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6 1940
COPYRIGHTED IN 1940 er WILLIAM B. DANA
VOL.151.
COMPANY, NEW
YORK.
Issued WeekJy40 Oente a Copy
ENTERED AS 8ECOND-CLASS
MATTER JUNE 23, 1B79, AT THE POST OFFICE AT NEW YORK, NEW YORK,
NEW YORK, SEPTEMBER 14, 1940
UNDER THE ACT OF MARCH 3, 167*.
CHASE
THE
BROOKLYN TRUST
BANK
COMPANY
Chartered 1866
NO. 3925,
^5 Sprifce St. f New York City '
BANK
NATIONAL
OF THE CITY OF NEW
YORK
V'uA;
OF
George V. McLaughlin
Maintaining effective cor¬
President
BROOKLYN
NEW YORK
respondent bank service
NEW
is
a
traditional
policy of
the Chase National Bank.
Member Federal Deposit Insurance
YORK
Corporation
Broaden your customer
with
service
Chase
cor¬
respondent facilities.
Hallgarten&Co
Established
Member Federal
Deposit Insurance
Corporation
1850
preferred
NEW YORK
stocks
London
Chicago
City of
Philadelphia
Bonds
PUBLIC UTILITY
T'hc
INDUSTRIAL
first boston
RAILROAD
CORPORATION
MUNICIPAL
BOSTON
NEW YORK
Moncure Biddle & Co.
CHICAGO
BONDS
AND OTHER
PHILADELPHIA
SAN FRANCISCO
PHILADELPHIA
PRINCIPAL CITIES
ACALLYN^COMPANY
INCORPORATED
CHICAGO
Boston
Philadelphia
Milwaukee
Omaha
New York
Detroit
PACIFIC NORTHWEST
ATTl
The
SECURITIES
New York Trust
(Drumhdtor, Ehrfkhman
Company
*31
OTIS &. CO*
IOO
Established 1899
CLEVELAND
Capital Funds. $37,500,000
Seattle
i
(Incorporated)
NewYork
Company
Exchange Bldg.
We Deal in
BROADWAY
Philadelphia Co. $5 & $6 Pref. Stk.
Chicago
West
Sierra
Power Common Stock
Penn
Pacific Power Com. Stock
MADISON AVENUE
R. H. Johnson & Co.
Lehigh Coal & Nav. Cons. 4^s,
AND 40TH STREET
Southwtn. Gas Co.
'64
(Okla.) 6s, 1964
Members
New York Stock Exchange
New York Curb Exchange
64 Wall
St.
yvrnall Si cO.
.
NewYork
ONE EAST
1528 Walnut Street,
Philadelphia
PHILADELPHIA
BOSTON
57TH STREET
DeHaVen & Townsend
CarlM.Loeb,Rhoades&Co.
Established 187k
61
BROADWAY
Member of
NEW YORK
London
Paris
Amsterdam
Geneva
the
Federal Deposit
Insurance
Corporation
NEW YORK
80 Broad
PHILADELPHIA
1518
Walnut St.
The Commercial & Financial Chronicle
n
Sept.
14,
1940
INTERBOROUGH-MANHATTAN UNIFICATION PLAN
To Holders of Securities of
Interborough Rapid Transit Company
AND
Manhattan Railway Company
For the benefit of holders of securities of
Interborough Rapid Transit Company and of Manhattan
Railway Company who, because of absence during the summer, have been unable to act with
respect to the Interborough-Manhattan Unification Plan, the undersigned Contracting Commit¬
named in the Plan have determined to extend the
tees
period for the deposit of all classes of
securities of the above-named companies to the close of business
undersigned have also determined to make
prices at which the properties
ment
were
and allowance of claims will
no
on
September 26, 1940. The
further extension of such period. The
sold in foreclosure and the provisions of the order as to settle¬
provide for holders of securities who do not assent to the Plan
substantially less than for those who assent, and will leave nothing for non-assenting Inter¬
borough stockholders.
Copies of the Plan and of the letters of transmittal for the deposit of securities thereunder
be secured upon application to the appropriate depositary named below.
may
Dated:
September 11, 1940.
Committee for
Committee for
Committee for
Interborough Rapid Transit Company
First and Refunding Mortgage 5%
Gold Bonds,
By J. P. MORGAN,
Interborough Rapid Transit Company
Ten-Year Secured Convertible 7%
Gold Notes,
By J. HERBERT CASE,
Manhattan
Railway
Company
Consolidated Mortgage 4% Gold
Bonds,
By VAN S. MERLE-SMITH,
Chairman
Chairman
Depositary for
Depositary for
&
CO.
Depositary for
Interborough Secured 7% Notes,
Interborough 5% Bonds,
J. P. MORGAN
Manhattan Consolidated Mortgage Bonds,
CITY
INCORPORATED
23 Wall
Chairman
BANK
TRUST
St., New York, N. Y.
FARMERS
CENTRAL
COMPANY,
HANOVER
AND TRUST
22 William St., New York,N. Y.
BANK
COMPANY,
70 Broadway, New York, N. Y.
Depositary for
MANHATTAN
c
,*.
u
.
INTERBOROUGH
,
Second Mortgage Bonds
TT
Modified
Guaranteed
5%
,
_
%T
Unsecured 6% Notes
Guaranteed 7% Stock
Stock
Common Stock
CHEMICAL
165
BANK & TRUST COMPANY,
Broadway, New York, N. Y.
Dividends
JOHN MORRELL & CO.
REORGANIZATION PLAN
M*
DIVIDENDjNO. 43
|
A dividend of
To the Holders of
($0.50)
capital
The William Cramp and Sons'
Ship and Engine Building Company
Fifty Cents
share
per
stock
the
on
of
John
Morrell & Co., will be paid
October 25, 1940, to stock¬
holders
shown
of
on
record
September 28, 1940,
books of
the
Ottumwa, Iowa.
the
as
Company.
* George A. Morrell, Treas.
General Mortgage 6% Gold Bonds
UNITED FRUIT COMPANY
A
Plan
of
Reorganization of The William
DIVIDEND
Cramp and Sons' Ship and Engine Building
A dividend of
tal
Company and
from
spect
Cramp
a
letter of transmittal thereof
Shipbuilding Company in
thereof have been prepared and
stock
of
this
payable Oct.
15,
NO.
165
dollar per share on the capi¬
one
Company
has
been
declared
1940 to stockholders of record
at the close of business
Sept. 19, 1940.
re¬
LIONEL
W.
UDELL, Treasurer.
are
HOMESTAKE MINING
available to all holders of the above named
COMPANY
Dividend No. 833
Bonds. All holders of such Bonds
are
urged to
promptly with the undersigned.
declared dividend
thirty-seven
and one-half cents
share of $12.50 par value Capital
The Board of Directors has
833
No
communicate
($.373^)
Stock,
of
per
payable
September
holders of record 3:00
Cramp Shipbuilding Company
20
Checks
pany,
Please address communications to
Cramp Shipbuilding Company
D. P.
Beardsley, Secretary and Treasurer
1529 Walnut
Street, Philadelphia, Pa.
25,
1940
to
stock¬
o'clock P. M., September
1940
will
be mailed
by Irving Trust Com¬
Dividend Disbursing Agent.
R. A. CLARK, Secretary.
September 3, 1940.
NEW YORK TRANSIT
26
COMPANY
Broadway
New York,
A dividend of Thirty-five
September 5, 1940.
(35) Cents per share
Stock ($5.00 par
October 15,
the close of
has been declared on the Capital
value) of this Company, payable
1940 to stockholders of record at
business September
20.^940.^^
No. 3925
SEPTEMBER 14, 1940
Vol. 151
CONTENTS
Editorials
The Financial
Situation
Who Will Profiteer?
...
Mr. Loree..
___
-.1462
___....__1474
____._1476
Comment and Review
of United States Railroads in
Gross and Net Earnings
_____1479
July...
Authorizing
National Guard into Service
of
Text
Resolution
The Business Man's
Week
on
President
Bookshelf
the European
Stock Exchanges
to
Order
______..____1481
1483
..1467
Situation
Comment
1468
Foreign Political and Economic
Foreign Exchange Rates and
Course of the Bond Market
Indications of Business Activity
Stock Exchange
Week
on
the New York
Week
on
the New York Curb
Exchange
..1472 & 1519
1482
.1483
1465
1518
News
Current Events and
Discussions
Bank and Trust Company
General Corporation
1498
1517
.
Items..
....1562
1602
1603
and Investment News
Dry Goods Trade
State and Municipal Department.
Stocks and Bonds
Foreign Stock Exchange
Quotations
Bonds Called and Sinking
Fund Notices
Dividends Declared
Auction Sales
1527 & 1529
1519
1521
1521
...
Exchange—Stock Quotations
1530
♦New York Stock Exchange—Bond Quotation a.1530 & 1540
New York Curb Exchange—Stock Quotations
.1546
♦New York Curb Exchange—Bond Quotations..
1550
Other Exchanges—Stock and Bond Quotations..
1552
Canadian Markets—Stock and Bond Quotations..
1555
Over-the-Counter Securities—Stock & Bond Quotations. 1558
New York Stock
Reports
1471
Foreign Bank Statements..
Course of Bank Clearings
Federal Reserve Bank Statements.
General Corporation
-.1519
1498 & 1527
-
1562
and Investment News—
Commodities
The Commercial
Markets and the Crops
Cotton
Breads tuffs
•
on
Attention Is directed to the new
New York Stock Exchange
tions
column Incorporated in our
and New York
pertaining to bank eligibility
1590
..1592
1597
tables
Curb Exchange bond quota¬
and rating
Company, 25 Spruce Street, New York City, N. Y.
and Treasurer; William D. Riggs, Business Manager.
South La Salle Street (Telephone State 0613). London—
B Dana Company Entered as second-class matter
1879. Subscriptions in United States and Possessions, $18.00
for 6 months. South and Central America, Spam, Mexico and
Cuba, $21.50 per year, $11.75 for 6 months; Great Britain, Continental Europe (except Spain), Asia, Australia and Africa, $23.00 per year
$12.5® for 6 months.
Transient display advertising matter, 45 cents per agate fine. Contract and card rates on request.
NOTE: On account
of the fluctuations in the rates of exchange, remittances for foreign subscriptions and advertisements must be made in New York funds.
Published Every Saturday
Morning by the William B. Dana
Chairman of the Board and Editor: William Dana Seibert, President
Chicago—In charge of Fred H. Gray, Western Representative, 208
Edwards & Smith, 1 Drapers' Gardens. London, E.G.
Copyright 1940 by William
June 23. 1879 at the post office at New York. N. Y., under the Act of March 3,
per year, $10.00 for 6 months; in Dominion of Canada, $19.50 per year, $10.75
Herbett D. Seibert,
Other offices:
The Financial Situation
ON opened his active evening last the President
WEDNESDAY campaign for reelection for
third term
a
speech.
series
of
is
opponent
about
now
and formal
appearances
to
addresses
presumably will usher in his real effort
approval of the voters.
The time is,
hand
evidence
when
convincing
begin
to
which
be
being
are
such
a
the
win the
therefore,
must
enactments and the
faulty way in which
of these statutes have been administered and
many
by making his first admittedly political
His
of
series
administered.
laws
the
as
wage-hour law,
the securities
long
so
they
as
the holding
tion
under
would
Mr.
bring
tude
contrasting
and
tered
the
general
that
ber
tanks
essen¬
tial to
our
foreign policies,
at
home.
liminary campaign
have
vers
essential
they
failed
could
they have
lay
of
which
without
a
these
well
if
be
work
the
of
to
be
battle
of
upon
Nation
.
*
is
for
is
not
called
an¬
the
the
the
service
and
government;
situation
to
trated
rise
"spiritual
shaky ground in this
the
in
up
he
and
associates
its
draft
be
(even
Not
for
strength"
of
which
is
defense
and
a
essential
the
effort,
Achilles
to
say
heel
of
his
ice
at
as
to
measure
time in
thereof)
the
cited
all
well
against
as
to
one
burdens ordinarily
placed
to
enjoy and to make
oust
a
the
regime in office able
It must,
most
moreover,
astute
do
politicians
full realization of the nature of
the task that lies
There
must
outset that
be
much
but
powers—in what
and in what
Nor
can
greater by
full
more
understanding
is
at the
involved than
any
further
be
reason
possibility that the
Administration which
so
long
and
a
time in¬
extraordinary
never
hesitated
dictated will remain in office
way,
degree
any
the
in¬
the
very
use
talk.
of
again reveal the
are
has for
to
whim
"conscript¬
fears
of the
seven
as
extreme
by the attempt
power,
The "oppo¬
them
the
serv¬
eternal itch for dictatorial
half year old effort to induce
recovery.
history.
an
for
sisted upon
our
in
ing" plant and equipment
(as well as the owners
powers
any
proposals.
include
provision
entire
nothing of his
over
compulsory military
uses.
moral
aptly illus¬
only does the effort
made
inflict
to
are
amortization
sub¬
by the
"fear
"guns
and
planes" to be supplemented by the "morale
of
a
people" and to support that morale
may not be forthcoming.
It is precisely this fact which the
Admin¬
istration apparently cannot understand and
is
Illustrations
the conscrip¬
law, and the tax and
tion
of capital must not be
sapped
of
insecurity," or
the
success¬
by the
third term. '
by current contro¬
versies
history. What it must do, however, can be
done, and the important thing at the moment is a
ahead.
Current
But on far
more
practical grounds the
position of the President is open to criticism.
The
perpet¬
that
.
on
tools
a
to
a
of
the
type of personal
demand for
will we
industrial
business that tries
any
to
mo¬
lines,
our
very
and
present
These basic needs of the
above
President is
owner
fol-de-
those who would
act
call
combat
the
inauguration
government evinced
to
penalty upon the property of indi¬
viduals, who may already be in the military
service of the Nation.
Certainly if history
is a trustworthy guide the
wage earner is
fully as likely to prove recalcitrant as the
un¬
sition" must bear all the
to
for
continue
the
course,
uate this
things have been
essential
upon
of
government.
such
(at least)
completion is
few
train
behind
to
we
from
determination
the
lines.
as
its
ment—and, of
owners
difficult, but
as
in
force
great
jected to involuntary servitude
pay).
Yet he wants the power
The task of Mr. Willkie
ful
to
men
service
business
who
already done
irreparable damage
his
the
to
train
almost
of
down to the
pseudo-analogy.
He is not suggesting that
the mechanic, the
teamster, or the machinist
is not to end in
failure.
and
for
continue
The
rol that has
almost
who
long
so
above
from the
Blum-like
necessary
government must be empowered to deal ade¬
this
consequences of
the
Just
upon
No
erec¬
now
effort
other four years
of
share.
plants of the
they can give.
proceed
must
the country
grave
the
also
horse the New Deal and to
save
behind
train
than
In any
event,
spade
done
and
its
delay and without
campaign
those
to
forces
call
namely
now
day
equally necessary and fair that every
dollar of capital in America also
contribute
superstructure
hesitation.
the
both
quately with
must
peatedly and persistently
by the Roosevelt
the
as
of
shown
It is
could be used in the
tion
is
spirit
successful enterprise so re¬
regime
unity
it
attitude of
for
that every human
being in the
contribute his share.
This
workers
maneu¬
National
even
importance,
power, the general pol¬
icy of hostility toward all
Chief Executive
defense
fighting
foundation which
a
for
National
vital
begin
Of
socialism, the abiding lust
States
applies
pre¬
more
done,
of
United
Perhaps
not
search
our
and it is fair
prog¬
in
tasks.
expected to do
to
In
offer
now to
delay.
however, is the
defeatism, the
and
guns
planes.
another point the
at
basis
and
The
and
said:
adequate prepared¬
economic and social
ress
But
prudent direction of
ness,
sailors
in
num¬
a united
people
strength has not
through hunger or want or fear
of insecurity.
The morale of a people is an
essential
supplement
to
their
guns
and
planes.
such
sweeping change is
a
that
and
and
alone
the
adminis¬
they
great
ought
more
whose spiritual and moral
been sapped
a
persuasive, nay compelling,
demonstration
soldiers
statute,
impor¬
the bombardment
without
Behind them all must stand
Along with this
evidence there must be
which
cannot
be
measured
of mathematical increase in
of
being
of
tance in
asserted:
effort
terms
Wash¬
Wednesday
Union,
mighty National defense effort
are
engaged in today, all of us,
all present and potential threats,
we
that
on
Teamsters
our
against
our
International
as
Act,
remain upon the
today,
targets
point in his address
to
company
are
tered
Grievous Oversight
President
Yes,
to
of
affairs in
ington.
a
atti¬
policy
management
one
evening
the
basically al¬
a
national
At
fundament¬
a
ally different spirit,
sharply
they
Willkie
course,
present form, and particularly
a change to
Republican Administra¬
A
of
Relations
administered in the way that
are
coming that
a
long,
Labor
laws, and the others
statute book in their
at
forth¬
So
National
of these
unprecedented
under what
circumstances,
use
everyone must guess
thoughtful citizen well fail
legislative incursions of
a
for himself.
to ask what
similar nature might
brought forth after the election should
this
same
Administration receive another "mandate."
As to the tax
posals, they
are
bill, including the amortization
pro¬
without question bad enough in all
Volume
The
151
Like
conscience.
so
many
of
tax laws they ap¬
our
conflicting pur¬
poses, and the result is really satisfactory for none
and, all in all, almost incomprehensible.
But in
view of the revelations of purpose, of attitude and
of spirit in the course of the Congressional debates
and other maneuvers, it may well be questioned
whether anything could be done to alleviate the un¬
to be designed to serve several
pear
the minds of busi¬
easiness which has been created in
men
ness
everywhere whose confident cooperation
defense and domestic
is essential both to national
is, short of
of those who
have given evidence of entertaining the ideas and
purposes which have so plagued this legislative at¬
tempt. No intelligent man can of course blind him¬
economic
well-being—anything,
that
repudiation at the polls this autumn
self to the obvious fact that any
enactment taken to
well be viewed as mere
the statute book now may
Administration re¬
this autumn after the demonstra¬
provided during the past several months.
by
legislation
"stop-gap"
such
Measures
reason
unfortunate in the
are
should
Converted into law—particularly
extreme.
returned to power—
they might well make the full difference between
success with
our preparedness efforts and failure
with them, but the spirit which prompts them, the
attitude which they manifest, must inevitably, if
present Administration be
the
those who show them
effort whether through these
burden that
or
remain in office, continuously
others of
a
smiliar sort, or still
statutes
others which
spirit must inevitably breed from time to
The President and any of his
such
a
time
in the future.
about
and all
the rest of the political flub-dub which is the stock
in trade of the spell binder, but the hard fact will
advisers
shout until they are hoarse
may
"drafting" dollars of capital as wTell as men,
President
remain that unless the
or
his successor is
confident, wholly voluntary co¬
able to command the
would for a long
in the past.
prepared, of course, to endure the
the hardships which war inevitably im¬
period of time revert to what it has been
is
Business
hazards and
poses—if need be—but it is here in danger of having
in addition to bear the added burdens which such
an
to
Administration would without
impose
These
once war
are,
it is
national defense efforts.
today he will fail in his
Koosevelt will not be able to
President
command
long as his attitude of
undependability remain
what they have been from the first and. will without
question always be. His attacks may be purely
political or they may be quite sincere. Their effect
that sort of
cooperation
so
hostility and his general
of course, current developments
If
We
In still another way
and
the
a
economic
the general spirit of the New
progress,
particularly where
plant
entering of commitments which extend over
period of time.
substantial
scious of the
the
War
dependent upon the enlargement of
either is
or
to
seriously hampering both defense prepara¬
Deal is
tions
Go
Every one is con¬
possibility of our becoming involved in
present European war.
At times the rank and
All thought¬
file have been
quite fatalistic about it.
ful
well
are
men
aware
that the course that the
President has laid out in our
hances the
approve
danger.
foreign relations en¬
They know it even where they
of what has been done. The business man
thinks he does, and with good reason,
They
of the fact
that they come upon the heels of many other steps
in the past quite in tune with them, and the impact
upon the general economic well-being of the nation
thoughtful observer quite obvious.
is to the
however, doubly ominous by reason
are,
of the whole and of the
them is
so
or
that
the
now
in power
It is all very well for
politically timid to mumble that all
the
discerned
precisely as real if not so easily
this though
enough does not interest the hoi polloi whose
votes
decide elections
and whose fears, whose
true
emotions, whose prejudices,
and
Such, however, is not the
political schemers.
response
the rank
tion
to
and whose greed has
spell binders
whetted by New Deal
been aroused and
of the real statesman. The point is that
and file must be led for their own salva¬
take
interest in these matters,
an
understand their vital stake in
impediments that have been thrown in the path
past, the degree of control, the in¬
termeddling, the inept restrictions,
and the like ap¬
and to
ordering a change in
They must
be,
they are being led like lambs to the slaughter, and
1hey must be told in such a way as to make an im¬
pression upon them. To perform such tasks is the
function of a leader, and he who does not undertake
them is not a leader, but in practical effect a blind
man leading the blind—to put the most charitable
the way
be told
their affairs are being managed.
that, whatever surface appearances may
construction upon the case.
the Air"
How many
times do we hear it said that these are
the "trends of the
times"
or
that such ideas are "in
air," and that nothing is to be gained trying to
resist them.
What moral cowardice! What in¬
the
tellectual
ism !
What extraordinary defeat¬
indolence!
These things are
cause we
make them so.
the "trend of the
times," be¬
They are in the air because
intellectual dillentantes,
there. It is encum¬
bent upon the rest of us, particularly those who
aspire to positions of public responsibility and
political leadership to fill the .air with more in¬
vigorating and safer doctrines, to redirect the "trend
of the times," to save the rank and file and ourselves
as
well from the certain consequences of such
political rabble rousers,
parlor socialists put them
doctrines and such
ship political
Without such leader¬
policies.
campaigns become nothing more
than
of in¬
dividuals for personal preferment and political posi¬
tion, and we venture the prediction that unless Mr.
Willkie can and will assume the full responsibilities
of bold leadership in the weeks to come and "make
it stick," he will share the fate of Mr. Landon, and
contests
among
individuals
for the same reason.
Our
and
groups
~
Foreign Affairs
Administration such as
would promptly proceed to make
of business in the
spirit which gives rise to
dramatically obvious.
also knows, or
that once we are at war an
and
the national defense program
their incidence upon
and
remains the same.
question be quick
is declared.
"In
operation of those groups in the«business community
who have made and are making our industry what
good
doubt, whether when hostilities were over
to
system of private enterprise
our
an
these
as
He doubts, and he has
mild . indeed.
pear
turned to power
tion
1463
Commercial & Financial Chronicle
But it is not
only in domestic matters
understanding leadership is
and the
Republican party.
foreign affairs calls
that bold,
required of Mr. Willkie
The management of our
for it with equal insistence
and
1464
The Commercial & Financial Chronicle
There appears to be litle
urgency.
reason to
doubt
000,000,
to
$6,540,000,000.
popular approval of much that the President has
recently done in this field.
It seems to be clear
months
ago.
that the rank and file
there is
now
$340,000,000
"glad that Britain got the
are
destroyers" and that "we got the bases," and that
except among the better informed and the more
thoughtful there is relatively little disposition at the
inquire too closely into other aspects of
Similarly with much
bank
else
taking place. Nor is it easy to detect
wide interest in what
may have taken place which
the public has not been
permitted to know. This sit¬
loan
It
is,
feel
strongly enough about what is going
to approve
rope
that
means
the
and
war
which
threaten
way as to
we
our
a
have
Sept. 11 reflects
to
dealers
on
increase in loans to brokers
an
security
collateral
The
condition
statement
of
the
are
interest in such
years to
raised by the for¬
eign policy of the Administration, and the
in
reason
tificates
the
regional banks, raising their
holdings to $18,671,299,000.
Other cash of the 12
banks increased, as
currency returned from circula¬
tion, and total
moved
reserves
circulation
Total
advanced
ber
what
it
be
can
sentially
made to
to them.
new
situation which is not.
appear and
Here
which is
es¬
again it is the task
of Mr. Willkie to stimulate
and
of the rank and
guide the thinking
file, not merely to follow it. Con¬
trary to what appears to be commonly
supposed the
President has opened himself to
devastating attack
in
these
matters.
forcefulness
required to take advantage of it,
the country far more than is
commonly realized.
and in
now
Only understanding, skill, and
are
so
doing
save
The time has not
come,
Willkie
or
his
He is only just about to
begin his real effort. It is, however, most
ardently to
be hoped that these
simple, but fundamental facts
about
the
situation
in
relation
to
his
efforts
fully understood and appreciated by him—now
campaign is about to commence.
are
that
bank
reserve
making for
an
advance in the idle credit
the United States.
The
a
banks.
for
more
nature
resources
of
monetary gold stock of the
count
with the
which
also made
for
bank
resources,
but
12 Federal
slightly higher.
posits
with
a
result
reserves
of
a
Reserve
ac¬
banks receded,
expansion of idle member
non-member
deposits
were
long period of steady increase.
these
over
an
Treasury general
It is noteworthy that
foreign de¬
regional banks showed a sizable
the
decline, after
The
influences, member bank
legal requirements advanced
consisting of
banks
an
increase of
mem¬
595,824,000;
a
decline of the Treasury general
by $29,496,000 to $761,686,000; a decline
foreign deposits by $40,979,000 to $956,537,000,
of
and
increase of other
an
$563,403,000.
at
89.4%.
The
deposits by $50,878,000 to
reserve ratio remained
Discounts
by the regional
$296,000 to $5,238,900.
unchanged
banks
Industrial advances
fell
were
$15,000 lower at $8,630,000, while commitments
make such advances receded
to
$69,000 to $8,123,000.
Government Crop Report
WHEAT
crop prospectsAugust, United States ad¬
in the according to the
vanced further in
Sept.
condition
1
Agriculture.
ment in the
of
report
the
The rise this time
Department
was
of
due to
improve¬
change being made in the
the Aug. 1
report, as that crop
spring crop,
winter estimate after
country moved up $37,000,000 to
$20,981,000,000.
Currency in circulation was down
$12,000,000 to
$8,080,000,000, reflecting the post-holiday return
of money to the
Reserve
no
July.
It
now appears
that
the total crop, winter and
spring, will this year aggre¬
were
usual, but they remained of
Federal
deposits by $71,963,000 to $13,-
is harvested in June and
CHANGES in the official banking 11
statistics
the weekly period ended
Sept.
modest than
12
account
his active
Federal Reserve Bank Statement
actual
$52,366,000, to $15,877,450,000, with the
of course, to condemn Mr.
campaign.
in
notes
$3,139,000 to $5,393,924,000.
deposits with the
increased
$58,007,000 to
up
Federal Reserve
account variations
a
no
the
with
people do not understand
protest is simply that the
Re¬
were
remaining unchanged at $2,433,600,Treasury deposited $40,002,000 gold cer¬
The
000.
that its management of our
international relations
has not
brought a storm of
~
Federal
ment securities
any
$19,023,516,000.
precisely such questions
12
weekly period to
Sept. 11, the total holdings of United States Govern¬
on
involvement in
operations
come.
Yet
by $4,000,000,
$285,000,000.
market
involvement in
As
excess
$50,-
a
the
upward tendency in such loans has
open
by
as
It is true, on the other hand,
banks, combined, shows that there
war
for
corporation,
serve
our
no
large
people
our
security in the
that
in Eu¬
Nor is it clear
seriously enlarge
world affairs in
a
other
people would approve steps which
greatly enhance the danger of
this
single
modest
however,
actual entry into the
our
the side of Great Britain.
indicate
appearances
been noted of late in the
general tabulation covering
101 cities.
The local bank statement for the week
toward
on
is
two
almost entirely the result of
was
a
that
to
dictatorship countries.
to
indebtedness.
and
so-called
figure
of retiring long-term and relatively high-
purpose
changeable sympathy in this country
far from clear that the rank and file
of the
latter
established
demand for
accommodation,
coupon
uation, however, exists in large measure, so we be¬
lieve, as a result of a lack of understanding of the
situation.
Deep and probably more or less un¬
Germany and the
The
record
1940
$51,000,000 in the weekly period, to $1,742,000,000.
a
Great Britain and
against
the
Outward
some
This, however,
that has been
runs
under
14,
the commercial, industrial and
agricultural loans of
New York City
reporting member banks moved up
moment to
this remarkable "deal."
Sept.
gate 783,560,000 bushels, about 30,000,000 bushels
more
than both last year's
output and the
(1929-38)
at
average.
The spring
crop
is
now
10-year
estimated
227,721,000 bushels compared with 204,784,000
bushels
a
remains
555,839,000 bushels.
little
month
below
average
last
ago.
year's
but the spring
The
winter
harvest
crop
crop
forecast
The winter figure is
and
the
a
10-year
is well above both,
com¬
paring with 191,540,000 bushels in 1939 and 183,619,000 bushels for the 10
years.
The Government's
report was issued Sept. 10, and
the same date, the Canadian Government
issued
its first estimate of the Dominion wheat
on
it
placed at
largest
crop
crop, which
less than 561,104,000 bushels, the
since 1928's record production of 566,no
726,000 bushels.
harvested.
.
In 1939, 489,623,000 bushels
were
Canadian carryover on
July 31 of 273,-
Volume
100,000 bushels
was
United
which
States
nearly
great as that of
as
amounted
to
The export outlook is admittedly bad, and the
the
284,088,000 -^record to date more than bears out expectations,
In the several weeks of the current season so far
bushels.
The
North
American
elapsed, shipments abroad have been less than 20%
of the amount shipped in either of the two previous
years. In the season just ended exports aggregated
0,192,000 bales. Domestic mills, to which cotton
producers must therefore look as the chief outlet
for their product, consumed a record amount of
American-produced lint and linters during the season just ended, but the total, 8,672,198 bales, was
far below this year's expected production. It seems
likely, therefore, assuming continuance of present
conditions, that cotton's statistical position will.be
poorer at the close of the current year than at its
beginning.
This year's harvest is expected to be quite late,
and as evidence thereof only 606,291 bales were
ginned up until Sept. 1, compared with 1,401,691
bales last year and 1,335,643 bales in 1938.
/
Y
plus carryover will,
crops
therefore, evidently reach the unprecedented aggre-
and since
States and
Canada combined, amount to only about 800,000,000
bushels, no less than 1,101,852,000 bushels will be
gate of 1,901,852,000 bushels this year,
domestic
available for export,
far
United
the
of
requirements
than the whole world
more
exports per year in ordinary times.
for the coming year are pretty
Export prospects
bad, however, with
Europe rather solidly blockaded except for England,
which fills her requirements in
Canada.
The markets,
however, paid little attention to the bearish implicacentering more upon the
tions of the report, interest
tightening of cash grain, resulting from the impounding of wheat under Government loans.
the
rose
The
Future prices
day following issuance of the reports.
corn
bushels
was
Aug.
prediction.
1
improved
outlook
crop
also,
during
1 estimate of 2,297,186,000
August and the Sept.
bushels
but
'THE business failure record for August reveals
1
hardly any significant change in the corporate solvency picture since the month previous.
Comparison with eluly shows a small decrease in
number of insolvencies, which coincides with the
seasonal expectation of a minor change, either up
The current estimate is con-
just about equal to an average crop,
year's
however, will be harvested from
crop,
of the smallest acreages
one
attributable
is
size
to
in
many years
estimated yield
an
and its
of 26.6
bushels per acre compared
Feed crops, chief
with the average of 23.2
of which is corn, are expected to be produced this year in sufficient quantity
to provide about the usual amount per head of live-
or
bushels.
i
-4i
*
j
,
stock, without drawing on reserves.
Government Cotton Report
.
.
Business Failures in August
bushels greater than the
48,940,000
siderably under last year's harvest of 2,619,137,000
This
1465
The Commercial & Financial Chronicle
151
down,
gainst
between
a year ago,
the two months.
trifling increase, which was true
..
°
Measured
the month's failures showed a
n1,
also of July; the
r,^
tUu
earlier months this year all had tewer failures than
,
„
_
.
..
i ,,
..
V the same months of 1939. According to the compilalions of Dun & Bradstreet, 1,128 firms failed in
THE Government's cotton crop report, crop esti- August for $12,997,000,1,126 in August, 1939, July
Sept. 1 conditions, raised this year's based on
for $16,213,000, and compared with 1,175 in for
mate to
12,772,000 bales, 1,343,000 bales more than
held
were
stantially
in
prospect a month earlier, and sub-
more
private forecasts made the
than
beginning of this month; the average private figure
was
about
Growing conditions in
12,200,000 bales.
August were described as unusually favorable, Avith
the
result
that
the crop
experienced the greatest
improvement for the month on record.
the condition of the crop Avas
As of Sept. 1
74%, the best on rec-
Avith the 1062%, and last
ord, except for 1937, which compares
year
(1929-38)
average
year's 70%.
of only
-
.
However, marketwise the report had only momentary depressing effect, owing
evidently to the sup-
porting influence of the Government loan.
At the
Sept. 9, the day the report was issued,
market close
prices were actually higher than at the opening.
The
yield
per acre
estimate in the September re-
port was raised to 250.7
ceeded in
one
pounds, a level only ex-
previous year, 1937, when the average
In the
235.8 pounds
pounds in 1939, either of which
yield amounted to 269.9 pounds per acre.
intervening years the yield dropped to
in 1938 and 237.9
would have established
10 years,
peaks prior to 1937; in the
1929-38, the average yield Avas only 198.1
$12,637,000.
Compared with a month earlier, the several commercial groups into which the figures are segregated
shared the reduction in failures rather evenly. But
the increase over last year was confined exclusively
to the retail trade group, all others showing decreases.
Retail disasters in August numbered 719
and involved $4,983,000 current liabilities, in comparison with 696 involving $5,175,000 a year ago.
Wholesale failures dropped to 102 with $1,721,000,
from 117 Avith $1,689,000 last year. There were 209
manufacturing casualties involving $4,459,000 as
compared with 210 involving $4,453,000 in August,
1939. Construction failures dropped to 49 with
$1,272,000 liabilities from 52 Avith $790,000 last year,
while commercial service also numbered 49 but involved only $562,000 liabilities compared Avith 51
involving $530,000 a year ago.
Geographically, the trehd was pretty well mixed
as compared with a year ago, but compared with
July the direction Avas dowmvard everywhere, except in those Western sections comprised by the
Chicago, St. Louis, Minneapolis and Kansas City
Federal Resent Districts.
Substantial increases
were shown in each of these four districts.
POAcropof the'size currently forecast would be the
The New York Stock Market
1937, since 1933, and it comes on
top of a domestic carryover of about 10,500,000
bales, which means that 23,272,000 bales will be
available this year.
Last year's harvest yielded
APPREHENSIONS as to the course of the European war were reflected pointedly in the New
York stock market this week, a slow downward drift
taking place on modest dealings. The all-out aerial
phase of the great conflict plainly was reached over
the last week-end. London and Berlin were bombed
largest, except for
11,817,000 bales, and the 10-year average,
bales.
13,547,000
1466
The Commercial & Financial Chronicle
the newest
as
friglitfulness increased, and the
picion that this might
actual invasion
bolstered
developments in the
were
awaited.
brutal
ever more
The obvious
tendency
Call loans
of
by the question
whether
superiority will be enabled to
assault
an
by land troops
German
time that
same
troops in England.
Europe, all possibilities of this
desperate situation had
tion
to be taken into considera-
by the financial markets.
Notwithstanding the
many uncertainties, prices moved only
moderately
lower, which suggests an exceedingly sound technical position of the stock market.
The downward drift
change
Stock Ex-
in evidence almost every day.
There
early bulges in several mid-week sessions, but
were
as
the New York
on
the
was
war
reports darkened the mild pressure of
Stock
Exchange
re-
Exchange the sales
on
224,010 shares;
Monday, 591,920
Tuesday, 363,820 shares; on Wednesday,
were
on
on
Thursday, 399,430 shares, and
; on
On the New York Curb Exchange the sales
Saturday
shares;
40,840
were
on
shares;
on
on
Wednesday,
Thursday, 69,755 shares, and
on
on
Monday, 81,300
on
Tuesday, 49,380 shares;
68,910 shares;
on
Friday, 51,230 shares.
In view of the Nazi conquests
the Continent of
on
Germany endeavored to land
high levels
Friday, 268,180 shares.
the British island
Reports available on Thursday inclined
to the belief that Italy might attack Egypt
at the
shares;
aerial
citadel.
many
new
low levels,
the New York
on
453,090 shares
prepare the way for
upon
new
On the New York Stock
Saturday
to
lighten commitments modestly, owing to the many
imponderables of the situation.
All minds were
haunted
On the New York
mained unchanged at 1%.
con-
was
low levels.
and 10 stocks touched
was
The financial markets seemed to pause
further
as
new
Curb Exchange seven stocks touched
an
by Prime Minister Winston Churchill
England.
flict
attempt by the German Nazis
stocks touched
sus-
to be the prelude to
prove
Sept. 14, 1940
The stock market
Saturday of last week suf-
on
fered further reaction following in the wake of Fri-
day's spell of profit-taking.
to
over
Sales turnover revealed
business
this
given
was
substantial contraction in
notwithstanding
greater than has been the
short sessions.
own
a
the previous day, but
over
was
The session
and irregularly lower values,
narrowness
As for the
case
European
in recent
and
war
our
political situation, they continued to remain
an
enigma and hence provided the market with little
of value to base
any
future movements
on.
As for
offerings invariably followed, and levels slowly
gave
way.
So-called war babies, which are dependent in
rubber stocks reflected strength and improved values
good part upon orders from Great Britain for
on
ments,
which
are
These
principally in the aviation
show net losses of
groups,
tee week
were
rather easy at times.
were
as
affected.
one
stocks,
and
to three
steel
the basis of what is believed to be
tive Far Eastern situation.
sustained by
a
mixed, while
less provoca-
Fractional losses
aircraft, motor,
copper and
were
chemical
A few
points for
shares, and mixed changes colored the rail, oil, elec¬
trical equipment and mail order
groups.
A dominant factor of Monday's operations was the adverse
high-priced securities drifted
four to six
points lower for the week, while
many
cheaper stocks only lost fractions for the entire
period.
groups, steel issues ruled
Other industrial issues also
whole.
a
arma-
the various
war news which filtered into this country telling of
large-scale German aerial attack on Great Britain,
a
Railroad stocks dipped with the
rest, as
displayed last week in such issues
Weakness developed as a logical result, induced by
frightened security holders, but it failed to reach
flagged.
Utility shares
the magnitude of
a
Dealings
on
quished from
to three points at the
the
interest
were
the Big Board
share level in all sessions
when transactions
ran
under modest pressure,
were under the
that of last
save
slightly
Listed bond trading also
500,000-
that small level,
over
was
Monday,
small, but the senior
security issues held their ground rather better than
the equities,
possibly because the implications of the
immense American defense
program were taken into
better consideration in that
portion of the financial
market.
United States
Treasury obligations varied
little, and best-rated corporate bonds also were
steady.
Several
ket and
other
were
new
offerings appeared
the
on
mar-
rapidly absorbed by institutional and
Speculative railroad issues were
investors.
quiet and firm in the early part of the
week, while
small declines
developed thereafter.
Other special
groups were more inclined to drift
equities.
Foreign dollar bonds
sessions, with variations
rather
European outlook depressed
Commodity
markets
were
lower, along with
were
irregular in all
large at times.
most
foreign
quiet
and
The
bonds,
but
little
changed for the week.
Leading grains closed yesterday at almost precisely the same levels current a
week earlier.
Base metals
also were
steady. Foreign exchange dealings were
small, with free sterling still held in the official range. Gold additions
to
our
stocks
were
smaller than
in
weeks, but the metal still continued
most
to
previous
move
toward
the United States.
On
the
touched
New
new
York
Stock
Exchange eight stocks
year
while nine
complete rout.
Equities relin-
start, with
Dulness then set in, and the
down; as the final hour ap-
many groups affected.
price
level
bogged
proached further inroads
were made in prices.
The
severity of the onslaughts by the Germans over England the past week-end once again dampened the
ardor of traders on Tuesday for any worthwhile
participation in the market. This, notwithstanding the
signs of undisputed improvement in many lines of
business and further progress yet to come.
Dealings
drop in volume, falling from
591,920 shares the day before to 363,820 shares. The
reflected
a
decided
session opened with
some display of strength, moving forward from fractions to one point, but with
the passing of the first half hour interest languished
and the market took
on an
ended the day mixed.
irregular
appearance and
Stocks that received
some
notice included local traction issues, rubber, steel
and motor shares, while encouraging statements of
William
sioner,
tie
S.
Knudsen, National
Defense Commis-
on progress in the aviation
effect
or no
on
industry had lit-
stocks associated with that
par-
ticular field of endeavor.
on
as
Equities in early dealings
Wednesday moved ahead fractionally to acquire
much
noon.
as
a
two-point advantage by early after-
Shortly thereafter
contents
came
high levels for the
one
to
of
Prime
hand
news
Minister
telling of
an
reports revealing the
Churchill's
invasion of England by the Nazi forces.
tion acted
as a
broadcast
imminent attempt at
This revela-
depressant to further progress, and
Volume
The Commercial &
151
prior gains
minutes of
and
on
news was
felt in the closing
Among the copper stocks, Anaconda Copper
closed yesterday at 20% against 23% on Friday of
last week; American Smelting & Refining at 38
against 40%, and Phelps Dodge at 29% against
trading, extending the volume of business
leaving stocks moderately lower.
All interest
Thursday seemed to center around the attempted
conquest of England by the Germans, with little
left
in for
came
30%.
From the outset stocks
market.
for the
over
in the main
slow but
a
In the aviation group, Curtiss-Wright closed
yesterday at 7% against 8% on Friday of last week;
Boeing Aircraft at 15% against 17%, and Douglas
persistent whit-
ding of values, leaving them from fractions to three
points lower
the day, and with new lows for the
on
month and for the current movement.
A
Trade and industrial reports suggest a good
Fri-
maintenance of the business activity of the United
fractional improvement followed in the wake
States. Steel operations for the week ending today
were estimated by American Iron and Steel Institute at 91.9% of capacity against 82.5% a week ago,
when Labor Day suspensions cut operations. One
month ago the steel barometer was at 89.5%, and
suffered some contraction in volume.
halt
to the downward trend of values on
of
Aircraft at 73% against 77%.
Sales turn-
over, too,
day
came
as
six consecutive
days of depressed prices.
Nar-
prevailed from the opening through the
rowness
close, and slight gains were made on the smallest
volume of business in
month.
a
A comparison of
closing prices for yesterday with final quotations on
contraction in the
price level.
General Electric closed
yesterday at 32% against
Friday of last week; Consolidated Edison
on
Co. of N. Y. at
Electric at
26% against 28%; Columbia Gas &
5% against 6; Public Service of N. J. at
*
34% against 36%; International Harvester at 43%
against 46%; Sears, Roebuck & Co. at 80% against
80%; Montgomery Ward & Co. at 39 against 43%;
Woolworth at
32% against 34%, and American Tel.
closed
Union
Western
against 20%
on
yesterday
at
18%
bid
Friday of last week; Allied Chemi-
Dye at 152 against 157%; E. I. du Pont de
cal &
Nemours at
165% against 175; National Cash Regis-
12% bid against 13%; National Dairy Prod-
ter at
13% against 13%; National Biscuit at 19%
ucts at
against 19%; Texas Gulf Sulphur at 31% against
33; Loft, Inc., at 20% against 22%; Continental
37% against 39%; Eastman Kodak at 131
Can at
against 136%; Standard Brands at 6% against 6%;
Westinghouse Elec. & Mfg. at 102%^ against 102;
Canada
Dry at 13% against 14%;
tillers at
Schenley Dis-
9% against 10, and National Distillers at
20% against 21%.
the
In
closed
last
rubber
Goodyear Tire & Rubber
group,
yesterday at 15% against 16% on Friday of
week; B. F. Goodrich at 12% against 13%, and
United States Rubber at
The
railroad
stocks
21% against 22%.
off the present week.
sold
Pennsylvania RR. closed yesterday at 20% against
21%
Friday of last week; Atchison Topeka &
Fe at 15% against 17%; New York Central
on
Santa
at
13% against 14%; Union Pacific at 83 against
89; Southern Pacific at
8% against 9%; Southern
Pacific
Railway at 11% against 13%, and Northern
at
6% against 7%,
Steel stocks turned lower
eral market.
at
at 76
at
in keeping with the gen-
United States Steel closed yesterday
53% against 57% on Friday of last week; Cru-
cible Steel
at 28% against
31%; Bethlehem Steel
against 80%, and Youngstown Sheet & Tube
31% against 34%.
In the motor group,
day at 46% against
Chrysler
at
General Motors closed yester-
48% on Friday of last week;
75% against 79%; Packard at 3%
Studebaker at 7% against 7%, and
against 9/16.
the oil stocks, Standard Oil of N. J. closed
against 3%;
Hupp Motors at %
Among
yesterday at 34% against
36
on
year.
As indicating the course of the
160% ex-div. against 166%.
& Tel. at
at 70.2%. Production of electric po^§r
for the week ended Sept. 7, which included Labor
Day, was reported by Edison Electric Institute at
2,462,622,000 kwh., against 2,601,127,000 kwh. in the
preceding week and 2,289,960,000 kwh. in the corresponding week of 1939. Car loadings of revenue
freight for the week to Sept. 7 are reported by the
Association of American Railroads at 695,258 cars, a
decrease of 73,563 cars from the preceding week, but
a gain of 32,901 cars over the similar week of last
one year ago
Friday of the previous week shows a substantial
34%
1
Shell Union Oil at 8% against 9%, and Atlantic
Refining at 21% against 22%.
The full
in turn relinquished.
were
weight of the adverse
1467
Financial Chronicle
Friday of last week;
kets, the September option for
commodity mar-
wheat in Chicago
closed yesterday at 74%c. against 75%c. the close
on Friday of last week.
September corn closed
yesterday at 63%c. against 63%c. the close on Friday of last week. September oats at Chicago closed
yesterday at 29%c. against 29%c. the close on
Friday of last week.
The spot price for cotton here in New York closed
yesterday at 9.82c. against 9.92c. the close on Friday
of last week. The spot price for rubber closed yesterday at 19.19c. against 19.37c. the close on Friday
of last week. Domestic copper closed yesterday at
ll%c. to ll%c. against ll%c. the close on Friday
of last week. In London the price of bar silver
closed yesterday at 23 7/16 pence per ounce, un¬
changed from the close on Friday of last week, and
spot silver in New York closed yesterday at 34%c.,
the close on Friday of last week.
In the matter of foreign exchanges, cable transfers on London closed yesterday at $4.04
$4.04 the close on Friday of last week.
.
against
.
European Stock Markets
T TARDLY any business was done this week on
" European stock markets, owing to the rapid
intensification of the aerial warfare between Great
Britain and Germany, and the possibility that an
invasion attempt soon will be made by the Nazi
forces. The growing seriousness of the conflict was
reflected in the financial centers, some of which
were unable to send out their usual reports.
The
Paris Bourse for some time has been operating behind the screen of the strict German censorship,
which permits no dispatches to leave the occupied
territory of northern France. In the week now
ending, Amsterdam was similarly cut off from all
communication with the outside world, obviously
because of German preparations in the Low Countries for fresh moves against England. Trading on
The Commercial & Financial Chronicle
1468
the London
Stock
cumstances, and
occasions
started
Exchange
dull, in these cir¬
was
interrupted
was
on
number of
a
by the screaming air raid sirens.
late
at
inattentive.
times, and brokers
Prices, nevertheless,
Business
were
excusably
well main¬
were
The many
Sept.
questions raised,
as
a mere
14,
1940
matter of
diplomatic conclusions, by the close de¬
necessary
fense collaboration between the United
Canada, which is at
war
remain unanswered.
So
with
long
States and
European Power,
nothing more than
a
as
tained in all groups
real
reassuring
involved, however, this aspect of Washington for¬
eign policy probably will occasion no dissents. The
of securities at London, giltedged issues tending to advance somewhat after the
speech
Wednesday.
prices
Prime
by
Minister
Churchill,
On the Berlin Boerse the main
trend of
upward, with interest centered largely
was
in the so-called colonial issues.
in Berlin also
Fixed-interest issues
firm.
were
defense
from
aggression
any
abroad.
there is little
week
of
situation
properly by
lions.
Action
are
real
this
to
contracts also
let for'201
were
A start
Navy thus is being made, and
being let for airplanes and other
are
on
and
House
of 21
ages
committees
35
and
for
the
Senate
latter
agreed,
for conscription of
a measure
men
for
com¬
war.
and
years,
mandeering of industry, in the event of
The
to
President Roosevelt
first-line battleships.
seven
Seriate
Wednesday,
reason
au¬
two-ocean
a
between
previous
Monday, and almost immedi¬
measure on
ships, including
arms.
only be
raising the total defense costs voted
ately thereafter Navy contracts
toward
can
involving expenditures
addition
approximately $14,000,000,000.
signed the
and
The
provision is far from clear.
continued
to
struggle with the
excess
profits tax bill which the House recently passed.
These
have
measures
the time
tended
to
overshadow, for
being, the foreign policy of the Roosevelt
Administration, which is open to many questions.
Notwithstanding the extraordinary implications of
the
destroyer-naval base
the very
make to the
The
arranged
swap
seek,
ency to condemn all
out
inquiry
speech
as
dwindled
for the
reason
is not far to
privately
occasion to
the
mined to do all he
Administration
stands
President
In
a
campaign
Roosevelt
took
to
keep
war away
as
from
our
to his for¬
prevail, however, and the
entirely responsible for the un¬
is
to
cautious
offers of bases
by
a
of
the
aloofness
and
Western
air
bases
Hemisphere
respecting voluntary
number of Latin American
na¬
Costa Rica disclosed last week that
Cocos
Island,
some
400 miles offshore in the
Pacific, had
been offered to the United States
ton.
no
as a
military base,
reply had been received from Washing¬
After the Costa Rican
Government made this
disclosure, President Roosevelt
matter
as
immediately
Chairman of
delegation, asserted that "our plans
best contributions each country can
defense."
common
No plans are enter¬
Canada, to supplement
Latin American Loans
DpUBTS are excessively effusive "Good Neighbor
warranted regarding the effective¬
of the
ness
policy" of the Roosevelt Administration with respect
to
Latin America, but the
country nevertheless
to be destined to extend that
program
seems
finan¬
cially at the admitted risk of heavy losses to tax¬
The Senate
payers.
of
ditional
of
lending
Wednesday voted approval
on
Administration
an
bill
for
$500,000,000 of ad¬
for the Export-Import Bank
power
Washington, which is to
use
the funds for "or¬
derly marketing" of Latin American agricultural
surpluses and in other ways.
Warren L. Pierson,
President of the
week
on
view to
Export-Import Bank, departed this
tour of Latin American
a
countries, with
study of the loan problem.
make any
Before he
bill, and
a
can
commitments, the House and Senate prob¬
ably will have adjusted minor differences
over
this
of official foreign lending thus
will be inaugurated, far in excess of the
compara¬
a program
tively modest loans heretofore
extended by the Ex¬
In testifying about the program,
port-Import Bank.
Loan
that
Administrator
Jesse
H.
Jones
ad¬
large part of such loans might be
irretrievably lost, but he held that incidental gains
a
the United
to
visable.
States
would make
the venture ad¬
A
minority report of the Senate Banking
Committee last Saturday described the loan scheme
as
a
"grandiose plan to control the
commodities
ica."
It is
world price of
produced in North and South Amer¬
quite evident,
on
the basis of recent
ex¬
perience within the United States, that any such
plan must be chimerical, but it is apparently to be
attempted, despite the evidence.
was
under
admitted
consideration.
It
has
that
been
the
re¬
ported recently that Uruguay has offered base sites
for general use by the American
nations.
War Horrors Increase
in
tions.
but that
undertaken
was
of West
In contrast with the ready transfer of
destroyers for naval
possessions
a
unpatriotic, with¬
Some uneasiness
eign policy continues
British
as
country that he is fully deter¬
can
shores for all time.
American
there is already a tend¬
to their real motives.
assure
certainty.
during the current
quiet acceptance of that
as
questioners
Wednesday,
on
be
States of additional bases in
mitted
week.
Wednesday
those leased in Newfoundland.
Federal
move
is
tained, he said, for the acquisition by the United
cussion
this deal
would
F. H. LaGuardia,
group.
the American
cover
on
an announcement that a survey
defenses
by Mr. Roosevelt with Prime Minister Churchill, dis¬
of
by
completed by Congress late last
$5,246,000,000,
thorizations
from
continent
of strong defensive prepara-
means
was
"total defense bill"
on a
develop
may
of Administration policy
disagreement, for the dangers of the
current world
faced
which
With this aspect
American
Washington for its second session, Monday,
Coast
toward
North
and coluclusion of the conference
by the
RAPID legislative progress of themade thisStates
week
adequate defense was
United
the
joint Canadian-United States Defense Commission
met in
followed
American Foreign Policy
of
WITH unabating fury Germany
the aerial
Great Britain and
this
war between
carried on
was
week, each side tending to bomb
ever more
in¬
discriminately the capital cities and other impor¬
tant points in
adversary territory.
The conflict
attained
warrants
a
point of degradation in recent days that
a
bitter
comparison
bombings of the Spanish civil
clared conflict
predicted by
present phase
the
civilian
and the
unde¬
being waged by Japan against China.
Each side "retaliated"
was
with
war
against the other, quite
many
as
observers long before the
of the great struggle
was
reached.
Volume
The Commercial & Financial
151
German aerial forces, superior
bombs in
enormous
cities in
England also
particularly
numbers
London, and other
made targets for this
were
warfare.
of
kind
vicious
and
cruel
in numbers, dropped
over
British
bombing airplanes flew over Berlin on a
number
of
occasions, and endeavored to even the
only in the Reich capital, but also in
not
score
Hamburg and
bombs
fighting
usually
both
factors
more
than
Almost
other German cities.
many
all the aerial
done at night, and the
was
dropped from great heights,
were
reducing the marksmanship to little
haphazard plunges of the lethal weapons,
Although the British started this sort of bombing
months
some
man
forces
of dreadful warfare
France.
against the Reich, the Ger-
as
ago,
long previously engaged in the same sort
against the Low Countries and
With their
the Nazis made
fighting craft,
numerous
more
hell
a
earth of parts
on
of London,
this week.
merchant ships in the Mediterranean, while Rome
said that Italian submarines were operating even in
the Atlantic against British shipping.
Sporadic
British aerial raids against Italian industrial cities
were continued, and the war thus was intensified
progressively in the Mediterranean area. The actual
or implied threat of these moves is a grave one, indeed, which suggests that the Rome-Berlin axis may
well endeavor to seek an early decision through a
crashing offensive by all available means,
During much of the week, however, incidents of
/the aerial warfare between Great Britain and Germany overshadowed all strategic considerations,
The horror of the violent and almost indiscriminate
attack on the ancient capital of the British Empire
was well portrayed in news reports, which clearly
suffered little interference from the British censors,
Counter-strokes against Berlin were effective, but
obviously wrere essayed by far smaller aerial
anxiously, as
armadas than the Germans sent against London,
progressed, whether the "all-out" aerial war-
The German Air Marshal, Hermann Goering, was
by Reich forces presaged an attempt to land
reported in northern France, directing in person
in every
the flights of bombing airplanes and their protective
clusters of fighter craft.
No accurate information
The
question
the week
fare
1469
Chronicle
pos^d
was
ever more
troops in England, and thus carry the war
to
sense
the
heart of the
British Empire.
Minister Winston Churchill sounded a
warning
on
In a radio
Wednesday that such may be the case.
address to the British
Prime
people, Mr. Churchill spoke
is available
as
to the numbers of German airplanes
engaged in this dreadful work, but London reports
told of immense groups of aircraft over different
disparagingly of the Reich aerial efforts, even while
parts of London at one and the same time.
admitting that waves of 300 to 400 German airplanes
portant wharf area along the Thames, below the
The Ger-
Tower Bridge, seemed to be a particular target of
British
the Reich fliers, whose bombs fell often into the
said the Prime
living areas of the poorer people of the British capi-
raiding Great Britain in single groups.
are
effort to
man
Isles is the
secure
crux
air mastery over the
of the whole war,
Minister, who assured his hearers that so far the
has
effort
failed
conspicuously.
The im-
It has cost the
tal.
More than 1,000 deaths were caused in a few
injuries to others were
days by these forays, and
both actual and relative
strength in recent months,
far more numerous still. The indiscriminate nature
of the bombing was best revealed, however, by fires
But German
preparations for an inva-
which raged in the very heart of the city, and by
Germans
lie
very
added.
dear, and Great Britain has gained
sion of the United
Kingdom
according to
idly,
are
being pushed rap-
the
into an "impregnable" air-raid shelter, causing many
deaths among women and children. Warning sirens
screamed throughout the nights, and reports made
it clear that the nerves of London residents were
becoming jumpy under the endless strain,
British air raids against German cities and ports
great concentrations of self-propelled barges on
merchant
ships along the coast.
concentrations of barges
Behind these
and ships stand huge num-
soldiers, ready to embark on the
of German
bers
hazardous
undertaking
of
a
conquest
of
Great
Britain, but Mr. Churchill admitted that he could
not
say
would
would
when they
come
come
or
whether they
He merely warned all his fellow
at all.
One Nazi
bomb fell, last Sunday, through a ventilating shaft
'Continent, opposite England, and convoys of German
heavy damage to Buckingham Palace.
Churchill, who described
Mr.
were
continued, notwithstanding German threats
that London would be "erased" if they did not cease,
The most severe British attack on
Berlin occurred
cited the prodigious
Wednesday night, when bombs fell in the heart of
preparations of his own Government to meet any
the German capital. Some of the missiles were reported to have struck the Brandenburg Gate of Ber-
countrymen to be prepared, and
such threat.
This
;
problem seemed to grow ever more pressing
late this
week, owing to reports that Italy was mov-
ing toward Egypt.
There were dispatches, beginrecounted Italian thrusts
ning on Thursday, which
against this African ally of Great
Britain.
"The
great campaign against Egypt is substantially confirmed here," said a report from Rome to the New
York "Times."
This
move was
regarded in Italy
as
the
"Elementary strategy would seem
to justify the belief," the dispatch added, "that an
attempt to invade Great Britain will be timed to
the
primary contribution of that country to
war,
it was said.
coincide
with this shrewd blow at the most vital
spot in Great Britain's African Empire." Earlier
in the week Italian sortees against British warships
*
were
reported on the increase, and Italian airplanes
also blasted away
at Tel Aviv, in Palestine.
authorities reported the
British
sinking of several Italian
lin, and others fell near Chancellery
buildings.
One
bomb fell close to the United States Embassy build¬
ing, and dented the walls of the structure.
A rail-
station in Berlin and another at Potsdam were
reported hit. Hamburg and Bremen were bombed,
and German barge and shipping concentrations in
French and Belgian ports were objects of particular
attention. Great Britain developed a new method
way
of attack, in the form of many thousands of small
phosphorus cards which were dropped over cities,
fields and forests. These cards ignited spontaneously when moisture evaporated, and the indignant
Germans stated that numberless fires thus were
The German propagandists also charged
being
dropped by British fliers over potato fields, but this
was denied vehemently in London.
Occasional
cross-Channel shelling by heavy guns was reported,
caused.
that bags of destructive Colorado beetles were
I
The Commercial & Financial Chronicle
1470
and submarine
both sides
sinkings also continued.
on
usual, that four to five adver¬
were, as
airplanes
sary
Claims
the
shot
were
down
otherwise
or
Nazi
to be
seem
de¬
stroyed to every plane admittedly lost by the
bidden
re¬
kites
porting side.
militarists.
Some
residents
of
Fascist views
among
appears
some
Netherlanders, however,
as it
that riots developed last Sunday at The
Hague between Netherlands Nazis and their oppo¬
Nothing of any importance has been heard
nents.
the Low Countries
now occu¬
dominated by the German Nazi forces, which
doubtless will
at
of
areas
the
satisfy their
of
expense
the
famine conditions may
France remains
own
food and other needs
inhabitants,
though
even
develop this coming winter.
split into
an
occupied and
a
"free"
for¬
guided the British air force.
lately from Belgium and Luxemburg.
numerous
was
the ground that
pied
to the
Holland
on
MUCH anxiety continues to prevail with respect
Europe
or
14, 1940
aiding the British, for kite-flying
by the Germans this week,
prevail
German-Dominated Regions
Sept.
indicated for
seem
Throughout
trying problems of food supply
the coming winter.
Norway and
Denmark, also completely occupied by the Nazis,
carrying on as best they can. The Norwegian
are
Parliament
said
was
on
Wednesday to have post¬
region, with the Vichy regime of Marshal Henri Pe-
poned until after the end of the
tain
whether
King Haakon VII would be permitted to
return.
Sweden, with its admirably balanced
the
functioning in the latter.
immediate
and efforts
of
of the
German
militarists,
by the Vichy regime to return the seat
government to the former capital still
cessful.
at
control
Paris remains under
are unsuc¬
A
war-guilt trial continues to drag along
Riom, and possibly is being protracted intention¬
ally in order to avoid needless sacrifices.
disclosed at the small town in "free"
It
was
France, last
Sunday, that former Premiers Edouard
Daladier
and Paul
Reynaud had been taken into custody, pre¬
sumably for appearance at this "trial," and the inci¬
added
dent
the
to
Reich-dominated
of
the
France that
detained.
The
apprehensions
areas.
regarding
the
Other former functionaries
collapsed last June also
were
regime at Vichy gives evidence of
omy,
the question
war
econ¬
is free from Nazi occupation, but the German
circle around that country is almost
the reliance of Sweden upon
been increased
by the sinking of
ships in the first
of the
year
complete, and
the German market has
85 Swedish
some
The situation in
war.
which the Stockholm authorities find themselves is
perhaps best illustrated by
a
bread rationing sys¬
tem, which recently was introduced, for
experimental period.
four-day
Tuesday that German authorities have arranged
on
trade
a
a
Stockholm dispatches stated
agreement between Sweden and the Low
Countries, notwithstanding the difficulties of trans¬
portation in these European
times.
war
leaning toward fascist practices in the training of
French
tion is
of the
youths and in other ways.
obscured, of
course,
Vichy authorities, and the censorship of
news
Three
principal problems, all of them related, are
occupying the French Government of Marshal Petain and his
associates, according to recent reports.
The most immediate
seems to be that of
caring for
refugees from the occupied territory and
the many
Belgium and Holland who still remain in
cupied France.
refugees
are
unoc¬
Some dispatches state that 3,000,000
in this group.
The return of these
un¬
fortunates to their homes is in good part a matter
of German
Nazis
are
while
military decisions, but it
they
Food
seems
that the
paying little attention to the problem
prepare
for further stages of the
supply questions
are
and this second
complicated
war.
beginning to loom in
increasingly important manner,
as
an
winter nears,
great problem of France is
a
highly
Not only is it necessary to meet
one.
the needs of the
population in the unoccupied zone,
but also to provide for the several millions of French
prisoners of
war
in German-held France.
of foodstuffs will be
necessary soon,
Imports
but the Brit¬
ish Government has made it clear that the blockade
will not be relaxed because
of the likelihood
that
shipments permitted to reach the Continent merely
would aid the Reich.
face
a
ance
The French authorities thus
situation of the utmost
ing these matters is
French
gravity.
Complicat¬
tendency of the outlying
possessions to join the British cause, in defi¬
of orders from
for
Vichy.
It is quite possible that
rigorous
measures
as
pre¬
against France itself,
and any
steps of this nature would
ing
being endured by the French people.
now
territorial
the utmost
and
political changes of
add to the suffer¬
There have been few recent
reports from the Low
Countries, which
are
importance
were
being carried out
area
of
completely under the heel of
of these
cussions
Europe,
developments apparently
reper¬
were re¬
latively modest. The successive cessions of Rumanian
territory to Russia, Bulgaria and Hungary occasioned
the
ousting of
King Carol, whose hold
Rumanian throne
the
upon
insecure in any event.
was
The
Rumanian populace seemed to find its wrath satis¬
fied
by the abdication of the unpopular Carol, and
the
dismissal
on
Tuesday of 11 Rumanian general
military officers, who
than
accused of little
were
more
sycophancy during the reign of the deposed
King.
Accompanied by his mistress of
many years,
Magda Lupescu, the former monarch fled first to
Switzerland
manian
a
the
to
on
Portugal.
His
head of the
titular
Ru¬
was
by the Premier-dictator, Ion Antonescu.
radio address
made it
as
State, but the actual task of government
assumed
In
and then moved
Michael ruled
son
on
Wednesday, Premier Antonescu
plain that he intends to take
severe measures
against "anarchism," and all enemies of his regime.
The German Government announced
agreement where under the
mania will be
This
on
Tuesday
shipped to the Reich at
affairs
exercised
an
"surplus" grain of Ru¬
a
fixed price.
supplies additional evidence of the control
Balkan
over
by the Berlin and Rome
authorities.
a
the Germans will seize
upon such incidents
texts
ALTHOUGH
/A
this week in the vast Balkan
reports.
from
Balkan Peninsula
The real situa¬
by the peculiar situation
Hungarian troops began
the
sizable
portion
of
on
Sept. 6 to march into
Transylvania
allocated to
Hungary by the Rome-Berlin arbitrators, and the
occupation was extended on each and every day of
the
current
week.
The
Hungarian
Admiral and
Regent, Nicolas Horthy, moved forward at the head
of
his
troops,
mounted
upon
a
Although reports of this movement
make it
white
are
charger.
censored, they
plain that Admiral Horothy and his minions
Volume
The
151
greeted enthusiastically, at least in the towns
the former frontier where, Hungarians pre¬
were
near
At Sofia, the Bulgarian
dominated.
announcement
capital, formal
made late last week of the agree¬
was
Dobrudja is to be
the southern
whereunder
ment
Bulgaria by Rumania, the
returned to
occupation to
Rumanians in these ceded areas,
remain under the sovereignty of Buch¬
begin tomorrow.
who wish to
will have the opportunity to move to
arest,
minorities
forced to hand over to Russia.
was
reported from Bucharest, Wednesday, that
German residents of these new Soviet regions are
was
transferring in numbers to the
of the
Reich.
Yugoslavian problem
The eventual
remained ob¬
of the
this week, with many observers now
scure,
the final word in any
of the Serbs, Croats and
opinion that Rome will have
redistribution of the territory
left in peace, although
territorial ambitions there are not secret.
Slovenes. Greece,
Italian
short
1-32%
on Friday of last week, and 1 1-32%@1 1-16% for
three-months' bills, as against 1 1-32%@1 1-16%
on Friday of last week.
Money on call at London
likewise,
was
bills
on
Friday
Far
a steady
deterioration of the political situation in the
continue
signs
point toward
to
using any
the Chungking
East, where Japan is fully intent upon
available
for
means
Nationalist regime
an
attack
on
Unable to beat the
of China.
frontal assault, the Japanese propose
to move through French Indo-China.
Secretary of
State Cordell Hull warned the Tokio authorities last
Chinese
by
of
week
1%.
was
a
which reduced the total outstanding to
a
effect
the
upon
14
The reduction in
notes, together with an advance of £187,744 in gold
holdings, resulted in an increase of £1,545,000 in
reserves.
Public deposits rose £2,326,000 while other
and
£553,474,931
over
a
similar statement to
have
to
seems
attitude in the Japanese capital,
the last
views will be
ignored. Complicating the problem are
accounts to the effect that both
circumstantial
soldiers have violated the bor¬
Indo-China, withdrawals being effected
Japanese and Chinese
der of French
only after strenuous protests by the French
orities.
Rumors from Singapore suggest that
The
pro¬
13.1%, com¬
with 11.8% last week and 16.7% a year ago.
and
discounts
£209,277 and securities, which dropped £100,007.
The discount rate remained unchanged at 2%. Be¬
low
for
furnish the different items with comparisons
we
previous years:
OF ENGLAND'S
BANK
French colony.
demands for airdromes, naval
of 60,000 troops through the
These demands are said to have been
communicated
to
along with
COMPARATIVE STATEMENT
Sept. 13,
1939
II,
1940
Sept. 15,
Sept. 14,
1938
1937
Sept. 16,
1936
608,639,000 553,474,931 478,592,649 488,152,606 444,862,470
12,001,209 21,569,786 12,463,022 14,841,946
13,178,000
Public deposits
157,742,063 150,423,495 135,969,648 144,488,660 140,841,906
Other deposits
99,593,034 108,397,414 102,182,958
Bankers' accounts. 107,706,789 109,608,747
40,814,748 36,376,604 36,091,246 38,658,948
50,035,789
139,497,838 123,671,164 98,531,164 109,072,877 81,598,337
27,949,471 26,237,046 29,253,479
27,080,079 29,796,441
Other securities
9,184,307
5,038,359
5,879,782
3,858,425
4,074,336
Dlsc't & advances.
23,005,743 25,938,016 22,069,689 21,198,687 20,069,177
Securities
22,432,000 27,186,557 49,292,487 39,895,355 63,078,355
Reserve notes & coin
661,488 327,885,136 328,047,961 247,940,825
1,072,394
Coin and bullion
Other accounts
securities
Govt
Proportion of reserve
to liabilities
13.1%
2%
_
Bank rate
168s. 84s.
Gold val. per fine oz.
auth¬
bases and the passage
Washington,
£6,505,000 while
Other securities in¬
advances, which increased
gained £309,284.
other securities
clude
decreased
securities
Government
40.50%
2%
16.7%
4%
31.2%
2%
25.4%
2%
ll)4d. 84s.
ll)4d. 84s.
ll)4d. 84s.
urn.
Bank of Germany Statement
Tokio
spokesmen are making
notes
emphasizing the seriousness of the situation. It is
possibly with these matters in view that President
Roosevelt is reported to be considering a complete
embargo on the exportation of steel scrap, and
tightened restrictions on the outflow of aviation
gasoline. These products are essential to the Japanese
for the conduct of their undeclared war against China.
Discount Rates
ago.
which gained £2,587,941.
other accounts,
if
American sentiment
occasioned a more
but reports
week-end said that the Anglo-American
This
cautious
made
Britain
year
a
deposits fell off £6,984,381.
The latter consists of
bankers' accounts, which decreased £8,572,330 and
Circulation
Great
£608,639,000,
compared with the record high, £613,907,000 Aug.
Sept.
Toko.
England Statement
THE statement of £1,358,000 in endedcirculation,
Sept. 11
showed
loss for the week
note
aggression were attempted against Indo-China or the
Netherlands East Indies. There is reason to believe
that
1 1-32%, as against 1
were
Bank of
pared
Fx
Friday
on
portion of reserves to liabilities is now
Far East
ALL
market discount rates for
IN LONDON open
1
Old
being extended to
and northern Bukovina,
Bessarabia
in
which Rumania
solution
Foreign Money Rates
Similar privileges are
Rumania.
It
,1471
Commercial & Financial Chronicle
of Foreign Central Banks
THE statement for the first quarter12,625,512,000
of September
showed notes in circulation at
marks,
decline of 400,940,000 marks from the
13,026,452,000 marks, the last quarter;
a
record high,
a
ago
year
circulation aggregated
Bills of exchange and checks
marks.
10,969,652,000
recorded
a
loss
marks, investments of 4,930,000
marks, other assets of 269,392,000 marks and other
108,096,000
of
daily maturing obligations
of 28,833,000 marks. The
and foreign exchange rose 219,000 marks
total of 77,421,000 marks, compared with 76,-
Bank's gold
to a
773,000 marks a year ago. The proportion of gold
circulation is now 0.61%, compared with the
THERE have been no changes during the week in
to note
banks.
record low,
of the foreign central
Present rates at the leading centers are
in the table which follows:
the discount rates
shown
of
any
_____
Effect
Sept 13
Date
vious
Effective
Effect
51940
Holland
1 1936
...
Dale
vious
Sept 13
Country
Rate
Mar.
Pre¬
Rate in
Pre¬
Rate in
Country
Effective
Aug. 29 1939
Aug. 29 1935
Nov. 28 1935
2
Jan.
Bulgaria...
6
Canada
2)4
Aug. 15 1935
Mar. 11 1935
Chile
3
Dec.
16 1936
4
Japan
4
July
18 1933
5
Java
3
Jan.
Colombia
Czechoslo¬
Lithuania..
6
July
2)4
Hungary...
4
7
India...
3
4)4
3.29
6)4
18 1936
Apr.
7 1936
May
Bills of exch. &
4H
Silver and
3)4
Advances
5
Investments.........
4)4
Other assets
Liabilities—
Jan.
1 1936
3)4
Morocco
Jan.
2 1937
6
Norway
...
4)4
6H
Poland....
4)4
Dec.
3)4
Portugal...
4
Eire
3
2
3
Rumania
3)4
Aug. 111937
May
5 1938
England
Estonia
4)4
May 22 1940
June 30 1932
Oct. 26 1939
Oct.
1 1935
Dec.
31934
Jan.
4 1939
5
South Africa
4
Greece
._
3)4
Apr.
6
Germany
Jan.
6 1940
4 1937
3)4
May
17 1937
15 1933
4)4
4)4
Notes in
officially confirmed.
checks
other coin..
...
Spain
1939
5
Oth. dally matur.
Sweden
3)4
May 17 1940
3
Other
2)4
4
Switzerland
1)4
Nov. 26 1936
2
Propor'n of gold &
Yugoslavia.
5
Feb.
7
•4
Mar. 29
1 1935
6)4
oblig
liabilities
curr.
to note
Sept.
Reichsmarks
7,
1939 Sept. 7,
Reichsmarks
1938
Reichsmarks
76,171,000
76,773,000
77,421,000
+ 219,000
—108,096,000 12,782,682,000 10592 471,000 6,378,099,000
133,337,000
62,923,000
a324,529,000
28,542,000
31,971,000
a22,741,000
847,890,000
50,952,000 1,062,872,000
—4,930"000
—269,392,000
circulation...
4)4
a
•Not
exch...
Gold and for'n
7
4)4
2
Assets—
Sept. 7, 1940
Reichsmarks
5
3.65
4
4
France
Changes
for Week
3)4
15 1939
May 28 1935
Sept. 22 1939
Denmark..
Finland
REICHSBANK'S COMPARATIVE STATEMENT
14 1937
Danzig
..
comparisons for previous years:
4)4
3)4
Belgium
vakia
with
2
Argentina..
Italy
ago.
Rate
3
0.59% the last quarter and 0.70% a
Following we furnish the various items
year
.
1,582,034.000 1,806,456,000 1,149,361.000
—100,940,000 12,625,512,000 10969 652,000 6,689,200,000
948,002,000
—28,833,000 1,578,764,000 1,611,059,000
311,250,000
a442,947,000
704,868,000
,
for'n
circul'n
Figures as of July
+ 0.02%
23, 1940.
0.61%
0.70%
1.13%
Y
1472
The Commercial & Financial Chronicle
New York Money Market
.i
with
ONLY a minor amount of business
week
in
the
New
York
money
was done this
market, and
rates remained
unchanged in all departments. The
supply of bankers' bills and commercial paper is
exceedingly modest.
sold last
Monday
average
The Treasury in Washington
bank discount basis.
Stock
at
annual
an
Call money on the New York
Exchange held at 1% for all transactions,
again were l1/4% for maturities
while time loans
to 90
4.43-4.47
New
days, and 1%%
four to six months' datings.
New York
Zealand,
3.2280-3.2442.
$4.04
American
sterling
commer¬
$4.02 buying
are
selling.
In London
exchange is not quoted on Germany,
Italy, Denmark, Norway, Holland, Belgium, Poland,
Czechoslovakia,
France.
or
On
Friday of last week the New York Bankers
Foreign Exchange Committee announced that it had
cabled
Money Rates
con¬
4.02%-4.03%; Canada,
(90.09c.-90.10c.); Australia, 3.2150-3.2280;
and
on
week ago.
a
91
days, awards being made
1940
Official rates quoted by the Bank of
England
tinue as follows:
New York,
cial bank rates for official
discount, computed
14,
$4.02% and $4.04, compared
$4.03% and $4.04%
further issue of $100,000,000 dis¬
a
bills due in
count
0.038%
Sept.
fers has been between
London
to
the
following message:
"Free
The market is asking if
they
may use official sterling to cover free
sterling require¬
sterling is $4.03% bid.
DEALING in detail with call loan rates
on the
Stock Exchange from day to day,
1% was the
ruling quotation all through the week for both new
loans
•
and
continues
up
for
time
money
Rates continued nominal at 1 %%
days and 1%% for four to six months'
maturities.
The market for prime commercial
paper
active this week.
The demand has
*
more
been strong
better.
market
quiet.
to 90
has been
.The
renewals.
and the supply and volume has been
Ruling rates at %@1% for all
Bankers' Acceptances
maturities.
ments of market."
The
no
as
has
has
%%
are
bid
and
7-16%
asked; for bills running for four months, 9-16% bid
and %% asked; for five and six
months, %% bid
and 9-16% asked.
The bill-buying rate of the New
York
Reserve
1 to 90
Bank
is
%% for hills runing from
days.
THERE have been
rediscount
no changes this week in the
rates of the Federal Reserve
recent advances
on
in the footnote
to
schedule of rates
Government obligations
to
the table.
now
Please
mittee that
The
should
be
RATES OF FEDERAL
RE8ERVE BANKS
Federal Reserve Bank
Effect
as
1
Rate
Sept.
IX
IX
1.1939
Aug. 27. 1937
Sept. 4. 1937
May 11, 1935
IX
*1X
Aug. 27, 1937
Aug. 21, 1937
*\x
*1X
IX
*1X
*\x
IX
New York
Aug. 21, 1937
Sept. 2, 1937
Aug. 24, 1937
Sept. 3, 1937
1
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Advances
on
IX
IX
2
2
2
2
2
2
2
2
Aug. 31, 1937
Sept. 3, 1937
2
2
Government obligations bear
Chicago;Sept. 16.1939, Atlanta.
a rate of
1%, effective Sept. 1, 1939,
Kansas City and Dallas:
Sept. 21. 1939, 3t. Louis.
Course of
Sterling Exchange
OUIET strength in the free
feature
continued
in the
of the
over.
In the
thinness
when
pound has been the
modest business done
foreign exchange market in
There has been
a
no
small
the past few weeks.
apparent expansion in the turn¬
early part of this
of the
market
increase
for
the
week the
pound
extreme
was
shown
in
offerings depressed the
quotation to around $4.02%,
against quotations of
between $4.03% and
$4.04% for cable transfers
during the previous week.
The range for free
this week has been between
bankers' sight,
sterling
$4.02% and $4.03% for
compared with
$4.03 and $4.04 last week.
the
to
a
range
of between
The range for cable trans¬
we
shall require to
beneficiaries.
Bank of
Applications
England through
London correspondent."
pressed that there
tion of
long-
must be
worldwide reorganiza¬
a
monetary systems.
In this
connection
interest
centers
States
gold holdings
While it is said that
our
were
the
on
gold stocks held in the United States.
On
huge
Sept. 11
$20,981,000,000.
proportion of the world's
monetary gold is large, it should be remembered that
never
been possible to arrive at
of the
total
more
than
an
monetary gold in the world.
After the World War of 1914-1918
the United States
Treasury Department estimated
as
in
excess
of
the
world's
authorities
in
London
stock at around
mone¬
$9,000,000,000, including
figure only the gold stocks held by
and central banks.
Previous
Established
Sept. 13
*
Boston
•
Date
needs, but
of foreign exchange problems
especially
sterling-dollar. Fears are generally ex¬
concerns
ments
on
or
ac¬
range aspects
in this
Rate in
or
Exchange Com¬
provide free sterling at $4.03% to
ultimate
made
tary stocks
'
as
Foreign
The financial markets continue to look to
the
estimate
following is the
of
London office
shown
of paper at the different Reserve banks:
DISCOUNT
inform
will
we
advised
it has
in effect for the various classes
was
cable whether
permit transfers between registered and free
counts.
banks;
are
authorities
Should be glad to supply American
demand, but for administrative reasons are reluctant
United
Discount Rates of the Federal Reserve
Banks
British
clear from your
demand for free sterling is on the United
States
reported by the
Federal Reserve Bank of New York for bills
up to
and including 90
days
the
not
meet all United States
*
THE market for prime bankers'and business
acceptances
shown
change this week
Dealers' rates
"It is
foreign account.
be
been very quiet.
reply from
follows:'
govern¬
At that time
competent
placed the world
$12,000,000,000.
monetary
It is probable that
the London estimates included in
addition to govern¬
mental
of the
The
holdings the large private stores in all parts
world, especially in India and the Far East.
revaluation
United States
on
of
the
monetary
stock
of
the
Feb. 1, 1934 lifted the value of the
then
gold stock from $4,034,867,780 to
$7,081,263,295, effected by raising the gold price from the
time-honored figure of $20.67 to $35 a fine
It should be recalled that the
Bank of
ounce.
England
compelled to
1931.
cease
was
gold redemption in September,
From that date onward the London
market
gold price advanced rapidly from around 84s. lid.
per
ounce
to
around
the London
open
148s. in
gold market
August, 1939, when
was
brought to
Thereafter the London
price of 168s.
an
a
close.
ounce
pre¬
vailed, but while the figure represented
merely the
Bank of England's
buying price, in practical effect
the Bank of
England was not a buyer of gold. The
only market where gold could actually be sold was
in New York at $35
an
ounce,
resulting in
ing of the world's supply to this market.
a
siphon¬
Volume
The
151
the
caused by devaluation of the
in the least the disturbance to
Not minimizing
parities of all currencies
clearly
in
Europe had quite as much to do with the attraction
of gold to this side from all parts of the world as
did the fixing of the price of the metal at $35 an
ounce.
Had the American price remained at $20.67
an
ounce, it can hardly be doubted that the European
the
that
would have
crises
1934, it should be
dollar in
States
United
understood
constantly recurring crises
number of ounces,
same
shores exactly
to these
sent
the
pounds, or tons as are now
free sterling on
$4.03%@$4.03% for bankers'
sight and $4.03%@$4.04 for cable transfers.
On
Referring
were heavy, with slight demand.
$4.02%@$4.03% for bankers' sight
$4.02%@$4.04 for cable transfers. On Tuesday
The range was
and
the range
and
was
of the world and
rencies when
as
they have
backing for their own cur¬
been restored to
once more
stability.
There
be
doubt that
no
some
of the nations in
notably Holland
of England,
the
occupied countries of Europe,
and
Belgium, equally with the bankers
regard
our
gold holdings as much a source of stability
currencies and trade in the future as if
to their own
proportionate share were actually domiciled in
own
vaults.
To be sure, the fact that the
their
their
American
Executive still has power
to devalue
the
doubt to the calcula¬
tions of foreign bankers, but it can have no effect on
world trade conditions as they exist by reason of the
currency
further
may
lend
The
and exports which
statement of the
of gold imports
amounts
are
taken from the weekly
United States Department
the week ended
of Commerce and cover
Sept. 4, 1940.
IMPORTS, AUG. 29 TO SEPT. 4,
GOLD EXPORTS AND
INCLUSIVE
Imports
$1,176
672
.$82,912,044
$1,848
Refined bullion and coin
——
Detail of Refined
Bullion and Coin Shipments—
were
Closing quotations on Friday
transfers.
$4.03% for demand and $4.04 for cable trans¬
fers.
Commercial
sight
finished
bills
$3.99;
at
60-day and 90-day bills are no longer quoted.
NOTHING significant can be said regarding and
Continental exchange situation.
Financial the
monetary conditions in Europe are
the extreme and
Switzerland
4,502
——
country can exist only at
—
Mexico
Trinidad and Tobago
...
the cost of severe privation.
Most businesses are stifled
and capital continues of
of Treasury bonds.
Vichy indicate that
the money situation in unoccupied France is easy.
Day loans are being made at 1%% and Treasury
bonds command 2%% for four to five months ma¬
turities.
The easy and plentiful supply of money
leaves out of consideration altogether the fact that
the domestic franc is so greatly inflated that the
use
except for the purchase
However, late dispatches from
"plentiful" is without meaning.
term
The financial center of the
transferred
to
occupied
zones
$672
is being
continues under interdict.
It is not possible
marked advance in
business developing in either area.
Whatever busi¬
ness France can at present conduct is falling rapidly
to
imagine that there car^ be any
under the Reich economic
German
reports
control.
financial and business
accepted without reserva¬
the Reichsbank statement as of
as
to
arrangements cannot be
For instance,
tion.
—.—
56,439,286
3,755,944
149
zone
Lyons because the Paris banks are
already moving their Treasury services there. The
movement of funds between the occupied and free
and the item
610,510
Kingdom
Canada
unsatisfactory in
In France the
beyond explication.
Aug. 31 reported gold holdings
$2,964,350
Portugal
United
range was
$4.03@$4.03% for bankers' sight and $4.03%@$4.04
Exports
*$932,508
81,979,536
Ore and base bullion
Total-.
The
the market closed without feature.
some
present world catastrophe.
follow
On Friday
$4.03%; cable transfers $4.03@$4.04.
little
can
Bankers' sight was $4.02%@
unchanged.
Continental and Other Foreign Exchange
and bank¬
ing and commercial interests everywhere outside
German-dominated Europe regard the huge gold
holdings here as highly beneficial to the future com¬
merce
Bankers'
$4.02%@$4.03%; cable transfers $4.03@
On Thursday the character of the market
$4.03%.
'
stand, London bankers
now
$4.02%@$4.03% for bankers' sight
for cable transfers.
On
Wednesday the market continued limited.
sight
for cable
As matters
was
$4.02%@$4.03%
would
surely have necessitated the movement of the metal
here from all producing countries, such as South
Africa and Canada, because there was no other
market.
day-to-day rates
was
Monday offerings
remained
price had reached 148s. an ounce
to
Saturday last
here. This
would have greatly reduced the dollar designation of
the United States gold stocks but not its volume by
weight.
The closing of the London gold market
lodged in the various Treasury vaults
after the
1473
Commercial & Financial Chronicle
which
serves
statement of
of 77,202,000 marks
"gold" includes foreign currency re¬
were
reported
June 26,
1939.
separately until the
In the last separate
Argentina
3,803,266
statement the foreign currency reserve was
Venezuela
11,235
6,689,602
reported
as
Netherlands
Indies
149,276
I
Hongkong
*
— —
6,551,416
Australia
Chiefly
$136,815
Canada,
$349,702
Mexico,
$289,969 Philippine
Islands.
Gold held under
earmark at the Federal Reserve banks was
during the week ended Sept. 4
increased
by $5,681,708 to $1,650,107,898.
The London open money
market seems not to have
5,900,000,000 marks.
Consider the gold item
alone.
This should be the equivalent of approxi¬
mately $31,136,000, figuring the gold mark at 40.33
cents.
It is well known that the German authorities
hold much more
never
disclosed.
gold than this, though the total is
Recent expert authorites in
Rome
disturbed by the military attack on
have stated that the
German gold holdings amount to
against bills is in supply at
%%.
Bill rates continue unchanged, with twomonths bills 1 1-32%, three-months bills 1 1-16%,
four-months bills 1 3-32%, and six-months bills
20,000,000,000 lire.
If this figure is assumed to be
been in the least
the
capital.
Call
money
The Canadian dollar in
the free market is moder¬
ately easier, reflecting the end of tourist demand
with the close of the summer holidays.
Montreal
funds ranged
a
052,620,000.
European territories
1%%.
and
computed at the gold par of the lira, 5.2631 cents,
the German gold stock totals approximately $1,-
this week between a discount of
discount of 12%%.
15%%
will be
which already have been or
incorporated into the German customs union
the economic
According to Berlin ideas, the
incorporation of the "protectorates" and of practi¬
cally all occupied Europe into the Reich's customs
are
shaping their business policies to
plans of the Reich.
The Commercial & Financial Chronicle
1474
union is
feared any
foregone conclusion, the consummation of
a
which is
Sept. 14, 1940
relaxation might
cause
the
to collapse.
peso
According to Rio de Janeiro advices, for the first
delayed only by technical considerations,
particularly because of the necessity of prior adjust¬
time in the
ment of
tions, United States sales to Brazil have exceeded
Even
price and wage levels to those of the Reich.
the
recognized
Switzerland
free
German
in
cannot,
of
states
Sweden
opinion,
United States
and
escape
currency
record
sum
of
creased
During August
notes.
a
$550,000 went to Europe by
currency
Europe aggregated $17,500,000.
ments last year
$10,000,000
at
able business is done
not
comes
with
5.15, against 5.15.
quoted at
active market in
although
a
due
pressure
are ex¬
Swiss franc dis¬
the
to
abnormal
French
francs
are
not
occasionally' quoted
against the
at
11.85.
Italian
quoted at 5.05.
vakia, Denmark, Norway,
Rumania is not quoted.
is
or
are
as
an
for German registered
exchange
Exchange
39.95,
There
1940 of 40.20.
occasional nominal quotation
marks
around
nominally
high for
gold marks
or
on
Shanghai
yuan
is inclined to
is
nominally
23.45, against 23.45
kong
closed
on
Finland
against 2.05 (nominal).
