Co., Toledo, will take
$250,000 at 2 K % and $50,000 at 3%.
The interest charges on these bonds
now ranges from 2 K to 6 %, with an average cost of 4 %.
The refunding
bonds will be matured over a five-year-period beginning in 1946.
—The
of
Ohio—BONDS SOLD—The
GREENVILLE,
purchased
1940.
an
Fund
Sinking
Trustees
issue of $7,500 3% park improvement bonds.
Dated April 15,
Due $500 on Oct. 15 from 1941 to 1955, incl.
Prin¬
Denom. $500.
cipal and interest (A-O) payable at the City Treasurer's office.
JASPER
VILLAGE
DISTRICT
SCHOOL
Washington,
O.
(P.
H.), Ohio—BOND ELECTION—An issue of $38,000 school building
election on Nov. 5.
C.
bonds will be considered by the voters at the general
KALIDA SCHOOL
of $58,000 school
BOND ELECTION—An issue
DISTRICT, Ohio
at the
building bonds will be considered by the voters
Nov. 5 election.
LEIPSIC, Ohio—BOND SALE—The issue of $7,000 fire apparatus bonds
151, p. 1757—was awarded to J. A. White & Co. of
as 2s, at par plus a premium of $13.13, equal to 100.187.
Second high bid of 100.18 for 2s was made by Charles A. Hinsch & Co. of
offered Sept. 28—V.
OKLAHOMA
Cincinnati,
Cincinnati.
-
LEMON TOWNSHIP SCHOOL DISTRICT
(P. O. Monroe), Ohio—
bonds will be
BOND ELECTION—An issue of $200,000 school construction
considered by
the voters at an election on Nov. 5.
tabulation of the offers received at the sale:
$14,980.97
Special Assess
$2,524.92
dtp Portion
Int.
Int.
Premium
Bidder—•
$122.00
112.00
91.53
Ryan Sutherland & Co., Toledo
Hinsch, Charles A., Cinn
Seasongood& Mayer, Cinn
Ellis & Co., Cinn
BancoOhio Securities C., Columbus
,
89.95
46.95
140.00
103.30
Stranahan, Harris & Co., Toledo..
Rate
Premium Rate
IK
$14.50
IK
IK
7.00
1H
IK
15.43
IK
IK
2.85
2
1K (Both issues)
IK (One issue)
1 K (Bothissues)
MANSFIELD, Ohio—BONDS SOLD—An issue of $22,500 special
ment bonds was sold as 2Ks to the sinking fund.
MAUMEE,
Ohio—BOND
OFFERING—Henry
Clerk, will receive sealed bids until
noon
on
bonds.
-
LORAIN, Ohio—BOND SALE—The $17,505.49 special assessment and
city portion paving improvement bonds offered on Oct. 3 full description
of which appeared in—V. 151. p. 1757—were awarded to Braun, Bosworth
& Co. of Toledo, on the basis of its all or none bids as shown in the following
Braun Bosworth & Co., Toledo
BARTLESVILLE, Okla.—BOND ELECTION—It is reported that an
election will be held on Oct. 8 in order to have the voters pass on the issuance
of bonds aggregating $148,000, divided as follows: $103,250 fire depart¬
ment: $26,750 police department; $13,000 public library, and $5,000 park
Oct.
assess'
C. Ostrander, Village
11 for the purchase of
$10,000 3K%
coupon
special assessment street improvement bonds.
Dated Oct. 1, 1940.
Denom. $1,000.
Due $1,000 on Oct. 1 from 1942
to 1951 incl.Rate of interest to be expressed in multiples of K
of 1%.
Principal and interest (A-O) payable at the State Savings Bank Co. ,Maumee.
Bonds are issued in anticipation of collection of special assessments to
pay property owner's part of the cost of street improvements.
Legality
of bond issue proceedings will be approved by Peck, Shaffer, Williams &
Gorman of Cincinnati, and bids should be subject to such approval, to be
paid for by the purchaser.
A certified check for 2% of the bonds, payable
to order of the Village Treasurer, is required.
GRANDFIELD, Okla.—BONDS EXCHANGED—'The Town
Clerk
$112,500 4% semi-ann. refunding bonds have been exchanged
Due in 20 years.
The City Manager stated subsequently that the bonds were exchanged
at par, and mature in 1960.
states that
with the holders of the original bonds.
APPEAL TO BE FILED—
in the State Supreme
$6,911,000 water bond
issue.