0.68
at
2.05
(nominal),
Greek exchange closed at
the
special
84s.
ll%d.
per
shown for
by
(Friday); comparisons are
corresponding dates in the previous
the
through the
Argentine free
showing buoyancy.
are
peso
has
lately been
Other Latin American units
are
England
steady by their local exchange
important change
an
was
made in the
Villasenor, Under-Secretary of Finance, assumed con¬
trol of the Bank of
Mexico, replacing Sr. Luis Montes
The
new
head of the
Mexican bank
was
Political Science and
Oxford.
was
a
was
post-graduate student at
formerly
63,667,000
16.602,000
97,714,000
94,083,000
Nat. Belg__
132,857,000
86,730,000
41,994,000
103,500,000
disturbed
Mexican
commercial
Denmark..
political
can
see
the
position
still far from clear.
on
Dis¬
Sept. 11 stated that
situation
for the banks to
forbidding
production
6,667,000
Total week.
699,601,306
700,333,414
Prev. week.
Note—The
from
many
had
more
clearly.
327,885,136
293,728,209
3,008,600
328,047,961
293,480,435
2,493,000
1936
£
247,940,825
428,257,505
2,223,900
88,092,000
63,667,000
25,232,000
87,323,000
25,232,000
123,376,000
88,130,000
113,875,000
29,319,000
6,538.000
105,490,000
56,846,000
102,343,000
83,206,000
25,944,000
6,549,000
6,602.000
105,707,000
7,442,000
42,575,000
54,159,000
24,132,000
6,552,000
6,604,000
762,535,648 1,082,200,945 1,066,710,396 1,063.089,230
762,547,033 1,080,670,440 1,066,449.569 1,064,147,780
in Europe has made It impossible to obtain
up-to-date reports
of the countries shown In this tabulation.
Even before the present
war
war, regular reports were
not obtainable from Spain and
Italy, figures for which
30, 1938, and Mar. 20, 1940. respectively.
The last report from
June 7; Switzerland, June 14;
Belgium, May 24; Nether¬
lands, May 17* Sweden, May 24; Denmark, March
29; Norway, March 1: Ger¬
are
as
France
of April
was
received
many, Sept. 13.
Pursuant to the Currency and Bank Notes
Act, 1939, the Bank of England
for March 1, 1939, and since have
carried the gold holdings of the
statements
price which
to
was
fine ounce)
at the
calculations.
periods
as
of the statement date. Instead of the
statutory
formerly the basis of value.
On the market price basis (168b.
Bank reported holdings of £1,072,394,
equivalent, however,
the
only about £542,310
as
well
as
In
statutory rate (84s. 11 Hd.
order
with
the
per fine ounce), accord¬
make the current figure comparable with
figures for other countries in the tabulation,
to
we show English
holdings in the above In statutory pounds.
x Gold holdings of the Bank
of Germany as reported In 1939 and 1940 include
"deposits held abroad" and "reserves In foreign currencies."
y The Bank of France gold holdings have been revalued several times
in recent
years; on basis of latest valuation (23.34 mg. gold 0.9 fine
equals one franc). Insti¬
tuted March 7, 1940, there are
per British statutory pound about 349 francs;
prior to March 7, 1940, there were about 296 francs per
pound, and as recently
September, 1936, as few as 125 francs were equivalent to the statutory pound.
For details of changes, see footnote to this table In issue of
July 20, 1940.
as
The
considered sufficiently seri¬
Who Will Profiteer?
appeal for relaxation of restric¬
any extension
of credit except for
Sr, Eduardo Suarez, Secretary
asserted to the bankers that he
purposes.
Treasury,
outcome
was
96,779,000
35,166,000
6,500,000
6.666,000
6,505,000
ing to our
practically
major business and national finances until
commercial
the
3,871,050
Sweden
former
patches from Mexico City
of
*334,514
Italy
per
He
The Mexican situation is
ous
*542,310
Bank at the market value current
attache in London.
tions
£
Germany x_
Spain
•
graduated from the London School of Economic and
investors
1937
£
Norway
Sept. 7
frozen
1938
£
328,601,484
3,838,650
63,667,000
23,400,000
management of Mexican finances when Sr. Eduardo
the
1939
242,451,946
France y
Switzerland
held
controls.
Oca.
1940
Netherlands
tinues
de
respective
four years:
(nominal).
against*0.68
EXCHANGE on theunchanged from countries con¬
virtually Latin American recent weeks,
On
fine ounce)
of
as
£
and
Hong¬
23@23.02;
against
cable yesterday
Banks of—
dull
ago.
were
dates of most recent
statements, reported to us
nominally quoted at 9.25, against 9.25.
are
week
Friday of last week.
principal European banks
Spanish
(nominal),
pesetas
closed
a
checks yesterday
yen
amounts of gold
(converted into pounds sterling at the
bullion
British statutory rate,
on
The Japanese and
ease.
rJ"lHE following table indicates the
in
22.79.
has
but the
GoldJBullion in European Banks
compared with 23.86 last week, while the Swiss franc
against
pre¬
The
widely,
strength,
unchanged from
22.52@22%,
at
is
Exchange
is
30.31, against 30.31.
quoted around 23.86,
nominally quoted around 22.78,
peso
Shanghai at 5%@5%, against 5%; Manila at 49.80,
against 49.80; Singapore at 47%, against 47%;
Bombay at 30.31, against 30.31; and Calcutta at
Poland, Czechoslo¬
Of the two remaining free
fluctuating
considerable
Indian currencies remain
Holland, Belgium, and
currencies the Swedish krona is
The Mexican
of
while
Closing quotations for
quoted in New York
German so-called free
closed at
Chilean exchange is nominally
Peru is nominally
new
dollar,
recently developed
demand for dollars in Switzerland.
London.
no
Hongkong
franc, the two
the Continent,
although the
particular
peso
Brazilian milreis closed
5.13, against 5.17.
sents
ceptionally steady,
plays
free market
cover
EXCHANGE on the Far Eastern countries
features
importance.
large interests.
on
or
a
exchange.
currency
The demand
through Portugal.
remaining free currencies
over
declare, however, that
quoted at 16.00, against 16.00.
only from hoarders but from individuals
The Swedish krona and the Swiss
Great
quoted at 20.25, against 20.25.
size¬
a
naturally affects the
Argentine unofficial
returned to the United States in
an
though
The United States in giving Brazil
23.30@23.40, against 23.30.
•1939.
It is well known that there is
purchases,
shortage of exchange to
States export drafts.
United
Currency ship¬
the Swiss centers for the currency,
and
there will not be any
reached $110,200,000, the largest of
was
sales
Officials of the Bank of Brazil
Dur¬
shipments
in recent financial history, and less than
any year
purchases have increased almost 100%
trade deficit
In July
of Portugal.
way
both
those of 1939.
low
new
$300,000 went to Europe.
ing the first eight months of 1940
to
German trade
collapsed and Great Britain has in¬
Britain's
European countries continue to absorb United
States
purchases from Brazil.
there has almost
similar incorporation.
The
history of Brazilian-American trade rela¬
The
draft-industry movement which has raged
furiously in Congress the past several weeks
from
the
carefully cultivated thesis that the
so
arose
man-
Volume
The
151
1475
Commercial & Financial Chronicle
of industry and investors were engaged in a
monster sitdown strike to wangle huge profits from
defense program will mount
enacted, the cost of our
agers
This sitdown thesis has by
the defense program.
been
now
completely exploded, in the pages
"Chronicle"
elsewhere, but the idea
and
nevertheless, that industry
of the
persists,
will benefit from large
of work¬
drafted into
profits during rearmament—at the expense
particularly of those who are
and
ers
the Nation's armed services.
persistence of this notion, it
In viewT of the
should
pointed out that both the Congress and the Ad¬
ministration have taken steps, at the very time they
be
obtaining reason¬
able profits (industry's chief concern in the contro¬
versy has been to insure that, it did not actually
sought to prevent industry from
suffer losses
investments made necessary
on
by the
im¬
and those who enter
program) to insure that the sacrifices
defense
posed on the working groups
minimum.
Indeed, one might
justified in holding that the
profiteering which
the service is held to a
be
occurs
under the new program
will be confined to
The debates over the
conscription measure have
clearly revealed the determination of our politicians
that the draftees shall suffer a minimum of incon¬
versions
House
and
Both the Senate
financial sacrifice.
venience and
drafted for training
stipulate
that
any
shall, upon completion of his
position without
similar rights, and at the
loss of seniority, or
rate of pay
same
the measures
Moreover,
the financial
he formerly received.
provide a moratorium on
obligations being carried by those
time of their call to the
service.
drafted at the
But, so far as the
present writer knows, neither house gave any serious
consideration to the effect such moratoriums would
the finance companies, banks, and
have upon
institutions holding the
financial
other
instalment and
provisions, however, by no means exhaust the
considered in
The War Department and various
are known to be considering the intro¬
protection against sacrifice new being
Washington.
Congressmen
conscription bill becomes
authorizing the Government to
duction, as soon as the
law, of legislation
pay
the
the life insurance premiums of men called into
service.
Other congressional groups are con¬
sidering
a
proposal to require the Government to
Security tax payments for the con¬
meet all Social
appears
that this group will profiteer
at the
of capital, rather than the reverse, in the
to come.
Administration spokesmen have
months
workers' so-calle/ social
the defense pro¬
gram.
Just this week this fundamental objective
was reiterated by Colonel Phillip Fleming, the Ad¬
ministrator of the Wage and Hour law, and by Isa-
repeatedly declared that
gains will not be altered to speed up
dor Lubin of the United
be able to raise our
national
unlike
States Commission of Labor
Mr. Lubin said, in
Statistics.
fact, that "we should
standards of living during this
Morever, these reiterations,
emergency."
pronouncements of the Administration,
some
being carried out every day.
are
According to data compiled by the
dustrial Conference
wage
National In¬
Board, factory workers entered
period of the present war with the
the
highest hourly
rate structure they had ever enjoyed.
This
72.2c. an hour in September, 1939, compared
with the 1937 average
of 69.3c. and the 1929 rate of
Throughout the months that have
59c.
followed the
rate has advanced steadily,
reaching 71c. by June of this year.
hourly
average
pay
The increase that has
the indices of
cost of living, for
such costs have risen only
recent months and
in
occurred since the war was
necessitated by a rise in the
not
average
one
have
would
are
still far
and somewhat lower than
this,
of all
Wlow
slightly
the 1929
In view
labor
in 1937.
might be inclined to think that
been
content with its all-time record
scale of last June, especially considering the
increases won in the preceding months.
One might
wage
thought that the national emergency
have
have caused a
at least
would
deferment of wage increase demands,
until such time as the cost
of living began
rise.
to
other notes of the drafted men.
Such
tainly
expense
person
service, be restored to his former
any
truly alarming proportions. .
who are not drafted, it cer¬
As for the laborers
was
working group rather than to industry.
the
to
What
are
the facts?
reports that some
Secretary of Labor Perkins
25,827 factory workers gained
increases in June, and that 35,000 more re¬
ceived raises in July.
Actually, the number was
wage
probably greater, since, as the Secretary admits,
reported to her department.
not all increases were
More
important than the record of the
increases
is the manner in which
the raises were won.
Organized labor circles freely
admit that their advice to constituents is to demand
actually granted, however,
increases whenever and
wherever contracts ex¬
scripted, so that when the men return to
wage
in
pire—especially in plants holding defense contracts.
They believe that the threat of a strike in such fac¬
tories will promptly bring conciliators from the
United States Labor Department and from the Na¬
tional Defense Advisory Commission to the scene.
The inevitable result is that the employers—busy on
private
life their annuity and unemployment insurance bene¬
fit rights would be the same as if they had remained
private employment.
proposal that the men be guaran¬
There is also a
teed the same
who
saw
hospitalization rights enjoyed by those
service during the World
actual
War.
And, finally, still another measure would, if the
draft ever extends to men with dependents, have
the Government
his
match whatever sums are sent to
dependents by a soldier or sailor.
not the purpose of this 'article to quarrel
It is
with each and all
desired only to
of these proposals.
point out that the present temper in
Washington insures that the
the
men
who
be held to a
Instead, it is
are
to compose
minimum.
sacrifice demanded of
our enlarged army will
It is appropriate, too, to
addition to the protections
incorporated in the draft bills, the proposals
point out that if, in
already
for
continuing social security tax payments, etc., are
arms
contracts and already
charged with holding
back—make concessions to keep
major strike threats have
various defense lines
nificant
is
more
the wheels turning.
appeared in
sig¬
that none have resulted in strikes, and it
significant that all have been settled by
Numerous
in recent weeks, but it is
although in some cases work¬
with pay
provisions rather than by outright
employer concessions,
ers
were
appeased by grants of vacations
and other costly
wage
raises.
Production
of
the
vast
amount of mechanical
equipment needed by our army and navy
mittedly provide full employment
will ad¬
for several mil-
1476
The Commercial & Financial Chronicle
lions of the idle in addition to
ployed.
levels
Hence, with
those
already
The distinction that
em-
rates at all-time record
wage
associates
(and still going up), and living cost levels
relatively low, the workers in industry seem assured
higher purchasing power for some time to
than
they have
On the other
hand,
profits in recent
have not
remotely
even
proached the levels prevailing in 1928-29.
1937 incomes
only about half of 1929's.
were
considering the current high level of
State and local, as well as Federal
possible to imagine
enable
its
was
pre-
periods, therefore, when
our
generally considered to have enjoyed
investors who will benefit from the defense
program.
This fact should be borne in mind when-
there is talk of
current
industry profiteering during the
And while
emergency.
a
proper
the Nation's workers will be called into
is
only fair to note that
already adopted
sidering
and
it
numerous
numerous
to ask for
seems
some
service, it
safeguards and is
con-
others to minimize their sacrifice
which
cost
a
huge proportions.
scarcely
share of
solicitous Government has
a
inconvenience—at
attain
is
certain
to
During those difficult days not one among the small
of men who labored under Mr. Loree's direc-
army
spent himself more unstintingly than the leader
whose quick intelligence and resolute determination
planned, participated in, and
step.
manager of the western system of the
road
administrators
the last of
dictates of their
Friday of last
on
sturdy generation of rail-
a
who
followed
own
own
their
own
plans, obeyed
consciences, bowed only
justlaws and rightful authority, truckled to
temporary incumbent of office
nor
no
cringed before
usurpation of authority, believed in the virtue
enterprise and in the integrity of economic
has forever
economic
no
artificial aid
interference
sound economic
or
principles.
vanished, but
vision
and
or
advantage, and
duress
not
It is
generation that
one
a
founded
in
without whose broad
competent
and
courageous
initiative the people of the United States must have
been
infinitely
poorer than
they
are
today.
was co-ordinated and
modernized, its
auxiliary trackage multiplied, its grades reduced,
its curvature moderated, its bridges strengthened
and widened, its motive power increased and
greatly
improved, larger and better rolling stock for freight
provided, the quality of passenger equipment
notably raised, efficient policing of the entire rail-
Born in
dency, of old New Jersey and New England stock,
he was graduated from
Rutgers College soon after
his nineteenth
birthday, and, following brief experi-
mentation
the
or
mathematics
practice of the law, his genius
and
insatiable
structive progress led him
field
of
that
day,
rapidly in that arduous
appetite
for
con-
inevitably to the greatest
railroad
arena
development.
he
won
Very
recognition
for
distinguished capacity to obtain startlingly suecessful results in the minimum of
time, a capacity
which
only those in closest
contact with his labors
knew to rest
upon
unremitting toil in the complete
mastery of all the conditions of each problem that
arose, as well as upon the bold and deeisive action
that
until
promptly followed and
was
vigorously pursued
competent effort blossomed in achievement.
the year
1901, the Penn-
a not at all
strongly-in¬
trenched control of the Baltimore and Ohio
system,
a control which it felt
constrained
subsequently to
supposed conformity with the public
poiicy of Federal anti-trust legislation. Alexander
surrender in
j.
Cassatt, then at the height of his remarkable
career as
the head of the
ment of other
selected
Mr.
men
was
Loree
as
former,
a man whose
the associate in
administer the
tjon.
and
Baltimore
judg-
unsurpassed, unhesitatingly
best qualified to
Ohio
all
respects
far-flung acquisi-
had
emerged, without foreclosure
then
and
but
by
a
recently
voluntary
reorganization of its finances, from a long receivership during which it had been partially, but by no
means
the
completely, reconstructed
and rescued from
physical decrepitude into which it had become
sunk
in
consequence of premature expansion and
of depressed national activity.
In this, his
years
the Middle
West, two and a half years
before the election of Abraham Lincoln to the
Presi-
in
general
Railroad, during which the whole operation of that
sylvania Railroad obtained
Loree
courses, made and modified their
at
as
Pennsylvania
huge net-work
During the first half of
Loree, who died
was
effort, asked for
cognizant of every
was
There followed five brilliant years
especially among enginemen and trainmen and those
employed in maintenance of way, were made far
more satisfactory to the employees and to the
public.
protection for industry and for the
Leonoi- Fresnel
rebelled
the heroic figure which dominated the
as
road organized, and the condition of
employment,
week,
of free
Pennsylvania
marked for the
inappropriate from time to time
Mr
any
plainly
man
highest position long before he attained national
recognition
========
to
a
In the fine and
the
Under such circumstances
profit system under which it operates.
the
was
of
tion
earlier
or
ever
Railroad he
organization
route wrecked and ruined by the Johnstown flood,
future to produce
near
greatest prosperity, it is labor rather than in-
dustry
a
level of'activity that would
a
era.
Relative to
his
became
reconstruction and quick reopening of the railroad
rivaling the rate of return in the
depression
country
and
among
first
taxes, it is im-
industry within the
earnings
cessive grades of his profession.
And
wages,
markedly his
was
day that he
and
self-contained
ap-
Indeed,
the
by the hard route of deeds laboriously planamazingly accomplished through the sue-
rose
ned
is well known, corporation
as
years
he
known before.
ever
from
division officer, at 25 years of age, became impressive throughout a progressively expanding area, as
of far
come
Sept. 14, 1940
first
Presidency, Mr. Loree
mense
confronted tasks of im-
magnitude, not least of which
were
reconciling proud Maryland and Baltimore,
as
the personnel of the railroad
those of
as
well
itself, to seeing the
historic enterprise with the
inauguration of which
Charles Carroll of Carrollton was
over
the
its
identified, give
long independence and yield something to
influence
and
younger rival.
direction
of
its
northern
and
Moderate and mild must that direc-
tion have been,
as
the
lofty integrity of Mr. Loree
and the tolerant wisdom of Mr. Cassatt must
have
indicated in advance to those who knew
them, for
the four years' administration
the former
popular.
was
They
not
were
of
the
property by
merely successful, it became
years
commencing with the
debacle of the Northern Pacific
"corner," but of sub-
sequently rapid recovery and
and Ohio
progress.
Baltimore
proceeded by immense strides to regain the
Volume
and to take full rank
best
lost
leadership which had been temporarily
relative
among
the best constructed,
administered
the eastern section of the United
to say, in the premier group of the
equipped, best operated, and best
in
properties
States, that is
world's railroads.
It
was
during
period,
that
in the Nation's
terminal
energetic
Loree's
Mr.
upon
this
initiative,
magnificent union
capital was planned and
the
constructed, that for Baltimore and Ohio there were
built the first American Mallet-articulated locomo¬
acquired the sub¬
Read¬
ing, extending to effective control of the Central
Railroad of New Jersey, which, after 1920 and the
reversal of Congressional policy embodied in official
quired genuine solvency and earning
minority interest in Philadelphia and
consolidations, became the founda¬
favor to railroad
aspirations to function as the
tion for
factor in
of four great systems
one
hinterland of the
the
predominant
they have
North Atlantic ports, from
consolidation officially
standing at zero when
supported that
during the short era of consolidations artificially
stimulated by Federal favor it was able to finance
overtures for acquisitions of connecting railroads
ment, the company's credit,
he
and
steel,
matches,
group
encouraged was not
when
of capitalists turned from
tin
to
seek new adventures
Rock Island and
They sought the most brilliant
through control of the Chicago,
Pacific
Railway.
began, had been so substantially
the abandonment of which, failing
upon
than
more
approval by
minority of the Interstate Commerce
a
substantial profits. ^
episode. For
else it might have been, and Delaware and
Commission, it realized very
Kansas
any one
City Southern was only an
Hudson must have
the
to
been,
belief,
common
an
Contrary
entire career.
and
to
most
newspaper
writers, the late Edward H. Harriman was never a
Hudson stock and
large owner of Delaware and
dominated
never
David
or
sought to dominate its manage-
man's
who
Willcox,
its
was
Harriassociate and
support. When the
boyhood friend and continued
always received his generous
would
former
versities
Loree
President when
depression was encountered, was Mr.
the 1907
the visible foreshadowings of the future
among
the Moore-Leeds
which
Indeed, under his manage¬
received.
ever
to be set up in
Hampton Roads to Portland, Maine.
But
capacity, and
paid to its stockholders the only dividends
tives, and that the corporation
stantial
1477
& Financial Chronicle
The Commercial
151
as
no
of that
longer struggle against
the ad¬
period, his friend suggested Mr.
selection was ratified
his successor and the
by the Board of Managers.
For more than thirty
the confidence of the stockholders continued
administration so inaugurated and, before his
of tested railroad
leadership to head their newly-acquired property
and wherever their eyes turned they always returned
years
and re¬
year,
figure in the American galaxy
For his services they bid high
to Mr. Loree.
How reluctant he was, how persistent and
they, how eventually he yielded to un¬
peatedly.
insistent
were
paralleled persuasions and promises, what came
it all and
of
why, constitute a story never as yet com¬
pletely told nor more than dimly adumbrated.
It
here to say that his retirement, after
4 s sufficient
ten
months of service that was
by sinister manipulations
motives
tions
somewhat
were
regrets
judgment and that if his anticipa¬
to his
or
have
must
disappointed,
been
about
bonus,
pecuniary
There
was
at
his
least
tempered by the large
half a million dollars,
awarded to him in settlement
the contract
his
degree discreditable either to
smallest
no
against which he failed
support to which he was entitled, was
to receive the
in
amazingly impeded
for the violation of
For
1904-1906, Mr. Loree's association
affairs was that of an independent
about two years,
with
railroad
expert
of
authority, preeminently
baffling problems of
of financial organization, whose serv¬
unequalled
equipped for the solution of
operation or
ices were
available wherever the need was greatest
and the conditions
encouraging to his ambition to
practical and progressive results. There was
railraocl in the Southwest, built chiefly out of hot-
achieve
a
enthusiasm, crude and inefficient as
air and
construction
must
such
be, bankrupt in fact before it
be¬
coming the undesired and troublesome property of
an eastern capitalist whose inexperience in railroad
could be
opened for operation, and eventually
matters was his
of
its
creditor.
best excuse for being in the
Mr.
Loree
was
position
enlisted, as the
of sick railroads, and
years' control of the Kansas
City Southern Railway, in which he never held a
large ownership interest. Under his administration
this railroad was efficiently re-constructed, it ac¬
uniquely capable physician
thus
began his thirty
retirement, after the
beginning of his eighty-first
by the receipt,
equivalent to
two and one-quarter times the par value of all the
company's capital stock, some of which, however,
had been originally acquired at premiums received
in the corporate treasury.
Within that period, also,
their property had been largely improved by re¬
their support had been rewarded
during his Presidency, of dividends
general moderniza¬
'V:;
outline. President of a
construction, re-equipment, and
tion.
All the
foregoing is mere
relatively small railroad, and
another materially
tion in the
full
the chief executive of
less important, Mr.
Loree's posi¬
than a
railroad industry was, for more
generation, incomparably more important and
than these official designations super¬
influential
Continually, he was in the fore¬
the art
transportation, whether by the adoption
ficially suggest.
front of every
which had been pressed upon him.
brief occultation, but no eclipse.
the
of railroad
effort towards advances in
and superior mate¬
and initiation of superior
methods and principles of administration.
In the
development of the steam locomotive, no man since
the English Stephensons has ever borne so con¬
of
improved mechanical devices
rials, or by the discovery
spicuous, continuous and effective a part. To list
his achievements in that single field would be to
write
a
history of steam
this country
locomotive evolution in
from the day that he became a
division
superintendent more than half a century ago.
Not less notable were his contributions in other
and in ad¬
his profes¬
sional activities ceased, continued as the titular
head and recognized leader of the conference in
which all the presidents of the eastern railroads
have for many decades met
to discuss the ad¬
ministrative and technical problems of their pro¬
fession.
It was upon his advice that Mr. Harriman
realms
of
mechanical
ministration.
improvement
He organized and, until
preserved the Erie Railroad from bankruptcy and
receivership in 1907 and for many years he remained
The Commercial & Financial Chronicle
1478
a
controlling factor in the management of that rail¬
road, although
to that of
member of
a
Executive
holding
never
Committee.
its directorate
increasingly
and of its'
regularly invoked.
size.
the
of the Wheeling and
Lake
reorganization
and
He
was
fairs of Western
of
the
Pere
Marquete,
Wabash,
it is
probable that he personally selected
half of the
to their
operating presidents who
the Twentieth
made
few, if
Century.
any,
profession.
his very
were
always
wide
as
employees of the railroads in
responsibilities of management.
ceasing and practical.
was
As trustee of his alma mater,
especially interested in New Jersey's ef¬
provide for the higher education of women,
With
patronage
first
a
mostly moribund institution
a
of
score
students
prestige into
or
standing,
liberally
an
and
almost
institution
endowed
and
of
It would be
similarly, to illustrate Mr. Loree's
the
splendidly
equipped, affording educational advantages to
than fiften hundred students.
no
more
possible,
activities in
con¬
nection with the Chamber of Commerce of the
State
of
New
York, the National Industrial Conference
Board, the Bureau of Railway Economics, the Amer¬
ican
Railway Association, and
many
other enter¬
of
his
depositaries of public
plans
for
consolidation
realization, but while his greater
com¬
millions of
many
by their corporations and their fol¬
Hudson,
able to
were
any
time
ac¬
enterprise, Mr. Loree's
is indissoluablv connected.
conception of
Northern
older
other unrealized
one
nate the
barely
pre¬
treasuries.
rect management
developed from
alterative
an
quired in connection with his consolidation projects,
with very large and substantial
profits to their
name
with
None
liquidate all the holdings that they at
and, under his personal supervision and almost di¬
was
tradition-bound
Southern and Delaware and
un¬
the New Jersey College for Women
For the
lowers, both his controlled properties, Kansas City
he became
forts to
and
those invested
inescapable vicissitudes of the railroad
His interest in public education
rejected, he developed
petitors, without exception, lost
pioneered in the institution of pension systems
and group insurance
extending to all the major
industry.
developed his plans, made
great North Atlantic Seaboard Terminal
matured into
He
hazards and
was
a
authority.
They began with consideration, not paternalistic,
which he shared the
plan
timid
as
liberal conception of the public interest.
for the welfare of the
In conformity with
conceptions of the sciolists in transportation, which
probably never received full consideration from the
merely the broad garden of
His interests
he
System, highly daring in its departures from the
mistakes.
Nor did he cultivate
his
of such property interests
possible permanent grouping of the
Region, he proposed five systems, and when
plan for
And in these selections, he
upon
compelled to
proposals, and deployed his forces.
that
advanced
were
positions during the first three decades of
best
considerations
Eastern
than
more
was
in effect, a trustee, and, second, he must
subject to his influence.
his
incident of these activities
limited
a
First, it was his duty
protection of the interests of which
lines
Grande railroads.
into
politically determined
the
these
an
consolidation
was
in¬
systems of the largest
with
Missouri
men
suddenly
a
by two consideration.
he was,
Pacific, Seaboard Air Line, and Denver and Rio
As
systems
reconcile the protection
a
prominent and influential share in the reorganiza¬
tions
of railroad
however,
to look to the
continuously consulted in the af¬
Maryland Railroad, and he had
administering
inevitable, he felt that he
action
Erie, becoming chairman of its board of di¬
rectors.
If,
number of
Much later, Mr. Loree
directed
wisely
creased number
transporta¬
which he
1940
largest, and he seriously doubted human
of
capable
Mr. Loree's counsel
upon
the
14,
capacity regularly and recurrently to produce
Throughout all Mr. Harri-
man's later activities in connection with
tion he relied
than
position superior
any
Sept.
Pennsylvania.
even
himself in
a
than
his
He did not
low-grade railroad
That project
origi¬
across
was
much
generation, but he interested
it, at the instance of Mr. Harriman, who
approved it upon his recommendation, and his
mitment to it became
road progress
American
an
and indispensability. He believed that
industry has the right always to demand
the most efficient tools which science and
create and he had
vested
use
com¬
article of his faith in rail¬
no
art
can
patience with any doctrine of
proprietary rights to bind industry to the
of inferior tools
or
processes.
With profound
conviction, he argued that he had demonstrated the
prises of public spirit and utility in which he partic¬
ipated, and in none oik which he was ever merely a
capacity of the line he proposed to cut in half the
passenger, but space does not suffice.
basic cost
permit
than
more
reference
of traffic and
movement
ordination
of
overlay of the
labors
in
the
facilities
and
co¬
operations
of 1914-1918.
So paramount is the
ficial
his
munitions and in the
railroad
during the Great War
to
Nor does it
even
the super¬
among events,
quite possibly Mr. Loree's relation
to
the
that
mostly
abortive consolidation
proposals of the years 19201932 will be
emphasized
more
road
substantial and
practice.
ism of John
he gave
their
beyond his actually far
lasting contributions to rail¬
Resolutely grounded
in the liberal¬
Stuart Mill and of Herbert
philosophy when his realism required, but he
was never
convinced that artificial interference with
contract,
save
for the protection of the
equal rights of others, either to stimulate
tard, could
prove
rather
better
or
to
to be salutary or warrantable.
believed that the smaller railroads
been
Spencer,
consideration to proposals inconsistent with
freedom of
and
more
of
through transportation of freight be¬
Chicago and New York and
its necessary cost.
tion the
that
had, in general,
efficiently managed
line, under comparable conditions,, would
constructed, and he believed
only short-sighted and improvident regulation
would
attempt to confine industry to the relatively
extravagant transportation
provided
efficient routes in existence.
merce
Commission
thought
The
premature dream
paramount
value
or
a
is
a
Mr. Loree's
more
than
and
Whether it
the
was
a
conception of present and
question
nomists and experts
may
life rounded and
by the less
Interstate Com¬
otherwise
project had to be abandoned.
a
required to meet
He knew that prior to regula¬
have been financed and
re¬
He
he claimed the
right to provide that facility, subject to the public
right to receive its services at reasonable charges
commensurate with the investment
spectacular,
more recent
tween
upon
which
eco¬
still differ.
eighty-two
years
made up
complete, abundantly useful and
largely and permanently beneficial to his country
and to mankind.
He belonged to a generation which
Volume
possessed
is no more. It may never be replaced in equivalent
personnel or under parallel conditions, but as it
passes, it is entitled to, and should receive, the
tribute of genuine veneration and sincere and profound respect.
of initia-
degree of vision and a power
a
least for the
present, have vanished from the America in which
their advantages were most completely (and undeniably demonstrated by results. That generation
which, for good or for ill, at
tive
Gross and Net Earnings
Financial statistics
of July, 1940, are
in
of railroad
month
that summer
month
Improvement in the transporta¬
fairly steady during the last two
Commerce Commission of
in
with the European war
years,
and above the
in
been
has
business
purely domestic
conflict started a year ago.
have tended to participate in the
districts and regions
it is now possible
country-wide advance, and
portion of the ravages of
It is necessary to
tempered optimism.
10
years
set in.
of additional
note that even after
depression
current before the great
with those of
the 1920's shows instantly that a great deal
progress now is necessary before the highly
of current operations
Any comparison
the decade of
of the 1930's
however, only for
still remain on a scale con¬
railroad operations
siderably under levels
to say that a
the great depression
This is an occasion,
repaired.
has been
upswing which already was
before the great
progress
All
providing a stimulation over
transportation industry can be regarded
Operating revenues of the carriers,
important railroad
restored to health.
as
particular, remain far
in
ago,
to 10 years
of the country's
under levels usual up
notwithstanding the sizable increase
economic activity
potential increase of
population and the
That portion of the
indicated thereby.
operating revenues
good
earnings column reflects a
which is carried to the net
of restoration,
efforts
by
but only because
the railroad
managers
by an ICC summary
less than 25 rail¬
road systems.
These plans, which can hardly be regarded
as equitable in all instances, reflect the financial wreckage
among the railroads strewn about by the great depression.
We turn now to the course of general business during last
reorganization plans proposed for no
of
July, and to its immediate
pean war
would
It
appear,
primary markets of the vari¬
whole) are
an increased scale.
On the other hand, receipts of cotton
the Southern outports are smaller and livestock receipts
the leading cattle markets are on a reduced scale.
ultimate
business
American
as
lus
now
will
results
is
beginning
supplied a
What the
another matter.
In so far
is
is concerned,
another great stimu¬
be manifested,
to
in the form of
preparations.
Two economic views can be taken of that development,
since even the extraordinary taxation increases will fail
to meet the bill, and tremendous additional deficits will
be piled hereafter on top of those noted in the last 10
years.
But industry will be stimulated, and the great
the
tremendous
the
gains.
That the railroads already have made much prog¬
ress is shown by July gross earnings of $365,279,280 against
$331,878,000 in the similar month of 1939, a gain of $33,401,280, or 10.06%.
Net earnings for July, 1940, are re¬
ported at $104,023,611 against $90,457,197 in the same month
of last year, an increase of $13,566,414, or 15.00%.
We
present in tabular form the financial statistics for July, as
compared with those of the same month of 1939:
carriers
can
be
expected
1940
Month of July
Mileage of 132
Groas earnings
roads—
to
participate
1939
Inc.
fully
Operating expenses
Ratio of expenses to earnings..
Net earnings
232,750
233,383
—633
—0
27%
trucks. &c.).a..
awarded b
Constr. contr.
Coal (net tons):
$90,457,197 + 813.566,414 + 15.00%
particular note in the
1932
1929
231,703
209,359
141,443
109,143
500,840
$398,673
$299,883
$239,799
$128,769
$652,436
Bituminous-c
.....
Pa. anthracite.d
41,379,000
36,080,000 29,391,000 23,467.000 17,857,000
4,810,000
4,415,000 2,951,000 2,580,000 3,021,000
Freight Traffic:
*2,272,941 *1,932,704 *4,153,220
Car loadings, all (cars) .e x2,825,752 *2,532.236
Cotton receipts, South¬
77,294
178,997
160,264
221,823
133,315
ern ports (bales).f...
Livestock receipts: g
Chicago (cars)
...
Kansas City (cars)
6,102
6,136
1,571
3,092
2,117
3,400
1,641
Western flour
18,736
9,786
4,520
3,120
6,148
2,604
Omaha (cars)
7,522
6,653
and grain
receipts: h
barrels)...
Wheat (000 bushels)
*1,554
*1,663
*1,600
*1,470
*1,625
*98,271
*97,932
Corn (000 bushels)
*19,880
*11,674
x6,091
*101,884
*24,609
*40,286
x7,760
*7,945
x75,867
*18,549
Flour (000
_.
Rye (000
Iron
8c
*577
2,639,022
3,564,827
Note—Figures in above
United States Bureau
of
d United States
4,053,945
5,595,070
1,345,999
3,683,623
640,972
903,529
4,239,334
5,432,653
X9.876
*752,950
zl,125,961 zl ,091,280
x815,756
zl,154,723 zl,121,928
zl,309,431 zl,202,140 xl.016,216
Production.m
Shipments.m
Orders received.m
east
*8,455
*3,006
*835
(net tons)
Lumber (000 feet):
a
x560
*1,279
*725
Pig iron production.k._
Steel ingot production. 1.
States
x3,336
*2,837
bushels)
Steel
*4,306
*1,514
x3,551
bushels)
Oats (000
Barley (000 bushels)..
table issued by:
b F. W. Dodge Corp. (figures for 37
c National Bituminous Coal Commission,
Association of American Railroads, f Com¬
of the Census,
Mountains),
Rocky
x413,701 zl,755,931
X454.458 zl,693,Oil
*449,710 zl,650,351
Bureau of Mines,
e
stock yard companies
I American Iron
piled from private telegraphic reports,
g Reported by major
in each city,
h New York Produce Exchange,
k "Iron Age."
National Lumber Manufacturers Association (number
reporting mills varies in the different years,
x Four weeks, z Five weeks.
In all the
as
$104,023,611
1938
Building ($000):
$365,279,280 $331,878,000 + $33,401,280 + 10.06%
+8.22%
+ 19,834,866
261,255,669 241,420,803
(72.74)
(71.62)
transportation sphere is the
fact that the Senate finally completed, last Monday, its
deliberations regarding the so-called omnibus transportation
measure, which the House approved some months ago.
This
bill was sent to the President for signature, and probably
will be permitted to become law, for it is a long-delayed
outgrowth of Administration efforts to aid the railroads.
Under the terms of the bill the railroads will receive modest
benefits, which are offset in part by a stipulation that con¬
solidations and reorganizations must provide compensation
for four years to workers displaced by such arrangements.
Of
cars,
and Steel Institute,
...
1939
Production (passenger
in
(+) or Dec. (—)
1940
July
of our own war
expansion
(taking the staples as a
Automobiles (units):
affected adversely.
for the time being.
be
products
farm
by the Euro¬
that the war has
however,
stimulus,
net
of
degree
the like.
agricultural fields, have been
in various
more
Receipts, too, at the Western
substantial one, especially in
steel, airplanes and
as
the
naturally, a very substantial increase is
loaded with revenue freight.
it follows
And,
in
activity
shown in the number of cars
at
such lines
Other activities, notably
figures
important industries,
together with those pertaining to grain, cotton, livestock
receipts and revenue freight car loadings, for the month
of July, 1940, as compared with the same month of 1939,
1938,1932 and 1929. It will readily be seen, on examination,
that without a single exception the output of all the indus¬
tries mentioned in the table is on a greatly increased scale.
of
indicative
at
is a quite
table we give below the
in the
brought together
on
supplied to American business
The impetus
transporta¬
simplified form
the measure of trade activity in relation to its bearing on
railroad revenues during the month under review, we have
conduct
of affairs.
effect upon railroad
order to indicate in a
In
statistics.
tion
of extraordinary
for economical
carrier requirements was
emphasized on Sept. 1, as it happens,
ous
degree
have been struggling.
reasonable consideration of
a
competitive factors
The need
the disadvantageous
of
some
under which the railroads
for
'Presumably this will tend to
transportation.
truck
modify
inland and coastal
similar to that now
manner
a
motor
.
control by the Interstate
water carriers,
exercised over railroad and
principal feature of the bill is
The
approximately 10 years.
tion
Railroads for the Month of July
of United States
operations for the
the best reported for
1479
Commercial & Financial Chronicle
The
151
a
m
foregoing we have been
roads and systems, we
the
results
shown
under review
earnings in
dealing with the roads
Turning our attention
whole.
in
now
to the separate
find the exhibits in consonance
with
totals.
In the month
able to show increases in gross
tlje general
46 roads are
excess of
of
$100,000, while only one road reports
the net earnings
$100,000, and eight roads
decreases.
Outstanding among the roads reporting increases
in both gross and net earnings alike are the Pennsylvania
ICR. (which heads the list in both gross and net) and the
New York Central, the former with a gain in gross of
a
loss above that
34 roads record
amount, and in the case of
gains of more than
$6,592,824 and in net of
$2,221,550, and the latter showing
and $1,083,411 in net; (these
$3,208,214 increase in gross
The Commercial & Financial Chronicle
1480
figures
its leased
is
and in net of
in
net of
increases
of
a
Others
gain in
a
of
both
in
the Duluth Missabe &
of $1,541,387 and
an
1940
a
gain in
gross of
%
Inc. (+) or Dec. (—)
S
6,715
6,740
3,189,353
2,741,058
+448,295
+ 16 36
26,129
26,226
16,913,705
13.315,035
+3,598,670
+27.03
24,505
24,577
23,270,473
19,373,932
+3,896,541
+20.11
57,349
57,543
43,373,531
35,430,025
+7,943,506
+22.42
38,279
38,412
6,057
8,238,036
11,164,775
8,634.839
6,063
9,939,001
—396,803
+ 1,225,774
+ 12.33
44,342
44,469
19,402,811
18,573,840
+828,971
+4.46
45,760
Total
Southern
$607,073
Dist.-
Southern region...
Pocahontas region
roads and systems for amounts
Total
decreases, and
or
1939
S
1939
Cent. East, region.
In the following we show
$100,000, whether increases
Western
—4.60
Diet.—
Northwest'n region
and net:
gross
1940
Mileage
1940
District-
New Engl, region.
Great Lakes region
in¬
$1,538,603 and $944,902, respectively, and the
gain in net of $749,819.
excess
Eastern
$1,271,749; the Great Northern, reporting
all changes for the separate
in
are
gross-
Chicago & North Western, with
and
District dk Region
increase in gross of $3,928,404
an
$1,519,244).
Range, with
crease
14,
Net Earnings
lines; when, however, the Pittsburgh & Lake Erie
included, the result is
Iron
Sept.
the operations of the New York Central and
cover
45,663
+4,226,806
+44 03
56,301
56,304
13,826,634
21,011,540
9.599,828
Cent. West, region
20,799,598
Southwest'n region
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE
MONTH
29,095
29,307
6,409,095
6,053,906
+211,942
+355,189
+5.87
131,059 131,371
41,247,269
36,453,332
+4.793,937
+ 13.15
90,457,197 + 13,566,414
+ 15.00
+ 1.02
OF JULY
Total
TtifYPn
Increase
Pennsylvania
$6,592,824 N Y N H & Hartford...
New York Central
a3,268,214 Boston & Maine
Baltimore & Ohio
2,012,579 Minn St P & SS Marie..
Duluth Miss & Ir Range
1,541,387 Chicago Rock Is & Pac.
Great Northern
1,538,603 Northern Pacific
Louisville & Nashville.__
1,075,737 Western Maryland
Norfolk & Western
1,051,328 Virginian..
Reading
982,663 Lake Sup & Ishpeming.
Erie
920,992 Seaboard Air Line
Chesapeake & Ohio
770.421 Pere Marquette
Elgin Joliet <fc Eastern
712,898 Atlantic Coast Line
_
„
669,505
660,190
630,566
607,073
604,579
521,914
516,797
458,438
453,936
437,916
422,532
392,638
390,499
387,033
Chic & Milw St P & Pac.
Chicago & Northwestern
Missouri Pacific
Bessemer & Lake Erie
Union Pacific
Southern Pacific (2 rds)_
Delaware & Hudson
Southern
Del Lack & Western
N Y
Chicago & St Louis.
Central of New Jersey
Wheeling & Lake Erie
214,837
207,057
159,342
144,529
136,825
136,558
133,873
133,538
131,080
110,447
Illinois Central
Central of Georgia
Nashv Chatt & St Louis.
Grand Trunk Western..
Den & Rio G Western..
Florida East Coast
Western Pacific..
Chic St P M & Omaha..
Maine Central
CHANGES
IN
Commerce Commission, and the following indicates the confines of the different
and regions:
groups
EASTERN DISTRICT
New England
Great Lakes
on
the Canadian boundary
between
Central Eastern Region—Comprises the section south of the Great Lakes
Region
east of a line from
Chicago through Peoria to St. Louis and the Mississippi River
to the mouth of the Ohio River, and north of the Ohio River
to
and
line
a
thence to
the southwestern corner of Maryland
Parkersburg, W. Va.,
and by the Potomao
River to Its mouth.
Southern
Long Island
$208,961
EARNINGS
Region—Comprises the section
New England and the westerly shore of Lake
Michigan to Chicago, and north of
a line from Chicago via
Pittsburgh to New York.
$32,329,557
Tlerren
NET
Region—Comprises the New England States.
SOUTHERN DISTRICT
Total (46 roads)
a These
figures cover the operations of the New York Central and leased
lines—Cleveland Cincinnati Chicago &
St. Louis,
Michigan Central,
Cincinnati Northern and Evansville
Indianapolis & Terre Haute.
Includ¬
ing the Pittsburgh <fc Lake Erie, the result is an increase of $3,928,404.
PRINCIPAL
NOTE—Our grouping of the roads conforms to the classification of the Interstate
351.357
337,632
319,208
313,005
297,669
249,976
224,004
.
Lehigh Valley..
Pittsburgh & Lake Erie.
Tot. all districts 232,750 233,383 104,023,611
$387,008
365,934
354,416
FOR
THE
MONTH
Region—Comprises the section
of the Ohio River to
eastern
a
point
east of the
Mississippi River and south
Kenova, W. Va., and
near
line thence following the
a
boundary of Kentucky and the southern boundary of Virginia to the Atlantic.
Pocahontas
Region—Comprises the section north of
the
Virginia, east of Kentucky and the Ohio River north
and south of
southern
to
boundary
Parkersburg,
W.
of
Va.,
line from Parkersburg to the southwestern corner of Maryland and
a
thence by the Potomac River to its mouth.
OF JULY
WESTERN DISTRICT
Increase
Pennsylvania.
Duluth Miss & Ir Range.
New York Central
Great Northern.
St Louis Southwestern..
$2,221,550
1,271,749
al,083,411
944,902
Chicago & Northwestern
749,819
Norfolk & Western
707,224
Erie.
565,938
Elgin Joliet & Eastern
543,546
Lehigh Valley
534,150
Reading
486,889
Pittsburgh & Lake Erie.
435,833
Bessemer & Lake Erie
423,703
Chic Milw St P & Pac
356,505
Chicago Rock Is & Pac..
333,787
Chesapeake & Ohio
286,711
Lake Sup & Ishpeming..
266,148
Missouri Pacific..
258,627
Virginian
255,999
Delaware & Hudson
243,546
Minn St P & SS Marie..
241,889
Northern Pacific
218,449
N Y N H & Hartford...
213,999
$202,725
190,430
181,664
175,161
161,911
143,739
141,922
124,573
121,956
115,118
108,375
Louisville & Nashville...
Wheeling & Lake Erie
Del Lack & Western
St L-San
Francisco(2 rds)
N Y Chic & St Louis
Chic St P M & Omaha..
Western Maryland
Union Pacific
Denver & Rio G Western
Western Pacific
_
Total (34 roads)
$14,311,948
Northwestern
Great Lakes Region, north of a line from
Central Western Region—Comprises the section south of the Northwestern
Region
west of a line from
are
Southern Pacific (2 rds).
Illinois Central
$352,414
342.358
202,207
191,537
159,576
133,115
Long Island
Colo Southern (2 rds)...
Mobile & Ohio
Yazoo & Miss Valley
Total (8 roads)
arranged in groups,
divisions, according to their location,
three
districts—the
great
Western—together with
these
the
ception
Southwestern
one
reports
$1,381,207
of
case
the
decrease.
the percentage of gain
the
we
the
or
geographical
find that all the
Southern
all the various regions
region,
a
the net
in
gross
and
the
plained,
earnings, while in
Southern
(in
the
a
line from St. Louis to Kansas City
ahd thence
to El Paso,
and by the Rio Grande to the Gulf of Mexico.
As to the cotton traffic
large in July,
was
Southern roads—never very
over
it is the tail end of the crop season—this
smaller than
in July
last year,
both
regards
as
the overland movement of the
staple and receipts of cotton
at the Southern
outports.
Gross shipments overland aggre¬
gated only 48,988 bales in July the present year as against
51,394 bales in July, 1939, and 64,557 bales in 1938.
1932
the
however,
follows
shipments totaled
they
reached
give the
we
but
60,918
details
14,361
bales.
of
the
In
port
bales.
the
Back
In
table
1929,
which
of the
movement
staple for the past three years:
RECEIPTS OF COTTON AT SOUTHERN PORTS FOR
AND
SINCE
JAN.
1
TO
is
group the roads to conform with the classifica¬
tion of the ICC.
The boundaries of the
different groups
and regions are indicated in the
footnote to the table:
SUMMARY BY GROUPS—MONTH OF
JULY
THE
END
OF
JULY,
MONTH
1940,
1939
Month of July
OF
AND
JULY
1938
Since Jan. 1
Ports
that
reported by several of the regions
earnings
much
as
Southern
It will be observed,
too,
region
we
line
comprising
quite high, the North¬
(in the Western district) showing
44.03%,
and the Great Lakes and Central
Eastern regions (in the
New England
district), 27.03% and 20.11%, respectively.
Our summary by
groups is as below.
As previously ex¬
western
a
Region—Comprises the section lying between the Mississippi River
south of 8t. Louis and
of the net earnings the same is
true, with the ex¬
that
district)
in
Eastern,
districts, reveal increases
case
Chicago to Peoria and thence to St. Louis, and north of
from St. Louis to Kansas City and thence to El Paso and
by the Mexican boundary
to the Pacific.
in
the roads
Chicago to Omaha and thence to Portland,
and by the Columbia River to the Pacific.
Decrease
a These figures cover the
operations of the New York Central and the
leased lines—Cleveland Cincinnati
Chicago & St. Louis, Michigan Central,
Cincinnati Northern and Evansville
Indianapolis & Terre Haute.
Includ¬
ing Pittsburgh & Lake Erie, the result is an increase of
$1,519,244.
When
Region—Comprises the section adjoining Canada lying west of the
1940
Galveston
1939
26,968
36,439
2,214
Houston, Ac
Corpus Christi
1938
34,193
34,155
1940
12,833
23,479
76,730
74,187
Brownsville
_
Beaumont
m
575
m m
565
New Orleans
1938
199.004
426,476
200,306
412,709
96,084
M
—
»
-
-
18,801
60,229
58,494
Mobile..
1939
547,124
662,421
6,079
88.046
mm
*.
~
-
—
-
2,312
23,316 1,060,025
13,768
83,909
278,543
44,564
607,561
20,301
1,991
21,582
33,197
377
15,633
Pensacola
4
262
Savannah
4,995
242
3,278
24,585
1,042
9,942
1
5,804
1,129
602
14
7
Wilmington
624
1,285
830
Norfolk
4,597
4,807
19,172
886
821
2,687
23,806
7,235
20,296
437
126
133,315
221,823
Charleston.
Lake Charles
82
1,072
Jacksonville
120
Total
160.264 2,454,544
316
68,458
4,809
842,882 1,706,735
Gross Earnings
The grain
District and Region
Eastern District—
1940
$
New England region (10
roads)
Great Lakes region (23 soads)
Central Eastern region (18
roads)...
Total (51 roads)
Southern District—
Southern region (27 roads)
Pocahontas region (4 roads).
Total (31 roads)
13,664,992
65,202,350
78,701.069
1939
S
12,551,600
57,465,440
Inc.
(+)
or Dec.
$
+ 1,113,392
(—)
%
+8.87
+7,736,910 + 13.46
66,730.019 + 11,971,050 + 17.94
157,568,411 136,747,059 +20,821,352 + 15.23
41,353,416
23,601,158
38,667,259
21,450.483
+ 6.95
+2,150,675 + 10.03
64,954,574
60,117,742
+4,836,832
45,814,768
71,085,967
40,100,780
69,676,728
25,235,691
+5,713,988 + 14.25
+ 1,409,239
+2.02
+ 619,869
+2.46
+2,686,157
Total (50 roadsl
Total all districts (132 roads)
same
25,855.560
142,756.295 135,013,199
Western
was
particularly the latter,
the
of
items
the
five
were
+5.74
365,279.280 331,878.000 +33,401,280 + 10.06
on
receipts at the
in
the
four
125,264,000 bushels
the same four weeks of
as
a
(taking them col¬
greatly increased scale.
Western
weeks
primary markets
ended
July 27,
1940,
against 121,517,000 bushels in
1939, but comparing with 140,984,000
bushels in the similar period of 1938.
In the corresponding
four weeks of 1932 the
grain movement was
bushels, and back in 1929
+7,743,096
roads
considerably larger than in the
month
totaled
+8.05
over
of 1939.
While the receipts at the Western
primary markets of oats, barley and rye were much smaller
than in July a year
ago, the receipts of wheat and corn,
Altogether,
Western District—
Northwestern region (15 roads)
Central Western region (15
roads)...
Southwestern region (20 roads)
traffic
lectively) in July, 1940,
totaled
but
only 57,386,000
106,454,000 bushels.
Details of the Western grain
movement, in our usual form,
given in the subjoined table:
are
Volume
The Commercial
151
111999 1023467
GRAIN RECEIPTS
FLOUR AND
WESTERN"
Four Weeks Ended July 27
(000) Omitted)
Corn
Oats
Rye
Barley
(bbls.)
(Bush.)
(Bush.)
(Bush.)
(Bush.)
13,745
6,531
1,865
343
311
316
1199226
of
Year
Given
Preceding
1940
4,374
1,965
Minneapolis
1940
11,673
2,731
92
1,568
564
236
1,205
1939
5,493
801
1,494
955
2,015
1940
1,535
1,828
35
20
283
1939
3,069
1,565
704
262
638
1940
65
977
336
14
2
648
1939
65
2,769
210
55
4
927
1,726
164
79
5
1
1939
Duluth
Milwaukee...
Toledo..
885
1940
....
82
mm
1918
13
4,595
140
159
5,585
332
68
4
2,168
784
101
4
1940
424
10,728
11,817
11,210
849
286
1939
490
14,735
653
175
10
97
45
246
56
205
1939
1940
Indianapolis and Omaha.
1939
St. Louis
1940
145
1,140
1,599
1939
Peoria
131
1,209
1,183
276
207
1940
406
4,321
204
58
3,476
9,652
47
157
1939
7,004
1940
331
426
1
"~~5
~~38
1939
Sioux City
31,620
1940
Wichita
40,175
79
1939
St. Joseph
93
1940
.
238,169
230,076
245,595,532
235,849,764
252,231,248
262,948,115
308,040,791
353,219,982
463,684,172
454,588,513
467,351,544
460,989,697
+23,007,660
222.587.872
223,813,526 + 12,036,238
—9,571,763
261,803,011
+ 2,234,115
260,624,000
+ 44,096,142
263,944,649
306,891,957 + 46,328,025
346,022,857 + 117,661,315
469,246,733 —14,658,220
+ 65,975,059
401,376,485
527,396,813 —66,407,116
+ 10.33
—3.65
230,712
206,084
235,407
442,736,397
462,696,986
—19,960,589
—4.31
534,634,552
480,704,944
442.955.873
534,222,102
480,943,003
+ 91,678,679
—53,517,158
—10.02
+ 40,595,601
+ 8.44
521,596,191
+ 33,875,085
+ 6.49
....
....
472
127
99
29
103
98,271
97,932
19,880
3,551
6,091
1925
521,538,604
555,471,276
508,413,874
....
1927
;
....
512,145,231
556,706,135
1928
1929
....
1930
~"l6
1932
1933
456,369,950
....
377,938,882
237,462,789
297,185,484
275,583,676
274,963,381
349,256,586
364,551,039
299,038,208
331,878,000
365,279,280
....
....
1934
*
1,554
1940
Total all.
1939
1,663
11,674
2,837
725
4,306
1,514
'1935
....
1936
....
1937
WESTERN
Seven Months Ended July
27
Rye
Flour
Wheat
Corn
(Bush.)
(Bush.)
(Bush.)
1940
6,194
19,549
41,379
1939
Chicago
Barley
(Bush.)
(Bush.)
Oats
(Bbls.)
Year
(000 Omitted)
1938
GRAIN RECEIPTS
FLOUR AND
6,350
17,955
37,908
6,963
7,448
1940
51,873
41,523
24.795
16,990
1,735
2,852
995
8,881
13,656
625
5,016
7,076
7,843
6,179
5,789
16,895
17,137
48
158
1,176
135
402
1,194
1,975
1,645
509
1,511
1939
111,424,542
144,348,682
96,727,014
18,827,733
99,807,935
102,258,414
121,044,775
112,626,696
139,606,752
161,079,612
125,438,334
137,412,487
168,428,748
165,580,269
96,965,387
46,125,932
100,482,838
67,569,491
57,478,685
101,398,055
98,485,524
77,310,037
90,457,198
1940
104,023.611
14,532
688
11,654
11,460
5,778
582
67,365
5,195
1939
1940
Kansas City
5,218
-
1940
St. Joseph
1,319
■»
-
—
689
1,309
5,215
—
-
-
1
18
99
53
171
1,706
370
100
381
12,168 218,191 107,240
13,688'226,317 101,377
28,963
10,118
mmmm
1940
Sioux City
mm
m
—
1,122
1939
1940
Total all
1
1939
mmm
-
19
9
41,7061
1919
1920...
1921
;_U
1925
1,249
■
■'mm'mm
1939
1918
1923
955
1940
Wichita
1,151
1914
-
940
mm
1912...
1913
1924...
v*.
5,663
18,337
23,365
'mm
1911
-
'
1939
1910
mm mm
l'
'
1909
1922:
492
'
1939
mm
mm
immm'rn
''mm
1926
1927
mm
+ mmm
1928..
i.
.....
1929
........
1930
9.131
39,317
37,875
1931
...
1932
1933..
1934
furnish a summary of
the July comxiarisons of the gross and net earnings of the
railroads of the country for each year back to and includ¬
Finally, in the following table we
240,882
239,000
236,672
237,892
235,636
234,486
236,126
235,390
233,396
234,296
232.750
233.383
241,906
Increase
( + ) or
Per
(—)
Cent
+ 17.92
300
2,438
1,818
1,870
20,271
1,620
1,882
59,416
237,700
+ 18,392,282
6.301
1917.......
20,080
3,737
1,168
1,317
239,160
—78.59
3,153
3
17,641
16,403
21
108,709,496
15,359
442
1916
19
3,624
232,405
242,221
+ 556.97
+ 1.96
1915
1940
242,979
232,831
242,228
241,348
+ 1,964,485
33
1939
Peoria
238,906
241,183
235,049
+ 84,616,721
119
97
1940
St. Louis
241,450
—69,121,669
8,729
74
6,367
240,433
15,192,214
100,293,929
102,662,493
122,228,450
111,786,887
139,644,601
160,874,882
125,700,631
158
1940
Indianapolis and Omaha..
236,525
235,348
237,711
87,949,402
216
5.062
10,847
235,407
236,885
238,316
+ $11,083,420
3,099
—
m
663
235,477
235,145
236,762
$67,267,352
77,643,305
72,392,058
70,536,977
67,620,157
76,358,377
77,833,745
88,421,559
108,293,945
109,882,551
152,079,422
2,814
m
199
+ 20.70
230,991
235,082
Preceding
2,798
1940
2,307
1,934
3,053
—12.59
Given
3,439
525
1939
Toledo
8,845
4,187
5,326
2,315
1,881
226,934
218,918
230,410
234,556
235,813
+ 16.43
of
7,249
_
475
1940
948
230,570
226,654
220,459
July
4,805
1939
Milwaukee
7,906
244,921
231.700
Net Earnings
'
mm
245.699
—3.12
Year
1939
Duluth
mm
244,249
+ 34.00
Year
13
1940
243,042
+ 15.09
Jyf/Uj / J*
IVLUTUfl
$78,350,772
73,157,547
72,423,469
79,427,565
64,354,370
75,359,466
87,684,985
1,161
1939
+ 0.89
+ 16.70
226,493
227,194
203,773
231,639
241,796
243,563
+ 5.37
—8.67
556,710,935 —48,297,061
+ 0.65
+ 3,333,445
508,811,786
+ 8.55
+ 43,884,198
512,821,937
557,522,607 —101,152,657 —18.14
458,088,890 —80,150,008 —17.49
376,314,314 —138,851,525 —36.89
+ 25.13
237,493,700 + 59,691,784
—6.05
293,341,605 —17,757,929
—0.23
—646,683
275,610,064
+ 27.04
+ 74,334,762
274,921,824
+ 4.41
349,143,052 + 15,407,987
364,488,504 —65,450,296 —17.95
+ 11.00
+ 32,891,116
298,986,884
331,878,000 + 33,401,280 + 10.06
1939
Minneapolis
Preced'g
234,500
1924
1939
KahSas City
Given
+ 5.88
1922
48
Year
Cent
(—)
—0.68
....
1923
790
Dec.
Year
+ 12.66
1920
20
6
269
11993340
1915
Per
(+) or
$219,964,739 $195,245,655 + $24,719,084
217,803,354 + 12,812,422
230,615,776
—1,555,652
224,751,083 226,306,735
1909
Chicago
Inc.
Year
July
Wheat
(Bush.)
827
Mileage
Gross Earnings
Month
Flour
Year
1481
& Financial Chronicle
1935
1936
1937
1938
Decrease
+ 16.48
—5.78
—4,485,758
+ 31,411
+ 0.04
+ 8,890,588
—3,265,787
—998,911
+ 9,851,240
+ 12.60
+ 20,287,937
+ 3,130,597
+ 22.94
—4.83
—1.31
+ 2.89
+ 31.36
+ 34,466,131
—55,352,408
—36.40
—9,601,754
—7.86
+ 27,819,865
+ 24.89
+ 21,435,011
+ 15.35
—22.03
—35,436,648
+ 9.32
+ 11,711,856
+ 30,793,381
—51,096,084
—28,465,456
—50,857,623
137,635,367
216,676,353
125,430,843
96,983,455
+ 22.37
—23.58
—22.69
—52.43
+ 54,334,821
+ 117.74
—31,234,339
—10,108,077
46,148,017
98,803,830
67,586,762
57,345,375
101,379,262
98,476,937
77,317,123
90,457,197
■
+ 12.66
—31.61
—14.96
+ 76.82
+ 44,052,680
—2,893,738
—21,166,900
'
—2.85
,
—21.49
+ 13,140,075
+ 16.99
+ 13,566,414
+ 15.00
ing 1909:
Text of Resolution
Passed by Congress and Signed
Order National
to
and retired
President Roosevelt signed on
Aug. 27, as previously
indi¬
resolution iiassed by Con¬
gress authorizing him, from time to time, to order into active
military service for a period of 12 months the National
Guard and Army reservists.
As stated in our issue of
Aug. 31, page 1212, in an item reporting the signing of the
solution, the President's authority thereunder will extend to
June 30, 1942, and he is restricted to the use of troops to
the Western Hemisphere and territories and possessions of
cated in these columns,
United
the
States,
the joint
including the Philippine
Islands.
The
by the President on Aug. 31 of an Executive Order,
the resolution, calling 60,500 Guardsmen from 26
issuance
under
States to report at
was
various Army posts, effective Sept.
issue, page 1370. The request
noted in our Sept. 7
the President to
Congress, on July
16,
by
27, for the enactment of
legislation to empower him to order the
into active service was referred to in these
National Guard
columns Aug. 3,
The legislation was approved by the Senate on
Aug. 8 by a vote of 71 to 7, while on Aug. 15 the House
(342 to 33) approved the resolution, after, however, amend¬
ing the same.
Congressional action was completed the fol¬
lowing week, when the House, on Aug. 22, accepted the
conference report—the Senate accepting it on Aug. 23.
Ref¬
erence to the congressional action appeared in our issues of
Aug. 10, page 779; Aug. 17, page 927, and Aug. 24, page 1072.
The text of the resolution as agreed on by Congress and
Iiage
630.
signed by the President
follows:
[S. J. Res. 286]
JOINT RESOLUTION
To
strengthen the common defense and to authorize the President to order
members and units of reserve components and retired personnel of the
military service.
Representatives of the United States
of America in Congress assembled, That during the period ending June 30,
1942, the President be, and is hereby, authorized from time to time to
oider into the active military service of the United States for a period of
12 consecutive months each, any or all members and units of any or all
reserve components of
the Army of the United States (except that any
person in the National Guard of the United States under the age of 18
years so ordered into the active military service shall be immediately issued
an
honorable discharge from the National Guard of the United States),
Regular Army into active
Resolved by the Senate
and House of
by the President Authorizing Him
Period of One Year
Guard Into Service for
to
such
personnel of the Regular Army, with or without their
and in such manner as he may deem necessary
extent
consent,
for the
of the national defense: Provided, That the members and
of the reserve components of the Army of the United States ordered
active Federal service under this authority shall not be employed
strengthening
units
into
and
beyond the limits of the Western Hemisphere except in the territories
possessions of the United States, including the Philippine Islands.
Sec. 2.
All National Guard, Reserve, and retired personnel ordered into
the active military service of the United States under the foregoing special
authority, shall from the dates on which they
to report for duty in such service,
such order
are
respectively required by
be subject to the respective
reenlistments, employment,
conduct, rights, and privileges, and discharge of such personnel in such
service to the same extent in all particulars as if they had been ordered
into such service under existing general statutory authorizations.
8ec. 3.
(a) Any member of any reserve component of the land or naval
forces who is on active duty or who may be assigned to active duty and
v/ho, in the judgment of those in authority over him, satisfactorily com¬
pletes such active duty, and any person so ordered into the active military
service of the United States who, in the judgment of those in authority over
him, satisfactorily completes the period of service required under this joint
resolution, shall be entitled to a certificate to that effect upon the com¬
pletion of such active duty or such period of service, which shall include a
record of any special proficiency or merit attained.
In addition, each such
person who is assigned to such active duty or ordered into such active
military service shall be given a physical examination at the beginning of
such active duty or service and a medical statement showing any physical
defects noted upon such examination;
and upon the completion of the
period of such active duty or service, each such person shall be given
another physical examination and shall be given a medical statement show¬
ing any injuries, illnesses or disabilities suffered by him during such
period of active duty or service.
,
.
(b) In the case of any such person who, in order to perform such active
duty or such service, has left or leaves a position, other than a temporary
position, in the employ of any employer and who (1) receives such cer¬
tificate, (2) is still qualified to perform the duties of such position, and
(3) makes application for eemployment within 40 days after he is relieved
laws
and
from such
regulations
relating to enlistments,
active duty or service—
of the United States Gov¬
the District of Columbia,
shall be restored to such position or to a position of like
(A) if such position was in the employ
ernment, its Territories or possessions, or
such person
seniority, status and pay;
(B) if such position was
in the employ of a private employer, such
position or to a position
employer shall restore such person to such
of like seniority, status and pay unless the
have so
changed as to make it
employer's circumstances
impossible or unreasonable to do so;
The Commercial & Financial Chronicle
1482
it such
(C)
subdivision
position
thereof
Congress that such
it
in
was
is
the employ
hereby
of
any
to
be
declared
State
the
political
or
of
sense
should be restored to such position
person
position of like seniority, status and
or
a
out
within
cause
(d) In
case
provisions
of
one
any
private employer
subsection
United States
for
after such restoration.
year
(b)
which
place of business shall have power,
other
or
such
appropriate
fails
(c),
such
the
to
the
comply with the
district
court
of
the
private employer maintains
the filing of
upon
pleading by
refuses
or
subsection
or
the district in
a
entitled
person
to
provisions, to specifically require such employer to comply with such
The court shall order a speedy hearing in any such case and
provisions.
shall
advance
it
the calendar.
Upon application to the United States
district attorney for the district in which such private
employer maintains
a place of business,
by any person claiming to be entitled to the benefits
on
of such provisions, such United States district attorney, if
reasonably satis¬
fied that the person so applying is entitled to such benefits, shall
appear
and
act
claim
and
to
as
the
for
attorney
in the
or
filing of
prosecution
such
any
the amicable
in
person
motion, petition
thereof,
adjustment
of
the
other appropriate pleading
specifically
require
such
employer
to
or
comply with such provisions: Provided, That
fees
no
or court
costs shall
be taxed against the person so applying for such benefits.
(e) Any member of
States
below
the
person
other
or
any
rank
service of the United
of
dependent solely
support except the
of
means
services
his
request made within
active
who
persons
personal
own
component of the Army of the United
reserve
captain
is ordered
States pursuant to
he
that
earns,
into
the active military
this joint resolution, who has
any
him for support, and who has
upon
salary
wages,
or
no
other compensation for
resign or shall be discharged upon
days of the date of his entry into such
may
20
4.
(a) The benefits of the Soldiers and
March
approved
8,
1918,
hereby
are
Sailors
extended
to
Civil
all
Relief
Act,
National
Guard,
military service
authority of this joint resolution, so long as such personnel are in
such service and for 60 days thereafter, and
except as hereinafter provided,
Reserve,
and
retired
amount
personnel
ordered
into
the
active
provisions of such Act shall be effective for such purposes.
(b) For the purposes of this section—
the following provisions of such Act of March 8, 1918, shall
inoperative: Section 100; and paragraphs (1), (2), and (6) of
section 101; article 4; article
5; paragraph (2) of section 601; and
section
603.
(2) the term "persons in military service", when used in such
Act,
shall be deemed to mean persons ordered into the
active military
service
(3)
under
the
authority of this joint resolution.
the term
"period of military service", when used in such Act,
applicable with respect to any person, shall be deemed to mean
the period beginning with the date on which such
person is ordered
when
into
he
Sec.
such
is
active
military service and ending with the date
relieved from
6,
All
laws
such
on
which
service.
and
parts of laws in conflict herewith are hereby
suspended to the extent that they may be in conflict with
any provision
hereof.
in
the past two years
of the
Aug.
27,
1940.
(Based
U. S.
All
1940
Govt.
Domes¬
Dally
Averages
Bonds
on
PRICES
120
in
Corp.*
Sept .13— 116.17
12-. 116.19
108.85
paratively heavy trading, lost ground. Northern Pacific 4s,
1997, declined to 68.
Defaulted rails showed weakness.
Utility bonds have been under mild pressure this week,
although activity has been limited
108.85
123.50
108.66
119.47
108.66
has
been
no
those issues in particular demand in recent weeks.
Issues
reversing their earlier performances included New England
&
Electric
5s, 1948, and Standard Gas & Electric 6s,
the dulness of the market, offering of
S3,500,000 Houston Natural Gas Corp. 4s, 1955, was well
1948.
Despite
received.
The general
trend has been downward
this week among
industrial
obligations, although gains up to one point have
been observed among a few issues,
notably in the machinery
railroad
tion, the
R.
equipment sections.
Hoe
In the former classifica¬
4%s-6%s, 1944, gained
one point at 85,
Castings 5%s, 1949,
gained % at 76%, and the Pressed Steel Car 5s,
1951, gained
1 point at 85.
Mixed fractional changes have been observed
among the steels and oils, except that in the oils the
Phillips
Petroleum con v. 3s, 1948, lost 2% points at
101%.
and
in
the
latter,
General
the
Steel
New nervousness in connection with war
events developed
the foreign bond market, and
part of last week's gains
have been relinquished.
Losses of several points have been
suffered by Commonwealth
obligations, and Canadian issues
also turned softer.
Danish and Norwegian bonds have
been
in
irregularly lower, while German and Italian issues have
fractionally changed.
Among South American issues
been
of
the
Province
of
Buenos Aires have been
particu¬
Japanese bonds have been little changed.
All
120
1940
AVERAGES
120 Domestic Corporate
120 Domestic
by Ratings
Corporate by Groups
tic
RR.
95.62
115.5/
117.29
Sept.13
3.52
88.05
2.83
95.62
115.57
117.50
12
3.52
2.83
Indus
YIELD
Individual Closing Prices)
Domes¬
Daily
Averages
on
88.80
U.
there
The weakening tendency has been
most pronounced in speculative issues, of
course, and among
(Based
P.
and
concerted selling effort.
Baa
119.25
weak¬
High-grade railroad bonds recovered toward the close of
and prices attained about the same level as last
close.
Virginian Railway 3%s, 1966, at 109 were
up %; Union Pacific 4s, 1947, were off % at 113%.
Me¬
dium-grade rail issues have been lower.
Pennsylvania 4%s,
1984, dropped % point to 98%.
Speculative rails, in com¬
120 Domestic
123.56
some
week's
Corporate by Groups *
Aa
to
the week,
MOODY'S BOND
by Ratings
Aaa
three months prior to the maturity
The bond market has not moved
but lower grades responded
security markets in general.
the
t
120 Domestic Corporate *
obtained, possibly in, the form
concerned,
ness
Average Yields)
tic
be
somewhat
outstanding issue.
larly weak.
MOODY'S BOND
with
far in either direction this week, so far as the better
grades
are
those
Approved,
funds to
bonds,
different features than
the usual note issues, is yet to be made public.
It is expected
that an offer to exchange the notes due Dec. 15 into a new
issue will be made, such refunding offers having been made
and
(1)
be
new
defense
under
the
of
of
Gas
military service.
Sec.
announcement of the next United States
Treasury
financing, which was expected this week and now will prob¬
ably come next week, is being awaited with interest.
The
a
motion, petition,
the benefits of
1940
The
pay.
(c) Any person who is restored to a position in accordance with the
provisions of paragraphs (A) or (B) of subsection (b) shall be so restored
without less of seniority, insurance participation or
benefits, or other
benefits, and such person shall not be discharged from such position with¬
14,
The Course of the Bond Market
the
to
Sept.
Corp.
Aaa
Aa
A
Baa
RR.
3.02
3.53
4.70
4.20
P. U.
3.19
Indus.
3.11
11- 116.19
108 86
123.56
119.25
108.85
88.95
3.01
95.02
3.53
115.57
4.71
123.50
11
3.19
108.85
117.60
4.26
10.. 116.07
119.47
108.66
3.52
2.83
88.95
3.02
95.78
3.52
115.57
4.69
117.50
10
4.20
3.52
3.19
3.10
2.83
3.01
3.53
4.09
4.25
3.19
3.10
3.19
3.10
3.09
9.. 116.09
108.85
123.79
119.47
108.60
88.80
95.62
7- 116.18
115.57
109.05
117.50
9
123.79
119.47
108.85
3.52
89.25
2.82
3.01
95.78
3.53
115.57
117.72
4.70
4.26
7
3.51
2.82
3.01
3.52
4.07
3.10
6
116.17
109.05
123.56
95.78
115.57
4.25
3.19
5
116.13
109.05
123.66
119.47
108.85
89.10
95.78
3.00
3.52
123.33
5
3.19
108.66
117.72
4.25
116.03
115.35
4.68
4
119.25
108.66
3.61
88.05
2.83
3.01
95.29
3.52
115.35
117.50
4.68
4.25
4
3.20
3.09
108.66
3.53
2.84
88.51
3.02
95.29
3.53
115.14
4.71
4.28
3.20
3.10
2.84
3.02
3.53
4.72
4.28
3.21
3.10
119.03
108.46
88.30
119.69
3.. 116.98
108.66
2..
108.85
89.10
Exchan ge Clos ed
Stock
Weekly—
Aug. 30— 115.70
108.46
123.33
123.33
119.25
117.72
6
117.50
3.51
95.13
3
3.53
2
Stock
Weekly—
Aug. 30...
23...
2.83
Exchan ge
3.09
Clos ed
115.14
117.29
118.81
108.40
3.54
87.93
2.84
94.81
3.03
3.54
114.93
4.29
3.21
3.11
108.08
117.29
4.73
16.. 115.14
122.86
118.81
108.08
87.49
3.55
2.84
94.65
3.04
3.54
114.72
4.76
3.11
122.86
119.25
16
3.22
108.46
il6.64
4.31
9.. 115.45
3.56
2.86
3.04
3.56
114.93
117.07
4.79
4.32
9
3.23
3.14
3.54
2.80
3.02
3.54
4.75
23.. 115.56
2„ 115.08
108.27
123.33
108.46
88.07
95.29
108.2'/
123.10
87.93
95.29
115.56
114.72
108.08
116 86
122.63
119.47
107.88
87.64
19- 115.63
12- 115.66
95.13
114.51
108.27
116.43
122.63
119.47
107.88
87.93
95.13
107.88
114.72
116.43
122.40
119.47
107.69
87.49
94.65
114.93
July 26.
_
6.. 115.58
June 28.. 115.21
21.. 115.37
14- 114.73
119.25
108.27
2.
4.28
3.22
3.12
116.43
3.55
2.85
3.02
3.55
4.70
4.28
26
3.23
3.13
3.56
2.87
3.01
3.57
4.78
4.29
19
July
3.24
3.15
3.55
2.87
3.01
3.57
4.76
4.29
3.23
3.15
12
3.57
2.88
3.01
107.69
122.63
119.25
107.09
80.50
93.69
3.58
114.72
122.17
116.43
4.79
106.92
118.81
5
106.73
85.52
3.58
2.87
92.75
3.02
3.58
115.78
3.23
3.15
118.38
June 28
4.38
122.17
114.09
4.80
106.17
106.36
105.41
3.62
2.89
3.04
3.63
4.93
4.44
3.26
3.18
3.66
2.89
3.06
3.65
5.02
4.50
3.29
3.19
105.04
121.27
117.60
84.28
82.06
91.81
113.48
115.67
21
90.44
112.45
114.72
14
89.40
111.43
4.32
3.22
3.15
7„ 113.15
103.93
119.47
110.43
104.48
3.72
2.93
3.10
3.70
4.59
3.23
118.60
7
3.34
103.56
113.27
5.14
May 31— 113.14
116.21
13.093
81.01
3.78
3.01
89.25
3.15
3.75
-3.30
115.57
104.11
May 31
3.39
118.81
112.66
4.00
103.56
111. 3
5.20
24- 113.06
3.80
3.05
89.69
3.16
3.78
112.25
4.07
24
3.41
3.33
120.37
111.03
5.22
17— 113.73
10- 115.51
3— 116.36
81.87
117.72
105.79
84.96
3.80
3.04
3.19
92.28
3.77
114.72
4.64
3.35
119.25
17
3.41
123.33
112.66
5.20
108.46
107.88
88.36
3.08
2.97
94.97
3.09
117.72
4.97
4.47
120.37
10
3.33
123.79
114.72
3.68
109.24
88.95
3.54
2.84
95.29
3.02
3.57
3.23
3.09
123.79
118.81
4.30
108.85
115.57
4.73
Apr. 26— 116.18
108.66
120.14
108.08
88.51
94.81
114.93
118.81
107.30
88.07
94.33
114.51
19- 116.94
12- 116.38
105.79
108.46
123.56
119.92
81.87
3.23
3.50
2.82
2.97
3.53
4.69
4.28
Apr. 26
3.19
3.04
3.52
2.82
2.98
3.56
4.72
118.38
4.31
3.22
3.04
3.24
3.06
108.27
123.56
19
94.33
2.83
2.99
118.38
4.75
124.25
12
119.92
107.30
88.51
3.55
94.81
2.83
3.00
4.34
5
3.25
119.25
118.81
4.76
123.66
114.51
3.61
116.87
108.66
107.88
114.30
3.60
117.10
87.93
3.54
6
Mar. 29
2.80
118.38
4.72
4.31
3.04
119.03
Mar. 29
3.24
123.66
123.33
113.89
3.60
107.69
93.85
2.99
116.36
87.49
3.53
21
106.92
106.36
107.17
87.49
3.57
2.83
3.02
93.85
3.62
113.68
117.94
4.79
4.37
21
3.27
3.08
87.35
3.58
2.83
93.69
3.03
3.65
113.68
4.79
117.50
4.37
3.28
119.69
107.11
4.34
3.06
16„ 116.74
8— 116.03
107.49
123.10
118.38
15
106.17
87.21
3.59
2.84
3.66
113.07
4.80
3.10
118.38
8
3.28
122.03
117.72
4.38
107.11
93.69
3.04
1— 115.42
105.79
87.07
3.59
93.63
2.85
3.06
3.66
112.86
4.81
117.07
4.38
3.31
1
3.09
107.49
118.81
3.08
Feb. 23„ 115.32
107.30
123.10
118.60
105.79
86.92
3.61
2.87
3.68
123.33
112.66
4.82
107.49
93.86
3.06
16- 115.48
9.. 115.44
117.07
118.81
Feb. 23
105.98
87.07
3.60
2.85
94.01
3.05
3.68
4.83
117.50
3.12
118.81
16
3.33
122.86
112.86
4.37
107 30
105.98
86.92
3.59
2.84
3.04
3.67
117.29
4.36
3.32
118.60
9
3.10
122.63
112.66
4.82
106.92
94.01
105.41
86.78
3.60
2.86
93.69
3 04
3.67
112.45
4.83
116.86
4.36
3.33
2
3.11
3.62
2.87
3.05
3.70
4.84
4.38
3.34
4.39
3.32
3.12
2— 116.43
Jan. 27.. 116.54
20- 116.65
106.64
122.40
112.25
116.86
117.94
27
105.41
86.21
3.62
3.06
3.70
116.43
4.38
20
3.35
3.13
122.40
112.25
4.85
106.73
93.21
2.87
13- 115.96
118.16
105.60
86.50
3.64
2.88
93.63
3.08
3.70
112.25
4.88
4.41
116.64
3.35
13
3.16
3.03
6
6
106.92
122.63
118.38
105.41
86.64
93.69
Jan.
3.13
105.60
87.07
2.88
3.07
93.85
3.69
112.45
4.86
4.39
116.64
3.35
3.14
109.44
122.86
124.25
117.72
High 1940 117.18
120.69
109.05
2.86
3.69
119.25
4.37
3.14
115.59
High 1940
3.34
118.60
116.00
4.82
103.38
95.78
3.09
1940 113.02
High 1939 117.72
89.25
3 62
Low
103.93
81.35
3.81
3.05
3.19
3.78
5.24
112.05
118.60
87.78
3.49
2.96
3.51
116.43
4.25
3.02
108.27
98.28
High 1939
3.17
112.45
112.05
4.67
100.00
94.33
2.80
Low 1939 108.77
1 Yr. Ago
105.22
Low 1940
3.42
122.40
110.83
4.68
106.92
89.10
81.09
4.00
3.34
87.93
3.55
4.10
104.30
5.26
4-76
106.54
3.76
3.64
3.62
2.88
3.05
3.71
4.77
4.34
3.36
3.15
Sept .13*39 110.45
100.88
113.89
108.85
99.14
85.10
Low 1939
1 Year Ago—
Sept. 13, 1939..
3.95
3.27
3.52
4.05
4.90
4.56
3.71
3.59
97.61
115.78
107.69
96.94
76.88
5.13
3.81
3.48
116.03
106.92
2 Yrs.Ago
Sept .13*38 111.13
__
_,.L
105.22
107.49
2
JT6
fhll
90.90
'
.
"u
82.79
103.38
e uaaia 01 one
109.64
lypicaa
i
Years Ago—
Sept. 13, 1938..
*
*4.14
3.18
3.58
4.18
5.60
douu w/0 coupon, maturing m 30 years), ana ao not purport to snow either the
average
nTOroirf^
f
p, ^ Qu°tations. They merely serve to Ulustrate In a more comprehensive way the relative levels and the relative
yield averages, the latter being the truer picture of
the bond market.
t The latest complete list of bonds used In
computing these Indexes was published In the Issue of
July 13, 1940, page 160.
fhf
3.36
movement
of
Volume
The Commercial &
151
be believes the increase in
Monetary Management Under
By
Dr.
on
Public Affairs, at Washington,
Sept. 8 a study in which is expressed
on
the view
world monetary practices permitting
utilization of American gold stocks without loss of value
that
adjustment
in
pessimism expressed in some
quarters as to the future of gold is believed to be unwar¬
ranted.
The study, a 380-page book entitled
"Monetary
Management Under the New Deal," is the work of Dr.
Arthur Whipple Crawford, an economist who has been in
close touch with monetary and other economic developments
in Washington for many years.
It presents a review of
monetary legislation and actions during the seven and onehalf years of the New Deal.
The Council states:
While
containing
a
wealth of factual material pertinent to present cam¬
and some criticisms of monetary experiment, the book
objective viewpoint. " The first of three parts has to do
discussions
paign
maintains
an
discussions in
the 1932 campaign.
The second part traces the evolution of the present
managed currency system, including emergency actions in the early months
of the New Deal ana subsequent enactment of permanent laws relating
to gold, silver and credit.
The third part deals with problems of monetary
management and results, and contains chapters on the dual authority of
the Federal Reserve System and the Treasury, the controversy over objec¬
tives of monetary policy, the operation of credit controls, results of silver
policies, monetary management in the international sphere, the gold prob¬
lem, effects of monetary management, and the future of the monetary
with
monetary trends during the Hoover Administration and
gold does not
standard as once known has become obsolete, the
e>eem entirely hopeless.
The problem of its future
monetary
metal, as it has been for centuries.
The belief that it will continue to
occupy this position is based on an expectation of an eventual change in
recent abnormal world conditions.
The movement of gold in one direction
perplexing questions, but gold remains the leading
crJy, a major cause of which has been a flight of capital from European
countries to the United States, cannot continue indefinitely without a loss
its
monetary
value.
threatened extension of the power of
the future world economy. Ger¬
barter agreements under a program involving
complete control of exchange and of the movement and prices of com¬
modities.
World trade, in the sphere of German influence, will revolve
around the reichsmark.
If gold is used in the settlement of international
balances, Germany would like to determine its value.
The ideas of Germany
as to the
proper value of gold may be modified by considerations growing
out of the stocks of gold held by nations which have come under its domina¬
tion.
Undoubtedly German}' will desire to carry on extensive trade with
the United States and in return lor a market favorable to its products
is expected to expand its
refrain from any action which would destroy or
may
reduce the value of
gold as a medium of international exchange.
Dealing with the future of the American monetary mech¬
the author says it seems obvious that the United
anism
possession of two-thirds of the world's
gold as its foundation.
The
States, because of its
must continue to use
stocks,
Council's advices further state:
In
analyzing available statistics as to export and
import trade, commodity
prices, business conditions, and movements of capital and
ford fails to find conclusive evidence of the necessity for
the
standard in
gold
THE
STATE
1933
OF
or
gold, Dr. Craw¬
abandonment of
of substantial benefits therefrom.
While
TRADE—COMMERCIAL EPITOME
Friday Night, Sept. 13, 1940.
to broaden in many lines.
in the steel and building industries.
A large volume of contract awards for defense plants, let
both by the Government and by private industry, coupled
with the continuing brisk activity in residential construc¬
Business
This
is
activity
continues
especially so
expanding total building activity to the highest
levels since 1930.
Construction contracts last
month, for example, are estimated by builders as having
topped those of August, 1939, by about 30%.
Since acceler¬
ating defense construction •will continue to push contract
awards contra-seasonally upward, this gain may be widened
over the remainder of the year.
The stock market lost its buoyancy following the recent
Churchill speech, in which the Prime Minister asserted the
invasion of England was imminent.
Attention of the world
is now focused on the Battle of Great Britain, its outcome
being fraught with such grave possibilities.
It is under¬
stood the collapse of Great Britain would mean tremendous
unsettlement throughout the world, while a defeat for Ger¬
tion,
is
monthly
wholesome effect. The markets
ruling relatively quiet, apparently
awaiting some definite line on what may prove one of the
great historic battles of the world.
many
is expected to have a
generally
have
been
gold
he recognizes
deflationary.
The
was unnecessary,
would be highly
Basic
first
weaknesses
two
years
of
war.
monetary
management during
the
of the New Deal, the author says, were a
and an
with political power, chiefly those
agriculture and silver, in the framing of
tendency to try new schemes of doubtful soundness
undue influence of groups
interested
While
of
in
Continuing, Dr. Crawford says:
policy.
Administration
the
the theories
in
subsequent
years
turned away from some
underlying its early experiments and
showed a disposition
behalf of silver and other inflationary schemes
it was impossible to retrace the steps taken.
New programs necessarily
were
predicated upon conditions created by gold, silver and other policies
to resist
political
pressure on
of the first two years.
...
Major monetary problems remaining unsolved, including the future of
gold and silver, are the outgrowth in part of the early policies of the
New Deal, but it must be recognized that a gold problem of troublesome
character inevitably would have occurred as a result of world conditions.
The United States alone is responsible for the situation as to silver.
t-
Final 1940 Edition RandMcNally
Bankers
Directory—The Blue Book
McNally & Co., Chicago.
Price $15
2,500 Pages.
The final
1940 edition
of this encyclopedic directory
of
the press and is
later) statements
of every bank in the United States and also all available for¬
eign bank information, including complete banking data on
the 21 countries that signed the "Act of Havana."
Officers
banking institutions has just come from
ready for delivery.
It shows June 29 (and
in this edition.
banks are arranged in
and directors elected this year appear
Transit numbers of all United States
Germany and oher totalitarian nations in
many
price
gold to the United States, but the
of the outbreak of the European
...
major uncertainty grows out of a
A
of
movement
the future of gold, Dr. Crawford says:
gold
the
Although
embraces many
of
the price of
former
Published by Rand,
In discussing
of
the
immediate cause of the
stimulation of
United
States is responsible.
The silver program, he says, has had no justification
except as a subsidy to the Western producing industry.
The Federal
Reserve authorities are credited with having made notable progress in the
development of a technique of monetary management although restricted
by inadequate powers over banking reserves.
The part played by the
Treasury in promoting world stabilization of currencies between 1935 and
1939 had borne substantial results, the author indicates, up to the time
mechanism.
case
to
production due to greater profits has been a factor for which the
Extreme
possible.
appear
return
any
tremendous
Arthur Whipple Crawford.
380
American Council on Public Af¬
fairs, Washington.
The American Council
released
that
present price of gold, he asserts, has not been the
the New Deal
pages.
1483
Financial Chronicle
a
special section of the new edition.
These numbers are
assigned by Rand McNally Bankers' Directory as the official
numbering, agent of the American Bankers Association.
is the Discontinued Bank
edition comprises a five-year
list (up to August, 1940) of all banks that have closed,
merged, consolidated or been absorbed, with detailed infor¬
Another feature of the directory
section, which in the final 1940
mation
on
each.
list of 281 commercial banks
$25,000,000, ranked according to
resources.