City attorneys said if the appeal was filed the city would submit an
immediate motion to dismiss the suit on the grounds it is "frivolous" and
designed only to produce delay in carrying out the water project.
These bonds carried at the election on Feb. 20, and when offered for sale
on March 5, all bids were rejected by the City Council, until litigation was
OKLAHOMA CITY, Okla.—BONDRULING
—It is reported that an appeal is to be filed soon
Court from the District Court ruling upholding the
settled.
OREGON
CLACKAMAS
Ohio—EXPECT
MILLER
An issue of
Nov.
CITY SCHOOL DISTRICT, Ohio—BOND ELECTION—
$115,000 school bonds will be considered by the voters at the
5 election.
MUSKINGUM
WATERSHED
CONSERVANCY
DISTRICT
New Philadelphia), Ohio—BOND SALE—The $304,000 coupon
bonds offered Sept. 27—V. 151, p. 1611—were awarded to Merrill,
& Co.
andMcDonald-Coolidge&Co., both of Cleveland, jointly, as
(P.
O.
district
Turben
2Kb, at
£ar plus a premium of $1,248, $1,000.to Due Nov.a1 basis of about 2.27%.
100.415, as follows: $7,000 in
>ated Oct. 1, 1940.
Denom. equal
1941:
$8,000, 1942 to 1945. incl; $9,000, 1946 to 1948, incl.; $10,000, 1949
1952, incl.; $1.1,000 1953 to 1955. incl.; $12,000, 1956 to 1958, incl.;
$13,000, 1959 to 1961, incl.; $14,000 in 1962 and 1963; $15,000 in 1964 and
1965, and $16,000 in 1966 and 1967.
Callable on Nov. 1. 1942 or on any
subsequent interest date, at not more than par.
Other bids, all for 2Kb,
to
were as
follows:
Rate Bid
Bidder—
101.18
101.11
100.792
100.64
Stranahan, Harris & Co., Inc., et al
Seasongood & Mayer, et al
*
BancOhio Securities Co., et al
Hawley, Hullyer & Co., et al
NORTH
COLLEGE
HILL,
Ohio—BOND
OFFERING—John
J.
Tomkins, Village Clerk, will receive sealed bids until noon on Oct. 18 for
purchase of $8,687.18 3% coupon refunding bonds.
Dated Oct. 1,
1940.
One bond for $687.18, others $1,000 eaeh.
Due Oct. 1 as follows:
$687.18 in 1942 and $1,000 from 1943 to 1950, incl.
Bidder may name a
the
different rate of interest, provided that fractional rates are
assessment
I
K
of 1%.
street
bonds
SALINEVILLE, Ohio—BOND ELECTION—At the Nov. 5 election the
issue of $15,000 water system bonds.
voters will consider an
SANDUSKY, Ohio—BOND OFFERING—C. A. Breining, City Treas¬
will receive sealed bids until noon on Oct. 1 for the purchase of $325,000
3% coupon sewer bonds.
Dated Nov. 1, 1940.
Denom. $1,000.
Due
$13,000 on Nov. 1 from 1942 to 1966 incl.
Bidder may name a different
rate of interest, provided that fraciional rates are expressed in a multiple
of K of 1%.
Interest M-N.
Bonds were authorized at the November,
1939, general election.
A certified check for $3,250, payable to order of the
city, is required.
Legal opinion of Squire, Sanders & Dempsey of Cleve¬
urer,
land will be furnished the successful bidder.
TAYLOR TOWNSHIP RURAL SCHOOL DISTRICT
(P. O. Broad-
way), Ohio—BOND ELECTION—One of the proposals to be considered
by the voters at the Nov. 5 election provides for an issue of $48,000 building
addition
bonds.
UNIVERSITY HEIGHTS (P. O. South Euclid), Ohio—BOND SALE
—The issue of $105,000 refunding bonds offered Sept. 27—V. 151, p. 1611
was
awarded
to
Otis
& Co.
of
Cleveland,
Paine, Webber & Co.,
$538.65, equal to 100.513,
Oct. 1 from
and
Chicago, jointly, as 3s, at par plus a premium of
2.94%. Dated Oct. 1,1940 and due $10,500 on
1945 to 1954, incl.
Other bids, all for 3s, were as follows:
a
basis of about
Premium
Bidder—
Stranahan, Harris & Co.,
McDonald-Coolidge & Co
Inc
Charles A. Hinsch & Co
William J. Mericka & Co
$445.00
407.40
372.75
341.00
DISTRICT NO.
1
(P. O. Mil-
COOS COUNTY SCHOOL DISTRICT NO.
26-C (P. O. North Bend,
Box 201), Ore—BOND OFFERING— Sealed bids will be re¬
by Alta R. Peterson, for the purchase of
$2,000 not to exceed 6% semi-annual school bonds.
Dated Nov. 1, 1940.
Due $1,000 Nov. 1, 1955, and 1956; provided, however, that all bonds shall
be subject to call and redemption on Nov. 1, 1945, and on any semi-annual
interest paying date thereafter.
Principal and interest payable at the
fiscal agency of the State in New York City, or at the County Treasurer's
office as designated by the purchaser.
The approving opinion of Teal,
Winfree, McCulloch, Shuler & Kelley of Portland, will be furnished.
EnRoute
1,
ceived until Oct. 9, at 7:30 p. m.,
a
certified check for $200.
-
NO. 34 (P. O. Elkton),
Ore.—BOND SALE—The $27,500 issue of building bonds offered for sale
on
Sept. 28—V. 151, p. 1935—was awarded to E. M. Adams & Co. of
Portland, as 2s, paying a price of 100.34, a basis of about 1.95%.
Dated
Oct. 1, 1940.
Due on Oct. 1 in 1942 to 1951, inclusive.
DOUGLAS COUNTY SCHOOL DISTRICT
GRANTS PASS, Ore.—BOND
OFFERING—Sealed bids will be received
purchase
1940 bonds.
until 7:30 p. m. on Oct. 17, by C. R. Duer, City Auditor, for the
of $25,750 not to exceed 6% semi-annual improvement, series
15, 1940.
Denom. $500, one for $250.
Due Aug. 15, as
follows: $2,250 in 1942, $2,000 in 1943 to 1946, $2,500 in 1947 to 1951,
and $3,000 in 1952; provided, however, that bonds shall be subject to call
and redemption on Aug. 15, 1943, and on any semi-annual interest paying
date thereafter.
The approving opinion of
Teal Winfree, McCulloch,
Shuler & Kelley of Portland, will be furnished.
Enclose a certified check
for $500?
Dated Aug.
LANE COUNTY UNION HIGH
SCHOOI
DISTRICT NO. 12 (P. O.
Creswell) Ore.—BONDS VOTED—The Cle> k of the Board of Education
Sept. 211> e voters approved the issuance
of $37,000 construction bonds by a wide margin. Due in 20 years.
states that at the election held on
SCHOOL DISTRICT NO. 15 (P. O.
Ore.—BOND SALE—The $100,000 issue of school bonds
1935—was awarded to Atkinson-Jones
& Co. of Portland, paying a price of 100.03, a net interest cost of about
2.17%, on the bonds divided as follows:
$49,000 as 2s, due $2,000 on
April and Oct. 15 in 1942 to 1947; $3,000, April and $2,000 on Oct. 15 in
1948 to 1952; the remaining $51,000 as 2Kb, due $3,000 on April and Oct. 15
in 1953 to 1957; $4,000 April and $3,000 on Oct. 15 in 1958 to 1960.
LANE COUNTY UNION HIGH
Springfield)
offered for sale on Oct. 1—V. 151, p.
PENNSYLVANIA
expressed in a
Interest A-O.
Issue will refund certain special
and proposals must be unconditional.
Legal
opinion of Peck, Shaffer, Williams & Gorman of Cincinnati will be furnished
to the purchaser at his own expense.
A certified check for 1 % of the bonds
bid for, payable to order of the village, must accompany each proposal.
multiple of
SCHOOL
waukie), Ore.—BOND ELECTION—It is reported that an election will
be held on Oct. 7 to have the voters pass on the issuance of $24,000 con¬
struction and equipment bonds.
close
RULING ON BOND ISSUE—
decision on validity of a pro¬
posed issue of $1,800,000 mortgage revenue power plant bonds is expected
to be made by the State Supreme Court in the near future.
MIDDLETOWN,
C. H. Campbell, City Auditor, reports that a
COUNTY
BALDWIN
—At the Nov.
TOWNSHIP (P. O. Pittsburgh), Pa.—BOND ELECTION
5 election the voters will be asked to authorize an issue of
$350,000 sewer system bonds.
BERKS COUNTY (P. O.
Reading), Pa.—TEMPORARY LOAN—The
Co. of Reading purchased an
0.75% interest.
Berks County Trust
month notes at
""BRIDGEVILLE,
voters
and
Pa.—BOND ELECTION—At the Nov. 5 election the
of $70,000 street and sewer
will be asked to authorize the issuance
$5,000 municipal building addition bonds.