Included also is the latest information on all
Government banking agencies, bank associations, etc.; a
selected list of investment dealers; accessible banking points
The Blue Book also contains a
with total resources of over
every non-bank town; commercial and banking laws;
postal regulations, etc.
With each copy of the final 1940 edition Blue Book is given
an individually bound list of bank recommended attorneys,
covering every banking city and town in the United States.
This is one of the few law lists approved by the American
Bar Association.]
....:
to
.
If
steel
production for the rest of the
,
year
equals the
weekly, an all-time record of
above 64,000,600 net tons will be set in 1940, statisticians
in the industry pointed out.
This would exceed the 1929
total (exclusive of electric and crucible steel) of 62,132,445
net tons.
Despite a slight moderation in the aggregate vol¬
ume of incoming steel business since the first of the month
as compared with August, steel production this week, esti¬
mated at 92^% of capacity, is a full point above the prelioliday rate and 10Ms points above last week.
Pig iron
production this year, if continued at the August rate, may
exceed 46,000,000 tons of coke iron, including ferro-manganese and spiegelson, which would be the
second highest on
record, "Iron Age" observes in its summary.
"National de¬
fense requirements are spreading in total volume and in
number of products affected.
The $5,000,000,000 defense
appropriation, which was immediately followed by the plac¬
ing of contracts for 20O war vessels of various types, will
call for 498,000 tons of plain steel for those ships, deliveries
of which, however, will be spread over a number of years.
The Navy's requirements will keep armor plants busy for
at least five years," the "Iron Age" states.
"With Ford and
Chevrolet now in production, assemblies of 1941 automobiles
will move rapidly into higher totals, and the effect is being
felt in steel specifications.
The Tron Age' scrap composite
August rate of 1,361,859 tons
The Commercial & Financial Chronicle
1484
this
week
regained
Production
of
the
year's previous high
by the electric light
electricity
$19.92."
of
and power
industry of the United States for the week ended Sept. 7,
1940,
Tl/2% above the week ended Sept. 9, 1939, the
was up
Edison Electric
Institute reveals.
In
both
years the week
This increase represents a drop from
included Labor Day.
10.3% increase in the week ended Aug. 31, 1940, over
the week ended Sept. 2, 1939.
The total for the week ended
the
Sept. 7 this
900,000 kwh.
year
wTas
the like
in
2,402,622,000
1939 week.
against 2,289,Output in the week
kwh., against 2,357,-
Association
ended
of American Railroads reported today
of revenue freight were loaded during the week
cars
last
Saturday.
This was a decrease of 9.6% com¬
pared with the preceding week; an increase of 5% compared
with
a
year
and
ago,
of
increase
an
22.3%
compared
with 1938.
Private
engineering
increases
shows
in
construction
both
for
industrial
The movement of the Index
Fri.
Sept.
Sept.
Mon.
Sept.
Tues.
Sept.
Wed.
Sept.
Thurs. Sept.
Fri.
Sept.
Sat.
Car
6
7
9
10
_155.8
156.3
155.8
155.5
11.
12
13
was
154-2
150.1
167.9
172.8
30
1939 High, Sept. 22
155.8
.156.2
follows:
as
Two weeks ago, Aug.
Month ago, Aug. 13
Year ago, Sept. 13
Low, Aug. 15
138.4
166.8
149.3
1940 High, May 13
156.3
Low, Aug. 16
Loadings During Week Ended Sept. 7, 1940 Totaled
695,258 Cars
In the week ended
Aug. 24 the figure was 2,570,618,000 kwh., against 2,354,750,000 kwh. in the like 1939 period, an increase of 9.2%.
The
ago.
The principal individual changes were the advances m
hides, steel scrap and wheat prices, and a decline in hogs.
kwh.,
ended Aug. 31 totaled 2,601,127,000
203,000 kwh. in the similar 1939 week.
695,258
Sept 14., 1940
and
the
current
week
commercial
Loading of
freight fo»* the week ended Sept. 7,
revenue
totaled 695,258 cars, the Association of American Railroads
announced on Sept. 12.
This was an increase of 32,901
5.0% above the corresponding week in 1939 and an
22.3% above the same week in
freight for the week of Sept. 7,
which included holiday, was a decrease of 73,563 cars or
9.6% below the preceding week.
The Association further
cars
or
increase of 126,551 cars or
1938.
Loading of revenue
reported:
build¬
Miscellaneous freight loading totaled 276,247 cars, a decrease of 27,417
below the preceding week, but an increase
ings, to bring the volume to the fourth highest for the year,
"Engineering News-Record" reported yesterday. The private
total tops the corresponding week last year by 137%, accord¬
ing to "Engineering News-Record."
The week's construc¬
tion total, $08,705,000, is 36% higher than a year
ago, and
brings the total for 1940 to date to $2,279,987,000, an increase
the preceding week, and a decrease of 2,122 cars below the
of
week in 1939-
6%
the 37-week 1939
over
awards exceed last year
tains its
0.6% gain
increase
Federal
in
Ward's
over
volume.
by 20%.
last
as a result of the
week
reports estimated today that this
of automobiles would total 63,240 units,
numbered
39,605.
the
to
movement
of
a
The
year
It
publication
advance, prob¬
attributes
the
largest
this
week's
into
assemblies.
Retail
buying this week maintained its accelerated pace,
and industrial ordering was not
quite so
active, Dun & Bradstreet, Inc., said today.
In some in¬
retail
stances
turnover was
reported at the
best rate this
Reports from all seetionsa of the country revealed
spirit of optimism among consumers.
Individual sales
year.
a
said
were
be larger than
to
a
below the corresponding week in 1939.
Grain and grain products loading totaled 36,77
products loading for the week of Sept. 7 totaled 25,103 cars, an increase of
1,617 cars above the preceding week, and an increase of 2,191 cars above
the corresponding week
Live stock
the
in 1939.
of
ih 1939.
loading amounted to 15,863
preceding week, and
decrease of 788
a
try
estimated 5% to 10%
were
week
The
the
year-to-year margin
higher than in 1939.
between
was
6%
estimated
percentage of improvement was
for New England, 4% to
10% for the East, 7%
the South and Middle West,
5% to 8% for the
3% to 8% for the Southwest, and 2% to 6% for
Coast.
Wholesale
expansion
in
trade
retail
heavy reorder
is
trade
activity,
reported
not
but
reflecting
only
also
through
Sept. 7 totaed 12,584
but
a
cars, an
decrease of 530
in
to 12% for
preceding week, but
an
increase of 4,477
Ore
loading amounted to 69,478
preceding week, and
increase
an
There
week.
past
weather
unusual
no
for
The
the
features
period
season,
was
to
recent
exceptionally
stock
reports
by
warm
much
sunshine, and mostly light
rainfall, except that temperatures were moderately low in
the Northeastern States, the extreme
Southeast, and the
interior
of
All
above the
increase of 2,048 cars above the corresponding week
an
districts reported
all
districts
increases
reported
compared with the corresponding week
Southern
increases
Centralwestern and Southwestern
over
1938
except
1940
4 weeks of January..
the
Southwestern.
4 weeks of
California.
According to Government advices,
however, at the close of the week an extensive mass of
dense, polar air had overspread the northern Great
Plains,
attended by a sharp drop in
temperature to below the freez¬
1939
1938
2,555,415
2.288,730
2,486,863
3,122,556
2,494,369
2,712,628
3,534,564
2,825,752
3,718,350
2,282,866
2,532,236
2,256,717
2,155,536
2,746,428
2,126,471
2,185,822
2,759,658
2,272,941
695,258
3,387,672
662,357
3,040,100
568,707
24,145,755
21,846,065
20,112,380
February
5 weeks of March
...
4 weeks of April
characterized
cars
in 1939.
4 weeks of May
5 weeks of June
the weather
increase of 188
an
Coke loading amounted to 9,844 cars, a decrease of 1,751 cars below the
preceding week, but
4 weeks of July
5 weeks of August
Week of Sept. 7
Total
were
cars
of 20,000 cars above the corresponding
week in 1939.
Northwest,
commitments.
the
1939.
above the corresponding
cars
week in 1939.
the Pacific
in
above the preceding
cars
below the corresponding week in
Last
13%.
3% to 7%
increase
an
increase of 205
cars
and
the
below the corresponding week
Forest products loading totaled 34,457 cars, a decrease of 4,180 cars below
in 1939 except the Pocahontas,
coun¬
decrease of 305 cats below
cars, a
cars
In the Western Districts alone, loading of live stock for the week
and
Retail sides for the whole
decrease of 558
In the Western Districts alone, grain and grain
chandise of durable type.
ago.
cars, a
corresponding
below the preceding week, but an increase of 639 cars above the cor¬
cars
responding week in 1939.
Buying was well
distributed, including not only seasonable goods, but mer¬
year
the
Coal loading amounted to 118,413 cars, a decrease of 20,061 cars below
the
while wholesale
above
cars
decrease of 19,479 cars below the preceding week, and a decrease of 1,411
a
cars
week,
producers
10,058
Loading of merchandise less than carload lot freight totaled 134,181 cars,
Assem¬
ago.
trade
further
see a
level of 85,000 units.
a
volume
152%
work.
predicted that next week would
ably to
private
of
corresponding week in 1939.
Public construction main¬
1939 period
compared with 42,445 units this week
increase
1940
automotive
week's production
blies
The
cars
...
2,976,655
2,225,188
2,363,099
3,127,262
The first 18 major railroads to
report for the week ended
Sept. 7, 1940 loaded a total of 315,414 cars of revenue
freight
on their own lines, compared with 334,092 cars in the
preceding week and 303,786 cars in the seven days ended
Sept. 9, 1939. A comparative table follows:
REVENUE
FREIGHT LOADED AND
RECEIVED
FROM
CONNECTIONS
(Number of Cars)
Loaded
ing point at
some points.
In this area there was a wide
in temperature from the first to the last
parts of the
week.
Maximum reading of 100
degrees or higher on the
on
Own Lines
Received from, Connections
Weeks Ended—
Weeks Ended—
range
3d and 6th insts. contrasted with
a
minimum of below freez¬
ing at the close of the week.
season
for
and
High temperatures for the
mostly abundant sunshine were very favorable
maturing crops rather generally in
cultural
cool
in
sections
the
country,
and
York
and fine
rain
City
locally in
area
some
the principal
although
parts of the East and there
weather
New
of
was
too
interior
the weather has
it
been
was
much
areas.
agri¬
was
48 to 61; Portland,
1939
1940
1940
18,169
31,107
22,336
14,118
19,080
Chesapeake & Ohio Ry
Chicago Burl. & Quincy RR
14,929
2,459
1,994
3,833
13,114
38,743
5,344
Gulf Coast Lines
Missouri-Kansas-Texas
RR
Missouri Pacific RR__i
New York Central Lines
N. Y. Chicago & St. Louis
Ry
Norfolk & Western Ry
19,225
Moody's Commodity Index Advances
18,511
5,844
5,895
5,335
28,689
16,366
10,006
18,230
24,290
15,617
9,986
15,146
14,234
21,579
18,047
13,537
16,162
3,072
1,947
4,333
14,360
13,370
42,994
35,871
5,914
2,307
2,197
4,638
5,425
19,988
57,704
5,071
5,929
5,078
6,674
29,658
8,013
32,846
30,296
4,949
Pittsburgh & Lake Erie RR
Southern Pacific Lines
Wabash Ry
Total
5,362
4,796
TOTAL LOADINGS AND
RECEIPTS
FROM
10,991
8,317
6,733
8,670
10,843
1,415
1,778
2.690
8,331
38,143
9,816
4,722
41,517
4,975
10,931
1,399
1,926
3,004
10,016
8,935
42,921
10,388
7,803
35,259
9,384
7,824
7,875
1,396
1,709
2,685
8,733
5,039
4,507
44,325
5,346
7,537
38,970
4,487
5,864
7.691
8,745
7,440
8,235
8,740
7,615
194,2071212,456
4,808
315,414 334,092 303,786
183,121
6,785
CONNECTIONS
(Number of Cars)
Weeks Ended—
Sept. 7, 1940
Aug. 31, 1940
23,576
29,588
26,025
22,624
31,923
13,493
31,023
11,400
64,564
Chicago Rock Island & Pacific Ry.
Central System
St. Louis-San Francisco Ry
Illinois
Total
Moody's Daily Commodity Index advanced
moderately,
closing at 156.3 this Friday, as compared with 155.8 a week
2,018
34,932
64,611
Pere Marquette Ry
Sept. 9
1939
25,846
22,142
71,497
Pennsylvania RR
Pittsburgh,
Me., 46 to 68; Chicago, 47 to 66; Cincin¬
nati, 42 to 67; Cleveland, 48 to 61;
Detroit, 48 to 62; Mil¬
waukee, 47 to 66; Charleston, 56 to 78;
Savannah, 59 to 78;
Kansas City, Mo., 58 to
77; Springfield, 111., 44 to 72;
Oklahoma City, 55 to 83; Salt Lake
City, 58 to 80, and
Seattle, 59 to 69.
Aug. 31
1940
International Great Northern RR.
the
generally clear
53 to 69 degrees
;
Sept.7
1940
cloudy
In
today, temperatures hov¬
ered between 55
degrees and 69 degrees.
The forecast is
for partial cloudiness and
continued cool
tonight, changing
to warmer temperatures on
Saturday.
Partly cloudy and
cooler on Sunday.
Thermometer readings tonight are ex¬
pected to touch 58 degrees for the
city and 50 degrees in
outlying sections.
was
Sept. 9
Chic. Mllw. St. Paul & Pac.
Ry
Chicago & North Western Ry
fair and cool
Overnight at Boston it
Aug. 31
Atchison Topeka & Santa Fe Ry.
Baltimore & Ohio RR
rather
during the current week.
The weather
Sept. 7
71,441
64,911
Sept. 9, 1939
11,264
In the
following we undertake to show also the loadings
for separate roads and
systems for the week ended Aug. 31,
1940.
During this period 74 roads showed increases when
compared with the
same
week last year:
The
Volume 151
REVENUE FREIGHT
RECEIVED FROM
LOADED AND
1485
Commercial & Financial Chronicle
CONNECTIONS (NUMBER OF
CARS)—WEEK ENDED AUG 31
Total Loads
Total Revenue
Southern
Eastern
Ann
District—
644
629
Arbor
566
1,290
1,190
203
220
-
District—(Concl.)
Mobile A Ohio
Nashville Chattanooga A St.
L.
344
330
1,311
1.140
3,419
9,039
21,664
7,759
20,448
8,211
19,553
4,692
14,867
3,899
14,001
Southern System
431
441
416
686
645
Tennessee Central
164
158
157
1,056
957
776
833
598
7,627
1,433
7,708
1,674
7,261
1,683
9,672
2,193
8,954
2,146
17
33
75
19
51
1,274
4,789
Seaboard Air Line
10.459
6,632
6.173
Delaware Lackawanna A West-
8,050
2,110
7,475
7,210
2,012
Delaware A Hudson
1,295
5,313
1,313
5,321
8,946
466
131
135
380
398
1,101
Bangor & Aroostook
Boston A
Maine
Chicago Indianapolis A Louis v.
Central Indiana
Central Vermont..
Detroit A Mackinac
274
272
178
3,060
13,041
12,337
13,516
4,706
4,084
Winston-Salem
*
Montour
N.Y.N.H. A Hartford
New York Ontario A Western..
Louis
8,724
1,296
5,899
1,548
3,345
229
272
2,176
40,677
9,731
25
34
2,593
1,795
8,905
1,348
5,104
965
1,789
390
4,640
4,661
396
156
349
377
246
Ft. Dodge Des Moines A
880
901
1,612
66
629
583
5,406
4,398
5,390
4,473
1,910
1,000
8,740
3,942
3,457
7,704
3.174
153,689
145,444
131,836
162,960
147,451
724
I
5,362
1
Rutland..
South
Great Northern
246
880
Virginia
Total.
Elgin Jollet A Eastern
6,848
4,855
418
Atlantic
Duluth South Shore A
1,553
9,535
1,131
77
Pacific
Chicago St. P.Minn. A Omaha
Duluth MiRsabe A Iron Range
882
Pittsburgh Shawmut A North-
Wheeling A Lake Erie
854
Green Bay A Western
Lake Superior A Ishpemlng—
Minneapolis A St. Louis
Minn. St. Paul AS. S. M
Allegheny District—
Akron Canton A Youngstown.
541
Erie
447
31,572
4,670
741
18,230
2,676
16,604
39
11,477
26,962
3,060
Central Western District—
Fe System
24
10,618
Qulncy.
A Illinois Midland
Rock Inland A Pacific
Chicago Burlington A
2,155
Chicago
6
Chicago
384
5,922
1,094
6,025
661
643
52
39
672
Denver A Rio Grande
232
37
48
200
214
Denver A Salt
38
2,350
1,748
39,677
15,190
„
60
48
770
567
787
1,536
1,358
2,595
1,660
44,375
17,350
19,513
3,464
1,651
62,157
12,889
11,750
3,439
162,829
137,795
84
127
Llgonler Valley
Long Island
Penn-Readlng Seashore Lines.
71,497
15,000
Co
Marylamd
Western
Bingham A Garfield
1,502
6,464
(Pittsburgh)
Total.
10,757
2,846
8,456
3,832
902
9,695
1,108
7,072
412
24,506
3,619
1,851
7,918
11,244
3,623
1,921
8,289
11,101
56,258
12,542
6,059,
4,037
6,970
5,529
112,487
98,804
5,533
3,014
118,380
4,498
14,277
183
255
570
529
5,177
6,377
4,481
511
204
206
21,776
18,167
3,438
3,110
634
641
620
502
507
68
99
2,041
3,012
1,158
1,986
5,812
10,293
1,934
2,334
3,686
3,923
307
375
327
326
1,560
1,836
1,889
1,617
119,340
97,658
49,982
44,903
20,018
3,029
20,116
2,936
19,386
5,895
2,324
5,712
3,175
382
333
82
56
15,300
1,639
12,304
2,669
15,018
8,670
8,103
1,546
739
619
12,765
2,401
9,315
2,722
1,336
3,156
8,739
2,405
1,251
2,900
610
298
Cumberland A Pennsylvania..
Reading
10,931
3,065
9,384
3,878
2,626
19,869
3,854
7,439
132,455
Total
1,474
Cornwall
Pennsylvania System
17,412
2,562
20,994
Spokane Portland A Seattle—
343
Central RR. of New Jersey
Union
918
410
Buffalo Creek A Gauley
Cambria A Indiana
19,206
2,005
International
Atch. Top. A Santa
34,932
6,268
Baltimore A Ohio
20,922
2,504
20,902
4,237
20,707
351
Pacific
Northern
Spokane
Alton
Bessemer A Lake
68,061
516
Chicago Mllw. St. P. A
5,695
5,348
Pittsburgh A Shawmut—
Wabash
95,775
576
District—
Northwestern
Chicago Great Western
8,080
5,929
Pere Marquette
101,519
61,956
....
Chicago A North Western
39,634
10,804
42,340
11,638
1,800
10,388
1,163
7,470
6,346
34,541
6,020
328
A Western.
Pittsburgh A Lake Erie
Pittsburgh A West
Southbound
5,995
2,115
1,332
6,308
1,903
43,575
10,256
1,204
5,914
New York Central Lines
N. Y. Susquehanna
7,461
169
1,735
8,006
2,420
3,014
2,347
Valley
Maine Central
2,992
192
1,591
5,161
Lehigh A New England
N. Y. Chicago A St.
356
397
371
103,451
Total..
140
Lehigh A Hudson River
Monongahela..
1,236
434
Northern
Richmond Fred. A Potomac...
1,621
8,708
2,690
Grand Trunk Western
Lehigh
Southern
Piedmont
11,240
1,497
1,629
/1,795
Detroit A Toledo Shore L'ne—
Erie
Norfolk
1,190
2,635
12,775
Detroit Toledo A Ironton
2,260
2,447
1,269
1,260
2,695
2.139
2,699
1,734
2,553
1,169
1,711
2,832
1,639
3,002
1,084
1939
1940
1938
1939
1940
1939
1940
1938
1939
1940
Received
from Connections
Freight Loaded
Railroads
Connections
from
Freight Loaded
Railroad*
Received
Total Loads
Total Revenue
Chicago A Eastern
Illinois
692
Colorado A Southern
3,911
800
750
3,933
3,963
•
2,475
27
City-
805
742
587
31
975
Western
Lake
Fort Worth A Denver
Illinois
15,146
2,254
12,576
2,672
.
945
1,142
1,874
988
994
1,670
1,646
286
497
369
1,936
1,279
1,652
1,310
130
92
1,943
Terminal
879
753
868
474
509
10
16
19
.0
26,867
26,930
24,568
385
291
314
15,335
14,706
13,934
5,109
1,289
9,206
1,880
974
Missouri-Illinois
Nevada Northern
...
Pacific
Peoria A Pekln Union
Southern Pacific (Pacific)
Toledo Peoria A Western
North Western
0
4,814
1,243
8,605
264
317
9
5
297
1,927
1,929
1,868
2,273
2,684
113,185
Union Pacific System
Utah
111,522
106,424
55,915
53,248
Western Pacific..
Pocahontas District—
Virginian..
Total.
47,297
17,387
17,401
25,562
20,671
4,513
22,271
52,253
Norfolk A Western..
60,746
Southern District—
21,224
265
187
787
770
739
188
1,521
1,297
603
634
705
9,386
3,850
8,600
3,994
Louisiana A Arkansas........
Litchfield A Madison....
442
425
439
4,291
2.517
1,075
1,838
Missouri A Arkansas
1,407
Columbus A Greenville
Durham A Southern
1,181
408
299
317
263
166
Cllnchfleld
1,373
205
Carolina.
5,264
2,733
1,206
2,121
153
168
586
402
553
480
Florida Blast Coast
393
387
429
31
38
144
77
25
1,036
1,007
896
1,639
1.518
469
291
355
410
439
1,658
1,782
22,376
22,724
1,177
11,127
5,623
1,212
21,447
22,749
1,676
21,174
20,238
10,319
5,150
131
114
126
534
129
225
165
231
285
GalnsvlUe Midland...
Georgia
—
Georgia A Florida
Gulf Mobile A Northern
Illinois Central System
...
Louisville A Nashville......
Dublin A Savannah
Mississippi Central...
Note—Previous year's figures
revised.
• Previous figures.
*
Wholesale Commodity
in Week Ended Sept.
were
were
higher.
Increased activity in
up
the
of cotton and
end of March.
the textile markets was
worsted yarn prices.
accompanied by a marking
Silk reached the best level since
lower crude oil
was off a bit.
Weakness in the fuels was confined to
Zinc and copper were the strong metals. Tin
THE "ANNALIST" WEEKLY INDEX OF
WHOLESALE COMMODITY PRICES
quotations.
(1926=100)
Sept. 7, 1940
Aug. 31,1940
Sept. 9. 1939
'
74.8
Farm
76.3
materials
1
Chemicals..
Miscellaneous
63.1
84.7
83.8
97.3
96.8
98.7
71.3
70.9
86.7
86.7
77.1
73.6
80.3
Metals
65.2
77.1
-
67.6
71.3
Fuels
1
79.3
71.9
84.4
—
Textile products..
Building
75.6
71.7
products
Food products—
80.5
82.3
85.1
All commodities
Food Prices Declined 1.2%
July 16 and Aug. 13, Reports
Retail
Prices
of
Labor
in retail grocery stores continued to de¬
mid-August, reaching the lowest level since April
of food
Quanab Acme A Pacific..—-..
St. Louis-San Francisco
St. Louis Southwestern
Orleans........
Pacific
Wichita Falls A Southern
Weatherford M. W. A N. W._
Texas A New
Texas A
1,947
2,018
309
217
837
906
241
1,896
1,831
1,862
1,789
298
330
262
1,889
1,468
1,016
648
691
708
227
157
141
227
219
4,718
14,588
4,773
13,838
3,004
2,702
8,482
120
2,311
1,950
4,333
14,389
"
1,934
1,399"
1*427
1,926
1,819
8,935
1,317
846
217
81
112
133
90
75
7,471
7,270
4,916
2,273
7,555
3,895
2,495
7,030
4,465
2,025
2,946
3,258
3,004
3,937
7,383
2,658
7,372
4,246
196
44
34
151
206
18
19
23
45
50,659
34,929
32,934
16
50.959
Total
50,031
2,385
3,357
Labor
nearly all
important foodstuffs, except beef, pork, fish, butter, and
eggs, were responsible for the decline in food prices as a
whole. •This decline was general throughout the large
cities of the country.
At mid-August levels, retail food
prices were 96.2% of the 1935-39 average, according to the
Bureau's index, or 1.2% lower than in July.
Since Aug. 13
preliminary reports indicate some rise in certain staple food¬
stuffs, and continued advances in the prices of meats, in¬
cluding beef, pork, and lamb.
Rising meat prices reflect
smaller marketings of livestock following the unusually
heavy marketings during the first half of 1940, which re¬
sulted in greatly reduced meat prices during the spring.
of this year,
Statistics
Commissioner Lubin of
reported on Sept. 6.
the Bureau of
Lower prices for
Commissioner's announcement added:
Augu&t of last year, prior to the outbreak of war in Europe,
prices of foods typically bought by wage earners and lower-salaried work¬
ers have increased on the average by about 3%.
Of the 54 foods included
?'n the Bureau's index, 32 were quoted at higher prices in mid-August
than a year earlier.
The principal exceptions were lower prices for ham,
bacon, and salt pork, oranges, potatoes, coffee, lard, and sugar.
Prices of cereals and bakery products declined in August for the third
consecutive month, in line with the general reduction in prices of flour.
Retail prices of flour have shown a decline since May, but are more
than 15% higher than last August.
Bread prices remained steady.
The increase in meat prices noted above amounted to 0.7% from midJuly to mid-August and affected almost all meats except lamb, which
declined seasonally.
Prices for roasting chickens declined by 4.5%. The
largest advances were reported for round steak (2%) and rib roast (2%).
Prices of pork chops, which have been advancing rapidly during the past
few months, were about 35% higher than in February, when they reached
a
six-year low.
Currently they are selling for about 2% more than in
August of last year.
Meats as a group were 8.8% higher than last year.
The
Since
The
Further Between
Bureau
Statistics
cline up to
Missouri-Kansas Texas Lines.Missouri Pacific
198
2,250
2,370
Discontinued Jan. 24, 1939.
Prices
7
The "Annalist" announced Sept. 9 that "weakness in farm
prices was largely responsible for a slight decline in the
"Annalist" weekly index of wholesale commodity prices
to 80.3 in the week ended Sept. 7, 1940, from 80.5 in the
preceding week.
The fuels and foods were also slightly
lower.
Strength in the metals and textiles softened the
drop in the combined index.
The announcement added:
The grains and livestock were irregular.
Corn was lower together with
hogs and fowl.
Barley, oats and rye rose. So did steers. Eggs and hides
other strong spots among the farm products, but apples, hay and
cotton
notably lower.
Among the meats, pork, veal and lamb were
lower.
Coffee, lard and cottonseed oil also receded.
Cocoa and flour
of
Slightly
Index
Declined
Midland Valley
159
2*297
424
........
190
296
163
3*074
169
741
675
3,958
Charleston A Western
were
District—
Burlington-Rock Island———
Fort Smith A Western.*
Gulf Coast Lines
International-Great Northern.
Kansas Oklahoma A Gulf
Kansas City Southern...
9,561
Atlantic Coast Line
Central of Georgia
"Annalist"
Total.
957
Southwestern
265
249
Northern
Atl. A W. P.—W. RR. of AlaAtlanta Birmingham A Coast.
Alabama Tennessee A
Macon
11,638
4,806
3,802
10,991
5,039
1,357
25,846
22,142
4,265
Chesapeake A Ohio.......
less
As is
advancing by
of butter and eggs were seasonally higher,
1% and 4%, respectively.
usual in August, the costs of fresh fruits and vegetables
prices
than
purchased
declined, with markedly reduced prices reported for
apples, carrots, onions, and potatoes.
Prices of green beans and spinach
advanced sharply, however, as is usual at this time of year.
Prices of
by
wage
earners
I
1486
canned
and
dried
fruits
and
beans fell by about
navy
Coffee
prices
large
as
The Commercial & Financial
Chronicle
supplies
continued
Sugar
May,
in
cut
1939.
stores
off
in
the
reached
from
the
wholesale
continued
Lower
declined
slightly.
The
price
of
prices
to
lard
new
European
all-time
low
markets
have
this
month,
and
resulted
in
tional, the
and
are
the
at
continued
lowest
reductions
level
in
than it
since
prices of
vegetable shortening?} were also reported.
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY
96.2
97.4
98.3
96.9
97.4
97.7
99.3
96.0
99.0
98.8
98.2
Eggs
91.7
87.8
100.4
93.4
102.2
115.7
92.7
90.3
Fats and oils
92.8
81.7
82.1
82.0
Sugar
95.4
84.5
96.1
97.3
current
91.6
100.9
92.8
95.6
94.9
Prices
Continued
to
Unchanged
Fairchild
During August,
Publications
Retail
at
past
scrap
The
index
The Bureau's
announcement, quoting Mr. Lubin
following further to say:
Price
prices continued unchanged for the second con¬
according to the Fairchild Publications Retail
Price Index.
While the index at 92.9
(Jan. 3, 1931=100)
continued unchanged from the
previous month, it neverthe¬
less showed an increase of
3.8% above the 89.5 recorded
for the same month last
year.
Since April 1, 1940 the index
has fluctuated within a 0.1 of
1% range.
Prices show a
decline of 3.8% below the 1937
high but still show a gain of
5.7% above the 1936 low. The firm's announcement issued
Sept. 13 further said:
wear
and infants'
showed fractional
wear
changes during
However, the changes
as compared with a
year ago were more
marked, with home furnishings showing a gain of
4.3% and women's wear
an increase of
3.6%.
Piece goods showed the greatest decline
below
gain of 34.8%
furnishings,
leads the major groups, with piece
goods following,
increase of 32.2%.
fewer changes in the individual items
comprising the index
than during any month in some time.
Items showing
changes include women's hosiery, furs, women's
underwear, and women's
shoes, infants' underwear, furniture and floor
coverings.
Items showing
gains during the month were furs, women's
shoes, infants' underwear and
floor coverings.
Furs and blankets, as well as floor
coverings showed the
were
during August
greatest gains above
a year ago.
It is unlikely that there will be
any important movement in retail
prices
the near future,
according to A. W. Zelomek, economist under
whose
supervision the index is compiled.
Restricted
in
fluctuations
are
most of the rest of the
year.
likely for
above,
Continued advances in prices for
grains and livestock and poultry were
for the 1.3% rise in the index for farm
products.
Other
largely responsible
farm products
showing price increases
(Seattle market),
were
cotton,
eggs,
oranges,
apples
flaxseed, dried beans, wool and white potatoes
(Boston and
Lower prices were reported for
lemons, alfalfa seeds,
New York markets).
onions,
sweet
potatoes,
lambs
and
The
corn.
foods
index
prices
for rice, fresh lamb and
veal, and
The 0.7% rise in the
rose
0.3%,
cocoa
reflecting higher prices for rye and wheat flour, cured
pork,
lard, edible tallow and cottonseed oil, while lower
beans,
were
reported
raw sugar.
building materials index
caused primarily
by
rising prices for lumber and certain paint materials.
YeUow pine flooring
and timbers
averaged more than 3}4% higher and Douglas fir lumber
was
nearly 5% above the previous week.
Slightly lower prices for certain
non-ferrous metals counterbalanced
higher quotations for scrap
steel,
resulting in no change for metals and metal
products as a
was
group.
The advance in textile
products reflected higher prices for
print cloth,
silk, burlap and worsted yarns.
Prices for
the
but home furnishings showed the greatest
advance from the
As compared with the
May 1, 1933 low home
as
had the
Retail
an
during the
week.
secutive month
There
1.0%
week because of
higher prices for domestic agricultural products, hides
and
skins, such Imports as cocoa beans, pepper, raw silk and
copra and
steel.
Index
showing
selling
rose
for manufactured commodities advanced
0.1% and
prices of semi-manufactured articles remained at the
level of the previous
According
a
Building
On the other hand, the
index for foods is 3 9% lower and farm
products 0.7% lower, not¬
recent advances.
Fuel and lighting materials are
average of 3.0% below last year's levels.
Average wholesale prices of raw materials
Preliminary.
with
products.
0.7%; chemicals and
an
92.7
100.9
low.
farm
products and miscellaneous
commodities, 0.4%.
92.3
high,
for
withstanding
92.3
1936
1.3%
for textile products is
5.0% higher; building materials, 4.6%; housefurnish¬
ing goods, 3-4%; hides and leather products,
1.9%, and metals and metal
93.1
,
100.8
1937
to
90.7
110.6
Only women's
materials
92.4
92.8
77.9
93.5
August.
lighting
hides and leather products advanced
index
Fruits and vegetables
Fresh
Retail
products
and
products, 0.4%, and foods and miscellaneous
commodities, 0.3%.
Compared with the corresponding week of last year, the current
95.7
a
fuel
materials and
93.4
98.6
....
prices is lower by about 0.5%
Commissioner Lubin went on to
ago."
Except for the metals and metal products and
housefurnishing goods,
remained at the levels of the
previous week, the indexes for major
groups showed increases ranging from 0.1% for textile
93.5
Cereals and bakery products
Meats
Dried
year
allied
All foods
Canned
a
commodity
and
Beverages..
current level of
was
which
Aug. 13, '40a July 16. 1940 June 18.1940
Aug. 15,1939
Dairy products
1940
say:
COMMODITY GROUPS
Five-Year Average 1935-39=100
Commodilv Group
14,
on
market.
decline
for
a
Sept.
building materials.
Last year, at this time, prices were
advancing very rapidly following the outbreak of the war
Sept. 1.
Partly because this marked rise was excep¬
1.5%.
retail
declines
prices
vegetables
raw
drillings and jute
lower.
were
yarns
In the chemicals and
allied products group price
increases were reported
for tankage,
copper sulfate, copra and inedible tallow.
Prices of cattle
feed
for
averaged
7.4% higher, and crude rubber 0.5% lower.
Quotations
were off
1.2% and cylinder oils nearly 4%,
The group of
lighting materials showed a fractional rise because of
boxboard
fuel
and
advances
seasonal
for
bituminous
whole, showed
The
no
coal.
The
housefurnishing
change from the previous
following tables
show
(1)
goods
group,
as
a
week.
index numbers
for
the
main
groups of
commodities for the past 3
weeks, for Aug. 10, 1940 and Sept.
9, 1939 and
the percentage
changes from a week ago, a month
ago, and a year ago;
(2) important percentage
changes in subgroup indexes from
Aug. 31 to
Sept. 7, 1940.
(1926=100)
THE FAIRCHILD PUBLICATIONS
JAN.
3,
RETAIL PRICE INDEX
1931=100"
Sept.
Copyright 1940 Fairchild News Service
Commodity Groups
Aug.
Aug.
Aug.
Sept.
10,
Percentage Changes to
Sept. 7, 1940 from—
9.
May 1,
1933
Sept. 1,
1939
June
1,
1940
July 1,
1940
Aug. 1,
1940
Composite index
69.4
Piece goods
92.8
92.9
65.1
84.1
Men's apparel
Women's apparel
Infants' wear
86.0
86.0
86.0
70.7
88.4
86.0
88.9
89.1
89.1
71.8
89.1
89.0
91.8
92.0
92.1
76.4
92.2
96.0
96.9
Home
97.0
96.9
70.2
97.0
90.7
94.6
94.5
94.6
94.6
furnishings.
Piece goods:
Silks
57.4
89.5
64.8
92.9
92.9
67.9
Woolens
67.7
67.6
69.2
67.6
84.0
Cotton wash goods
87.0
87.2
87.3
68.6
103.6
87.3
103.2
Domestics:
Sheets
103.2
103.2
103.2
65.0
Hosiery
91.1
93.6
93.6
93.5
72.9
Blankets & comfortables
Women's apparel:
102.8
93.5
112.0
113.0
114.0
114.0
69.2
74.1
75.5
Aprons Sc. house dresses.
75.1
75.5
74.(?
105.4
74.4
105.7
Corsets and brassieres
105.7
105.7
83.6
105.7
92.6
93.0
93.0
93.0
93.0
91.0
__
Furs
66.8
31,
1940
1940
1940
1939 Aug. 31 Aug. 10
1940
1940
Sept. 9
78.0
77.7
77.2
76.9
78.4
—0.5
24,
Sept. 1,
1940
7.
1940
Underwear.
100.0
102.0
103.4
69.2
104.5
84.0
Shoes..
87.6
87.5
87.1
76.5
87.2
86.8
88.8
88.8
88.8
64.9
Underwear
+0.4
+ 1.4
1939
Farm products..
Foods
67.6
65.6
65.2
71.6
+ 3.7
71.4
—0.7
Hides and leather
products.
Textile products
70.0
69.3
74.5
+0.3
97.8
+ 3.3
—3.9
97.1
97.0
97.9
96.0
+ 0.7
—O.l
Fuel
and lighting materials.
Metals and metal products..
66.7
71.8
71.7
68.1
+ 1.3
+ 1.9
71.7
71.8
68.4
+0.1
71.8
0.0
71.7
+ 5.0
71.7
71.6
74.0
95.0
+0.1
+0.3
—3.0
95.0
94.9
94.9
94.6
0.0
94.2
+0.1
93.5
+0.4
Chemicals & allied products
93.4
92.8
90.1
+0.7
76.8
+ 1.5
76.5
+ 4.6
76.4
Housefurnishing
76.7
+0.4
90.0
+0.1
90.0
90.0
90.0
0.0
76.2
76.4
76.7
87.0
76.1
0.0
76.4
+ 0.3
—0.4
+0.4
Building
materials
goods
Miscellaneous commodities.
Raw materials
70.9
70.2
69.6
*
♦
+3.4
Semi-manufactured articles.
69.4
71.8
+ 1.0
76.8
+2.2
—1.3
Manufactured commodities.
76.8
76.5
77.2
79.7
0.0
—0.5
81.8
—3.6
81.7
81.2
80.8
81.9
+0.1
+ 1.2
—0.1
80.3
80.1
79.7
79.5
80.7
+0.2
+ 1.0
—0.5
82.3
82.2
82.1
82.2
81.7
+0.1
+0.1
+0.7
All commodities
other than
farm products
All
commodities
other than
farm products and
foods
89.0
Hosiery
All commodities
Men's apparel:
*
No comparable data.
IMPORTANT PERCENTAGE
CHANGES IN SUBGROUP INDEXES
FROM
AUG. 31 TO SEPT.
7, 1940
87.6
87.6
87.6
69.6
87.6
87.6
91.3
Shirts and neckwear
91.8
91.8
74.3
91.8
86.2
91.8
Hats and caps
86.4
86.4
86.4
69.7
82.5
86.4
82.8
82.8
Cattle feed
Clothing, lncl. overalls..
70.1
82.8
82.8
89.6
91.5
91.5
76.3
91.5
93.4
91.5
93.6
94.5
Hides and skins
Oil and fats
94.5
94.5
102.0
102.0
102.0
Shoes
Infants'
wear:
Socks
74.0
101.1
Underwear.
102.0
74.3
94.0
95.0
95.0
Increases
7.4
95.2
Bituminous coal
Fertilizer materials.
4.7
Lumber
1.6
1.6
80.9
92.8
93.8
94.0
69.4
93.8
93.8
95.5
100.8
100.8
79.9
100.8
114.6
100.5
125.4
125.9
60.6
126.1
55.0
126.2
Luggage-
54.2
54.2
60.1
54.0
76.0
76.0
72.5
76.0
82.0
76.0
82.0
80.0
81.5
79.7
79.7
Fruits and vegetables
Crude rubber
93.9
94.1
94.1
94.1
94.1
Petroleum products
Woolen and worsted goods
0.1
Agricultural implements
0.1
54.0
74.0
Other textile products
Paint and paint materials
0.8
Shoes
Furniture
Note—Composite
index
is
a
weighted
arithmetic averages of
subgroups.
Wholesale
Week
aggregate,
Major
group
indexes
Labor Statistics' Index
General advances in wholesale
commodity markets were
reflected in a rise of
0.4% in the Bureau of Labor Statistics'
index for the week ended
Sept. 7, Commissioner Lubin
reported on Sept. 12.
"Principal gains were in grains,
cattle feed, hides, wool, livestock
and certain
building mate¬
rials, particularly lumber," Mr. Lubin said.
"These
in¬
brought the all-commodity index to
78.0% of the
average, the highest level since
mid-May.
During
the past four weeks there has been
a net
gain of 1.4%, which
has been concentrated
largely in farm products, foods and
1926
Other foods
Other farm products
Cereal products
0.3
0.3
0.2
0.8
Decreases
1.3
Paper and pulp
0.5
Meats
0.4
Other miscellaneous
0.2
0.1
_
0.1
are
Commodity Prices Advanced 0.4% During
Ended Sept. 7,
According to Bureau of
creases
0.4
Cotton goods
2.2
Livestock and poultry
Floor coverings
Musical instruments
Elec. household appliances
China
0.5
0.4
_
2.5
Grains
95.0
Silk
5.4
Wholesale Commodity Prices Advanced
During Week
Ended Sept. 7 to
Highest Point Since Last May,
According
to National Fertilizer Association
Wholesale commodity
prices last week
were
level since
The
at the
highest
May, according to the price index compiled by
National Fertilizer
Association, which registered its
fifth consecutive
weekly
ended Sept. 7 was 75.9
advance.
This
index in the week
compared with 75.6 in the preceding
week, 74.2 a month ago, and 75.5 a
year ago, based on the
1926-28 average as 100.
The lowest point reached
by the
index this year was
74.1, in the week ended Aug. 3, and the
year's high point was
78.5, in the first week of
The
January.
Association's announcement, dated
Sept. 9, continued:
Price
with
advances
eight
of
the
last
week
group
were
indexes
general
throughout the commodity list,
advancing.
Another
increase
took
place
Volume
the
food
for
quotations
took
2,601,127,000 kwh., an
the like week
over
a
year ago.
Week Ended
Week Ended
Week Ended
Regions
in the index advanced during the week
and only 15 declined; in the preceding week there were 25 advances and
22 declines; in the second preceding week there were 24 advances and 23
Forty-nine price series included
Sept. 7, 1940
Aug. 31,1940
Aug. 24, 1940
4.5
4.5
5.4
New England..
5.4
6.8
3 3
5.6
15.7
15.5
16.4
8.6
11.2
West Central
10.0
6.3
8.1
10.7
15.0
18.2
3.9
4.1
3.4
5.0
7.5
Preced'g
Latest
Percent
Rocky Mountain
10.3
9.2
10.1
Pacific Coast
(1926-28=100)
Association.
Total United States.
Year
Month
Week
Total Index
Ago
Ago
Aug. 31
Aug. 10
Sept. 9
1940
Croup
Week
Sept. 7,
Each Croup
1940
1940
1939
DATA
FOR
(THOUSANDS
WEEKS
RECENT
Change
77.0
72.3
72.1
68.5
44.8
44.0
57.4
56.1
54.9
52.1
68.6
from
63.7
63.4
61.1
65.2
1939
Cotton
52.8
52.5 *
55.6
50.4
Grains
61.4
58.0
58.7
Fats and oils
Cottonseed oil
Farm products
23.0
Week Ended
May
4
65.7
66.4
61.5
67.1
May
11
80.7
81.2
78.6
May 18
Miscellaneous commodities..
85.1
84.6
84.7
83.7
May 25
68.7
69.4
68.5
92.2
91.6
91.4
93.9
June
8
7.1
Metals
Building materials...
86.7
86.1
84.8
83.6
June
15
6.1
Chemicals and drugs
97.8
97.8
97.9
92.2
June 22
1.3
Fertilizer materials
70.1
70.2
69.2
June
0.3
70.5
0 3
Fertilizers
78.6
78.6
77.3
77.2
July
0.3
Farm machinery
93.8
93.8
93.9
95.0
July
13
July
20
July
27
2,448,865
2,332,216
2,452,995
2,516,208
2,608,825
2,514,461
2,264,953
1
Textiles
69.4
June
8.2
10.8
mm
mm
29
6
mm
Resume]Upward Movement
August Chain Store Sales
reflecting increased'consumer
Chain store sales in August,
+6.8
2,256,335
+ 12.0
2,261,725
+ 11.0
2,300,547
2,304,032
2,294,713
2,320,982
2,462,622
buying power, spurted vigorously upward and showed the
largest comparative gain over 1939 of any month so far this
year, according to the current review by "Chain Store Age."
The August sales index, just released by "Chain Store
Age," jumped to 122 of the 1929-31 level taken as 100, from
119 in July.
The indicated gain over August, 1939 was
8.0%.
All sales divisions reported substantial gains in August
over both July this year,
and August of last year. The
results by groups were as follows:
Aug., 1940
July, 1940
111
103
Grocery
2,289,960
-
Apparel
♦
2.154,276
Figures of the foreign trade of the United States for the
months ended July, 1940, divided into several economic
classes and according to source and destination, were issued
seven
Sept. 10 by the Division of Foreign Trade Statistics of the
Bureau of Foreign and Domestic Commerce.
They are
presented in the tabulation below:
131
131
132
124
Exports of United States Merchandise
(Value In Thousands of Dollars—000
Omitted)
Manuf'd
Crude
Geographic Division
Revised.
and
Sales of Department
of Governors of the
Sharp Rise Reported in August
Stores, According to Board
Federal Reserve System
Foodstuffs
Crude
Total
Materi¬
Exports
als
&
FOOdr
Country
stuffs
Finished
Semir
Manu-
Manu¬
factures
Bev¬
erages
factures
240,368
521,702
59,246
193,270
32,312
61,476
123,793
1,004,941
165,975
Amer.
366,510
Southern North Amer.
186,437
84,242
4,448
22,784
19,951
3,231
9,318
603
1,759
84,720
67,053
4,153
1,770
119
54,112
9,802
22,653
8,971
12,339
1,582
1,946
2,333,773
336,959
48,541
111,406
Argentina
74,287
3,262
42
252
23,495
47,236
Australia
46,984
24,439
67,719
38,405
8,777
3,083
26
1,035
7,784
35,057
5,274
1,797
1,146
4,294
11,927
2,943
115
688
47,376
4,892
14
387
16,598
9,399
Europe
Northern North
three months and for
below forAthe last
August, 1939.
271,021
362,270
57,873
America
South
the Federal Reserve System
announced Sept. 6 that department store sales showed an
exceptionally sharp rise in August and the Board's seasonally
adjusted index for that month is estimated at 100, the highest
since 1931 and 9 points above the mid-summer level.
The
The Board of Governors of
shown
WITH GEOGRAPHIC
ECONOMIC CLASSES.
JULY, 1940
-
index is
1,761.594
1,674,588
Imports and Exports of United States for Seven Months
Ended July, 1940—Geographical Distribution of
Various Classes of Merchandise
116
139
*140
134
Shoe
—
+ 9.2
+ 10.3
+7 5
(Corrected to Sept. 3, 1940)
124
150
Drug
mm
7_._
SEVEN MONTHS ENDED
144
127.6
Variety
Sept.
+ 10.1
VALUE OF UNITED STATES FOREIGN TRADE
DIVISIONS AND LEADING COUNTRIES BY
Aug., 1939
112.5
mm
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
2,298,005
2,258,776
+ 11.1
2,601,127
mm
Aug. 31
+9.8
+ 10.0
2,570,618
3
2,096,266
+8.7
+ 11.1
2,198,646
2,206,718
2,131,092
2,214,166
2,294,688
2,341,822
2,325,085
2,333,403
2,367,646
2,354,760
2,357,203
Aug. 24
mm
Aug. 10
+ 9.0
+ 11.1
+ 10.3
1,688,434
1,598,492
1,704,426
1,705,460
1,615,085
1,689,925
1,699,227
1,702,501
1.723.428
1,692,075
1,711,625
1,727.225
1,723,031
1,724,728
1.729.667
1,733,110
1,750,056
1,429,032
1,436,928
1.435,731
1,425,151
1,381,452
1,435,471
1,441,532
1,440,541
1,456.961
1.341,730
2,213.783
2,238,332
2,238,268
+ 11.6
2,324,181
2,483,342
2,524.084
2,600.723
2,604,727
2,589,318
2,606,122
Aug.
+9.3
+ 10.0
2,077,956
Aug. 17
75.5
74.2
75.6
75.9
All groups combined
100.0
+ 10.3
2,300,268
2,422,212
66.0
2,176,363
2,194,620
2,163,538
2,170,750
2,170.496
2,204,858
2,113,887
2,256,823
2,264,719
2,286,083
2,386,210
2,387,566
80.9
Livestock
1929
1932
1937
1940
1939
1940
Fuels
17.3
KILOWATT-HOURS)
OF
Percent
45.6
Foods
25.3
8.5
6.2
12.0
Southern States
Complied by the National Fertilizer
3.1
4.6
Central Industrial..
COMMODITY PRICE INDEX
17, 1940
Aug.
12.4
Middle Atlantic
declines.
WEEKLY WHOLESALE
Week Ended
Major Geographic
commodities.
materials, fertilizer materials, and miscellaneous
Bears to the
FROM PREVIOUS YEAR
PERCENTAGE INCREASE
index.
Increases
the indexes representing the prices of fuels, building
in
place
estimated to be
2,289,960,000
31, 1940, was
increase of 10.3%
for an upturn in the metal
and zinc responsible
copper,
also
price average,
Lower
corresponding
week's output is 7.5% above the output of the
week of 1939, when the production totaled
kwh.
The output for the week ended Aug.
but the rise was smaller than those of recent
hogs and cattle resulted in a downturn in
the livestock average following a rapid increase in the past month, but
rising prices for other farm products were sufficient to raise the farm
product index.
Although a marked increase took place in the textile index,
reflecting higher levels for raw fibers and yarns, the group average is
still well below the level of last winter.
Price increases for steel scrap,
in
weeks.
1487
Financial Chronicle
The Commercial &
151
Asia
Oceania
Africa
Total
Belgium
Brazil
British
British
STORES SALES*
(1923-25 average=100)
INDEX OF DEPARTMENT
India...
Malaya
July,
June,
Aug.
1940
1940
1939
42,197
66,280
513,927 1,322,939
648
3,265
23,713
4,796
3,721
Ceylon.....
2
3
61
369
3,286
83,866
19,727
8,432
58,813
190,236
1,066
Canada
1940
38
30
15,605
190,653
186,146
361,074
Burma—
Aug.,
93
94,972
9,847
70
55
325
616
24,910
1,422
32
102
7,357
China—
Adjusted for seasonal variation
Without seasonal adjustment.....
Chile
54,253
31,133
18,371
726
1,320
14,494
1,038
79
1,871
3,884
15,998
19,341
24,260
49,175
2,189
1,007
11,693
6,758
27,528
5,965
1,131
1,985
211
1,080
1,557
3,849
107
31
399
455
2,857
4,064
15
3
463
451
3,132
—
100
91
91
89
Colombia—
78
64
87
69
Cuba
—
Denmark
weeks ended Aug. 31 were 10% larger
than in the corresponding period last year and the total for
the first 35 weeks was 5% above a'year ago, according to the
Board, which presented the following compilation:
Sales in the four
Republic -
Dominican
Ecuador
Egypt
Finland
11,714
-
31
Aug.
Aug.
Aug.
July
June
June
Aug.
17
Aug.
10
31
27
29
1
31
24
Res.
7,123
New York
+ 13
+ 18
+7
+8
+ 12
+4
+6
—4
+3
+ 11
+ 27
+ 16
+ 11
+ 16
+ 13
+ 15
+1
+5
Mexico
Cleveland
+ 18
+ 15
+ 11
+ 12
+ 14
+ 10
+ 18
+4
+8
+ 20
+ 17
+ 13
+ 18
+ 11
+ 14
+2
+7
Netherlands Indies...
Netherlands W. Indies
+ 19
Richmond
+ 18
—4
+4
+4
+ 5
+5
—5
+ 1
Atlanta
+6
+4
+7
+8
+6
+5
+9
+7
(Curacao)
+2
+ 13
+7
+ 12
+8
+8
+ 13
+4
+6
Netherlands
Chicago
+ 1
+6
779
+8
+8
+ 15
+ 10
+7
+ 16
+8
—1
—1
+7
+7
+9
+ 1
+4
Labrador
Minneapolis—
+ 12
+3
+2
+4
+6
+3
+7
—1
+2
New Zealand
City..
+4
Norway
+ 12
St. Louis
Kansas
+ 20
Dallas
San Francisco
-
+7
+6
+9
+ 11
+8
+2
—1
+ 10
—1
+1
+3
+3
+2
+ 1
0
k
+ 10
Total
*
4-12
+8
+7
+ 10
+7
+ 10
+1
+5
752
2,470
12
426
215
12
78
326
924
1,743
2,633
118
867
2,476
6,466
1
5
808
2,323
1,414
368
585
1,620
111
428
21,854
6,252
225
48
171
427
1,542
38,804
1
45,408
36,861
1,684
1,505
11,075
3,470
35,938
622
6,156
19,799
1,129
2,615
7,977
9,766
11,332
27
2
335
21,278
1,172
615
27,268
668
23
38
300
6,566
3,165
4,826
216
1,272
688
107
mmrn
mrnm
,
5,255
376
427
2,964
10,379
-—•-
1,070
53
517
1,996
6,743
14,541
1,218
1,141
1,843
4,090
27
164
989
994
9,146
6,249
Panama,
Republic of.
11,320
Canal Zone-
21,364
77
680
2,916
3,803
13,889
13,404
72
12
383
2,607
10,330
7,243
45,604
5,732
Peru
61,009
641
778
6,743
11,814
21,220
2,603
6,511
38
45
Portugal
3,396
12
31
5,716
8,950
30,817
18,656
3,029
1,923
964
1,690
8,475
16,659
573
1,568
9,620
6,199
236
8
299
843
4,813
50,918
126
4
701
8,779
41,309
Spain..
Sweden
Switzerland....
Output for Week
Above
The
282
1,604
Philippine Islands
dally average sales In calendar months; August, 1940
estimated from weekly data.
Electric
137
191
2,103
Panama
0
Monthly Indexes refer to
figures
14
mmmmmrn
-
899
Newfoundland and
+7
+ 10
*.
167
33,867
Ireland...
Philadelphia—-
+3
-
13,848
(Persia)
Iran
—
238
3,972
10,825
3,140
4,322
49,922
2,415
121,181
5,663
50,483
Japan
Kwantung
—
171,138
2,422
Honduras
Jamaica
Dist.
1
Boston
12,276
33,980
151
Italy
Fed.
1,109
2,646
1,464
Hong Kong
Aug.
1,506
613
Haiti
Year
Four Weeks Ended
8,079
509
37,488
Greece
Period a Year Ago (Percent)
One Week Ended
2,827
292
998
245,864
France
Germany a
Gold Coast
Change from Corresponding
88
429
16,396
a
Ended Sept. 7, 1940, 7.5%
Year Ago
Edison Electric Institute, in its current
weekly
re¬
port, estimated that production of electricity by the electric
light and power industry of the United States for the week
ended Sept. 7, 1940, was 2,462,622,000 kwh. The current
Turkey
—
Africa
Union of Soviet Social¬
Union of South
ist
Uruguay
—
Exports Negligible.
44,805
9
2,354
16,293
26,149
462,367
75,506
7,912
35,219
115,599
228,131
6,711
Republics
United Kingdom
Venezuela
4,972
213
14
67
2,929
3,487
41,472
97
283
4,761
3,001
33,331
The Commercial & Financial Chronicle
1488
Imports of Merchandise for Consumption
(Corrected to
Sept. 3, 1940)
volumes of
(Value In Thousands of Dollars—000 Omitted)
Crude
Geographic Division
and
Total
Materi¬
Food¬
Country
Imports
als
stuffs
Europe
258,922
Northern North Amer
222,468
159,835
212,209
526,107
15,085
Southern North Amer
South
America
Asia
47,391
27,370
27,128
93,080
<fc
ago
Semi-
Bev¬
Total
a
South continues its gains
year ago.
47,503
71,630
87 608
a
13,155
86.928
vestment.
59,765
58,548
8,655
102,139
5,828
19,56(
44,548
12,182
40,639
214
1,718
506
702
11,136
880
1,461,266
548,885
173,984
174,829
319,621
48,916
726
4,698
3,139
10,010
18
707
453
406
23,814
56,823
113
134
13,328
34,237
2,023
2,172
26,224
4,925
499
4,331
94,425
39
121
51,383
5
240
4
20,690
12,477
73,986
83,884
5,034
6
219
a
year ago
new
despite
financing
private industry for
is
a
$285,525,000,
105% increase in pivate in¬
made
up
of
defense construction,
$107,800,000
in
$73,758,000 in
29,331
146,028
loans to
from
month's
481
65,310
The
RFC loans for public improvements.
332
Australia
40,020
8,425
2,478
17,911
up
26 and 4% higher, respectively,
$25,000,000
243,947
Argentina
are
State and municipal bonds,
$47,404,000 in corporate security issues,
issues, $31,297,000 in U8HA loans for slum clearance and defense housing,
in Federal departmental appropriations, and $266,000 in
465
13,284
decrease of 25%
RFC
2,472
300,09t
a year
New Capital
3,789
47,551
their respective
its record of
over
New capital for construction purposes for August totals
20,921
68,665
1940
172% increase; New England is 73% higher; Middle West
a
Manu¬
factures
74,093
20,779
39,337
14,
than in August, 1939.
Finished
Manur-
factures
erages
66,641
Oceania
Africa
with
28%; Far West and West of Mississippi
Manufd
Foodstuff
Crude
Sept.
All regions with the exception of Middle Atlantic, top
126
The August new construction
Belgium..
Brazil
British
India
British
Malaya
Burma
830
581
217,900
Canada
26,863
11,207
Ceylon
16,592
Chile
465
28,621
4,220
China
60,990
15,731
1,306
Colombia.
30,081
28,427
Cuba
71,437
1,264
9,673
3,596
927
193
48
3,407
81
Denmark.
Dominican
Republic.
308
4,295
France
Germany b
3,534
6,361
9,008
Honduras.
1,408
146
331
1,029
91
107
119
276
54
20
98
6,107
2,202
6,933
13,194
1,869
895
In their
1,222
6
94
2,169
7,029
80
2,498
1,255
1,247
24
14
59
97
5,622
2
3
1,948
4,438
110
171
240
1,209
2,302
41
594
1,070
22,514
5,003
419
8,205
2,203
699
156
155
276
13
99
79,165
54,378
1,599
5,291
3,969
13,929
678
6
11
178
481
2
Mexico
37,810
14,828
12,316
632
78,360
61,113
5,389
2,949
7,732
7,590
2,402
Netherlands Indies.
(Curacao)
12,956
82
15
1
12,354
503
Netherlands
7,936
1,852
345
771
2,626
2,341
Hong Kong..
Iran (Persia)
Ireland
Italy
Jamaica
Japan
Kwantung
665
154
218
1,502
338
of the trend of business in hotels,
survey
oc¬
in August indicate a slight turn for the better even
though sales in New York City and the Pacific Coast
sections were still below those of August, 1939.
The New
York City decreases, while rather
sharp, were about in line
with the preceding summer months.
The decrease on the
Pacific Coast was only 1% against decreases of 13
andll%
in Judo and July.
None of the other geographical classifi¬
cations had decreases in total sales, but lower rates retarded
the room business in Philadelphia and Cleveland.
The firm
further reported:
254
489
monthly
cupancy
8
338
Total
Horwath & Horwath report that total hotel sales and
922
1,890
6,017
10,362
1,834
5,878
Haiti
421
208
Report on Trend of Business in
August
Sales
and
Occupancy
Slightly Better Than Year Ago
82
15
to
& Horwath
Hotels
297
56,338
Horwath
7,262
94
14
Gold Coast
Greece
23,470
69
financing volume brings the 1940 total
decrease of 8% from the $2,149,740,000 reported for the
60
17
2,341
4,481
3,210
30,663
a
8-month period last year.
7,762
25,019
1,672
2,099
1,624
Ecuador
Egypt
Finland
385
$1,985,331,000,
67
6,684
August occupancy
it
Average
1,319
Netherlands W. Indies
encouraging.
was
At 64%—average for all
groups-
3 points above that for the corresponding month of last
year, and the
was
highest for
August since 1929, when it
any
a
"all others"
group
after decreasing for three successive months,
room rates,
unchanged from
65%,
was
year
ago
were
in spire of decreases in four localities.
The
again, also after three successive declines.,
was up
New York City transient hotels continued to show much
larger decreases
than the residentials as the following shows:
•
-
Newfoundland and
4,223
169
232
New Zealand
4,443
3,268
82
1,011
42
41
Norway
Panama, Republic of.
6,879
636
1
1,202
4,541
499
2,279
18
2,200
1
4
56
467
10
138
9,316
3,175
10,257
1,350
26
494
6,531
89
155
31,495
6,229
5,654
22
1,196
1,838
147
Transients
822
1,028
4,519
942
418
Residentials
1,270
1
Labrador
Panama Canal Zone..
Peru
53,791
Philippine Islands
4,553
Portugal
Spain
7,729
15,925
14,194
11,066
28,277
Sweden
Switzerland
Turkey
Union of South Africa
678
102
3,042
140
11,141
1,909
r
•
,
10,732
1,144
3,689
»•••
Total
Rooms
-10%
—4%
—l3%>
.
'
Restaurant
—4%
Rale
~12°Is
1
1
'
—6%
'
3,373
1,427
125
Percentages of Decrease from August, 1939
319
-----_
197
9,316
197
367
24,081
281
30
10,494
8,833
74
260
1,303
19,084
17,168
83
19
2
4,173
680
the changes for the Pacific Coast, contrasting those for
37,594
731
are
310
303
Following
42
San
Francisco with the rest of that section:
Onion of Soviet Social¬
12,441
ist Republics..
United Kingdom
Uruguay..
82,982
9,507
Venezuela
20,632
8,674
12,645
3,131
Percentages of Changes from August, 1939
Aug.
Total
Rooms
Total
Food
Poland.
San Francisco.
-3%
Coast
—10%
+ 2%
-3%
—4%
+ 5%
+ 1%
Awards
struction
Boost
August
Engineering
Con¬
Total Tops All Previous August Volumes
0
'40
Occu¬
pancy
+5%
Rest of Pacific
Defense
Rates
Beverages
Restaur't
b Stastlcs Include trade with the German-occupied areas In Czechoslovakia and
+
-8%
89%
-2%
12%
69%
TREND OF BUSINESS IN HOTELS IN
AUGUST, 1940. COMPARED WITH
AUGUST,
1939
The
August engineering construction volume reflects the
Federal defense spending only a little less spectacularly than
the July awards as reported by ''Engineering News-Record."
The August total, $397,253,000, averages $79,451,000 for
each of the five weeks, 9% below last month's weekly aver¬
age, but with that exception, the highest since May, 1930.
The current average tops a year ago by 28% and is the highest
for any August on record.
Public construction is 10% under the record volume of a
month ago, but exceeds last August by 55%.
Private
awards are 3 and 23% lower, respectively, than a month ago
and a year ago.
The public gain over August, 1939, is
due to a 285% increase in Federal work, as State and munici¬
pal awards are 9% lower.
Federal construction is 21%
below the record volume of a month ago, while State and
municipal is up 8%.
Values of awards for the three months
Sales—Percentage of Increase (+)
or Decrease
(—)
Room
•
Occupancy
Total
Total
Rooms
Restau¬
Bever¬
Food
rant
New York City
—8
Chicago
Philadelphia..
+ 10
Washington
—9
+ 22
Cleveland
+ 12
Month
—5
—1
+ 12
66
or
Dec.
66
66
+ 12
62
(—)
-—9
+2
.
—3
+4
+4
+3
46
45
+ 17
+ 19
+ 14
61
49
.
—3
+ 30
0
'
%of
(+)
Inc.
Last
Year
ages
—4
+8
0
Rate
Same
+7
4
—2
+ 3
+ 1
+9
69
69
Detroit
+7
+8
+6
+7
+3
60
56
0
Pacific Coast
—1
—5
+4
0
+ 10
75
77
—3
—2
Texas
+3
+3
+2
+4
—7
57
55
All others
+ 1
+9
+8
+ 10
+8
+ 13
62
58
+2
Total
+5
+4
+ 7
+ 5
+ 10
64
61
Year to date
+4
+3
+ 5
+5
+6
64
62
0
.
—1
are:
Summary of Business Conditions
August, 1939
July, 1940
(5 Weeks)
Public...
State and municipal
Federal
The
The
report dated
August
period to $2,134,721,000,
awards
are
$347,852,000
68,550,000
279,302,000
107,085,000
172,217,000
Sept.
award volume
responding 1939 period.
(4 Weeks)
$311,222,000
107,859,000
203,363,000
159,174,000
44,189,000
Total construction
Private
an
11
brings
(5 Weeks)
$397,253,000
82,766,000
314,487,000
144,145,000
170,342,000
increase of 4%
for
over
Private construction is
within 1% of last year's volume due to
the
8-month
the total for the
16%
a
higher, and public
164% gain in Federal
work.
Defense
power
to
spending
for
powder
plants,
barracks,
facilities have brought the August weekly
44% above the average reported for July.
industrial
buildings,
74%:
bridges, 32%;
housing,
average for
Increases
sewerage,
are
9%;
and
public
public buildings
also noted in
and
earthwork
and drainage, 55%: while decreases are recorded in streets and
roads, 14%;
commercial building and large-scale private
housing,
1%;
waterworks,
45%; and unclassified construction, 64%.
Comparison of current
in
streets and roads of
55%; bridges, 4%;
earth
ork and drainage,
which
August reveals gains
111%; industrial buildings,
25%; and unclassified
con¬
struction, 40%.
Losses are in commercial building and large-scale private
housing, 35%; waterworks, 73%; and sewerage, 12%.
the following extracts
give from the "Monthly Reviews" of the Federal
Richmond, Atlanta,
Philadelphia, Cleve¬
Minneapolis,
Chicago,
St. Louis,
San Francisco:
First (Boston)
In
District
New
England the level of general business activity
during July was considerably higher than that which pre¬
vailed during June, after allowances had been made for
customary seasonal changes, and the increased activity was
quite general in most industrial lines, the Federal Reserve
Bank of Boston says in its "Monthly Review" of
Sept. 1.
In
in
part, the summary adds:
During the five-week period ending Aug. 17 revenue freight car loadings
New England were 1.2% larger than during the
corresponding period
and increases took place in each week of the five-week period.
July sales of New England department stores and apparel shops
were 4.9% larger than in
July last year and during the first seven months
of the current year were 0.3% higher than
during the corresponding period
year,
During
a
year
The
Geographically, three sections of the nation report higher construction
volumes than in July.
West of Mississippi is up 37%; Middle West, 6%;
and
and Middle Atlantic, 3%.
wool
we
Reserve Districts of Boston, New York,
land,
last
averages with those for last
11%; public buildings,
Indications of the trend of business in the various Fed¬
1940
cor¬
Reserve
eral Reserve districts is indicated in
Kansas City, Dallas and
continued:
construction
Federal
in
Districts
August, 1940
July
ago.
...
amount
was
of
raw
cotton
70,180 bales,
as
consumed
compared
63,5-54 bales used during July last
consumed
by mills
in
by mills in New England during
60,724 bales consumed in June
with
year.
.
.
.
this district during July,
The amount
on
a
of
raw
daily average
The Commercial &
Volume 151
basis,
considerably higher than in June, but was slightly
was
July
less than in
last year.
estimated
31.7% over June
but 7.7% less than the total for July last year.
Shoe production in this
district during the first seven months of the current year is estimated
to have been 80,699,000 pairs, a total of 9.7% smaller than the production
have
of
been
total
which is an increase of
pairs,
11,366,000
the corresponding period a year ago.
number of wage earners employed in representative
manufac¬
July was 4.2% higher than
establishments during June and
aggregate weekly payrolls increased 6.6%, according to the Massachusetts
Department of Labor and Industries.
During July, as compared with July
last year, the number of wage earners increased 3.2% and the amount paid
turing establishments in Massachusetts during
the
in
number
wages
employed
these
in
monthly
indexes
its "Monthly Review" of Sept. 1,
indications—with allowance for the
that general business
in
stated that "from early
usual seasonal influences—it appears
activity during August remained close
to the level prevail¬
The "Review" goes on to say:
Steel mill operations averaged around 90% of capacity, reaching 91%%
during the final week, compared with an average of about 87%% for the
month of July.
The continued rise in steel mill activity this summer has
resulted in a record rate of output for this time of year.
Automobile
assemblies reached the low for the year in the early part of August, subse¬
quently increasing each week as production of 1941 models gained mo¬
mentum.
Electric power production was higher than in July, while rail¬
way freight traffic was little changed.
Cotton mill activity appears to
have been well maintained, and although sales fell below output during
the first half of the month, they subsequently expanded, particularly in
print cloths.
From preliminary figures it appears that department store
sales showed more than the usual seasonal advance during August.
Despite further acceleration of operations in industries stimulated by
the war and by national defense preparations, the general level of business
activity appears to have been little changed between June and July, follow¬
ing the upturn of the two previous months.
This bank's broad index of
production and trade, seasonally adjusted, was 91% of estimated long-term
trend in both June and July, compared with 88 in May, 87 in April, and
ing in June and July."
84
July, 1939. Among the subordinate group indexes, pronounced gains
in the production of producers' goods.
A number of important
materials are included in this index.
Some reduction was indicated
in
occurred
war
in
in primary trade
the flow of goods
channels, in consumers' goods indus¬
in retail trade
and
tries,
(Adjusted for seasonal
variations, and estimated
dollars are also
long trend: series reported In
adjusted for price
at
retail declined
wholesale and
in
the
volume of
preceding
changes.)
Fourth
1940
88
91P
80
86 p
91V
91p
96
Industrial Production—
Steel
95
97 p
95p
85
90 V
88 p
92
96 p
76
Distribution to consumer
67 P
89
Primary distribution
97 p
70 0
93
goods
94 p
70
79
Consumers' non-durable
93
58
non-durable goods
86
110
93 p
118
66
85
81
74
83r
99
93
99p
88
r
91
88
83 p
—
Bituminous coal
Crude petroleum
99 p
93
Wool consumption
99
102
116
Cotton consumption
98
105
Electric power
88
97
95 p
90
112r
Shoes
98 p
109
HOP
99p
93
Nonresidential building & engineering contracts.
Distribution—
Ry. freight car loadings, mdse.
Ry. freight car loadings, other
Primary
Exports
and miscel
93
94 p
86
87
87p
46
48
55
52
53
54
71
81
85
83
95
79
Department store sales. United
Grocery chain store sales
106P
71
82
82 p
85
89
89p
93
96 p
102
98 p
98
100
Aug. 31 "Monthly Business
Bank of Cleveland reports
its
Increased
75
-
deposits, outside New York
average=100)
demand deposits, New York City
City (1919-25
of
Velocity
(1919-25 average=100)._
and Wages*—
(1926 averages 100)
Cost of Living
Cost of living
Wage rates
equipment,
p
Preliminary,
r
Revised.
92
It is
58
58
54
53
31
27
24
24
83 p
83p
114 p
114p
trend.
Reserve Bank of Philadel¬
"industrial
had the following to report:
has continued to increase owing in part
to
actual and anticipated production for national defense.
Demand for
consumers' goods continues light as seasonal ordering has been delayed,
but a substantial volume of business is expected this fall from both civilian
in August.
The Bank also
The demand for capital goods
Government sources
The
from
seasonally
index of industrial
Manufacturing activity and
adjusted
June to July.
middle
of
industries
August,
as
machine tools,
1941 cars by the
expected to increase
manufacturers were scheduled
companies late in August after
passed the second week of the month,
Parts makers and plate glass
volume shipments to the automobile
materially.
to start
the
low
one
week
point
assemblies
of
earlier than
was
last year.
...
comparatively few concerns in the other manufacturing
classification have participated heavily in direct Government orders
for
defense, an increasing volume of indirect new business during the latter
part of July and early August was reported by many companies.
In several
industries, notably shoes, rayon, and paint, production last month did not
show the usual seasonal decline.
Large unfilled order backlogs of some
Although only
a
companies warranted continuation
of work schedules during
of Ohio employment, based on
The July index
Au-rust.
Bureau of Labor
Statistics
from that of the previous month and eight points
above that of a year ago.
At 95, the index was the highest for July
since 1937 ;
in July, 1936, the index stood at 96.
Ohio payrolls last
month were down 1.6% from those of June.
This fact, together with
unseasonable
summer
weather during July, possibly accounted for the
data,
unchanged
was
greater-than-seasonal decline reported in
Fourth District retail sales last
month.
(Richmond) District
"Monthly Review" of the Federal Reserve
Bank of Richmond indicates that "business in July in the
Fifth Federal Reserve District was above seasonal level on
the whole."
The following is also from the "Review":
None of the leading indicators declined more than seasonally, and most
oi them registered better results than is expected at this time of year.
In comparison with July, 1939, last month showed substantial improvement
in nearly all lines.
Probably a considerable part of the increased activity
is due either directly or indirectly to the preparedness program.
Distribution of goods- to consumers continued higher than a year ago,
but showed
some
seasonal decline from June.
Department store sales
dropped 9% from the previous month, July usually being a relatively poor
month in wearing apparel and piece goods, but averaged 14% more than
sales in
luly last year.
Furniture stores also reported a 9% decline in
last month's sales under June sales, but gained 10% over sales in July,
1939.
Wholesale firms in a dozen or more lines sold more than in either
June this year or July last year, and registration of new passenger auto¬
mobiles in July also exceeded those in either June, 1940, or July, 1939.
In industry, developments during July were somewhat conflicting.
Tex¬
tile mill activity declined slightly from the level of the preceding month,
and production exceeded sales of textile products.
On the other hand,
rayon
manufacturers shipped more yarn than they made, and further
reduced already small reserve stocks.
Coal mines increased output fur¬
ther, and production of coal in July was 23% higher than production
of coal
in July last year.
Shipyards and airplane plants operated at
capacity, and in some plants preparations for expansion of facilities were
pushed.
Miscellaneous manufacturers are in general operating more nearly
Aug. 31
The
than in many months.
full time
Sixth (Atlanta)
District
regarding business
conditions in the Sixth
[Atlanta]
Federal Reserve District is
Aug. 31 "Monthly Review" of the Federal
taken from the
Reserve Bank of
Sixth District improved in July,
declines noted in June, and recording a sub¬
stantially higher level of activity than that experienced in July, 1939.
Of
12
indicators, covering trade, construction, industrial activity, and
banking developments, only one railed to reach a higher level than that of
a
year ago, and only two failed to improve relative to the United States.
Consumer buying at department stores, as indicated by the index of
industrial
and
Trade
daily average sales,
July last year.
The
of 1939 was nearly
but
production advanced 4%
the production of electric
the output of bituminous coal increased, and
the
materially exceeded seasonal expectations.
Construction activity expanded considerably in the month, especially in
the case of non-residential building and public works and utilities.
Cur¬
showed improvement;
production of anthracite
well above a year ago.
Employment and payrolls in Pennsylvania in general
June to July.
Increases were reported in manufacturing
further substantial advances appear to have occurred in August.
rent levels are
showed little change
lines, and
The trend
of wage payments in extractive industries was mixed, increases being re¬
ported in the case of bituminous coal mining and production of crude
petroleum, and declines being shown at anthracite mines and quarries.
Declines also prevailed in the trade and service industries.
activity in the
of the slight
erasing most
increased 6% over the month of June and 5% over
gain for the January-July period over the same part
8%.
Wholesale distribution declined 2% from June
5% above July last year.
was
Construction
were
66%
were
lower
than
a
year
last July.
activity in the Birmingham area
mill
Steel
July production of pig
exceeded only twice in the
in
in July increased 37% over June, and
earlier. Building permits in .the district
contracts awarded
greater than
and
power
July, but was
not increase
did
continued at a high level,
iron in Alabama was at a
rate that had been
Coal output declined slightly
last 20 years.
11% above July, 1939. Both coal and pig iron, however,
over last year as much as those items in the entire
country.
production in the six States of this district is estimated by the
Department of Agriculture at about 10% less than in 1939.
lower estimate reflects the condition of the crop, not the planted
Cotton
United
The
States
acreage,
which is somewhat larger this year.
from
such
Atlanta:
83
114
phia, in its "Business Review" of Sept. 2, that
activity in the Third Federal Reserve District was well
sustained in July and further improvement was in evidence
and
of
With most manufacturers assembling
the volume of orders for steel was
requirements.
The following
(Philadelphia) District
reported by the Federal
fabricating highly-specialized equipment
82p
82
* Not adjusted for
Third
defense projects has been
plants, including both those
foundry
'
111
(1926 average=100)
national
equipment, and steel continued to increase
during July and August.
As the scope of preparedness preparations has
widened, other industries have been benefited directly and indirectly.
Chiefly as a result of brisk demand for raw steel, heavy plates and
structurals, a good share of which has been taken by foreign countries,
but much of which has gone into domestic channels, steel operations have
been increased to
above 90% of rated ingot capacity.
Not since the
summer of 1929
has the industry maintained production so near the prac¬
tical limits of capacity during hot weather.
Buying of flat-rolled products has not kept pace with that for heavy
steels since the automobile industry has not ordered heavily for new model
electrical
Velocity of Deposits*—
Velocity of demand
for
spending
Government
chiefly in operations at metal-working
reflected
94
66
sales.r
97
96
95
sales
96
100
Variety chain store sales
New passenger car
114
85
States
93
100
75
Imports
Distribution to Consumer—
91
87
•
Mall order house
92
78
Residential building contracts
89
43
Construction—
97
99
82
Manufacturing Employment—
Employment—
Man-hours of employment
102
94
88
Tobacco products.r
101
88
Meat packing
(Cleveland) District
Review," the Federal
that "manufacturing
activity in the Fourth Federal Reserve District has re¬
mained at relatively high levels during a time of year when
vacation closings and other seasonal factors usually curtail
industrial production."
The Bank further states:
In
July,
1940
69
Consumers' durable goods
Automobiles
June,
1940
84
Index of production and
trade
Production of*
Producers' durable goods
Producers'
M'av,
1939
shown im¬
reorders.
Fifth
JulV,
in July after having
months, but remain larger than a year ago.
be sustained primarily by
business continues to
wholesale
of
York, in presenting
Bank of New
The
producing raw materials and those
various kinds.
Order backlogs
(New York) District
Second
its
same
gained 8.8%.
Federal Reserve
The
Sales
provement
Reserve
pairs during
89,321,000
The
New England is
and shoes during July in
Production of boots
to
1489
Financial Chronicle
Seventh (Chicago)
District
"Review of Business Con¬
ditions," the Federal Reserve Bank of Chicago states that
"though usually a season of declining industrial activity in
In
the
Aug. 28
issue of its
The Commercial dc Financial Chronicle
1490
tbe Seventh
District, the midsummer months this
year have
been characterized by a well-sustained or even
of production in many
Notable
capacity level
The Bank likewise says:
phases."
the major industries that have been operating at a high
Automobile production, on the other hand, was at the
year's
among
rate
ia steel.
low
in
July
and
August
model
1940
as
production
to
came
close
a
and
is taken from the Aug. 30 "Monthly
commodities
July in
this
with
accordance
wholesale
in
area
seasonal
trade
in
July
than
month
a
earlier,
in
trend, but continued to exceed year-age volumes;
above last July.
Near-drought conditions during
well
was
less
was
adversely affected the com crop and pastures.
Practical capacity operations continue to be maintained by steel mills
of the Chicago district.
Incoming business has been somewhat lighter in
July and August, although the buying of steel by the automotive industry,
the railroads, and under the national defense program has increased.
New
some
business
of
and
malleable
foundries
casting
expanded
substantially
notably above a year ago.
Activity in the
machine tool industry continues great; that at district stove and furnace
further
in
factories
and
reached
is
cars
Owing
was
seasonally
was
mobiles
1941
July
its
light
low
principally to
by
the
district
Very dry and hot weather in July greatly damaged the
rains in August have improved the farm outlook.
remain
Farm
July
usual
mills
paper
production
of
runs
it
marts,
coal
previous.
above
this
in
a
the
booked
June;
both
increased
area
off
were
a
Although
ago.
less
than
earlier.
year
seasonally
from
is
Daily
month
a
and
volume,
Aggregate
employment
4%
curtailed
1929.
Total
contracts
increased
7%,
and
production
and
payrolls
respectively,
Seventh
in
in
owing
the automobile industry.
in
.
the
over
June
comparison.
The
industries
almost
,
to
.
Although retail trade fell off in July, as is seasonally expected, it was
the month last year.
Department store sales totaled 9% larger
than for July, 1939, the retail shoe trade increased 8%, and the furniture
better
was
by 20% than at that time.
its
the
usual
seasonal
factors,
industry and trade
in
the
Eighth District during July and the first half of August
the upward trends which
began last spring."
continued
From the "Review"
While
some
facturing,
during
unevenness
as
preceding
was
tions,
whole
the
maintained
several
the
number
counterbalanced
of
levels
manu¬
attained
notably
manufacturing,
largely expansion in
of
workers
in
agricultural
pursuits
by heavier employment in other classifica¬
construction, mining and transportation.
private
enterprise,
construction
let in private enterprise, construction contracts let in the
to
lines
high
days.
Employment showed little change from
measurably above a year ago.
A somewhat greater
was
decline -dm the
than
Reflecting
in
30
the
seasonal
more
manifest
was
a
figures compiled bv the F. W.
Dodge Corp.,
contracts
district, according
to the highest point
rose
of the year.
Activities
June
of
to
the
iron and steel plants showed a contra-seasonal
gain from
The betterment extended fairly well through all branches
at
July.
industry.
.
.
.
by bookings of orders for army shoes and a pickup in gen¬
eral demand, boot and shoe production in the
district, which had been at
relatively low levels during earlier months this year, increased approxi¬
mately 25% over June, and reports covering the first half of August
indicate
continuance
a
active,
disposition
of
being
the
upward trend.
bolstered
Demand
fcy heavy
for
industrial
bituminous
consumption
and
a
the part of consumers generally to cover their future re¬
While purchasing of cotton goods was on a more conservative
operations at cotton mills in July were maintained at about the
scale,
on
level.
Taken
.
,
as
wholesale
channels
distribution
during July
of
commodities
Ninth
through
retail
and
was
(Minneapolis) District
The Aug. 28 "Monthly Review" of the Federal Reserve
Bank of Minneapolis reports that
"business volume in¬
creased only slightly during
July but was at the highest
for
that
month
in
recent
years."
by less than the
at
Department
sales
in
this
district
The
Iron
in
July
larger
were
mining
activity,
further
continued
1939.
Iron
as
to
is
Sales at
city department
country stores recorded
an
a
indicated
increase
the largest for that month since 1929.
was
.
.
.
The volume of
manufacturing production in this district increased during
July and was larger than one year earlier.
Flour production and ship¬
ments increased
sharply, but were slightly smaller than one
Shipments of linseed oil
large
in
as
of
ments
volume
July,
one
earlier.
larger during the month and
while
half
is
of
hog
again
usual
slaughterings
the
this
unchanged at
a
level
July,
season,
were
declined
1939,
but
Slaughterings
somewhat
seasonally
volume.
of
cattle
a
Slaughterings
were
of
a
following
calves
as
Ship¬
treble
the
pioderately
below
textile mills
month
of
showed
increased
to
a
lower
year
level
a
Although
marked decline
a
11%
of
increased
the
the
than
change
that
July, 1939.
Activity at
the month, but continued
over
one-third
value
in
exceeded
further sharp decline,
a
Consumption
ago.
total
channels
showed
of
cotton
Texas
at
higher than in the comparable
of
construction
the all-time
from
and
wholesale
output
reflected little
that
1939.
through
Petroleum
being
petroleum refineries
value
contracts
awarded
peak recorded in June, private
of
awards
the
was
highest for
any July in more than a decade.
The agricultural outlook continued gen¬
erally favorable, with prospective production of most summer crops above
the 1939 and 10-year average harvests.
No significant
activity
was
it
noted
was
change in the pattern of district industrial
apparent in
seasonal factors
July, and the volume of output,
considered, was about the same as in June,
by the San Francisco Federal Reserve Bank
in its "Business Conditions' of Aug. 28.
said:
the
paper,
year were maintained in
steel, and shipbuilding industries, and in the case of
increased
were
further
during July.
declined, but the
the assembly of automobiles
than seasonal proportions.
Output of
fluctuations
narrow
the
The Bank further
high operating rates realized earlier in the
pulp and
aircraft
copper
decreases
level well above that of
its
and
products
comparable period of 1939.
payrolls
at
lumber
of
were
of
no
and
more
characteristic of these lines during recent months;
of copper at a
of
Production
and petroleum continued the
petroleum
case
motion
As
picture
other
in
studios
a
about
at
recent
in
earlier, and in the
year
the
same
months,
level
as
in
the
employment and
substantially
were
lower than a year
Factory employment increased slightly further for the third con¬
secutive month.
Payrolls continued to expand, and at 126% of the 1923-25
earlier.
average
in
the index for the three Pacific Coast States
was
22% higher than
reflecting Government contract awards for
Army and Navy facilities, non-residential building initiated
district during July expanded
sharply to the highest level in recent
July,
1939.
Principally
construction of
in
the
New residential construction likewise expanded
considerably in July.
Consumer buying was
slightly more active than in June, continuing the
gains of the preceding two months.
To a considerable extent the increase
reflected better than seasonally maintained sales of
passenger automobiles,
which exceeded those of
any July since 1936.
Sales of department stores
years.
in
June and
sales
recent
July averaged
no higher than in the preceding three months,
apparel stores have likewise shown practically no change in
of
months.
Bank Debits for Week Ended
Sept. 4, 1940, 7.3% Below
Year Ago
a
Debits to deposits accounts
(except interbank accounts), as
reported by banks in leading cities for the week ended Sept. 4,
aggregated $6,764,000,000.
Total debits during the|13
ended
about the
period
Sept.
same
as
amounted
4
the total
to $100,666,000,000, or
reported for the corresponding
a year ago.
These
figures
are
as
reported
on
Sept. 9, 1940, by the
Board of Governors of the Federal Reserve
System.
SUMMARY BY FEDERAL RESERVE DISTRICTS
(In Millions of Dollars)
Week Ended
v
13 Weeks Ended
Federal Reserve District
Boston
Sept. 6,
Sept. 4,
Sept. 6,
1940
1939
1940
1939
$377
$341
$5,614
2,673
New York
3,129
41,114
5,390
7,212
Philadelphia
355
485
441
267
Richmond
year
ago.
than
a
The cut
one-quarter
slight decline
(Kansas City) District
regarding business
•
342
259
221
1,009
St. Louis
1,214
199
195
3,105
14,898
3.036
Minneapolis...
Kansas City
157
171
2.037
223
244
3,360
159
172
2,475
645
567
8,496
$6,764
2,442
$7,297
$100,666
2,897
3,731
3,833
37,158
54,702
567
8,806
$5,450
43,410
5,303
6,349
3,644
3,929
216
.
Atlanta..
Chicago
Dallas
San
Francisco...
.
Total, 274 reporting centers
New York City*
140 Other leading oentere*
133 Other centers
•
591
Centers for which bank debit figures
are
2,890
14,746
2,947
2,012
3,399
2,436
7,984
$100,570
39,798
52,635
8,138
available back to 1919.
Cost of
Living Down Fractionally in July,
upward
trend
Reports Conference Board
as
and agricultural con¬
ditions in the Tenth [Kansas
City] Federal Reserve District
commodities
rate
were
sheep increased
more
ago.
Tenth
The
times
1929.
and
Lumber shipments expanded after
during June, and were 4% larger than in
July last year.
year
of
by 6%.
ago
production
larger than in July last year,
but were at a level nearly
slightly smaller than
lumber declined
seasonally during July but was
larger than
2%
nearly
nearly
year
earlier.
year
were
1939, and the largest for the month since
oil cake increased
sharply and were
linseed
of
year
the
Cleveland
ore
during July and
July, and sales
at the highest level for
were
in part:
of
than
...
ports,
July,
District declined
corresponding month since
1929."
In
its
Sept. 1
"Monthly Business Review" the Bank further commented,
following is
by iron ore shipments from the
during July and was 65% larger than
shipments during the month totaled 10,400,000
tons, July and August, 1937, being the
only other two months since 1929
that shipments exceeded that amount.
Consumption of iron ore increased
lake
Eleventh
the
any
/. •.
during
were
8% gain.
in
Sept. 4,
earlier for the 16th consecutive month.
7% larger than a year ago, while
year
stores
store
July showed
Building activity
District
average seasonal amount in
reporting department stores
also from the summary:
one
sales in
rise.
to
stronger.
are
demand for merchandise
weeks
.
whole,
a
maintained at about the average level
obtaining during the second quarter this year.
level
Zinc prices
coal
quirements.