CLYMER
R.
issue of $20,000 one-
SCHOOL
DISTRICT
(P. O. Westfield
ELECTION—At the Nov. 5 election the voters will
of $9,000 refunding bonds.
TOWNSHIP
D. 4), Pa.—BOND
be asked to authorize an issue
HARRISBURG
HOUSING
AUTHORITY,
Pa.—BOND SALE—
Mackey, Dunn & Co. of New York were awarded on 8ept. 30 an
$228,000 first issue series A housing authority bonds at a price of
for $150,000 1Kb and $78,000 2.20s, a net interest cost of about
Re-offered to yield from 0.30% to 2.30%, according to maturity.
follows:
issue of
100.407
1.96%.
Due as
.
$150,000 1Kb. Due $40,00C April 1,1941; $11,000 from 1942 to 1944, incl.;
$12,000 in 1945 and 1946; $13,000 from 1947 to 1949, incl. and
$14,000 in 1950.
78,000 2.20s.
Due $15,000 April 1 from 1951 to 1953, incl.; $16,000 in
1954 and $17,000 in 1955.
Hemphill, Noyes & Co., and Charles Clark & Co. submitted the second
high bid on an interest cost basis of 1.9898%.
LACKAWANNA COUNTY (P. O. Scranton), Pa
—BOND OFFERING
—L. J. O'Boyle, County Comptroller, will receive sealed bids until 10 a. m.
on Oct. 25 for the purchase of $400,000 1, IK, IK, IK, 2, 2K, 2K, 2K.
3% coupon, registerable as to principal only, funding and improvement
Dated Nov. 1, 1940.
Denom. $1,000.
Due $20,000 on Nov. 1
1941 to 1960 incl.
Bonds maturing on or after Nov. 1, 1946, are
callable in whole or in part at the option of the county at par and accrued
interest on Nov. 1, 1945, or on any interest-bearing date thereafter.
Bids
will be received for the entire issue at any of the above rates of interest
but no bid combining two different rates of interest will be accepted.
These bonds are issued subject to the favorable opinion of Townsend, Elliott
& Munson of Philadelphia, and subject to the approval of the Department
of Internal Affairs.
Enclose a certified check for 2% 9f the par value of the
amount of bonds bid for, payable to the County Treasurer.
*-4
or
bonds.
from
WARREN,
an
Ohio—BONDS AUTHORIZED—City Council authorized
not to exceed 4% interest judgment bonds.
Dated
Denom. $1,000
Due $5,000 June 1 and $4,000 Dec. 1
1946 incl.
Prin. and int. (A-O), payable at office of the
issue of $45,000
Oct.
1, 1940.
from 1942 to
Sinking
Fund
Trustees.
TOWNSHIP (P. O. Toledo), Ohio—BOND SALE
indebtedness liquidating bonds offered Oct. 1—V. 151, p.
Columbus as 2s at par
WASHINGTON
—The $14,000
1611—were awarded to BancOhio Securities Co. of
Slus a 30, 1940, and due equal to 100.821, a basis ofin whole or in
ept. premium of $115, Sept. 30, 1949.
Callable about 1.72%.
Dated
part on
Sept. 30, 1943, or on any subsequent interest-payment date.
Second
high bid of 100.196 for 2s was made by Ryan, Sutherland & Co. of Toledo.
WELLSTON, Ohio—BOND OFFERING—W. A. Lausch, City Auditor,
17 for the purchase of $10,000
MARSHALL TOWNSHIP SCHOOL
DISTRICT (P. O. Warrendale),
ELECTION—An issue of $25,000 building addition and
bonds will be considered by the voters at the November 5
general election.
Pa .—BOND
equipment
MILLCREEK TOWNSHIP SCHOOL DISTRICT (P. O. Erie), Pa.—
ELECTION—The voters will be asked to authorize an issue of
will receive sealed bids until noon on Oct.
BOND
4% coupon street improvement bonds.
Dated Sept. 1, 1940.
Denom.
$1,000.
Due $1,000 on Sept. 1 from 1942 to 1951 incl.
Interest M-S.
Bidder may name a different rate of interest provided that fractional rates
are expressed in a multiple of K of 1%.
A certified check for $100, payable
to order of the city, must accompany each proposal.
$150,000 high school construction
bonds at the Nov. 5 election.
NORTHUMBERLAND COUNTY (P. O. Sunbury), Pa .—PROPOSED
plan to make an offering about
Oct. 21 of $105,000 funding bonds.
BOND SALE—The County Commissioners
2080
PENN
The Commercial & Financial Chronicle
TOWNSHIP
(P.
O.
Verona).
Pa.—BOND
ELECTION—An
issue of $500,000 sewer system bonds will be
considered by the voters at
the Nov. 5 general election,
PLAINS TOWNSHIP SCHOOL DISTRICT (P.
Pa.—BOND ELECTION—At the Nov. 5 election the
to authorize
SOUTH
an
O.
Wilkes-Barre),
voters will be asked
issue of $100,000 stadium bonds.
MIDDLETOWN TOWNSHIP SCHOOL DISTRICT
Boiling Springs), Pa .—BOND ELECTION—An
addition bonds
will
be
considered
election.
SOUTH
(P. O.
building
issue of $30,000
by the voters at the Nov.
5
general
CAROLINA
COLUMBIA, S. C.—BOND OFFERING— It is stated by B. E.
City Clerk and Treasurer, that be will receive sealed bids until
AbramsJ
noon
on
Oct.
8, for the purchase of a $275,000 issue of refunding bonds.
Dated
July 1, 1940.
Denom. $1,000.
Due $25,000 Jan. 1, 1942 to 1952.
Bidder
to name one rate of interest in a
multiple of H of 1%.
Prin. and interest
payable in New York.
General obligations, unlimited tax.
No bid for
less than par and accrued interest can be considered.
Legality to be ap¬
proved by Storey, Thorndike, Palmer & Dodge, of Boston, whose
opinion
will be furnished the
purchaser without charge.
Printed bonds to be
furnished by the city. Enclose a certified check for
2% of the face of the
bonds, payable to the city.
SEWER
DISTRICT
(P.
O.
Greenville)
S. C.—BOND ELECTION UPHELD—'The
State Board of Election Com¬
missioners is said to have upheld the
legality of an election held on Aug. 27,
at which time the voters
approved the issuance of $300,000 auditorium
bonds.
SOUTH CAROLINA, State of—TEMPORARY LOAN
AWARDED—
The $1,500,000 temporary loan offered for sale on
Oct. 2—V. 151, p. 1758—
was awarded to a syndicate
composed of the Guaranty Trust Co. of New
York, the South Carolina National Bank of Columbia, and the Trust Co. of
Georgia, of Atlanta, at a rate of 0.50%, plus a premium of
$6.89, according
to Jeff Bates, State Treasurer. Due
$1,000,000 on March 22 and $500,000
on April 22,1941.
SPARTANBURG, S. C.—BONDS AUTHORIZED—The City Counci1
Is said to have approved the issuance of
the
bonds aggregating $300,000,
following public improvement
contingent upon the approval of the voters at a
$155,000 street improvement; $75,000 airport improve¬
ment: $30,000 incinerator addition;
$25,000 sewage and storm drain, and
$15,000 fire station construction bonds.
special
election:
SOUTH
DISTRICT (P. O.
Mcintosh),
S. Dak.—BOND OFFERING— It is
reported that both sealed and auction
J. E. Meredith, Clerk of
$75,000 not to exceed
semi-annual refunding bonds.
Dated Dec. 1, 1940.
Due $5,000 Dec. 1,
1941 to 1955.
All of the bonds maturing after Dec.
1, 1950, to be redeem¬
able at the option of the district at
par and accrued interest on said date
and on any interest payment date
thereafter.
The Board reserves the
right to deliver the bonds in instalments from time to time as the
old bonds
being refunded are surrendered for payment and reserves the
right to reject
any and all bids.
bids will be received until Oct.
18, at 8 p. m., by
the Board of Education, for the
purchase of
WHITE, S. Dak.—BOND ELECTION—It
is reported that an election
is scheduled for Oct. 15 in order to have
the voters
of the following not to exceed
3XA% general
$37,000:
$24,000 water system and $13,000
pass
on
the issuance
obligation bonds aggregating
sewage system bonds.
TENNESSEE
KNOXVILLE,
Tenn.—REFUNDING
PROPOSALS INVITED—This
to submit proposals to act as
refunding agent
holders of outstanding $3,620,000
refunding bonds dated Jan 1,
1933, and maturing Jan. 1, 1958, bearing interest rates of
AY% to 6%.
which are subject to call on semi-annual
coupon dates of Jan. 1 and July 1,
for the purpose of
securing lower coupon rates, such refunding exchanges
to be completed by Nov. 20, 1940.