June
tend
According to the Dallas Federal Reserve Bank, "consumer
and
Stimulated
continued
Inventories
ago.
Eleventh (Dallas)
case
also quote:
we
production
June to July and
than
year
residential
The
Aug. 30 "Business Conditions" summary the Fed¬
eral Reserve Bank of St. Louis says that
"making allowance
for
a
year.
and life insurance
relatively high level, owing to increased public works construction
and commercial building.
a
above last year.
Eighth (St. Louis) District
In
over
prices
Petroleum production and livestock slaughter continue under a
year ago,
but output of flour has increased and that of coal and zinc remains much
de¬
entirely
well above
trade
and
gains
but
crop,
Wheat
Twelfth (San Francisco) District
District
July,
the largest
were
3%
residential building gained 6% in the
building materials was active in July.
of
movement
sizable
is at
construction
'
period since
creased
orders
over
year
July building contracts awarded in the Seventh District
for
and output of
new
sharply
rose
continued
stills
to
auto¬
corn
and livestock generally continue strong.
corn
fallen below last
recently lias
Distribution
furniture
substantially heavier than
was
model
well above the corresponding 1939 month.
were
likewise
petroleum
1940
the early part of August
summer
bituminous
of
June,
over
crude
weak, while those of
income
Retail and wholesale distribution
way.
furniture factories
business and shipments
Activity at
Production of
July.
point in
getting under
now
during July
new
in
1940
Review" of the Federal
general
areas
steel
14,
Reserve Bank of Kansas City:
plants prepared
for the changeover to new models.
Because of curtailed
output in this latter industry aggregate employment and payrolls in the
district declined in July from June.
A number of manufacturing groups,
however, have added workers to their payrolls.
The retail distribution of
Sept.
The
of the cost of living in the United
States which began in April was reversed in
July, according
to the regular
survey conducted by the Division of Industrial
Economics of the Conference Board.
The July index of
86.3 was 0.1% lower than it had been in June but was
still
well
above
the
months of 1940.
levels
of
1939 and
The Board went
4
on
those
of
to say:
the
first five
Volume
The Commercial
151
ended Aug. 31, 1940, were 19%
weeks of 1939.
Softwood orders in 1940
were 19% above those of similar period of 1939 and 57% above the same
weeks of 1938.
Hardwood orders showed a gain of 14% as compared with
Orders
July than they had been in June,
higher than in the same
month of last year and 32.4% above the depression low of March, 1933.
Rents, which remained unchanged between June and July, were 0.6%
higher than in July, 1939, 38.4% above the depression low point reached
in January, 1934, and were only 5.7% below the July, 1929, level.
Clothing prices have remained unchanged since May.
They were 1.7%
above those of July, 1939, 20.4% above the 1933 low, and 25.2% below
Food
prices
the
July,
result
of
0.6%
low, and 8.1% below the July,
sion
The cost of
sundries,
than
in
in
June,
117.8c.
in June
than in
1.6% lower
115.9c. in July as compared
100c. in 1923.
with
Indexes of
Cost of
Relative
the
Living
1923--100 b
Import¬
ance
31,
of 1939.
feet, the equivalent
M
reported by 379 softwood mills were
1940, gross stocks as
production (three-
of 103 days' average
average
1937-38-39)
as
1939, the equ'valent of 104 days' average
in July, 1939, and
Item
corresponding
compared with 3,483,019 M feet on Sept. 2,
production.
On Aug. 31, 1940, unfilled orders as reported by 377 softwood mills
were
1,005,203 M feet, the equivalent of 30 days' average production,
compared with 765,418 M feet on Sept. 2, 1939, the equivalent of 23 days'
year
1929.
July,
purchasing value of the dollar was
The
115.7c.
Aug.
3,443,404
2.8% higher than the depres¬
1933, low point, and only
8.0% above the June,
1939,
of
production.
average
1929, costs.
97.4 in July, was 0.4% higher than
levied on various items, 0.5% higher
at
because of the defense taxes
July,
On
0.4% higher in July than in June, as a
of a rise of 0.8% in coal prices and a
electricity.
The combined costs
were
effect
during the four weeks
received
those
corresponding weeks
the cost of gas and
in
0.8% higher m July than a year ago,
were
above
«
costs
combined
the
of
decline
light
in
lower
1929, but were 3.6%
in July,
1929, prices.
and
Fuel
1.0%
were
25.6% lower than
1491
& Financial Chronicle
Family
Budget
P. C. of Inc.
(+)orDec.(—)
from June, '40
in
July,
June.
1940
to
July, 1940
1940
33
80.9
81.7
20
86.8
86.8
12
73.1
73.1
80.1
+ 0.1
66.0
66.1
—0.2
84.5
84.2
+0.4
83.5
82.8
+ 0.8
86.4
86.9
—0.6
97.4
97.0
+ 0.4
PRODUCTION. MILL ACTIVITY
0.0
80.2
REPORTS—ORDERS.
0.0
Housing
STATISTICAL
—1.0
Food.a
Industry
received by us from the
Chicago, 111., in relation
to activity in the paperboard industry.
The members of this Association represent 93% of the
total industry, and its program includes a statement each
week from each member of the orders and production, and
also a figure which indicates the activity of the mill based
on the time operated.
These figures are advanced to equal
100%, so that they represent the total industry.
Weekly Statistics of Paper board
We give herewith latest figures
National Paper board Association,
Clothing
Men's
Women's
5
Fuel and light
Coal
Gas and electricity.b
Unfilled
Percent of
Orders
Orders
Received,
Production
Tons
Tons
Current
Month of—
Weighted average of all items
Purchasing *alue of dollar
.
86.3
—0.1
86.4
115.9
100
_
January
115.7
528,155
579,739
167,240
420,639
429,334
453,518
137,631
129,466
70
456,942
193,411
70
624,184
247,644
76
March
+0.2
May
of the United States Bureau of Labor Statistics for
b Based upon retail prices of 35 kilowatt hours of
electricity, 1,000 cubic feet of natural gas, or 2,000 cubic feet of manufactured gas.
a
Based on food price indexes
449,221
520,907
682,490
April
July 16, 1940 and June 18, 1940.
Cumulative
72
February
30
Sundries
Activity
Remaining
Tons
Period
4
-
m
-
June
508,005
509,781
236,693
79
July
544,221
587,339
196,037
72
452,613
487,127
162,653
74
113,834
106,901
122,037
196,037
74
123.429
179,044
74
73
117,268
112,970
120,260
173,438
169,142
73
73
74
73
115,474
92,066
122,212
162,653
157,043
74
73
60
73
August
,
Week Ended—
Aug.
Week Ended Aug. 31, 1940
Lumber production during tbe week ended Aug. 31, 1940,
was 6%
less than in the previous week; shipments were
0.4% greater; new business 12% less, according to reports
to
the National Lumber Manufacturers Association from
regional associations covering the operations of representa¬
tive hardwood and softwood mills.
Shipments were 8%
above production; new orders, 24% above production.
Com¬
pared with the corresponding week of 1939, production was
12% greater, shipments 2% greater, and new business 18%
greater.
The industry stood at 73% of the seasonal weekly
average of 1929 production and 80% of average 1929 ship¬
Report of Lumber Movement,
the 35 weeks of 1940 to
date was 8% above
week3 of 1939; shipments were 6% above the shipments
and new orders were 8% above the orders of the 1939 period.
For the 35
weeks of 1940 to date, new business was 8% aboye production, and ship¬
ments were 4% above production.
corresponding
Supply and Demand
-
Comparisons
stocks was 28% on Aug. 31, 1940,
Unfilled orders were 31% greater than a
2% less.
compared with 21% a year ago.
year ago;
gross
stocks were
Softwoods and Hardwoods
1940, 451 mills produced 253,564,000
combined; shipped 274,243,000 feet;
booked orders of 314,878,000 feet.
Revised figures for the preceding week
were:
Mills, 509; production, 270,164,000 feet; shipments, 273,016,000
feet; orders, 356,965,000 feet.
Lumber orders reported for the week
ended Aug. 31, 1940, by 373
softwood mills totaled 304,215,000 feet, or 24% above the production of
the same mills.
Shipments as reported for the same week were 262,879,000
During the week ended Aug. 31,
feet of
softwoods and hardwoods
feet, or 7% above
90
from
hardwood
production.
above
11,364,000 feet, or
Aug. 24
Aug. 31
Sept.
7
97,766
prior week plus orders received, less production, do
not necessarily equal the unfilled orders at the close. Compensation for delinquent]
reports, orders made for or filled from stock, and other items make necessary adjust¬
Note—Unfilled orders of the
ments of unfilled
orders.
Flour Production in
August Shows But
1940, Output
Flour
western
"The North¬
64% of the
small gain of about 280,000
production in August, as reported to
Miller" by plants which account for
showed only a
total figure.
Aggregate reported pro¬
duction was 5,873,982 barrels in August against 5,596,626
barrels produced by these mills the previous month.
The August, 1940, production represents somewhat more
than a 250,000-barrel reduction from the output of the same
July's
over
month a year ago.
Mainly responsible for the total August
July this year were the increases reported by
the Northwest, at Buffalo, and those in the Pacific
Production was 244,984,000 feet. Reports
business as 10,663,000 feet, or 24%
Shipments as reported for the same week were
32% above production. Production was 8,580,000 feet.
mills in
Coast region.
give new
Northwestern mills registered a monthly in¬
145,190 barrels; Buffalo mill output was a
of about
crease
39,100-barrel increase over that of a month earlier, and
Pacific mills reported an August figure 121,140 barrels
greater than their July record.
Southwestern mill production
the
of monthly
Production and Shipments During
Ended Aug. 31, 1940
Four Weeks
give herewith
Aug. 31,
TOTAL MONTHLY
Feet)
Softwoods
Hardwoods
25,840
1,047,630
Total lumber
rroaucxion
1939
1940
1,021,790
wc
uuniig
^ui
-
«
Shipments
1940
928,719 1,019,762
34,257
29,144
1939
Orders
1940
1939
993,862 1,238,491 1,037,730
39,629
34,652
36,325
uj
corresponding weeks of 1939. Softwood
production in 1940 was 10% above that of the same weeks of 1939 and
14% above the record of comparable mills during the same period of
1938.
Hardwood output was 11% below production of the 1939 period.
Shipments during the four weeks ended Aug. 31, 1940, were 2% above
those of corresponding weeks of 1939, softwoods showing a gain of 3%
these
and
mills, was 9%
above that of
hardwoods loss of
6%.
by mills representing
Aug.
Southwest
Buffalo
Central West—Eastern
Western
Dlv
Division
Southeast..
Pacific Coast
*
July,
Aug.,
Aug.
Aug,
1940
1939
1938
1937
1,311,217 1,166,030 1,366,657 1,375,396 1,187,769
2,096,776 2,101,072 2,205,795 2,141,646 2,200,688
887,187
953,502
883,127
831,024
870,126
310,895
450,223
510,937
560,524
*553,663
238,111
312,523
322,776
277,509
273,227
313,645
407,627
137,785
127,079
*114,492
453,844
471,776
700,516
533,388
654,481
Northwest
-
5,873,982 5,596,626 6,127,592 6,112,693 5,592,139
Partly estimated.
CCC to Purchase
13,701 Steel Bins to Store Corn
Department of Agriculture announced on Sept.
contracts have been awarded for the purchase of
The
4 that
13,701
having a total storage capacity of 37,403,730
The bins will be used by the Commodity Credit
steel grain gins,
bushels.
to store part of the corn which will be de¬
fanners in settlement of loans on 1938 and 1939
corn, which matured Aug. 1.
The announcement added:
Cost of the bins, which will be of 2,730 bushels capacity each, will be
$2,301,548, or an average of 6.15c. per bushel of storage space, delivered
at country points.
This is 2.15c. per bushel less than the delivered cost
of steel bins purchased in 1939.
The new purchase will bring the total
capacity of Government-owned bins to about 114,000,000 bushels.
The purchase is a continuation of the Department's program to keep a
substantial part of the Ever-Normal Granary corn reserve stored- in the
country, where it will be available for livestock feed or for movement
into normal market channels when corn prices justify this.
Almost 4,000,000 bushels of com placed in steel bins in the fall of
1939 have since been sold at the loan rate plus accrued charges, a total
livered by
957,863 1,054,019 1,030,187 1,278,120 1,072,382
"ccno
FLOUR PRODUCTION
[Output reported to "The Northwestern Miller" In barrels,
64% of the total flour production of the United States.]
Corporation
Production
(In 1,000
showing sectional and yearly
flour production,
during week
data on identical mills for four weeks
1940, as reported by the National Lumber
Manufacturers Association on Sept. 10:
An average of 460 mills reported as follows to the "National Lumber
Trade Barometer" for the four weeks ended Aug. 31, 1940:
We
negligible decrease
comparisons in detail:
Totals
ended
a
July
1940
ended Aug. 31, 1940, of 356 identical softwood
mills was 242,738,000 feet, and a year ago it was 215,854,000 feet; ship¬
ments were, respectively, 260,398,000 feet and 255,124,000 feet, and orders
received, 302,244,000 feet and 253,814,000 feet.
In the case of hardwoods,
73 identical mills reported production this year and a year ago 6,658,000
feet and 6,474,000 feet; shipments, 8,803,000 feet and 8,551,000 feet, and
orders, 8,608,000 feet and 9,534,000 feet.
Lumber
was
output, and Southeastern mills reported a
monthly decrease of about 12,590 barrels.
Below is a table
from
Identical Mill Comparisons
Production
Small Increase
Over July,
production.
mills
121,226
73
gain over
unfilled orders to gross
The ratio of
10
barrels
Year-to-Date Comparisons
Reported production for
3
Aug.
Aug. 17
national output,
further reported:
The Association
ments.
-
69
of about 65c. per
bushel.
The Commercial & Financial Chronicle
1492
Flue-Cured Tobacco Marketing
Quotas by
more
Secretary Wallace
Flue-cured marketing quotas for the three years beginning
July 1, 1941, were proclaimed on Aug. 27 by Secretary of
Agriculture Henry A. Wallace, following official determina¬
tion that 86.1% of the growers voting in the referendum held
on July 20 favored
quotas for the tiiree-year period.
The
amount of the quota which will be in effect for 1941-42,
the first of the three marketing
years, is 618,000,(J00 pounds.
This is 10% more than the quota of 556,000,000 pounds
which
was
proclaimed prior to the referendum.
The
Agriculture Department announcement continued:
Approval of the three-year quota makee it possible to increase the quota
determined for the 1941-42 marketing year, and to spread the adjustment
needed to eliminate
of the quota
excess
supplies over the three-year period.
for the 1942-43 marketing
between July 1 and Dec.
1, 1941.
The amount
will be announced
year
some
time
Similarly, the amount of the quota for
the third year of the period will be announced between July 1 and Dec.
1,
1942.
The official
canvass
showed that 174,779 votes, or 86.1%, of the total
of 203,059 approved the quota which had been proclaimed for the
marketing
year
beginning July 1, 1941, and also favored the proposal of having
keting quotas in effect for the three years beginning on that date.
mately 3,655 votes,
marketing
or
mar¬
Approxi¬
1.8%, favored the quota proclaimed for the 1941-42
in preference to quotas for three
year
24,625 votes,
or
12.1% of the total,
were cast
The remaining
years.
against both the three-year
quota proposal and the one-year quota.
interested in the
basis, Mexican oil is permitted importation at a reduced
tariff rate.
Secretary of State Hull early this year put him¬
self on record in a letter to Chairman Doughton of the House
Ways and Means Committee that the escape clause of the
reciprocal trade agreement would be involved whenever it
should develop that the domestic oil industry was being
adversely affected by the 50% reduction in the excise tax on
imported oil and its products.
While the terms of the reciprocal trade agreement did not
allow Mexico much oil to be imported at the reduced tariff
rate, and Mexico has been shipping oil here at the full tariff
will change sharply within the near
when the Secretary of State will
again make allocations on the total of refined oil for this
calendar year, and in these Mexico, because of the increased
1940 operations, would have a much larger share in the total
subject to the reduced tax schedule.
The Independent
Petroleum Association, Mr. Brown pointed out, wants to
make clear to the Department of State the situation in this
country before the revised allocations are made.
Tightening of Government control over shipments of
gasoline abroad has been recommended by the army, navy
and national defense advisory commission and their reports
payment,
future.
following report on the Venezuelan coffee industry
by the Department of Commerce from the
received
American Consulate at Caracas:
The
for
outlook
difficult.
Venezuela's
The coffee export
small volume now being
coffee
near
before President Roosevelt for his approval. Already
is 100 octane aviation gasoline, but it is felt
that
gasoline of certain high octane ratings also should be
added to the list in order to bolster the defense position of the
United States.
Studies of the situation arising out of the
recent
industry
is
becoming increasingly
trade has been progressively declining and the
shipped ot European markets, such
Italy, is mainly to fill old orders.
conditions
The time is
are now
The
possibility of seeking the invocation
of the escape clause in the Venezuelan reciprocal trade agree¬
ment under the terms of which, on a most favored nation
under control
Outlook for Venezuela Coffee Industry
was
Sept. 14, 1940
as
Spain and
The total yield for the 1940-41 crop is
embargo on 100 octane gasoline have indicated that
stringent control over other high octane ratings of
gasoline is a vital need for the national defense.
In delivery a talk on "Petroleum Chemistry's Contribution
more
the Automotive Field" before the members of the
expected to be well under the preceding season, due to lack of rain in the
to
lower regions
erican Chemical
where the
the weather has been
crop
is expected.
crop
will be exceptionally poor.
On the other hand,
quite favorable in the mountain
where
area
The aggregate yield for the next crop is
a
good
now estimated
locally at from 500,000 to 600,000 bags, or between 66,000,000 and 79,200,000 pounds.
It is
reported in Venezuela that Germany has asked two
three of the
or
principal Venezuelan coffee exporters to submit prices and to be prepared
to begin shipments by October.
to
Danish
The
Production
Coffee
of
following is from
Substitutes
report
a
the
to
Commerce from the American Consul at
available
by the Department
Production
steadily
on
increasing.
There
are
now
nine
Increasing
Department of
Copenhagen made
admixtures in
establishments
in
Denmark is
the
country
which produce coffee admixtures and chicory, six producing "grain coffee"
and other coffee substitutes, and seven mixing prepared coffee admixtures
and other different commodities.
During 1939 Danish consumption of these
coffee substitutes amounted to nearly 8,000 metric tons, valued at
7,000,000
crowns.
Denmark has ranked
were
one
in excess of 32,000 tons.
estimated that
the volume
17,300 metric tons.
was
as
of the world's largest per capita coffee-con¬
During the past five
suming nations.
years
its annual imports of coffee
At the beginning of April it is unofficially
of coffee
on
hand
in
Denmark totaled about
With the rationing restrictions in force this amount
believed sufficient to last until
the
immense
volume
and
Its
January, 1941.
Products—Independent Operators
Imports—Broader
Seek Curtailment of Mexican Oil
Control
by Administration on Gasoline Sought.
Chemistry Seen Guard Against Oil Famine—Crude
Output Up Sharply—Oklahoma Allowable Un¬
changed
A
concerted move, backed by the Independent Petroleum
Association and Congressmen from oil-producing
States, is
under way to curtail imports of Mexican oil which under the
terms of the Venezuelan trade
agreement are
coming into the
country at an increasing rate which will rise still further under
preliminary terms of expansion of oil imports permitted under
the provisions of the trade agreement.
Revocation of the oil
provisions of the trade agreement will be asked of the Depart¬
State, according to plans made public this week.
Russell B. Brown, general counsel of the
Independent
Petroleum Association, met with the Texas
Congressional
delegation in Washington on Wednesday to discuss the efforts
of his organization to secure a
Treasury Department in¬
vestigation of the Mexican oil imports, based upon the
possibility of invoking the anti-dumping provisions of the
tariff law.
Mr. Brown earlier this month wrote
Secretary of
State Hull a letter charging that Mexican oil is
being brought
into the United States in direct violation of these
provisions,
but, he said Wednesday, no answer has been received as
yet.
ment of
Oil men also are strongly interested in the
McCormack
bill, which would prohibit importation of "stolen
property"
which would include oil from Mexican wells
by American and British oil companies and
formerly owned
expropriated in
early 1938 by the Cardenas Administration with
made for them.
no
payment
Washington reports are that the Depart¬
opposed to the passage of the McCormack
bill, and the thought also was advanced by some oil men that
the Department of State also is behind the
failure of the
Treasury Department to investigate Mr. Brown's
"dump¬
ing" charges.
ment of State is
With these two
the
avenues
of protection
apparently out of
question for the time being, at least, oil men are becoming
500,000,000 barrels
a
year,
or
few hundred barrels of the indicated market demand totals
of the United States Bureau of Mines.
The American
Petroleum Institute report for the period ended
Sept. 7
gain of 122,500 barrels in the daily average output,
rose
to 3,623,850 barrels.
This was due to sharp
gains in both California and Texas, and brought output to
within striking distance of the daily
average market demand
figure of 3,624,300 barrels set by the Federal agency in its
regular monthly market demand estimates.
A spurt of 94,150 barrels in
daily average output of crude
showed
a
which
oil
for
Texas
lifted
the total to 1,299,200 barrels while
gain of 26,500 barrels to hit a daily
average of 623,000 barrels.
Illinois ended a period of de¬
clining production with a gain in daily average output of
2,200 barrels which lifted the total to 380,000 barrels, Louisi¬
ana
production was up 3,150 barrels to a daily figure of
278,050 barrels while Oklahoma production of 421,700
barrels represented a gain in the daily
average output of
1,150 barrels.
Sole major oil producing State to show a
decline was Kansas where daily
average production of 165,750
barrels was off 11,150 barrels from the previous week.
The Oklahoma Corporation Commission announced that
September production would hold unchanged at 390,000
barrels, which was 7,000 barrels under the indicated market
demand for the State as established by the Bureau of Mines.
A daily average of 190,000 barrels for Kansas was set
by the
Kansas Corporation Commission, which is 19,300 barrels
above the recommendations of the Federal
agency.
In
Texas, further exemptions of fields from the 9-day shutdowns
lifted the daily average production for the week ended last
Saturday nearly 13,000 barrels above the level recommended
by the United States oil agency.
The question of whether or not the
Department of Justice
would proceed with the anti-trust suits scheduled to be filed
against virtually every leading oil company still Rung un¬
California showed
Petroleum
of
20,000,000,000 gallons. A further effect is that there
now
appears to be little prospect of an early failure of
petroleum."
Daily average production of crude oil in the United States
during the initial week of September rose sharply to within a
over
Aug. 29:
of coffee substitutes and coffee
Am¬
Society, gathered in Detroit for their 100th
annual meeting, T. A. Boyd, of the Research Laboratories
Division of the General Motors Corp. declared that
chemistry
is guarding the nation against an oil and fuel famine.
"It
is due to chemistry-aided developments," he
said, "that a
fuel and oil famine have not appeared within the
past 20
years during which consumption of gasoline has risen 5-fold
decided at
pending
a
week-end.
Originally, the suits
were
deferred
report of the National Defense Advisory Com¬
mission which had been asked by the
Department of Justice
a
to submit their opinion on the
possibility of the suits hamper¬
ing national defense efforts. At week-end, Attorney-General
Jackson disclosed that the recommendations of the Defense
Advisory Commission would probably be in his hands within
a few days.
There were no price changes posted.
Prices of Typical Crude per Barrel at
(All gravities where A. P. I. degrees
Bradford, Pa
Corning, Pa
$1.85
shown)
Eldorado, Ark., 40
1.02
Western
Kentucky
Mld-Cont't, Okla., 40 and above.*
Rusk, Texas, 40 and over
1.05
Illinois
Rodessa, Ark., 40 and above
Smackover, Ark., 24 and over
Wells
are not
Darst Creek
.90
1.03
1.25
.73
Michigan crude
Sunburst, Mont
fl.OS
1.10
.75
.76-1.03
.90
Huntlneton, Calif., 30 and over
1.15
Kettleman Hills. 39 and over
1.38
Volume
The Commercial
151
GALLON—GASOLINE
DECLINE
IN
LOWEST
for
FUEL
There
or
gallon in the marketing territory
and tank wagon prices for
car
already
CRUDE
Esso and Esso
RUNS
AND PRODUCTION OF
SEPT. 7, 1940
TO STILLS
cut
(Figures Are in Thousands
reports gathered by the American Petroleum Institute dis¬
closed.
On Sept. 1, last year, the price averaged 13.38
or 1.05% better than on the like 1940 date.
In¬
cluding all taxes, the average retail price to the consumer this
year was 18.23 cents on Sept. 1, against 18.50 cents a month
earlier and 18.84 cents at the same time last year.
An increase of 50% or better in the mileage per gallon of
gasoline will be made possible when synthetic super gasolines
of 100 octane rating, being produced by the new catalytic
oil refining processes, can be used in American motor cars,
members of the American Chemical Society heard Mr. Boyd
of the research staff of the General Motors Corp. declare at
their 100th annual meeting held in Detroit.
This, which
cents,
probably will be the next major change in automible driving,
will necessitate improved high-compression motors, smaller in
size, and weight will be needed to take full advantage of the
coming gasoline.
July exports of gasoline were the lowest in many years,
totaling only 1,300,000 barrels to countries other than
United States possessions, which was almost 60% under the
3,000,000-total recorded for the comparable month in 1939.
Lubricating oil shipments, which thus far this year had been
running above 1,000,000 barrels monthly to other than United
States possessions, dropped off to 726,000 barrels in July,
against 1,012,000 barrels a year earlier.
The disturbed
conditions abroad will mean a total reduction of a round
50% in export movements for 1940, against last year, it is
believed in oil circles.
Inventories of finished and unfinished motor fuel were off
1,099,000 barrels, aided by the Labor Day week-end holiday
demand.
The American Petroleum Institute report placed
the total at 84,294,000 barrels on Sept. 7.
Refinery opera¬
tions were off 1.8 points to 81% of capacity, with daily
583
90.7
91.0
110
77.5
419
90.2
563
84.0
2,214
420
76.9
263
81.4
z989
Oklahoma. Kansas, Missouri
280
59.6
104
62.3
448
1,071
85.3
790
86.4
2,397
164
97.0
107
66.9
285
Louisiana Gulf
North Louisiana A Arkansas
101
51.5
42
80.8
66.2
227
Inland Texas
Texas Gulf
Std.Oll N.J.S.O0
Texas
-.0614
Gulf
-.06)4
T. Wat. OH_.08)*- 08H
RlchOll(Cal) .08)4 .08 X
Socony-Vac.
Warner-Qu.
00
121
56.0
California
836
87.3
526
72.1
1,451
85.3
3,113
81.0
10,085
Reported
...
367
♦
Shell East'n
x3,517
Aug. 31, 1940
1939
*U. S. B. of M. Sept. 7,
Estimated Bureau of Mines'
basis, x September, 1939
OF FINISHED AND UNFINISHED GASOLTNE
FUEL OIL, WEEK ENDED SEPT. 7, 1940
STOCKS
(Figures Are In
Gulf
.07 X-.08
At
in Transit
At
and
Refineries
and in
Refineries
8,683
321
205
546
14,260
3,622
1,554
1,917
3,203
100
2,184
1,521
7,336
192
2,201
2,533
6,047
1,058
"983
29
1,371
242
Louisiana Gulf....
512
535
290
11
508
A Arkansas
1,890
54,263
21*831
28,210
2,660
...
Okla., Kan.. Mo
Inland Texas
...
Texas Gulf
No. La
N. Y. (Harbor)—
Bunker C
.04
California
790
883
8,096
.$1.00
1.50
|
Gas Oil, F.O.B. Refinery or
70,975
6,885
77,299
0,995
30,170
13,684
77,725
960
685
1,985
160
7,1940...
77.860
84,294
78.861
85,393
31,136
30,634
14,369
14,132
79,710
79,995
28,370
Aug, 31, 1940...
60,226
72,022
27,631
10,214
87,069
28,203
Reported
unreported
Est
Sept.
8.
U.
S.:
total. U
♦Est
B.
of Mines
♦Sept. 7, 1939...
| Tulsa
I Chicago—
28.30 D
$.041
$.053
Newark..
Boston
z
New York
z
Brooklyn
z Not Including 2% city sales tax.
Actual Production
a
Four
B. of M.
Calcttr-
Week
Change
Ended
from
Ended
Allow¬
Sept. 7,
Previous
Sept. 7,
ments
ables
1940
Week
$.100
1940
...
.185
190,000
North Texas
oil-producing States during September. Daily average pro¬
duction for the four weeks ended Sept. 7,1940, is estimated at
3,538,000 barrels. The daily average output for the week
ended Sept. 9, 1939, totaled 3,228,650 barrels.
Further
details, as reported by the Institute, follow:
Imports of petroleum for domestic use and receipts in bond at principal
United States ports for the week ended Sept. 7 totaled 1,211,000 barrels,
43,400
94,300
28,800
84,800
201.750
254,200
73,500
374,900
383,900
+25,600
+0,550
28", 850
188,750
+21,000
32,950
193,500
+
87,400
230,950
232,650
+ 94,150 1,224,250 1,350,250
61,450
64,800
+200
213,250
+2,950
64,650
211,650
163,600
225,050
274,700
274,854
278,0.50
+3,150
276,300
69,700
9,700
Total Louisiana
72,955
73,250
—500
...
Mississippi...
daily average gross crude production for the week ended
Sept. 7, 1940, was 3,623,850 barrels.
This was a gain of
122,500 barrels from the output of the previous week, and
the current week's figures were below 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
68.760
177,850
+700
1,320,300 C1266065 1,299,200
Coastal Louisiana—
b28,650
Indiana
+0,850
+ 2,200
382,700
bl8,300
—150
16,950
90,350
52,250
+ 1,500
89,800
—1,100
71,100
—1,050
53,400
74,300
Including
91,900
55,700
75,300
Illinois A Indiana).
Michigan
Wyoming
17,750
+300
3,600
100,700
+ 100
100,300
d571,000
3,000,850
623.000
17,700
Montana
Colorado
4,000
—
105,300
New Mexico
Total east of Calif.
3,031,300
593,000
California
3,624,300
52,500
73,650
21,600
380,000
430,000
9,300
Illinois
Eastern (not
200
+ 11,500
+ 950
242,000
93,150
409,050
+ 50
210,600
East Texas
Total Texas
for Week Ended
Barrels
American Petroleum Institute estimates that the
+ 1,150
—11,150
29,650
East Central Texas.
17
b421,700
bl65,750
221,500
78,650
374,900
211,200
Texas.
West Central
North Louisiana
Daily Average Crude Oil Production
Sept. 7, 1940, Gains 122,500
Sept. 9,
1939
76,500
96,200
390,000
170,700
Panhandle Texas...
$.02X-.03
$.17
Ended
e
b200
397,000
Oklahoma
I
Buffalo..
Chicago..
Week
Weeks
State
(.Sept.)
Arkansas
The
CRUDE OIL PRODUCTION
(Figures in Barrels)
Coastal Texas
Included
28,779
Estimated Bureau of Mines' basis.
Southwest Texas
Terminal
Gasoline, Service Station, Tax
$.17
.17
-.04)4
"302
449
118
15,601
West Texas
I California 24 plus D
| New Orleans C
$1,501
$1.00-1.25 PhUa., Bunker C
N. Y. (Bayonne)
10,495
378
13,973
Rocky Mountain...
.05 H
Terminal
2.10-2.201
Diesel
6,292
1,555
Require¬
.04H-.QH5
5,043
6,344
21,930
3,215
Appalachian
Ind., III., Ky
.O0X-.O7
$.041 New Orleans.$.05)4-.05)4
Fuel Oil, F.O.B. Refinery or
8,549
and in
Pipelines
Pipe Lines
13,640
5,967
1,291
9,078
20,863
East Coast
Car, F.O.B. Refinery
)4-.05' Tulsa
in Transit
Finished
Unfin'd
Kansas
.03
At Terms,
At Terms,
Total
Total
Finished
Nebraska...
North Texas
$.00 Los Angeles
Stocks of Residual
Fuel OH
Stocks of Gas OH
and Distillates
Finished &
Unfinished Gasoline
District
$.04X-.05X
ports
Tulsa
Kerosene, 41-43 Water White, Tank
(Bayonne)
7 plus
Orleans.
AND OAS AND
Thousands of Barrels of 42 Gallons Each)
Stocks of
Other CUies—
Chicago
yl 1,840
daily average, y This Is a
week's production based on the U. S. Bureau of Mines, September, 1939 daily
average,
z 12% reporting capacity did not report gasoline production.
*
Tank Car Lots, F.O.B. Refinery
New
11,460
11,697
4,535
4,535
7.1940
Sept.
lated
.07)4-.08
New York—
3,500
3,675
Estimated total U. S.:
under normal levels.
08H-.08H
1,375
Estimated unreported......
No reductions were made in
$.07 V$-.08
125
Rocky Mountain
45
DAILY AVERAGE
New York—
New York—
1,530
100.0
156
743
of New Jersey cut tank car and tank wagon prices
fuel K-cent a gallon throughout its territory.
In New Jersey, a
U. S. Gasoline (Above 65 Octane),
Blended
643
Representative price changes follow:
cent a gallon was made.
Inc. Natural
Appalachian
Indiana, Illinois, Kentucky.
Sept. 10—Standard
a
Percent
Operated
East Coast
*
of
Refineries
Daily
Average
Percent
Reporting
Rate
of crude oil to stills dropping 75,0C0 to 3,500,000
where the price already was K-cent ot more
Gasoline
Production
to Stills
at
Potential
barrels.
areas
Each)
Crude Runs
District
gallon, tank wagon, tank car and fair trade minimum
retail price.
Exceptions to this general reduction are also
beiDg made at subnormal points in the State.
The widespread weakness in gasoline prices during August
carried the average retail price for motor fuel in 50 leading
cities off to 12.33 a gallon, before taxes, the lowest since
November, 1934, and 25% below the average for Aug. 1,
cut of 6-lOths
of Barrels of 42 Gallons
DaUy Refinino
Capacity
a
of motor
GASOLINE, WEEK
ENDED
24-eent or more subnormal where changes were
In New Jersey, the general reduction of 6-10ths of a
average runs
companies owning 85.3% of the
potential refining capacity of the United
a whole ran to stills, on a Bureau of
that the industry as
are
made.
cent
daily
indicate
H-cent a gallon generally throughout Mary¬
land, District of Columbia, Virginia, West Virginia and
North and South Carolina, except at points where prices
were
Gulf
either Atlantic or
at
the week ended Sept. 7.
4,535,000States
Mines
basis, 3,500,000 barrels of crude oil daily during the week, and that all
companies had in storage at refineries, bulk terminals, in transit and in
pipe lines as of the end of the week, 84,294,000 barrels of finished and
unfinished gasoline.
The total amount of gasoline produced by all com¬
panies is estimated to have been 11,460,000 barrels during the week.
estimated
barrel
by the company.
The price slash "was due to the weakness in
the primary markets that already has sent prices of motor
fuel lower throughout the New York-New England market
and other major marketing areas.
The tank
oil
California
of
receipts
no
Reports received from refining
served by Standard Oil Co. of New Jersey, affecting both
tank car and tank wagon quotations, was posted on Sept. 10
extra
statistics.
in weekly
were
Coast ports during
A reduction of H-cent a
ths
for
bonded
separation
ON LABOR DAY HOLIDAY DRAIN
173,000 barrels, compared with a daily average of
week ended Aug. 31, and 216,786 barrels daily
7.
These figures include all oil imported,
for domestic use, but it is impossible to make the
of
average
barrels
the four weeks ended Sept.
whether
INVENTORIES
YEARS—GASOLINE
daily
188,429
1934—SYN¬
SEEN PROBABLE—JULY MOTOR
THETIC GASOLINE
EXPORTS
SINCE
LOWEST
PRICES
a
PRICES 3^-CENT A
REFINED PRODUCTS—ESSO CUTS GASOLINE
1493
& Financial Chronicle
17,550
3,500
100,500
3 21" 500
I
i
92,700
*■<
66,500
60,200
16,450
3,600
82,950
+ 95,500 2,921,600 2,606,850
621,800
616,400
+27,000
3,623,850 + 122,500 3,538,000 3,228,650
Mines' calculations of the requirements of domestic crude
oil based upon certain premises outlined In its detailed forecast for the month of
September.
As requirements may be supplied either from stocks, or from new
production, contemplated withdrawals from crude oil Inventories must be
from the Bureau's estimated requirements to determine the amount of new crudeJo
a
These are Bureau of
deducted
be
produced.
b Oklahoma,
7
a. m.
Kansas,
Sept. 4.
Nebraska,IMlssissippl.lIndlana ngures[are for
week ended
The Commercial & Financial Chronicle
1494
This Is the net basic 31-day allowable as of Sept. 1.
c
It will Increase
wells are
new
as
Past experience Indicates
completed and If any upward revisions are made.
Sept. 14,
8UPPLY AND
1940
DEMAND OF ALL OIL8
(Thousands of Barrels)
It includes a net figure of approximately 366,447 barrels for East Texas after de¬
All fields In the State were ordered shutdown for nine days,
duction for shutdowns.
namely, Sept. 1, 2, 8, 14, 15, 21, 22, 29 and 30.
Jan. to
July,
Production partially shut down
Jan. to
July,
1940
July,
1939
July,
1940
1939
of State order.
as a result
Note—The figures indicated above do not Include
might have been surreptitiously produced.
estimate of any oil which
any
New Supply—
Domestic production;
Dally average
Natural gasoline
Preliminary Estimates of Production of Coal for Month
of August, 1940
According to preliminary estimates made by the Bureau
Benzol
3,790,000 net tons, as against 3,883,000 tons a year ago and
4,408,000 tons in July, 1940.
The consolidated statement
organizations follows:
-
31,025
734,328
3,464
29,025
263
191
1,757
1,204
116,354
3,878
115,303
833,927
3,719
3,915
764,657
3,606
200
395
790
2,694
3,981
For domestic use
Refined products:
In bond
3,488
2,539
21,333
15,860
c661
942
C2.000
124,849
2,056
608
14,400
4,048
123,040
120,874
4,027
4,101
3,899
879,227
4,128
798,564
3,767
7,147
2,416
3,588
48,587
4,402
117,702
3,797
120,624
117,286
830,640
794,162
4,021
3,783
3,900
3,746
5,607
5,692
7,304
32,022
49,935
42,253
68,505
332,487
39,305
94,300
190,937
13,677
308,726
33,772
78,157
179,352
13,035
For domestic use
Dally
801,145
3,761
279
Crude petroleum:
In bond
new
3,579
4,175
3,813
Dally average
Imports b:
Total
110,937
118,207
a.
Total production
of Mines and the Bituminous Coal Division of the United
States Department of the Interior, bituminous coal
output
during the month of August, 1940, amounted to 39,240,000
net tons, compared with 35,016,000 net tons in the corre¬
sponding month of last year and 36,080,000 tons in July,
1940.
Anthracite production during August, 1940, totaled
111,690
3,723
4,401
113,244
3,653
4,684
Crude petroleum
of the two aforementioned
June,
1940
d Recommendation of Conservation Committee of California Oil Producers.
e
supply, all oils.
average
Increase In stocks, all oils.
2,029
8,777
11,405
Demand—
Total demand
Dally average
Exports b:
Total
Number
Avoe. per
Crude petroleum
Refined products
Col. Year
for
of
Working
Month
Working
Days
Day
August
(Net Tons)
(Net Tons)
(Net Tons)
to End
of
27
Residual fuel oils.........
1,453,000
3,790,000
.
Beehive coke
Lubricants...
33,209,000
1,391,000
272,700
Anthracite
36,080,000
a
b
1,338,000
509
454
3,949
3,794
3,619
3,048
13,988
13,599
1,629
3,137
1,275
1,585
4,016
6,286
6,418
5,920
42,123
4,338
37,958
215
207
182
1,115
1,295
2,131
1,159
2,529
12,153
8,848
105,876
3,415
106,416
100,360
748,683
683,404
3,547
3,237
3,515
3,224
263,498
270,570
263,498
270,570
14,375
13,204
14,375
7,123
7,584
289,071
261,971
13,334
7,000
283,905
279,380
289,071
7,123
279,380
573,357
566,210
571,448
673,357
571,448
131
141
151
147
153
—
....
Still gas
Miscellaneous
35,016,000
b
-
27
Losses
1,297,000
3,883,000
44,900
Beehive coke
33,759,000
Total domestic demand.
409,000
a Includes for purposes of historical
comparison and statistical convenience the
production of lignite and of anthracite and semi-anthracite outside of Pennsylvania.
b Total production, Including
colliery fuel, washery and dredge coal, and coal
shipped by truck from authorized operations.
Note—All current estimates will later be adjusted to agree with the results of
the
complete canvass of production made at the end of the calendar year.
Dally average
78
62
Crude petroleum:
Reflnable In United States.
Heavy In California
13,204
Natural gasoline
7,584
Total all oils
Days' supply
From Coal Economics Division,
a
Mines; all other Imports and exports from Bureau of Foreign and Domestic Com¬
c No Imports into
non-contiguous territories in July, d Exclusive of 5,000
from non-contiguous territories, but inclusive of 850,000 barrels
shipped from U. 8. to territories.
merce.
barrels exported
PRODUCTION OF CRUDE PETROLEUM
PRINCIPAL
BY
STATES
Reading Co
783,978
Aug., 1939
July,
July, 1940
Lehigh Valley RR
596,864
Centra) RR, of New Jersey
Del., Lack. & Western RR.......
611,672
479,510
305,223
339,481
241,796
249,809
411,984
411,279
308,337
334,868
339,441
431,890
Delaware & Hudson RR. Corp
391,932
437,435
Pennsylvania RR
361,866
696,351
389,122
Erie RR
N. Y
578,235
318,714
228,940
252,567
92,048
172,341
Ontario & Western Ry
Lehigh & New England RR
,
Total
319,279
93,360
34,270
44,353
217,282
152,056
136,354
3,296,260
278,999
3,729,214
240,516
3,146.744
Total
1939
846,262
655,103
2,611,299
Arkansas—Rodessa
June,
January to July
Total Arkansas
California—Kettleman Hills.
_.
Long Beach
Wilmington
Petroleum Products, July,
1940
Rest of State..
Total California
production of crude petroleum continued to decline
in July, when the
daily average was 3,653,000 barrels, or
70,000 barrels below the level in June, according to the
Bureau of Mines, United States
Department of the Interior.
The output in July, 1940, was
only 2% higher than a year
ago, the smallest margin for any month of this
The
important
Illinois;
barrels
production
the
month
half
of
the
that
creased, possibly
California's
in Texas.
Crude
in
June, but
Devonian
weils.
a
important
more
Production
in
the
was
in
June
in
July
factor
Oklahoma
decline
to
was
and
hardly
the
was
in
445,300
rapid
Kansas
in¬
initial step toward recovering markets lost to Illinois.
output changed little, but a
relatively small decline occurred
an
runs
fell
half
million
to stills
materially
declined
drastically in July, and
outlined above,
as
stocks
even
though produc¬
increased about
barrels, compared with little change in
one
and
one-
The
yields of both
13.1%
the
to
43.1%
13.4%.
June
pre-tax
The
buying
The
domestic demand
7%
higher
than
expectations.
lowest
figure
withdrawal
than
The
a
since
from
June
in
July
year
ago,
of
March,
gasoline
in
was
a
affected
year
in
July—gasoline
distillate
1.0% lower than
rising
a
the
July
demand
as
year
53,865,000 barrels, or between 6% and
but about 1,000,000 barrels below
average
motor
fuel
1936.
stocks
declined
Because
of
about
a
of
to
the
1,686,000
demand
4,500,000
year
barrels,
the
situation,
barrels
in
July
the
was
ago.
demands
According to the Bureau of Labor Statistics, the
price index for petroleum
in July, 1940, was 49.5, compared with 50.0 in
June and 52.2
July, 1939.
The
crude oil
capacity represented by
4.343,000 barrels, hence the operating ratio
June and 84% in July, 1939.
46.9
1,625
10,166
916
11,613
43.3
44.1
1,400
9,471
10,149
82.7
84.5
2,575
17,700
17,989
444.1
442.0
13,203
93,006
90,728
616.9
617.5
18,803
130,343
130,479
4.4
4.0
126
772
779
445.3
506.5
8,737
92,550
42,452
12.2
11.6
115
2,111
517
187.9
178.1
5,488
14.0
503
37,149
3,004
35,956
14.6
6,689
215.7
220.9
6,193
46,380
40,822
3,255
562
804
4,243
48.8
1,385
10,089
9.671
278.0
288.6
8,382
60,712
56,277
1,628
Mississippi
18.9
44.1
8,619
Michigan
18.2
1,368
52.5
53.8
2,063
12,685
12,688
276
Montana
8.9
10.6
1,617
562
20.4
517
3,910
104.9
103.1
3,363
23,372
425
Ohio
18.1
3,251
New Mexico......
New York
5,784
13.7
13.4
416
3,036
3,279
22,110
2,879
286
Seminole
Rest of State
9.2
8.7
269
1,787
1,846
3,317
3,454
Oklahoma—Oklahoma City...
107.0
106.6
22,533
23,410
111.4
111.9
3,339
3,582
24,856
26,227
49,437
6,525
210.5
206.5
7,039
44,707
13,296
428.9
425.0
13,960
92,096
Pennsylvania.
1,418
45.8
44.5
1,400
10,477
9,824
Texas—Gulf coast
8,986
6,281
289.9
330.5
10,795
74,397
72,403
202.6
219.4
7,341
50,595
46,335
12,620
407.1
351.6
<12,413
84,708
86,255
2,021
65.2
58.9
2,107
15,396
441
14.2
17.3
838
4,261
14,226
6,101
8,583
276.9
294.9
9,206
64,932
61,990
1,255.9 1,272.6
287,310
2,078
3,226
West Texas
East Texas
Panhandle
Rodessa
Rest of State
Total Texas
West Virginia
38,932
Total
Wyoming
294,289
9.8
9.2
288
2,010
14.7
13.9
490
1,815
58.6
56.5
1,430
3,057
11,199
2,272
73.3
70.4
1,920
14,256
12
0.4
0.4
6
63
42
113,244 3,653.0 3,723.0 100,937
801,145
734,328
Rest of State
Other
42,700
303
457
99,074
...
a
8,612
11,838
Includes Missouri, Nebraska, Tennessee and Utah.
ago,
predicted.
ago,
in
11,645
from
products
in
10,729
14,906
454
Rest of State
Production and Shipment of Portland Cement
During
was
anticipated, though larger than
domestic
14,458
1,881
5,826
Kansas
a
increased
for both light and
heavy fuel oils were higher
though the gains were moderate.
Heavy fuel stocks are
considerably lower than a year ago, but light fuel
stocks are about
4,000,000 barrels higher.
than
1,781
70.6
379
Indiana
Total United States
July, and
68.7
higher.
in
Exports
distillates
to
43.5%
gasoline yield
distillate yield 1.5%
1 he
less
gasoline and
in
46.8
1939
June.
Refined Products
rising from
72.3
-
448
136
Wyoming—Salt Creek
tion
70.5
1940
100
13,805
Illinois
Total Oklahoma
for
daily average fell from 506,500 barrels
July.
The total initial of the new wells
than
more
in
its
in
decline
event
'The
year.
Bureau's report further disclosed:
1939
1.9
19,122
Colorado..
Total Louisiana
The
Avge.
1.8
2,565
13,765
Rodessa
and
July,
Avge.
2,186
2,242
1,449
1,343
Rest of State
Louisiana—Gulf coast
Petroleum
Daily
56
Kentucky
Crude
AND
FIELDS
(Thousands of Barrels)
1940
July, 1940
530
b Imports of crude as reported to Bureau of
Daily
Aug., 1940
633
Stocks—
Refined products..
August Anthracite Shipments Total 3,296,260 Net Tons
Shipments of anthracite for the month of August, 1940,
as reported to the Anthracite
Institute, amounted to 3,296
260 net tons. This is an
increase, as compared with August,
1939, of 149,516 tons.
Shipments for August, this year,
show a decrease of 432,954 net tons, when
compared with
the preceding month of July.
Shipments by originating carriers (in net tons) were re¬
ported as follows:
2,146
3,710
6,938
23,442
1,982
108
Road oil
230,800
Bituminous coal .a
7,327
24,749
602
Asphalt......
Aug., 1939 (Revised)—
Anthracite
50,508
Wax
4,408,000
Beehive coke
26
9,622
65,459
3,952
Coke
July, 1940 (Revised)— ■
RjtOmfnoUft Oiftl
-
Gas oil and distillate fuels
39,240,000
8,516
53,865
4,257
7,493
23,800
1,871
Motor fuel
Kerosene
Aug., 1940 (Preliminary)
Bituminous coal-a
Anthraclte.b
d6,219
Domestic demand:
the
was
data
in
this
report
80%, compared
with
was
84%
August, 1940
The
portland cement industry in July, 1940, produced
12,299,000 barrels, shipped 13,552,000 barrels from the
mills, and had in stock at the end of the month 22,752,000
barrels, according to the Bureau of Mines.
Production of
Portland cement in July, 1940, showed a decrease of 2.7%
and shipments an increase of
15.3%, as compared with
July, 1939.
Portland cement stocks at mills were 1.7%
higher than a year ago.
The statistics given below are
compiled from reports for
July, received by the Bureau of Mines, from all manufactur¬
ing plants.
The mill value of the
shipments—53,826,000 barrels—in
the first half of 1940, is estimated
as
$79,659,000.
Volume
barrels
of
approximately 1,882,000
portland cement with an
1940 include
high-early-strength
estimated mill value of $3,437,000.
In the following statement of relation
of production to
capacity the total output of finished cement is compared
with the estimated capacity of 160 plants at the close of
July, 1940, and of 162 plants at the close of July, 1939.
The month
The 12 months ended
47.9%
58.0%
48.1%
ESTIMATED
PRODUCTION OF SOFT COAL WITH
PRODUCTION OF CRUDE PETROLEUM
STATES
UNITED
COMPARABLE DATA ON
FINISHED PORTLAND
DISTRICTS, IN JULY, 1939 AND 1940
(In Thousands of Net
1940
1939
Sept. 2,
1940c
Bituminous Coal
1940
1939
1940
1939
Aug. 24
1940
1939
of Month
Shipments
Production
a—
2,625
4,031
1,705
3,959
2,031
Dally
1929
1939
1940
9,100
1,517
average
8,934
1,489
8,211 295,674 228,905 345,647
1,667
1,107
1,432
1,369
5,609
Total, Including mine fuel
a2,316
2,176
2,458
Eastern Pa., N. J. and Md
New York and Maine
Calendar Year to Date d
Aug. 31
Stocks at End
District
Tons)
Week Ended
Barrels)
(In Thousands of
reported that the estimated
The U. S. Bureau of Mines
PRODUCTION, SHIPMENTS, AND STOCKS OF
CEMENT, BY
coal report stated that the total
production of soft coal in the week ended Aug. 31 is estimated
at 9,100,000 net tons, a slight increase (166,000 tons, or 1.9 %)
over the preceding week.
Production in the corresponding
week last year amounted to 8,211,000 tons.
47.5%
1940
May, 1940 Apr.,
1940
58.9%
48.2%
56.0%
57.8%
44.9%
of the Interior in its current
of the U. S. Department
47.5%
.
July, 1940 June,
July, 1939
The Bituminous Coal Division
production of Pennsylvania anthracite for the week ended
Aug. 31, 1940 amounted to 840,000 tons, a decrease of
110,000 tons, or 11.6%, from the preceding week. Production
in the corresponding week of 1939 amounted to 929,000 tons.
TO CAPACITY
RATIO OF PRODUCTION
Statistics
Weekly Coal Production
totals
According to the reports of producers the shipments
for the first half of
1495
Financial Chronicle
The Commercial &
151
5,619
3,657 207,774 186,926 153,267
Crude Petroleum b—
844
1,022
782
995
1,370
1,018
1,272
1,000
1,236
1,667
2.660
2,281
Coal equivalent of
Michigan
853
1,019
1,848
Wis.. Hi., Ind., and Ky
1,300
1,116
Va„ Tenn., Ala., Ga., Fla.. A La.
1,289
1,118
1,339
1,128
1.661
984
1,143
1,113
1,435
1,270
1,265
1,929
2,305
1,713
2,502
2,892
904
853
726
749
2,169
2,082
comparison and statistical convenience the
production of lignite, b Total barrels produced during the week converted to equiva¬
lent coal assuming 6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u. per pound of
coal, c Subject to revision, d Sum of 35 full weeks ended Aug. 31,1940, and corre¬
667
522
535
538
820
883
sponding 35 weeks In 1939 and 1929.
358
364
287
291
497
492
ESTIMATED
California
840
1,244
886
1,214
1,259
1,623
Oregon and Washington...
612
436
556
451
617
560
.
Ohio, Western Pa. and W. Va.__
Eastern Mo., Ia.f Minn. A
S. Dak
W. Mo., Neb., Kan., Okla. A Ark
Texas
.
Colo.,
Mont.,Utah."WyoIdal
12,644
Total
13,552
11,757
12,299
weekly output.
purposes
PRODUCTION
SHIPMENTS
PRODUCTION,
1939 AND 1940
CEMENT, BY MONTHS, IN
1940
1939
3,889
5,640
5,044
25,757
23,611
24,092
January
February..,
5,301
5,505
5,041
March
8,171
7,715
9,674
7,917
10,043
8,467
April
9.654
10,829
23,786
23,837
12,668
12,748
12.715
13,241
22,251
25,348
a24,757
113,247
21,489
a24,005
13,552
22,361
21,326
20,160
19,870
22,752
11,185
11,953
12,644
May......
June
12,514
4,905
August
12,369
September.,
October
11,937
12,539
November..
11,053
December..
9,488
11,757
13,401
13,104
12,829
10,147
6.785
121.819
25,894
68,700
Dally average
1940
1939
6.205
Beehive Coke—
United States total
of Month
Shipments
1940
1939
11,450
a
Includes washery and
dredge coal, and
operations, b Excludes colliery fuel, c Sum
corresponding 35 weeks of 1939 and 1929.
ESTIMATED WEEKLY
26,118
Total
a
12,299
Week Ended—
Aug.
State
23,449
2
3
3
284
281
226
192
321
81
80
54
61
107
98
76
138
847
808
743
694
1,037
1,363
337
247
235
325
440
51
52
56
45
67
118
103
100
126
111
145
843
•888
794
684
938
765
151
161
135
130
264
217
26
27
26
25
44
44
10
13
9
2
17
21
48
44
46
45
.66
17
12
19
20
48
49
15
Indiana
20
18
19
f 14
f20
366
486
871
Iowa
Kansas and
Missouri
Western
GRADES)—1929-1940
Maryland
Michigan
(Tons of 2,000
Pounds)
Montana.......
New Mexico
Retorts
Average
Unfilled
Produced
Shipped
Stock at
(a)
Shipped
Operat¬
Retorts
Orders
During
During
End of
for
ing End
During
End of
Period
Period
of Period
Period
Period
Export
Period
68,491
47,769
26.651
23,099
59
57,999
31,240
19,875
21,023
27,190
32,944
38,329
0
Year
1929.
631,601
602,601
75.430
6,352
Year
1930.
504.463
436,275
196
Year
1931.
314,514
Year
1932.
300,738
213,531
143,618
129,842
218,517
124.856
170
Year
1933.
324,705
239
1934.
366,933
344,001
352.663
105,560
Year
Year
431,499
465.746
119,830
83,758
148
1935.
44,955
41
23,653
18,273
8,478
15,978
28,887
30,783
32,341
51,186
42,965
37,915
45,383
34,583
78,626
48.339
Year
1936.
523,166
581,969
Year
1937.
589,619
569,241
65,333
0
48,812
Year
1938.
456,990
395,554
126,769
20
38,793
North and South Dakota
18,560
40,829
1939
39,500
39,459
39.365
39,191
38,251
39,379
42,839
39,828
45,291
40.641
128,407
130.380
38,763
42.302
39,450
39,607
133,075
37,284
135,241
39,669
43,128
131,782
44,277
February
39.613
March
45,084
April
43,036
May
June
July
128,192
127,985
August
40,960
49,928
34,179
29,987
38,447
36,331
36,291
35,491
35.865
49,379
34,443
37,729
122.814
38,617
38,041
36.331
29,314
35,416
33,655
456
481
2,270
1,846
1,404
2,765
3,734
110
118
107
88
101
118
16
15
17
19
24
63
Pennsylvania bituminous
Tennessee ........
71
49
54
78
83
238
248
Utah
291
310
278
30
26
29
32
40
47
1,996
1,998
1,900
1,488
2,115
1,515
648
642
542
416
712
875
96
95
99
114
154
2
Virginia
1
Washington
West
35,874
September
42,225
69,424
95,615
50,117
73,327
41.366
Virginia—Southern.®
Northern.b
Wyoming
Other Western States _c
Total bituminous
64.407
46.867
45,428
66,197
December
57,941
53,468
65,995
48,159
47,340
8,934
coal
Total for year.
538,198
44,850
49,914
47,287
52,399
54,862
63,532
February
52,774
51,050
65,256
March
55,475
49,909
70,822
April
52,189
46,803
76,208
May
51,518
57,224
70,502
June
48,660
53.935
July
51,175
57,606
August
49,939
64,065
l
50
47,863
♦43,674
47,188
*43,732
47,287
36,808
47,496
49.744
364
49,513
34,580
*44,802
49.805
*44,727
49.524
45,326
*44,936
*44,665
2,8001
48,989
65,389
65,227
2,3421
*44,179
46,577
49,197
*44,387
46,536
1,7101
925
856
687
1,487
1,926
9,887
8,686
7,298
11,641
13,464
Includes operations on
In¬
with
Non-Ferrous
ll^c.,
Copper Raised to
ll^c., Valley—Zinc up 35
Metals—Domestic
but Eases to
and
44,670
2,935j
47,231
*42,216
50,716
48,991
*44,427
69,508
domestic slab zinc situation under existing
have been adjusted to eliminate some production
inadvertently Included, and to Include
domestic consumption.
shipments Included
production from foreign concentrates when shipped for
*
Equivalent retorts computed on 24-hour basis,
a Export
total shipments.
subsequently found
and iridium declined to
The publication further stated:
lowered $2 per ounce,
$125
Copper
advanced to llMc., Valley, on Sept. 5, but a substantial
sold at the 11c. basis; therefore, our quotation shows a split
Copper was
day. The 11 He. price obtained for the following two
Sept. 9 sales were made at 11 He. by custom smelters,
a split quotation for that day also.
Another reduction was made on Sept.
11 by custom smelters to 11 He., Valley, with asles in substantial volume.
Some business was done"*at* 11 He., but the volume was not sufficient to
influence our quotation.
The price closed steady at 11 He., Valley
Large
quotation for that
making
days, but on
picture of the
shipped for export,
was
volume was
*42,884
custom smelters
Sept. 11 cut prices to 11 l/ic., Valley.
The tighter zinc market was reflected in the 35-point rise.
Lead sales were in good volume, with prices firm.
Tin
was
quiet and easier.
Quicksilver was lower. Platinum
per ounce.
63,726
issue of Sept. 12
advanced to llj^c. on Sept.
Mineral Markets" in its
5, on record sales, but
the market dull and on
*41,793
47,545
*42,498
11,538
the N. & W.; C. A O.; Virginian; K. & M.; B. C. & G.;
in Kanawha, Mason, and Clay counties, b Rest of State,
District and Grant, Mineral, and Tucker counties, c Includes
Arizona, California, Idaho, Nevada and Oregon,
d Data for Pennsylvania an¬
thracite from published records of the Bureau of Mines, e Average weekly rate for
entire month. 1 Alaska, Georgia, North Carolina, and South Dakota included
'other western States."
* Less than 1,000 tons.
a
59,043
58,796
*41.834
1940 figures
f4
10,154
cluding the Panhandle
"Metal
*43,614
*43,633
January
the
6,611
9,884
reported that domestic copper
foreign concentrates
8,962
7,830
Points—Lead Firm
39,333
1949
11
f6
and on the B. A O.
598,972
Monthly avge.
•om
-
♦
950
Pennsylvania anthracite.d
53,751
onditlons,
105
•
^
93.116
79,539
53,524
72,405
61,522
43,109
November
Note—To reflect a true
24
288
44,773
29,250
October
(Revised Figs.)
60
2,250
Ohio
Total, all coal
January
100
382
Texas.......
18,585
81
173
f
f
1
397
375
Illinois
Kentucky—Eastern
statistics:
(ALL
ZINC STATISTICS
*
1
Carolina
1923
86
107
Georgia and North
Shipments of Slab Zinc
Institute on Sept. 6 released the
August Production and
Avge.
f
f
2
Colorado
SLAB
of Net Tons)
Aug. 24
Aug. 24 Aug. 17 Aug. 26 Aug. 27
1929
1938
1939
1940
1940
Arkansas and Oklahoma
following tabulation of slab zinc
coal shipped by truck from authorized
of 35 full weeks ended Aug. 31,1940 and
PRODUCTION OF COAL, BY STATES
(In Thousands
Alaska
Zinc
•
estimates are based on railroad carloadlngs and river ship¬
ments and are subject to revision on receipt of monthly tonnage reports from dis¬
trict and State sources or of final annual returns from the operators.)
Alabama
American
6,691
(The current weekly
20,779
Revised
The
4,627,600
22,142
407,200
1,948
1,398,400
10,200
1,700
63,100
10,517
122.291
July
1929
1939
1940
31,537,000 32,223,000 42,947,000
Commercial productionb 798,000 903,000 883,000
Stocks at End
Production
Calendar Year to Date c
Aug. 31 Aug. 24 Sept. 2,
1939
1940
1940
Penn. Anthracite—
929,000 33,194,000 33,919,000 46,279,000
Total, lncl. colliery fuel a 840,000 950.000
(In Thousands of Barrels)
Month
COKE
Week Ended
22,752
22,361
PENNSYLVANIA ANTHRACITE AND
(In Net Tons)
STOCKS OF FINISHED PORTLAND
AND
OF
BEEHIVE
Revised.
a
of historical
2
33
33
Puerto Rico.......
2,592
Includes for
a
producers
continued to quote 11H c.,
Valley.
The Commercial & Financial Chronicle
1496
Sales for the week totaled 134,493 tons, against
vious week.
business
on
Export
On
Sept. 5, 115,352 tons
20,847 tons In the
pre¬
sold, the largest single day's
were
record.
copper was in
fair volume, with transactions closed
on the
basis
of 9.90c. f.a.s. United States ports.
The American Brass Co. increased quotations for copper products at the
close of business
on
Sept. 5 to the ll^c. basis.
Lead
Sales of lead
were
in
apparently anxious to
higher
quirements
August
are about
the
previous* week.
90% covered and October 40%.
are estimated to
4.90c.
Sales for the period totaled
early in the week.
against~3.53l~*tons~in
tons,
influenced by announcement of
cover requirements
copper and zinc prices
13,346
can
good volume during the last week, consumers being
be close to 50,000 tons.
September
There
The price closed firm at
190 furnaces in blast
on Sept. 1, operating at
day, compared with 187 on Aug. 1,
making 131,760 tons.
Independent producers blew io five
furnaces and took one off blast, merchant producers took one
furnace out of production and the United States Steel Corp.
made no furnace changes.
Among the furnaces blown in were:
One Susquehanna,
National Steel Corp.; one Bethlehem, Bethlehem Steel Co.;
Martins Ferry furnace of Wheeling Steel Corp.; one Otis
Steel Co. unit, and Madeline No. 2, Inland Steel Co.
were
the rate of 137,500 tons
Furnaces blown out
re¬
Shipments during
Sept. 14. 1940
a
banked included Hamilton No. 2 of
or
American Rolling Mill Co.
Products Corp.
New York, which was also the contract settling basis of the Ameri¬
PRODUCTION
OF
PIO
COKE
Smelting & Refining Co., and 4.75c., St. Louis.
^The
and Rockdale furnace of Tennessee
time being, and the domestic lead position is firmer.^
On
AND
Pig Iron
Zinc
v
IRON
Sept. 5 demand for zinc increased following the announcement of
1939
January
February
4,032,022
March
3,270.499
tEat day at both the old and the new figure, making a split quotation for
Sept. 5.
Business was also done on an average price basis.
Demand was
April
May
copper prices, and the quotation for Prime Western was increased
Producers sold in substantial quantity on
for* last- and first-quarter delivery, with
some consumers
l8[459 tons,
tons in
again
the previous week.
3.513,683
3,818,897
21,083,600
of zinc for the week ended Sept. 7 totaled
Orders"on
14,025.053
261,208
102,470
4,053,945
4,238,041
2.639.022
43 341
23,758
2,978,991
3,223,983
37,003
3 137.019
Half year
July
Ship¬
large, amounting to 7,040 tons, against 6,335
were
the books of producers now total
August
September
October
November
December
A recent survey conducted
by the American Zinc Institute shows that
there is ample zinc smelting
capacity available in this country for current
needs.
This matter, however, will be appraised for further
study, at a
tin
small tonnages,
to accumulate
was
quiet
12.900
44,973
44,631
18,611
8,835
Year.
x
23.103
24,583
26,817
33.999
40,654
m
—
35,317,374
«• «*
275,384
These totals do not include charcoal pig iron,
DAILY AVERAGE
y
Included in pig iron figures.
PRODUCTION OF COKE PIG IRON
1940
during the last week,
consumers were not
suppliesPrices
and
beyond
% Discussions concerning the establishment of
no
a
tin smelter in this country
definite announcement has
been
January
Capacity
Tons
.
Percent
Capacity
^During July the United States-imported tin
ore or concentrate that con¬
total of 448 tons of tinOf the total
quantity imported 202 tons
came from Argentina, 198 tons from
Bolivia, 12 tons from Peru, and 36
tons from Mexico.
a
as
*
51,632
54.0
86,516
56.8
62,476
April
May
104 567
68 6
76,764
50.4
61.376
113,3 5
74 8
62,052
40.8
45,343
127,297
83.9
79.089
51.7
11-.844
76.1
77,486
130,772
86.3
136,711
90 4
June.
....
.
,.
July
August
September
51,931
39,648
48,717
—
85,130
02.9
53.976
70.4
62.737
131,061
October
55.8
96,096
107,466
85.9
43.417
November
138,877
90.9
74,147
84,746
December
136,146
89.4
79,872
Year.
Nov.
51.5
82,407
68 9
follows:
Oct.
78,596
75.1
105,500
96,760
MERCHANT IRON
Sept.
85.8
114,189
.....
Hftlfypftr..
quoted
130,061
.
February,.
March
made
_Tin prices In London dropped sharply during the week, as sellers became
reluctant to hold spot tin, which is not insurable
against war risk.
was
Net
Tons
regarding plans for construction.
tin for future arrival
Percent
lower for the seven-day period, closing
capacity.
Washington, but
Net
influenced, by activity in other metals,
were
1939
1938
buying
at 50.100c."-The Government made some purchases at the
50c. level." The rate of tin-plate
production Is estimated to be at 43% of
"Straits
17,928
43,384
soon.
yesterday
continue in
23,302
20,894
38,720
4,220,536
.
Tin
Business in
43.240
46,260
4,062,901
4,166.888
77,974 tons.
meeting in Washington
y
1939
specifying Sep¬
against 11,621 tons in the previous seven-day period.
ments to consumers
1940
2.436.474
2,307,409
2,681,969
2,302,918
1,923.618
2,372,665
3,311,480
June.
tember delivery." The market remained firm at 6.85c., St. Louis, for Prime
Western.
Sales of the common
grades
Ferromanganese
x
1940
3o points to 6.85c., St. Louis.
hfipier
tained
FERROMANGANE8E
NET TONS
trade believes the threat of foreign lead has diminished for the
MADE.
DAILY
57,633
RATE—NET TONS
Dec.
1940
1939
1938
1937
16,475
14,773
11,875
11.911
18,039
50.050
January
February
10,793
9,916
18,496
12,652
50.050
March
11,760
10,025
9,547
18,432
12.131
Sept.
5
50.125
50.100
50.050
6
50.125
50.100
50.050
50.050
Sept.
7-..-
50.125
50 100
50.050
Sept.
9
50.125
50.100
50.050
Sept. 10
50.100
50.100
50.050
50.050
50.100
50.100
50.050
50.050
1936
50.050
Sept.
Sept. 11
.
Chinese tin,
99%, spot, was nominally as follows: Sept. 5,
49.375c.;
6, 49.250c.; 7, 49.250c.; 9, 49.250c.; 10, 49.125c.; 11, 49.100c.
DAILY
PRICES OF METALS
April
May
13 656
June
13.662
16.521
July
16.619
August
17,395
QUOTATIONS)
October
.
November.....
Electrolytic Copper
Straits
Tin
Lead
Dom., Refy.
Exp., Re/y
New York
N. Y.
St. Louis
10.775@11.275
9.850
50.375
4.90
4.75
Sept.
6...
11.275
6.50 @6.85
9.850
50.250
4.90
4.75
Sept.
Sept.
7...
6.85
11.275
9.850
50.250
4.90
4.75
6.85
11.150@11.275
9.850
50.250
4.90
4.75
Sept.
10...
6.85
11.150
9.850
50.125
4.90
4.75
Sept.
11...
6.85
11.025
9.850
50.100
4.90
4.75
6.85
Average.
11.160
9.850
50.225
4.90
4.75
6.821
10,259
7,203
21,821
14,352
17,774
15,914
6,154
15,565
21,962
13,013
11,225
7,408
19,971
13.606
12,550
22,473
14.029
12,095
21,224
16.409
16,642
14,793
12,280
15,282
17,541
10,226
16.508
,
16,634
St. Louis
5...
9,266
6,020
16.912
...
December
Zinc
Sept.
9,529
7,883
8,527
9,404
12,648
September
("E. & M. J."
11,801
9
United States Steel Corp. Shipments
Average prices for calendar week ended Sept. 7 are: Domestic
copper f.o.b. refinery,
11.025c.: export copper, f.o.b. refinery, 9.854c.; Straits
tin, 60.375c.; New York
lead, 4.900c.; St. Louis lead, 4.750c.; St. Louis
zinc, 6.675c.; and silver, 34.750c.
The above quotations are "M. A M. M
a*' 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.
Copper, lead and zinc quotations are based on sales
for both prompt and future
deliveries; tin quotations are for prompt
delivery only.
In the trade, domestic
copper prices are
quoted on a delivered basis; that is. de¬
livered at consumers' plants.
As delivery charges vary with the
destination, the
figures shown above are net prices at refineries on the
Atlantic seaboard.
Delivered
prices in New England average 0.225c. per pound above the
refinery baste.
Export quotations for copper are reduced to net at
refineries on the Atlantic seaboard.
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 is deducted from f.ajs. basis
(lighterage, Ac.) to arrive at the f.o.b.
refinery quotation.
Due to the
European
war
the usual table of daily London
prices is not available.
Prices on standard
tin, the only
prices given, however, are as follows:
Sept. 5, spot, £25534;
three months, £256%;
-Sept. 6, spot, £256, three months,
£257; Sept. 9, spot, £250, three months,
£253; Sept. 10,
spot, £249, three months, £251%; and
Sept. 11, spot, £248,
three months, £251.
12.2% Above July
Shipments of finished steel products by subsidiary com¬
panies of the United States Steel Corp. for the mooth of)
August, 1940, totaled 1,455,604 net tons. The August ship¬
ments compare with 1,296,887 net tons in the
preceding
month (July), an increase of 158,717 net
tons, and with
885,636 net tons in the corresponding month in 1939 (August)
an increase of
569,968 net tons.
For the year 1940 to date,
shipments were 9,040,889 net
tons compared with
6,469,404 net tons in the comparable
period of 1939, an increase of 2,571,485 net tons.
In the table below we list the
figures by months for vari¬
ous periods since
January, 1929:
1940
1939
1938
January
1.145.592
870.866
570.264
February
1,009,256
747.427
845,108
522.395
931,9 5
627.047
1,563,113
422,117
907.904
771,752
550,551
1,485,231
429,965
464,524
449,418
1,364,801
1.388.407
1.605.510
1,617,302
May...
1,084,057
795,689
509,811
1.443.477
369,882
1,701,874
June
1,209 684
524,994
1.405,078
1,296,887
484.611
615,521
1,315,353
355,575
294.764
1.529,241
July
August
September
607.562
745.364
885.636
1,086.683
1.225,907
316,417
635,645
730,312
1,161,113
875,972
340,610
1,480.008
1,500,281
1,262.874
336,726
1,333,385
749,328
765.868
648,727
299,076
539,553
250,008
1,110.050
931,744
1,455.604
October
1,345,855
1.406.205
1,443.969
November
December
Tot. by mos
Yearly
11,752.116
*44,865
7.286.347 14,184,772
*87,106
4,329,082 16,825.477
*5,237
*12,827
11,707,251
adjust
7.315,506 14,097,666
4,323,845 16,812.650
29,159
Decrease,
at
90.4% of Capacity
Age" of Sept. 12 reported that production of
pig iron in August totaled 4,238,041 net
tons, compared
with 4,053,945 net tons in
July.
On a daily basis the gain
was 4.5% over that in
July, or from 130,772 tons to 136,711
tons in August, the third
highest on record, being exceeded
only by output in November, last
year, at 138,877 net tons
daily, and the record figure of 140,834 tons reached in
May,
1929.
The operating rate for the
industry was 90.4%,
against 86.3% in July.
The "Iron
1929
April.
*
coke
1932
March
Total
August Pig Iron Production Rate
1937
1,268.403
1,252,845
August
Steel
Output
Third
Highest
on
Record
Output of 6,033,037 net tons of open hearth and Bessemer
steel ingots during August represented the ttiird
largest
monthly tonnage in the history of the steel industry, accord¬
ing to a report released Sept. 7, 1940 by the American Iron
and Steel Institute.
The August total ranked behind
only the output in October
and November of last year, and was within
2% of the record
total of 6,147,783 tons produced in November.
Volume
The
151
Production in August was 8% over the July figure of
5,595,070 net tons, and was more than 40% greater than in
August of last year when output amounted to 4,241,994 tons.
During the month just closed the steel industry operated
at an average of 89.72% of capacity, as against 83.40% in
July, and 62.62% in August, 1939.
Steel ingot production averaged 1,361,859 tons per week
in August, compared with 1,265,853 tons per week in July,
and with 957,561 tons per week in August, 1939.
PRODUCTION
OPEN
OF
HEARTH
AND
(Reported by companies which In 1939 made
BESSEMER
from five to six weeks to two
111999343400
Fabricated structural steel awards of
tons include a
steel
Weekly
Weeks in
Net
Per Cent
of Capacity
(Net Tons)
4.43
72.62
1,102,239
13.00
61.04
4.43
84.97
926,505
1,092,867
1,289.723
14,349,019
72.66
1.102,922
13.01
28,678,124
72.64
1,102,581
26.01
July
5,595,070
83.40
6,033,037
89.72
1,265.853
1,361,859
4.42
August
January
3,578,863
52.83
807,870
4.43
February
3,368,915
3,839,127
55.07
842,229
866,620
4.00
14,329,105
3,974,706
4,841.403
5.532,910
First quarter
72.00
April
May
June
70.16
63.42
**
1
4.14
First six months..
..
4.29
4.29
4.43
THE "IRON AGE"
56.67
4.43
10,786,905
54.85
838,795
12.86
April
3.352,774
51.11
4.29
May
3,295,164
3,523,880
48.64
781,532
743,829
821,417
Second quarter
10,171,818
51.13
First six months
20,958,723
52.98
810,155
25.87
52.74
806,522
4.42
62.62
957,561
4.43
August..
3,564.827
4,241,994
September.
4,769,468
72.87
1,114,362
4.28
Third quarter
12,576,289
62.63
957.829
13.13
Nine months
33,535,012
56.23
859,872
39.00
6,080,177
89.75
4.43
November
6,147,783
93.71
December.
6,822,014
86.13
1,372,500
1,433,050
1,317,198
First quarter
June
July
53.71
Sept. 10, 1940,
4.43
4.29
13.01
...
4.29
4.42
......2.236c.I
Fourth quarter
18,049,974
89.83
1,373,666
61,584,986
64.70
989,355
62.14
capacity operated are calculated on
Steel Output for
Year May Break 1929 Record
The "Iron Age" in its issue of Sept. 12, reported that not¬
withstanding a slight moderation in the aggregate volume
on incoming steel business since the first of the month, as
compared with August, steel production this week, estimated
at 92lA% of capacity, is a full point above the pre-hoiiday
rate and 103^ points above last week.
The publication
of the year equals the August rate
1940 total will exceed 64,000,000 net tons,
which would be an all-time record, surpassing that of 1929, when the w>tat.
exclusive of electric and crucible steel, was 62,132,445 net tons.
Pig iron production this year, if continued at the August rate, may
exceed 46,000,000 tons of coke iron, including ferromanganese and spiegeleisen, which would tie the second higaest on record, the 1929 total of these
grades having been 47,159,744 net tons.
The August total of steel ingots, amounting to 6,033,037 net tons, was
the third highest on record, ranking next to those of last October and
November and within 2% of the November record total of 6,147,783 tons.
Last month's average operation was 89.72% of capacity.
Production of coke pig iron in August was 4,238,041 net tons compared
with 4,053,945 tons in July.
The daily rate of 136,711 tons last month was
4H% over the 130,772,ton daily rate of July.
The August total was the
third highest on record, having been exceeded only in November, 1939, and
If steel
production over the remainder
1,361,859 tons weekly, the
May, 1929.
n
There were
on
Dec.
Sept. 1, only one less than the total
1, 1940, but by the latter date the trend of
190 furnaces in blast on
1, 1939, and Jan.
production was downward, while the present trend is still upward. While
there are 235 blast furnaces on the potentially active list, some of these are
in such a state of disrepair that they may never be operated again even in
gain further, however, under the
A possible handicap is coke. By¬
pushed to the limit and larger output of
possible only if higher prices were paid,
which would, in turn, push up pig-iron costs.
An early freezing on the
Great Lakes might force an all-rail movement of ore during the winter.
National defense requirements are spreading in total volume and in the
number of products affected.
For example, wire nails, which have not
been in good demand, will be benefited by the purchase of several thousand
tons for construction of Army cantonments.
Stainless steel, which, on the
other hand, is very active, will be spurred by Army and Navy requirements,
which include 100 tons for spoons for the conscription army.
The five-billion-dollar defense appropriation, which was immediately
followed by the placing of contracts for 200 war vessels of various types,
will call for 498,000 tons of plain steel for these ships, deliveries of which,
however, will be spread over a number of years.
The navy's requirements
an
emergency.
Pig iron production may
impetus of the national defense program.
product coke production is being
beehive coke would probably be
will keep armor
plants busy for at least five years.
engaged in non-military work are
Manufacturers
the longer
and,
becoming impressed by
quoting on a number of products
maintaining their steel inventories at an average of
deliveries which mills are now
accordingly, are
Low
Jan.
Jan.
Apr. 16
May 16
2.2110.
2.236c.
2
3
Pig Iron
One week ago
.....
One month ago
basic Iron at Valley
Iron at Chicago.
Buffalo,
Valley, and
Southern iron at Cincinnati.
Based on average for
Ton
$22 61
22.61
furnace
and foundry
Philadelphia,
20.61
One year ago.....
Low
High
$22.61
22.61
_
Jan. 2
Sept. 12
$22.61
20.61
Jan. 2
Sept. 19
Steel Scrap
(Based on No. 1 heavy melting steel
$19.29| quotations at Pittsburgh, Philadelphia,
Gross Ton
One week ago.............
and Chicago.
18.17
One year ago
15.62 [
Iron
American
steel
one
one
year
ago.
11.4%, from
or
Weekly
having 97%
be 91.9% of
beginning Sept. 9, compared with
one month ago, and 70.2%
This represents an increase of 9.4 points,
the estimate for the week ended Sept. 2,
indicated rates of steel operations since
for the week
week ago,
capacity
Apr. 2
May 12
Steel Institute on Sept. 9 an¬
reports which it had received indi¬
operating rate of steel companies
capacity of the industry will
that
the
of
$16.04
14.08
June 18
Oct. 3
and
nounced that telegraphic
cated
Low
High
$19.92
22.50
1939
89.5%
Aug. 7, 1939, follow:
1940—
1939—
1939—
93.9%
7
60.1% Nov. 20
94.4%
Aug. 14
62.1% Nov. 27
92.8%
Aug. 21
62.2% Dec. 4
Dec. 11
91.2%
Aug. 28
63.0%
Dec. 18
90.0%
Sept. 4.....58.6%
73.7%
Sept 11
70.2% Dec. 25
1946—
Sept. 18
.79.3%
1_._..85.7%
Sept. 25
.-83.8% Jan.
8
86.1%
Oct.
2
87.5% Jan.
Aug
Oct.
Oct.
88.6%'Jan.
90.3% Jan.
90.2% Jan.
910% Feb
92.5% Feb.
93.5% Feb.
9
16
Oct.
23
Oct.
30
Nov.
6
Nov. 13
further states:
of
2.261c.
2.286c.
1940
1940.
weekly capacities
1,517,855 net tons based on annual capacities as of Dec. 31, 1939, as follows:
Open hearth and Bessemer Ingots, 79,353,467 net tons, and in 1939 are calculated on
weekly capacities of 1,529,249 net tons based on annual capacities as of Dec. 31,
1938, as follows: Open hearth and Bessemer Ingots, 79,735,033 net tons.
of
85% of the United States output.
High
82.5%
Total
These products represent
rolled strips.
2.261c. I
One month ago
13.14
JVote—The percentages of
fBased on steel bars, beams, tank plates
wire, rails, black pipe, sheets, and hot
2.261c.j
.
One month ago
The
October
COMPOSITE PRICES
2.261o. a Lb.
One week ago
Sept. 10, 1940, $19.92 a
781,846
melting
Finished Steel
Sept. 10,1940, $22.61 a Gross
1939—
March
year's
steel.
One year ago....-
Second quarter..
grades than No. 1 heavy
Sheppard Act be extended to cover other
4.43
962,699
84.11
boosted scrap prices
composite has this week regained the
recorded in June. No. 1 heavy melting
of $1.25 at Pittsburgh, 37.5c. at Chicago, and 25c. at
The National Defense Advisory Commission has recom¬
President that the scrap licensing provision of the May.
Philadelphia.
1,276,595
1,064,984
6,655,315
4,409,035
4,264,755
Brooklyn.
high rate of activity in steel has
The "Iron Age" scrap
mended to the
March
30,60®
12,000 tons of structural
14,000 tons on inquiry for
steel is up an average
1940—
February
subway in Brooklyn and
previous high of $19.92, which was
Month
Production
Tons
January
a
elevated highways in
Number of
35,500 tons and inquiries for
good deal of defense work, although
let for
was
f urther.
Period—
shell billets.
delays later if rail mills are used for rolling
100%
Calculated
higher totals, and the effect
Railroad buying is light at the
steel specifications.
The continued
Production
assemblies of 194i auto¬
is being felt it*
moment, the chie*
activity of the past week having been the placing of 21 Diesel-electric
1
ocomotives, of which 18 are for the Milwaukee Road, but further equip¬
ment purchasing is expected soon.
Rail orders are also looked for within
30 days, and some roads may specify early deliveries in order to escape
mobiles will move rapidly into
production)
Calculated Monthly
"
months."
Ford and Chevrolet now in production,
With
demaPQJieliverie5
in greatest
On those products which are
about 90 days.
range
STEEL INGOTS
97.97% of the open hearth and
of the Bessemer Ingot
1497
Commercial & Financial Chronicle
15
22
29
5
12
19
84.8%
82.2%
77.3%
71.7%
68.8%
67.1%
Feb.
Mex.
Mar. 25
Apr.
Apr.
Apr.
May
May
Business in most
July
1
July
8
June
17
June
24
617% July 15
61.3% July 22
60 9% July 29
60.0% Aug. 5
61.8% Aug. 12
65 8%, Aug. 19
70.0% Aug. 26
73.0% Sept. 2
76.9% Sept. 9
1
8
15
22
29
6
13
May 20
May 27
3
84.6%
87.7%
86.6%
74.2%
86.4%
86.8%
88 2%
90.4%
90.5%
89.5%
89.7%
91.3%
82.6%
91.9%
80.3%
June
"Steel" of Cleveland, in its summary
markets, on Sept. 9
June
62.4%
60.7%
Mar. 18
Apr,
10
65.9%
64.6%
64.7%
4
Mar. 11
Apr.
1940—
■
26
of the iron and steel
stated:
steel products is tending
upward, following a moderate
dip in some directions during August.
All indications
near-capacity production for an extended period.
point to maintenance
of
the level pre¬
plants did not
for the holiday, shutdowns weTe sufficiently general to cause a Ap¬
drop in the national average last week to 82%.
The rate a year
this week is scheduled to return to near
vailing prior to the Labor Day interruption.
Although all
Ingot
close
point
ago was
output
62%.
Pressure
for raw
material supplies continues heavy.
Pig iron production
4,060,513 tons, largest for any month since July, 1929.
Daily average output of 136,599 tons compares with 130,984 tons in
July and 96,122 tons a year ago.
Production the first eight months this
year was 29,343.880 tons, against 19,642,202 tons a year ago and 30,116,405
tons in the 1937 period.
Net gain for the month of three blast furnaces
brought the total number of stacks in blast on Aug. 31 to 190.
This
compares with 138 a year ago and with the most recent peak of 191 last
in
August totaled
December.
defense remain important factors in steel demand.
structural shape awards last week to near the year's
best level resulted partly from large orders for plants to be devoted to
armament manufacture.
These included 3,920 tons for Consolidated Air¬
craft Corp., San Diego, Calif.; 3,495 tons for navy yard work at Norfolk,
Va.; 3,000 tons for Pratt k Whitney division, United Aircraft Corp.,
Ilartford, Conn.; 1,500 tons for Bath Iron Works Corp., Bath, Me., and
1,000 tons for Allison Engine division, General Motors Corp., Indianapolis.
Among other large structural orders were 14,000 tons for a Brooklyn
subway and 4,380 tons for two New York high schools.
Heavy steel needs of Great Britain, particularly for semi-finished ma¬
terial, largely are responsible for continued active exports.
Rolled steel
production for export recently has averaged 20% of total output, and of
this foreign tonnage more than 40% has consisted of semi-finished products.
In recent months a larger percentage of total steel production has been
destined for abroad than was true during 1917 and 1918.
Railroad equipment buying is far from brisk, but fairly large steel
tonnages are moving to car interests and railroad shops for repair work
or
new units.
The Erie has ordered 4,000 tons of rails, and the Union
Pacific is inquiring for 2,000 underframes for box cars it will build.
Equipment orders include 18 Diesel-electric switchers for the Milwaukee
road. 125 logging cars for the Atlantic Coast Line, and 100 gondolas for
the Duluth Missabe & Iron Range.
War
A
sharp
and
national
increase in
1498
The Commercial & Financial
Chronicle
Automotive
of
sheets,
steel
releases
strip and
baro.
active,
are
New
Increasing 12,000 units last
contributing
model
assemblies
week to 39,005.
to
are
New
schedules of extras have been
The
latter
becomes
issued
effective
movement
expanding steadily,
26,865 a
This compares with
year ago.
steel.
better
plates and hot-rolled alloy
on
Oct.
1.
These
revisions
result
in
slightly higher charges on certain grades and sizes of the
products involved.
Changes in extras on other products are reported under
consideration.
Tin-plate orders and production continue to
decline, output last week
being off 6 points to 48%.
Shipments are steady, but heavy stocks and
the approach of a quieter
consuming period result in lower mill operations.
Pig iron deliveries ore increasing
gradually, influenced by improved
foundry operations.
Users are fairly well covered and
forward buying
continues light,
although tonnage for fourth-quarter shipment is
being
accepted at current prices.
A leading seller has reaffirmed
present quota¬
tions
on
ferro-manganese
and other ferro-alloys for next
period.
Scrap
rise, boosting the composite 34c. last week to
$19.50.
steelmaking districts experienced curtailed operations last
prices continue
Most
to
town,
18
points
to
Chicago showed losses
of
Other reductions
9
80%
were
14%
points
to
72%
and
points to
75% at Youngs81% at Cleveland,
at
Wheeling, 9 points to
9 points to
68% at Cincinnati, and 10 points to
79% in eastern Pennsyl¬
vania.
Unchanged were Birmingham at 88%, Buffalo at
80%%, and
St. Louis at
80%.
Detroit increased 1 point to
94%, and New England
was up 5
points to 85%.
Week with the
The
Federal
During the week ended Sept.
balances increased $72,000,000.
Reserve
Banks
11 member bank
arose
Additions to member bank
from
$9,000,000 in
deposits and other Federal Reserve accounts.
of member banks on
Sept. 11 were esti¬
mated to be approximately
$6,540,000,000, an increase of
$50,000,000 for the week.
reserves
The statement in full for the week ended
Sept. 11 will be
on pages 1528 and 1529.
Changes in member bank reserve balances and related
items during the week and year ended
Sept. 11, 1940, follow:
found
Increase (+>
Sept. 11, 1940
$
Bills discounted
9,000,000
—3,000,000
38,000,000
2,485,000,000
20,981,000,000
Treasury currency
3.038,000,000
Member bank reserve balances
..13,596,000,000
Money In circulation
8,080,000,000
Treasury cash
2,287,000,000
Treasury deposits with F. R banks..
762,000,000
1,000,000
-5,000,000
+ 8,000,000
-388,000,000
+ 37,000.000
+ 4,173.000,000
+ 2,000,000
+127,000,000
+2,070,000,000
+845,000,000
+60,000,000
+147,000,000
+ 72,000,000
—12,000,000
—5,000,000
—29,000,000
Nonmember deposits and other Fed¬
1,780,000,000
Returns of Member Banks in
+ 9,000,000
New York
Chicago—Brokers' Loans
+791,000,000
City and
Below is the statement of the Board
of Governors of the
Federal Reserve System for the New
York City member
banks and also for the
Chicago member banks for the cur¬
rent week, issued in advance of full
statements of
ber banks, which will
Monday.
the
not
be
available
until
the
mem¬
CITIES
(In Millions of
1940
Assets—
Loans and
5
Investments—total..
Commercial,
Industrial
S
—3%
47%
—10
71
45
+4
38
+ 3
51
+ 5
79%
+ 6%
78%
+ 8%
80
+ 5
1936
71
Sevt. 4
Sept. 13
1940
1940
1939
$
$
$
$
+2
68
+ 1%
73%
52
+ 2
42
+
1
60
+ 1
19%
+
22
1933
1%
40
—2
2
41
1932
15
1931
30
58
84%
-
-
Loans to banks
8,361
2 301
2 303
2 136
2,858
623
617
555
441
433
371
80
—3
64
Returns of Member
Reserve System for the
+
+
—
79
+
—
Banks
of Governors of the Federal Reserve
2
28
52
+ 1
81
—1
2
81
3
60
+ 2%
—3
of
System respecting the
Holdings of United States Treasury bills declined
$7,000,000 at all report¬
Holdings of Treasury notes declined
$15,000,000 in
ing member banks.
New York City and $18,000,000 at all
reporting member banks.
obligations guaranteed by the United States
Government
Demand
deposits-adjusted
decreased
$55,000,000 in New York City,
$22,000,000 in the San Francisco
district, $16,000,000 in the Richmond
district, $15,000,000 in the Phila¬
delphia district, and $152,000,000 at all
$37,000,000
in
the
Chicago district,
reporting member banks.
Time
deposits increased $16,000,000 in New York
City and $18,000,000 at all
reporting member banks.
Deposits credited to domestic banks increased
$14,000,000 each in New
York City, the Cleveland
district, and the Chicago district, $11,000,000 in
the Kansas City
district, $10,000,000 each in the Boston and Richmond
districts, and $113,000,000 at all
reporting member banks.
Deposits
credited to foreign banks decreased
$9,000,000 in New York City and $12,000,000 at all reporting member banks.
A summary of the
principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended
Sept. 4,1940, follows:
Increase
Sept. 4, 1940
Assets—
$
Loans and investments—total
Loans
for
purchasing
+17,000,000
+ 405,000,000
—5,000,000
—20,000,000
+ 27,000,000
—250,000,000
463,000,000
1,219,000,000
48,000,000
1,672,000,000
705,000,000
2,095,000,000
6,561,000,000
—1,000,000
—49,000,000
+ 45,000,000
+ 2,000,000
or
carrying securities..
Real estate loans..
...
Other loans...
19
Treasury bills
33
Treasury notes
United States bonds..
Obligations
67
18
14
"_58
"_68
""51
43
38
392
377
330
323
226
297
guaranteed by United
States Government
Other securities
25
$
+1,799,000,000
+261.000,000
390,000,000
22
59
$
(—)
Sept. 6, 1939
4,480,000,000
294,000,000
paper.
27
18
or Decrease
Since
+31,000,000
+57,000,000
to brokers and dealers in
loans
(+)
Aug. 28, 1940
24,188,000,000
8,566,000,000
securities
22
59
Holdings
increased
$13,000,000 in New York City and
$14,000,000 at all reporting member
banks.
Holdings of "Other securities" declined
$15,000,000 in the San
Francisco district and $14,000,000 at all
reporting member banks.
25
118
Federal
The condition
115
178
the
statement of weekly
reporting member banks in 101 lead¬
ing cities shows the following principal
changes for the week ended Sept. 4:
Increases of $17,000,000 in
commercial, industrial and agricultural loans,
$27,000,000 in loans to brokers and dealers in
securities, and $113,000,000
in deposits credited to
domestic banks, and a decrease of
$152,000,000 in
demand deposits-adjusted.
430
162
+2
2
3
body of reporting member banks of the
Federal Reserve System for that week ended
with the close
of business Sept. 4:
77
124
%
Preceding Week
returns of the entire
281
124
+ 2%
-2%
As explained above, the statements of the
New York and
Chicago member banks are given out on
Thursday, simul¬
taneously with the figures of the Reserve banks themselves
and covering the same
week, instead of being held until the
following Monday, before which time the statistics
covering
the entire body of
reporting member banks in 101 cities
cannot be compiled.
In the following will be found the
comments of the Board
285
163
+ 2%
—
15%
65
88
Loans to banks
1,615
393
Other loans
—
33
+2
—1%
+ 2
62
1928
76
Loans to brokers and
dealers..
Other loans for
purchasing or
carrying securities
Real estate loans
+ 1%
1930...
1927
38
14
1929
Other
9,599
2,765
1,691
+ 1
21
cultural loans
1939
—2%
1934
Open market
9,678
1,742
paper
60
1938
1937
Commercial, industrial, and agri¬
Chicago
Sept. 13 Sept. 11
and
agricultural loans
Open market
Sept. 4
1940
2,826
Loans—total
88
1939
—14%
Loans— total
Dollars)
New York
City
Sept. 11
79
coming
ASSETS AND LIABILITIES OF
WEEKLY REPORTING
MEMBER BANKS
IN CENTRAL RESERVE
-
Independents
—7%
-
of
—390,000,000
Other reserve bank credit
Total Reserve bank credit.......
Gold stock
eral Reserve accounts..
—2,000,000
—1,000,000
U. S. Government securities, direct
and guaranteed
*
2,434,000,000
advances (not Including
Industrial
58,000,000 commitments—Sept. 11
(—)
5
—1,000,000
U. S. Steel
84
Sept. 13, 1939
5
5,000,000
--
Bills bought...
or Decrease
Since
Sept. 4, 1940
Industry
1940
Complete
non-member
Excess
U. S. Steel
is estimated at 79%, against 93
%% in the week before, and
93% 2 weeks ago.
Leading independents are credited with 88%,
compared
90% % in the preceding week and 89% 2 weeks ago.
The following table gives a comparison of the
percentage of production
with the nearest corresponding week of
previous years, together with the
approximate changes, in points, from the week immediately
preceding:
with
reserve
decreases of $12,000,000 in
money in
circulation, $29,000,000 in Treasury deposits with Federal
Reserve banks, and $5,000,000 in
Treasury cash, and in¬
creases
of $37,000,000 in gold stock ana
$2,000,000 in
Treasury currency, offset in part by a decrease of $5,000,000
in Reserve bank credit and an increase of
reserves
1940
14
ingot production for the week ended Sept. 9, (in¬
cluding Labor Day), is placed at 84% of capacity, according
to the "Wall Street Journal" of
Sept. 12.
This compares
with 91
in the previous
week, and 90^% 2 weeks ago.
The "Journal" further reported:
1935
week.
Roth
Pittsburgh and
8^%%, respectively.
Sept.
Steel
1,046
301
193
Reserve with Fed. Res. banks
Cash in vault
1,047
812
2,668
158
158
244
a2,655
Balances with domestic
banks.....
2,153
722
728
Government...
1,374
al,373
1,436
1,098
1.214
143
143
155
Demand
1,434
358
356
325
Time deposits
6,391
6,401
5 699
1 219
85
1 189
1 011
84
79
43
80
'43
81
'41
72
326
257
259
223
324
375
46
46
50
9,681
9,672
8,195
730
1,981
1 953
497
+128,000,000
—7,000.000
+ 237,000.000
—59,000,000
—1,000,000
+ 671.000,000
2,596,000,000
3,665,000,000
11,418,000,000
—14,000,000
+377,000,000
+312,000,000
—31,000,000
+ 2,050,000,000
+14,000,000
1 760
730
+10,000,000
—18,000,000
664
Reserve with Fed. Res.
banks..
Cash in vault
+ 4,000,000
+ 8,000,000
Treasury bills
Treasury notes
United States bonds
Obligations
guaranteed
United States
Other securities
by
the
Balances with domestic
banks..
Other assets—net
United States Govt,
deposits...
'
Foreign banks
647
506
35
*507
35
48
94
94
63
3,707
3,654
3,308
1,008
1 011
848
618
617
649
7
6
13
296
286
~264
~~13
1,493
~~13
1,495
~~ii
1,475
257
256
266
Borrowings
Other liabilities
Capital accounts
a
Revised figures.
deposits—adjusted.
United States Government
deposits
Xnter-banfc deposits*
Domestic banks.
1
Foreign banks
Borrowings
Inter-bank deposits:
Domestic banks
—17,000,000
+ 28,000,000
—30,000,000
+358,000,000
20,901.000,000
5,358,000,000
531,000,000
—152,000,000
+ 2,861,000,000
+18,000,000
+123,000,000
+3,000.000
—9,000,000
8,505,000,000
670,000,000
+113,000,000
+1,159,000,000
—12.000,000
—42,000,000
—1,000,000
—1,000,000
HabUilies—
Liabilities—
Demand deposits—adjusted
Time deposits
491,000,000
3,171,000,000
Monthly Statement
of Condition of Bank for Interna¬
tional Settlements as of June
30, 1940—Report for
Year Ended March
31, 1940
The monthly statement of condition of the Bank
for Inter¬
national
Settlements as of June 30, 1940, compared as fol¬
lows with the previous month and a
year ago, according to
Volume
"
in nearest millions of Swiss
ures
Sept. 8
of
Following
(fig-
present a tabulation of
we
the monthly figures
since January, 1938:
francs)
June 30,
June
May 31,
1940
1940
Assets—
1499
Financial Chronicle
&
The Commercial
151
30,
SUMMARY
1939
VALUE OF IMPORTS AND TOTAL
THE YEARS 1939 AND 1938, AND
SHOWING THE
TABLE
EXPORTS FOR EACH MONTH IN
Gold
29.7
28.9
62.6
THE COMPLETED MONTHS
Cash
42.2
46.1
23.2
OF BULLION AND SPECIE
Sight funds at Interest
16.6
16.4
22.4
112.7
32.7
113.3
144.5
30.4
80.9
21.4
21.8
51.2
41.0
Jan
...
84,879.549
75,571 817 104.961,147
45,984,546
47.0
31.4
65.2
37.0
Feb...
OF THE CURRENT YEAR,
Redlscountable
bills and acceptances:
Commercial bills and bankers' acceptances.
Treasury
bills
Not exceeding three months
Sundry investments...
Treasury
Sundry investments
Over six months—Treasury bills
...
Sundry investments
Other assets
73,707,229
May
75.398.794
78,541 325 105,552,962
42,276.828
45.341.989
37.2
23.9
June
76,540.222
41,880.695
47,285. 713 48,713,558
44,203, 023 38,215,027
27.5
73,897.551
87,007,530
42,025,182
44.080, 278 33,008,508
2.4
1.6
July...
Aug...
Sept
82.174 759
78.279 673
90.779,141
2.5
74,112,624
74,991,477
81.096 706
41.375.626
41.565 345
49,924 ,267
43,846.909
25.457, 923
Oct
79.078,903
61.841 ,464
48.005,979
26.620, ,986
83.988 .000
86,582 440
48.037.135
40.105, ,404
43,877,133
42,670 ,205
125.0
125.0
25.5
255.1
30.7
33.1
87.6
own
account—Sight
1.5
1.4
0.9
12.0
13.3
Miscellaneous items
36.4
36.2
36.5
their
annual
large
the financial year
report for
submitted at the annual
was
measure
tendency among the various
the
to
banks, in present disturbed conditions, to maintain
foreign
reserves
gold or as direct deposits
either in
national
is
satisfactory
for
the
board
according to the report, sufficient
recommend the annual dividend of 6%
to
(without drawing on the Special Reserve Fund), which the
general meeting approved; this fact was reported in our
issue of June 1, page 3435.
In his concluding remarks
President McKittrick says:
t
are
in
overshadowed by the necessities of war.
now
and
economic
not
financial
it must be hoped, be only temporary
systems will,
taking place
are
war
necessarily
the
post-war
created
generation
the
by
in
escapes
and
war
large
is remarkable
will
in
turned
to
the problems
for
military
and
analysis
world
in
which
no
a
situation
end
the
reasonable
amount
of
all
feel
the
the
minds in
desire
manner
of
is,
of
impact
of
but
problems
the
expiration of the time limit for depositing the bank¬
referred to in these columns Aug. 24, page 1068
The
and Aug. 31, page
1208.
Named Governor of Bank of France
Yves de Boisanger
Yves Breart de Boisanger
financial organization
which
Vichy, France, Sept. 1 the following
M.
at
nations
of
skill
de
official
after
M.
as
the possibilities of presenting
end of the war should be
to
Finance
the
M.
Later
Finance.
cooperate
and
organize the
the
decisive
factor
achieve
results;
but,
the
without
hand for the pressing
Pays United States $87,168 Representing 40%
1938, on 4% Loan of 1929
by the Treasury in the
previous payments made on account
same
manner
of the amounts due during
the
period since 1932 were received by the United States, namely, with¬
out
prejudice to the contractual rights of the United States which are set
forth in Part II of the debt agreement of May 10, 1929, and in accordance
with the position of the
United States
as
stated in the note addressed by
Secretary of State to the Greek Minister at
de Boisanger was
appointed first Vice Governor of
Decline
in
Washington
Great Britain's
Interests
Certain
of
on
Foreign
Firms
Transferred
to
Transfer of the interests of certain
British firms to Australia
Sept. 8 to have been undertaken under pres¬
sure from the British Treasury, it is learned from a Associated
Press Sydney dispatch, which adds:
was
reported
on
The Treasury
purchase of
of Australian
the manufacture of aircraft and certain armaments and
has
a
towfold purpose—conserving dollars for
United States and assisting the development
armaments in the
Sweden
and
,
and
Credit
and credit agreement between
The signing of a new trade
Sweden and Soviet Russia, in
which Sweden extends a credit
100,000,000 kronor (about
of
Trade
Russian Sign New
Agreement
$24,000,000), was announced
Sept. 8 at Stockholm and at Moscow, reports the As¬
sociated Press.
The credit extends five years at 4^%
on
interest.
A total of
is
The advices continued:
150,000,000 kronor (about
-
$36,000,000) in trade and exchange
provided for in the agreement,
period. Sweden expects
and import about
$18,000,000 worth of goods from her this year, as against exports of some
$4,000,000 and imports of around $3,000,000 in 1938.
Sweden's most important acquisitions in the deal will be oil and grain,
with the Soviet buying machine tools and wheels, axles and other railway
Russia may apply her
to
export about
credit over a two-year
$24,000,000 worth of goods to Russia
materials.
Dec. 8, 1936
Agent for Province of Santa
tina)
4% Bonds of 1939—Time
Readjustment Plan Extended
Trade in
and exports, after dropping markedly in
June, from preceding months, fell off further in July.
Of
course, following the surrender of France in June, nearly
all of the Continent was cut off from trade with Great
Britain, and this probably accounts for most of the decline.
Imports of £87,007,530 compare with the war time peak of
£109,985,390 reached in April, but remain above the corre¬
sponding months of 1939 and 1938 when £78,279,673 and
£73,897,551, respectively, was imported. Exports, however,
dropped to only £33,008,508 in July compared with the war
peak of £52,734,113 in April last, £44,080,278 in July, 1939,
and £42,025,182 in July, 1938.
British imports
British
Australia
**»»»►> July
|
Villard, who has been a Vice Governor
of credit.
New Exchange
Further
leading
Bonnet's chief aide
Embassy to become Minister of
He is succeeded in that post by Rene
given the
Secretary of the Treasury Morgenthau, announced on
Sept. 6 that the Federal Reserve Bank of New York, at the
direction of the Bank of Greece, for account of the Greek
Government, paid to the Treasurer of the United States on
Sept. 3 the amount of $87,168, representing payment by
Greece to the United States of 40% of the semi-annual
interest amounting to $217,920 due on Nov. 10, 1938, on
the 4% loan of 1929 made under the agreement of May 10,
1929.
The Secretary's announcement added:
as
He was Georges
the Bank of France.
selfsufficiency in
has been received
is also taken:
old, had been for several years a
the Washington
left
Bonnet
years
Ministry,
to
the
course,
can
43
Boisanger,
of
will
of Interest Due Nov. 10,
amount
has been appointed Governor
it was annouced Sept. 1, replacing
Pierre Fournier, who becomes honorary Governor.
From a wireless dispatch to the New York "Times" from
munitions, it was stated.
This
considered.
England's circulation is evidence
the dehoarding of notes resulting from the embargo has not
position to any important extent.
Its influence should, how¬
over a longer period, although it will be disguished by the
notes was
more
reconstruction.
Greece
hardship only will such offers be
decline in the Bank of
nearly all nations have
will to cooperate, adequate means should be ready at
work
observer;
immediate
Apart from certain data kept secret
over.
prevaling
specialized
be felt
in charge
men's
of national institutions,
of the
the
In
great.
is
far,
so
relaxed.
internal fluctuations of the note issue.
problems in the various countries is not inconsiderable,
and, with the help
an
war
future life
similar reasons, the amount of information available
or
the tendencies
addition
of economic and
beset the world when the
the
contemporary
face
to
on
...
what extent
to
exceptional
of
cases
affected this
fundamental
more
What these developments may
the
measure
have
will
deep-seated long-trend changes.
It
doubt
no
which will have repercussions
only of Europe but of the whole world.
be
Much of the intensi¬
control, the diversion of trade and the disruption of the
character; but below the tumult of the
changes
In
considerable quantities of foreignin the hope that
continue to be offered banks
of the Bank of France,
In a large part of the world ordinary economic and financial considera¬
government
.
imports may be
on
This week's trifling
still to maintain a high degree
contingencies, were,
fied
the official ban
Banks
London wireless dispatch of Sept. 8
a
held Bank of England notes
The net earnings of the Bank, after providing
for
following is
Although the time limit has expired,
ever,
liquidity."
tions
The
that,
"it
England Notes Still Being Offered to
Although Time Limit Has Expired
of
to the New York "Times":
be made.
that
adds
tions without difficulty and
of
Bank
that the Bank for Inter¬
Settlements has been able to meet all its obliga¬
with banks in the markets where payments have to
He
x532279966lz484.731,554
y
ended
general
meeting held in Basle, Switzerland, on May 27, was recently
received by us.
Thomas H. McKittrick, President of the
institution, states in the report that the balance-sheet total
declined from 606,500,000 Swiss gold francs on March 31,
3939, to 469,900,000 Swiss gold francs on March 31, 1940,
Bank's
31, 3940, which
77,973,618
74,132,368
x Includes United Kingdom produce and manufactures and Imported merchandise,
Corrected total for year,
z Uncorrected figures.
* Corrected fleure.
The monthly totals are revised when full information as to dutiable Imports Is
available, and corrections are made In the total for each year on the completion of
the "Annual Statement of Trade."
2.8
Sight deposits, gold
...
Total y 919,508,933 z885,943,767
17
0.8
12.2
central
.
Dec
Central banks for the account of others-—
in
..
Nov...
25.1
229.0
Sight
Other depositors
46.557. 865 45.053.511
39,728, 564 52.734,113
April..
229.0
deposits
44,075. 551 44,730,987
42,824. 539 39.835.044
47.4
125.0
up..
Central banks for their
due
84,853,649
47,623.642
59.1
Short-term and sight deposits:
The
43.086.428
32.6
25.5
March
95,638,991
..
Reserves
Long-term
65.515 512
7.9
Liabilities—
Capital paid
75,793,898
77,976 374 108.543.364
70,084 789 *109985390
2.4
...
£
March.
3.6
81.0
46.6
2.5
bills
1940
1939
£
Between three and six months:
,
1939
1938
1938
1940
33.0
Sundry bills and Investments:
Maturing in three months—Treasury bills.
Exports x
Imports
Time funds at interest:
EXCLUSIVE
The Province of Santa Fe,
for
Fe (Argen¬
Accepting
Argentine Republic, announced
Sept. 12 through Joaquin Argonz, its Minister of Finance,
that the Chemical Bank & Trust Co. of New York has
succeeded the Manufacturers Trust Co. as exchange agent
under the offer of the Province to issue $8,859,200 of its 4%
on
external guaranteed sinking fund dollar bonds dated March 1,
1939 and due March 1, 1964 to holders of outstanding 7%
dollar bonds
of the Province and 7% dollar
bonds of the
City of Santa Fe guaranteed by the Province.
The Province also announced an extension of
offer
was
the time for
offer to and including Oct. 18, 1940.
given in these columns of Sept. 23, page 2095.
acceptance of the
The
The Commercial & Financial Chronicle
1500
Short Interest
New York Stock
on
Exchange Decreased
interest existing
change as of the close
ment
the New
on
of business
date, as compiled
York Stock Ex¬
from information obtained
by the
Total number of reports received.-----
dealers'
odd-lot
83,922 shares
Of
the
there
1.
20
issues
in
which
in
or
which
a
change
chares
occurred
The
number
in
the
the
on
interest
of
short
interest
than
more
4.
52
626
Reports showing no transactions
654
by specialists in the stocks In which they are registered and the round-lot trans¬
resulting from such odd-lot transactions are not segregated
the specialists' other round-lot trades.
On the New York Stock Exchange,
on the other hand,
all but a fraction of the odd-lot transactions are effected by
actions of specialists
from
In the odd-lot business.
dealers engaged solely
actions of specialists In stocks In which they are
2,000
As a result, the round-lot trans¬
registered are not directly com¬
parable on the two exchanges.
during the month.
of
issues
which
in
a
was
reported
as
The number of reports in the various classifications may total more than
of
the number of reports received because a
379, compared with
was
in
more
TOTAL
In the following tabulation is shown the short interest
existing at the close of the last business day for each month
since
178
Note—On the New York Curb Exchange, odd-lot transactions are handled solely
July 31.
on
31
101
the
floor
on Aug. 30,
5,000 shares
than
position of
Aug. 30, exclusive of odd-lot dealers' short position,
369
Exchange
more
short
829
-----——
3. Reports showing other transactions Initiated off
54,280 shares, compared
The announcement added:
short
a
Reports showing transactions as specialists
Reports showing other transactions Initiated on the
floor
was
July 31.
1,230 individual stock issues listed
were
existed,
accounts
on
Curb
Exchange
1.063
185
189
—--—-
2.
excluding short positions carried in the odd-lot accounts of
all odd-Jot dealers, the Exchange announced on Sept 11.
As
of the Aug. 30 settlement date, the total short interest in
with
New York
Stock
Exchange
Exchange from its members and member firms, was 474,033
shares, compared with 479,243 shares on July 31, both totals
all
their respective
New York
Aug. 30 settle¬
the
on
1940
classified as follows:
These reports are
members.
14,
weekly reports filed with the New-
The data published are based upon
York Stock Exchange and the New York Curb Exchange by
During August
The short
Sept.
than
single report may
carry entries
classification.
one
THE NEW YORK
SALES ON
ROUND-LOT STOCK
STOCK
(SHARES)
Week Ended Aug.
April 29, 1938:
31, 1940
Total for
1938—
1939-
Apr. 29
June 30
1,384,113
1,343.573
-.1,050,104
May 31
1939—
Week
Jan.
31
447.543
Nov. 30
479,344
Feb.
28
536,377
Dec
381,689
29
EX¬
CHANGE AND ROUND-LOT STOCK TRANSACTIONS FOR ACCOUNT
OF MEMBERS *
Per
Cent
a
Total round-lot sales:
A.
Short sales
79,410
1,970,880
Mar. 31
529.559
29
833.663
Apr. 28
*062,313
Jan.
31
454,922
Aug. 31
729.480
May 31
667,804
Feb.
29
485.862
Sept. 30
688.345
June 30
651.906
Mar. 29
488,815
Oct.
669.630
July
31
Aug. 31
481.599
Apr.
530.594
B. Round-lot transactions for account of members, except for
the odd-lot accounts of odd-lot dealers and specialists:
1. Transactions of specialists In stocks in which they are
July
28
Nov. 29
587,314
Dec. 30
500.961
*
1940—
30
May 31
428.132
570,516
June 28
446.957
523.220
■.
Sept 29
Oct. 31
July
31
Aug. 30
Total sales.--
479,243
435.273
Revised.
2,050,290
231,060
registered—Total purchases
474,033
Short sales
Other 8ales.b.
Odd-Lot Trading
on
Total sales
New York Stock'Exchange During
Sept. 7 A
32,810
167,300
200,110
10.51
Week Ended
2. Other transactions Initiated on the floor—Total purchases
On
Sept.r 13, the Securities and Exchange Commission
for the week ended Sept. 7 of com¬
plete figures showing the volume of stock transactions for
•
Short sales
made public a summary
the
odd-lot
of
account
who handled odd lots
continuing
all
on
odd-lot
dealers
and
the New York Stock
163,250
9,900
111,530
Other sales.b.
Total sales
specialists
121,430
3. Other transactions Initiated off the floor—Total purchases
Exchange,
Short sales—
series of current figures being published by
the Commission.
Figures for the previous week ended
Aug. 31 were reported in our issue of Sept. 7, page 1365.
The figures are based upon
reports filed with the Commission
by the odd-lot dealers and specialists.
a
10,030
79,400
Other sales.b.
89,430
Total sales
,
4. Total—Total purchases.
TRANSACTIONS FOR THE ODD-LOT ACCOUNT OF ODD-LOT
DEALERS AND SPECIALISTS ON THE NEW
YORK STOCK EXCHANGE
52,740
358,230
Other sales.b.
Total sales.
Week Ended Sept. 7, 1940
3.99
468,330
Short sales
STOCK
6.94
74,020
410,979
21.44
Total
for Week
Odd-lot sales by dealers (customers'
purchases):
Number of orders
YORK
30UNT
17,566
-
Number of shares
CURB EX-
BERS •
OF
MEM-
(SHARES)
Week Ended Aug.
482,717
31, 1940
Total for
Dollar value
15,857,806
Per
Week
A.
Cera a
Total round-lot sales:
Odd-lot purchases by dealers
(customers' sales):
Number of orders:
Short sales
3,265
263,830
Other sales.b-
Customers' short sales
384
Customers'other sales.a
Total sales.
17,016
Customers* total sales.
.
17,400
267,095
Round-lot transactions for the account of members:
1. Transactions of specialists In stocks In which they are
B.
Number of shares:
registered—Total purchases
Customers'short sales.--Customers' other sales.a
10,690
Customers' total sales
1,885
45,885
Other sales.b.
446,361
Dollar value
28,250
Short sales
435|671
Total sales
13,690,270
47,770
-
2. Other transactions Initiated
Round-lot sales by dealers:
Number of shares:
on
the floor—Total purchases
Short sales
Short sales
Other sales, b
84,360
Total sales.
6,350
Total sales
84,370
Round-lot purchases by dealers'
Number of shares..
600
Other sales.b.
10
6,950
3, Other transactions initiated off the floor—Tota 1
purchases
2.59
6,845
Short sales
110,790
460
Other sales.b.
Sales marked "short
exempt" are reported with "other sales."
b Sales to offset customers'
odd-lot orders, and sales to liquidate a
long position
which Is
14.23
6,860
12,190
a
less than
a
round lot
are
Total sales
reported with "other sales."
12,650
4. Total—Total purchases.
Short sales
Member
Trading on New York Stock and New York
Exchanges During Week Ended Aug. 31
3.65
41,956
2,945
64,425
Other sales.b.
Curb
The
Securities
yesterday
and
Exchange Commission made public
(Sept. 33) figures showing the volume of total
round-lot stock sales
on
the New York Stock
the New York Curb
of these
a
series
in
Short sales
these
are
figures.
shown
separately from other
Trading on the Stock Exchange for the account of
bers during the week ended
Aug. 31 (in round-lot
actions) totaled 410,970 shares, which
of total transactions
This compares with
week ended
on
the
amount
was
mem¬
trans¬
Exchange of 2,050,290 shares.
trading during the previous
Aug. 24 of 352,530 shares, or 22.48% of total
The
Commission made available the
following data for
the week ended Aug. 31:
•
The term
20.47
98
29,905
——
30,003
Total sales-.
15,154
"members" Includes all
Exchange
members, their firms and their
partners. Including special partners
a
Shares in members'
transactions
per cent
as
of twice total round-lot volume.
In calculating these
percentages, the total of members' transactions is compared
with twice the total round lot volume on the
Exchange for the reason that the total
members'
transactions Includes both purchases and sales, while the Exchange
volume Includes only sales
b Round-lot short sales which are
exempted from restriction by the Commlsakm
rules are included with "other sales."
c
member
trading of 1,620,210 shares.
On the New York Curb Ex¬
change member trading during the week ended
Aug. 31
amounted to 67,370 shares, or
20.47% of the total volume on
that Exchange of
267,095 shares; during the preceding
week trading for the account of
Curb members of 58,275
shares was 20.19% of total
trading of 284,260 shares.
-
Total purchases.
of
21.44%
67,370
Customers' other sales.c.
Exchange and
Exchange for the account of all members
exchanges in the week ended Aug. 31, continuing
of current
figures being published weekly by the
Commission.
sales
Total sales.
C. Odd-lot transactions for the account of
specialists:
Customers' short sales
Sales marked "short exempt" are included with "other sales."
New
York
Curb
Exchange
in
The total
York Curb
as
of
short
Interest
position of stocks dealt in
Increased
the New
on
Exchange for the month of August, 1940, reported
Aug. 30,
1940,
with 8,793 shares
nounced
Short
August
as
amounted
reported
by the Exchange
on
to
on
9,846
shares,
compared
July 31, 1940, it
Sept. 11.
was
an¬
1501
& Financial Chronicle
The Commercial
151
Volume
Company
July 31
Aug. 30
International Mining Corp
1,525
International Silver Co
884
Segal Lock & Hardware Co., Inc
Standard Cap A Seal Corp., common
Wright Hargreaves Mines, Ltd.
Kaufmann
753
68,902
Lehman Corp
,
common
,
5% cum. preferred-
common
Macy (R. H ) & Co
.
common
Pan American
Listed on New York
Exchange Aug. 31 Above July 31
Market
of
Value
Bonds
Stock
business Aug. 31, 1940, there were 1,348
aggregating $53,913,969,826 par value listed on
the New York Stock Exchange with a total market value of
$49,238,728,732, the Exchange announced Sept. 7.
This
compares with
1,350 bond issues aggregating $53,431,113,428 par value listed on the Exchange July 31 with a
total market value of $48,601,638,211.
In the following table, listed bonds are classified by govern¬
mental and industrial groups with the aggregate market
value and average price for each.
Arer.
Market
Aver.
Value
Price
Value
Price
Brass, Inc., common
Revere Copper &
Class A
34,594,279,668
cities,
U. S. Govt. (Incl. States,
United States Companies—
Autos and
Financial
Seaboard Oil Co.,
Sheaffer (W. A.) Pen
...
Building
Electrical equipment
17,792,334
37.138,331
240.642.682
75,318,250
42.162,031
9,420.464
59,254,929
80,639,506
610,274,309
66,421,398
19.829,093
manufacturing..
Food
..........
Rubber and tires
...
......
Amusements
Land and realty
Machinery and metals
....
Mining (excluding iron)............
Petroleum
publishing..
Paper and
Retail merchandising
operating and holding com¬
panies & equipment manufacturers.
8teel, iron and coke
Railway
Textile
47.40
97.50
47.43
103.61
100.60
82.36
9,384,056 47.22
58,996,066 97.05
79,669,343 46.80
573,151,733 103 50
66.369,435 100.52
84.21
20,273,814
9 291,833 101 25
3,127 643.767 107.14
178 526.004 105.99
107.54
18.661,500
99.00
1,046 ,568,731 106.73
54.61
103 ,287,804
97.25
18 ,331,625
46.65
13 ,111,943
64.88
14 .883,120
56.92
50.72
13,242,821 47.12
14,954,839 65 19
42,738,640 125.45
76,058,764 31.21
34,332,070 104.05
Shipping services
Shipbuilding and operating
Tobacco
operating abroad
Miscellaneous businesses
Foreign government
Canada).
All listed bonds.
42 .543,729 124.88
33.87
85 .614,130
34 ,390,800 104.23
72.95
12,499,223,054
40.26
1,168.857,625
38.15
671,113,009
45.86
9U3 48,601,638,211
90.96
12,690,450,403
1,228,826,752
725,171,90$
73.28
49,238,728,732
companies....
Cuba and
104.32
100.87
equipment..
Total United States
103.33
1,054,492,153
87,577,515
utilities
Foreign cos. (incl.
103.58
49.58
Average
Value
Price
88.98
8,300
11,200
-
251
46,958,433,389
47,471,484.161
48,351,945,186
48,127,511,742
48,920.968.566
48.570.781.615
June 30..
30..
Aug. 31..
Sept. 30..
Oct. 31..
Nov. 30..
Dec. 31..
91.03
Mar. 30—
91.85
Apr. 30..
91.80
May 31..
91.56
June 29.
92.92
July
92.08
90.19
47.297,289.186
compensation, b Canceled under plan of
self insurance fund, 173 .400 shares can¬
4,180 shares held for
plan of
York Curb Exchange
The New
issued on Sept: 12 the
following list of issuers of fully listed securities
reported changes in their holdings of reacquired
Sept. 30..
Shares
Corp.—
A optional dividend series 1936
Convertible A optional dividend series
American General Corp., $2.50 div. series preferred
American Cities Power & Light
Prior
Co
Equity Corp., $3 conv. preferred
Hygrade Food Products Corp., conv. 6s, A,
Klein (D. Emil) Co., Inc., common
Lane Bryant, Inc., 7% preferred
Midland Oil Corp., $2 conv, preferred
Navarro Oil Co., common
New York Merchandise Co., Inc., common
Oct.
90.67
Nov. 30-.
90.34
Dec. 30-.
46.430.860.982
47,621.245.885
47,839,377,778
49,919,813,386
8,450
15,012
49,678 805,641
49,605 261,998
50,006 387,149
49,611 937,544
46,936 861,020
47,665 ,777,410
92.02
31..
48,601 ,638,211
90.96
Aug. 31..
49,238 ,728,732
91.33
Jan.
Feb. 28..
Mar.
1..
Apr. 29..
May 31..
June 30..
in Amount of Their
Companies Listed on
Changes
by
31..
.
91.97
92.86
92.48
87.87
90.14
Own Stock Reacquired
New York Stock and
11,960
45,736
2,200
921.
The following is the
61,439
2,300
323
325
3.100
12,060
160
100
1st preferred
368
2d preferred..
partic, preferred
United States Plywood Corp , $1.50 conv. preferred..
Utility Equities Corp., $5.50 dlv prior stock
418
61,797
11,720
61,897
23,932
4,390
4,240
York
Exchange
Stock
to
Consider Employees
Leave of Absence—Will
Re-employ in Same Job and at Same Pay at End of
Training Period
Called for Military Duty on
Jr., President of the New York
Sept. 11 advised all employees of the
Exchange that those who are called to mititary or naval
service will be considered to be on leave of absence for the
duration of the miltiary duty and that it will be the policy
of the Exchange to reemploy such employees in the same
William
McC.
Martin
rate of pay at the expiration of their
The Stock Exchange further explained:
Employes having dependents will receive, for three months, full Stock
Exchange pay, less their army pay for the same period.
Other employes will receive full Stock Exchange pay for one month,
job and at the same
less
army
pay.
"
Employes will also
issued on Sept. 12 its
compilation of companies listed on the Exchange
Exchange on Sept.
696
13,586
training period.
reporting changes in the reacquired holdings of their own
stock.
A previous list appeared in our issue of Aug. 17,
page
12,325
125
Stock Exchange, on
York Stock Exchanges
The New
monthly
92.33
York Curb Exchanges
New
21.863
$13,000
12,225
2,400
13,186
United Chemicals, Inc., S3
90.79
91.24
1940—
Feb. 29..
31..
591
8,650
$11,000
1949..
Niagara Share Corp. of Md., B common
Root Petroleum Co., $1.20 conv. preferred
5%
80
None
-
Sterchi Bros. Stores, Inc., 6%
505
6,757
1,985
None
6% preferred
,
1,900
503
-
Detroit Gasket & Mfg.
47,686
1,800
Co., debenture stock
preferred
297,254
47,462
Corp., common
59
295,450
6,337
4,253
S3 prior preferred-
Crown Central Petroleum
Dennison Mfg.
2.658
50
Corp. S3 conv. preferred
Carman & Co., Inc., class B._
Commonwealths Distribution, Inc., capital
,
9,425
1,983
Common
Corp
Report
9,225
Blue Ridge
Coo per-Bessemer
Shares
Per Latest
Reported
88.60
89.08
1939—
Jan.
which have
stocks:
Previously
Name
90.59
89.40
91.27
5.880
recapitalization, d Does not include 24,424 shares held by
employees under stock purchase plan,
e Acquired 300 shares and issued 1.045
shares to executives as additional compensation,
f Canceled and retired as of
June 29, 1940.
g Acquired 50 shares and disposed of 200 shares,
h 66 shares
awarded to employees for suggestions.
under
New
49,007,131,070
31..
262
5,900
Wheeling Steel Corp., 6% preferred
White (S. S.) Dental Mfg. Co., capital
93.15
31-Aug. 31..
July
11,279
9,000
12,700
11,277
United Fruit Co., common
Price
%
I
43,756 ,515,009
44,561 .109,796
44,182 ,833.403
44,836 ,709,433
45,539 ,192,999
45,441 ,652,321
47,053 .034.224
2,400
Average
1939—
S
1938—
July
Market
Value
Market
2.587
h78,916
8,654
8.477
Rustless Iron & Steel Corp., common
compiled by us, gives a two-year
comparison of the total market value and the total average
price of bonds listed on the Exchange:
following table,
The
62,231
78,972
93.49
77.85
107.01
3,136,129,111 107.45
178,359,533 105.89
(operating).....
(holding)
Communication (cable, tel. & radio)..
Gas and electric
(7. S. companies
89.65
107.76
102.34
9.237.330 100.66
Gas and electric
Business and office
89.91
42.328.688
73.48
5.807 188,175 56.00
603 ,820,220 100.02
6,054,109,357
584,674.938
....
Miscellaneous
102.88
104.41
15,893,243
88,709,403
79,413,774
24,382.624
36,879,840
243,415,979
75,253,175
1,624
9,100
59,000
2,100
O.) Corp., common
Swift & Co., capital
Thompson (John R.) Co , common
Tide Water Associated Oil Co., common
c
18,342
487
preferred
issued to employees as
7,831
None
22,416
2,381
Co., common
Smith (A.
726 shares
21,467
56,200
capital
Shell Union Oil Corp., 6H%
9,100
21,167
2,021
21,316
16,268
2.100
Shattuck (Frank G.) Co., common
celed
34,262,444,523 107.84
37,665.577 102.41
74.006,228 91.60
.
Chemical
107.84
15,416.700 104.26
accessories
preferred
Safeway Stores, Inc., 6% cum.
7.082
76,800
6.948
1,615
...
,
Reliable Stores Corp., common
a
41,115
1,200
75,100
preferred
Corp of America, capital
Plymouth Oil Co
common
Pure OU Co., 6% cum. preferred
recapitalization,
$
$
el,620
# None
3,382
1st preferred
Vick Chemical Co., capital.
July 31, 1940
Aug. 31, 1940
Market
8,247
13,804
,
Paramount Pictures, Inc.,
Second
As of the close of
4,829
8,847
12,704
2,365
50,000
Petroleum
bond issues
6,883
25.900
4,729
40,715
preferred
Stores Corp , 6%
Airways Corp
capital
National Department
71,802
d23,835
6,873
7% preferred
Department Stores, Inc.,
Lane Bryant. Inc
466
555
,
Latest
20,544
25,800
common
,
per
Report
Reported
Interlace Iron Corp., common
875
Phoenix Securities Corp., common
Previously
and Class of Stoc
Hecfcer Products Corp., common
743
Louisiana Land & Exploration Co
Shares
Shares
interest of 500 shares or more.
Five issues showed a short
They were:
list made available by the
12:
be paid for unused vacations and merit days.
made by the Stock Exchange to continue during
on military duty, group insurance and pension
Arrangements have been
the
employe's
absence
*
coverage.
Full
seniority lights
the leave
will accrue to each
employe during the
period of
of absence.
announcement issued by the Exchange says:
600 employes of the Exchange are subject to training service
under the age limits, 21 to 31, inclusive, prescribed in the Senate draft
of the Burke-Wadsworth Bill.
About 250 of these employes are single,
without
dependents, and the balance are married employes, or single
employes with dependents.
i\
Similar totals with respect to the age limits of the pending draft of
the House Bill, 21 to 45, inclusive, are not yet available.
Approximately 45 employes of the Exchange are subject to service upon
further training calls for members of the National Guard.
Three have
already been called.
The
About
Shares
Company
Air
Reduction Co., Inc.,
Allegheny
American
Preciously
and Class of
Reported
25,364
capital....
2.623
I.udlum Steel Corp., common
Ice Co , 6% preferred
Atlas Corp., common
—
Pneumatic Tool Co., $2.60 cum.
Corp., 5% cum. conv.
Collins <fc Alkman
23,929,
5.062
600
-
1,900
30
40
None
prior preferred
preferred
300
3,796
3,946
2,130
2,140
66,959
b None
177,586
—
Curtis
C4.186
100
preferred
Co., common
Brothers Stores, Inc., common
Firestone Tire & Rubber Co., common
General Shoe Corp., common
General Telephone Corp., common
Glidden Co., common
Goodyear Tire & Rubber Co., $5 cum. conv.
Hat Corp. of America. 6H% preferred.
-
Edison
600
4.9 50
5,250
2,551
conv.
Common
Detroit Edison
1.681
616,321
19,229
None
,
common
General Corp . common
Century Ribbon Mills, Inc., 7% preferred
Champion Paper & Fibre Co.. common
Carriers A
Publishing Co , common
57 preferred.
Davega Stores Corp., 5% cum
25,718
al,898
606,975
6% preferred
Barnsdall Oil Co
Chicago
Latest
Report
581
-
-
Shares
per
11,765
2,496
1,838
313,467
1,941
198,350
16,670
13,765
1,136
1.146
1,988
313,238
1,783
-
197,549
16,370
-------
preferred.-
of New York Stock Exchange Approve
Amendment'Permitting Designation of Floor Alter¬
Governors
nates
by Members
Engaged in\Defense
Service—
Proposal
The Board of Governors of the New
York Stock Ex¬
change, at its meeting on Sept. 11, approved a proposed
amendment to Article XI of the Constitution of the Ex¬
change
which permits a member who is exclusively en¬
gaged in military, naval or other national defense service
Membership to Vote on
The Commercial & Financial Chronicle
1502
to
designate
privileges
of
one
his
general
Floor
the
partners
to
exercise
The tenders to the
naval
other
or
amendment is
national
as
Amend Article XI
defense
service.
The
six
It.
Total
active
military
occupied
a
The Committee
members of
in
general
such
the
new
by the affirmative
the request of
on
as
of
the
such
usual
member
business
transact
to
of
such
in
the
member
Exchange, under such conditions and to such extent
prescribe.
the
Every contract made
force
same
effect
and
the Floor
on
if
as
had
it
by
been
exclusively
defense, authorize
place
alternate
as
for
his
personal act
own
or
such privilege
The
for any cause
amendment
balloting and members
to the
or
without
submitted
was
Floor
of
the
by
the
member
is
or
for
acting shall
omission
of
omission.
on
Admissions may with¬
cause.
to
the
membership for
asked that the vote be returned
are
Secretary by Sept. 25.
Governors
of
New
Extend
York
Trading
Stock
Period
Exchange
Another
Refuse
to
Hour
The Board of Governors of the New York Stock
at its
The decsion of the Board
Exchange,
was
reached after full consideration of
requests
number of member firms that the hours of trading be extended from
a
The Treasury
Department made public on Sept. 5 its
monthly report showing that the face amount of public debt
obligations issued under the Second Liberty Bond Act (as
amended) outstanding Aug. 31, 1940, totaled $44,181,744,550, thus leaving the face amount of obligations which may be
issued subject to the $45,000,000,000 statutory debt limi¬
tation at $818,255,450.
In another table in the report
the Treasury indicates that from the total face amount of
outstanding public debt obligations ($44,181,744,550) should
be deducted $870,661,279 Cthe unearned discount on
savings
bonds), reducing the total to $43,311,083,271, and to this
figure should be added $594,156,825, the other public debt
obligations outstanding, which, however, are not subject to
the debt limitation.
Thus the total gross public debt out¬
standing on Aug. 31 is shown as $43,905,240,096.
The following is the Treasury's report as of Aug. 31:
Statutory Debt Limitation
Sept. 12, the New York "Herald Tribune"
said:
of Aug. 31, 1940
Treasury notes issued under authority of that Act "shall not exceed in the
$45,000,000,000 outttxnding at any
Treasury
regular bi-monthly
petition, signed by about 80 member firms, was circulated In the
financial district in the hope of creating a feeling for a
longer trading session
because members felt that the dwindling volume had worked
hardships for
them.
The quiet markets of last
small
summer
returned to the
brokerage houses
$31,870,614,350
Treasury notes
$8,999,115,400
1,818,800,000
Certificates of Indebtedness
Treasury bills (maturity value)
1,302,540,000
-$12,120,455,400
turnover, the firms said, that they find it difficult to make
expenses.
Most
$43,991,069,750
Wall Street
now
actions,
men
claim tfeat possible business from the
Far West,
15% of the total Stock Exchange trans¬
Face amount of matured obligations
which interest has ceased:
Bonds
on
constitutes about 10 to
was
being lost because of the early closing.
$46,072,400
36,704,900
3,905,500
103,992,000
Notes
With the extra hour of trading, they agreed, the increased
volume would
mean more commissions and thus enable
some of the smaller
Certificates of Indebtedness
Treasury bills
houses to
$190,674,800
remain In business.
Chief opposition
from
$45,000,000,000
$27,235,509,800
*3,878,798,775
756,305,775
Savings (maturity value)
Adjusted service
The
came
time." a
still be issued under this limitation:
can
Treasury bills which may be outstanding at any one time
Outstanding as of Aug 31, 1940:
Interest-bearing bonds:
meeting.
which
one
The following table shows the face amount of obligations
outstanding and
the face amount which
Total face amount of bonds, notes, certificates of indebtedness, and
At the Board's prev'ous meeting two weeks ago, a
petition suggesting
that the hours be extended to 4 p. m. was presented and
put aside for dis¬
cussion until yesterday, when the Governors met at their
such
as
Section 21 (a) of the Second Liberty Bond Act, as amended, provides that
the face amount of bonds, certificates of indebtedness, Treasury
bills, and
aggregate
3 to 4 o'clocWuthe afternoon.
In its issue of
accepted).
Treasury Explains Outstanding Debt Subject to Debt
Limitation of $46,000,000,000
meeting on Sept. 11, decided to make no change in the
present trading hours on the Exchange. The Exchange states:
from
was
of
alternate shall have
any
made
majority of the members of the Committee
draw
stead
the Committee may
he is acting; and a member for whom an alternate
be liable to the eame discipline and penalties for any act
A
and
the
on
as
whom
such
vote of
who is
or
public service incident to the national
partner
99.990 equivalent rate approximately 0.038%
Average price
(12% of the amount bid for at the low price
member who is in the
a
naval service'of the United States
or
any
member
Committee,
99-988 equivalent rate approximately 0.047%
Low
section, to be designated
Admissions may,
on
100.
High____
a
Total accepted, $100,120,000
applied for, $255,518,000
Range of accepted bids:
proposed
follows:
by the addition of
were
Reserve banks and the branches thereof up to 2 p. m.
Section II, to read as follows:
Sec.
offering
14, 1940
received at the Federal
(EST)
Sept. 9.
Reference to the offering appeared in our issue of
Sept. 7, page 1369.. The following regarded the accepted
bids to the offering is from the Secretary's announcement:
his
the
of
Exchange, subject to the
initial and continued approval of the Committee on Ad¬
missions.
In May. 1917, during the world War, the Con¬
stitution was similarly amended to permit the
designation
of Floor alternates by members engaged in active
military,
on
Sept.
some
to the plan to extend trading hours
evening
-$44,181,744,550
on
the Big Board
These publications at present pr nt a clos¬
ing market price edition at about 4:30 p. m. With a later
closing deadline
papers.
they would have to forego publishing closing prices and close
with 3 p. m. or possibly 3:30 quotations.
out the
day
Fact
of
amount
obligations
which
may
be
Issued
under
above
authority
$818,255,450
*
Approximate maturity value.
Principal amount (current redemption value)
outstanding, $3,008,137,496. a In addition to the above, Section 21 (b) authorizes
the issue for national defense purposes of notes, certificates of indebtedness and
Treasury bills under the Act in an aggregate amount not exceeding $4,000,000,000
Chicago Stock Exchange Increases Trading Session to
Six Hours on Week Days and to
Two-and-one-Half
Hours on Saturdays
Acting
the recommendation of the Special Committee
Committee, resulting from their studies
of methods to increase the
utility of the Chicago Stock
Exchange, the Board of Governors on Sept. 11 approved a
plan to increase the trading session on the Exchange from the
on
outstanding at any
one time, less any retirements made from the special fund made
available under Section 301 of the Revenue Act of 1940.
Reconcilement with Daily Statement of the United stales
Treasury Avg 31, 1940
Total face amount of outstanding public debt
obligations Issued under
authority of the Second Liberty Bond Act, as amended (above),..$44,181,744,550
Deduct, unearned discount on savings bonds (difference between
and the Executive
•
present five hours to six hours
hours
on
on
week
days, and from
Saturdavs to two-and-one-half hours.
plan, the Exchange will
At present the productive
of the business
day.
a
machinery of the stock exchange in Chicago
territory it serves is fully utilized for barely one-half
This increase will make available for
profitable use an
productive in middle
western
departure from tradition which will require harder
work, patience
and the earnest cooperation of all of
us
efficient and conscientious service to
our
in the business in order to render
customers.
It is noted that this is the second
step which the Special
Committee and Executive Committee have
recommended as
part of plans for development. The first was to waive
listing
fees for the balance of 1940; this was
mentioned in our issue
of Aug. 3, page 625.
It is announced by the
Exchange that
the committees are
continuing their studies, and further
recommendations are scheduled for the near
future.
♦
Tenders of $255,518,000
Received to Offering of
$100,000,000
of
91-Day
Treasury
Bills—$100,120,000
Accepted at Average Rate of 0.038%
A total of $255,518,000 was
tendered to the offering last
of $100,000,000 or thereabouts of
91-day Treasury
bills dated Sept. 11 and
week
maturing Dec. 11, 1940, Secretary
Morgenthau announced Sept. 10.
Of this amount $100,120,000 was accepted at an average rate of
0.038%.
Total gross public debt outstanding
as
$43,311,083,271
$196,208,460
14,820,480
383,127,885
Under the
business life.
It is
870,661,279
Interest-bearing (pre-war, <fcc.)__
Matured, on which Interest has ceased
Bearing no interest
open at
hour which is admittedly one of the
most
maturity value)
Add other public debt obligations outstanding but not
subject to the
statutory debt limitation—
two
9:00, as at present, and
close at 3:00 instead of 2:00 on
week-days. On Saturdays, the
opening will be at 9:00 and the close, 11:30.
The
Board
authorized
the
Executive Committee to
determine the effective date of the
change which is expected
to be Sept. 30, if
necessary arrangements are completed. In
commenting on the plan, Arthur M. Betts, Chairman of the
Board, said:
and the middle western
current redemption value and
of Aug. 31,1940
594,156,825
$43,905,240,096
New
Offering of $100,000,000 or Thereabouts of 91-Day
Treasury Bills—To Be Dated Sept. 18, 1940
Secretary of the Treasury Morgenthau announced Sept. 13
that tenders are invited to a new
offering of 91-day Treasury
bills to the amount of $100,000,000, or
thereabouts, to be
sold on a discount basis to the
highest bidders.
Tenders
will
be
received at the Federal Reserve banks and the
branches thereof up to 2 p. m.
(EST) Sept. 16, but will not
be received at the
Treasury Department,
Washington.
The
Treasury bills will be dated Sept. 18, 1940, and will mature
on
of
Dec. 18, 1940, and on the
maturity date the face amount
the bills will be
payable without interest.
There is a
maturity of
amount of
a similar issue of Treasury bills on Sept. 18, in
$100,117,000.
In his announcement of the offer¬
ing Secretary Morgenthau also said:
They (the bills) will be issued in bearer form only, and in amounts
denominations of $1,000.
$10,000,
$100,COO,
$500,000,
and
or
$1,000,000
(maturity value).
No
tender
tender
pressed
must
on
99.125.
for
be
an
in
amount
less
than
$1,000 will be considered.
multiples of $1,000-
the basis of 100. with not
The
more
price offered
must
Each
be
ex¬
than three decimal place., e. g.,
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and
trust
companies and from responsible and recognized
vestment securities.
amount
tenders
by
are
corporated
accompanied
bank
or
dealers in in¬
Tenders from others must be accompanied by a de¬
posit of 10% of the face
trust
an
of Teasury bills applied for, unless the
express
guaranty of payment
by
an
in¬
company.
Immediately after the closing hour for receipt of tenders on Sept. 16,
1940, all tenders received at the Federal Reserve Banks or branches thereof
up to
the closing hour will be opened and public
ceptable prices will follow
as
soon
as
announcement of the ac¬
possible thereafter, probably
on
the
Volume
The Commercial &
151
following morning.
The Secretary of the Treasury expressly reserves the
right to reject
all tenders
any or
or parts
of tenders, and to allot less than
the
Those
submitting tenders will be advised of the acceptance or 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
amount
applied for, and his action in any such respect shall be final.
The
Treasury bills will be exempt,
gain from the sale
taxation,
except
as to
estate
and inheritance taxes.
(Attention
gift tax).
No loss from the sale
shall be allowed
of any tax
as
deduction,
a
or
from all
or
other disposition of the Treasury
the
bills
otherwise recognized, for the purposes
of its
hereafter imposed by the United States or any
now or
possessions.
Treasury Department Circular No. 418, as amended, and this
prescribe the terms of the Treasury bills and govern the
issue.
notice
Accompanying the list of general principles submitted by
President was a statement of labor requirements the
the
Commission adopted Aug. 31 as a guide for contractors.
In
explaining the importance of the set ot rules, the President
said:
I consider these two documents to be of such importance as to
sending them to the members of the Senate and the
.
tives
to
United
The Treasury Department issued another general license
Sept. 10 permitting remittances to be made to individuals in
countries designated in President Roosevelt's executive order
regulating foreign
exchange transactions.
The present
license applies to the sending of funds from this country to
citizens of the United States abroad.
The previous order
(see issue of Sept. 7, page 1369) related to the
sending of funds to relatives and dependents, not neces¬
sarily United States citizens.
Following is the text of the license issued Sept. 10:
issued Aug. 30
general license is hereby granted authorizing remittances
A
within the United States to citizens of the
to citizens of
by persons
United States within any of the
Order No. 8389, as amended,
such desig¬
foreign countries designated in Executive
or
the United States who have departed from any
nated foreign countries
and
are
within any other foreign country,
through
such remittances, pro¬
complied with:
(1) such remittances do not exceed $250 per month to any payee and are
made only for the necessary living expenses of the payee and the payee's
family except that one additional sum not exceeding $250 may be remitted
if such sum will be used for the purpose of enabling the payee and the payee's
bank, and any such bank is authorized to effect
any
viding the foUowing terms and conditions are
family to return to the United States;
funds in which a national of
Executive Order No. 8389, as
amended, has any interest whatsoever, direct or indirect.
Any bank effecting any such remittance shall satisfy itself that the forego¬
ing terms and conditions are complied with.
(2) such remittances are not made from
any
of the foreign countries designated in
Banks
on
the
proper
conditions of their
Treasury Authorizes Remittances to Citizens of
States in Occupied Countries
are
authorized to obtain foreign exchange, to the extent necessary,
the same terms and conditions as
No. 32 in order to
those prescribed in General License
separate reports in
triplicate on Form TFR-32 with the appropriate Fed¬
therein that the payee is a citizen of the United
In addition, the bank ultimately
otherwise)
Government, to industry, agriculture, labor and to the country,
the
sectionally and
The Commission's declaration made these other two
"Price, while not the sole consideration, is of outstanding
needed,
No. 32.
Findings of Board Which
Inspected Naval and Air Base Sites at Bermuda
special naval mission, which inspected naval and air
Bermuda last week, was back in Washington on
base sites at
Sept. 11, when it discussed the findings of the tour with
President Roosevelt. No details of the report were given out.
This was the first step taken in the agreement reached last
week between Great Britain and the United States exchang¬
ing certain British bases in the Atlantic for 50 overage Ameri¬
can destroyers; this was reported in these columns Sept. 7,
The rights to bases in Newfoundland and the
gifts. The mission,
headed by Rear Admiral John W. Greenslade, completed its
preliminary work in Bermuda on Sept. 6 and met with
Bermuda officials in Sept. 7 to present the result of their
1370.
"Financial responsibility of the
"The
findings.
President Roosevelt
Orders War Department and
Help Victims of New Jersey
Red
Powder Plant
Blast
"A general
after learning of the explosion on
Sept. 12 of the Hercules Powder Co. plant
ordered the War Department and the Red
"The
transportation
of
facilities
should be
the adequacy of power facilities.
preference should be given to firms having
moral
of the
responsibility
"The Commission recognizes
experience with
supplier is important and in some
that competitive bidding is the better pro¬
"recommends
necessary."
Explaining the point regarding off-season production, he said the garment
industry was an illustration.
He said this industry had two slack periods
each year and that an effort would be made to dovetail its orders so they
and circumstances" but
cedure in certain types of industry
be authorized where
that the use of the negotiated contract
would fill in the slack seasons and bring less dislocation.
40 hours, exceeding that
absorb the unem¬
keep the work week to
and paying extra for
declared that in order to
The labor policy statement
ployed "all reasonable efforts" should be made to
figure only when necessary,
overtime work.
The President acted after
—Defense tJili—Navy Lets Contracts
—War
at Kenvil, N. J.,
Cross to give all
receiving an appeal
A. Edison, former Secretary of the Navy, wno
Democratic candidate for Governor of New Jersey.
Mr. Edison inspected the damaged area and told Mr. Roose¬
velt that about 50 persons were killed and 200 injured.
The
supplemental defense appropriation bill totaling ap¬
The
action
working on large Government contracts for
incident to the National defense
program.
Roosevelt in Message to Congress Indorses
Commission's Declaration of Policy
Defense
sent to Congres« yesterday (Sept. 13),
indorsement, a Defense Commission declaration of
President Roosevelt
for its basic theme that"speed
of delivery
the
on
came
measure
it
on
The House had approved
(Sept. 5), as was mentioned in our
the previous day
on
Sept. 7, pifee 1372.
issue of
for
authorizations
President Roose¬
Final congressional
Sept. 6, when the Senate
Sept. 9.
on
adopted the conference report.
The bill contains appropriations
and mechanizing an
establishing
18,000 mili¬
of 1,200,000 men; for the purchase of over
army
and for starting construction of a two-ocean
Navy.
Following the signing of the bill, the Navy Depart¬
ment announced on Sept. 9 that contracts have been let
for 200 fighting ships and one repair vessel to cost a total
tary planes,
of
Associated Press advices from
$3,801,053,312.
Washing¬
ton, Sept. 9, also said:
addition
In
the
and
carriers,
plane
at
$47,000,000 apiece,
other vessels ordered and
115 destroyers,
the repair ship, of unan¬
costs of each were 27 cruisers, $30,000,000;
submarines,
43
$3,100 000;
approximately $100,000,000 each,
the battleships, costing
to
the approximate
and
$6,000,000,
nounced cost.
each for the battleships
estimate of $100,000,000
official
The
they would be powerful 45.000-ton vessels.
The estimated cost
ton vessels which this country has built until the last two or
is
indicated
of 35,000three years
$70,000,000.
construction program
The
navy
of approximately
is designed to give the United
650 ships in 1945, 1946 or
the time found necessary to complete the
From
Park,
Hyde
N.
Y.,
States a two-
1947, depending
building.
Associated
Press
accounts*
Sept. 9, said:
for
the bill carried $220,000,000, chiefly
navy personnel and
workers in defense
Of this amount, $128,000,000 was earmarked
National Guard to provide housing in connection with its recent
addition to funds for munitions,
new
for
housing
army
and
industries, such as shipyards.
the
for
mobilization.
Stephen
army
explosives and powder
Y.,
velt at Hyde Park, N.
hour
policy which had
Department
Manufacturers
is the
plant had been
$5,250,000,000 Supplemental
for 201 Vessels
Sends "Speed-Up" Letters to
President Roosevelt Signs
from Charles
with his
congestion
respects fundamental.
In
President Roosevelt,
President
of
applies to warehousing facilities.
same
so-called educational orders.
ocean
possible aid.
The
supplier should be examined.
"Due consideration should be given to
upon
*
avoidance
sought.
of Bermuda were said to be
Cross to
of orders should be avoided.
"Undue geographic concentration
and
President Roosevelt Discusses
Islands
production in order
military program into production for civilian requirements.
"Adequate consideration must be given to labor.
proximately $5,250,000,000 was signed by
♦
page
is also "consideration to possible off-season
to dovetail the
combined with the weekly report re¬
Incorporated under the laws of the United States or
of General License
The
as
significance,
fair price.
of protecting civilian needs and morale" is
"Due regard to the necessity
remittances, shall file
bank or
of any
State, territory or district of the United States, or any private bank subject
to supervision and examination under the banking laws of any State, and
also any other banking institution specifically authorized by the Treasury
Department to be treated as a "bank" for the purpose of this general license
or
points on the letting
"Proper quality is also of prime importance.
and every effort must be made to secure a
appropriate Federal Reserve Bank setting forth
information required in such reports under General License
quired under General License No. 32.
As used in this general license, the term "bank" shall mean any
trust company
whole, wUl be seen at once.
details
of contracts:
transmitting abroad (by cable or
the payment instructions for any such
This weekly report may be
No. 32.
a
as
were given
by the Associated Press, in
Washington advices of Sept. 13, as follows:
Further
weekly reports with the
in detail the same
justify my
House of Representa¬
The values of these policies and principles
file promptly
eral Reserve Bank indicating
States.
matter of information.
as a
effect the remittances herein authorized.
which any such remittances originate shall
Banks through
"This
essential."
defense program is
the
point of view of the program as a whole, that
consideration should be given to contributor in¬
dustries, such as the machine industry, to avoid creating
underlying bottlenecks, and that once delivery dates are
fixed assurance be given that they will be met by the sup¬
plier."
from
is invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from
of
means," the Commission says, "tnat orders should be placed
to insure the most efficient use of each particular facility
principal and interest, and any
other disposition thereof will also be exempt,
or
items
all
on
Sept. 18, 1940.
on
15031
Financial Chronicle
few
of
of
the
bill
have contracts
will
1
days.
"And
full
said that the navy within the
begin awarding contracts, and that the
totaling $524,000,000 ready to award in a
presidential secretary,
Early,
signing
would
so,"
Mr.
Early asserted to reporters, "the
swing at 10 o'clock
Government goes into
this morning."
10 the War Department sent to 21 aviation
manufacturers a letter asking them to proceed with procure¬
ment of the necessary tools for a SI,251,000,000 aircraft
On
Sept.
engines and an
The War Department on
Sept. 13 also issued 14 "speed-up" letters calling on manu¬
facturers to tool up for $170,000,000 armament and muni¬
program
involving 14,394 planes, 28,282
unspecified number of propellers.
tions orders.
1504
The Commercial & Financial Chronicle
Conference
Committee
scription
Bill
to
Eliminated—Age
Seize
to
Plants
•Reports
Compromise
Con¬
Both
Houses—60-Day
Delay
Bracket
on
Fixed
Rental
Basis
(noted in these columns April 27, page 2650) but the
rejected this report on May 9 (see May 11
issue,
page 2974).
The conferees deciaed to favor the House
proposals and on Aug. 7 (referred to in Aug. 10 issue,
page
780) reported another agreement which was
subsequently
adopted by both branches of Congress —Aug. 12, House ana
Sept. 6, Senate.
House
21-36—Power
at
Given
President
Following the House adoption of the Burke-Wadsworth
selective service and
training bill on Sept. 7, the measure
went before a joint conference committee on
Sept. 10 for
adjustment of differences and a compromise measure was
reported
to both branches of Congress on Sept. 12.
Senate and House were both
expected to approve the
ference report without
delay yesterday
(Sept.
sending the bill to the White House for
signature.
As the bill passed the House at
the
In its final form the bill would
require compensation up to four years
displaced by consolidations and reorganization
con¬
for workers who might be
thus
of transportation
President's
approving the bill the Senate voted down, 51 to 23, a
contention
by Senator Bennett Champ Clark, Democrat, of
Missouri, that the joint
Sept. 7,
on
committee had violated Senate rules in
by a vote of 263 to 149, it contained three major differences
from the Senate version
approved on Aug. 28.
According
to the Associated
Press, these were:
The House would require
registration of
Senate chose the 21
could
be
liable
for
to 31
a
brackets.
age
year's
men
from 21 to 45, While the
A maximum of 1,000,000
The
men
military training under the House version;
Unlike the Senate, the House
adopted a provision to authorize a 60-day
trial for the voluntary enlistment
system.
After 60 days, the
compulsory service machinery would be invoked to make
up any shortages
in a 400,000 quota of recruits.
Inland, coast-wise and Intercoastal
a rental
Navy Department
or
take
to
and
over
operate such
The measure would create
When the Senate convened on
Sept. 9 it rejected the
House bill and asked for a conference.
After three days
the conferees concluded work on the bill.
As
search
recalcitrant plants,
on a
1. Registration of all male citizens
and aliens who
21st birthday anniversary, but have
not reached their
have reached their
36th, on a registra¬
day to be fixed. (Members and former members of
the armed forces,
diplomatic representatives, and
legislative, executive and Judiciary officers,
would be excepted.)
tion
2.
Liability for
year's
a
training of all male citizens, and aliens
have declared their intention of
becoming citizens, in this
3.
Voluntary enlistments, regardless of
18 to 34 years old, inclusive.
4.
for
Limitation of 900,000
the army at
race
or
who
age group.
color, of all
men
from
5.
Restriction on the service of
conscripts to the Western Hemisphere,
American possessions and the
Philippine Islands.
6. Regular army pay for
conscripts,
creased from $21 to $30
a
the
army's
basic
being
pay
in¬
month.
7.
Assignment of each trainee, after his
year's service is completed, to
organization, with subsequent short retraining
periods for ten
or until he becomes 35 years
old, except that he may satisfy this
requirement by two years' additional service in
the National
a
reserve
Guard
Selection of trainees
male population
on
or army.
impartial basis, with State quotas fixed
on
basis.
9.
Deferment of training for ordained
ministers or theological students;
men employed in essential
industrial or agricultural
jobs, or whose em¬
ployment is found necessary for the maintenance of
national health, safety
or interest, and men with
dependents.
10. Exemption of conscientious
objectors from military service, with
a provision that
they shall be assigned to non-combatant
service.
11. Limitation of number who
may be inducted into service to those
previously provided for in Congressional
appropriations.
12.
Re-employment
employer's status has
reasonable."
Court
of
so
trainees
changed
action
after
as
their
to make
provided
year's
service
unless
rehiring "impossible
13.
Penalties
dodgers
or
of
five
years'
imprisonment
Notwithstanding objections made by Secretary of the
Treasury Morgenthau and Assistant Secretary of the Treas¬
ury John L. Sullivan to Senate committee
changes in the
excess profits tax
bill, the measure was reported to the Senate
on Sept. 11
by the Senate Finance Committee.
The latter
on that date,
by a vote of 14 to 7, acted to report the measure
as
materially revised in committee.
Five Republicans and
two Democrats voted
against reporting the bill.
Assistant
Secretary Sullivan opposed the bill, it is said, because it
an estimated
$305,000,000
would yield only $115,000,000 of
net increase in revenue the first
Appointment by the President of
salary of $10,000 yearly.
Operation of the
Previous action
Sept. 7,
page
act until
on
a
$10,000 fine
director of selective service
at
a
was
A tax ranging from 25 to
50% on profits in excess of the average for the
four-year period 1936-1939, except that a corporation could
earn 8%
on
its invested capital plus
$10,000 specific exemption free from the
excess
levy.
Permission for defense industries to
charge off against profits in
Suspension of existing profit limitations
warship and airplane construction.
A series of provisions to meet abnormal
our
issue of
Wheeler-Lea
on
Conference
Report
Transporta¬
and
Sends
brought about by unusual circumstances.
istered by the Collector of Internal
approved,
by a vote or 59 to 15, the conference report on the measure.
The House approved the
report on Aug. 12 (noted in our
issue of Aug. 17,
page 927) and following the Senate action
on
Sept. 9, the bill was sent to the President for his
signa¬
ture.
The Senate's version of the
bill, approved on Mav
25, 1939, (referred to in these columns
May 27, page 3146)
rewrote and modified
wnile the House
the entire
Interstate Commerce Act,
July 26, 1939, (as was men¬
bill, passed on
tioned in our July 29, 1939
issue, page 663) merely amended
certain provisions of the Act. After
months of deliberation
the conference committee reached
These
would
cases
an
agreement
on
April 20,
be admin¬
Revenue with right of appeal to
the
In advices
Sept. 11 from Washington to the New York
Commerce," regarding the Senate committee's
reporting the bill, it was stated:
"Journal of
action in
came
after the Committee had
rejected a substitute
excess
tax measure offered
profits
by Senator LaFollette (Prog., Wis.) and an
attempt
by Senator Vandenberg (Rep., Mich.) to split the bill and
delay the excess
profits tax features until later.
Sweeping Changes Made
the
measure
goes
to
the
Senate floor practically
profits tax provisions approved
by the House
option of computing their tax
on
invested capital but in
in
in the
on
more
earnings
average
the entire
nearly carries out
are
over
a
still
.
legislation and the form
The fight was touched
off,
in which
the
measure
it is understood,
Treasury John L. Sullivan
Treasury
was
given
the
base period or
a
Committee between members and the
Treasury
that the
excess
stricken out and language
are
.
.
a
over
long, bitter
changes made
is to go
Senate.
of
the Wheeler-Lea
transporta¬
tion bill, which
brings water carriers, like motor carriers
and railroads, under the control of
ttie Interstate Commerce
Commission was taken on Sept. 9 when the Senate
on
for
subnormal income conditions
Board of Tax Appeals or the courts.
President
Final Congressional action
five-
Government contracts
on
or
Corporations
reported in
a
manufacturing facilities finished
greatly modified manner.
Favorable Committee action on the
legislation climaxed
Bill—Adopts
to
of building defense
cost
after Jan. 1, 1940.
substituted which the Finance Committee
believes
the theory of excess
profits taxation.
1372.
Senate Completes Action
tion
period the
year
row
Measure
while the remainder
year,
a
for^draft
May 15, 1945.
the bill
from
come
proposed 3.1% increase in the normal
corporation tax, which would establish a 24% rate for cor¬
porations earning more than $25,000.
The bill approved by
the committee, also said the Associated
Press, proposes:
As
14.
15.
and
other violators of the act.
was
Changes Liberalizing House
Provisions—Minority
Report of Senator LaFollette
the
employers who refuse to
rehire trainees, with back
pay awards provided if the worker
Is ordered
restored to his job.
re¬
investigate
Sullivan
un¬
against
board would
Reported to Senate—Secretary
Treasury Morgenthau and Assistant Secretary
Opposed to Senate Finance Committee
of
Action
or
The
Excess Profits Tax Bill
years,
8.
three-man board of investigation and
The indorsemsnt of the bill
by President Roosevelt
our issue of March
9, page 1525.
would
the number of
conscripts to be in training
any one period in peacetime.
on
a
by the president.
efficiency of each type of carrier for
referred to in
fair rental basis, "if the
public necessity is immediate and the
emergency in the
public service is imperative." It is estimated that the new
age bracket will affect 16,500,000
men, of whom about
5,000,000 probably will be qualified for
military service.
Regarding the bill as submitted to the two bodies for
final approval, the Associated Press in
Washington advices
Sept. 12 indicated its provisions as follows:
commerce would
each kind of transporta¬
tion and the extent of which each
type has been subsidized by public funds.
reported the
over
be appointed
to
the relative
60-day delay clause (proposed by
Representative
Fish) was eliminated, the registration age limit was fixed
at 21 to 35,
inclusive, the Senate limitation of 900,000 in
training at one time was accepted, and on the industrial
conscription section it was decided that the President could
take
Foreign
The present requirement for
reduced rates on government traffic over
the so-called "land grant" railroads
would be repealed, except for
military
and naval traffic.
basis.
House
water carriers, except certain
types
competitive with land transportation, would be
brought under regu¬
not
The Senate would authorize the Government to
condemn and take over
needed for production of defense
materials; the House voted to
the War
thing, he added, would apply to motor transportation.
lation by the Interstate Commerce
Commission.
be left under the Maritime
Commission.
plants
on
same
Proponents of the legislation contended that it wiU
eliminate "unfair"
competition by waterways and provide
equality of regulation for all types
of transportation.
further
empower
redrafting it.
Senator Clarke asserted that the "sole
purpose" of the bill was to bring
a condition where
there would be "only a few boats on the
rivers
and a few boats engaged in
intercoastal transportation and the
railroads
will own them."
about
the Senate fixed the limit at
900,000.
plants
systems.
Before
night session
a
Under date of Sept. 9,
Washington Associated Press ad¬
following to say regarding the bill:
vices had the
The
13),
Sept. 14, 1940
1940
when Assistant
before the
Secretary
told the morning session of the Committee
opposed to the bill
as
it
now
stands and would accept
no
responsibility for it.
Committee members
were
Harrison immediately put in
thau to appear.
The
taken back
at
this
situation
and
Chairman
call to the
Treasury for Secretary Morgen¬
Secretary appeared
at the afternoon session, accom¬
a
panied by General Counsel Edward H.
Foley, and Undersecretary Daniel
Bell, and was closeted with the Committee for
nearly two hours.
It is understood that the
Secretary also protested the bill, but he refused
to comment
or
to reporters on what had
transpired behind the closed doors
what he had told the
Committee.
"It
was
all in executive session and I'm
not
ment," he said, "but if there is
any change and
I will want to make
The
reason
however,
for
because
the measure the
a
the
statement also."
.
Treasury's attitude
throughout
the
Treasury's ideas of
week
excess
of
going to make any state¬
a statement is
given out
.
against
the
committee
bill
is
apparent,
consideration
of
profits taxation had been gradu¬
ally whittled away until little if
any of them remained.
Volume
The Commercial
151
contribution to the bill was the plan for
The Treasury's chief
profits taxes
excess
is to take the average
1939 and allow that
credit up to 7% on the first
a
basis
most all
$500,000 of capital
remainder.
4.1% on
profits tax
earnings.
The effect would have been to force
use the Treasury scheme of invested capital com¬
income of corporations
the
on
of average
corporations to
Imposition of a penalty tax of
modify¬
ing the bill was to eliminate the penalty tax entirely.
Then it scrapped
the base year average invested capital scheme and provided that cor¬
porations desiring to compute their tax on invested capital can do so with
the Finance Committee did when it began
flat credit allowance of earnings up to 8% of
of capital, and computed as of the
capital, regardless of amount
taxable year.
In its broadest aspects,
Suspends
2. Provides
an
advices
the bill:
profits
the
manufacturers under
imposed
limitation
on
airplane and warship
amortization
or
write-off program to permit
manufacturers
in
the cost of plant expansion
five years.
Sets up an excess profits tax.
of the House-approved bill.
Those also are the general features
Senate Committee Changes
from the
out
prohibiting manu¬
which they have been
House measure provisions
plants or other facilities on
facturers from destroying
given five-year amortization privileges.
2.
profits limitation on the
marine construction program.
from $5,000 to $10,000 on the excess
Raises specific exemptions
3.
10%
from the
sub-contractors
Exempts
merchant
profits
schedule.
Provides that any corporation making only
4.
during a so-called taxable year is not
8% on its invested capital
considered as coming under the excess
profits provisions of the Act.
5. Eliminates a special excess
of
contracts or
portion
income derived from defense
profits tax of 10% applicable to that
profit net
subcontracts with the United States or a foreign government.
company's adjusted
a
excess
taxable income."
Provides relief for "abnormalties in
6.
The changes, it was
said, would reduce the
able year by $19,000,000
contemplated estab¬
monopolize products for joint bargain¬
Proponents
of
the
bill
asserted it would fortify the Latin-American
connection, Wagner argued that "South
this
In
structure.
chaos" and that unless the United
America is in economic
States acted,
would be forced to dump their products on
market at "distress prices"
the world
and be driven into the hands of the totalitarian
Powers.
The
measure was
introduced after the Administration shelved plans for
giant economic cartel which, if formed, would
a
in
a
have united the Americas
trade monopoly against Germany.
Associated Press accounts from Wash¬
stated in
was
ington, Sept. 11, that Majority Leader Barkley, Democrat,
of Kentucky, after getting unanimous Senate consent to a
strict limitation on debate, forecast a final vote on legislation
which would increase funds of the Government's export-im¬
bi-partisan minority of the Senate Banking and Cur¬
Committee presented a report on Sept. 7 opposing the
proposed legislation, terming it "a grandiose plan to control
the world price of commodities produced in North and
South America."
Associated Press advices from Washington
A
rency
Sept. 6, reporting this, added in part:
The Senate committee's revised version:
Strikes
of mutual defense for the entire
port bank and broaden its powers.
Government contracts.
of national defense materials to recapture
1.
"cartel" which would
a
possible totalitarian-dominated Europe.
a
economic
It
Regarding the proposed legislation, United Press
from Washington Sept. 11 said:
3.
ing with
South America as proof that
He denied, however, that the measure
hemisphere.
her sister Republics
One of the first things
1.
the United States must act in the interests
and
Nazi hands."
He cited evidence of Nazi encroachment in
which choose to figure their excess
putations.
a
would drive Latin-American nations "into
lishment of
Another Treasury proposal was
new
done
through
invested capital over the base period 1936
as
repudiation of the recent Havana conference
would amount to virtual
had convinced the House that the way this should be
the Department
and 5% on the
computing
In this connection
the basis of invested capital.
on
1505
& Financial Chronicle
estimated yield for this tax¬
and eliminate some 20,000 corporations
from the
The minority report was
drafted under leadership of Senator Taft
who said that loans to
Ohio)
(Rep.»
Latin-American nations would be "futile,
"seriously injure and not assist, the pro¬
the farmers of North America."
wasteful and unwise" and would
ducers of South America and
Legislation to carry out the
President's proposal was approved by the
8 to 6.
Banking Committee,
Joining with Taft in the minority report were
Senators Frazier (Rep.,
Townsend (Rep., Del.), Adams (Dem.,
N. Dak.),
Iowa), Tobey (Rep., N. H.)
Advocates
of the program
Colo.), Herring (Dem.,
and Danaher (Rep., Conn.).
said it would provide a buffer against dis¬
trade of this hemisphere.
turbing results of the European war upon
Dubious about defeating the program,
Senator Taft said the opposition
require that any loans be for the
purpose of increasing exports of the United States, or for the development
in other Western Hemisphere nations of products needed by the United
might concentrate on an amendment to
States.
»
provisions.
tax
Base period of
the tax bill are the years 1936 to
"
1939, inclusive.
Congress Passes Bill
Authorizing Navy to Build $10,-
(Sept. 11) stated that
committee members challenged the figures of Assistant Sec¬
retary Sullivan as to the decreased yield; these advices added:
000,000 Drydock in New York Harbor—Also Pro¬
vides Funds for Drydock in Caribbean Area and
estimated that $482,500,000 in gross revenues
by the bill in 1940, of which $250,000,000 would come from
bill
$10,000,000
graving drydock in New York Harbor capable of accommo¬
dating the largest Naval ships built' or under construction.
United Press advices the same day
They {Committee members)
would be raised
from the normal corporate tax
profits features and $232,500,000
excess
increase.
rate
Sept. 12 the Senate was advised by Senator Prentiss
(Democrat), of Michigan, that an amendment
would be offered to the bill to tax future issues of Govern¬
ment
securities.
Associated Press Washington advices
On
Brown
M.
(Sept. 12) further reported:
that future State and local
Meanwhile,
issues be taxed.
LaFollette Jr., Progressive, of Wis¬
describing the finance committee's revised
profits tax bill as "one which violates every principle
Robert M.
Senator
consin, filed a minority report
version of the excess
of sound tax revenue."
"It is inequitable,"
Senator LaFollette said of the
confirms and entrenches those
committee bill.
"It
corporations which possess a monopoly or
will result in hopeless adminis¬
incomprehensibility are such that the
quasi-monopoly position in our economy; it
trative
concision; its Complexity and
cost to the taxpayer
far
litigation out of all proportion to
Senator LaFollette
excess
an
will in many cases be
liability; it will produce extensive
of ascertaining his tax liability
the amount of such
greater than
its importance."
which would impose
Income over 8% of a corpora¬
$5,000 exemption.
urged enactment of a substitute
invested capital plus a
adoption of the excess profits tax bill by the House on
Aug. 29 was noted in our Sept. 7 issue, page 1372.
The
Senate Votes
$500,000,000 Increase in Lending Author¬
ity of Export-Import Bank—To Provide Loans to
South America—Senate Minority Committee Re¬
port Opposes
Measure
Legislation increasing the Export-Import Bank's lending
authority by $500,000,000 to assist South American trade
was passed by the Senate on Sept. 11 by a vote of 43 to 27.
Because of differences between the Senate and House bills
the measure goes to con¬
The Senate eliminated
provision in the bill increasing the capital of the Recon¬
(the latter was passed on Aug. 21)
for adjustment.
ference committee
by $1,000,000,000 for defense
bill was mentioned in our issue
struction Finance Corporation
loans.
House passage of the
Aug. 24, page 1073.
Regarding Senate adoption,
Press Washington advices of Sept. 11, said:
of
United
Senator Robert A. Taft (Rep., Ohio)
charging the grant is a blank check em¬
powering the President to establish a hemispheric cartel.
The bloc unsuccessfully sponsored an amendment which would have
restricted use on the money to loans designed to encourage United States
exports and to develop strategic materials in this hemisphere.
It lost
A
Sept. 9 passed without a record vote a
The
also
bill
bi-partisan
a
bloc headed by
Danaher
defeated, 46 to 22, an amendment by Senator John
(Rep., Conn.) to prohibit
the bank from having more than
$50,000,000 in loans outstanding in any one country.
In a last-minute plea for passage, Chairman Robert
Y.) of the Senate
Banking Committee, argued that
for the
for improvements to the South Boston drydock.
12 the Senate adopted the measure and sent it to
of $6,180,000
On Sept.
The Senate had
previously (July 11) passed a bill authoriz¬
to spend up to $7,000,000 for the New
drydock, which was to be built in cooperation with the
of New York Authority for both naval and commercial
The House on Sept. 9 eliminated these provisions and
ing the Government
York
Port
use.
passed its own bill. The Senate action was reported in our
issue of July 13, page 184.
The Senate in passing the $5,000,000,000 defense bill on
Aug. 29 included $10,000,000 for the New York drydock but
this item was eliminated by the joint conference committee;
this was mentioned in our issue of Sept. 7, page 1372.
House
Approves
$150,000,000
F. Wagner (Dem.,
rejection of the bill
Defense
for
Program
Housing
The House on
Sept. 10 passed and sent to
the Senate a
$150,000,000 appropriation to provide
housing facilities for defense industry workers and members
of the armed forces.
The National Defense Advisory Com¬
mittee requested the expenditure on Aug. 26, as was reported
in these columns Aug. 31, page 1212.
Regarding the
measure, United Press Washington advices of Sept. 10 said:
Chairman Fritz Lanham (Dem., Texas) of the House Public Buildings
Comittee, author of the legislation, told his colleagues that housing facili¬
ties must be supplied promptly to prevent health dangers at places where
populations are mushrooming because of the huge preparedness program.
The program would be carried out under direction of the Federal Works
Agency. That agency would be authorized to use facilities of other Federal
bill
authorizing
units, however,
cost
Average
a
such as the United States Housing Authority.
of family dwellings in this country would be
tories or
limited to
in terri¬
maximum for any single unit. Houses built
possessions would be limited to a $4,000 average cost.
$3,000 with a $3,950
noted in the Washington "Post" of Sept. 11 that
would permit construction of dwellings for Army
and Navy enlisted men, but Mr. Lanham stated that the
bulk of the fund would be used for housing industrial workers.
It
the
was
bill
♦
House
Votes
New Nationality
Column
Code
as
Curb
on
Fifth
Activities
Legislation designed to help rout fifth columnists and
alien Communists, Nazis and Fascists from be¬
coming United States citizens was passed by the House on
Sept. 11 and sent to the Senate.
The measure, the enact¬
ment of which was urged by President Roosevelt, would
repeal all existing nationality and citizenship laws and
prevent
41 to 25.
The chamber also
a
graving drydock in the Caribbean area and
vigorously opposed the measure,
A.
build
carried authorizations of $7,500,000
construction of
profits levy of from 25 to 50% on
tion's return on
the
on
authorizing the Navy Department to
the White House.
appointed to investi¬
gate tax-exempt securities, said a majority of the committee was prepared
to recommend that no future Federal bond issues be exempt from tax and
Chairman of a special committee
Senator Brown,
Improving Boston Dock
The House
The Commercial & Financial Chronicle
1506
substitute
a
code.
Reporting on the bill, Washington
Associated Press advices of Sept. 11 said:
new
where
like
Senator
Chairman Sabath of the Rules Committee put in the record a letter from
into
Mr. Roosevelt which said:
"I am informed that the opinion is entertained in some quarters that
its enactment might serve to curb certain fifth column activities."
The measure, in the words of Representative Rees of
Kansas,
tightens"
provisions
regarding eligibility
for
naturalization.
the bill to the House, he also said that it would withdraw
"thousands"
of "nominal"
citizens who have not
when
Explaining
ton
been in this country in
The
legislation
new
who
would
by force
distribute literature
deny
citizenship
contribute
or
those
to
who
A.
of
of that
Thomas
date
We
New
the
to
quote from
York
Jefferson
Coolidge, Boston banker, who
declared
The
unable
would
laws and substitute
a
all
repeal
existing
nationality
and
citizenship
"Herald
which Representative Rees said
for
to
limit of
two-term
a
four
attend, but his testimony
All witnesses united
aimed at strength¬
was
had
ening national defense would make certain native and foreign-born nationals
dent
prove they had not expatriated themselves if
t) the
they stayed six months in the
had such
was
each.
years
read
was
in agreement
former Under-
was
William
New Deal Demo¬
a
Mr. Adams
historian,
ill and
was
into the record by Senator
Mr.
Coolidge put
it,
in recent years that it
was dangerous
unchecked in point of time.
to go
power
main
a
the fact that the office of Presi¬
upon
increase of power
republic for that
Ar.
country of their own or their parents' birth.
for
reason
placing
time
a
limit
Other provisions would:
the President continuing in office, "is to prevent an ambitious man
Expatriate
trating
whether
citizen who served in the armed forces of
a
he had taken
or not
Present law
withdraws citizenships only from those who take an
allegiance in joining
Expatriate
foreigh
a
United
States
claimed citizenship.
of
there
or
or
she
23 years
was
older
old and
Dr.
in which to claim their citizenship.
Reference to the President's action in
calling
and States for laws against seditious acts was made in
issue of Aug. 10, page 778.
of
disapproval of President Roosevelt's
third
a
"no
that
our
of
one
is
man
President
The
bill
Bhould
Roosevelt for
cvacution
of
became
law
a
child
dent
refugees from the European
by the White House
Aug. 31 issue, page 1208.
our
amends
the
assist
to
war
the
zones
"for
signed by Presi¬
was
Neutrality
Act
The
of
Aug. 28,
on
1939,
Senator
"Wise
Mr.
the
He further said
be
to
leader
of
political
a
and
party
time, Dr. Eddy held.
Sept. 5 challenged his Democratic col¬
on
why
third
they
for
term
or
President
supporting
were
President."
any
Associated
promptly stated that he would have to
third-rater,
a
sometimes
and
I
so
judiciary
limiting
a
change their minds;
Chairman
debate
of
"the
on
the
third
Senate
term"
subcommittee, headed
President
Arizona
must
choose
the
vote
third-
fools
do."
never
Judiciary Committee, touched off
issue
by
announcing
by Senator
Burke,
on
to a single six-year term.
recalled that Mr. Burke introduced
Senator
the
hearings
the
question
last
proposed constitutional amendment limiting presidential tenure to
six-year term, and then, after the nomination of President
third
term,
Senators
tioned the
"
permit American vessels to assist in the evacuation from the
war
that
said
zones
the
refugee children.
decided
hold
to
hearings.