The city will advertise for sale on or
city is inviting bond houses
to contact
about Nov. 26 an issue of bonds with which
1958 bonds which have not been
exchanged
to
McMINN
COUNTY
FOR INVESTMENT—A
to
(P.
O. Athens). Tenn•—BONDS OFFERED
$289,000 issue of 3H% refunding bonds is being
by Jack M. Bass & Co. of Nashville, for public subscription
yield from 2.25% to 3%, according to maturity.
Dated
at prices
Sept. 1, 1940.
Due on Sept. 1 as follows:
$15,000 in 1946 to 1950; $20,000, 1951 to
1959,
and $34,000 in 1960.
Prin. and int. (M-S) payable at the
Chemical Bank
& Trust Co., New York
City.
Legality to be approved by Chapman &
Cutler of Chicago.
NEWPORT,
Tenn.—BONDS OFFERED TO PUBLIC—A
syndicate
composed of Clark & Co., the Cumberland Securities
Corp. both of Nash¬
ville, and the Fidelity-Bankers Trust Co. of Knoxville, is
offering for general
subscription the following bonds
aggregating $179,000:
$106,000 4% general refunding bonds. Due in Oct. 1 in
1941 to 1952.
73,000 3 H% general refunding bonds. Due on
Oct. 1 in 1953 to 1958.
Denom. $1,000. Dated Oct. 1, 1940. Prin. and
int. (A-O) payable at the
Merchants
& Planters Bank of
5,
1940
voters
are
stated
Newport.
PARIS, Tenn.—BOND OFFERING—Sealed bids will be received until
10 a. m. on Oct. 16 by I. H.
Dale, City Recorder, for the purchase of
$35,000 not to exceed 5% semi-annual public
improvement of 1940 bonds.
Dated Oct. 1, 1940.
Denom. $1,000.
Due Oct. 1 as follows: $2,000 in
1942 to 1946, $3,000 in 1947 to 1953 and
$4,000 in 1954.
The city reserves
the option of
redemption of the entire balance of issue due on and after
Oct. 1, 1950.
Prin. and int. payable at
City Treasurer's
office.
The bonds
general obligation bonds of the city,
payable from taxes levied on all
taxable property in the city, real and
personal, and are regisfcerable as to
principal.
The bonds are authorized by resolution of the
City Council
under the "Public Works Act of
1935," and are issued for the purpose of
are
By a vote of 333 to 245, a proposed $300,000 bond issue to build an
electric plant was defeated. Another issue of $100,000 to build a
gas plant
was rejected by a vote of
302 to 274.
The city-owned plants would have been in
competition with facilities of
the Texas Natural Gas Utilities of Houston and the Central Power &
Light
Co. of Corpus Christi.
GALENA
PARK
INDEPENDENT SCHOOL
DISTRICT
(P.
O.
Galena Park). Texas—BONDS SOLD—It is
reported that $9,000 3%
refunding bonds have been purchased at par by the J. R.
Phillips Investment Co. of Houston.
GALVESTON, Texas—PRIVATE WHARF COMPANY TO BE PURr
CHASED—The entire ownership by the city of the properties of the Gal"
veston Wharf Co. has been authorized at an election held
recently, as noted
here—V. 151, p. 1936—the count being 1,676 for and 917 against the propo¬
sition.
The plan provides for issuance of
$6,250,000 revenue bonds to
be seemed by three-fourths interest of the
private stockholders.
The city
already owns the remaining one-fourth interest.
Some $3,750,000 of this
amount will be used to finance
existing indebtedness and the balance will
go to the stockholders.
MATAGORDA COUNTY ROAD DISTRICT NO. 10 (P. O. Palacios)'
Texas—BONDS SOLD—An $80,000 issue of road bonds is said to have been
purchased by the Ranson-Davidson Co. of San Antonio.
McLEAN INDEPENDENT SCHOOL DISTRICT
(P. O. McKean)
Texas—BONDS EXCHANGED—An issue of $89,500 3,4 and 5% semi ann.
refunding, series of 1940 bonds is said to have been exchanged with the
original holders. Dated Jan. 1, 1940. Due on Aug. 1 in 1941 to 1974.
NUECES COUNTY (P. O.
Corpus Christi), Texas—BOND OFFERING
•—Sealed bids will be received by C. J. Wilde,
County Auditor, until 10a.m.
on Oct. 14. for the
purchase of $35,000 not to exceed 3 lA% semi-annual
refunding bonds.
Dated Oct. 10, 1940.
Due $3,000 in 1941 to 1945 and
$2,000 in 1946 to 1955.
Printed bonds and approving opinion will be
furnished by the county.
Prin. and int. payable at the County Treasurer's
office or at the State National Bank,
Corpus Christi.
Enclose a certified
check for 1%, payable to A. C.
Gandy, County Judge.
REEVES COUNTY ROAD DISTRICT NO. 1
(P. O. Pecos), Texas
SOLD—A $30,000 issue of 2 %% semi-annual
refunding bonds
approved by the Attorney Generals' department on Sept. 6, is said to have
been purchased by the Dallas Union Trust Co. of
Dallas, at a price of 101.05.
—BONDS
SHAMROCK, Texas—BONDS SOLD—It is reported that $277,000
refunding bonds have been purchased by Crummer & Co. of Dallas.
UTAH
COUNTY
SCHOOL DISTRICT
(P.
O.
Vernal),
Utah—
BONDS OFFERED FOR INVESTMENT—An
$8,000 issue ot3H% refund¬
ing bonds is being offered for public subscription by Bosworth,
Chanute,
Loughridge & Co. of Denver, priced to yield 2.70%.
Dated Sept. 1, 1940.
Due
on
Sept.
1,
1956.
Prin.
and int.
Bank & Trust Co. in Salt Lake
City.
Nye, Bosworth & Dick of Denver.
(M-S) payable at Zion's Savings
Legality to be approved by Pershing,
VERMONT
UNDERHILL
(P.
O.
Essex
Junction),
(
Vt.—BOND OFFERING—
Sealed bids will be received at the office of Allen
Martin, attorney, Essex
Junction, until 8 p. m. on Oct. 15 for the purchase of $27,500 coupon
refunding bonds.
Dated Nov. 1, 1940.
Denom. $1,500 and $1,000.
Due
Nov. 1 as follows:
$1,500 from 1941 to 1955 incl., and $1,000 from 1956
1960 incl.
to
Bidder to name one rate of interest in a
multiple of M of 1 %.
Principal and interest (M-N) payable at the First National Bank of Boston.
These bonds will be valid general
obligations of the town and all of its
taxable property will be subject to the
levy of unlimited ad valorem taxes
to pay
both principal and interest.
They will be engraved under the
supervision of and authenticated as to genuineness by the First National
Bank of Boston; their legality will be
approved by Storey, Thorndike,
Palmer & Dodge of Boston, whose
opinion will be furnished the purchaser.
The original opinion and
complete transcript of proceedings required in the
proper issuance of the bonds will be held in custody by the First National
Bank of Boston, and available for
inspection upon request.
WASHINGTON
KING COUNTY SEWERAGE AND DRAINAGE DISTRICT NO. 2
(P. O. Seattle), Wash.— WARRANT SAJLE—The $25,000 temporary
warrants offered for sale on Sept. 30—V.
151, p. 1936—were purchased by
H. P. Pratt & Co. of Seattle as 5s at a
price of 90, according to the Clerk
of the Board of County Commissioners.
KING
COUNTY
SCHOOL
DISTRICTS
(P. O. Seattle) Wash.—
$22,600, offered for sale on
by Bramhall & Stein of Seattle,
$17,100 School District No. 221 bonds as 3s, and $5,500 School
District No. 120 bonds as 3Hs.
BOND SALE—The school bonds
aggregating
Oct. 1—V. 151, p. 1612—were purchased
as
follows:
PIERCE
COUNTY SCHOOL DISTRICT NO. 99 (P. O. Tacoraa),
Wash.—BOND SALE NOT CONSUMMATED—It is reported
by Paul
Newman, County Treasurer, that the sale on Sept. 7 of the $7,500 school
bonds to the State, as 3s at par, noted here—v.
151, p. 1758—was not
consummated due to certain statutory requirements on the bond election
being neglected.
It is said that a new election will be held in the near
future.
PORT
following
ORCHARD, Wash.—BOND ELECTION— It
sewer system
is
said
that
the
bonds aggregating $80,000, are to be voted upon at
$28,000 general obligation, and $52,000
the general election in November:
revenue
bonds.
WHATCOM COUNTY (P.
TION—It is reported that the
O.
Bellingham),
Wash.—BOND
ELEC¬
voters will pass on the issuance of $85,000
tuberculosis sanitarium bonds at the general election in November.