Burke
Mr.
has
year
announced
a
single
a
Roosevelt
his
Barkiey and Byrnes, frequent White House consultants,
authority of the Burke subcommittee to hold the hearings.
the
group
subcommittee
"I
enacted
by the Senate and House of Representatives of the United
of America in Congress assembled, That section 4, as amended, of
States
to be expedient,
prove
for
a
sup¬
port for Wendell Willkie, the Republican nominee.
[H. R. 10213]
of certain
a
The
follows:
Be it
hour's
of
the House agreed to the Senate changes, as indicated in the
same item.
The text of the bill as placed on the statute
To
well
replied:
Ashurst,
by
on
Aug. 7, as reported in these columns Aug. 10,
780; in amended form the Senate passed it on Aug. 19
(referred to in our Aug. 24 issue, page 1072), and on Aug. 21
AN ACT
single term by saying "the
calamity."
a
Barkiey of-Kentucky, who, like Mr. Ashurst, voted for the 1928
men
an
House
,
con¬
third term after voting for a 1928 resolution
a
third-termer
a
resolution,
which
by
passed
was
of
course
himself the greatest
termer."
as noted in
legislation,
new
have
same
Senator Ashurst of Arizona
page
book
"a
unto
Press Washington advices of Sept. 5 added:
in
Announcement of its approval by the Presi¬
made
was
vessels
Aug. 27, tlie date it
on
dent Roosevelt.
American
been
office has
not
explain
to
opposing
permitting
gathering
held by any President.
indispensable."
Senator Burke
leagues
Refugees
The
in
ever
November may
next
while in
leader of the Nation at the
Text of Bill Enacted by Congress and Signed by Presi¬
dent Authorizing American Vessels to Assist in
Evacuation from European War Zone of
Child
and
term
powers
Roosevelt
Mr.
his candidacy
but
on
concen¬
thus
destroying our form
balance and distribution of powers."
Eddy pointed out the desirability of a
election
Congress
upon
since
race,
seeking
aggregation of executive
would have two
now
in
hands and
own
possibility of the resolution affecting the pending
it could not take effect until 1944, nevertheless
no
overtones
were
duct
his
in
power
with its careful
government
presidential
All persons whether 23
measure
much
too
Although there ,is
army or navy.
by the time he
after enactment of the
years
power
oath of
born abroad of American parents unless that person
a person
the
to
came
foreign
a
oath of allegiance to the foreign sovereignty.
an
Tri¬
Burke.
code.
new
pro¬
Washing¬
a
in the present Administration, and Dr.
Eddy, President of Hobart College, who said he
Aliens who engage in or advocate sabotage also would be barred.
One provision
Sept. 4 supported the
on
crat, came out for the single term, while James Truslow Adams,
value" to that end.
legislation
hearing
Secretary of the Treasury
or
"or promise anything
money
the
at
:
Both
advocate
United States Government
violence of the
or
world
anti-third-term statement made by Calvin Coolidge
running for Vice-President in 1920.
was
dispatch
bune"
1940
the
an
visions of the Burke resolution.
citizenship from
years.
the overthrow
the latter
14,
throughout
raging
Wisconsin, a subcommittee member, put
stories which he said quoted President Roosevelt
newspaper
Witnesses
"drastically
is
Republican of
Wiley,
the record
indorsing in 1932
as
unrestrained,
beast."
uncaged
an
Sept.
and
absolute
power,
am
once
then
had
astonished,"
They
committee, and argued that
expired.
automatically
Mr. "Burke told
record of their votes in
ques¬
reported to the full
favor of
the
his
Dem ocratic
critics.
He
read
a
anti-third-term resolution.
1928
the
Neutrality Act of 1939 is amended by inserting "(a)" after "Sec. 4."
by adding at the end thereof the following new subsection:
"(b) The provisions of sections 2 (a) and 3 shall not prohibit a vessel,
in ballast, unarmed, and not under
convoy, and transporting refugee chil¬
and
SEC Sends New Section of Study of Investment Trusts
and
Companies to
Congress—Relates
to
Ac¬
dren, under
not
16 years of age, from war zones, or combat areas, and shall
prohibit such vessels entering into such war zones or combat areas for
this
together with such necessary American citizen adult personnel
in charge as may be approved
by the Secretary of State, subject to the
provisions of the immigration laws, if such vessel is proceeding under safe
conduct granted by all of the States named in the
proclamations issued
counting Practices and Reports to Stockholders
On
purpose,
under
the
authority of section 1 (a), and if such vessel has painted on a
large scale prominently, distinctly, and unmistakably on each side thereof
and
the superstructure thereof plainly visible from
upon
ican
flag and
statement to
a
the effect
that
such
vessel
the air
is
a
an
Amer¬
refugee-child
ship of the
United
States
or
under
United
States
registry:
Provided, That every such child so brought into the United States shall,
previous to departure from the port of embarkation, have been so sponsored
by some responsible American person, natural or corporate, that he will not
rescue
become
10 the
to
Securities and
Exchange
Commission
Congress Section I of Chapter VI of Part
Three of the Commission's over-all report in connection with
its
study of investment trusts and investment companies
Section 30 of tne Public
Utility Holding Company Act of 1935.
This section is one
of the few remaining portions of the Commission's
report
which were prepared in draft form
prior to the enactment
of the Investment Company Act of 1940 and which will be
submitted to the Congress.
The SEC states:
which it has conducted pursuant to
Part Three deals primarily with the abuses and deficiencies in the
organi¬
public charge."
a
Sept.
transmitted
zation
Approved, Aug. 27, 1940.
and
companies.
+
operation
of management
investment
trusts
and
investment
Chapter VI of that part, comprised of three sections, is
con¬
cerned with accounting practices and reports to stockholders of investment
Senate Sub-Committee Holds
Limit
Presidential
Hearings
Term
on
Six
to
Measure to
Years—Burke
Resolution^ to Amend Constitution, Is Supported
by Witnesses
companies.
subcommittee of
week
tion
continued
the
(begun on Sept. 4) on a resolu¬
by Senator Burke of Nebraska designed to
initiate
a
that
President may
no
Former
"basic
constitutional
amendment
serve
Representative
testified
on
to
land."
Senate Judiciary Committee this
hearings
introduced
whole
Associated
an
concept
Press
Mr.
Pettengill, testify at
by
tenures
Senator
to
Burke,
single
a
constitutional
a
Democrat
six-year
limitations
term,
upon
free
principle
institutions
advices
in
of
a
Congress under date of Feb. 12,
Section
proposed constitutional
on
a
of
Nebraska,
said
that
not
the tenure of
less
office
limit
to
than
of
34
amend¬
States
Governor
and
have
•
"In
vi?w
of
the
extension
of
presidential
powers,
it is vastly
more
history and activities of that
I of Chapter VI transmitted to the Congress today is a
of investment
companies.
Commission's study of investment trusts and investment companies were
a
recognized body of uniform accounting practices in the investment
industry.
In this connection, the report stated:
"It is clear that the managements of
many Investment companies, free
almost any restraint, favored those accounting practices in connec¬
tion with their companies which were not in accordance with sound ac¬
from
counting principles, but rather according to whatever designs seemed to the
managements best fitted to promote their immediate objectives, and the
adaptability of one method or another to the accomplishment of these ends."
The report indicated that there has been
accounting methods for investment
vast
These two sections deal with the
outline of the
those relating to their
accounting practices and reports to stockholders.
The Commission in its report reveals that there has been an absence
other
important officials.
transmitted to the
The Commission's report
covering in general the years 1927 through
1935, indicates that among the most Important problems developed in the
company
presidential
an
representative cross-section
a
of
6
1940.
were
general survey of the accounting practices and reports to stockholders of
was
Spet.
III of this chapter
accounting practices of the United Founders Corp. Group of investment
free
follows:
as
hearing
provide
one
anti-third-term
of
Washington
quoted from this testimony
ment
would
six-year term.
Democrat of Indiana,
Pettingill,
Sept. 6 that
the
which
than
more
and
companies and also contain
group.
A
Sections II
ticularly since the
important
a
a
general improvement in the
during the past ten years, par¬
and the Securi¬
ties
any
trusts
enactment of the Securities Act of 1933
of
new
that the principle (no-third-terin) be maintained than at
other time, not only in the history of America, but indeed the history
mankind,"
"Let
restraint
Look
any
of
abroad
Mr.
Pettengill said.
President
freedom
where
break
wiil
the
you
this
then
Exchange Act of 1934, and that this improvement has worked toward
development of the standards of accounting principles applicable to in¬
vestment
law,
put
written
upon
dykes erected by free
or
him
men
unwritten,
or
he
upon
have broken
and
what
himself?
down and
trusts
and
toward
a
more
adequate disclosure of the condition
and the results of operation of these
remained in many fields two or
which
are
more
organizations.
However, there still
well-recognized accounting methods
diametrically opposed to each other.
.
.
*
Volume
The Commercial & Financial Chronicle
151
The report treating with the absence of
Of this amount, $100,000,000 is being repaid by the Federal Land Banks,
$60,000,000 by the Banks for Cooperatives, $40,000,000 by the Federal
uniformity with respect to the
functions of earned surplus and capital surplus account states:
Intermediate
"Investment trusts and investment companies as a group did not follow
any definite demarcation between the functions of earned surplus and capi¬
tal surplus accounts, except that the amounts which were allocated to sur¬
plus out of money or property received upon the issue of capital shares were
cash
The remaining
In
of
expenses
against
surplus account."
The
earned surplus,
Commission's report
while others
reviewing the
sources
did
sis
of their surplus accounts,
states that
of dividend payments
analy¬
"these analyses demonstrate the
ability of investment companies, through the availability of capital surplus
account
t»
disburse dividends
against
The
Commission's
report
background of operating deficits
a
and of substantial investment losses."
.
indicates
.
.
that
the
diversity
methods applicable to the same kind of transactions
of
accounting
and inadequate dis¬
closure, affected the reliability of the reports submitted to stockholders of
investment companies.
,
The Commission's report suggesting that full
"the
remove
when
formidable
handicaps which
disclosure alone will not
face
the
investor
today
even
studying published reports of investment companies" states:
".
is necessary that financial statements be produced which
reasonably simple comparison of the statements of one com¬
The varying accounting methods which un¬
and surplus statements being submitted to
investors, make impossible such comparisons.
Not only does one invest¬
ment company utilize accounting methods diametrically opposed to those
in use by another with respect to the computation of profits or losses upon
the disposition of securities, but also in connection with the carrying value
of securities which may vary as between original cost, market value, lower
of cost or market, written-down value, values arbitrarily fixed in exchanges,
.
It
.
will enable
a
pany with those of another.
derlie the financial, income
and
values
taken over in mergers and consolidations.
Due to write¬
by some companies and not by others, profits reported by one and
by the other may represent equal rather than better and poorer
performances.
Unrealized profits and losses also are dependent upon car¬
rying values.
The unrealized depreciation by one company cannot be
regarded unfavorably when compared to unrealized appreciation reported
by another so long as carrying values of the two companies vary.
Also in
volved is the varied treatment of stock dividends and rights received.
"It is this handicap of these fundamental differences In the methods of
accounting revolving around the portfolio, the chief asset of investment
companies, which needs to be overcome if so essential a requirement for
investors as a comparable basis of financial statements of one investment
company with those of others of the same class can be fully and success¬
fully met."
*
downs
losses
The Commission in reviewing accountants' certificates appended to finan¬
cial
statements
of investment
trusts
and
investment
companies for
adequate to the misleading.
chapter
were
referred to in
our
The Securities and
Exchange Commission made public on
Sept. 12 a series of supplements to the industry reports of
the Survey of American Listed Corporations.
The supple¬
ments cover financial operations for the 1939 fiscal year.
The Commission states:
given in
was
Federal
All of the companies had
secur¬
registered under the Securities Exchange Act of 1934 at June 30, 1939.
Financial data for the fiscal years 1934-1938 for the enterprises included
in this supplement were
of the
previously released
as
Report No. 24, Volume III,
Survey of American Listed Corporations, Work Projects Adminis¬
tration study sponsored by the Securities and Exchange Commission.
The
companies covered in Supplement No.
6
The
Cement
Star
Corp.,
Medusa
Portland
Cement
Co.,
Missouri
units
will
the proceeds
use
of Government
of its
Farm
Portland
Cement Corp., Pennsylvania-Dixie Cement Corp., and Yosemite Portland
Mortgage
Corporation is arrapging to
Government-owned
capital
during the present
bonds, announcement regarding which
later date.
a
.
ordering the repayment of these funds
issue of July 20, page 309.
our
Intermediate
Federal
Credit
Their
Banks
Capital
Intermediate
Credit
Have
Returned
Treasury
to
Banks
:
returned
$10,-
000,0Q0 of their capital funds to the United Stales Treasury
on Aug. 31,
it was announced on Sept. 11.
This action,
it is stated, follows the economy proposals of the President's
oudget message to tne effect that Government corporations
might find it possible to reduce their capital funds sub¬
stantially.
George M. Brennan, Intermediate Credit Com¬
missioner of the Farm Credit
Administration, said the
$10,000,000 represents the first instalment of
total fund
a
of $40,000,000 of
Government-provided capital and paid-in
surplus which is to be released during the next few months
to
a Treasury
revolving fund.
Funds released to the re¬
volving fund will be available for new subscriptions if needed.
After the capital-release is completed,
says the announce¬
ment, the 12 Intermediate Credit Banks will still have a
total capital of $60,000,000, all of which is owned
by the
Federal Government, and approximately $20,000,000 of
earned surplus and reserves, none of which is returnable
to the Treasury under existing law.
Commissioner Brennan
pointed out that the ratio of capital and surplus to de¬
bentures will be about 1 to 2
compared to a ratio of
1 to 10 allowed under the law.
In another item in today's
issue we refer to the capital returned by other units of the
FCA.
+
Proposals for Making Loans to Small Business Con¬
tained in Report Prepared for TNEC
by Group of
SEC—President
Connelly of I. B. A. Opposes
Suggestion for New Government Agency for Ex¬
tension
of Credit in Competition
With Private
Capital
A
report dealing
credit
small
to
of
the
with
ise
suggestions for the extension
of
business, prepared for the Temporary Na¬
Economic
section
Committee
Securities
by
the
investment
banking
and
Exchange Commission, made
Sept. 8, makes the statement that
on
constituted the investment trust offers little prom¬
now
financing medium to the small enterprise." A sum¬
of the report states that "the report makes no specific
recommendations."
In part, the summary goes on to say:
as a
mary
evidence
But
investment
which
of
It
with
that
finance
the
existing
financial institutions, the
be the instrumentality, the form
to
providing equity capital to the incorporated
and
be given to the organization of
factoring companies "by encouraging the organiza¬
encouragement
finance and
factoring companies of moderate size and
a
extension
some
a
of the field of activity of the existing companies, coupled
machinery for the coordination of their functions and activities
way
Government
that
business
for small
by such
by
or
improve terms, the deficiency in
might
in part
be remedied.
Considera¬
be given to the desirability of providing insurance against
sustained
losses
to reduce costs and to
as
facilities
tion also should
for
of
appears
for
business.
suggested
such
in
that
company
suitable
additional
of
wider
or
most
small
of
additional
tion
indicates
trust
is
is
credit
Alpha Portland Ce¬
are:
Co., Calaveras Cement Co., Lehigh Portland Cement Corp., Lone
ment
Federal
$10,000,000 of
sector
primarily the manufacture of cement.
Credit
The text of the Act
Supplement No. 6 contains reports on eight corporations whose business
ities
Production
holdings for the retirement of their Government-
public at Washington
SEC Issues 1939 Supplement for Cement Manufacturers
is
Credit
issue of FFMC
new
a
will be made at
"as
.
by the
The bulk of the funds for this purpose probably will come from
the sale of
tional
issue of Feb. 17, 1940, page 1072.
the
$100,000,000
fiscal year.
the
period under review states that these certificates ranged from merely in¬
Sections II and III of this
Farm
addition,
retire
this in capital
of investment companies and investment trusts as determined
by an
$15,000,000
owned capital.
only that part of a write-down not
by earned surplus account.
When portfolio values were
adjusted to the lower of cost or market value at year-ends, the adjustments
ments were made through capital
surplus by some companies, and through
earned surplus by other companies.
Upon the creation of portfolio re¬
serves, the burden fell on earned surplus among some of the trusts, while
in the cases of others the burden was on
capital surpius account.
Charges
and credits arising from the sale and retirement of
reacquired stock could
be found in earned surplus as well as in
capital surplus.
This was true
also as to the excess of face value over cost of
reacquired bonds and de¬
bentures.
Unamortized debt discount and expense applicable to reacquired
securities was adjusted by a number of companies through earned surplus
and by others
through capital surplus.
Some companies wrote off organi¬
zation
and
Banks,
The Federal Land Banks will meet their repayments from
hand, short-term borrowings and proceeds of Government securities.
on
securities and other security
other.
At times capital surplus absorbed the entire amount of a write¬
down of securities, although an earned
surplus balance was also available.
At other times capital
surplus absorbed
care
Credit
Corporations.
segregated in capital surplus or paid-in surplus accounts.
Both earned
surplus and capital surplus were used to reflect trading results
.
.
.
Investment profits might be found in one surplus account and losses in the
taken
1507
a
intermediary institutions either by
agency
an
of
corporation privately financed and expressly organized
purpose."
*
Cement Corp.
The combined volume of business for all eight enterprises amounted to
$61,000,000 on Dec. 31, 1939. compared with $55,000,000 in 1938.
A
combined operating profit
of $9,500,000
15.7%
or
ported by all eight enterprises for 1939 compared with
of $5,100,000 or
9-3% of sales in 1938.
These
same
of sales
was
an operating
re¬
profit
enterprises showed
a
combined profit after all charges (including non-operating gains and losses,
prior claims, interest and income taxes) of $8,000,000 or 13.1%
for the year
ended on Dec. 31, 1939 compared with
of $4,100,000 or
7.5% of sales for the
The total current assets of the
year
of sales
profit after all charges
1938.
eight enterprises at Dec. 31, 1939,
8.74 times as great as current liabilities.
year
a
current assets for this group were
as
liabilities.
Copies of this supplement, as well as of supplements Nos. 3-5, inclusive,
and Volumes I-III, inclusive, previously released, may be secured without
charge by request to the Publications Unit of the Securities and Exchange
Commission in Washington,
D. C.
Senator
a
Agencies
Have
of
Securities—Proceeds to Go Toward
Government
Retirement of
Government-Owned Capital of $215,000,000
The
Farm
Credit Administration announced
Sept. 6
the sale,
through the Treasury Department and the Federal Reserve
Bank of New York, of approximately $97,000,000 of Govern¬
ment securities, the proceeds of which are being used toward
the retirement of Government-owDed capital aggregating
$215,000,000 on or before Nov. 30, 1940, in accordance with
an understanding reached with the President.
The announce¬
that
various
units
of
ment added:
the
FCA
have
of private savings.
The
;
the committee states
of
report
that
the
principal obstacle to the
development of small businesses is the difficulty by small busi¬
ness men in securing venture capital with which to finance their operations.
Reports received by the Investment Bankers Association of America from
prosperous
in
members
its
On
dition.
there
is
an
sound
loans
all
abundance
to
business—namely,
and
large
seems
owns
reveal
have
investment
exactly contrary
an
con¬
hesitancy in stating that
no
capital
employment
seeking
has two agencies set
Federal
Reserve
Currently
where
to
System
these agencies
the
enterprise
to make
up
and
are
the
Recon¬
making loans
warrants
a
normal
-
me
the
that
to
preferred
set
stock
up
another
simply
agency
means
in
that
which
this
the Govern¬
new
would
System
would be
too risky
one
it only the loans rejected by the Federal Reserve
Finance
Corporation,
and
therefore
its capital (taxpayers' money) in ventures that
experienced agencies already in existence.
were
more
there was introduced in Congress a bill for creating agencies
making loans to small business.
Extensive hearings were held on the
Last
for
businesses
Reconstruction
the
investing
the
the
Corporation.
small
have available to
and
Nation
risk.
financial
for
the
private
industry today.
to
It
of
of
addition, the Government already
Finance
ment
parts
the basis of these reports I
struction
on
completed
Joseph C. O'Mahoney, Chairman of the TNEC, has made public
the committee embodying proposals for further extension of
Government credit to business and industry in competition with the invest¬
in
Sold $97,000,000
in which Mr.
of
report
In
FCA
of America,
Connelly says:
ment
great as current
Bankers Association
Investment
were
At the end of the previous fiscal
10-45 times
The report, which was made public by Senator Joseph C.
O'Mahoney, Chairman of the TNEC, has prompted the issu¬
ance of a statement by Emmet F. Connelly, President of the
year
legislation, and business and financial experts familiar with this problem
had an opportunity to present their views.
There was a preponderance of
The Commercial & Financial Chronicle
1508
testimony
credit
such
such
that
not
were
the field
of
flow of capital
members.
Had
rated
the information
in
the
the experience of its
opportunity to appear.
had the
never
record
which
we
is
it
entirely possible that the committee would
additional Government lending agencies are necessary.
One of the two basic philosophies will
private investment savings,
flow
of
And
profitable
into
savings
brothers.
the accent must be
or
Government
as
The
employment.
further
moves
two
this
into
blood
not
are
field
the
little
large pools of private savings alike which are seeking work will
and
This
of
is
that
truism
a
State Adolf
been
has
plainly stated by Under-Secretary
very
who has proposed a system of regional credit banks
Berle,
sponsored by the Government along the lines of the system now proposed
by the TNEC.
Mr. Berle said:
.
The
Government
have
will
to
into
enter
direct
financing
of
activities
supposed to be private, and a continuance of that direct financing
mean inevitably that the Government ultimately will control and own
now
must
those
activities.
In
addition
the
to
above
extract
from
the
of
summary
action
and set up new minima
respects
of
disposed
complaint
a
Conference, Inc.,
of
by
initiated
inquiry
an
the
Middle
Atlantic
that certain carriers in the
its
on
States
line
trunk
own
Motor
territory
charging non-compensatory, unjustly discriminatory and unreasonably
were
low
also
and
Carriers
rates.
Commission
The
500
some
said
the
carriers
motor
complaint
of
the
together
in
area,
this
Association,
with
the
representing
agency's own
existing conditions, prompted its investigation.
The rates fixed generally are in conformity with recommendations made
knowledge
be dried
in proportion.
up
Commission's
The
encouragement of the
an
Sept. 3
on
henceforth.
be effective
motion
try, whether we are seeking a robust national defense or a prosperous peace¬
Nation.
Either the accent will be on Government competition with
in several
low
too
were
to
not
time
decided
territory ranging south from New York to North Carolina
future expansion of indus¬
govern
Rates for Eight Middle
Trucking
The Interstate Commerce Commission
prepared to present been incorpo¬
were
1940
that rates of motor truck carriers in the trunk line railroad
upon
in the United States based upon
We have
feel' that
now
invitation to be heard and present facts bearing
an
14,
Atlantic States
enacc
hearings of the TNEC, the Investment Bankers Association
During the
Minimum
Sets
ICC
business
Congress declined to
but unwise.
unnecessary
legislation.
repeatedly sought
the
agencies in
governmental
new
only
Sept.
of
by the Carrier Conference, which has attempted to stabilize rates on a
profitable level for the past two years and has had considerable success,
although
The
few operators continued rate-cutting tactics.
a
schedules should
new
to stabilize rates in this
serve
important terri¬
tory at a level which will produce revenues necessary to promote adequate
efficient service
and
by the highway carriers.
Commission's
The
order
sets
minimum
classifications,
rates,
rules
and
regulations for common carriers by motor vehicles in and between points
in
New York, New Jersey, Pennsylvania,
Delaware, Maryland, Virginia,
West
Virginia and North Carolina.
the report, we also quote the following from the summary
given in Washington advices
as
Sept. 8 to the New York
"Journal of Commerce":
While
banks
recognizing
is
merits
financing small
bank
facilities
that
further
will
it
If
its
be
have
report
this
in
loans
by
that
states
considering the
in
deemed
is
aid
to
extend
the
thought
business.
further
to
question,
serious
to
open
nevertheless
"capital"
the making of
that
advisable
"the
entire
for
it
to
the banks
protect
recognized
against the
non-liquid and non-marketable character of the assets which they will
required to hold,
should
tion
well
as
given
role
of
'insurance'
the
the
or
guarantor
against the added risks
as
to
Reserve banks
Federal
the
be
advisability
Reconstruction Finance
loans.
such
on
already
arrangement
Involved.
suitable
under
The
has
basic
been
of
be
Considera¬
safeguards
for
Corporation assuming
for such an
principle
embodied
in
legislative
a
The
reviews
report
to
intermediate credits
the
for
made
ing
banking structure.
other
the
measures
provision
for small
also
to
of
certain
Congress
provides for the creation of
of
business, such
industrial
an
proposals to
which
have
adequate
more
already
been
long-term
and
"those
business
as
Commenting
this
on
proposal,
the
report
states
proposals believe that such a banking system
for small and intermediate size businesses but for
whole, since only through such banks can equity financing
a
Frank
The report also contains a discussion
N.
Frank
establishment
of
of
the
Securities
Proposal
of the recent proposal by Chairman
and
Exchange
Commission
for
the
system of regional finance companies.
In conclusion,
the report states that "it cannot, however, be emphasized too
strongly that
not
solve
all
afford to overlook
businesses
of
the
operating
small
or
make
to
business
man's
its
supply
problems.
abundant
more
Nor
can
we
that, in addition to adequate capital and credit facilities,
requires that its operating efficiency and technical
and
Small business must,
developmental
in order to survive, match
which large business enjoys
efficiencies
through its expert accounting, managerial and operating techniques.
"Just
dealt
tions
of
as
credit
the
and
marketing problems of the
been
have
farmer
to be broken down
into its
component parts and
special solutions found for its peculiar requirements."
advance
will not be
commentary
the
on
committee's report,
available for several
lows in the "Times"
"The statistical
that
amounted
program
commitments
of
to
the
$3,06.9,325, making total authoriza¬
standing at the end of the month of $14,099,114,262.
there
a
total
of
This
$1,399,798,638 authorized
Governmental agencies and $1,800,000,000
for
re¬
31, 1940. Authorizatons
aggregating $1,359,052 were canceled or withdrawn during
July, Mr. Schram said, making total cancelations and with¬
drawals of $2,328,965,930.
A total of $849,044,384 remains
available to borrowers and to banks in the purchase of
pre¬
ferred
stock,
capital motes and
$46,828,951 was disbursed for
$33,821,545 was repaid, making
July 31, 1940, of $7,799,379,311
443,178 (approximately 77%).
debentures.
loans
and
During July
investments
and
total disbursements through
and repayments of $6,004,-
The Chairman's report went
to state:
on
During
months,
a
as
which
given as fol¬
was
dispatch:
data which
have
in
been
accumulated
for
this
loans
two
those
disbursed
in
and
to
to
banks
and
trust
the amount of $3,550,322 ;
$1,638
repaid.
Through July 31, 1940, loans
7,541 banks and trust companies (including those
$2,550,917,466.
Of
this
amount
586,994 has been
$16,964,387 remains available
and
disbursed.
withdrawn,
$2,030,366,084 has been
648,291,
approximately 95%, has been
banks,
open
trust
that
and
companies
in
was
aggregating
.
authorized
were
liquidation)
$1,626,734
authorized
receivership)
includes
Of
this
repaid.
Only
$6,500,670
to
$512,-
borrowers,
latter
amount
$1,935,$7,262,451 is owing
from
one
mortgage
and
company.
During
July authorizations
debentures
of
two
banks
in
were
the
made
amount
1940, authorizations have been made for
notes
and
debentures
gating $1,387,983,663, and
$53,236,526 to be secured
preferred
stock,
capital
of
1,124
by
notes
6,794
loans
of
purchase preferred stock and
$65,000.
Through July 31,
purchase of preferred stock,
banks
were
preferred
and
to
the
and
trust
authorized
stock,
debentures
a
of
total
companies
in
the
aggre¬
amount
authorization
6,867
banks
and
of
for
trust
companies
of $1,441,220,189; $173,722,807 of this has been withdrawn
$30,920,000 remains available to the banks when conditions of author¬
and
izations have been
have been
about
July
(including
was
capital
statement
by Senator O'Malioney, referred to in
Washington dispatch, Sept. 8, to the New York "Times"
cate
recovery
latter amount includes
by
successfully because they have been delimited and special solu¬
developed for particular needs, so, too, the capital and credit problem
small business requires
an
mitments
with
A
and
during
July amounted to
$88,703,685, rescissions of previous authorizations and com¬
also
equipment be improved.
the
authorizations
that
the
a
merely to reduce the cost of credit
will
in
for other
is
only
not
Discusses
small
stated
RFC
lief from organization through July
Reference
provided."
Jerome
tion,
corporation.
overcome
who have urged such
required
be
operations, issued Aug. 15, Emil
Schram, Chairman of the Reconstruction Finance Corpora¬
Senator Mead's bill which
as
loan
the deficiencies of the existing
commercial bank system in supplying credits to small business such as the
creation of a capital-credit banking system as a supplement to the exist¬
is
RFC Transactions with Railroads Itemized
In his monthly report of
tions through July 31, 1940, and tentative commitments out¬
proposal."
proposed
Report of Operations of RFC Feb. 2, 1932, to July 31$
1940—Loans of $14,099,114,262 Authorised—$2,328,965,930
Canceled—$7,799,379,311
Disbursed
for
Loans and Investments—$6,004,443,178 Repaid—
commercial
be
must
practice
problem
the
direction,
provided
commercial
met.
During July two loans
report indi¬
closed
banks
the
in
were
amount
authorized
for distribution
of
depositors of
of
though they constitute only about 1% of the 'business population,' employ
most of the Nation's
workers.
Of the 2,400,000 business units in
the
country, imore than 90% have assets of less than $250,000 each.
It is
$3,550,322; $1,538 was disbursed and
repayments amounted to $1,283,284.
Through July 31, 1940, loans have
been authorized for distribution to depositors of 2,776 closed banks
aggre¬
gating $1,347,513,02S; $335,091,858.50 of this amount has been with¬
drawn and $16,764,962 remains available to the
borrowers; $995,656,207
clear
has
States,
of which
now
those
which
have
important segment of
legislators and business
the
2,400,000
assets
business
of
more
units
than
from the reading of this report that these small
the most
of
are
our
the
in
United
$5,000,000
businesses
each,
constitute
national economy and that the thought
be directed toward the solution of
should
men
possibilities of providing small
discussed
business with
venture
capital
were
by the committee.
"The first is the suggestion that local
banks, which under present con¬
ditions find it difficult, if not
impossible, to make the sort of loans
small business needs, should be
encouraged to do so
by
some
legislation
under which loans of this character
might be placed upon an insured basis.
This device would be
designed to promote the extension of needed credit,
which cannot now be secured because the assets which
small business can
offer
not
are
marketable
as
mercial bank in
accepting them
as
necessary
as
to
justify
the
ordinary
com¬
the basis for loans.
and $954,711,240,
approximately 96%, has been repaid.
July $50,165 was disbursed against authorizations to finance
drainage, levee and irrigation districts.
Through July 31, 1940, loans have
authorized to refinance 652 drainage, levee and
irrigation districts
aggregating $141,856,508, of which $32,144,729 has been withdrawn; $20,048,819 remains available to the borrowers and $89,662,961 has been
disbursed.
Under
struction
"The
possibility, which
new
source
is
1938, 48 loans to industry, aggregating $4,554,459,
Authorizations in the amount of $2,661,973
preferred
common
discussed
of venture capital,
"This
by the purchase of
supply, through the
stock while allowing private capital to
stock, the real venture capital, and to direct the
management.
the
and
the
effect
served,
some time ago by Chairman Frank of the Securi¬
Commission, would, like the guarantee of loanB, have
providing Government aid in a field which is not now
Exchange
of
without
imposing
any
degree
private enterprise to be fostered."
of
were
authorized during
canceled
the Corporation has authorized 7,350 loans for the benefit of industry
$379,869,263.
Of this amount $95,490,061 has been with¬
and $73,814,398 remains available to the borrowers.
In addition,
in
Government
control
upon
the
Corporation agreed to
loans
to
19
businesses
gating $889,441
has authorized
were
purchase participations
during July,
withdrawn.
amounting to
and similar
$343,610
authorizations
aggre¬
Through July 31, 1940, the Corporation
has
agreed to the purchase of participations aggregating
$117,126,859 of 1,807 businesses, $47,525,915 of which has been with¬
drawn and $50,086,336 remains available.
proposal, made
ties
were
or with¬
July.
Through July 31, 1940, including loans to the fishing
industry, to banks and to mortgage loan companies to assist business and
industry in cooperation with the National Recovery Administration pro¬
finance
to
of Section 5 (d), which was added to the Recon¬
Corporation Act June 19, 1934, and amended April 13,
aggregating
Companies
from the point of view of
is the establishment of regional
corporations under legislation which would enable the Government
cooperate in the establishment of such institutions
a
Finance
drawn during
drawn
second
the provisions
July.
gram,
Regional Finance
providing
disbursed
been
problems of such enterprise."
Two
been
During
to
to
or
During July nine loans in the amount of $1,767,000 were authorized
public agencies for self-liquidating projects.
Disbursements amounted
$610,000 and repayments amounted to $9,943,006.
Through July 31,
1940, 365 loans have been authorized on self-liquidating projects aggregating
$628,443,190; $44,825,213 of this amount has been withdrawn and $142,-
Volume
The
151
dis¬
$440,703,402 has been
914,575 remains available lo the borrowers;
and $394,937,625 has been repaid.
During
Corporation sold securities
July the
Public
having
Administration
Works
par
previously purchased from
value of $4,097,800 at a
Corporation also collected maturing PWA
securities having par value of $79,264.
Through July 31, 1940, the Corpo¬
ration has purchased from the PWA, Federal Works Agency
(formerly
Federal Emergency Administration of Public Works)
4,168 blocks (3,105
issues) of securities having par value of $661,007,249.
Of this amount,
premium
of
deliver
having
from
of
value
par
time
bursed
to and
table
Authorizations
Canceled or
Authorized
from
ments for all purposes
Disbursements
•
■
■
,
disbursements and repay¬
Feb. 2, 1932, to July 31, 1940:
follows
as
S
Loans under Section 5:
Banks and trust companies
%
1,983,102,099.01 1,891,433,026.08
770,919,564.26 *264,173,346.30
—... —
592,033,376.83 429,002,270.63
Mortgage loan companies
Federal Land banks
387,236,000.00
corporations
Building and loan associations (incl. receivers).
173,243,640.72
121,982,030.20
90,693,209.81
24,666,880.20
Regional Agricultural Credit
Insurance companies.—
-
——
—
Joint Stock Land banks
13,064,631.18
....
Agricultural Credit corporations
Fishing Industry
...........
...
600,095.79
..........
distributors for payment
or
5,643,618.22
719,675.00
...
...
Processors
12,971,598.69
9,250,000.00
...
.........
Secretary
„
14,718.06
4,186,141,137.97 3,413,214,730.35
Total loans under Section 5.
to
12,971,598.69
9,250,000.00
5,599,703.83
629.859.37
585,584.21
_
14,718.06
_
13,064,631.18
of pro-
ceasing tax
Loans
21,016,190.47
„
moneys
Federal Intermediate Credit banks
Credit unions....
117,712,305.58
87,281,855.23
of public
State funds for insurance of deposits
Livestock Credit corporations
387,236,000.00
173,243,640.72
of Agriculture
275,000
3,300,000.00
drainage, levee and
3,300,000.00
89,662,960.56
cotton.
Loans for refinancing
6,364,127.09
Alton RR. Co
22,865,175.00
22,308,000.00
440,703,401.69
394,937,624.52
12,003,055.32
4,898,282.15
markets.47,298,877.12
223,543,240.17
47,251,981.13
standing indebtedness..........
tion projects
Loans for repair and
damaged
sale of
Loans to aid in financing the
surpluses in foreign
Loans to business enterprises
....
Loans for National defense
Loans
on
9,604.07
-
and purchases of assets
47,263,984.85
6,166,409.40
of closed banks.
Loans to mining businesses
Loans to finance the carrying
88,783,224.33
44,215,265.08
2,553,696.95
and orderly market¬
commodities and livestock:
Commodity Credit Corporation.
ing of agricultural
767,716,962.21
19,644,491.78
Other
767,716,962.21
18,987,669.00
Boston & Maine RR
secured by
pref.stock„5,866,319,300.14 4,814,531,562.81
(in¬
and $12,753,907.46 repaid on loans secured by pref. stock)..1,236,577,381.56
Purchase of stock of the RFC Mortgage Co
25,000.000.00
Purchase of stock of the Fed. Nat. Mtge. Assn..
11,000,000.00
Stock-Metals Reserve Co.
i
1,000,000.00
Loans secured by preferred stock of Insurance
companies (Including $100,000 disbursed for
the purchase of preferred stock)
[ ...
34,475,000.00
Public
..1,308,052,381.56
Administration,
Works
Agency, security
Federal
663,555,141.45
....—:
8,424,982.78
671,980,124.23
Works
625,007,629.49
transactions.
517,931,491.16
7,799,379,311.19 6,004,443,178.20
Total
Allocations to Governmental agencies
visions of existing statutes:
under pro¬
purchase:
Owners' Loan Corp...
Capital stock of Federal Home Loan banks..
Farm Loan (now Land Bank) Commissioner
Capital stock of Home
1,000
(trustee)
150,000
RR.Co. 12,000,000
Mllw.St.P.&Pac.RR.Co.
500,000
8,920,000
(trustee)
RR.Co.
1,150,000
I. A Pac. Ry. Co.—
Chic.R.I.A Pac.Ry.Co. (trustees)
Cincinnati Union Terminal Co..
13,718,700
2,680,000
Chicago R
Co—
-
Joint Stock Land banks...
Corp. for loans to farmers.
Federal Housing Administrator:
To create mutual mortgage insurance fund..
Federal Farm Mtge
200,000,000.00
124,741,000.00
145,000,000.00
2,600,000.00
55,000,000.00
Sec.
Erie RR. Co.
RR
ille Mldlan-i
...
Stock—Commodity Credit Corporation
Stock—Disaster Loan Corporation
....
Since May 26,
...
relief..........
Administration
Administrative expense—1932
Rural Electrification
Total allocations to
Co—
To
States
-
States directly by Corporation
certification of Federal Relief
Administrator
Appropriation Act—1935
Emergency Relief Appropriation Act,
3,108,278.64
14,210,102.92
116,186.58
126,871.85
146,500,000.00
299,984,999.00
Total allocations and
2,650,000
3,000
197,000
50,000
744,252
985,000
100.000
Ry. Co
25,000
36,499*655
18.200,000
18,200,000
7,699,778
919,360
21,000
222
607,000
5,000,000
28.900.000
28,900*,000
3,000.000
600,000
3.000,000
12,500
798,600
17.000
4,975,207
2,425.46
117,750
65,000
1,235,000
162,600
162,600
64*0*66
5,200,000
44,000,000
50,905,000
320,000
200.000
400,000
5,332,700
600,000
Pacific
2,035*666
6,332,700
108,740
108,740
30,000
17,161,657.76
1,0*91*800
4,366,000
13.602.922
8^200
25,981,583
4,366,000
13,502,922
760,000
39,000
25,9*7*3*383
452.000
1,403,000
3,600,000
400,000
22.625
750.000
22,625
22,525
770,919,564 268,973,346
Corporation also guaranteed the pay¬
•
Co.'s notes for $5,600,000,
matured and has been paid.
Includes a $5,000,000
matur'ng over a
guarantee; In addition
period of 10 years, $700,000
the Corporation also
guaranteed
it. Since
reducing the
guarantee by the corporation of securities sold by
the sale, $64,000 of the $320,000 has been repaid by the railroad, thus
Corporation's liability under the guaranty.
d Includes an agreement by which the Corporation may be required,
elect, to repurchase at any time prior to maturity. $4,150,000
Includes $320,000
or may
securities sold by it.
authorized the Corporation
loans in the amount of $362,900,409 upon the performance of specified conditions.
Of
this amount $255,229,534 has been canceled, leaving $107,670,875 outstanding at the end of the month.
In addition to
10736129,616.52 6,021,604,835.96
30,000
39,000
6,000
46.000
payment of Interest.
the
—
700,000
100.000
Minneapolis St. Paul A Sault Ste. Marie Ry. Co. (The Soo Line)
the Interest on which was guaranteed by the Canadian
Ry. Co. and when the "Soo Line" went into bankruptcy, we sold the balanoe
the loan to the Canadian Pacific, receiving $662,245.50 In cash and Canadian
of which
b
17,159,232.30
24.200,000
30,096,594
100,000
164,794
30.000
1,200.000
secured by its bonds,
due on
al7,159,232.30
26*000
The loan to
a
was
2,425.46
300,000
2,805,176
18.672,250
200,000
300,000
7,995,176
18,672,260
2,035.000
In addition the
785,000
1,070,599
36,499,000
889,968,717 107,030,756
Represents a guarantee;
99*200
99.200
785,000
1,070,599
100,000
....
Central Ry. Co
2.309,760
23.134,800
45,200,000
61,405,000
———
100,000
6,124,000
Louis San Fran. Ry
Co—
a6,843,082
6,843,082
29,500,000
3,000,000
Pioneer A Fayette RR
17,000
Pittsburgh A W. Va. RR. Co.—
4,976,207
300.000
Puget Sound A Cascade Ry. Co¬
*
allocations
.2,936,750,305.33
relief
800,000
1,600.000
2,550.000
Pennsylvania RR. Co
Pere Marquette Ry. Co
c
33,177,419.82
Grand total
8,51*7*566
800,000
6.843,082
Totals
499,999,065.72
500,000,000.00
1,799,984,064.72
relief
issued for funds for
9,278,000
l,000~66<j
ment of interest.
500,000,000.00
1935
and relief advances
520,000
390,000
112,000
1,729,252
S.S.Marie Ry. Co.
Wrightsvlile A Tennille RR
on
Interest on notes
6,000.000
13,915
22,667
River Ry. Co.
Co
The Utah Idaho Cent. RR. Corp.
Wabash Ry. Co. (receivers)
Western Pacific RR. Co
Western Pac. RR. Co. (trustees).
Wichita Falls A Southern RR.Co.
40,500,000.00
97,000,000.00
24,000,000.00
governmental agencies.. 1,103,588,820.79
Under Emergency
Under
13.915
8.020,000
43,090,000
200,000
Co
Pacific Ry.
For relief—To
26,000.000
1,500.000
2,550.000
Tuckerton RR.
44,500,000.00
-
Expenses—Prior to May 27,1933
1933
354,721
99,422,400
Co
RR. Co..
Texas A Pacific Ry. Co
Texas-South-Eastern RR. Co...
Agricultural Credit corporations for:
(inc 1 $39,500,000
Administrative
546.000
546,000
Mississippi Export RR. Co
5,124.000
Missouri-Kansas-Texas RR. Co.
23,134,800
Mlssourl Pacific RR. Co
99.200
Missouri Southern RR. Co
785.000
Mobile A Ohio RR. Co
1,070,599
Mobile A Ohio RR. Co.(receivers)
25,000
M ur f reesboro-N ash vll le Ry. Co—
New York Central RR. Co
b41,499,000
N. Y. Chic. A St. L. RR. Co
18.200.000
N. Y.N. H. A Hartford RR.Co.
7,700.000
Norf. South. RR. Co. (receivers).
743,000
Northern Pacific RR. Co
5,000,000
Tennessee
Purchase of capita lstock
fund
12,000
1,181*666
354,721
125,422,400
Texas Okla. A Eastern
Credit Administration for
revolving fund to provide capital for pro¬
neid m revolving
3,183.000
Maine Central RR. Co
Sumpter Valley
Governor of the Farm
Regional
78*666
3,183,000
10.539
13,915
Gulf Mobile A Northern RR. Co.
8.020,000
Illinois Central RR. Co
43.112.667
Kansas City Southern Ry. Co
1,112.000
Lehigh Valley RR. Co
10,278,000
Litchfield A Madison Ry.Co
800.000
Louisiana A Arkansas Ry. Co—
*350,000
Meridian A Blgbee
10,000
16,000
8,537,302
10,639
Co
Georgia A Fla.RR.Co. (receivers)
Great Northern Ry. Co
Louisiana A Arkansas Ry.
689*676
227,434
15,000
1,867*075
3,000
90,000
3,100,000
78,000
Co
(receivers)
A Hend. RR. Co.
71,300
582,000
10,000,000
3,000
Gainsville Midl'd Ry.
Green County RR.
1,800,000
3,182,160
16.582,000
1,957,075
227,434
8,795.500
(receivers)
W.Ry.Co.(receivers)
Ft. Worth A Den. City Ry. Co..
Fredericksburg A North. Ry. Co.
Fla. E. Coast Ry. Co.
500,000
1,800,000
3.182,150
Southern Ry. Co
10,000,000.00
71,186,380.80
of Agrlcul. for crop loans to farmers (net)..
115,000,000.00
of Agricul.—Farm rehabilitation loans—
10,000,00.00
duction credit corporations
8,081,000
1,800,000
West.RR.Co.
16,582.000
(trustees)-..—— 10,000.000
Southern Pacific
For other purposes
Sec
6,100,000
219,000
W.RR.Co.
(trustees)
Denver A Salt Lake
63*600
53*500
53.500
Del. Lackawanna A Western
2,680,000
8,300,000
1,661.308
8,300.000
29,812,102
60,000
5,100,000
8,300,000
Copper Range RR. Co
Denver A Rio Grande
3,840,000
53.600
60,000
Ry.
Denver A Rio Grande W .RR.Co.
Columbus & Greenville Ry.
537
2,098,925
10,398.925
30,123,900
Colorado A Southern Ry. Co--—
150,000
8,762.000
1,150,000
13,718,700
2,680.000
Chic. Milw.St.P. A Pac.
Chic. No. Shore A Milw.
838
150,000
11,500,000
Chic. Gt. West. RR. Co.
Chic
155.632
4,338,000
46.588,133
1,289.000
7,995,175
Co
18,790,000
St. Louis-Southwestern Ry. Co200,000
Salt Lake A Utah RR. Co (rec'rs)
400,000
Salt Lake A Utah RR. Corp—.
1,300,000
Savannah A Atlanta Ry. Co
162,600
Sand Springs Ry. Co
5,520,000
Seaboard Air L. Ry. Co. (rec'rs)c
for loans to:
......
464,299
52.000
220,692
140,000
5.916.500
140,000
5,916,600
46,589.133
1,289,000
Ry. Co
Chicago A Eastern HI. RR. Co
Chicago & North Western RR. Co
Chicago Great Western RR. Co..
st
Secretary of the Treasury to
Farmers
14,150,000
464,299
35,701
500.000
100.000
cluding $45,449,300.76 disbursed
Total.
14,150.000
3,124,319
dl8,300,000
3,124,319
Charles City Western
Minn. St. P.A
and
141,697
(Atlantlo Coast Line and Louis¬
ville & Nashville, lessees)
Central of Georgia Ry. Co
(trustee)
of preferred stock, capital notes
debentures of banks and trust companies
Purchase
535,800
41,300
Carolina Cllnchfield A Ohio Ry.
Maryland A Penna. RR.
Total loans,excl.of loans
7,684,937
63,960
13,200
Birmingham A So'eastern RR.Co.
Galveston Terminal Ry.
agricultural
12,228,220
47,877,937
41,300
47,877,937
53,960
549,000
634,757
400,000
95,343.400
41,300
14,600
Galv. Houston
tornado, flood
and other catastrophes
634,757
400.000
634,757
(receivers)—
400,000
Ashley Drew & Northern Ry. Co.
Baltimore A Ohio RR. Co. (note) 95,358,000
Ann Arbor RR. Co.
Gr ins
construc¬
reconstruction of property
earthquake, fire,
by
1,000,000
Ft.Smltb A
public school authorities for payment
of teachers' salaries and for refinancing out¬
to
Loans to aid In financing self-liquidating
127,000
90,000
2,500,000
Eureka Nevada Ry.Co
irriga¬
tion districts
Loans
275.000
2,500,000
Ala. Tenn. A Northern RR. Corp.
Erie RR. Co
to purchase
$
127,000
127,000
Aberdeen A Rockfish RR. Co
Central RR. Co. of N. J
(Incl. receivers)
(Including receivers)
Railroads
Repayments
$
Repaid
Disbursed
Withdrawn
$
Buffalo Union-Carolina RR
time.
to
listed
report
in the following
contained in the report:
repaid by each, are shown
(as of July 31, 1940),
Carlton A Coast RR. Co
The
together
railroad,
each
for
The
$9,226.
$498,761,971 were 6old at a premium of
$13,928,902.
Securities having a par value of $131,435,504 are still held.
In addition, the
Corporation has agreed to purchase, to be held and
collected or sold at a later date, such part of securities having an aggre¬
gate par value of $18,441,000 as the Administration is in a position to
securities
authorizations canceled or with¬
with the amount dis¬
The loans authorized and
drawn
bursed
the
1509
Commercial & Financial Chronicle
has
the above loans
approved, in principle,
+.
*
Does not
Include $4,800,000
represented by notes of the Canadian Pacific Ry •
accepted in payment of the balance due on loan made to the
Marie Ry. Co.
a In addition to the repayments of funds disbursed for relief under the Emergency
Relief and Construction Act of 1932, the Corporation's notes have been canceled
In the amount of $2,726,091,073.03 on account of amounts disbursed for alloca¬
tions to other governmental agencies and for relief by direction of Congress and
the interest paid thereon, pursuant to provisions of an Act (Public No. 432)
approved Feb. 24, 1938.
Co., which
were
States-Canadian Joint Defense
Washington—Mayor
LaGuardia
United
Minneapolis St. Paul A Sault Ste.
States
The
Delegation
the
Board resumed its
week—Sept. 9, 10 and 11;
Fiorello H. LaGuardia of
Canadian-American Joint Defense
Washington this
last named date Mayor
discussions in
on
Board Meets in
Heads United
1510
The Commercial & Financial Chronicle
New
York, Chairman of the American delegation announced
that the Army, Navy and Air Corps members of the
board
will leave on Sept. 16 for an
inspection of existing defense
facilities
and
the
on
he stated
Oct. 2 in
United
that
the
Boston.
States
and
Canadian
Board's next
west
the
to
Board
hours
and
its
Conferences appeared in
our issues of Aug. 24, page 1067
Aug. 31, page 1214.
Following the meeting on Sept. 9
Mayor LaGuardia said that "our task is to utilize the
gifts
two
our
countries, Canada and
the United States."
Under date of Sept. 11 Associated
Press
advices from Washington said:
Speaking for the entire board
sions
here
sidered
each
today,
for
the
Mayor
best
conclusion of
upon
LaGuardia
said
also
its
that
"utilization" of such military,
second
plans
set
had
of
ses¬
been
con¬
naval and air bases
as
country might establish.
There is
no
intention, he declared, to bring about the "acquisition
by
country in another of land" for bases.
one
Beyond saying that "each country will develop facilities for
defense in
its own borders," the
Mayor did not amplify his announcement for
pooling
Canadian
and
United States defense forces.
According to
an account from
to the White House to
President Roosevelt after its sessions were
ended.
Contracts
and
Expenditures up to Aug.
Reported—Marked Increase in Army
Spending
Contracts and expenditures
reached an aggregate of
under
31
NATIONAL SUMMARY OF DEFENSE
CONTRACTS AND EXPENDITURES
(Baaed on press releases of June 13 to
Aug. 31, 1940)
Aug. 16
Aug 31
Aug. 15
Total June 13
to
to
Aug. 31
Army—
Ordnance
$208,544,659
$22,494,693
66,363,671
23,865,206
$231,039,352
90,228,877
96,323,064
18,200,443
11,986,084
108,309,148
627 977
5,292,896
761,436
86,703
147,485
18,828,420
6,054,332
3,828,705
1,117,399
137,531,230
163,641,245
$425,546,666
8197,500,816
Knudsen, Production Coordinator of the Na¬
Commission, said in an interview in Buffalo,
Sept. 10 that he believes the United States can out¬
N.
Y.,
on
distance the world
29,227,121
77,201.797
a533,783
887,776
244.699,328
1,140,681,300
20,042,496
264,741,824
1,140,681,300
16,095,000
890.379
16,985,379
Supplies
Corps of Engineers
Signal Corps
Chemical Warfare
3,742,002
969,914
26,110,014
Medical Corps..
Air Corps
Navy—
Supplies and Accounts
proached the end of
—
Purchase of auxiliary vessels
$1,449,804,297
Federal Works Agency—WPA— "
Construction projects
approved
$50,693,779 $1,500,498,076
for
10,304,328
33,926,788
of planes should be 33,000, of which 19,000 would
be for the United States and 14,000 for Great Britain.
Re¬
the
housing
Federal
12,218,000
training
program
b9,232,000
2,912,366
Tennessee Valley
Authority—
Dam and generating units
a
July 9 to Aug. 15.
21,450,000
25,000,000
h Excludes
d5,233,740
e
25,000,000
housing allotments totaling 87,225,000 made
Appropriation.
contracts
not
made
public,
agreements
cleared
by
the
Production Section of the National
Defense Commission which have not
yet appeared on press releases as
signed contracts, orders placed with the
Army and Navy Ordnance and
Supply Depots, and orders placed by
supply depots which do not
require contracts.
Coverage: Army, total
coverage;
Navy, contracts
of
$5,000 and
According
to
over.
Knudsen
said
including
doubled
in
Mr.
12
Production Costs,
program
moves
forward," the Conference Board
reports, "it is expected to be
accompanied by higher wage rates, particu¬
for skilled labor, increased
material costs and, of
course, a rising
tax burden."
Fear that increased
production may not bring about unit
savings is expressed in some of the
replies, as recent experience shows
that new orders
larly
competition
That
revealed
that
have resulted in
for skilled workers.
moderate
in the
the
greater
in production costs
replies of less than half of the
have
been
caused
in
materials.
Not
all
overtime
advances
increases
charges and
have
already occurred
industrialists.
large
increased
part
by
is
rising
cost
the
new
offset
in
For
haste
a
because
that
reason
and
time
of
on
at
much
an
least
overtime
large
of this
emergency
this
procurement
basis
production
involved,
to
is
excessive
such
increases
production
meet
likely
must
emergency
to
be
supervisory
in
costs
be handled
delivery dates.
relatively
costs,
production
commercial
of
Navy,
types,
900
would
a
be
to
estimated
2,400
a
States, would be 3,000
month by July, 1941.
a
Estimates That From $17,000,000,$19,000,000,000 Could Be Drafted for Defense
Extreme Emergency
in
In
extreme
an
ment
could
from
national
divert
Federal
the
emergency
Govern¬
from
$17,000,000,000 to $19,000,000,000
national savings and consumption to defense
current
financing, according to estimates prepared by the Division
of Industrial Economics of the Conference
Board, made
public Sept. 7.
It is pointed out by the Board that these
estimates
in total and used
financing.
tinued
The
pay-as-you-go
be captured
can
the sole basis for preparedness
or
A statement regarding the Board's study
totals,
however,
that
for
shelter
do
indicate
impressive
an
that the
of
segment
American
national
our
satisfying desires less urgent than
warmth.
or
be
can
a
absolute amounts that
as
as
war
con¬
:
such
aside
"as guides toward
presented
are
policy, rather than
diverted
efficiency
In
in
any
far
so
the
to
producers,
of
considered
the
national
they
needs
in
and
those
a
for
"optional"
of
source
fiscal
or
provides
the
supply
facilities
increase
that
must
tlie
from
have
life
been
be
$17,000,000,000
de¬
to
purposes, the
survey puints out,
defense are estimated to amount to
spent
for
to
or
of
$5,000,000,000 to $15,000,000,000.
now
living
other
national
anywhere from
income
of
mobilization.
"necessities"
1940
standard
consumption is set
basic nourishment,
productive
supplies
war.
industrial
general
savings
for
of
provide
of
income
for
current
these
as
production
program
$19,000,000,000
non-necessities
Thus
exists of
possible
a
from
excess
$2,000,000,000
$12,000,000,000.
/By practically placing
additional
raised
of
from
current
habits
aside
set
was
of
sum
out
consumption
tion
for
and
high-cost
the
inef¬
the Nation upon a "subsistence"
basis, an
$5,000,000,000 to $7,000,000,000 could probably be
income.
in
These
operation.
figures
derived
are
1937 roughly
In
from a study of
15% of total income
savings, and for goods and services not directly needed
A further 6% could be mobilized if national consump¬
currently should be reduced to
a "practical minimum level."
$15,000,000,000 to $17,000,000,000, most of it—from $11,$12,000,000,000—would represent income diverted from
Of the initial
000,000,000
normal
to
"optional" spending, the remainder the savings of individuals and
Savings by individuals would account for from $4,000,000,000
corporations.
$5,000,000,000,
show
and
undistributed
of
savings of all corporations in
that American
business
consecutive year,
the entire past decade.
tions
operating
was
above
conscription
of
as
a
indicating
income
statutory
1939,
whole
would
based
provide
recorded
one
preliminary
on
negative
continued draft
a
"Roughly but
the
the peak year of the thirties."
smaller
corporate
$1,500,000,000 to $1,750,000,000.
the tenth
over
savings
its capital
on
out of every three corpora¬
break-even
point
in
even
1937,
The Conference Board study finds that the
undistributed
corporate
income
penalize
would
savings
undertakings in addition to cutting off completely
any
chance of
expansion through self-financing.
Principal fields which would be most severely hit by a reorientation of
habits would be those of private education, recreation and
consumption
automobiles.
The
naturally rises
have
as
study shows that the percentage of "optional" spending
so that families earning from $1,500,-$1,750
income rises,
only about 5% of their income available for "optional"
while almost
one-half
of
the
incomes within
the
purchasing,
$15,000-$20,000
range
is
spend for the non-necessities.
In
1937
individuals
Government in
charities.
were
paying a total of about $2,000,000,000 to the
income taxes and fines, and
While
the
first
item
will
$1,300,000,000 to churches and
it is unlikely,
the survey that any important part of the expenditures for
gifts to the Red Cross, community chests and other charitable organizations
certainly be increased
according to
can
be diverted to
defense financing.
New York
Chapter of American Institute of Banking
Tuition to
Draftees—Registration for
Fall Term Begins Sept. 16
to
of
"gravy"
for
and
airplane
000 to
They state
business derived from the defense
program can be viewed
is indicated in some of the
replies.
"The added volume of
production resulting from defense
procurement," states one, "is not likely
to
produce normal volume economies to
as
American
Conference Board
for
sharp rise in
rearmament
military
mercial planes in the United
data,
Conference Board Survey
general production costs will be
unavoidable and that the
relatively small cost increases in the
past year are unreli¬
able indicators of
what may be expected in
the near future.
The Board's
announcement added:
the
both
current
the total United States engine production at
month, of all horsepowers, and said that by July,
1941, production would be up to 3,500 to 3,600 engines a month.
He pre¬
dicted
that
airplane
production,
including
military and
large com¬
to
.
The trend in production
costs is expected to be
upward as
a
result of the
speeding up of preparation for national
defense, in the opinion of leading
industrialists who were
polled on this matter by the Division
of Industrial Eco¬
nomics of the Conference
Board. With some 300 executives
participating in the poll, approximately three-fourths of
the
industrialists expressed their conviction
that a
"Aa
the
months.
Knudsen
2,200
Estimates
in
of
types.
Mr.
approximately
Industrialists Expect Rise
advices
General Arnold said that cf those to be delivered to the
Army and
about 60% would be so-called combat
by the purchasers.
of
Buffalo
to
c2,321,379
to the War and
Navy departments,
c Amount certified
to State Boards of Edu¬
cation for month of
July,
d Amount certified to State
Boards of Education for
month of August,
e
Exclusive
'Press
of
Security Agency—
Office of Education—
Defense
Associated
matter
Sept. 10 said:
whereas
Loan contracts approved for
defense
ap¬
duction
ducted,
23,622,460
USHA—
he
nation-wide
a
/After expenditures for the
national defense
well
as
inspection tour of air¬
plane plants with Major General H. H. Arnold, chief of the
Army Air Corps. Following a trip through the plant of the
Curtiss Aeroplane Division
of the Curtiss-Wright Corp.,
Buffalo, Mr. Knudsen stated that by April, 1912 total pro¬
is
Marine Corps
Yards and Docks Construction
Combat vessels (est
cost)..
in quantity airplane production
Knudsen made this comment as
Mr.
quality.
as
$623,047,483
47,974,675
353,993
Quartermaster Corps—Construction.
date
effective.
tional Defense
<
$1,500,498,076 for the Navy in the 11 Yi weeks ended
Aug. 31,
according to a report issued Sept. 7, by the Office of Govern¬
ment
Reports.
Additional amounts were expended for
defense, according to the report, by several of the Federal
agencies.
Following is the full summary:
June 13
The overtime problem i3
on which changes
in
the
by
from
the
defense program
$623,047,483 for the Army and
to
24,
become
S.
month,
Defense
Oct.
Act
April, 1942—Makes Tour of Plants
William
garding
Washington, Sept. 13 to the
New York "Times" the
group went
see
after
"Wage-Hour"
1940
W. S. Knudsen of National Defense Commission
Says
Aircraft Production Should Total 33,000 Planes
and
of nature for the defense of
the
scheduling."
emergency
become greater
to
under
14,
coasts
meeting will be held
Earlier reference
ficiency inherent in all
expected
Sept
Refund
Clinton W. Schwer, President of New York Chapter,
American Institute of Banking, announced on Sept. 12 that
the
Chapter is prepared to give full credit
or
refund
of
tuition to any student who is obliged to withdraw from classes
of National Defense requirements.
It was em¬
because
phasized that the new Chapter policy was in recognition of
the possibility that employees of the financial district, pre
Volume
The Commercial & Financial Chronicle
151
viously pursuing
courses at the Institute, may be reluctant
register this fall because of their eligibility for military
training.
In view of this arrangement, it is felt that no
student should hesitate to continue his schooling, which is
becoming an increasingly important factor each year.
Registration for courses begins on Monday, Sept. 16, and
will continue every evening throughout that week.
to
human
rights
those
As
result of amendments to the rules and
a
regulations of
the New York State Bankers Retirement System
came
effective several days ago, employees of
which be¬
banks in
States other than New York are now eligible for membership
in the System, it was announced on Sept. 12 by D. C. Warner,
Chairman of the Board of Trustees of the System, who is
also President of the Endicott Trust Co., Endicott, N. Y.
The System, which is a mutual fund administered by a Board
of Trustees and chartered by the New
York State Insurance
organized Jan. 1, 1939 to provide pensions
and death and disability benefits for officers and employees
Department,
In
the
served
that
Mr. Warner stated that the amendments were adopted by
Trustees in response to inquiries received from the
the Board of
officers of other State
Bankers associations and from individual bankers throughout the country.
While
other State associations have organized pension
seven
New York System and that organized by the
the
plans, the
Kansas Bankers Association
the only ones operated as mutual funds which
to
provide benefits at lower
employee and the employing bank than those offered by the
The System has 65 member banks employing 700 officers
and employees
and in less than two yesra has paid four death claims to the beneficiaries
bank employees
by
from
of
1905.
of the large banks and prominent industrial corporations.
outside of those states,
has
The
been
If
and the New
York system is
since the large insurance companies do not
for institutions
system now
stricted to those legal for New
of New York
underwrite
group
pension plans
serves as
York life insurance companies and the Bank
custodian of its funds and securities.
corporation
Pink
H.
Warns
of
Need
for
in
State Supervision of Insurance Companies—Says
This Is Only Way to Avert Federal Regulation
supervision of insurance companies must be super¬
seded by Federal regulation unless there is a constant im¬
provement in the efficiency of State control, Louis H. Pink,
New York Superintendent of Insurance, said on Sept. 11
before
address
an
the
Pink said
that
annual
the
Bar Association at Philadelphia.
State
supervision must "be more and
He added that
responsive to the needs of the public."
"it is service and service
of
section
insurance
meeting of the American
alone which
make permanent
can
the
supervision of the States."
In discussing the question
of Federal supervision, Mr. Pink said in part:
is
the desire of the great
undoubtedly
maintain
If
we
in
this
mass
the American people
of
and
country
all of
the
individual
liberties granted by the Bill
to philosophize
are
days
Articles
the
of
union.
national
enterprise
private
privileges and
It
was
of
over
ot Rights and the Constitu¬
this situation we may well turn back
Confederation
the states
which
were
and
the
looked
to
rights of conscience, trial by jury, liberty of the
formation
as
of
the
the guardians
press,
Virginia convention James .Monroe said, "I think it a dangerous
before the
government."
the state
Patrick Henry warned that the Constitution would "destroy
governments and swallow the liberties of the people."
majority of the plain people of the colonies undoubtedly feared the
and the loss of privileges which would result from a cen¬
centralization
than they did the weaknesses of the conferdation
tralized government more
made
had
Washington despair over and over again of the American
here at Valley Forge
in the winter of '77.
It was only because the
adoption of the
Constitution was ardently supported by almost all of the
Statesmen
of the country and by the business and professional ele¬
its adoption was urged with the greatest skill on the
great
because
and
part of the proponents that it was ratified by the states.
Our forefathers
would have viewed with amazement the tremendous centralization of power
I
am
these
no
states'
rights
man
in
the narrow sense.
times we must have a government
the independence and the prestige of this
perilous
maintain
it
government today.
national
the
in
stands
We must not only be
for.
Beyond question in
sufficiently strong to
great nation
prepared to defend
our
and all
borders,
our
liberties and our sacred institutions against the menace of
totalitarian aggression, but we must carry on the work
which has been begun for the abolition of poverty, disease and unemploy¬
ment so that there shall be in fact equal opportunity among men.
No one
rights,
our
dictatorship and
can
quarrel with such centralization of power as
these
is
to
free
is necessary to accomplish
ends.
But
since.
supervision
it
was
before the Armstrong
Against
against efforts at "economic
A warning
isolation" through
policies which impede the flow of trade across
State lines was given on Sept. 10 by Governor Lehman of
York, in an address before the annual
New
we
must
preserve
enterprise
be
ever
mindful that what we are trying to do above all
the individual rights and privileges and the opportunity of
upon
which this country is founded.
There are things
meeting of the
Other speak¬
Governor
Mayor LaGuardia of New York
National Tax Association in New York City.
Governor Moore of New Jersey and
included
ers
of
Baldwin
City
Connecticut.
Sept. 9 had advocated greater uniformity in taxes,
on
elimination of the duplication of Federal
urged the
and
State levies.
Sept. 11 quoted from addresses
The New York "Times" of
of the
preceding day as follows:
Governor
Moore
government
he
pointed
contended that
that at
out
in New Jersey
this is too
present three-quarters
of the cost
is defrayed by taxes on real property, and
narrow a tax base.
In working out replace¬
however, he said care must be taken not to impose taxes that
the State's industries in their competitive position with other
States.
without
been
sales
a
deficit
indicated
changed
to
tax
pointing out that Connecticut has a balanced budget
or
a
State income tax, said that in his State an
$1,500,000 when he took office in
of
surplus of $1,000,000 by
business, labor and agriculture,
to
a
January, 1939, has
policy of government
with resultant increased
a
production.
Sees Struggle
In
assault
his
on
State
by States for Gain
policies
tax
that are creating interstate trade
barriers, Governor Lehman said that over a
"a
policies were of "unquestionable
that
these
employ them.
have employed
"Laws
revenue
of
period of years there has arisen
States." He said
material benefit" to the States
struggle for gain at the expense of sister
shameless
the
government not for purposes of
trade across States lines in behalf
Governor Lehman said.
"The net
competition, raise prices, lower standards of
power
of
but rather to stifle the flow of
and enterprises,"
interests
domestic
been to limit open
result has
quality and, finally, to affect adversely the national income.'
Turning to the "political and social implications" of this trend, Gover¬
nor Lehman said that "while our demociatic way of life is being challenged
fiercely than at any recent stage of our
more
among
"If
national history, we quibble
ourselves over questionable material benefit."
the time ever arrives when boundary lines of the 48 States assume
greater significance than as mere geographic borders, our democracy is
doomed," Governor Lehman continued.
"National strength and solidarity
in times of crisis are strongly dependent upon singleness of purpose, abso¬
lute
understanding
friendly
unity,
None of these
States.
helpful cooperation
and
essentials is promoted by a philosophy
between the
which gives
priority over those of the Nation."
recommended the formation of a committee of members
Association to endeavor to "substitute order for
chaos" in the overlapping of Federal, State and local tax systems.
"The Federal Government has virtually preempted so many tax fields
interests
to State
a
Governor Lehman
of
the
that
National
we
now
Tax
have
a
helpless
morass
of overlapping
that duplication of taxation is
results in discouraging initiative and enterprise.
declared,
adding
all human
It was undoubtedly the belief of a large majority
of the people of the colonies that the Constitution might deprive them of
the liberties to which they were accustomed.
In debating the Constitution
ments
important to insurance as
Taxes
State
in
Decries Emergency
rights and privileges.
cause
ever
Lehman—Warns
Improvements
State
which
as
Advocated by Governor
Levies Which Hamper
Trade—Mayor LaGuardia Also Asks Coordination
Between Federal and State Imposts—Resolutions
Uniformity
that
♦
Louis
The
was
earth.
on
"friendly"
inauguration of the system was reported in these
columns Dec. 24, 1938, page 3836. It is announced that the
following State Bankers Associations have organized plans
for their members: New Jersey, Illinois, Michigan, Minne¬
sota, Oregon, Washington and Kansas.
the
Investigation
Federal
for
Governor Baldwin,
Its investments are re¬
The
of
need
of
banks
has total assets of $252,000 and they are
increasing at the rate of about $120,000 per year.
the
the
sincerely believe that
it has made us study and think—
I
There is no necessity for it now.
If there is no need, why
change?
Is there not already sufficient centralization of power, influence
and control in the Federal Government?
It is probably the largest business
employing less than 50 persons.
The New York
to
as
of
investigation
the
Investigation.
would harm
tion.
been helpful
has
by
up
Committee—and
Economic
higher plane
was
ment taxes,
to
stirred
controversy
Armstrong
a
on
there
the only one now
It
Pink ob¬
Magna Charta to the growth of our liberties.
Real insurance super¬
vision began with it.
There has been a new concept and the entire business
generally available to the thousands of small banks throughout the Nation,
more
Superintendent
the
The System is simUar to those which have been adopted
pension.
a
many
Mr.
essential than ever.
been
has
was
of
who died in active service, and one employee is now re¬
The pension plans organized in other states do not accept member
in
the
National
and
large insurance companies which write this type of business.
ceiving
states,
State taxing
tinued:
cost
the
practically no demand for Federal supervision since the
great contribution of Charles Evans Hughes in the Armstrong Investigation
Association, and the effect of the amendments is to make
members of the other 47 State bankers associations eligible
for participation.
The announcement in the matter con¬
are
in
:
investigation
members of the New York State Bankers
are
more
remarks
his
these
insure
retain
must
we
us
of
To
important.
more
after
come
course
Temporary
was
of banks which
far
is
who
people and local government is
there
bership in System
The perpetuation of self-government and
inalienable rights
the cities, the
counties, the towns and the villages all powers not necessary for the
maintenance of the national prestige.
The closest possible contact between
to
Aside
New York State Bankers Retirement System Widened—
Bank Employees in Other States Eligible for Mem¬
1511
important than efficiency.
more
Governor Moore
revenue
common and
laws," he
sometimes
Borrowing
said that it would be necessary for
the States to abandon
borrowing and piecemeal tapping of State
and relief activities on a larger scale
than were dreamed of before 1930 must now be accepted on "a more or
less permanent basis," and that New Jersey, at least, would have to accept
"troublesome" changes in its railroad taxes.
"We must pay, in the total, more taxes than heretofore because we
cannot continue deficit spending and deficit financing in the community
or the State or the Nation," he warned.
"But we must create our national
defenses, maintain them after they are created, and pay as we go both
the current costs of local and State government as well as of the national
Government.
Our continuing safety lies in our industry, our sturdy citizen¬
ultimately
funds."
"our
He
ship and our
We
also
emergency
warned
that welfare
financial strength."
quote from
the "Times" of Sept. 10
regarding
Mayor LaGuardia's speech:
Addressing the 500 members of the tax group, gathered here
from all
the country, the Mayor added that uniform laws are needed so
taxing agency cannot "chisel" from the other.
"The way to bring that about is to let the Federal Government levy
all income and corporation taxes, with a certain percentage refunded to
the State.
That is very simple and it will have to be done," he said.
The Mayor added that the same situation existed in connection with
excise taxes,
citing tobacco as an instance where Federal, State and
municipal taxes are levied.
He suggested that the Federal Government
levy all excise taxes, returning a proper proportion to localities where
the commodities are consumed.
"This has been studied for the last 75 years," he said, "but has always
parts of
that
one
been
unpopular because of the jealousies of States
of their sovereignty."
The Commercial & Financial Chronicle
1512
The
Mayor
warned
that
municipal
larger
budgets
are
certain
in
the
radios, almost 80% of the world's automobiles.
future
because of the expanding services which people now demand of
municipal governments.
Every city is confronted with the problem
of finding the revenue to meet the larger expenditures and realizes that
estate
supply all of the needed revenue.
Joseph D. McGoldrick warned that "relief will be here for
come"
to
years
the peak of
at
level somewhere
a
between the low
We
point and
"The Fourteenth
Amendment and Intergovernmental Relations," was reported
in the New York "Journal of Commerce" as stating that the
United States Supreme Court shows a reluctance to inter¬
fere with the workings of State or Federal tax systems. The
same paper further indicated his remarks as follows:
the
final
summed
on
Sept. 11
on
edges toward abdication, but wistfully hesitates at
.
.
.
can best be
court
new
step," he said, "its 1939-40 tax philosophy
in the blunt but perceptive remarks of one downtrodden tax
'When you take a tax case up to those babies on the Supreme
up
lawyer:
Court these days, you start out with the odds 10
Studies 11 Decisions
Professor
He
said
with
the
Kodells
paper
study
a
was
of
11
to one against you.'"
Supreme Court decisions.
"a story of newborn judicial reluctance to interfere
of State, or Federal, tax systems, no matter what
they told
workings
constitutional clothes may be used by tax lawyers to dress up their clients'
unhappiness at having taxes to pay."
Professor Rodell expressed his wish that the "leave-it-to-the-legislature"
philosophy, expressed by Justice Black two terms ago, in a dissenting
opinion, might be accepted by the whole court.
Not only to the interstate
commerce cases, he said, "but to the futile and confusing field of judicial
legislation, the determination of 'jurisdiction to tax' under the 'due
"If the court," he said,
times
We
as
as
been
has
the
We have four times
as
from 10
great
same
colleges, with five times
many
books
many
progress.
great
as
many
endow¬
libraries and
all of the other nations together, and this
as
where its hit-or-miss regency has
much to be desired, then perhaps Congress, which alone is capable
handling the multifarious problems in a comprehensive way, might be
the
preserve
the philosophy
institutions
that
relations
social
and
brought
have
of government
amazing array of the
this
us
have made the United States the
we recognize are grounded upon the
liberty, representative democracy and free private
enterprise that springs from the Constitution of the United States and the
things
good
life—the things that
These institutions
of
of the world.
envy
personal
of
principles
Bill of Rights.
The Bar Association
the issue of
Sept. 12 refused to commit itself
on
third term for President Roosevelt.
By a
resolution declaring
against a third term, another resolution recommending a
single six-year term, and a minority report opposing any
action on the subject "as of a political nature."
on
a
vote of 217 to 126 the delegates
tabled
a
Legal experts who addressed the opening session of the
meeting on Sept. 9 predicted that the horror of air attack
will eventually drive1 nations into a voluntary agreement
to curb aerial warfare.
The Philadelphia "Inquirer" of
Sept. 10 quoted from these addresses as follows:
Joining in the forecasts were Howard S. LeRoy, Professor*of Law at
National
David E. Grant, attorney for the
addressed the Association's section
Club.
University, Washington, and
Airways system.
Both
Pan-American
international and compaiative law at the Art
on
Speaking on "Limitation of Air Warfare," Mr. LeRoy told the section:
"The revolutionary effect of the application of aircraft to warfare has
"were to completely abdicate the interstate tax
throne that it usurped many years ago,
must
of
and
clause."
process'
times
there
arts
catalogue of comparisons could be extended almost indefinitely.
Professor Fred Rodell of the Yale University Law School,
"Aa
the
in
the rest of the world.
as
five
and
three
have
ment
unemployment.
speaking at the conference
the
culrare
In
cannot
Controller
many
We have electric refriger¬
ators, vacuum cleaners, washing machines and electric current in
to 20 millions of the 30 million homes of the Nation.
their
real
Sept. 14, 1940
been
far-reaching in extending the range of belligerent operations and
so
left
invading the rights of
of
opinion eventually will compel some limitation of air warfare."
forced
to
take up
the
On
the scepter."
date, Sept. 11, Roswell Magill of Columbia
same
School, formerly Under-Secretary of the
Treasury, commenting on decisions made by the Supreme
Court in tax cases during the last year, said:
"The court
may he regarded as responding to the great need of the
Government for revenue."
merce" indicated his remarks
Professor
income tax,
"The
Magill
.
.
strictly
as
.
provisions
The
construed.
of
the
.
.
the
laws
have been broadly con¬
provisions have been quite
history has not been given much
weight.
"In
the
general, it
the court will work out its
interpretation of
laws, without too much regard for legislative, or even judicial,
Treasury regulations; and its approach will be to give die laws
application.
"The
taxipayer cannot count
on
a
it, he will be held liable,
even
though the Treasury
can
hardly point to
specific provision covering the situation."
At the Sept. 12 session, a resolution was adopted urging
State and local governments to eliminate all waste and non¬
essential activities to guard against the defense effort "crush¬
ing
At
our system of free enterprise and
the same time the delegates,
democratic institutions."
it is stated, rejected a
single
other
At
during
the
Academy
five
of
for
days
Music
national
and
of its sixty-third annual convention, and in the
elsewhere, the threat of foreign aggression and
defense
President
he called upon
discussions.
featured
also
A.
Charles
Beardsley sounded the
keynote when
lawyers to assume leadership in "preparing for peace."
Improvement of administration of justice while this country is still at
is
peace
the country's security
necessary to
as
as
preparation for military
defense, he declared.
A
resolution
offered
appointment of
Committee
aid
by Edwin M. Outterbourg of New York called for
special committee of seven members as the Association's
Defense, to cooperate with all Federal agencies in
a
National
on
of national
preparedness.
Another, offered by Alfred Wolf of Philadelphia, called for participation
of
lawyers in supervising examinations of prospective fliers.
close technical interpretation; if his
is within the general spirit of the taxing sections, as the court views
a
by outlawing the manufacture of military planes," he counseled.
sessions in the Bellevue-Stratford, Association headquarters
source,
or
broad
case
a
own
revenue
history
a
seems
growing world
and
treaty to prevent devastation of the kind we see wreaked on London.
only way to prevent such horrors is to attack the problem at the
or
Association
fields of the
In his conclusion he said:
in
deduction
Legislative
.
sound
a
"The
need
decisions
revenue
exemption and
The "Journal of Com¬
follows:
court's
the estate tax and the gift tax.
taxing
strued.
the
analyzed
that
Meanwhile, Mr. Grant emphasized that at present there is "not
law
University Law
national
non-combatants
Limitation, however, lies in the distant future, he pointed out.
Robert E. Healy, member of the Securities and
Exchange Commission, said on Sept. 10 that no valid criti¬
cism can be made of any company seeking a determination
of the constitutionality of the so-called "death sentence" of
Judge
Public
the
Utility Holding Company Act.
A Philadelphia
dispatch, Sept. 10, to the New York "Journal of Commerce"
reported Judge Healy as declaring that the final answer as
to section
(11) of the law may have to come from the
He stated that "it would be well
to have the
resolution which
courts.
profits taxes in connection with defense contracts.
stitutionality of the section determined" and, according to
the advices from which we quote, he added:
would have called for Federal action to
standardize and make uniform plant amortization and excess
The Association also voted to follow
"Although I believe the constitutionality of the principal provisions of
(11) will be upheld," he said, "I do not choose to stake my reputa¬
recommendation
a
made
by Governor Lehman that a committee on co-ordina¬
tion of Federal, State and local taxation be appointed to
"study the problems in that field and to report thereon to
the next conference."
section
tion
as
ness
lawyer
a
esting,
on
and, three,
legal
pay
precedents teach
lost,
not
to
when
for
Significant
such
a
risky busi¬
is
wager
a
the
loser
cannot
lost,
possibly
Talk
under
the section.
His speech was considered by utility lawyers as the
significant and timely utterance of an SEO official on the subject
holding company administration in many months.
It coincided with
hearings on the Electric Bond & Share system in Washington, where com¬
pany officials are seeking to postpone simplification proceedings under
most
of
out
Convention Hears
11
(b)
(2)
until
the problem
in accordance with section 11
(b)
of
physical
integration
is
worked
(1).
Speak¬
ers
on
Legal Aspect of Hostilities—Judge Healy
Says SEC Welcomes Court Decision on Validity of
Holding Company Act—Avoids Stand on Third
what the Supreme Court says it means.
Term
is
"Both
is
it
say
problems
affected
by
the
of
the
problems have the bright face of danger," he explained.
"First,
an adventure and often, also, a misadventure to attempt to
always
what
a
statute
and
practice
discussed this week by speakers who addressed
the annual meeting of the American Bar Association in
Philadelphia. Robert L. Lund, Executive Vice-President of
and
sane
Europe
war
were
the Lambert Pharmacal
that
inventive
Co., told patent lawyers on Sept. 11
ingenuity, aided by the stimulus of free
institutions, is the United
tional
defense.
Mr.
Lund
States most
declared
that
vital
"the
asset
in
na¬
majority of
the great inventions have been made in the United
States,"
and added that "almost a score of new industries have
arisen since the beginning of this
century." He continued:
With
but
7% of the habitable area of the world and but 6% of the
we
have in the United States almost 50% of the world's
The efficiency of our economic machine is-such that an hour's
population,
income.
buys two and one-half times
France, three times
as
much
in
as
much
food
as
in
England
and
in
Belgium and Germany, five times as
much as in Italy, and seven times as much as in
Russia, and the ratios
are
similar for clothing, housing and all othetf
necessities, comforts and
luxuries.
We have 60% of the woilu's
telephones, 70% of the world's
as
end.
may
often make
administration
"In the
or
break
make for
Constitution,
it
means
a
Administrative interpretations
Sensible interpretation
statute.
easier constitutional problems.
end, however, the meaning of words in statutes is
law for the courts.
question of
much worn,
a Govern¬
undefined discretion by any judicial
a
This is but another way of repeating that
but fundamental, doctrine, essential to our
ment of law and that uncontrolled and
quasi-judicial body is at odds with
or
like the
The meaning of words in statutes
The views of the SEC will, I believe,
great consideration by the courts.
in
course
the
In
means.
question of law for the courts.
a
be given
Legal
work
that
Judge Healy said he desired to stimulate the thinking of the lawyers as
what section (11) means and also as to what is the proper procedure
section
♦
at
is
Held
enue, as
American Bar Association
us
up."
staked
reputation
in
charge of the North Carolina State Department of Rev¬
President for the ensuing year. He succeeds Charles
W. Gerstenberg, who is President of Prentice-Hall, Inc.
Seth T. Cole, of Catskill, N. Y., and New York City, was
named Vice President and Secretary and Treasurer, Walter
G. Query, of Columbia, S. C., and Robert J.
Eby, New
York City, were re-elected.
One, predicting is
it for several reasons.
the stake I would risk is too small to make the wager inter¬
two,
;
the
The Association elected Allen J. Maxwell, Commissioner
con¬
ours
is
system of government."
on the language of the law
additional systems.
To date the
our
Judge Healy would have the courts
concerning the right of companies to
Commission has not announced its views
ings intended by Congress,
liberties that
pass
as
to what it considers the
mean¬
presented the question to
given case on a specific state of facts.
One or two of them, which in pending proceedings are in a good position
to raise the question or to cooperate in raising it, he added, do not seem
the
Commission
for
at all anxious to learn
From
the
nor
decision
has
in
any company
a
the Commission's viewB.
I
Philadelphia Associated Press advices in
the
"Wall Street Journal" of Sept. 12 stated:
Senator
Joseph
rary
National
there
was
C.
O'Mahoney
Economic
no move
(Dem., Wyo.), Chairman of the Tempo¬
told the American Bar Association
Committee,
for Federal
regulation of life insurance companies.
Volume
statement
His
such
was
regulation
Clark had
Mr.
life insurance
as
reply to an assertion by
in
Clark Jr., a
Mexico, that any
J. Reuben
would be a "potential threat' to democracy.
expressed concern that the Government might
a Federal activity."
"take over
affiliated agency, Senator O'Mahoney declared,
suggested any legislation providing for Federal
Neither the TNEC nor any
"has
ever
recommended
or
regulation of insurance."
that their govern¬
remember when
many
large employers resorted to the unAmerican practice—still un¬
fortunately followed in some sections of the country—of hiring labor spies
and setting up private arsenals to ferret out members of a union.
The
of labor has traveled forward since those days, over a road
beset with difficulties, both from within its membership and from without.
ployers sought to meet threatened strikes by demanding
ment—Federal or State—call our armed troops.
You can
cause
Your
In
Roosevelt
Declares
Teamsters
Addressing Brotherhood
Essential the Drafting of
of
In¬
of National De¬
Social Security
Declaring that "in our search for National unity as the
basis of National defense, it is necessary and it is fair that
every human being in the United States contribute his share,"
President Roosevelt on Sept. 11 added that "this applies
both to those who train in the fighting forces and to the great
forces of workers behind the lines.
The President added:
It is equally necessary and fair that every dollar of capital in America
dustry As Well As Men As Basis
Extend Benefits of
fense—Would
service behind the
industrial plants of the
call upon the
to
to
Nation for the service that they can
continue to call upon men
lines, will we also continue
Just so long as we
also contribute its share.
train for combat and for
Capital and industry as well as
and I know will continue to
labor and agriculture are
respond.
No reasonable person can
responding
...
the government the power to
factory for adequate compensation,
its services available to the defense needs of
object to giving
acquire the services of any plant or
if the
owner
refuses to make
the nation.
The President's remarks as
contained in his
above were
address, delivered in Constitution Hall, Washington, to the
Convention of the A. F. of L. International Brotherhood of
Teamsters,
Chauffeurs,
Stablemen
President asserted that "in this great
and
Helpers.
The
crisis has come proof
that organized labor, as well as all other groups of our citizens,
is aware of its own responsibilities," and in part he added:
I
particularly glad to be able to say that the A. F. of L.t the C. I. O.
and the Railroad Brotherhoods are all loyally cooperating in this effort
am
with the National Defense
This cooperation in
cioser and more
Commission and with the
the task of
Army and the Navy.
National defense wiU, I hope, encourage
these great labor organizations.
friendly relations between
The President referred in
his address to "the
benefits of
which he said "should be broadened and ex¬
tended," and he added that "unemployment insurance should
cover a larger number of workers.
He went on to say "our
old-age pension system must be improved and extended;
the amount of the pension should be increased, and, above
all, these pensions must be given in a manner which will
respect the dignity of the life of service and labor which
our aged citizens have given to the nation.
social security"
The President further
I
said:
existing labor an d social legislation
efforts for defense.
Continuance
the preservation of the efficiency of labor.
It means the
of several millions still unemployed.
convinced that a breakdown of
am
would weaken rather than increase our
of them means
return to work
The
the
United
accounts
Press
speech "as the first formal
from Washington described
bid for election" and in part
also said:
President nas made
broadcast nationally.
Throughout his remakrs was woven the dual theme that the progress of
the preparedness program is inextricably linked with the welfare of labor,
and that labor in turn must look to the New Deal instead of the Republican
Party if it hopes to maintain the social gains achieved under his direction.
He coupled his reiteration of the no war pledge with the hope that the
A. F. of L. and the C. I. O. will end their own four-year-old rivalry and
make peace.
Both organizations have cooperated in the defense program,
The address—the first
since he was
outright political speech the
renominated at Chicago—was
he observed.
Mr. Roosevelt never once
nent,
mentioned the Republican Party nor his oppo¬
Wendell L. Willkie, by name, but
by implication he assailed the
Tobin, Members of the
follows in full:
several sections of the East, I have
armed defense of the country.
Tonight in a very real sense, I feel as I stand here that I am visiting
another type of National defense, equally important in its own way in
adequate physical
times.
Enduring strength to a Nation and staying
definitely call for an efficient and determined labor
force carrying on the processes of industry and trade.
And when I speak
of a "labor force" I very definitely include those who toil in their fields
as weU as those who toil in industry.
Teamsters will be the first to assert
meeting the needs of the
power
in an emergency
that farmers
labor too.
It is one of the
characteristics of a free and democratic modern
Nation
unions. In country after country
disappeared as the iron hand of the dicta¬
tor has taken command.
Only in free lands have free labor unions survived.
When union workers can assemble with freedom and independence in con¬
ventions like this, it is proof that American democracy has remained un¬
impaired—and it is symbolic of our determination to keep it free.
Yours is now one of the great international labor unions of America.
You can remember, however, other days—days when labor unions were
considered almost unAmerican by some individuals in our land.
You can
remember when it was rare indeed for an employer even to consider col¬
lective bargaining with his workers; when it was the common practice to
discharge any worker who joined a union.
You can remember when em¬
that it have free
in other
and independent labor
lands, labor unions have
today not only of
has the support
The principle
organized labor as a
hundreds of thousands of decent, practical, forwardlooking employers.
A decade ago a minority of employers were willing to
accept the principle of collective bargaining; today the majority of employers
gladly adopt it.
foundation, the last seven years
And with that
enacted to give to labor a
in
have seen a series of laws
fair share of the good life to which free men and
entitled as a matter of right. Fair minimum
free Nation are
a
for workers in industry; decent maximum hours
to bring about an American standard of
living and recreation; child labor has been outlawed in practically all
factories; a system of employment exchanges has been created; machinery
has been set up and strengthened and successfully used for the mediation
of labor disputes.
Over them all has been created a shelter of social se¬
being established
wages are
labor have been set,
and days of
curity—a foundation upon
which is being built protection from
the hazards
and unemployment.
of old age
has been difficult. It has been beset
propaganda from certain minority groups in
accustomed for too many years to the ex¬
ploitation of the great mass of people who worked for them.
It was the
same type of opposition to which I had become accustomed during my
entire public career, dating back to my first election to the Senate of the
State of New York30 years ago this Autumn, continuing through my service
for nearly eight years as Assistant Secretary of the Navy, and my service
during four years as Governor of the largest labor employing State in the
This progress
of the last seven years
by bitter
by obstruction and
who had been
the community
Union.
remember that
You will
kind of opposition in the campaign
of four years
employers, politicians and newspapers—all of whom are
now active in this campaign—in an effort to mislead and intimidate labor,
went to the extent of putting untrue electioneering notices in pay envelopes
ago
when certain
in order to smash
the new Social
Security Act and force its repeal
by electing
its enemies.
only too often from those who regularly
for three years and eight months block Labor's welfare, and then for four
months loudly proclaim that they are Labor's true friends—from those who
love the laboring man in November but forget him in January.
In spite of that opposition the vast majority of our small business men
have now become convinced that the gains of labor are the gains of the entire
interdependent community, and that the welfare of labor is indispensable
to the welfare of all.
They know now that their best customer is a satisfied,
adequately paid worker with a feeling of security against unemployment
of opposition comes
That kind
and poverty
in his old age.
quite distant from the objective which we seek—
standard of living for every man, woman and child
which the resources and man-power of American make possible.
Our advance has been accomplished with patience and deliberation.
That is the democratic way; that is the road which leads to lasting results.
Here in America we have kept our feet on the ground; our progress has been
steady and sure; we have not been misled by illusory promises.
Events abroad have shown too late the result of the other kind of methods
—promises of swift, revolutionary relief; seductive pictures of panaceas;
We
still, however,
are
the security
and the high
short cuts to
have
these
prosperity and plenty,
pictured as simple and
cruel disappointment.
led to the same
people yielded up
their liberties and all
easy—all of
For these promises
that made life dear.
In exchange
their
rationing
received only the rationing of their news, the rationing of
religion, the rationing of the clothes upon their backs, and the
of the bread upon their tables.
Our progress must continue to be a steady and deliberate one—we cannot
stand still, we cannot slip back.
We must look forward to certain definite
they have
should be
of social security
For example, the benefits
future.
things in the near
broadened and extended;
unemployment insurance should cover
system must be improved
be increased, and, above
of workers. Our old age pension
extended; the amount of the pension should
larger number
all, these
been in¬
specting the progress of our national defense.
I have gone through navy
yards and private yards to watch the building of destroyers, submarines
and aircraft carriers; I have Visited avaiation units to see our modern fight¬
ing planes; I have been in our great gun factories where I have seen the most
modern guns, of all types, swiftly being molded into shape; I have visited
camps where young Americans are receiving training and instruction in the
tactics of the warfare of today.
Through it ail there was the impressive
conviction that America is rising to meet the ever-growing need for an
During the past weeks, in
the foundation of in¬
whole, but also of
and
Convention:
land; it must remain as
dustrial relations for all times.
a
The President's address
have grown to a
imbedded in the law of the
positions of both.
Mr.
70,000.
membership of 500,000.
In those same seven years organized labor as a whole has become stronger
in membership, in influence, and in its capacity to serve the interests of the
laboring man and woman and of society in general, than at any other time
in our history.
Much of this progress has been due to the one thing which
this Administration, from the very beginning, has insisted upon—the as¬
surance to labor of the untrammeled right to organize and to bargain col¬
lectively with their employers.
That principle has now become firmly
women
give.
membership had dropped to
By 1933 your
has been made.
which
Within
outstanding example of the progress
reorganization is an
own
the last seven years you
President
1513
Commercial & Financial Chronicle
State and Ambassador to
Secretary of
Assistant
former
The
151
the dignity
to the
pensions must be given in a manner which will respect
of service and labor which our aged citizens have given
of the life
Nation.
It is my
hope that soon
under which no
the United States will have a national system
within our borders will lack a minimum
needy man or woman
pension which will provide adequate
the road—without having to go to
old age
the end of
food, clothing and lodging to
the poorhouse to get it.
And
which, in addition to this bare minimum, will
have faithfully toiled in any occupation to build up ad¬
for their old age which will allow them to live in comfort
forward to a system
I look
enable those ho
ditional security
and happiness.
The
people must
decide whether to continue the type of government which
date, or whether to turn it over to those who
fostered the progress to
has
by their
action, if not always
by their word, have shown
their fundamental
worked in the past
opposition to the main objectives toward which we have
and to which we are definitely committed for the future.
There are some
who would not only stop now
the progress we are
making
legislation, but would even repeal what has been enacted
years—all on the plea that an adequate
defense requires it.
They would seek unlimited hours of labor. They
would seek lower wages.
They would seek the cancellation of those safe¬
in social
and labor
national
during the past seven
guards for which we have all struggled so
I still believe, however, as I did when
must
make sure in
of any
.
.
.
long.
I said on May
all that we do that there be no
of the great
social gains which we have made in
in our present emergency to
There is nothing
26th last; "We
breakdown or cancellation
these past years.
justify a retreat
objectives—conservation of resources, assistance to
agriculture, housing, and help to the underprivileged".
Our mighty National defense effort against all present and potential
threats cannot be measured alone in terms of mathematical increase in the
number of soldiers and sailors, or of guns or tanks or planes.
Behind them
all must stand a united people whose spiritual and moral strength has not
from any
of our social
The Commercial & Financial Chronicle
1514
been sapped through hunger or want
fear
or
or
insecurity.
The morale of
people is an essential supplement to their guns and planes.
I
convinced that
am
a
breakdown of existing labor and social
legislation
would weaken rather than increase
of them
efforts for defense.
our
the preservation of the
means
return to work of several millions still
The "free cash
Continuance
efficiency of labor.
It
in the bank for ail corporate purposes," he
said, amounted
$1,336,691, "which is by far the best financial condition we have been
to
in."
the
means
unemployed.
The
payments for over-time work will insure adequate working hours at decent
wages to do all that is now necessary in physical defense.
We will not
weeks'
overlook the lesson learned in Europe in past
years.
At times, internal obstacles to the growth of labor unions have
come in
those rare instances where the occasional scoundrel has
appeared in position
leadership.
Labor unions
the only organizations which have to
are not
suffer innocently for the crimes and misdeeds of
and
guilty members.
one or two
of their selfish
The rule applies.,to all organizations, to all trades
and professions alike. *
he said:
It Is indeed pitiful and
.
to find that amongst our enormous
fathers
heartbreaking and seriously depressing
membership, composed of clean men.
Labor knows that there is
the strong-arm man.
no room
Government is determined to help labor unions
In this great crisis has come
other groups of our citizens,
on
betrayed them.
proof that organized labor,
is
aware
of its
representatives of labor to serve,
as
well
responsibilities.
own
as
all
I have
and have placed them in
the
start,
very
representatives
tinguished President,
of labor,
including your
own
dis¬
have shared in formulating and administering the
program,
1
based
total
a
four-week
time
condition
on
of
to
expenses
date,
for
the
pius
figured by Mr.
the
four
present
This figure, he pointed out,
expenses.
$9,570,849
of
last
year,
or
saving of
a
more
been
under
to Aug.
Fair
budget
to Sept.
up
25
$965,951.
set at
was
This
is the
the Fair
since
opened this year that the four-week budget has
The budget for the last four-week period—Aug. 1
1,000,000.
28—was 1,003,375.
Gibson
pointed out savings
opened,
actual
Sept.
to
expenditures
of
25
less
were
the budget from May 11, when the
explaining, in other words, that
the budget by that amount.
The
in
$769,351,
than
made possible by economic measures,
were
somewhat
Mr.
Gibson
by rainy days during which certain services
am
said, aided
not
were
required.
say
Arrives
United
in
States—
Visits New York World's Fair
Gaston Henry-Haye, the new French Ambassador to the
United States, arrived in New York on Sept. 6 aboard the
Yankee Clipper plane.
The new Ambassador succeeds Count
Rene
Doynel
de
Saint-Quentin,
French Ambassador
Brazil.
to
New York World's Fair
Pavilion.
His
mentioned in
particularly glad to be able to
Ambassador
French
New
re¬
sponsible positions to take part in the defense work of their government.
From
financial
public enterprise."
$3,500,000.
The
first
in the labor movement for the racketeer
clean their house of those few persons who have
called
than
the
a
operating expenses of the Fair this year were
with
compares
know
Fair is
of families,
Americans of the purest type—to find amongst this
membership some creatures so bereft of decency and honor as to bring
disgrace upon the International Union."
or
should
everyone
$6,000,000,
at
savings
.
that
budget and estimated future
Mr.
I cannot add to the terms of condemnation which
your President, my
old friend Dan Tobin, included in his report to
your Convention in which
".
total
Gibson
0
^
added
He
exposition "because, after all, the
The employment of additional workers and the provisions for
over-time
of
Sept. 14, 1940
Bank, trustees of the debentures, $1,144,309, representing 40% of the gate
receipts accumulated since the contractors were paid off.
a
has
been
appointed
Henry-Haye visited the
Sept. 7 and inspected the French
on
appointment
as
3,
this
to
envoy
issue of Aug.
our
who
M.
country
was
642.
page
that the A. F. L., the C. I. O.,
and the Railroad Brotherhoods are all
loyally cooperating in this effort with
Defense Commission and with the
Army and Navy.
This
cooperation in the task of national defense will, I hope,
encourage closer
and more friendly relations between these
great labor organizations.
the National
I know that America will never be
disappointed in its expectation that
labor will always continue to do its share of the
job we now face, patriotically
and unselfishly.
In
search for National unity
our
the basis of National defense, it is
necessary and it is fair that every human being in the United States con¬
tribute his share.
as
This applies both to those who train in the
fighting forces
and to the forces of workers behind the lines.
It is equally necessary and fair that
every dollar of capital in America
also contribute its share.
Just so long as we continue to call
upon
to train for
to call upon
men
combat, and for service behind the lines, will we also continue
the industrial plants of the Nation for the service which
they
give.
can
Nation,
as
well
as
labor and
agriculture
responding,
are
through its elected
representatives, is
reasonable person
no
power to
can
acquire the services of
pensation, if the
of eminent domain
or
men.
adopting
On
the
the
same
object to giving the government the
any
plant
or
factory for adequate
com¬
refuses to make its services available to the defense
owner
needs of the Nation.
now
This is nothing new in American life.
The principle
eminent
use is as old as democratic
government itself.
It merely permits government to
acquire or to use, for a fair and reasonable
which is necessary for its proper functioning.
The overwhelming majority of our munitions and
other defense require¬
ments are now manufactured by
private enterprise under private manage¬
any property
We continue that process.
ment.
the
owner
It is only in the rare, isolated case that
of plant will refuse to deal with his
government in a fair way.
But if and when such
helpless in its efforts
to
case
arm
does arise, the government cannot stand
by,
and defend itself.
No business is above its
government; and government should be empowered to deal
with any business which tries to rise above
its government.
In all of these plans for National
adequately
defense, only those who seek
to
play
upon the fears of the American
people, discover an attempt to lead us into
The American people will reject that kind of
propaganda of fear, as
war.
they have rejected similar types which
are'*occasionaliy" spread at election
They know that against the raging forces loose in the world the best
Fair
and
preparedness—fighting
longer theory; it is
I hate
war
to do all I
now
can
to
a proven
more
keep
with my party, upon
a
and equipment in front,
men
fighting industry and agriculture behind the
Weakness in these days is
lines.
cordial invitation to attack.
fact—proved in the past
than
ever.
I have
one
That is
no
year.
supreme
determination—
from these shores for all time.
the platform adopted in Chicago:
war away
I stand,
to the United
or air forces to
fight in
in case of attack."
Let
us
have
foreign lands outside of
our army,
the Americas, except
end to the sort of appeasement which seeks to
keep us
helpless by playing on fear and by indirect
sabotage of all the
an
progress
are
making.
"Appeasement" is
a
States.
we
polite word for misdirected partisanship.
The
living in this country
dor
Joseph
E.
Da vies,
York
Prince and his family, who are
the guests of former Ambassa¬
as
attended
brief ceremony at the
Colonel Hurban headed a
a
Luxemburg Pavilion at the Fair.
of
distinguished
Harvest Festival at
The
Czechoslovak
the
At the Polish
Sept. 1, the first anniversary of the invasion
on
of Poland
attending
persons
the American Common.
by Germany
Labor
formally observed by the staff
was
The Polish flags were lowered to half-staff.
Day
week-end had paid attendance of over
with Labor Day bringing the second largest
gathering this year, with over 320,000 people. Attendance at
750,000
persons,
the New York World's Fair during 1940 passed the
10,000,000
mark on Aug. 25, the 106th day of the
exposition's second
This
year.
with
compares
13,000,000
over
in
the
corre¬
sponding period of the 1939 Fair.
There has been evident
recently an upward trend in attendance due to cool weather
and
the fact that the Fair will
definitely close
Oct. 27.
on
The week of Aug. 24 was devoted to
programs for aviation
week, and last week featured national defense activities.
It
was disclosed on
Sept. 5 that many of the treasures now
display at the British, French, Belgian and Polish Pa¬
vilions will be offered, after the Fair closes on Oct.
27,
to museums of
art, &c., throughout the country for ex¬
on
hibition.
Deatb of
Leonor F. Loree, Former President of the
Delaware & Hudson RR.
Leonor F. Loree, former President of the
Deleware &
Hudson RR., died of heart disease on
Sept. 6 at his estate
near West
Orange, N. J.
Mr. Loree, one of the country's
outstanding railroad
men,
concerning his
career
of
"We will not participate in
foreign wars, and we will not send
naval
New
of
Luxemburg and his six children,
Hurban, Czechoslovakian Minister
now
list
Guest
Prince Felix of
were
Colonel Vladimir S.
and
Is
Aug. 31 the guests of honor at the New York World's
time.
defense is the strongest
Luxembourg
of Invasion—Figures of Attendance
sary
On
of
Fair—Czecboslovakians Observe Anniver¬
of the Pavilion.
principle of selective universal training of its young
principle,
price,
World's
Pavilion,
Capital and industry
and I know will continue to respond.
The
Felix
Prince
of
Commerce"
82 years old.
was
The following
is taken from the New York "Journal
Sept. 7:
Entering the service of the Pennsylvania RR. in 1877,
with
Bachelor
a
became
field
of
Science
assistant
an
ranged
in
the
degree
road's
from
Rutgers
upon
University,
engineer corps.
His
service
graduation
Mr.
in
Loree
the
rail
from
Army work, survey and location jobs for the Mexican
Railways to the presidency of the Baltimore & Ohio RR. in 1904,
National
positions with
In our efforts for National
defense, fine teamwork has been developed—
and you teamsters know what
that word "teamwork" means
The continuance of this
teamwork, after the present emergency is over,
will have consequences of
lasting good to the Nation as a whole.
It will
enable us to enjoy an internal
of Interstate Commerse Commission
policies.
Known for his organization of the first railroad
police, the late executive
was also instrumental in
devising improvements in train dispatching service,
known.
served
-
Ours is
security transcending anything heretofore
a
and
the
on
wartime
America.
Mulford and
awake to the perils which threaten
No selfish
interest,
keep it free.
no personal
our
ambition,
no
He
political campaign
people to make America strong—and to
five
other
A
major
carriers,
and
during
inventions
quadrant signal
in
standardized
later
Board
City, 111.,
Sarah Bigelow Loree.
recognition
of
his
of
now
Fulton
degree of Master of Science
in
on
Labor
Several
upper
born
was
accounting
War
boards.
notably the
the majority will of
least
disbursement
great heritage; we are determined with all our effort and
might
to keep it intact.
The workers in the
factories, the farmers on the land,
and business men in
plants and offices are
can sway
at
recognized
roles in
formulation
services
in
use
on
conferred
in
by
last
the
ICC.
World
devices
are
the
Mr.
War
Loree
and
other
ascribed
him,
to
most roads.
April 23, 1858, the
on
was
the
rail
him
on
railroad
in
son
of William
1880, and later
industry
received
the
degree of LL.D. from Rutgers in 1917.
He
New York World's Fair
Reports Net
from May 11 to
Operating Profits
Sept. 5 of $2,565,665
The New York World's Fair
had net operating profits of
$2,565,665 from May 11, the opening
day this year, to the
close of business Sept. 5, it was
announced on Sept. 6 by
Harvey D. Gibson, Chairman of the Board of the Fair
Corporation.
This figure, Mr. Gibson
said, does not include
money obtained
opened
or
through the sale
accruals for
interest
of tickets before
on
debentures.
the Fair
Regarding
his further comments the New York
"Times" of
Sept. 7 said:
Besides the net operating profit of
Mr. Gibson said the Fair had
placed
Chase
$2,565,665,
in
the
or
hands
income above expenses,
of
the
National
ern
Ry.
Rock
Chairman of the Executive Committee of the Kansas
was
City South¬
1906 to 1936, while holding executive positions with the
Co., Chicago Rock Island & Pacific, and St. Louis-San Fran¬
from
Island
cisco roads.
Kansas-Texas
From 1926
RR.
His
to
1928 he held the
association
with
the
chairmanship of the MissouriD.
&
H.
dated
back
to
1907,
during which time he held posts of President and director of 35 affiliated
companies.
He
1922.
mittee
was
author of "Railroad
Past
on
Chairman
of
the
Valuation, Mr. Loree
of the State of New
York, and
Freight Transportation,"
Eastern
was
was
Group,
a
Presidents'
book published in
Conference
Com¬
also active in the Chamber of Commerce
trustee of Rutgers
University.
Percy H. Johnston, President of the Chamber of Commerce
of the State of New York, on
Sept. 7 named the following
delegation, which he headed, to represent the Chamber at
Volume
The Commercial &
151
the funeral services for the late Mr. Loree, Vice
organization, at St. Joseph's Roman Catholic
West Orange, N. J., on Sept. 9:
Irving T. Bush,
Frederick H.
Ecker, William L. DeBost, J.
Lawrence,
A. Lincoln,
Franklin D. Mooney, John M. Davis, Jeremiah Milbank, William J.
Graham, Lewis E. Pierson, John D. Rockefeller, Jr., J. Stewart Baker,
James Speyer, vice presidents of the Chamber; Frederick E. Hasler, Chair¬
man of the
Executive Committee, and Charles T. Gwynne, Executive
Chamber; Percy S. Straus, Leroy
vice President.
H.
Army Engineer
Connally,
Corps, was
Advisory Committee.
House
President
Renominated
Hirsch
of
York
New
Exchange—Other Nominations
Cocoa
Approves Commander H. L. Vickery to
Serve
on
Maritime Commission
The House on Sept. 10 passed a joint resolution authorizing
Commander Howard L. Vickery of the United States Navy
to
H.
Donald
appointed by President Roosevelt on Sept. 6 as a member
of the National Advisory Committee for Aeronautics.
Col.
Connally has been Administrator of the Civil Aeronautics
Authority since last July when he succeeded Clinton M.
Hester, resigned; this was noted in our issue of July 13,
page 189. Col. Connally also takes Mr. Hester's place on the
+
Following his election in Dec. 1912, Mr. Loree served on
many committees of the Chamber.
He was President of
the organization from 1928 to 1930, and was twice elected
to the vice presidency—1922 and 1937—for four year terms.
I.
National Advisory
Committee for Aeronautics
Col.
Barstow
Appointed to
Connally
Church,
Smull, Thomas I. Parkinson, Winthrop W. Aldrich, Richard W.
all former presidents of the
Col.
President
of the
1515
Financial Chronicle
fill
the
the
in
vacancy
membership of the Maritime
C. Moran Jr.
Commission caused by the resignation of E.
Commander Vickery, who is senior assistant to
Rear Admiral
Henry Hirsch, President of the New York Cocoa Ex¬
change, Inc.,has been nominated for reelection, according to
the slate submitted by the official Nominating Committee,
and made public Sept. 6:
Charles H. Butcher, Vice-Presi¬
dent, and William J. Kibbe, Treasurer, have also been
named for another term.
New members of the Board of
Amory S. Land, Chairman of the Commission, is on the
active list of the Navy and hence not allowed to serve in a
civil post unless authorized by Congress.
Under the legis¬
lation, which now goes to the Senate, he would draw his
regular Navy pay and the Commission would pay what was
necessary to make up a total $10,000 salary of a Com¬
Managers will be James L. Clevenger Jr., and John F.
Dengel Jr.
They will succeed Robert S. Scarburgh and
Howard T. McKee, retiring Board members. The following
members of the Board were also nominated for reelection:
missioner.
I.
William
Berry, James Coker, Samuel Y. Coyne, George
Hintz, Timothy J. Mahoney, John J. Plough and Isaac
The annual election will be held in October.
Witkin.
»
»
Myron
C.
Taylor,
President's
Personal Envoy to
Vatican, Returns to United States—Confers with
President Roosevelt
Myron C. Taylor, personal representative of President
New York on Sept. 6
liner Excalibur. Mr. Taylor is
recovering from a recent operation performed in Italy.
After giving a general interview before the ship docked, Mr.
Taylor gave out a statement saying:
aboard the American Export
are
pleased to be home again.
We are especially glad to be home at a
decisions on great international
time when America must make important
In arriving at these decisions,
questions affecting its present and its future.
it is the duty
of every citizen to inform himself thoroughly
will prove wise and
and to bear (his
decisions
I am confident that, as in the past, our
part of the responsibility.
made a report at a two-hour luncheon conference
Roosevelt at the latter's family home.
with Mr.
Later, through Secretary Stephen
the Pope was that
"the Vatican is doing everything it possibly can to bring about world peace."
Mr. Taylor also gave Mr. Roosevelt information he had picked up through
the Vatican, with its church connections in every European nation.
White
Early, the President said the gist of the message from
not
discuss the tenor of this
denial that the outlook for peace
appeared
as
data, but there was no
gloomy as ever.
Passes
House
Resolution
Jones
Administrator
Federal
Allowing
to
Serve
as
Loan
of
Secretary
Commerce Also
and sent to the Senate Sept. 9, a reso¬
permit Jesse H. Jones, Federal Loan Administrator,
to become Secretary of Commerce without giving us his
present position. Mr. Jones would succeed Harry L. Hopkins,
who resigned on Aug. 24 because of ill health; this was noted
in our issue of Aug. 31, page 1222. President Roosevelt then
offered the post to Mr. Jones, who said he would accept it if
he could also continue as Loan Administrator. The President
The House passed
lution to
suggested that Mr. Jones seek authorization from
Congress to
hold the two posts.
Frank
C.
Walker
Takes
Oath
as
Postmaster General
Frank C. Walker was sworn in as Postmaster
General
11 in President Roosevelt's executive office in the
House.
The oath was administered by Stlanley
Reed, Associate Justice of the Supreme Court.
The nom¬
ination of Mr. Walker to succeed James A. Farley was sent
to the Senate on Sept. 5 (noted in these columns Sept. 7,
Sept.
1377) and the Senate confirmed it on Sept.
Charles Fahy
6.
Named by President Roosevelt as
General
Assistant Solicitor
Charles
Relations
on
Fahy, General Counsel of
Board, was nominated by
the National Labor
President Roosevelt
Solicitor General of the United
W. Bell, resigned. The following
is from Washington Associated Press
Sept. 6 to be Assistant
States, succeeding Colden
regarding his career
advices of Sept. 6:
of Rome, Ga. He was educated at the
and Georgetown University Law School.
He practiced law'in Santa Fe, N. M., from 1924 to 1933, and came to
Washington in the latter year on the Interior Department legal staff.
When
Mr.
Fahy is 48 and a native
University of Notre Dame
thejLabor Board was organized under the Wagner Act
first General
Appointed by Charles F. Palmer, Defense Housing Co¬
ordinator, they include from the field of real estate, Herbert
U.
Nelson, Chicago, Executive
Vice-President of the Na¬
Boards and Secretary of the
American Institute of Real Estate Appraisers and of the
Institute of Real Estate Management, and S. M. Bucking¬
ham, Cleveland, Ohio, Manager of the Cleveland Terminal
Building, who represents the National Association of Build¬
ing Owners and Managers.
Others appointed are Miles
Colean, New York, Research Director of the Housing
Survey of the Twentieth Century Fund, until recently
Assistant Administrator in charge of rental housing of the
Federal Housing Administration; and Coleman Woodbury,
Chicago, Director of the National Association of Housing
Counsel.
of
Manufacturers Industrial
Leadership Conference to Be Held in New York on
Sept. 18
Association
National
Defense and the
businessman's place in the preparedness
will be the keynote of a National Association of
Manufacturers Industrial Leadership Conference at the
Hotel Astor, New York, on Wednesday, Sept. 18, Roy W.
Moore, President of Canada Dry Ginger Ale, Inc., made
known on Sept. 9.
More than 1,000 industrialists from the
program
Jersey area will take part in the
according to Mr. Moore, who is Chairman
ence,
confer¬
of the
Principles of Americanism as well as
Chairman of the Sponsoring Committee for the conference.
H. W. Prentis Jr., President of N. A. M. and Armstrong
Cork Co., will deliver the principal address.
Harry L. Coe,
Technical Advisor to the N. A. M.'s Committee on National
Defense and Industrial Mobilization will survey recent de¬
fense developments.
R. H. Montgomery, lawyer, author,
and tax expert will discuss new tax legislation.
John C.
Gall, N. A. M. Counsel, will talk on "Legislation Affecting
Current Labor Relations."
At afternoon, dinner and evening sessions, businessmen
attending the conference will be familiarized with details
of industry's position and participation in the defense
program.
Wm. B. Warner, President, McCall Corp. and
N. A. M. Director, will preside at the afternoon meeting.
Howard "Coonley, Chairman of the N. A. M. Board of
Directors and chairman of the Walworth Co. will preside at
N. A. M. Committee on
the dinner session.
on
White
page
Emergency Housing
New York and New
Taylor was received by Pope Pius XII last February,
reported in our issue of March 2, page 1369.
Mr.
as was
Defense
*
Taylor conferred with President Roosevelt at his Hyde
Park IN. Y.) home on Sept. 9.
Reporting the meeting the
Associated Press in advices trom Hyde Park, Sept. 9, said:
House officials did
for
Officials.
just.
Mr.
Mr. Taylor
Named
Special consultants were recently named for the work of
coordinating all available resources and effort, public and
private, for solving the problem of emergency housing where
it is called for by defense industry expansion, the National
Association of Real Estate Boards announced on Sept. 7.
tional Association of Real Estate
Roosevelt to the Vatican, returned to
We
Consultants
in 1935, he became its
Speak at Dinner in Pittsburgh on
Observing Tenth Anniversary of Falk
Alfred P. Sloan Jr. to
Sept.
24
Foundation
Chairman of General Motors Corp.,
principal speaker at a dinner to be held the even¬
ing of Sept. 24, in the Schenley Hotel, Pittsburgh, to observe
the tenth anniversary of the Maurice and Laura Falk Founda¬
Alfred P. Sloan Jr.,
will be the
announced Sept. 9.
Speaking on the topic,
State of the Nation," Mr. Sloan will analyze
the basic factors operating for and against economic progress
in the United States under present world conditions.
Mr.
Sloan's selection as the principal speaker of the occasion is
considered particularly appropriate inasmuch as he is the
founder of the Alfred P. Sloan Foundation which, like the
Falk Foundation, is among the very few philanthropic
organizations in the United States which is primarily inter¬
ested in the field of economics.
The announcement in the
tion, it
was
"The Economic
matter states:
The
Sloan
Foundation was organized in
incorporation which
charitable, scientific,
empowers
literary or
1934 under a certificate
of
activity of "a religious,
educational nature." Since 1938, it has
it to engage in
The Commercial & Financial Chronicle
1516
devoted its
resources
exclusively to the field of American economic educa¬
tion and research.
In
few
a
the Sloan and Falk foundations have engaged in the
cases
resources
tion,
The Falk Foundation has devoted its
mainly to the support of ecomonic research.
The Sloan Founda¬
the other hand, has taken the furtherance of economic education
on
Several thousand bankers from all sections of the
and 28.
country are expected to spend those two days in New York
same
In their major programs, however, each organization
type of activities.
supplements the work of the other.
Sept 14, 1940
taking advantage of the extensively
City,
interesting
pro¬
which has been planned for them by the New York
City banks. The A. B. A. convention will be held in Atlantic
gram
City, N. J., Sept. 22-26.4?
its chief objective.
as
A. B. A. Public Relations Council
A. B. A. Public Relations Council
for Convention to Be Held at Atlantic
City, N. J.,
Sept. 22-26
The
Public
Association
Prepares New Course
"Building Business for Your Bank"
on
Announces'Program
"Building Business for Your Bank," a new course of train¬
bank staff members, designed to teach ways and
means by which new banking business can be obtained, has
been developed by the Public Relations Council of the Amer¬
ing for
Relations
Council
announced
has
the
of
American
Bankers
of the program it
will give on Sept. 23 at the Association's annual convention
in Atlantic City, N. J.
The program consists of three roundcompletion
table conferences to be conducted under the
chairmanship of
Bankers
ican
The
be
will
display at the
Sept. 22-26.
on
study, it is said, was prepared to satisfy
banking's need for a definite plan by which both new cus¬
tomers
turers
tained
Wis.
Mr. Pickard will present the
theme of the program, "The Need for Action," by stressing
the need for satisfactory and constructive relations between
and
of
course
Samuel N. Pickard, Chairman of the A. B. A. Public Rela¬
tions Council, who is President of the National Manufac¬
Bank, Neenah,
Association
Association's Atlantic City convention, to be held
and
business
more
offset
to
rising
It is also stated
from
old
customers
business costs and
that the successful idea
bankers who have
be
can
lowered
of
more
ob¬
profits.
than 200
developed new methods of getting busi¬
together into
public.
The three round-table conferences
discussions of public relations problems by
experts in this field for the benefit of bankers who are in
ness
are
woven
will feature open
bers
can
be trained to
attendance.
announcement went
banks
and
the
In
their open
conversations these experts will
bring out and develop the ways and means by which good
public and customer relations can be achieved by banks.
The Council further states:
The
first
of
these
the
American
conferences,
Institute
of
titled
"Meeting
the
Need"
Banking.
E.
V.
Krick,
for
Vice-President
Cashier of the American Trust Co., San
Francisco, who is
Public Relations Committee of the California
Bankers
present descriptions of the
to
means
good
.
.
and
Chairman of the
Association,
which his State association has
solve public relations problems.
Milton
Wright,. author of "Building
will
employed
Business
for
Tour
Bank"
and
books, will participate in this discussion by presenting
viewpoint of the public on various banking questions.
The
second round-table conference, titled "Pulling
Together," will be
by William H. Neal, Vice-President of the Wachovia Bank & Trust Co.,
Winston-Salem, N. C.
Douglas M. Robertson, Vice-President of the Trust
led
Co.
of
tions,
A.
Public
ence.
to
Massachusetts
Bankers
will
take
part
in
this
progress
of
the
on
customer
Massachusetts
relations,
Bankers
and
Mr.
Association
in
by his bank
Ilg will discuss
developing staff
conferences among banks in his State.
The third round-table conference
conducted
ican
staff
Business
titled
"Down
to
Cases," and will be
by William Powers, Director of Customer Relations of the Amer¬
Bankers Association.
bank
is
conference,
for
Your
This will
developing
present
an
actual demonstration of
ideas contained
in
the
book,
a
"Building
Bank."
Bank,
state:
books
number of
of
training under
Bank,
of
Samuel
Neenah,
Council;
Boston,
Mass.;
direction
Pickard,
Wis.,
Ray
dealing with public rela¬
the
N.
who
is
of
special
a
President
Chairman
of
the
of
the
A.
Ilg, Vice-President of the
William H. Neal, Vice-President
the Wachovia Bank & Trust Co., Winston-Salem, N.
C., and Otis A.
Thompson, President of the National Bank & Trust Co., Norwich, N. Y.
In
preparing the course of sdidy, new business methods that have
proved most valuable in actual banking practice were organized into a
comprised
Conferences
of
banks
of 10
bcoklet-units.
discussion
and
employing
discussion
groups
the
groups
course.
Mortgage
Each
are
A
to
unit
be
manual
consists
of
four
organized by
for
leaders
has been prepared that will enable
informed member, without teaching
confer¬
Mr. Robertson will describe successful efforts undertaken
develop staff projects
the
Association,
a
consisting
Relations
Shawmut
National
mem¬
of
Georgia, Atlanta, and Ray A. Ilg, Vice-President of the National
Bank, Boston, and Chairman of the Public Relations Committee
the
course
Manufacturers
Shawmut
of
the
committee
to
on
Wright, author of
A.
B.
A.
new
prepared
B.
A.
book
.
other public relations
the
Milton
National
public relations, will be led by Dr. William A. Irwin, Educational Director
of
developing
plan by which staff
one
play a vital part in discovering and
business opportunities.
The Association's
chapters.
staff
of
the
members
study and
reasonably well-
any
experience, to direct the classes.
Bankers Association to Hold
Convention in Chicago Oct. 2-4
New trends in the mortgage business and
Annual
the economic
sequences of the European war will be discussed at the
27th annual convention of the Mortgage Bankers Associa¬
cod
tion of America, which will be held at the Drake Hotel in
Chicago od Oct. 2, 3 and 4. An added feature of tue con¬
vention this year will be the series of clinical
meetings which
will be held- each afternoon.
At these clinical
meetings
opportunity to dis¬
problems incidental to the conduct of their business.
The dominant economic questions
facing the United States
as a result of the war will be discussed
by Dr. Claude L.
Benner, Vice-President in charge of investments of the Con¬
tinental American Life Insurance Co. of Wilmington, Del.
members of the Association will have
an
cuss
The
complete program of the annual convention of the
was given in our issue of Aug. 31, page 1221.
A. B. A.
Association of Bank Women Complete Plans for Annual
Convention to Be Held in Atlantic City, N. J.,
Sept. 19-21
of
Plans have been completed for the 18th annual convention
the Association of Bank Women, to be held in Atlantic
The
subject of "Public Relations in Business"
cussed
at
the
Vice-President
convention
of
the
by
Edwin
National
Life
W.
will
be
dis¬
Executive
Accident
&
Craig,
Insurance
Co. of Nashville, Tenn.
City, Sept. 19-21, according to Miss Katherine Moore, Gen¬
eral Convention Chairman and Director of
Publicity of the
Speakers Announced for Financial Advertisers Associa*
tion Convention to Be
National Newark & Essex Banking Co.,
Newark, N. J. Miss
Moore states that "through the efforts of the Program Com«
the
Manhattan
delegates will
of
note
on
be
Co., New
addressed
timely subjects."
York
at
City,
these
Chairman, the
as
sessions
Outstanding
by speakers
among
the
ad¬
dresses to be delivered will be those of Dr. William A.
Director of Education, American Institute of
Irwin,
Banking, who
will speak at the Jean Arnot Reid Award Dinner
Friday
evening, Sept 27, and Mrs. Frederic Beggs, Chairman of the
Department of International Relations of the General Fed¬
eration
of
on
Women's
Clubs, whose subject at Friday's
luncheon is "The Importance of Mutual
Understanding Be¬
tween the
Americas."
At the annual
dinner, on Saturday
evening, Sept. 28. at which Miss Mildred Roberts, President
of
the Association, will
preside, the guest speaker will be
Mrs. Vera Micheles
Dean, Research Director of the Foreign
Policy Association of New York and radio
commentator,
subject being "What Next In Europe?"
A feature will
Member Forum on
Specialized Banking Services.
Each of the eight
Regional Divisions, which compose the
organization, will be represented by a speaker.
The Asso¬
her
be
the
ciation of Bank Women is made
up of women bank execu¬
tives from 42
States of the Union.
The officers are:
President, Miss Mildred Roberts, Citizens National Trust &
Savings Bank, Los Angeles, Calif.;
Vice-President, Miss
Emma E. Claus, Bankers Trust
Co., Gary, Ind.; Recording
Secretary, Mrs. Zillah M. Pirie, California State
Bank, Los
Angeles, Calif.; Corresponding
Secretary, Miss Lillian C.
Hage,, Bank of America N. T. & S. A., Los
Angeles, Calif.;
Treasurer, Miss Ann Burton, Scarsdale National Bank &
Trust Co., Scarsdale, N. Y.
New York Federal
Reserve Bank to Hold
for A. B. A. Convention
Delegates on
The Federal Reserve Bank of New
it will hold open house for the
York
Open House
Sept. 27-28
Springs,
Va.»
cial Advertisers
Association, to be held in Hot Springs, Va.f
Oct. 28 to 30 is practically completed, according to Lewis F.
Gordon, Assistant Vice-President of the Citizens & Southern
National Bank, Atlanta, Ga., who is general
program
Talking from the exacutive's point of view,
man.
one
chair¬
of the
featured speakers on the program will be Robert M.
Hanes,
President of the Wachovia Bank & Trust Co., Winston-
Salem, N. C., who is also President of the American Bankers
His subject is the "Executive's Point of View
in Public Relations."
A parallel address, with the title
"How Broad Is the Financial
Advertising Man's Point of
View," will be made by J. Lewell Lafferty, Vice-President,
Fort Worth National Bank, Fort Worth, Texas.
Benjamin
E. Young, Vice-President, National Bank of
Detroit, will
discuss "Business Begins at Home," in which address he will
show how new business may be
developed by the use of
statistical control of facts concerning customer use of services.
School sessions, which have become a feature of the
Financial Advertisers Association Conventions, this year
will be handled by Harford Powel of the Institute of Public
Relations, Inc., New York City. He will give a three-session
lecture course, on the subject of public relations.
Speakers
drawn from the fields of business, advertising and
public
Association.
relations who will address the convention include:
Donald
H.
Selz,
Chicago;
Co.,
Davis, President, General Mills, Minneapolis, Minn.; Lawrenc
Publicity
U.
Counsel,
President
Lawrence
H.
Selz
Organization©
C. Parlin, formerly Director of Research, Curtis Publishing
Philadelphia; Price Gilbert, Advertising Manager of the Coca Cola
Co., Atlanta; E. J. Alexander, Vice-President, Fuller & Smith & Ross,
Cleveland; and Robert E. Grove, Vice-President, Ketchum MacLeod &
Grove, Pittsburgh.
Ten
Savings,
Building
and
Loan
Gains in Assets of $1,000,000 in
announces that
delegates to the Atlantic City
convention of the American Bankers
Association on Sept. 27
Hot
The program of the 25th annual convention of the Finan¬
mittee, headed by Miss Anne Houston Sadler of the Bank
of
Held in
Oct. 28-30
More than million-dollar
ten
Associations Had
First Half of 1940
gains in assets are reported by
savings, building and loan associations for the first six
Volume
States Savings and Loan League,
Chicago, said on Sept. 7.
Two of them, both in Chicago,
gained more than $2,000,000 each.
The League's announce¬
ment explained as follows:
Figures available for the middle of the year from all League member
associations over $5,000,000 in assets show growth unprecedented in the
past ten years, according to H. F. Cellarius, Cincinnati, League Treasurer.
months of 1940, the United
One-fifth of all the assets of the business in
which is three more than were in this
Their aggregate assets have
with
have
have
offered
be
to
BY
through
compared
been
SECURITIES, JULY,
TYPES OF
gained 2.3%, which is more than
Mr. Cellarius said that the largest percentage
of the associations to
show
half-year, 30 out of the 39 over
$10,000,000 associations, and 57 out of the 87 in the next largset group.
Widely scattered geography of the expanding institutions points to a general
No. of
to any
6
2
Warrants
the
beneficial Interest, &c
2
of deposit)
Grand total.
or
a
Percent
frequently occurring size of the gains was
between half a million
Amount
Amount
July,
July,
Jilv,
July,
1940
1939
1940
1939
17.3
$105,147,600
53.8
21.1
36.1
49.2
72.000.000
36.9
59.8
Preferred stock
$105,147,600
72.000,000
11,040,000
62.7
5.5
21.6
11,040.000
5.7
5.5
Common stock
9,209,332
4.6
7.2
4,911,335
2.5
7.9
2,186,000
1.1
4.7
6.7
7,753
0.0
2,186.000
1,000
1.1
Secured bonds
Unsecured bonds
million dollars.
Certificates of participation,
beneficial Interest, &c
Warrants or rights
Insurance
Federal
Securities Proposed
for Sale by Issuers
Substitution
Type of Security
Percent
ginia, Colorado and Wisconsin.
The most
$200,312,513
Total, Less Securities
Reserved for Conversion
business itself, rather than
development due to good business conditions in the vicinity,
institutions in Ohio, Massa¬
chusetts, District of Columbia, Maryland, Indiana, Rhode Island, Illinois,
New York, Minnesota, Missouri, Florida, Oregon, Washington, California,
Michigan, Kentucky, Oklahoma, Texas, New Hampshire, Louisiana, Vir¬
and
457,453
31
Substitute securities (v. t. c. and ctfs.
reported by over-five-million-dollar
are
9,473.707
2,186.000
7,753
3
League officer said.
Gains
11,040.000
1
rights
or
72,000.000
6
Common stock
$105,147,600
11
Preferred stock
trend in the thrift and home financing
sporadic
Amount
Issues
Secured bonds
gains in ten years achieved them this past
recovery
1940
Type of Security
Certificates of participation,
period of 1939.
98.1% of the
Total Securities
Unsecured bonds
in
their expansion for the entire
$5,000,000 and $10,000,000
or
agents
Effectively Registered
$10,000,000,
gained 3.4% in the past six months as
which
associations
87
$191,614,000,
to
equaled $2,871,000, or 1.6%,
and issues to be offered directly by issuers $801,000, or 0.4%.
Securities
to be offered to the general public accounted for 99.4% of the total, with
the remaining 0.6% consisting of issues to be offered to security holders.
EFFECTIVE REGISTRATIONS UNDER THE SECURITIES ACT OF 1933
Issues
classification at the start of the year.
gain of 2.5% the previous half-year.
a
The
resources
amounted
securities
Underwritten
total.
the United States is in this group
Thirty-nine of the associations have assets over
surveyed.
1517
& Financial Chronicle
The Commercial
151
of Accounts
in
Loan
Increase in
Savings and
Largely Responsible for
Associations
Substitute securities (v. t. c.
and ctfs. of deposit)
$199,590,685 100 0
Grand total
Investments
report of the Federal Savings & Loan Insur¬
corporation, issued Sept. 7, revealed that some 2,600,Americans have investments totaling more than $2,000,-
0.0
100.0
$195,285,935 100.0
100.0
A fiscal year
ance
000
the nation's insured thrift and home-financing
These private share accounts increased from
$1,657,000,000 to $2,000,000,000, or 20%, in the last year
alone.
The release in the matter further siad:
000,000
in
institutions.
for investors is provided by
The first line of protection
associations themselves through
000,000, plus a cushion of
savings and loan
accumulated reserves of more than
undivided profits now amounting to
the associations through lean years
all set aside to carry
$110,-
$50,000,000,
and absorb any
ABOUT
ITEMS
BANKS,
TRUST
COMPANIES,
&c.
Arrangements were made Sept. 11 for the transfer of two
New York Stock Exchange memberships, one at $40,000 and
another at $38,000.
The previous transaction was at
$40,000.
•
Francisco reopened for the transaction
Saturdays on Sept. 7.
Under the Statute of
California the banks had been permitted to close on Satur¬
The banks in San
of business
on
days during the Summer months.
*
abnormal losses which may occur.
As
a
itself, which are comprised
now
Corporation
of $100,000,000 capital stock and reserves that
secondary defense are the resources
have grown
to almost
of the Insurance
$24,000,000.
required assistance from the Corpora¬
George J. Beldock, attorney, was elected on Sept. 12 a
Director of the Federation Bank and Trust Co. of New
York
City.
Fifteen associations to date have
subsequently went into voluntary liquidation, three
were placed in liquidation by the supervising authorities, three were merged
and the others continued operation under new management.
Cash con¬
tributions and contingent commitments of $1,260,000 were made by the
tion, three of which
In no case has an investor ever lost a
Corporation in these cases.
dollar
At
Brass Co.,
of his insured savings.
Board of Directors of the
regular meeting of the
a
Peoples National Bank of Brooklyn in New York, on Sept. 10,
Otto Von Au was elected a director to succeed the late John
W. Roeder.
Mr. Von Au is President of the Accurate
Inc., of Glendale, L.I.
4
Nugent Fallon is General Manager
& Loan Insurance Corporation.
of the Federal Savings
Registration of 31 New Issues Aggregating
Under Securities Act of 1933 ttecame
$200,313,000
Fully Effective
During July
and
Securities
The
Exchange Commission announced on
Aug. 29 that effective registrations under the Securities Act
of 1933 during July, 1940, aggregated $200,313,000, according
and Statistics Sec¬
Of this amount
$195,286,000 was proposed for sale by issuers, as compared
with $56,240,000 in June, 1940, and $188,081,000 in July,
to an
analysis prepared by the Research
tion of the Trading and
Exchange Division.
The Commission goes on to state:
1939.
three-fourths of the total amount proposed for sale by
became effective
A manufacturing issue, the 3% debentures of the Texas
Corp., headed the list with proceeds of $61,800,000.
The other two large
issues, both utility securities, were the 3% bonds of the Cleveland Electric
Illuminating Co., with proceeds of $52,750,000, and the 3*4% bonds of
Indianapolis Power & Light Co., with proceeds of $33,440,000.
The mo6t important industry for July was the electric, gas and water
accounted for by three large bond issues which
during the month.
utility
group,
with
$111,676,000, or 57.2% of the total.
Securities of
amounted to $77,256,000, or 39.6% of the total.
represented all but 3.2% of the
manufacturing companies
in
Securities
these
two industry groups
total.
Secured
followed
bonds predominated with $105,148,000, or
by unsecured
53.8% of the total,
Thus all but
bonds with $72,000,000, on 36.9%.
bond issues. Preferred stock
stock to $4,911,000, or 2.5%,
and certificates of participation to $2,186,000, or 1.1%.
A total of 24 statements covering
31 issues became effective during
July in the amount of $200,313,000.
Of this, $4,140,000 represented
securities registered for the account of others, all of which was proposed
for sale.
Substitute securities amounted to $458,000, securities reserved
for conversion $264,000, and securities reserved for options $165,000.
This
left $193,286,000 of securities proposed for sale by issuers, of which only
$200,000 consisted of securities of new ventures.
Indicated compensation to be paid underwriters and agents aggregated
$4,523,000, or 2.3% of the total proposed for sale by issuers.
Other
issuing and distributing expenses equaled $1,182,000, or 0.6% of the total,
making all issuing and distributing expenses equivalent to 2.9% of the
9% of July registrations consisted of
amounted to $11,040,000, or 5.7%; common
about
total.
Net
to
be
proceeds, therefore, amounted
for refunding purposes.
used
to $189,581,000, most of which was
Repayment of bonds and notes was
expected to absorb $161,423,000, or 85.2% of net proceeds, repayment of
other debt $997,000, or 0.5%, and retirement of preferred stock $1,909,000,
or
1.0%.
The total to be
applied to debt and stock retirement was
$164,-
combined accounted for
$22^984,'000, or 12.1% of the total, with 6.8% for plant and equipment,
2.3% for working capital, and 3.0% for all other new money uses.
The
purchase of securities was expected to take $2,016,000, or 1.1%, with all
ether uses combined amounting to about one-tenth of one per cent.
329,000,
or
S6.7%.
All
new
/
money
purposes
Graham
Nash,
newly elected Vice-President of the
Bloomfield Savings Institution, Bloomfield, N. J., will
retain his former post as Controller of the institution, it is
learned from the Newark "News" of Sept. 9, which added:
Mr. Nash has been Controller for all but a few months of his four years'
association with the bank.
He formerly was connected with the Bankers'
Trust Co.
At
of New York.
special meeting of the stockholders of the Bergen
of Jersey City, N. J., on Sept. 6, William J.
a
Co.
Trust
Approximately
issuers was
Hamburg Savings Bank of Brooklyn, N. Y., an¬
nounced on Sept. 12 the election of Herman L. Papsdorf as
First Vice-President and Dr. Walter F. Engel as Second
Vice-President.
The
Dwyer was elected President of the institution to succeed
George E. Bailey, who retired because of the pressure of his
duties as President of Bailey, Dwyer & Co.
The new Presi¬
dent,
who
was
also elected a director, is Vice-President
of
Baily, Dwyer & Co., one of the largest underwriters of munic¬
ipal bonds in the State of New Jersey.
He is a member of
the New Jersey Bankers Association.
Other directors in
addition to Mr. Dwyer elected by the stockholders are:
Aloysius McMahon, counsel of the Jersey City Board of Education;
Isidor Mintz, Chairman of Insurance Agents Association of West Hudson,
Vice-President of West Hudson Board of Realtors, and Treasurer of North
Arlington Building Association; John Read, financial journalist, long
identified with editorial staff of "The Financial Age" and the "Journal of
Industry and Finance;" Bernard Rodetsky, President of Rodell Realty
Corp. and the Harsame Realty Corp.; Walter Scott, President of the Scott
Printing Co., Jersey City; Bernard J. Van Ingen, Prsident of B. J. Van
Ingen & Co., leading investment bankers, and Thomas Vierow, President
of Kotten
Machine Co., Brooklyn, N. Y.
The directors at
their meeting voted to move the com¬
Boulevard to 26 Journal
banking premises formerly occupied by the New
Jersey Title Guarantee & Trust Co.
The change of address
will be made on or before Oct. 1.
The following officers, in
addition to Mr. Dwyer, the President, were named: Aloysius
McMahon, Vice-President; Rudolph Wiese, Treasurer and
Manager; John Read, Secretary and Aloysius McMahon,
pany's headquarters from 2974
Square, the
Counsel.
John
C.
Stewart,
partner
of Thorsen &
Stewart, on
Sept. 11, was elected a Governor of the Chicago Stock Ex¬
change to fill the vacancy caused by the death of Warren A.
Lamson.
Mr. Stewart has been a member of the Ex¬
change since
in
our
1930.
The death of Mr. Lamson was reported
Sept. 7 issue, page 1378.
The Commercial & Financial Chronicle
1518
Vice-President
of the Continental
Chicago, died at his
home in Libertyville, 111., of a heart ailment on Sept. 10.
Mr. Hogan, who was 58 years old, was born in Dallas
Center, Iowa. After graduation from Drake University, he
began his banking career with the Marquardt Savings Bank
in Des Moines, in 1904. In 1915 he became an officer of the
Des Moines National Bank, and subsequently a Director
and its President, offices he held until 1926, when he went
to Chicago to become a Vice-President of the Continental
H.
John
Hogan,
a
Illinois National Bank & Trust Co. of
and
National
Commercial
Bank, which
later became the
Continental Illinois National Bank & Trust
Co.
Mr.
City Bankers
President of the
Hogan was
He
Association.
was
Reserve
In
1933
active in the affairs of the American
Bankers
Association and
member
of
civic interests, and was a
Exmoor Country and Bankers
many
the
Chicago,
Clubs of Chicago.
»
Honor
paid recently by executives and employees of
the Bank of America National Trust & Savings Association,
San Francisco, throughout California to 209 officers and staff
members who have served the institution continuously for
25 years or more and are still in active service.
We quote
was
bank's announcement:
from the
honor pin, apiece
an
of jewelry bearing
S. S. Portsmouth.
warship U.
symbol
a
gold facsimile of the famous
This gallant old sailing ship is used
as
a
the official seal of the bank because it was a landing party from
on
her that first raised the American flag over San Francisco in 1846, and the
historic landing was made at a spot later filled in and occupied by the bank's
head
office.
the principal presentation in San Francsico, President
Presiding over
L. M. Giannini stated:
this kaleidiscopic age.
"Stability and loyalty
It is
achieved the record of
a
prvilege to honor
are
conspicuous virtues in
and
men
women
who
have
quarter of a century and more of service to the
customers and friends of Bank of America."
As
an
additional reward,
entitled to
The
each member of the Quarter Century Club is
month vacation with pay annually.
one
National Bank of Pasadena, Calif, has
the Union National Bank of Pasadena.
This new name is adopted after 28 years of service to the
community, for the purpose of avoiding confusion with
another banking institution of similar name.
The change,
it is stated, is purely one of title; the policies and manage¬
ment of the institution remaining the same as heretofore.
Security
changed its
name to
♦—
Former Senator
Joseph Marcelin Wilson, Chairman of the
Board of Directors of the Banque Canadienne Nationale,
Montreal, and one of the Dominion's outstanding FrenchCanadian financiers, died on Sept. 10. He was 80 years old.
Born on the lie Bizard in Jacques Car tier County, Que.,
Mr. Wilson became a partner in the firm of Mongenals,
Bolvin & Cie, in 1888, importers of wines and liquors, which
was later reorganized under the name of Bolvin, Wilson &
Cie.
Subsequently, 1896, he established at Berthier the
fust distillery of gin in Canada—Melchers distillery.
When
the Provincial Government of Quebec established liquor
control, Mr. Wilson retired from commercial business and
devoted himself
cial and
to finance.
political
career,
Montreal "Gazette" of
He
was
we
Regarding Mr. Wilson's finan¬
take the following from the
Sept. 11:
Chairman of the Board of Directors of the Banque Canadienne
Nationale, after having been President of the bank for several years and
member of the Board of Directors for 33 years.
founder of the General Trust of
Company,
He
a
was also President and
Canada, President of the Windsor Hotel
Limited, member of the Board of Directors of the Canadian
Pacific Railway, member of the Board of Directors of the Montreal Light,
Heat & Power Consolidated, and a director of many other companies.
His political career was remarkable.
Called to the Senate
in
1911
by
Sir Wilfrid Laurier, he played an important role in the life of the Liberal
party in Canada during the last 30 years.
(7 months
regret.
ago),
His resignation from the Senate
brought about by ill-health,
was
received with sincere
...
THE
CURB
MARKET
Trading on the New York Curb Exchange was rather
quiet during the present week.
With the exception of the
short session on Saturday last, when stocks advanced some¬
what, trading was mixed and irregular with a tendency
toward lower levels.
favorable,
While domestic industrial
news
was
dispatches from Great Britain seemed to be
uppermost in the minds of traders, so much so that their
activities were curtailed in a degree and transacted in a
cautious
war
manner.
Active
trading with
tendency toward higher levels were
of the Curb Exchange dealings
during the two-hour session on Saturday.
For the most part
narrow price changes prevailed.
The turnover amounted to
approximately 41,000 shares, compared with 30,000 a week
ago.
Strength was shared by the industrials and utilities,
with the oils showing some recessions.
Eastern Gas & Fuel
6% pref. gained 2 points at 2634, a new 1940 high.
Cana¬
dian Car & Foundry pref. forged ahead 3
34 points at 1434,
joining the procession of the Dominion issues which have
worked upward since discussion of a Canadian-United States
defense pact.
In the utility list, Buffalo, Niagara & Eastern
$5 pref., Carolina Power & Light $6 pref., Florida Power &
Light $7 pref. and Mountain States Telephone, all ended
the day a point or more higher.
Electric Bond & Share
com.
was
unchanged, though both preferred stocks lost
ground.
In the petroleum section there was some profittaking, Borne Scrymser closed off 234 points at 37, while
the
chief
a
characteristics
among the oils price
The aviation issues
Vultee Aircraft which estab¬
lished a new 1940 high on Friday at 934 closed up a fraction.
Bellanca and Brewster were lower with Republic and Fair-
Gulf
Oil
sagged
variations
were
moved within
a
point.
held
to
Elsewhere
fractions.
a narrow range.
child
Engine remaining unchanged.
stocks were under steady pressure on Monday,
declining prices were in evidence throughout the day,
losses ranging from 1 to 3 or more points as the session
ended.
There were a few strong spots but the trend as a
whole was definitely on the down grade.
The volume was
rather light for a full day, sales totaled 82,000 shares as
against 126,000 on Friday, the last full trading period.
It is quite possible that recessions were brought about, to a
degree, by unfavorable news from London.
It was clear
that stocks opened under the influence of the news that
Great Britain had been subjected to intensified air raids
over the week-end.
The war group as a whole was lower,
including the aviation section.
Prominent among the
issues losing 2 or more points were, Colt's Patent Fire
Arms, which dipped 3 points to 77; Aluminum Company,
234 points to 161; Aluminium,, Ltd., 234 points to 85; and
Baldwin Locomotive pref., 2 points to 24.
In the aviation
Curb
Beech, Brewster and Fairchild all showed fractional
day.
Outstanding in the utility section which
lost ground included among others, Eastern Gas & Fuel
$6 pref., showing a loss of 234points at 24; Electric Bond <fc
Share $6 pref., 234 points at 7134; with the $5 pref. down 2
points to 63; United Light & Power pref., 2 points to 27;
and Public Service of Indiana $6 pref., 3 points at 44.
There were a few strong spots which stood out against the
general decline.
Bell Telephone of Canada gained a point
to 109; Pender Grocery A advanced 2 points to 4834; and
Consolidated Gas of Baltimore rose 34 to 7834Irregular orice movements with a tendency toward higher
levels characterized the dealings at the opening of trading
on Tuesday, but there was not sufficient interest to hold the
gains, which ran from fractions to a point.
During the
remainder of the session stocks moved irregularly.
The
tenor of domestic industrial news was favorable, though the
war dispatches seemed to be uppermost in the minds of all
interested in securities; so much so that there was little effort
to do business and the session proved to be exceedingly dull.
Sales dropped to approximately 50,000 shares from the pre¬
vious day's total of 82,000.
For the most part fractional
gains and losses were in evidence, being about evenly di¬
vided.
There were occasional advances of a point or more
but aside from these, fractional changes prevailed.
Promi¬
nent among issues gaining ground were, Beaumont Mills
conv. pref.,
which climbed 134 points to 15; Capital City
Products, 1 point to 834; Driver Harris, 1% points to 2234;
Eastern Gas & Fuel prior pref., 134 points to 5434; Midland
Steel, 134 points to 1634; New York Water Service pref.,
134 points to 2134; and West Texas Utilities $6 pref., 134
points to 10134.
Quiet trading with a tendency toward higher levels, until
mid-afternoon, were the outstanding features of the Curb
Market dealings on Wednesday.
Domestic business news
continued to be of a favorable nature, but dispatches from
Great Britain seemed to curtail the strength as the day
advanced.
Selling developed after press reports of Prime
group,
Each of the 209 was initiated into the Quarter Century Club and presented
with
Sept 14, 1940
losses for the
Minister
Churchill
Churchill's
broadcast
were
available.
Mr.
warned
England that Germany would probably
attempt to invade Britain within a week; this news caused
many stocks to lose much of their early gains, although the
pressure
was not
severe.
Stocks closed irregular.
The
volume
of
transfers
was
approximately 70,000 shares,
compared with 50,000 on Tuesday.
Aircraft shares were
irregular, Beech and Vultee showing fractional gains, while
Bellanca, Fairchild and Republic were slightly lower.
Bell
and Brewster remained unchanged.
In the aluminum group,
Aluminum Co. of America forged ahead 134 points to 15934»
while Aluminium, Ltd., lost 3 points and closed at 82.
Todd Shipyards advanced 1 point to 73, and New York
Shipbuilding closed fractionally lower.
In the Oil group
price variations were held to fractions.
Utilities gaining
ground included Eastern Gas & Fuel prior pref., Florida
Power & Light $7 pref., Jersey Central Power & Light 534
nref., New York Water Service pref., Public Service of
Indiana $7 pref., and Utah Power & Light pref.
Many
stocks in the utility group closed fractionally lower.
Curb market transactions continued quiet and declining
prices were in evidence during most of the session on Thurs¬
day.
Opening prices were mixed and a few leading issues
made modest gains, but as the day progressed stocks sagged
slowly, continuing to reflect uncertainties of the war. To¬
ward the end of the day losses ranged from fractions to a
point or more for a majority of the list.
The volume was
about the same as on the preceding day. the turnover being
approximately 70,000 shares. Aluminum Company of Ameri¬
ca and Aluminum Ltd.
declined 434 and 3 points respec¬
tively.
Industrial and paper company shares also lost
ground. In the utility group the trend was mixed. Aircraft
shares were mixed, Beech, Republic and Vultee lost fraction¬
ally while Bellanca and Fairchild Engine remained un¬
changed. The oil group as a whole was relatively steady.
British American Oil, Humble and American Republics
showed fractional advances.
Mixed price changes within a narrow range dominated the
trading Friday. There were no spectacular movements, and
V olumt
The Commercial & Financial Chronicle
151
while
a few active issues
managed to climb to higher levels,
part of the gains were cancelled though the market as a
whole closed fractionally better and firmer.
For the most
1519
FOREIGN
EXCHANGE
RATES
a
part gains
were
small.
Volume
extremely light, for a
month, with the
exception of Tuesday of this week.
The transfers for the'
session totalled approximately 51,000 shares against 70,000
full
day, the smallest
was
turnover
the
of
on
156, while Aluminum Ltd. declined
Act of
1930, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
give below
FOREIGN
Thursday. Aluminum Co. of America advanced 1 point
at
Pursuant to the requirements of Section 522 of the Tariff
point and closed
at 78. Mining, oils and metal shares were mixed and
changes
were
mostly fractional.
As compared with Friday of last
week, prices were lower, Aluminum Co. of America closing
last night at 156 against 163 on Friday a week ago, Aluminum
Ltd., at 78 against 87M; American Gas & Electric at 30%
against 343^; Babcock & Wilcox at 26% against 28; Gulf
Oil Corp. at 28 H against 31; New Jersey Zinc at 57 against
60; Sherwin Williams at 78 H against 823^, and Technicolor
at 9% against 103^.
a
EXCHANGE
RATES
CERTIFIED
BANK TO TREASURY UNDER
a
We
record for the week just passed:
SEPT. 7,
BY
FEDERAL
RESERVE
TARIFF ACT OF 1930
1940, TO SEPT. 13, 1940, INCLUSIVE
Noon Buying Rate for Cable Transfers in New York
Value in United States Money
Country and Monetary
Sept.
Sevt.
7
9
Sept. 10
Sept. 11
Sept. 12
Sept.13
$
$
$
$
$
a
a
a
a
a
a
a
a
a
a
a
Czechoelov'la, koruna
a
a
a
a
a
a
Denmark, krone
Engl'd, pound sterl'g
a
a
a
a
a
j
Europe—
Belgium, belga
Bulgaria, lev—
$
a
v
a
Official
DAILY
TRANSACTIONS
AT
THE
YORK
NEW
Stocks
EXCHANGE
CURB
CNumber
of
Sept. 13. 1940
Shares)
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Foreign
Foreign
Domestic
40,840
81,300
Total
Corporate
nocemment
$496,000
$9,000
$487,000
795,000
$12~o66
7,000
17,000
814,000
735,000
632,000
743.000
49,380
715,000
68,910
628,000
4,000
69,755
731,000
621,000
12,000
51,230
361,415
3,000
~~2~, 000
$3,977,000
655,000
32,000
$17,000
4.035000
4.035000
4.035000
4.035000
4.035000
Free
4.032812
4.031250
4.030000
4.030357
4 032187
4.0325C0
.019500
.019666
.019500
.019500
.019500
.019500
a
a
a
a
a
Finland, markka
France, franc
Bonds (Par Value)
Week Ended
4 035000
$4,075,000
$81,000
a
399100*
.399000*
.398833*
.399200*
.399200*
.399200*
.006600*
Germany, relchsmark
Greece, drachma
Hungary, pengo
Italy, lira
Netherlands, guilder.
Norway, krone
Poland, zloty
Portugal, esoudo
.006600*
.006642*
.006600*
.006600*
.006600*
.193700*
.193700*
.193700*
.193700*
.193700*
.193700*
.050357*
.050357*
.050350*
.050371*
.050300*
.050385*
i
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
.039325
.039825
.039675
.039812
.039775
.039580
b
Rumania, leu
b
b
b
b
'
b
Spain, peseta
Sweden, krona
.091300*
.091300*
.091300*
.091300*
.091300*
.091300*
.238114
.238025
.238075
.238192
.238275
.238175
Switzerland, franc
Yugoslavia, dinar—
.227175
.227506
.227650
.227581
.227706
.227600
.022433*
.022433*
.022433*
.022433*
.022433*
.022433*
Asia—
Sales ax
Week Ended Sept.
Jan. 1 to Sept. 13
13
China—
New York Curb
Exchange
Chefoo
1940
Stocks—No. of shares.
1939
1939
1940
(yuan) dol'r
(yuan) dol
Shanghai (yuan) dol
Tientsin (yuan) dol.
Hongkong, 'dollar-
a
Hankow
361,415
2,664,153
30,743,797
30.815,819
$3,977,000
$9,944,000
$215,037,000
$325,813,000
3,155,000
Bonds
a
a
a
.052250*
a
a
a
a
a
.052166*
.052250*
a
a
a
a
a
.052406*
a
.051625*
.051937*
a
a
a
17.000
32.000
Foreign corporate
81,000
122,000
1,566,000
4,754,000
$4,075,000
$10,098,000
$221,357,000
Total
REDEMPTION
CALLS
4,142,000
$333,110,000
SINKING
list of bonds, notes and
Company and Issue—
Alabama Power Co., 5s 1956
Date
Pane
Nov.
Alabama Power Co. 1st mtge. 5s
Alabama Water Service Co. 1st mtge. 5s
Alexander Young Building Co. 1st mtge 5s
1
235
1424
Mar. 1 '41
Sept. 16
Oct.
402
1269
1425
1
Oct.
Oct.
Anaconda Copoer Mining Co. 4H% debs..
Arden Farms Co. 6H% debentures
Autocar Co. 1st mtge. bonds
1
15
980
Sept. 15
1426
1
1
1427
1272
Oct.
1st mtge. 6s
63^% debentures..
1
Oct.
Oct.
♦Canada Cement Co., Ltd. 1st mtge. 3Ms
Canadian Pacific Ry. Co. 5-year 2K% bonds
1271
Oct.
E. & G. Brooke Iron Co. 1st mtge. 6s
Burnett Central Building, Inc. 1st mtge. bonds
California Co-operative Creamery Co.
.226906
.224687
.223750
.301328
.301250
.301250
.301250
Japan, yen
.234310
.234310
.234310
.234310
.234310
.234310
Straits Settlem'ts, dol
Australasia—
.470800
.471033
.471156
.471033
.471033
.471033
3.228000
3.228000
(British) rupee
.
Australia, pound—
1
1272
Nov.
1
-Oct.
1
Sept. 27
Oct.
1
Oct
16
♦Cassco Corp. 1st mtge. 6s
Cedar-William Street Corp. 1st mtge. 6s
♦Central Maine Power Co. 1st mtge. SHs
Central Newspapers, Inc. 5% serial notes
Central West Utility Co. of Kansas 6% bonds
Oct.
1565
1427
1
1568
1276
Oct.
15
1568
1277
1430
1278
1431
Oct.
-
1
Oct.
-
1
1431
Oct.
Firestone Tire & Rubber Co. 3debs
German-Atlantic Cable Co. 1st mtge. 7% bonds-♦Gulf Public Service Co. 1st mtge. 6s.
Horden Colleries Ltd. 534% debentures
Houston Gulf Gas Co. 6& % gold debs
1
.-Apr. 1'41
Apr. 1 '41
*
1433
1573
Indianapolis Power & Light Co. 1st mtge. 38^s
Indianapolis Power 8c Lie-lit Co., 1st mtge. 3%s
Inland Telephone Co. 1st lien 6s
1281
417
554
Sept. 16
Walter E. Heller Co. 7% pref. stock
Sept.30
.Oct.
1
Oct.
1
Sept. 16
Sept. 16
—
6% gold bonds
3.228000
3.210208
3.213750
3.213750
3 224375
3.223333
3.226250
3.226250
3.980000
3.980000
3.980000
3.980000
3.980000
.909090
.909090
.909090
Canada, dollar—
Official
.909090
.909090
.909090
.876517
.872890
.866640
.860625
.857321
.851875
.198320*
.198650*
.198525*
.198525*
.198525*
.198650*
Official
.909090
.909090
.909090
.909090
.909090
.909090
Free..
.874531
.870625
.864166
.858437
.854583
.849375
.297733*
.297733*
.297733*
.297733*
.297733*
.297733*
Official
.060575*
.060575*
.060575*
.060575*
.060575*
.060575*
Free
.050120*
.050120*
.050120*
.050150*
.050100*
.050100*
.051680*
.051680*
.051680*
.051680*
.051680*
Free
Mexico, peso
Newfoundl'd, dollar-
South America—
Argentina, peso..
Brazil, mllrels—
Chile, peso—
Official
Export
.051680*
.040000*
.040000*
.040000*
.040000*
.040000*
.040000*
.569850*
.569850*
.569850*
.569850*
.569850*
.569850*
Controlled
.658300*
.658300*
.658300*
.658300*
.658300*
.658300*
Non-controlled
.357800*
.358860*
.363220*
.263460*
.363720*
.362970*
Colombia,
peso
Uruguay, peso-
•Nominalrate,
a
No rates available,
COURSE
1566
1274
840
Oct.
3.228000
3.211250
3.225000
1273
1
Oct.
1
Sept. 18
-Oct.
1
-
3.228000
3.212083
b Temporarily
omitted.'
1427
1566
Sept. 15
Sept. 18
City of New Castle Water Co. 1st mtge. 5s, 1942
♦Cosmos Imperial Mills, Ltd. 5% preferred stock
Crown Cork & Seal Co., Inc. 4H% debs
♦Cumberland Ry. & Coal Co. 5% bonds
Delaware Electric Power Co. 5H % gold debs
Diamond Shoe Corp. 6H% preferred stock
Duluth Missabe & Iron Range Ry. 1st mtge. 3Ks-.
Fei eral Light & Traction Co. 1st lien bonds
3.228000
3.214166
New Zealand, pound. 3.226875
Africa—
FUND
preferred
stocks of 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
.227937
.301250
India
South Africa, pound. 3.980000
North America—
AND
NOTICES
Below will be found
.228125
Free
Foreign government
.228437
.301260
Official
Domestic
1144
1281
Oct.
1
554
1282
Iowa Electric Light 8c Power Co. 1st mtge. 4K»
First mortgage 4s
-Oct.
28
1
1282
Jan. 1 *41
Nov.
2
BANK
CLEARINGS
clearings this week show a decrease compared with
a year ago.
Preliminarv figures compiled by us, based upon
telegraphic advices from the chief cities of the country,
indicate that for the week ended today (Saturday, Sept. 14)
clearings from all cities of the United States for which it is
possible to obtain weeklv clearings will be 19.9% below those
for the corresponding week last year.
Our preliminary
total stands at $5,369,898,731, against $6,705,206,486 for
the
same
week in 1939.
At this center there is
the week ended Fridav of
mary
29.1%.
a
loss for
Our comparative
sum¬
for the week follows:
Clearings—Returns by Telegraph
Per
1282
Iowa Southern Utilities Co.
OF
Baak
Dec.
534% bonds, series 1925
534% bonds, series 1935
Kelsey-Hayes Wheel Co. 15-year debs
555
555
1940
1939
$2,205,279,870
265,025,209
$3,109,297,569
—29.1
288,153,574
—8.0
321,000,000
201,284,654
—9.2
88,896,497
—5.8
79,200,000
153,499.000
—26.4
Cleveland
332,000,000
182,691,623
83,713,465
75,200,000
112,903,000
131,854,502
99,102,480
93,438,693
90,655,968
+24.0
+ 3.1
Baltimore
53,383,878
61,030,046
—12.5
$3,634,592,720
840,322,889
$4,574,802,528
886,623,245
—20.6
$4,474,915,609
894,983,122
$5,461,425,773
1,243,780,713
—18.1
$5,369,898,731
$6,705,206,486
—19.9
Week Ending Sept.
14
New York
Chl^ag"
Philadelphia
Oct.
7
Oct,
1
Oct. 10
Sept. 9
Oct.
1
Sept. 20
1434
Boston
1148
1148
Kansas
Sept. 15
Parr Shoals Power Co. 1st mtge. 5s
Oct.
2
1
1
1
1285
854
1287
855
1287
Pennsylvania-Dixie Cement Corp. 6% bonds
Peoples Light & Power Co. series A bonds
Sept. 15
857
+ 3.4
998
Pent. 39
Oct. 16
—
Cent
Lincoln Water Co. 1st mtge. 534s
Liquid Carbonic Corp. 10-year debentures
Lighting Corp 5% bonds
Miller & Lux, Inc. 1st mtge. 6s
♦Monroe Coal Mining Co. 1st mtge. 6s
Manila Electric RR. &
-
New Mexico Gas Co. 1st mtge. 5s
North American Light & Power Co. 534% gold debs.
Northwestern Public Service Co. 1st mtge. 5s
Oklahoma Natural Gas Co.
Oct.
Jan.
Oct.
1st mtge. bonds
-
Pinellas Water Co. 1st
mtge. 534s
Quincy Mkt. Cold Storage & Whse. Co. 20-yr. 534 % bds._Nov.
1
Richfield Oil Corp. 4% debentures
..Sept. 15
Richmond Terminal Ry. 1st mtge. 5s
Jan.
1
f'iordon Pulp 8c Paper Co., Ltd. 6% det«.
Dec. 31
Rochester Transit Corp. 4 34% bonds
Sept. 30
Rumford Falls Power Co. 1st mtge. 4s
v
Oct.
1
General mortgage 4 34s
Oct.
1
St. Paul Union 8tockyards Co. 1st mtge, 5s
Oct.
1
Scovill Mfg. Co. 534%
debentures
Sept. 16
-
1435
1436
1580
1287
1288
1004
113
1438
1438
1438
114
429
Oct.
10
1586
Southern Natural Gas Co. 1st
Oct.
1
1005
Oct.
21
1158
Sept. 15
1007
Washburn Water Co. 1st mtge. 5s
Westchester Service Corp. 1st mtge, bonds..
Wilson & Co., Inc., 1st mtge. 4s.—....
Wood Alexander 8c James Ltd. 1st mtge. 6s
...
Woodward Iron Co. 2nd mtge. 5s
Youngstown Sheet 8c Tube Co. 4% debentures
♦
Announcements this week,
x
Y. 150.
Sept.
Dec.
Oct.
Sept.
-—Sept.
Sept.
Dec.
-
Oct.
16
15
1
16
15
30
2
1
St. Louis
San Francisco
Pittsburgh
-
Detroit
Eleven cities, five days..
Other cities, five days
Total all cities, five days
All cities, one
day
Total all cities for week
101,836,189
79,949,031
—5.1
+ 29.5
—5.2
—28.0
1156
♦Southern Colorado Power Co. 1st mtge. 6s
mtge. 434s
Tjde Water Associated OH Co. 3 34% debentures
Ujigawa Electric Power Co., Ltd.., 1st mtge. 7s
United Telephone Co. of Pa. 6% preferred stock
♦Vicking Pump Co. preferred stock
City
1009
1588
1160
1160
1017
1290
1443
1297
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
noon today.
Accordingly, in the above the last day of
until
the week in all cases has to be estimated.
If the elaborate
detailed statement, however,
which
we
present further below, we are able to give final and complete
results for the week previous—the week ended Sept. 7.
For that week there was a decrease of 12.7%, the aggregate
of clearings for the whole country having amounted to
$4,588,342,417, against $5,255,158,294 in the same week in
1939.
Outside of this city there was an increase of 9.4%,
The Commercial &
1520
having recorded a loss of
cities according to the Federal Re¬
they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals are smaller by 26.3%, but in the Boston
Reserve District the totals are larger by 2.1% and in the
Philadelphia Reserve District by 5.0%.
In the Cleveland
Reserve District the totals show an improvement of 11.0%,
in the Richmond Reserve District of 11.2%, and in the
Atlanta Reserve District of 8.2%.
In the Chicago Reserve
District the totals register an increase of 3.8%, in the St.
Louis Reserve District of 9.1% and in the Minneapolis
Reserve District of 5.8%.
In the Dallas Reserve District
the totals record a loss of 3.0%, but in the Kansas City
Reserve District the totals show a gain of 0.4% and in the
San Francisco Reserve District of no less than 43.8%.
In the following we furnish a summary by Federal Re¬
Week Ended
clearings at this center
the bank
Clearings al—
27.5%.
We group the
serve districts in which
CLEARINGS
SUMMARY OF BANK
14, 1940
Sept. 7
Inc. or
1939
1940
1938
Dec.
1937
%
*
cago—
Seventh Feder al Reserve D istrict — Chi
+ 9.1
326,715
356,468
Mich-Ann Arbor
70,726.568
2.604,692
2,694,639
+59
1,357,688
1,507,595
17,799,000
1,752,609
4,891.440
18,016.045
1,310,604
1,105,587
905,455
+22.8
+66.5
692,560
935.977
15,705,000
1,149,684
4,486,746
16,416,325
1,120,818
8,252,767
3,032,732
+ 13.3
13,858,000
15,336,000
+ 52.4
+ 9.0
944,052
1.164,877
3,795,920
4.444,504
+ 9.7
14.736,342
16,489,134
+ 16.9
+25
1,056,484
7,529,514
7.431,881
+ 21.8
2,829.748
2,676,606
.
Lansing
70,206,289
4,288,481
Grand Rapids
_
Wayne
Ind.—Ft.
Indianapolis
South Bend
Terre Haute
Wis.—Milwaukee
Rapids
la.—Ced.
10,321,755
3,693,019
467,693
Moines
Des
287,772
255,477
58,932.473
1,963.157
+33.6
93,796,354
Detroit
Sioux City
861,391
1,155,164
954,499
+ 16.9
370,077
315.740
281,551,982
—6.7
214,738,294
270.403,588
877,590
3,332,315
+ 19.3
727.261
796.008
+ 15.0
3,084,567
3.081,499
1,088,609
+ 6.9
1,211,563
1,194,864
1,359,353
—2.4
1,134,292
1,185.247
414,012,542
+3.8
328,721,172
401,184,620
trlct—St. Lo uis—
Eighth Federa I Reserve DIs
+4.2
71,100,000
74,100,000
HI.—Bloomlngton
399,936
262.654,073
Chicago
1,047,194
3,832.388
1,163,586
1,326,897
Decatur
Peoria
-
Rockford
Springfield
districts:
serve
Sept.
Financial Chronicle
429,582,889
Total (18 cities)
Inc or
Sept. 7.
Week End.
1940
Dlsts
Federal Reserve
2d
3d
4th
6th
6th
7th
St. Louis...
4
Minneapolis 7
12thSan Fran... 10
$
186,455,001
2,383,757,443
3,232,934,295
-26.3
344,464,842
327,962,939
+5.0
260,243,577
275,557,605
236,444,396
+ 11.0
207,572,889
249,958.612
117,003,698
+ 11.2
262,504,779
130,125,593
2,613,484,747
105,662,520
2,799.593,200
131,254,805
+ 8.2
116,156,888
124,593.740
414,012,542
+3.8
328,721.172
111,099,207
103,988.215
Total (4
121,258,489
cities)
111,099,207
+9.1
103,988,215
116,634,418
94,248,349
105,405,945
103.805,972
117,097,764
Ninth Federal
Reserve Dis
60,170,362
—3.0
55.847,498
59,936,203
Minn.—Duluth..
2,655,619
266,922.930
185,683,439
-+43.8
167,488,939
202,137,953
3,176,972
3,593,088
68,430,710
69,485,031
—1 5
64,660.736
74,277.179
Minneapolis
27,797,674
20,953,430
+32.7
20,637,027
2,150,490
—12.7
4,335,056,694
4,750,053,477
2,107,657,786
+ 9.4
1,795,761,436
2,042,775.250
409,023,708
336,736,281
320,889,561
—17.7
297,008.148
detailed statement showing
Sept.
Ended
1939
Boston
Reserve Dlst rlct
658,314
493,376
1,847,389
190,495,343
1,947,404
2,382,641
2,202,917
+8.2
S. D.—Aberdeen.
759,199
674,196
+ 12 6
898.767
811,718
+ 10.7
749,665
2,971,040
2,713,389
+ 9.5
2,278,118
105,895,650
100,074,590
+5.8
94.248.349
105,405.945
N.
D.—Fargo
—
Billings.
Helena
Total (7
cities)
_
Reserve DIs trlct—Kans
188,731,396
571,955
489,816
+ 0.6
273,174
Lowell.,...
—5
—44.2
455,739
566,329
1,625,940
153.490,714
1,804,282
158,864,137
474,621
136,345
151,700
2,760,807
+ 1.1
2,020,135
2,287,454
27,260,3.31
2,731,033
28,224.302
Omaha
—3.4
24,128.277
26,584.835
239.352
324,668
648,939
Springfield
561,814
+ 15.5
554,936
+ 12.1
2,273,901
1,520,978
7,437,070
2,888,651
8,481.500
1,629,679
Hartford
1,619,962
+0.6
8,415,317
3,527,343
+ 17.4
6,508,557
+6.6
3,171,213
3,760,638
8,881,400
New Haven.._
N.H.—Manches'r
473,624
424,123
+ 11.7
7,188,600
331,377
Total (12 cities)
221,973,982
217,487,254
+2.1
177,835,928
R.I.—Providence
—18.7
1.937.456
2.720,988
+9.4
2,173,084
2,860.550
80,998,713
+ 1.8
69,669.331
79.583,348
2,828,852
2,729.860
+3 6
2,461.708
2,528,987
561,698
594,584
—5.5
635,790
638,865
630.022
St. Joseph
Colo.—Col.Spgs
Pueblo
612,994
+ 2.8
519.814
574,193
+0.4
103,805,972
117,097,764
Total (10
121,533,706
cities)
8,164,600
+ 8.8
1,659,515
Eleventh Fede ral
Texas—A ustin.
Dallas
.
Reserve
1,282,861
+ 9.9
1,253,338
1,242,772
47,486,102
—5.1
42,705,556
—8.6
6,146.278
45,970,158
6.343,133
2,361,000
9,684,313
+ 63.9
1,231,331
31,200,000
836,347
+47
+32
5.467.542
5,979,120
2,041,000
2.023,000
+0.9
1,078,293
671,017
+ 60 7
699,400
2,020,000
796,823
3,301,854
2,728.262
+ 21.0
2,681,926
3,563,317
Total (6 cities).
58,365,636
60,170,362
-3.0
55,847,498
69,936,203
520,954
186,455,001
York-
15,870,677
Fort Worth
Wichita Falls..
La.—Shreveport.
Feder al Reserve D istrict—New
Bingham ton...
5,648,229
1,339,882
20,800.000
5,425,310
822,593
27,500.000
Elrnira
688,201
23,600,000
582,180
+ 10
369.821
589,869
Jamestown
586,204
593,776
—1.3
628,541
2,282,344,683 3,147,500.508
7,060,648
7,210,056
Rochester
3,294,123
3,658,593
Syracuse
2,970,401
Westchester Co
2,967,842
3,689,309
Conn.—Stamford
3,584,203
—27.5
,707,278,227
+ 2.1
551,131
,539,295,258
6,274,507
6,355,162
Ore.—Portland..
+ 11.1
3,161.592
3,581,859
Utah—S. L. City
-Q
2,811,107
Calif.—L'g Beach
Buffalo
New York
Newark
14,340,757
322,908
13,550,111
Northern N. J.
19,832,153
19,249,671
342,743
N. J.—Montclalr
Third Federal
—2
2,933,683
2,345,393
3,097,968
+6
250,275
10,732,603
14,629,384
+3.0
19,316,659
3,232,934,295
—26.3
27,056,176
Reserve Dlst rlct
315,219
+ 62.8
537,669
385,016
+39.6
353,410
244,517
+ 44.5
278,170
270,117
233,914
363,679
363,649
Chester
1,122,376
334,000,000
1,105,519
+1 5
927,452
318,000,000
+ 5.0
Reading
1,377.549
1,391,983
—1 0
Scranton
2,205,129
+27.5
Wilkes-Barre..
1,154,338
1,729,819
1,416,308
251,000,000
972,835
2,036,687
1,130.882
266.000,000
—18.5
702,895
803,432
York
1.194,654
1,065,758
+ 12.1
2,006,500
2,308,800
—13.1
1,133,307
2,688,200
14,569.943
12,677,881
+ 14.9
3,724,065
3,352,507
+ 11 1
2,662,040
2,406,359
+ 10.6
2,386,356
35,258,601
1,230,675
22,873,723
13,879,806
3,123,009
3,087,913
166,926,000
102,825,586
+62.3
90,928,000
116,330,000
3,413,126
....
+ 35.4
2,481.600
+ 9.4
1,140,523
2,S16,702
1,225,701
+ 11.1
2,186,145
2,311,823
+43.8
167,488,939
202,137,953
Santa Barbara-
1,527.665
2,419,805
2,521,683
1,396,079
2,178,053
266,922,930
185,683,439
San Jose
cities)
1,307.558
2,125.000
260,243,577
275,557,605
N. J.—Trenton..
Total (10 cities)
+ 22
344,464,842
327,962,939
+5.0
Grand
total
(113
4,588,342,417 5,255,158,294
cities)
259,438
Outside New York 2,305,997,734 2,107,657,786
Cincinnati
_
2,415,871
49,284,008
.
Cleveland
93,452,051
Columbus
Mansfield
Youngstown..
Pa.—Pittsburgh
.
2,728.642
104,091,560
+ 4.1
1,675,468
2,121,901
+ 8.7
+ 22.8
45,989,886
69,152,612
9,413,000
—2.5
9,453,800
1,151,244
1,624,745
78,525,134
49,534,013
73,775,140
9,222,600
1,295,205
2,191,170
111,818,583
1.526,768
—11.3
2,188.798
+ 24.7
99,533,620
+4.6
262,504.779
236,444,396
207,572,889
249,958,612
+72.5
306,546
372,814
+44 5
1,794,000
2,092,000
36,601,228
+ 11.0
Reserve Dlst rict
592,259
2,622,000
Va.—Norfolk
-Richm ond—
343,354
1,815.000
39,416,950
1,152,205
39,867,783
—1.1
986.805
+ 16.8
37,499,708
972,606
Md.—Baltimore.
63,679,520
+ 14.3
48,399,829
D.C.—Washing'n
22,662,659
55,695,982
18,294,774
+23.9
16,689,831
Richmond
1,357,053
52,851,350
18,223,971
Sept.
5
1940
1939
Dec.
1938
5
Canada—
8
%
I
1937
%
—3.3
90,740,315
85,576,041
—28.2
90,391,067
57,218,989
88,177,917
41,252,697
14,985,720
25,867,884
3,902,605
2,208,063
5,016,102
2,371,467
4,053,367
4,283,859
101,519,401
133,850,475
86,634,079
16.154,964
24,783,798
4,381,286
2,509.387
4,819,188
4,784,325
1,695,665
1,599,250
2,484,364
3,775,652
6,703,697
Brandon
360,913
455,046
Lethbridge
615,684
638,146
—3.5
631,495
4,527,288
1,656,176
1,474,389
2,027,030
3,268,851
3,934,245
335,822
545,996
1,276,166
1,257,318
98.153,039
96,038,255
Winnipeg
Vancouver
32,738,527
16,116,024
Ottawa
48,122,442
Quebec
4,257,664
3,142,220
5,897.918
4,435,987
1,773,726
1,651,147
Halifax...
Hamilton
Calgary
Victoria
Edmonton
S. C.—Charleston
4,335,056,694 4,750,053,477
Inc. or
London
Fifth Federal
W.Va.—Hunt'ton
-12.7
+9.4 1,795,761,436 2,042,775,250
Week Ended
St. John
cities).
2,782,343
Clearings al—
Montreal
-
2,321,685
45,356,348
76,104.177
9,177,900
1,354,747
1,120,752
1,080,967
2,123,000
Toronto
Feder al Reserve D istrict—Clev eland
Ohio—Canton
29,410.856
24,746,363
10,306.001
-Phllad elphia
513,217
Philadelphia..