YAKIMA COUNTY SCHOOL DISTRICT NO. 10
(P. O. Yakima)
V ash.—MATURITY—The
County Treasurer now reports that the
$10,000 school bonds sold to the State as 2.80s, at par, as noted in these
columns—V. 151, p. 1460—are due on Sept. 1 as follows:
$1,000 in 1942 to
1944; $1,100 in 1945 to 1947; $1,200, 1948 and 1949, and $1,300 in 1950.
improvement of the streets and
sewers and public
ways of the city.
The
bonds will not be sold for less than
par and accrued interest plus the cost of
printing of bonds and approving opinion.
Enclose a certified check
for $500, payable to the
WISCONSIN
the
City Treasurer.
WEST ALLIS, Wis.—BOND SALE NOT SCHEDULED—We
formed by Fred A. Sanlader, City
Clerk, that the
and
TEXAS
BEXAR
here—Y.
(P. O. Antonio), Texas— WARRANTS SOLD—
$40,000 highway warrants have been purchased
by
Mahan, Dittmar & Co. of San Antonio.
COMMERCE,
Texas—BONDS VOTED—The City
Secretary states
that the voters approved on
Sept. 24 the issuance of the $35,000 4% street
improvement and park improvement bonds that were
sold subject to the
outcome of the election, as noted here.—Y.
151, p. 1936.
CUERO, Texas—BONDS AUTHORIZED—The city officials
have
authorized
light and
to
the
issuance of
are
said to
$230,000 in 3% and 3H% semi-annual
Dated July 1, 1940.
Due in 1943
power system revenue bonds.
1960.
DALLAS, Texas—BOND
ELECTION—City Secretary Earl Goforth has
posted notices of the election to be held Oct. 15 to vote
on an aviation bond
issue totaling $750,000 and for the
consolidation of the Dallas and County
gas companies.
The bond issue includes $250,000
proposed as direct obligations of the
city and $500,000 which can be issued to finance
projects located
DEL
bonds authorized recently by the
151, p. 1936—are not for sale.
sewer
are
in¬
$128,000 water, street
Common Council, as noted
COUNTY
It is reported that
on a
municipal airport.
self-liquidating industrial
Mfc
RIO, Texas—BONDS DEFEATED—The City
Secretary states
that the voters turned down the issuance
of $160,000 gas system revenue
bonds at an election held on Sept. 17.
to
have rejected two bond issues on
Sept. 28 that would have put the city in
the electric and natural gas business.
refund the balance of the
by Nov. 20, and with the
proceeds of such sale will call for payment on Jan. 1,
1941, the remaining
1958 bonds.
Sealed proposals for
acting as refunding agent will be accepted
by A. P. Frierson, Director of Finance,
City Hall, Knoxville, Tenn., until
10 a. m. on Oct. 7, 1940.
offered
CAMPO, Texas—BONDS DEFEATED—The
UINTAH
DAKOTA
McINTOSH INDEPENDENT SCHOOL
_
Oct.
semi-annual
CHARLESTON, S. C.—BONDS SOLD—It is stated by Mayor Henry
W. Lockwood that $181,000
% semi-ann. refunding paving bonds have
been purchased at par by a local syndicate. Dated Oct.
15, 1940. Due on
Oct. 15 as follows:
$91,000 in 1941 and $90,000 in 1942..
GREATER GREENVILLE
EL
WYOMING
CARBON COUNTY SCHOOL DISTRICT NO. 33 (P. O.
Lamont),
Wyo.—PRICE PAID—The District Clerk now reports that the
$11,000
school bonds sold to the Stock Growers National Bank of
Cheyenne as
2Mb. as noted here—V. 151, p. 1758—were purchased for a
premium of
$10.60, equal to 100.096, a basis of about 2.48%.
Due $1,000 on Sept. 1
in 1941 to 1951, inclusive.
CANADA
CANADA
(Dominion of)—TREASURY BILLS SOLD—An issue of
$35,000,000 Treasury bills, due in three months, was sold on
Sept. 30 at
an average yield of 0.648%.
SASKATCHEWAN (Province of)—BOND SALE—A
syndicate com¬
posed of Dominion Securities Corp., A. E. Ames & Co., and
Wood, Gundy
&
Co., all of Toronto, and associates,
recently purchased $3,000,000
4% refunding bonds, dated July 1,1940, and due July 1,1943.
Int. J-J.
THOROLD, Ont.—BOND SALE DETAILS— The $172,842 3H% re¬
funding bonds purchased by Harrison & Co. of Toronto, as
reported in
V. 151, p. 1758—were sold at a price of
97.25, a basis of about 3.90%.
@FedFRASER