25,592,994
2,613,484,747 2,799,593,200
Bethlehem
Pa.—Altoona
Lancaster
1,226,432
+ 12.5
31,250,124
Francisco.
Total (10
SCO
+23.9
1,380,032
Pasadena
San
Franc!
31,505,865
39.050,130
Yakima
282,718
+ 5.8
Twelfth Feder al Reserve D istrict—San
Wash.—Seattle..
Stockton
Total (13 cities) 2,383,767,443
Total (7
District—Da lias—
1,410,183
45,066,764
_
_
Galveston
N. Y.—Albany.
Fourth
121,030,767
2,769,540
9,881,516
Worcester
2,128,375
653,782
2,540,148
1,792.585
1,731,184
2,977,873
82,479,944
_
484,573
2,848,522
New Bedford
95,247
—3.8
Mo.—Kan. City.
+33.4
124,032
+ 16.7
172,024
Wichita
_%
City
117,894
165.446
Lincoln
1937
as
595,341
137,549
Neb.—Fremont..
7
1938
Eec.
+ 0.9
575,544
River
—17.9
Mont.
5.255.158,294
2,305,997,734
8
Mass.—Boston..
3,233,909
21,462,528
2,220,666
572,364
794,949
2,485.171
Paul.
Hastings
Federal
trlct—Minne apolls-
St.
Kan.—Topeka.
Second
604.000
+04
1940
—
446,000
100,074,590
Inc. or
Conn.
—0.5
121,030,767
Clearings at-
Fall
561,000
Qulncy
Tenth Federal
First
x
558,000
116,634,418
Week
Portland
15,930,794
x
x
x
x
111.—Jacksonville
58,365,636
our
Me.—Bangor
26,999.624
14,846,346
105.895,650
cities'
add
now
24,295,869
+4.8
+ 9.1
+ 5.8
last week's
figures for each city separately for the four years:
We
+26.6
15,203.674
121,533,703
J
32
Canada..
73,100,000
24,234,533
15,928.712
Ky.—Louisville..
Tenn.—Memphis
401,184.620
4,588,342,417
Outside N. Y. City
64,400,000
30,671,777
Mo.—St. Louis.
111,498,416
141,956,478
429,582,889
"
"
"
"
6
177,835,928
1937
217,487,254
"
9th
lltb Dallas
S
%
+2.1
121,258,489
8th
10th Kansas City 10
%
221,973,982
12 cities
New York.. 13
4
PbiladelphlalO
"
Cleveland.. 7
"
Richmond.. 6
"
Atlanta
.10
"
Chicago
18
•'
Boston
'ji
1938
Dec.
1939
%
1940
Regina
—62.2
—0.2
+ 94.2
—2.8
+ 25.2
+ 22.4
—7.3
+4.6
+3.2
-—4.5
+ 7.4
—36.1
—20.7
14,213,445
24,310,177
3,653,986
2,576,707
4,249,545
4,960,570
1.476,339
1,560,385
2,234,803
3,592,814
6,112,951
413,328
117,003,698
+ 11.2
105,662,520
111,498,416
Reserve Dlst rict—Atlant
3,836,443
16,772,620
52,400,000
1,215,963
1,035,258
Tenn.—Knoxville
Nashville
Ga.—Atlanta
Augusta
Macon
14,986,000
Fla.—Jacks'nville
18,517,025
Ala.—Blrm'ham.
1,911,957
Mobile
Miss.—Jackson..
3,568.081
+7.5
15,591,980
+ 7.6
43,300,000
1,134,103
+ 21.0
+ 7.2
948,925
+ 9.1
14,791,000
16,899,814
1,637,206
+ 1.3
+ 9.6
+ 16.8
3,350,003
3,122,523
13,298,145
40,800,000
14,781,658
42,700,000
1,161,936
1,097,609
12,250,000
15,090,424
1,779,495
925,796
728,885
12,161,000
14,135,531
1,654,425
x
171,910
K Vicksburg
La.—NewOrleans
172,339
152,272
+ 13.2
31,108,873
33,231,424
—6.4
131,514
28,971,589
141,956,478
131,254,805
+8.2
116,156,888
124,593,740
694,525
+ 0.1
720,720
535,112
Brantford
799,360
884,853
814,676
—1.9
738,096
625,284
+41.5
New Westminster
709,395
622,574
+ 13.9
788,758
740,570
573,973
253,381
289,172
—12.4
233.228
254,545
Peterborough
625,793
534,061
—1.5
583,986
Sherbrooke
731,960
641,217
+ 14.2
688,587
661,746
918.321
1,017,952
Saskatoon
777,115
644,833
515,187
1,017,738
959,428
+ 6.1
2,235.088
382,945
2,127,120
321,218
+ 5.1
2.247,110
+ 19.2
310,701
2,239,583
391,305
Moncton
777.683
794,975
—2 2
687,868
783,782
Kingston
622,048
581,061
+7,1
560,036
563,619
943,980
490.077
437,297
490.208
Kitchener
Windsor
Prince .Albert
_
Chatham
608,042
419.987
Sarnia
392,896
512,014
+44.8
—23.3
Sudbury
825,987
854,536
—3.3
841,344
890,844
336,736,281
409,023,708
—17.7
320,889,561
297,008,148
32,438,185
Total (10 cities)
694,779
Medicine Hat
Sixth Federal
130,125,593
1,443,147
Moose Jaw
Fort William
Total (6 cities).
1,262,094
—12.5
Total (32 cities)
■
^
*
,
Estimated,
x
No figures available.
Volume
BANKS
NATIONAL
OF
CHANGE
3—The
To:
Security National
Calif.
Bank of Pasadena, Pasadena,
VOLUNTARY LIQUIDATION
Amount
The following securities were
of the current week:
3bc
$1M
SIM
SIM
$2
(quar.)
;
Duplan Silk Corp. preferred (quar.)
Eaton & Howard Management Fund A-l
Economy Grocery Stores (quar.)
Electrical Products (quar.)
SALES
sold at auction on Wednesday
20c
25c
25c
75c
Electric Auto-Lite
Electric Storage Battery
Preferred
50C
Co
5oc
5lc
El Paso Natural Gas
(quar.)
Empire Safe Deposit Co. (quar.)
$ Per Share
S100
4
65 National Dock Trust, par $100; 60 State Street Associates, par $100; 12 Con¬
gress Street Associates, par $100; 67 Massachusetts Building Trust, par $100;
50 Old South Building Asso'n. part, paid, par $100
$45 lot
Storks
389 North Texas Co., par $10
4 Columbian National Life Insurance Co., par $100
—
Fanny Farmer Candy Shops (quar.)
Fedders Mfg. Co
Fidelity Trust (Bait.) (quar.)
Filene's (Wm.) Sons
Preferred (quar.)
3M
First National Bank of N. Y.
71M flat
1964. registered
first
we
are
Then
current week.
we
a
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany
News
in our "General Corporation and Investment
Department" in the week when declared.
name
The dividends announced this
week
Name oj
Share
Company
Payaole oj Record
10c
Oct.
16 Sept. 28
40c
Aeronautical Securities
Aetna Insurance Co. (quar.)
Oct,
1 Sept. 11
15 Sept. 30
15 Sept. 30
25c
Allen Electric &
Extra
....
Oct.
5vvC
Allis-Chalmers Manufacturing Co
Amerada Corp. (quar.)
American Alliance Insurance (N.
Oct.
2Mc
Equipment (quar.)
Oct.
2Mc
Extra
Oct.
25c
(quar.)
Air Reduction Co., Inc.
50c
Oct.
5*
31 Oct.
15 Sept. 20
Sept. 30 Sept. 20
American Brake Shoe & Foundry
$1.31 M Sept. 30 Sept. 20
Preferred (quar.)
—
Oct.
1 Sept. 17
25c
American Crystal Sugar Co
1 Sept. 17
SIM Oct.
Preferred (quar.)
—
—
Sept, 23 Sept. 15
SIM
American District Telegraph (N.J.)
Oct.
15 Sept. 15
$1M
Preferred (quar.)
Sept. 23 Sept. 11
10c
American Foreign Investing Corp. (quar.)
1 Sept. 16
Oct.
5uc
American Investment Co. $2 cum. pref. (quar.).
25c
Sept. 30 Sept. 20
American Maize-Products Co
Y.) (quar.) —
25c
Oct.
Preferred
si m
(quar.)
20c
American Screw Co.
(quar.)
Anchor-Hocking Glass Corp. $5 pref. (quar.)
Arkansas Power & Light $7 pref. (quar,)
6% conv.
__ —
Avondale Mills
Avery (B. F.) & Son
Preferred (quar.).-.
25c
75c
Oct.
Oct.
Oct.
Oct.
Oct.
Extra.
—........
Bangor Hydro-Electric (quar.)
Bank of America N. T. & S. A. (quar.)
referred
31 Dec.
1
Oct.
SIM
14
14
Sept. 18
1 Sept. 20
Sept. 28 .sept. 16
1 Sept. 18
Oct.
&Y\
$4
(quar.)
(quar.)
Briggs Manufacturing Co
British American Oil Co. (quar.)
British American Tobacco Co. 5% pref. (s.-a.)
Broad Street Investing Corp. (quar.)
Brookline Trust (Mass.) (quar j .
Oct.
1 Sept. 18
1 Sept. 20
Oct.
15 Sept. 20
5oc
_.
J25c
12 M%
Sept. 3o dept. 20
1 Sept. 12
Oct.
Sept. 30
25c
Brooklyn Borough Gas Co. (quar.)
6% preferred (quar.)
& Eastern Power 1st pref. (qu.)
Preferred (quar.)
California Water & Telephone 6% pref. (qu.) ...
Canada Bread 1st pref. (quar.)
Class B preferred (quar.)
Oct.
75c
Oct.
75c
Oct.
Nov.
1 Oct.
Oct.
37Mc
tSIM
J62Mc
Oct.
1 Sept. 14
1 Sept. 20
Oct.
5b c
Oct.
SIM
Oct.
Oct.
Oct.
45c
Oct.
Oct.
75c
Oct.
Sept. 21
62 Mc
$1 M
Oct.
Sept. 21
Oct.
Sept. 20
Sept. 19
Sept. 16
Sept. 21
Sept. 20
Sept. 3
Sept. 20
Sept. 20
Sept. 21
Sept. 21
Sept. 21
SIM
...
(quar.)
Oct.
!■■
■
■»
(quar.)
oi
(quar.)...
Oct.
Oct.
SIM
*
-T-
Oct*
Oct.
Sept.
15c
Oct.
15c
Sept.
50c
Oct.
SIM
Oct.
40c
—
25c
Sept.
Sept.
25c
M ~ tw>m —
Sept.
25c
i~ i»
Ohio) (quar.)
Commonwealth Edison Co
Connecticut Fire Insurance Co. (quar.)..
Consolidated Aircraft preferred (quar.)
Consolidated Copperm ines
Consolidated Water Power & Paper Co. (quar.)
Consumers Gas (Toronto) (quar.).
Continental Baking Co. pr ef. (quar.)
Cottrell (C. B.) & Sons Co. 6% pref. (quar.)
Forster.
Oct.
SIM
HY
30c
pref. (quar.)
(quar.)
City Auto Stamping (quar.)
Clayton & Lambert Mfg
Cleveland Electric Illuminating
Preferred (quar.).
Cleveland Graphite Bronze (interim)
Coleman Lamp & Stove (quar.)
m
20
20
SIM
....
Chicago Daily News, Inc., 5% pref. (quar.)
Chicago Pneumatic Tool $3 pref. (quar.).
um
1 Sept.
1 Sept.
Sept. 20
Sept. 16
Sept. 16
Sept. 16
Sept. 20
Sept. 16
Sept. 16
Sept. 17
Sept. 20
6oc
Carthage Mills, Inc., pref. A (quar.)
Preferred B (quar.)
Chemical Bank & Trust Co. (quar.)
Colonial Finance Co. (Lima,
15
10
10 Sept. 30
1 Sept. 10
40c
SIM
2Mc
Chicago Title & Trust (quar.)
Cincinnati Gas & Electric 5%
Cincinnati Union Stock Yards
25
75c
$6 preferred (quar.)
Carriers & General
$2 M preferred (quar.)
Chillicothe Paper Co. pref.
dept.
1 Sept.
1
Oct.
$3
Buffalo Niagara
Capital Administration Co., Ltd.—
$3 cum. preferred series A (quar.)
Carman & Co. class B
—
Carolina Power & Light $7 pref. (quar.)
Oct.
33Mc
$7 preferred (quar.)
Brantford Cordage preferred
Preferred
31 Dec.
Oct.
50c
Bird Machine Co
Birmingham Electric $6 pref. (quar.)
Crum &
Dec.
20c
$3M
Bank of New York (quar.)
Colonial Ice 7% pref.
Preferred B (quar.)
Dec.
$1
(initial, semi-ann.)
Co. (quar.)
Bank of the Manhattan
Boston Insurance Co.
60c
3uc
...
—
Oct.
SIM
Oct.
SIM
Oct.
Sept..16
Sept. 20
Sept. 20
Nov.
Oct.
Oct.
Sept. 14
Sept. 14
45c
$5
75c
15c
50c
Sept.
Oct.
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
JS2M
Oct.
$2
Oct.
SIM
Oct..
30c
Oct.
$2
Dec.
30c
50c
SIM
37Mc
(quar.)
75c
....
25c
5c
35c
50c
11
2
14
14
21*
20
Oct."
1
Dec. 13
20c
75c
37Mc
25c
;
.
Preferred (quar.)
Jefferson Electric
Joliet & Chicago RR. (quar.)
(quar.)
.
Electric 7 % pref. (quar.)
Mascot Oil Co
class B (quar.)
(quar.)
N. Y. (quar.)
Extra
Meyer-Blanke Co
7% preferred (quar.)
Minneapolis Gas Light partic. units (quar.)
Minnesota Power & Light 7% pref. (quar.)
$6 preferred (quar.)
6% preferred (quar.)
Missouri Gas & Electric Service
Molybdenum Corp. of America
Monarch Machine Tool stock dividend4-16ths of a new sh. for each sh. held.
Montana-Dakota Utilities Co
6% preferred (quar.).
-.).
5% preferred (quar.
Morrell (John) & Co
Morristown Securities Corp
Mt. Diablo Oil Mining & Devel. (quar.
• •
Murphy (G. C.) 5% pref. (quar.).
Mutual Telephone (Hawaii) (quar.).
2
Oct.
Sept.28 Sept. 20
Sept. 20
Sept. 16
Nov.
75c
Oct.
t25c
Oct.
Oct.
Oct.
SIM
SIM
SIM
35c
Oct.
16
15 Sept.30
15 Sept. 30
Sept. 19
19
14
25
Sept.
Sept. 30 Sept.
Oct.
7 Sept.
Oct.
1 Sept.
20
Oct.
1 Sept. 20
Oct.
1 Sept. 13
1 Sept. 13
Sept. 14 Aug. 31
1 Sept. 18
Sept. 14 Aug. 31
Oct.
1 Sept. 21
Oct.
1 Sept. 20
Oct.
Oct.
15c
Sept. 16 Sept.
50c
Oct.
SIM
25c
Nov.
Oct.
3
15 Oct.
3
1 Oct.
22
10 Sept. 30
t$3M
SIM
tS7M
87 M
Sept. 30 Sept. 21
Sept. 30 Sept. 13
Sept. 24 Sept. 14
Oct.
1 Sept. 20
10c
Sept. 20 Sept. 10
Oct.
llSept. 17
Oct.
1 Sept. 16
Oct.
1 Sept. 20
Oct. 31 Oct. 15
30c
SIM
SIM
10c
lc
25c
50c
75c
75c
Extra
10
Oct.
25c
preferred (quar.) _
Keystone Custodian Fi
Fund B-4 (s.-a.)
Kirsch & Co. preferred (quar.)
Kittanning Telephone Co. (quar.)
Koppers Co. preferred (quar.)
Kresge Dept. Stores4% pref. (quar.)
Kysor Heater Co. (quar.)
Lerner Stores (quar.)
Preferred (quar.)
Lion Oil Refining Co. (quar.)
Loews (Marcus) Theatre, Ltd., 7% pref
Lynn Gas & Electric (quar.)
Magazine Repeater Razor preferred
Mahoning Coal RR
Mansfield Tire & Rubber
$1.20conv. preferred (quar.)
Marion-Reserve Power Co. $5 pref. (quar.)
Marlin-Rockwell
Marshall Field (quar.)
Extra
Nov.
51,c
Island Creek Coal Co
Oct.
Sept.30 Sept. 14
1 Sept. 21
Sept. 30 Sept. 20
Oct.
Sept. 13
Oct.
Sept.20
Oct.
Sept.20
Oct.
SIM
pref. (qu.)
Cumulative preferred
Sept. 20
Sept. 20
Sept. 14
Oct.
SIM
Preferred (quar.)...
7% preferred (quar.)
Sept. 30
Sept. 30
Sept.30
Oct. 21
SIM
62Mc
...
Investment Foundation, Ltd., cum.
Merchants Bank of
SIM
15 Sept. 28
15 Sept. 28
Sept. 26 Sept. 16
15c
5% cum. conv. preferrea (quar.)
Interstate Bakeries Corp. $5 pref. (quar.)
Interstate Department Stores
Mead Johnson
Oct.
5c
Fibre
McKee (A. G.) & Co.
ClassB (extra)
Oct.
SIM
10c
43Mc
37 Mc
International Nickel of Canada pref. (quar.).
Payable in U. S. funds.
International Paper & Power Co.—
Kansas Gas &
16
Sept. 28 Sept. 21
Oct.
1 Sept. 14
Sept.30 Sept. 20
Sept. 30 Sept.20
Sept. 30 Sept. 20
Sept.30 Sept. 20
Sept.27 Sept. 19
50c
(quar.)...
Kahn's (E.) Sons Co.
31 Oct.
Oct.
25c
(quar.)..
(Walter E.) & Co. (quar.)
Extra
Oct.
25c
participating stock
Rayon
i_.
Inland Investors (interim)
...
Interlake Steamship
International Cellucotton Products (quar.)
1 Sept. 20
Sept. 26 Sept. 20
Sept. 26 Sept. 20
1 Oct.
Nov.
10
Sept. 30 Sept. 14
12Mc
12Mc
13Mc
37Mc
lMc
Industrial
60c
...
Backstay Welt Co
80c
25c
Greyhound Corp. (quar.)
5M% preferred (quar.)
Gruen Watch Co. pref. C (quar.)
Preferred B (quar.)
Idaho Maryland Mines (monthly)
Ideal Cement Co
1
Oct.
30c
(s.-a.)
class A
Howe Sound Co
1 Sept.
Sept.15
Sept. 14
Sept. 14
Oct. 15 Sept. 20
Sept. 16 Sept. 5
Oct.
Sept. 18*
Oct.
Sept. 21
Oct.
Sept. 21
Oct.
Sept. 20
Oct.
Sept. 20
Oct.
25c
(quar.)
Greif Bros. Cooperage Corp.
Houston Oil Field Material pref.
Oct.
15 Oct.
20
9
Sept. 18
Oct.
Sept.18
Sept. 30 Sept.20
Sept. 30 Sept. 20
Oct.
t62Mc
(quar.)
Hummel-Ross
10
1 Sept.
Sept. 18 Sept.
50c
Hormel (Geo. A.)
Preferred class A (quar.)
Horn & Hardart Baking (N. J.) (quar.).
Sept. 19
1 Oct.
Oct.
62Mc
t62c
Hires (Chas. E.) Co. (extra)
1 Sept. 20
Oct.
(quar.)
Hilton-Davis Chemical pref. (quar.)
20
1 Sept. 20
1 Sept. 20
1 Sept. 14
Oct.
Sept.16
25 Sept. 20
1
15 Oct.
Nov.
SIM
SIM
I
(quar.)
Extra
1 Sept. 14
1 Sept.14
37 Mc
—
1
Oct.
5cc
preferred (quar.)
C.) (quar.)
Oct.
4c
$6 preferred (quar.)
Associated Dry Goods 2d pref
Auto Finance Co. (Greenwood, S.
Preferred (quar.)
SIM
SIM
SIM
tS3
75c
—
Oct.
5uc
Hartford Fire Insurance
Sept. 30 Sept. 20
1 Sept. 18
Oct.
Sept.2(
Oct.
19
Sept.16
25c
GoldblattBros., Inc., pref. (quar.)
Goodyear Tire & Rubber (Canada) (quar.)
Preferred
Oct.
1 Sept.21
1 Sept. 21
SIM
67c
(quar.)
(quar.)
General Tire & Rubber pref.
Gibson Art (quar.)
Heller
1
Oct.
5c
Corp. (quar.)..
Hamilton Mfg.
1 Sept.
Oct.
$2
Hammermill Paper Co
40c
Oct.
25c
Great Eastern Fire Insurance Co.
20
20
Sept. 30 Sept. 16*
1
Sept. 16 Sept.10
35c
Great American Insurance
1 Sept.
1 Sept.
1
Oct.
50c
A (quar.)
General Reinsurance
Preferred
1
Oct.
15c
General Finance Corp
General Foods $4M preferred
Preferred
Holders
When
Per
1
Oct.
15
15
Sept.16
Sept.14
Sept. 24
Sept. 24
Sept.13
2^s
General Time Instruments
are:
1
50c
General Electric Co
General Paint
25 Oct.
50c
General Baking Co
Preferred (quar.)
General Candy class
25 Oct.
Oct.
25c
...
.
(quar.)
Fuller (Geo. A.) 4% preferred (quar.)
Galland Mercantile Laundry (quar.)
second table in which
1 Sept.20
Sept.3l Sept. 20
Oct.
S1.18M Oct.
Oct.
$25
82.18 Oct.
Fred Fear & Co.
previously announced, but which
dividends
the
show
follow with
we
1 Sept.19
1 Sept.16
Oct.
25c
Formica Insulation Co
grouped in two separate tables.
1 sept.19
Oct.
75c
(quar.)
Class B
In the
bring together all the dividends announced the
Dividends
Oct.
35c
Florida Power & Light $7 pref
Florsheim Shoe Co. class A
DIVIDENDS
Sept. 28 Sept. 21
75c
Preferred (quar.)
60
Per Cent
Bonds—
75c
81M
37 Mc
Endicott Johnson Corp
38 Municipal Real Estate Tru^t, par
S500 New England Capital Corp. 6s,
50c
25c
5% preferred (initial quar.)
Dominion Glass, Ltd.
Preferred (quar.)
By R. L. Day & Co., Boston:
Shares
5lc
2 Mc
Diamond Shoe Corp
^of Record
Sept. 27 Sept. 20
Sept. 27 Sept. 20
Sept. 27 Sept. 20
Sept. 30 Sept.20
Sept. 25 Sept.19
Sept. 30 Sept. 23
Oct.
1 Sept.
3
Sept. 20 Sept. 10
Oct.
1 Sept. 20
Oct.
1 Sept. 20
Oct.
1 Sept. 16
Oct.
1 Sept.16
Oct.
1 Sept. 20
Sept. 25 Sept.16
Sept. 25 Sept. 20
Oct.
1 Sept. 20
Oct.
1 Sept. 23
Sept. 3t Sept.16
Sept. 30 Sept.16
Sept.3i Sept.16
81M
S3
12Mc
Diamond Portland Cement Co
$25,000
Sept. 4—The First National Bank of Thornton, Iowa
Effective Sept. 3, 1940.
Liquidating agent, L. R. Boomhower,
Mason City, Iowa.
Succeeded by: "The First State Bank, of
Thornton, Iowa," Thornton, Iowa.
Payable
25c
Cunningham Drug Stores (quar.).
Preferred B (quar.)
Preferred A (semi-annual)
Crystal Tissue Co. (quar.)
Cuban Atlantic Sugar Co.
Danahy-Fuxon Stores, Inc. (quar.)
Deposited Bank Shares (N Y.) > Series N. Y
TITLE
When
Share
Name of Company
"Union National Bank of Pasadena."
AUCTION
Holders
Per
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
The
Sept.
1521
The Commercial & Financial Chronicle
151
SIM
50c
40c
Sept. 25 Sept. 14
Oct.
1 Sept. 20
Oct.
1 Sept. 20
Oct.
1 Sept. 14
Oct.
1 Sept. 14
Sept. 30 Sept. 20
Sept. 30 Sept.20
Sept. 12 Sept. 7
SIM
SIM
Oct.
SIM
Oct.
Oct.
SIM
M
25c
Oct.
Oct.
Oct.
Oct.
8ept. 20
Sept. 14
Sept. 14
Sept. 14
15 Sept. 30
1 Sept. 16
Sept. 30,Sept. 20
6c
Oct.
SIM
SIM
Oct.
50c
Oct.
10c
Oct.
Oct.
lc
Dec.
lc
Dec.
16
16
16
25 Sept. 28
2 Sept. 14
1 Sept.
1 Sept.
1 Sept.
2 Nov. 15
2 Nov. 15
SIM
Oct.
2 Sept.
21
20c
Sept
16 Sept.
5
The Commercip1 & Financial Chronicle
1522
Below
Per
Name of Company
When
Share
Xachman Spring-filled Corp—
25c
National Brush (quar.)
10c
Quarterly
10c
..
National Candy 1st & 2d pref. (quar.)
National City Bank of Cleveland (s.-a.)
National Discount Corp. (quar.)
Preferred
1
50c
$2
Sept.
Sept.
Sept.
Sept.
SIN
SIN
Nov.
Nov.
1 Oct.
1 Oct.
40c
Oct.
1 Sept.14
SIN
Oct.
(quar.)-
_
-J.
6% cum.conv. preferred
20c
$1
New Orleans Public Service
10c
$7 preferred (quar.)
New York Air Brake Co
SIN
50c
New York & Honduras Rosario Mining Co
New York Power & Light 7% pref. (quar.)
75c
16
16
1 Sept.14
Sept. 16 8ept. 9
Sept. 16 Sept. 9
Oct.
1 Sept. 20
Oct.
1 Sept. 20
Nov.
1 Oct.
14
Sept. 28 Sept. 18
Oct.
1 Sept. 17
Oct.
30c
Oct.
1 Sept. 17
1 Sept. 20
90c
North American Rayon class A&B
Preferred (quar.)....
50c
75c
Ogilvie Flour Mills (quar.)
25c
Ohio Service Holding Corp
Pacific Can Co
Pacific Finance Co. of California
Sept. 30 Sept.
Sept.
Sept.
Oct.
Sept.
20
20
15
Oct.
Oct.
17
18
"
Preferred (quar.)
*
Parkersburg Rig & Reel Co. $5N pref. (quar.)..
Paramount Pictures
Ac
SIN
SIN
SIN
Aluminum Go. of America
Sept. 14
Oct.
16Nc
SIN
Nov.
Nov.
Nov.
70c
Sept.
87 Ac
75c
SIX
SIX
•1U
Oct.
15
15
Oct. .15
Sept. 21
Oct.
Sept.18
Sept.
Aug. 30
Sept. 30 Sept. 18
Oct. 15 Sept. 30
Sept. 3lAug. 20
Oct.
1
Sept. 14
Sept. 30
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Aug.
Sept.
Dec. 31
Dec.
25c
SI N
20c
preferred (quar.)
15c
Mfg.. Inc. (quar.)
Quarterly
7% preferred (quar.)
7% preferred (quar )
50c
50c
W'i
Amalgamated Sugar Co
American
Oct.
1
1
SIN
Aluminum
Oct.
1
Oct.
15c
Aluminum Goods Mfg. Co., cap. stk
Aluminum Industries. Inc
II Sept. 25
10c
30c
Agricultural Chemical Co
American Automobile Insurance (St. L.) (qu.)
American Bank Note preferred (quar.)
Preferred (quar.)
American Can Co. preferred (quar.)
__
25c
75c
SIN
1 N %
American Capital, $3 preferred
t25c
American Chain & Cable
Preferred (quar.)
40c
Oct.
l|Sept.16
Six
Oct.
15c
Oct.
Patino Mines & Enterprises Cons
Pennsylvania Co. for Ins. on Lives & Granting
40c
Oct.
Sept. 17
Sept. 17
Sept. 23
Annuities
Perfect Circle Co. (quar.)
American Chicle Co. (quar.)
American Cigarette & Cigar, pref. (quar.)
American Cities Power & Light, class A (quar.).
American Cyanamid Co., A. & B. (quar.)
40c
Oct.
Sept.14
Sept. 16
Sept. 16
Sept.14
5% 1st & 2nd cum. conv. pref. (quar.)
American Export Lines
American Express Co. (quar.)
American Felt Co. preferred (quar.)
American & Foreign Power Co., Inc., $6 pref
$7 preferred
'
+3 5c
American Fork & Hoe
Preferred (quar.)
SIN
1st preferred (quar.)
2d preferred (quar.)__
Phillips Packing Co. pref. (quar.)
—
—
Phoenix Insurance Co. (quar.)
Piedmont & Northern Ry
Plough, Inc
Pneumatic Scale Corp. 7% pref. (quar,)
50c
5)1
Oct.
15c
Oct.
Sept. 16
Sept. 20
Sept. 19
Sept. 14
Sept. 16
Sept. 21
Sept. 25
Sept.16
Sept. 12
Sept. 30
17Hc
Oct.
3c
% pref
Oct.
Oct.
SIX
Oct.
SIN
Prudential Investors preferred (quar.)
Public Service Co. of Colorado.—
Oct.
$2
15c
Oct.
25c
Procter & Gamble 8% pref. (quar.)
Providence Gas Co. (quar.)
Providence Washington Insurance Co
Sept.
...
SIX
*
7% preferred (monthly)
6% preferred (monthly)
5% preferred (monthly)
Railroad Employees Corp. A&B
80c. preferred (quar.)
Rath Packing Co
Reed Drug Co. (quar.)
Class A (quar.)
Reed Roller Bit Co. (quar.)
20c
25c
Oct.
Oct.
Oct.
10c
Oct.
20c
8Nc
25c
Reynolds Metals Co. pref. (quar.)....
SIN
75c
(quar.)..
20c
SIN
$1A
St. Louis National Stock Yards
Sanford Mills
50c
Sangamo Electric Co
Savannah Sugar Refining (quar.)
Scudder, Stevens & Clark Fund (quar.)
Selected Industries Inc. $5 A div. prior
(quar.)..
Seven-Up Bottling Co. (quar.)
Shakespeare Co
Shawmut Association (quar.)
Sheller Mfg. Corp
Sheep Creek Gold Mines (quar.)
......
Extra
Simmons Hardware & Paint
(liquidating)
Singer Mfg. Co. (quar.)
Smith (L. C.l &
Corona Typewriters (quar.)
Preferred (quar.)
Southern Ry. Mobile & Ohio ctfs.
(s.-a.)
Steel Products Engineering
Sundstrand Machine Tool
25c
10c
10c
Sept. 20
Sept. 20
19 Sept. 30
19 Sept. 20
1 Sept. 20
1 Sept.15
Oct.
1 Sept.15
Sept. 30 Sept. 20
8ept. 30 Sept. 20
Oct.
1 Sept. 20
1 Sept. 24
Oct.
Sept. 30 Sept. 16
Sept. 30 Sept. 16
1 Sept. 23
Oct.
Sept 16 Sept. 10
Oct.
1 Sept. 16
1 Sept.16
Oct.
Sept. 20 Sept. 7
Oct.
1 Sept. 17
Sept. 15 Sept. 5
Oct.
Oct.
18 Oct.
Universal Leaf Tobacco Co., Inc.
(quar.)
Preferred (quar.)
Universal Products
II111
1 Sept. 20
Oct.
1 Sept. 14
J4c
tic
$2 X
SI X
12 Ac
Oct.
Oct.
Dec.
15 Sept. 30
15 Sept. 30
9 Nov. 25
50c
Sept. 30 Sept. 10
Oct.
1 Sept.17
1 Sept. 17
1 Sept. 16
Oct.
Sept. 30 Sept. 16
Sept. 20 Sept. 12
Oct.
1 Sept.16
Oct.
1 Sept.14
1 Sept.14
Oct.
Nov.
1 OQt. .15
1 Sept. 14
Oct.
Oct.
1 Sept. 14
Sept. 30 Sept. 16
1 Sept. 23
Oct.
Sept. 30 Sept. 20
15c
SIN
20c
62
SIN
SIN
5c
40c
Oct.
Camp Milk Co. (special)
I_I
""
(quar.)
Kamp's Holland" Dutch Bakers (quar.)II
S6N preferred (quar.)
Viau, Ltd., 5% pref. (quar.)
Wa basco Cotton
(quar.)
Preferred
I.Ill
I
I
II
American Insurance Co.
Extra
25c
25c
75c
20c
$1.20
(Newark) s-a.)_.
__
American News Co. (bi-monthly)
American Oak & Leather Co.—
5% cumulative preferred (quar.)
5% cumulative preferred (quar.)
5% cumulative preferred (quar.)
American Optical Co. (quar.)
American Paper Goods Co. 7% pref. (quar.)
7% preferred (quar.)
American Power & Light, $6 preferred
-
(quar.)
Armour & Co. of Delaware, 7% pref. (quar.)
Oct.
1
Oct.
1
Sept. 28
Oct.
62 Nc
Oct.
37 Nc
Oct.
SIN
SIN
SIN
20c
Sept.
Sept.
Sept.
Sept.
Nov.
25c
$1
12Nc
SI N
SIN
50c
75c
SIN
SIN
$1
50c
25c
SIN
10c
SIN
15
5
5
30
30
28
30
1 Oct.
16
1 Sept. 18
Oct.
Sept. 30 Sept. 21
Oct.
1 Sept. 23
1 Sept. 23
Oct.
20 Sept.10
Sept.
Sept. 30 Sept.10
1 Sept. 20
Oct.
1 Sept. 21
Oct.
Sept. 30 Sept. 25
Sept. 30 Sept. 20
Oct.
1 Sept. 20
Oct.
1 Sept. 14
1 Sept. 24
Oct.
Oct.
1 Sept. 20
1 Sept. 20
Oct.
1 Sept. 20
Oct.
Sept. 30 Sept. 20
Oct.
1
15 Oct.
5
1 Sept.
3
1 Sept.
3
1 Sept. 16
Sept. 14 Aug. 29
Sept. 14 Sept.
4
Oct.
1
Dec. 31
4-1-41
1
25c
$2N
IN %
SIN
50c
16 Dec.
5
3
3
Sept.30 Aug. 31
Sept. 30 Sept. 6
15 Sept. 16
Sept. 30 Sept.10
Oct.
1 Sept.12
Oct.
1 Sept. 12
Sept. 30 Sept. 14
Oct.
2 Sept.
5
Sept. 16 Sept. 2
Oct. 15 Sept.16
Oct.
1 Sept.10
Sept. 16
Sept. 23 Sept.
3
SIN
SIN
Oct.
75c
Oct.
Oct.
28 Oct.
18
Oct.
28 Oct.
18
15c
15c
Extra
15c
10c
(quar.)
SIN
J25c
Preferred (quar.)
SIN
50c
(quar.)
SIN
SIN
Atlanta Gas Light Co.. preferred (quar.)
Atlantic Refining Co., pref. (quar.)
SI
(Quarterly)
25c
Automobile Finance Co.. 7% preferred
Automobile Insurance (Hartford) (quar.)
t43 Nc
25c
Baldwin Co. 6% pref. (quar.)
Preferred \ (quar.)
SIN
SIN
SIN
SIN
SIN
SIN
6% pref. A (quar.)
Bangor & Aroosrook Railroad, pref. (quar.)
Bangor Hydro-Electric 7 % preferred (quar.)
6% preferred (quar.)
Bankers Trust Co
Barber (w. H.) Co. (quar.)
50c
25c
Basic
Dolomite, Inc
Bastian-Blessing Co
Preferred (quar.)
Bayuk Cigars, Inc. (quar.)
First preferred (quar.)
Beatrice Creamery Co. (quar.)
Preferred (quar.)
Beattie Gold Mines (interim)
Belmont Radio Corp. (quar.)
Bellows & Co., Inc., class A (quar.)
Oct.
Sept. 16 Aug. 20
Oct.
1 Sept.
6
Sept. 30 Sept. 20
Sept. 30 Sept.16
Sept. 30 Sept. 16
Sept. 30 Sept. 20
1 Sept. 16*
Oct.
1 Aug. 26
Oct.
Oct.
SIX
12Nc
Ashland Oil & Refining (quar.)
Belding-Corticelli, Ltd. (quar.)
Preferred (quar.)
Bell TelepnoneCo. (Pa.) (quar.)
Bell Telephone of Canada (quar.)
Sept. 15 Sept. 4
Sept. 16 Sept. 3
Sept. 30 Sept.16
1 Sept. 11
Oct.
Oct.
1 Sept. 12
Oct.
1 Sept. 12
Sept. 17 Sept. 4
Oct.
1 Sept. 13
Oct.
1 Sept. 16
Sept. 16 Sept. 6
Sept. 16 Sept. 6
Sept. 14 Sept. 5
1 Nov. 25
SI
Arnold Constable
Art Metal Works (quar.)
Asbestos Corp., Ltd. (quar.)
Beech Creek Railroad (quar.)
Beech-Nut Packing Co. (quar.)
Extra
Oct.
1 Sept.16
Sept. 30 Sept. 16
Sept. 15 Aug. 31
Oct.
1 Sept. 11
Oct.
1 Sept. 17
Oct.
1 Sept. 17*
1 Sept. 16
Oct.
Sept. 15 Sept. 4
Dec.
Oct.
15c
SIN
SIN
SIN
Armstrong Cork Co. pref. (quar.)
Associates Investment (quar.)
SI
SI
15
15
1 Sept.
1 Sept.
10c
Associated Breweries of Canada (quar.)
10c
Dec.
S2
SIN
Extra
Preferred
Dec. 31
Oct.
Oct.
75c
Applied Arts
1
15
Sept. 30 Sept. 15
Oct.
1 Sept. 14
Sept. 16 Sept. 5
25c
$6 first preferred (quar.)
Anaconda Copper Mining Co
Appalachian Electric Power Co. $6 pref. (qu.)_.
$7 preferred (quar.)
Appleton Co. (quar.)
1
2
14
14*
31
Dec.
SIN
American Sugar Refining preferred (quar.)
American Sumatra Tobacco (quar.)
American Telep. & Teleg. Co. (quar.)
American Tobacco Co., Inc.. pref. (quar.)
American Water Works & Electric Co., Inc.—
Oct.
Oct.
9
17
Oct.
20c
American Snuff Co. (quar.)
Preferred (quar.)
Oct.
9
SIN
American Steel Foundries
SIN
SIN
1
1
9
16
Oct.
Oct.
25c
(quar.)
1 Sept.
1 Sept.
Oct.
Oct.
9
SIN
American Rolling Mill Co., pref. (quar.)
American Safety Razor (quar.)
1 Oct.
1
18
25
11
$1N
$5 preferred
American Public Service Co.. 7% pref. (quar.)..
American Radiator & Standard Sanitary Corp__
Preferred
1
1
Oct.
Oct.
1
Sept. 25
62 Ac
75c
25c
SIN
SIN
SIN
...
Preferred
Sept. 20
Oct.
Oct.
25c
American Investment Co. (111.) 5% pref. (qu.)
American Meter Co., Inc
Oct.
SI
I
West Texas Utilities $6pref.
(quar.)
III. III
Wheeling & Lake Erie Ry
I
Winn & Lovett Grocety class A
(quar.)_.II.III
Class B (quar.)
;
40c
$1.18 N
25c
Oct.
2%
Van
SIN
American Hide & Leather, 6% pref. (quar.)_
American Home Products Corp
American Indemnity Co
Preferred
15c
25c
Extra
Nov.
12
20
Sept. 14
Sept. 20
Sept. 14
Sept. 18
Sept. 18
Sept. 20
Sept. 19
Sept. 17
Sept. 17
Sept. 24
Sept.24
Sept. 12
Sept. 17
68HC
25c
SI X
1
21
M
$1N
American Gas & Electric Co. (quar.)
4 N % cum. preferred (quar.)
American General Insurance Co. (quar.)
American Hawaiian Steamship (quar.)
62 Ac
40c
Van de
8
10c
SI
United States Potash Co
Universal-Cyclops Steel
5
1 Sent. 20
95c
"..I"
I
6% preferred (quar.)
United States & Foreign Securities
pref. (quar.)United States & International Securities
pref
SIN
$1
(quar.)
Union Twist Drill
United Fruit Co.
(quar.)
United Shoe Machinery
Corp. (quar.)
7% preferred (quar.)
Woodley Petroleum Co. (quar.)
Wurlitzer (Rudolph) pref. (quar.)
75c
20c
.....
Preferred
37 Ac
50c
S1$1
Superior Water Light & Power 7% pref. (qu.)
Tamblyn (G.), Ltd. (quar.)
5% preferred (quar.)
Telautograph Corp
TelluridePower Co. 7% pref. (quar.)...
Texas Electric Service $6 pref.
(quar.)
Tintic Standard Mining
TorringtonCo. (quar.)
Torrington Water Co. (quar.)..
Trade Bank & Trust Co. (N.
Y.) (quar.)
Trico Products
Corp. (quar.)
Tri-Continental Corp. $6 cum. pref.
(quar.)
Tri-County Telephone 1st pref. (quar.)
Tubize Chatillon Corp.
7% cum. pref. (quar.)..
Twin State Gas & Electric 7
% prior lien
Union Investment Co
Western Electric Co
Western Tablet & Stationery
Oct.
58 l-3c Oct.
15c
Richman Bros, (quar.)
Russell Industries, Ltd.
Preferred (quar.)
Oct.
50c
Oct.
41 2-3c Oct.
Extra
Preferred
Oct.
37 Ac
Pond Creek Pocahontas Co
Porto Rico Power Co. 7% pref. (quar.)
Premier Gold Mining (quar.)
Price Bros. & Co.
Oct.
$1.31 X Oct.
Oct.
50c
50c
Nov.
Oct.
25c
(quar.)
11Sept. 25
Sept. 13
Sept. 14 Sept. 3
Oct.
1 Sept.
7
Oct,
1 Sept.
7
Oct.
1 Sept. 16
Sept. 25 Sept. 18
Oct.
1 •Sept. 13
Oct.
1 Sept. 13
$3
43 Nc
I Sept. 20
1
15 Oct.
1
1
SIN
SIN
(quar.)
Oct.
Oct.
Oct,
Oct.
15 Oct.
Sept. 20 Sept. 10
25c
Allegheny Ludlum Steel
Allied Chemical & Dye Corp
Allied Laboratories, Inc. (quar.)
Allied Products (quar.)
Alpha Portland Cement
30c
—
$1
30c
Alabama & Vic'csburg RR. (semi-annual)
Alberta Wood Preserving Co.. 7% pref. (quar.)_
Class A
Oct.
t\X%
12
"
Allied Stores Corp. 5% pref.
Sept. 30 Sept. 12
Sept. 30 Sept. 12
Oct.
37 Ac
35c
Agnew Surpass Shoe Stores pref. (quar.).
Air Associates, Inc. (quar.)
Alabama Power Co., $7 pref. (quar.)
$6 preferred (quar.).
$5 preferred (quar
'.).
l.Oct.
20c
Pacific Guano & Fertilizer (quar.)
Pacif c Greyhound Lines $3N conv. pref.
(qu.)_.
Pacific Power & Water Co. 6% prior pref. (qu.)..
Pacific Telephone & Telegraph (quar.)
10c
Holders
Payable of Record
SIX
12 Ac
Aetna Ball Bearing Mfg
Aetna Casualty & Surety (quar.)
Aetna Life Insurance (quar.)
1'Sept. 14
Sept. 30 Sept. 20
„
40c
Preferred (quar.)
Advance Aluminum Castings
Aero SudoJv Mfg.
class A (quar.)
"
When
Share
Abbott Laboratories (quar.)
Extra
Nov.
SIN
$1 N
(quar.).:
-
Per
$5
25c
„.
an¬
being given in the preceding table.
Name of Company
Oct.
50c
25c
;
The list does not include dividends
nounced this week, these
SIN
...
preferred
Old Colony Insurance Co. (quar.)
Old Colony Trust Associates (quar.)
Orange & Rockland Elec. Co. 6% pref. (quar.)
5% preferred (quar.)
non-cum.
6N% preferred (quar.)
5% preferred (quar.).
Sept. 18
Sept. 20
Sept.20
Sept. 20
Aug. 31
SIN
SIN
$6 preferred (quar.)
Nicholson File Co. (quar.)
Noblitt-Sparks Industries...
8% pref. (quar.)
10
1940
give the dividends announced in previous weeks
and not yet paid.
1 Sept.18
Oct.
30
30
30
14,
2
Oct.
60c
New Mexico Gas Co
$5
16 Dec.
$IH
National Steel Corp. (quar.)
Newark Telephone Co. (quar.)
Newberry (J. J.) Realty Co. 6N% pref. A (qu.)_
6% preferred B (quar.)..
New Hampshire Fire Insurance Co
New London Northern RR. Co. (quar.)
_
Oct.
1 Sept. 20
Sept. 15 Sept. 3
Dec.
we
Holders
Payablelof Record
Sept.
12Nc
40c
SIN
25c
SIN
25c
SIN
J4c
--
50c
SI
50c
SI
SIN
$1$4
15c
25c
Oct.
1
Sept.
1 Sept.
28 Oct.
6
6
18
Sept. 16 Aug. 31
Oct.
1 Sept. 10
Sept. 16 Sept. 3
Sept. 27 Sept.11
Sept. 28 Sept. 18
Sept. 30 Sept. 14
Sept. 30 Sept. 14
Sept. 30 Sept. 16
Sept. 14 Sept.13
Sept.30 Sept. 14
Oct.
1 Sept. 14
Sept. 30 Sept.14
Sept. 30 Sept.14
Oct.
1 Sept. 14
Nov.
1 Oct.
4
Sept. 16 Aug. 21
Sept. 16 Aug. 31
Oct.
1 Sept.
7
Oct. 15 Sept. 30
Sept. 14 Aug. 31
Sept. 14 Aug. 31
Oct.
1 Sept.
4
Oct.
1 Sept. 10
Oct.
1 Sept.10
Oct.
1 Sept. 16
Sept. 15 Aug. 31
Sept. 16 8ept. 2
Oct.
1 Sept. 16
Oct.
1 Sept. 16
Sept. 15 Aug. 31
Oct. 15 Sept. 30
Oct.
1 Sept. 13
Oct.
1 Sept.13
Sept. 20 Sept. 9
Oct.
1 Sept. 16
Oct.
1 Sept. 10
Oct.
1 Sept. 10
Oct.
1 Sept. 14
Oct.
1 Sept. 14
Oct. 15 Sept. 20
Oct. 15 Sept. 23
Sept. 16 Aug. 31
Sept. 17 Sept. 3
Volume
The Commercial & Financial Chronicle
151
Beneficial Industrial Loan
45c
Corp
62 He
25c
82 H prior preference div. series of 1938
Berghoff Brewing Corp. (quar.)
»
Bethlehem Steel Corp. 7% pref. (quar.)
Birmingham Water Works, 6% pref. (quar.)
Black & Decker Mfg. (quar.)
Extra
«
25c
25c
Bliss & Laughlin, Inc__
Preferred
$1*4
25c
-
37 He
81H
50c
(quar.)
Bloch Bros. Tobacco Co. 6% pref. (quar.)__
Bohn Aluminum & Brass
40c
Bond Stores, Inc. (quar.)
Bonomo Publishers (quar.)
3 He
25c
Borg-Warner
Boston & Albany RR. Co
75c
£75c
Oct.
Oct.
Oct.
15c
Brewing Corp. of America (quar.)
Bridgeport Brass Co
Bridgeport Gas Light (quar.)
Briggs & Stratton (quar.)
Bright (T. G.) & Co. (quar.)
6% preferred (quar.)
BrilloMfg. Co. (quar.)
Class A (quar.)
Bristol Brass Corp
British-American Tobacco Co., Ltd. (interim)British-Columbia Power, class A (quar.)
Broulan Porcupine Mines, Ltd. (initial)
Oct.
$1H
50c
15c
25c
50c
75c
7Hc
81H
20c
50c
$1
lOd.
50c
3c
$1
M
-
Buckeye Pipe Line Co
Budd Wheel Co., 7% part. pref. (quar.)_-
81M
25c
.-
50c
___
50c
Bulova Watch Co. (quar.)
Burlington Steel, Ltd. (quar.)
Burma Corp. (final 3H annas)
15c
Amer. dep. rec. (final 3 H annas)
Butler Water
7% preferred (quar.)
40c
Calanba Sugar Estates (quar.)
£10c
Calgary & Edmonton Corp., Ltd
California Ink Co. (quar.)
62 He
California-We8tern States Life Insurance (s.-a.)
50c
$1
Cambria Iron, semi-annual
£81M
Canada Cement 6H % preferred
Canada Foundries & Forgings class A
Canada Iron Foundries, Ltd!
±
£37 He
£50c
£50c
|23c
Canada Northern Power Corp., Ltd
£1M%
£75c
cum.
Canada Packers, Ltd.
Extra.
£$1 H
(quar.)
Canadian General Electric
(quar.)
(quar.)
£81 K
Malartic Gold Mines
£2o
Canadian Oil Cos., 8% pref. (quar.)
Canadian Pacific RR., preferred (interim)
£82
Canadian Industries, Ltd. A & B
Preferred (quar.)
Canadian
Canadian Tube & Steel Products. 7% pref
Canadian Westinghouse (quar.)
—
£ £37 He
$1
6% preferred (quar.)
Cannon Mills Co
—
Co. (quar.)
«.—
Carpenter Steel Co. (interim)
Carter (Wm.) Co., oreferred
Celanese Corp. of American
Common stock div. of lsh. of com. for each
30 shs. of common stock held.!
7% cumul. prior preferred (quar.)
7% cumulative prior preferred (quar.) —
7% cumulative 1st part, preferred (s.-a.)
Central Aguirre Associates (quar.)
Central Cold Storage Co. (quar.)
Central Hanover Bank & Trust Co. (quar.)
Central Illinois Light Co., 4H% pref. (quar.)_Central Illinois Public Service $6 pref
6% preferred
Central Maine Power 7% preferred (quar.)_
6% preferred (quar.)
$6 preferred (quar.)
Central Paper (initial quar.)
Central Patricia Gold Mines, Ltd. (quar.)
—
Extra
Central Power & Light, 7% preferred
6 preferred
Central & South West Utilities Co.—
82
50c
25c
preferred (quar.).
Preferred (quar.)
Chesapeake & Ohio Railway
Preferred (quar.)
—
Chesebrough Mfg. Co. Consol. (quar.)
Chestnut Hill Railroad Co. (quar.)
Chicago Flexible Shaft (quar.)
Extra
Quarterly
Sept. 14
Sept. 30 Sept. 16
Sept. 30 Sept. 16
Sept. 30 Sept. 16
let.
1 Sept.13
1 Sept. 13
Jet.
1 Sept. 14
Jet.
)ct. 31 Sept. 30
>ct.
15 Sept. 30
5
Sept. 26 Sept.
1 Sept. 20
)ct.
1
Jet.
Sept.
Sept. 16 Sept.
1 Sept.
Oct.
1 Sept.
Oct.
Sept. 30 Sept.
Sept. 30 Sept.
Oct.
Sept.
"
1 Sept.
Sept. 20 Sept.
Sept. 16 Sept.
1 Sept.
Oct.
Oct. 15 Sept.
Oct.
10 Oct.
2
9
14
10c
11
1
Dec.
17
17
6
17
1 Sept. 20
Sept .16 Aug. 20
Sept .16 Aug.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
v,
20
10
10
10
2 Nov. 20
Dec.
Sept 28
Sept .28
Sept 16
Sept .16
Sept. 14
Sept. 14
Sept.
Sept.
Sept.
Sept.
Aug. 31
Aug. 31
.
81
81
Sept.
Sept.
Sept.
Sept.
Sept.
Sppt.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
3
3
Sept. 13
Aug. 31
Sept. 14
Sept. 6
Sept. 6
Aug. 30
Aug. 30
Aug 20
Sept. 20
Sept. 20
Aug. 26
Sept.
Sept.
Sept.
Sept.
10
10
10
10
Aug. 26
8134
Preferred (quar.)
Cincinnati Suburban Bell Telephone (quar.)
Cincinnati Union Terminal. 5% pref
(quar.)
(Wash., Pa.) 7% pref.(qu.)
Citizens Wholesale Supply pref. (quar.)
7% preferred (quar.)_
City Ice & Fuel Co
Clark Equipment Co
Preferred (quar.)
Citizens Water Co.
Oct,
Sept. 20
81.13
$1M
Oct.
Sept. 13
Sept. 18
$V£
87Hc
30c
75c
81 M
£25c
(interim)
Preferred (quar .)
Class B
Oct.
Oct.
Sept. 11
Oct.
Sept.
Sept.
Sept.
Aug.
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Clearing Machine Corp. (quar.)
Climax Molybdenum
7% pref. (quar.)
20c
30c
81M
Oct.
Sept.
!Oct.
Oct.
Oct.
Oct.
Oct.
Sept.
Sept.
28
28
14
29
Aug. 29
Aug. 31
Aug. 31
Sept. 14
Sept. 17
15 Oct.
1
15
Nov.
Oct.
1 Oct.
Oct.
1 Sept. 13
1 Sept.13)
1 Sept. 14
84 H preferred (quar7)
Continental Bank & Trust (N. Y.) (quar.)
Continental Can Co., pref. (quar.)
Oct.
Oct.
Continental Oil
Sept. 30 Sept. 3
Oct.
1 Sept.13
Oct.
1 Sept.13
Oct.
1 Sept. 14
Oct.
1 Sept. 14
Sept. 14 Aug. 31
Sept. 30 Sept.10
Oct.
1 Sept. 18
Sept. 16 Aug. 31
Sept. 24 Sept.14
i
_
-
-
;
Continental Telephone, 7% pref. (quar.)
6H% preferred (quar.)—
81 M
Co., preferred (quar )
Creameries of America, Inc. (quar.)
12Hc
40c
Cream of Wheat Corp
Credit Acceptance preferred (quar .)
35c
50c
inc.—
(quar.)
82 M cumulative preferred
Crown Zellerbach Corp
56 He
25c
82
-
Crum & Forster pref. (quar.)
Cuneo Press, Inc., preferred
%1H
(quar.)
75c
Curtis Publishing Co., 87 preferred
50c
Curtiss-Wright Corp., class A
Cutler-Hammer
50c
Inc
Davega Stores Corp., 5% cumul. pref. (quar.)
David & Frere, Ltd., class A (quar.)
Dayton & Michigan RR. (s.-a J8% preferred (quar.)
Debenture & Securities Corp. (CaDada)—
Preferred (semi-annual)
Deisel-Wemmer-Gilbert (quar.)
Delaware Fund, Inc
De Long Hook & Eye (quar.)
Delta Electric Co. (quar.)
Dentist's Supply Co
(N Y ) (quar.)
Deposited Bank Shares of N. Y. series A
Detroit Gasket & Manufacturing Co
—
31Mc
25c
87Hc
$1
82 H
37Hc
25c
25c
81M
(quar.)
25c
(quar.)
(seml-ann.)
75c
--
Disney (Walt) Productions, Inc.,
6% cum. conv. preferred (quar.)
25c
Nov.
Oct.
Oct.
Oct.
1 Sept. 14
15 Sept. 30
1 Sept. 30
81M
1 Aug. 31
Sept. 25 Sept.18
1 Sept.20
Oct.
1 Sept.14
Oct.
1 Sept.14
Oct.
1 Sept. 20
Oct.
1 Sept. 20
Sept.14 Aug. 26
Oct.
25 Oct.
SIM
Oct.
10c
Oct.
15 Sept.14
1 Sept.15
Dun & Bradstreet, Inc. 86 preferred (quar.)
Dunean Mills 7% pref.
81 M
(quar.)
(interim)
du Pont (E. I.) de Nemours
Preferred (quar )--..
„■
Duquesne Light, 5% preferred (quar.)
Eagle Picher Lead
SZ
—
--
7\
81 H
25c
(quar.)
81H
81H
(quar.)
Preferred (quar.)
Eddy Paper (-orp. Edison Bros. Stores, Inc. (quar.)
25c
25c
5% cumulative preferred (quar.)
Electric Controller & Mfg---
62m
25c
Elgin National Watch
Elizabeth & Trenton RR
81
MM
SIM
(s.-a.)
:
(semi-annual)
El Paso Electric, preferred A (quar.)
Preferred B (quar.)
Preferred
10
1 Sept. 15
Oct.
1 Sept. 16
Sept. 16 Sept. 3
Oct.
1 Sept.16
Oct.
1 Sept.
5
Oct.
1 Sept. 5
Sept. 30 Sept.16
Sept. 14 Aug. 31
Sept. 14 Aug. 31
Oct.
1 Sept.20
Sept. 21 Sept. 7
Oct.
1 Sept. 20
Oct.
1
Sept.
20
Oct.
15 Sept. 30
15 Sept. 30
15 Sept. 30
Sept.15 Aug. 31
Oct.
1 Aug. 21
7
Sept. 21 Sept
Oct.
1 Sept. 21
Oct.
86 preferred (quar.)
«1#
ooc
(quar.)
83 H
7% pref (s -a.)
4 H % preferred
4 H % preferred (quar
pref. (quar.)
Engineers Public Service
85H preferred (quar.)
85 Preferred (quar.)-European & Northern American Ry. (s.-a.)
56 Mc
56 Mc
(quar.^.
81H
81M
81 M
82 H
25c
(quar.)
1- 2-41
Oct.
1
Oct.
Oct.
1
'
3 Sept. 13
1
1-2-41
4-1-41
65c
3c
Ex-Cell-O Corp
----Falstaff Brewing Co. pref. (semi-annual)
Famous Players Canadian (quar.)
£25c
—
21
Sept. 13
Oct.
25c
5% preferred (quar.).
•.).
preferred (quar
Dec.
Sept. 13
Sept. 13
Oct.
25c
New 5%
Farallone Packing Co. (quar.)
Oct.
Oct.
Empire Power Corp., 86 cum. pref. (quar.)
Eversharp, Inc.. pew 5% pref
Oct.
Oct.
(quar.)
Eastern Gas & Fuel Assoc., 4H % prior pref
Eastern Massachusetts St. Ry., 1st pref--
Quarterly
Quarterly
16
1 Sept.14
1 Sept.20
14
1 Oct.
Oct.
75c
(quar.)-
-
2 Nov
21
Sept.30
Sept. 30 Sept. 17
Oct.
Oct.
81 H
81 H
-
1 Sept.16
Sept. 16 Sept. 3
37c
81M
Duke Power Co. (quar.)
New
12
2-10-41
3-1-41
25c
81 %
SIM
SIM
60c
>
(auar.)
Emporium Capweil Co.
2 Nov
Dec.
81 H
Driver-Harris Co
Eastman Kodak Co.
20
Sept.14
Aug. 31
Sept. 26 Sept.16
1 Sept. 10
83
75c
Co. (s.-a.)
5
Aug. 31
Aug. 31
Sept.16 Aug. 31
Dec.
(quar.)
[Dec
3
Oct.
£50c
Eastern Steel Products pref.
1 '41
Sept. 25
Sept.14
Sept.16
Sept. 16
6
Draper Corp. (quar.)
Preferred
Jan
1 Sept.
21 Oct.
Oct.
(quar.)
Dominguez Oil Fields (monthly)
Dominion Coal Co., Ltd., pref. (quar.)
Dominion Foundry & Steel (quar.)
Dominion Tar & Chemical Co., 5M % pref. (qu.)
Dominion Textile Co. (quar.)
Preferred
2 Nov. 26
Dec.
37Hc
-----
—
Dixie-Vortex Co. class A (quar.)
Preferred
Sept. 25 8ept. 14
50c
Class B
Preferred
Oct.
25c
82
Dewey & Almy Chemical
Seagrams (quar.)
23
Oct.
25c
Dover & Rockaway RR
1-2-41 Dec
25c
-
Co
Sept. 30 Sept.19
Sept.16 Aug 31
Oct.
1 Aug. 30
Sept.30 Sept.14
Sept.14 Sept, 3
Sept. 25 Sept.14
Sept. 30 Sept.16
Oct.
1 Sept.16
Oct.
1 Sept.16
20c
Detroit-Hillsdale & Southwestern (s.-a.)
Doctor Pepper
Sept. 16 Aug. 30*
Oct.
1 Sept. 13
75c
3c
81 H
Detroit Steel Corp
Devonian Oil Co
Preferred
Sept.13
1 Sept. 10
Sept. 25 Sept. 14
Sept.14 Aug. 31
Oct.
1 Sept.20
Sept. 20 Sept. lO
15c
Detroit Harvester Co.
Preferred
1
Oct.
Dome Mines. Ltd
Sept. 17
Oct.
833 M
Nov.
8.5 pref. (quar.)
17
1
Oct.
$l'd
Sept.
(quar.)
Special
Consolidated Laundries, pref. (quar.)
Consolidated Retail Stores 8% pref
(quar.)
Consumers Power Co.
25 Sent 14
1 Sept, 14
1 Sept. 14
9
16 Aug.
1 Sept. 27
1 Sept.13
1 Sept.14
1 Sept.14
1 Sept.14
16 Sept. 3
16 Sept. 3
Oct.
Consolidated Film Industries, preferred
Consol. Gas, Electric Light & Power Co. (Bait.)
4 H % preferred series B (quar.)
4% preferred series C (quar.)
Consolidated Investment Trust (quar.)
Divco Twin Truck Co
Oct.
Oct.
75c
Consolidated Edison (N. Y.)
Preferred
(quar.)
2 Nov. 15
Oct.
Connecticut Gas & Coke Securities pref. (quar.)_
Connecticut Light & Power (quar.)
Distillers Corp
Oct.
SIM
81 H
-
Coniaurum Mines
Sept. 10
16 Sept. 5
16 Sept. 5
16 Aug. 30
Sept.
Sept.
Sept.
Sept.
-
(quar.)
Congoleum-Nairn (quar.)
10
10
12
I2Hc
15c
Dec.
Oct.
Preferred
24
15 Sept. 30
81 M
81 H
81H
Community Power & Light
Compo Shoe Machinery (quar.)
Diamond Match Co
31 Dec.
81M
81M
1 Sept. 11
1 Sept.11
16
20
20
18
Sept .16 Sept.
Oct.
1 Sept.
15c
Preferred (quar.)
Chris: iana Securities.
Sept. 14
1
Oct.
5c
Chicksan Tool Co. (quar.)
1
Dec.
81H
81H
Chicago Towel Co
Sept. 14
83 H
25c
Chicago Rivet & Machine
Sept. 14
37 He
50c
Extra
1
1
Jan.
25c
Champion Paper & Fibre
1
Dec.
81M
£4c
£lc
£8 1.16 2-3
£81
orior lien pref^red (quar
Chamberlin Metal Weather Strip Co
Clinton Water Works Co.
H#
50c
$1H
SI H
(quar.)
Case (J. I.) Co., preferred (quar.)-
$7 prior lien
t2%
£+18
37 He
Canadian Wire bound Boxes, Ltd. class A
Canfield Oil
Carolina Telep. & Teleg
1
1
I*1
_
1
Crown Cork & Seal Co.,
15
2 Nov.15
Oct.
15
31
Oec.
1 Sept.14
1 Sept.14
Dec.
Oct.
1 Oct.
Sept. 15
Canadian Cottons, Ltd. (quar.)
Preferred (quar.)
Oct.
Crowell-Collier Publishing Co. (quar.)
30
30
16
Sept.14
Aug. 31
Nov. 30
Sept. 16
Sept. 14
1 Sept. 10
1 Sept.13
Oct.
__
15
Sept. 14 Aug.
Sept.
Oct. 25 Sept.
Oct. 15 Sept.
Oct.
1 Sept.
Oct.
81.06 M Oct.
75c Oct.
Commonwealth Water & Light Co. 87 pref. (qu.)
86 preferred (quar.)
1 Oct.
Oct.
75c
50c
SIM
81H
6% preferred (quar.)
Commonwealth Utils. Corp. 6% pref. B (quar.)_
6H% preferred C (quar.)
Commonwealth Water Co. 5H % pref. (quar.)
Crane
Oct.
£2 5c
£50c
-
Commercial Investment Trust Corp. (quar.)
84 H series of 1935 conv. preference (quar.)
Commonwealth & Southern, pref
Commonwealth Telephone Co. (Madison, Wis.)
Sept. 15 Aug. 31
1 Sept. 14
Sept. 20 Aug. 3)
Oct.
2 Sept. 15
Oct.
n2
Canadian Celanese__
(quar.)
Continental Steel Corp.
Preferred (quar.)
in
-
..
Partic. preferred
Alcohols, pref.
Commercial Credit (quar.)
4M % preferred (quar.)
Sept. 16 Sept. 3
1 Sept. 14
Oct.
Sept. 30 Aug. 31
20 Sept. l0
S*pt
Nov.
Preferred
pref. (quar.)
(quar.)
Canada Permanent Mtge. (quar.)
Canada Wire & Cable, class A (quar.)
Class A (quar.)
Canadian Breweries preferred
Canadian Canners, Ltd. (quar.)
1st preferred (quar.)
1st preferred (participating div.)
Conv. preferred (quar.)
Con v. preferred (participating div.)
Commercial
8
(quar.)
(quar.)---
Colt's Patent Fire Arms Mfg
Sept. 16 Sept. 4
Sept. 14 Aug. 31
Sept. 14 Aug. 31
1 Sept. 16
Oct.
1 Sept. 16
Oct.
Sept. 16 Aug. 31
Sept. 30 Sept. 2
Oct. 15 Sept. 30
Sept 30 Sept. 14
Sept 16 Sept. 5
1 Sept. 20
Oct.
Sept 14 Aug. 23
30 Sept. 16
Sept
Sept 30 Sept. 16
Sept 30 Sept. 13
1 Sept. 20
Oct.
1 Sept. 16
Oct.
30 Aug. 22
Sept.
5 Aug. 22
Oct.
Nov.
Canada Matting Co. Ltd., reg. (quar.)
Bearer (quar.)__
7%
,
Colgate-Palmolive Peet, pref.
Holders
Payable of Record
Sept. 25 Sept. 14
Sept. 25 Sept.13
Oct.
1 Sept. 20
Sept. 16 Aug. 16
Oct.
1 Sept.12
75c
Oct.
1 Sept. 12
85.70
Sept 30 Sept. 10
1.06M
50c, Sept. 30 Sept.12
15 Sept.
3
10c Oct
75c Sept. 30 Sept. 10
81.06M Sept. 30 Sept. 10
1 Sept.10
81 Oct.
Coca-Cola International
Sept. 20 Sept. 6
Oct. 15 Sept. 30
Oct. 15 Sept. 30
Oct.
1 Sept. 14
Sept. 25 Sept. 20
Sept. 15 Sept. 1
Sept. 30 Sept. 16
Sept. 30 Sept. 13
£12Hc
£25c
£5c
£15c
10c
Brazilian Traction Light & Power, pref. (quar.)_
Brewer (C.) & Co. (monthly)
7% part, preferred (partic. dividend)-
3
10
10
30 Sept. 21
30 Sept. 21
30 Sept. 25
1 Sept. 13
Oct.
Sept. 16 Sept. 11
1 June 25
Oct.
1 Sept. 17
Oct.
14
20c
Bralorne Mines, Ltd. (quar.)
Extra
Bullard Co_-
16 Sept.
20 Sept.
20 Sept.
Sept. 30 Aug. 31
Nov. 25 Nov. 15
Boston Woven Hose & Rubber Co., common
Bower Roller Bearing Co
Brunswick-Balke Collender Co
Preferred (quar.)
Clorox Chemical Co. (quar.)
Cluett, Pea body & Co., Inc. (interim)
Preferred (quar.)
Coast Counties Gas & Elec., 6% 1st pref. (quar.)
Coca-Cola Co
Sept. 30 Sept. 16
Sept. 30 Sept. 16
Sept. 16 Sept. 6
Oct.
1 Sept.
6
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Share
Name of Company
Payable of Record
Share
When
Per
Holers
When
Per
Name of Company
1523
Oct.
Sept.15
Dec
15
3-15-41
1 Sept.10
1 Sept.16
Sept. 27 Sept.17
Sept. 16 Aug. 31
Oct.
5c
5c
Dec.
5c
Mar. 15 Feb.
16 Nov. 30
28
The Commercial & Financial Chronicle
: f 24
Per
Name oj Company
Fansteel Metallurgical Corp., preferred (quar.)_
Preferred (quar.)
Farmers <fc Traders Life Insurance (quar.)
Quarterly
Faultless Rubber Co. (quar.)
Federal Mining & Smelting Co
Federal-Mogul Corp
50c
54 % preferred (quar.).
Finance Co. of Penna. (quar.)
Fireman's Fund Indemnity (quar.)
Food Machinery Corp
;
Preferred (quar.)
5(c
64c
—
$2
5'c
75c
$14
Foote-Burt Co
Ford Motor of Canada class A & B (quar.)
Foster & Kleiser pref. A (quar.)
70c
25c
3734c
Foundation Co. (Canada)
J25c
Brewing (quar.)
25c
Preferred (quar.)
Frankenmuth Brewing (quar.)
Extra
15c
234c
71?
Frankfort Kentucky Natural Gas Co. (quar.)
Fuller Brush Co.. 7% preferred (quar.)
Gamewell Co
SI*
50c
(guar.)..
$134
$134
1734c
Gannett Co., Inc., $6 pref. (quar.)
Garfinckel (Julius) & Co. (quar.)
Preferred
(quar.)
c
Gatineau Power (quar.)
5% preferred (quar.)
534 % preferred (quar.)
Gay lord Container Corp
Preferred (quar.)
n
25c
68 He
25c
General Acceptance Corp. (quar.)
Class A (quar.)
25c
General American Investors Co., Inc—
Preferred (quar.)
25c
15c
General Gas & Electric Corp. (Del.)
pref.
General Instrument Corp. (quar.)
(qu.)„.
Quarterly
Inc., 5% pref. (quar.)
General Railway Signal, pref.
(quar.)
K^f
ac
Oct.
Oct.
30c
75c
Glidden Co. (interim)
iig
87 He
$14
75c
25c
40c
30c
1
Preferred
(quar.)..
Globe-WernickeCo. 7% pref. (quar.)
Godchaux Sugars, Class A
$7 preferred (quar.)
Goebel Brewing Co. (quar.)
56'4 c
$ik
50c
$1 *
5c
Extra
5c
Gold & Stock Telegraph
(quar.)
Golden State Co., Ltd. (quar.)
$1)4
20c
Goodrich (B. F.) Co.. pref.
(quar.)
Goodyear Tire & Rubber
$14
25c
,,$1)4
Preferred (quar.)
Gorham Mfg Co
Gorton-Pew Fisheries (quar.)
Grant (W. T.) Co. (quar.)
50c
75c
35c
25c
Preferred (quar.)
Great Lakes Power, preferred A
Great Western Sugar
t25c
50c
Preferred (quar.)
Greene Cananea
Copper Co
Greening (B.) Wire Co., Ltd. (quar.)
Greenwich Water System, Inc.,
6% pref. (qu.)__
Griggs. Cooper & Co., 7% pref. (quar.)
Group No. 1 Oil Corp
Gulf Oil Corp
_
(quar.)
Hanners Oil Co., common..
3%
43 4 c
t$14
25c
3
II
(quar.)
1.111
3
Sept. 14 Sept.
4
Company
Imperial Tobacco of Canada (interim)
Preferred (semi-annual)
Indiana General Service Co. 6% pref.
(quar.)
Indiana Hydro-Electric Power Co. 7% pref
Indiana & Michigan Electric Co. 7%
pf. (qu.)__
6% preferred (quar.)
Indianapolis Power & Light 6)4 % pref. (quar.)__
6% preferred (quar.)
Indianapolis Wa er (to.. 5% cum. pref. A (quar.)
International Business Machines
(quar.)
40c
10c
50c
International Ocean Teleg Co. (quar.)
International Salt Co. (quar.)
II."
$1)4
10c
II"
75c
I_
15c
(quarJ.IIII"
15c
25c
Iron
Wire
(monthly)!"
21
HI
I
HI
1
Sept. 14
Sept. 14 Sept. 6
Oct.
Sept. 14
Oct.
Sept. 12
Oct.
Sept. 12
Oct.
Sept. 20
Oct.
Sept. 18
Oct.
Sept.18
Sept. 28 Sept.
7
Sept. 28 Sept. 7
Oct.
1 Sept. 30
Oct. 15 Sept. 30
Sept. 30 Sept. 18
Sept. 16 Aug. 15
Sept. 16 Aug, 15
Sept. 16 Sept.
3
Oct.
Sept. 24
Oct.
Sept.13
Oct.
Sept.13
Oct.
Sept. 10
Oct.
Sept.14
Oct.
Sept. 14
Sept. 16 Sept. 6
Oct.
1 Sept. 16
Oct.
1 Sept. 11
Oct.
1
Oct.
1
1 Sept.13
Sept. 16 Aug. 30
Sept. 16 Aug. 30
Oct.
1 Sept.
6
Sept. 30 gept. 16
Sept. 20 ao ept. 5
Oct.
1 Sept. 14
Sept. 30 Aug. 31
Sept. 16 Aug. 30
Sept. 3^ Aug. 16
Dec.
1 Nov. 15
Sept. 15
Dec.
Nov.
15
10 Oct.
5
15 Sept. 30
1 Oct. 25
Sept. 25 Sept.
Sept. 20 Sept.
1 Sept.
Sept. 16 Sept.
Sept. 16 Aug.
Sept. 16 Sept.
Sept. 16 Sept.
Oct.
16
10
13*
3
16
6
5
Sept.lO
1 Sept. 10
1 Sept. 20
1 Sept. 20
Oct.
Oct.
Oct.
60c
Sept.
Sept
Sept.
Sept.
Sept.
50c
$1.05
IIIIIII
(quar.)__
(monthly)
$1)4
50c
3734c
I HI
25c
HH
HIII
111111
I
IIIIIII
(monthly)
IIIII
Bell Telephone
.1111111
Commercial Telephone $6 pref.
(quar .)"
~~
i
__
25c
62 4c
25 Sept.13
14 Aug. 30
27 Sept. 17
14 Sept. 6
14 Sept. 6
Oct.
1 Sept. 20
Oct.
Sept. 20
Oct.
Sept 14
Oct.
Sept. 14
Oct.
Sept. 13
Oct.
Sept. 15
Oct.
Sept. 21
Sept. 16 Sept.
5
Sept. 25 Sept. 20
Nov
1 Oct.
19
Sept. 26 Sept. 11
(><•1
1
50c
Oct.
Aug. 31
Sept.10
Sept.10
Sept.10
Sept. 19
1 8ept. 14
1 Sept. <-<0
75c
Oct.
1
62)4c
$1 %
50c
$2
$134
25c
15c
$14
$14
$14
124c
$14
Oct.
1
Oct.
1
Sept. 21
Sept. 30
Oct.
Sept.20
Sept. 14 Aug. 31
Oct.
Oct.
50c
$14
20c
$14
8 4c
2<Jc
20c
25c
1
Sept. 23
Sept. 16
Dec.
5
2 Nov. 20
Sept. 30 Aug. 31
Sept. 30 Aug. 31
Sept. 20 Sept. 10
Oct. 15 Sept.30
Oct.
1 Sept. 10
Sept. 30 Sept. 5
Sept. 16 Aug. 31
Oct.
1 Sept. 12
Oct.
1 Sept.12
Oct.
1
S°pt. 12
Nov.
1
Sept. 30
lc
Nov.
1 Sept. 30
$14
$14
$14
25c
30c
—
Kroger Grocery & Baking 6% pref. (quar.)
7% preferred (quar.)
Lackawanna RR. Co. (N.J.) (quar.)
$14
$14
$1
Lake Shore Mines, Ltd
*50c
Lamaque Gold Mines, Ltd. (quar.)
10c
Lambert Co
i
Landis Machine preferred (quar.)
Preferred (quar.)
374c
$14
$14
Lane-Wells Co. (quar.)
Extra
Leath & Co., preferred
25c
Preferred (quar.)
Liggett & Myers Tobacco, pref. (quar.)
(quar.)
Liquid Carbonic Corp. (quar.)
Lit Bros., preferred
Little Miami RR. Co., original
capital (quar,)..
Special guaranteed (quar.)
Locke Steel Chain Co. (quar.)
60c
$14
14%
$14
25c
Oct.
1
Sept. 17
Sept. 16
Dec
16
Oct.
1
Oct.
30
30
14
14
20
31
24
5
31
30
30
10
3
26
Sept. 16 Sept.7
Oct.
1 Sept
14
Sept. 26 Sept. 11
10 Nov. 25
10 Nov. 25
30c
50c
75c
25c
%\%
30c
$14
10c
374c
25c
$14
$14
$14
$14
8c
50c
$14
Oct.
1 Sept. 21
1
Sept. 15
Sept. 30 Sept. 20
1 Sent. 21
Oct
Sept. 30 Sept.19
Sept. 30 Sept. 11
Sept. 16 Sept. 5
Oct.
1 Sept. 18
Oct.
1 Sept. 16
Oct.
1 Sept. 16
Sept. 14 Sept. 3
Sept. 25 Aug. 31
Sept. 25 Aug. 31
Oct. 15 Sept. 30
Oct. 15 Sept. 30
Oct.
15 Sept. 30
Oct.
1 Sept. 21
1-2-41
Dec.
23
Sept. 16 Aug. 31
Sept. 16 \ug. 30
Nov. 15 Nov.
5
10c
Sept. 15 Aug. 31
25c
Sept.
Sept.
Sept.
Sept.
$14
15c
(quar.)
18
1 Sept. 6
Sept. 14 Aug. 31
Oct.
1 Sept. 10
Dec.
25c
7% preferred (quar.)
Mahon (R.C.) Co
1 Oct.
Oct.
50c
i
Extra
Nov.
Oct.
Dec.
$2
Magma Copper Co
Magnin (I.) & Co. preferred
(quar.)
(Quarterly.)
Magor Car Corp. (quar.)
Sept. 16
Sept.16
Sept. 16
Oct.
1 Sept. 20
Sept. 30 Sept. 16
Oct.
1 Sept. 20
t$2
$1.10
$1
6 4% preferred (quar.)
Macassa Mines, Ltd. (quar.)
1
Nov.
25c
65c
5c
Lock-Joint Pipe Co. (monthly)
fb-eferred (quar.)
Loew's, Inc
Lone Star Cement Corp
Longhorn Portland Cement Co. common
Loose Wiles Biscuit Co.,
preferred (quar.)
Lorillard (P.) Co
Preferred (quar.).
Louisiana Land & Exploration
Louisville Gas & Electric, class A
(quar.)..
Class B (quar.)
7% pref. (quar.)
6% preferred (quar.).
5% preferred (quar.)
Lunkenheimer Co. 64% pref. (quar.)
1
30c
$1
20c
50c
Lily-Tulip Cup (quar.)
Lincoln National i ife Insurance Co.
(quar.)
Lindsay Light & Chemical Co. pref. (quar.)
1
Oct.
30c
624c
$14
Llbbey-0wens-Ford Glass
Oct.
Oct.
Sept. 15 Aug.
Sept. 15 Aug.
1 Sept.
Oct.
1 Sept.
Oct.
7 Sept.
Sept. 14 Aug.
Sept. 15 Aug.
Sept. 16 Sept.
Sept. 14 Aug.
Oct. 15 Sept.
Sept. 16 Aug.
Oct.
1 Sept.
Sept. 16 Sept.
10c
(quar.)
Lehigh Portland Cement Co., 4% pref. (quar.).
Lehman Corp
Lehn & Fink Products Corp
Leslie Salt Co. (quar.)
Leonard Refining, Inc
Lexington Telephone (quar.).
Sept.17
Sept.17
Sept.17
Sept. 5
1 Sept.16
30
30
30
15
50c
6% 2d preferred (quar.)
Marsh & Son
Oct.
25c
Marine Midland Trust (quar.)
Marion Water Co. 7% pref.
(quar.)
Marshall Field & Co. 6% preferred
Oct.
50c
Margay Oil Corp..
Oct. 10 Sept. 20
Sept. 19 Sept.16
Oct.
1 Sept.11
Sept. 30 Sept.15
Sept. 30 Sept. 15
Oct.
1 Sept. 21
Sept. 15 Aug. 31
Sept. 20 Aug. 30
37 4c
$14
(quar.).
$14
$14
40c
Maryland Fund, Inc
Massachusetts Investment 2nd Fund
Master Electric Co
Preferred (quar.)
McColl-Frontenac Oil, preferred
McCrory Stores Corp
10c
10c
60c
15 Oct.
$1 4
Mastic Asphalt Corp.
(quar.)
Mathieson Alkali Works (quar.)
McKenzie Red Lake Gold
1
Sept. 20 Sept.
5c
$14
_
Manufacturers Trust Co.
Preferred (quar.)
Sept. 30 Sept. 14
Sept. 16 Sept. 3
1 Sept.10
Oct.
1 Sept.10
Oct.
1 Sept.10
Sept. 20 Sept. 6
Sept. 24 Sept. 10
Oct.
1 Sept.16
Sept. 14 Aug. 31
Sept. 14 Aug. 31
Sept. 14 Aug. 31
Sept. 30 Sept. 19
Oct.
1 Sept.14
Oct.
1 Sept.14
Oct.
1 Sept.14
Sept. 15 Sept. 10
Oct.
1 Sept. 14
$14
Mining (s.-a.)
Klein (D. Emil)
Kleinert (I. B.) Rubber Co
Link-Belt Co. pref.
9
$1 4
t$l 4
25c
_
Oct.
Oct.
25c
$1)4
75c
$14
Co
Nov.
Oct.
$1*
10c
75c
$14
5f'c
Oct.
Oct.
Oct.
$134
$1)4
31 )4c
25c
60c
__
Special
Kings County Lighting. 7%jpref. B (quar.)
'6% preferred C (quar.)
5% preferred B (quar.)__
12
12
14
14
21
1
25c
$14
$14
(quar.)
(quar.)
Sept. 30
Sept.14
8ept. 14
1 Sept. 16
Sept. 16 Aug. 30
Oct.
1 Sept. 16
Sept. 14 Aug. 31
1
Oct.
25c
DSept.
Sept.
Sept.
Sept.
Sept.
Oct.
25c
15c
15c
Extra
Preferred
1 Sept. 20
1 Sept.10
$14
Kennedy's, Inc
Kentucky Utilities, 6% pref. (quar.)
Kerlyn Oil Co. class A (quar.)
Kern County Land Co. (quar.)__
&
Oct.
—
Kennecott Copper Corp
Special
S eel
2 Nov.
Oct.
15c
.
one
Dec.
25c
25c
—
Keys
1
30c
(quar.)
Irving Air Chute (quar.)
Irving Trust Co. (quar.)
Jamaica Water Supply Co. $5 pref. A (quar.)
Jamieson (C. E.) & Co
Jersey Central Power & Light, 7% pref. (qu.)
6% preferred (quar.)
514% preferred (quar.)
Jewel Tea Co., Inc. (quar.)
Johns-Manville Corp
7% preferred (quar.)
Joslyn Mfg. & Supply
Preferred (quar.)
Joy Mfg. (quar.)
Kalamazoo Vegetable Parchment Co. (quar.)
Kansas City Power & Light, pref. B (quar.)
Kansas Electric Power 7% pref. (quar.)
6% preferred (quar.)
Katz Drug Co. (quar.)
Preferred (quar.)
Kaufmann D o
S ores 5% pref.
(quar.)
Kaynee Co. 7% pref. (quar.)
Keith-Albee-Orpheum 7% preferred
Kelvinator Corp. (Canada) (interim)
Kemper Thomas 7% special pref. (quar.)
Kimberly-Clark
Sept. 30 8eptJ 6
Sept. 30 Sept. 6
1 Sept.
6
Sept. 16 Aug. 31
Oct.
1 Sept.
6
Oct.
1 Sept.
6
Oct.
1 Sept.10
Oct.
1 Sept.10
Oct.
1 Sept.12
Oct. 10 Sept. 23
Oct. 15 Sept. 20
Sept. 20 Aug. 31
8ept.30 Aug. 31
Oct.
1
75c
v. t. c.
Holders
Payable of Record
Oct.
Oct.
25c
Corp. (Phila.)
Fireman Mfg common
1940
Oct.
Oct.
371!
Interstate Hosiery Mills
Investment Co. of America (quar.)
Investment
Kirkland Lake Gold
$1)4
_IIII
IIIII
I.IIIIII
11111111"
$14
374c
International Shoe (quar.)
International Silver Co., pref
1
^Sept. 14
Oct.
40c
10c
3%
$14
t$i4
$14
$14
$14
$14
$14
$14
International Harvester Co. (quar.)
International Mining Corp
International Nickel Co. (Can.)
Payable in U. S. funds.
14,
When
Share
Oct.
Oct.
$154
Home Fire & Marine Insurance
2c
HI"I
I.IIIIII
"III""
Illuminating Shares, class A
Imperial Paper & Color
$1)4
$1)4
(quar".)*
Harris burg Gas Co. 7% pref.
(quar.)
Harris & Co., preferred
(quar.)
Harvey Hubbell, Inc. (quar.).
HawaLan Agricultural
(monthly)
Hazel Atlas Glass Co
Illinois
1 Sept.10
Sept. 30 Sept. 10
2c
Harbison-Walker Refractories Co.pref.
Illinois
1 Sept. 20
-Sept. 27 Sept.
Oct.
25c
Common
Homestake Mining Co.
Horder's. Inc. (quar.)
Hoskins Mfg. Co
Humbl" Oil <& Refining
Hygrade Sy 1 vania Corp
Preferred (quar.)
Idaho Ma viand Mines
6
6
$50
25c
Hamilton United Theatres,
7% preferred
Hamilton Watch Co
Preferred (quar.)
Hanna (M. A.) Co., $5 cumulative
pref.
Holophane Co. oref. (s.-a.)
Holmes (D. H.), Ltd.
(quar.)
7
25c
$1*4
_
Hall (W
F.) Printing (quar.)
Haloid Co
Extra
tl5c
$1)4
$1 *
$1)4
$5)4 preferred (quar.)
Guaranty Trust Co. (N. Y.) (quar.)
Hackensack Water pref. A (quar.)
Spencer Bartlett & Co.
Hick ok Oil Corp.
(quar.)
Per
Name of
Oct.
iC
Georgia Power Co., $6 preferred (quar.)
$5 preferred (quar.)
G.) < to. preferred (quar.)___
Gillette Safety Razor, pref.
(quar.)
Girard Trust Co. (Phila.)
(quar.)
GirdlerCorp. (quar.)
Glens Falls Insurance (N. Y.)
(quar.)
7% preferred (quar.)
5% preferred (quar.)
Hinde & Dauch Paper
Preferred (quar.)
Holland Furnace
15
1 Sept. 17
1 Sept. 17
Oct.
Gilbert (A
Hlbbard
6
1 Oct.
Nov. 15 Nov.
Nov. 15 Nov.
$1)4
$2)4 preferred (quar.)
Preferred (quar.)
20
22
30
1 Doc. 15
1 Sept. lO
Oct.
(qu.)
General Water Gas & Electric Co
$3 preferred (quar.)
Henkel Clauss. pref
(quar.)..
Hercules Motors Corp
Hercules Powder Co
Hewitt Rubber Corp
Jan.
Oct.
15c
General Telephone Corp. (quar.)
Hecla Mining.
Hein-Werner Motor Parts Corp.
Heileman (G ) Brewing
(quar.)
Helme (Geo. W.) Co
1 Sept.
Sept. 15 Aug.
Sept. 16 Aug.
Sept. 16 Sept.
Oct.
1 Sept.
Nov.
25c
Hazeltine Corp. (quar.)..3.^1.
1
Sept.12
Sept.16
Sept. 14
Sept. 3
Sept. 5
Sept.10
Sept. 13
Sept.20
Sept. 20
Oct.
1 Sept. 21
Sept. 16 Sept. 5
Sept. 30 Sept. 14
Sept. 30 Sept. 14
Sept. 16 Sept. 5
Sept. 28 Sept. 7
Oct.
1 Sept.15
Oct. 18 Sept. 30
Oct.
1 Sept.14
Oct.
1 Sept.14
Sept. 16 Sept. 5
Sept. 16 Sept.
5
Sept. 14 Aug. 31
Oct.
I Sept. 20
Sept. 16 Sept. 6
Sept. 16 Sept. 6
Oct.
1 Sept.14
Sept. 14 Sept. 5
Sept. 30 Sept. 14
Sepo.30 Aug. 31
Oct.
1 Aug. 31
Oct.
1 Aug 31
Sept. 16 Aug. 30
Sept. 16 Aug. 30
Sept. 16 Sept. 5
Sept. 16 Sept. 6
$1 4
$1
$1)4
ories Co
Gulf State utilities $6 preferred
14
1 Sept. 10
2 Dec. 11
Sept. 30
Sept. 23
Sept. 20
Sept. 16
Sept 25
Sept. 26
Sept. 30
Sept. 30
$1)4
(quar.)....
Preferred (quar.)
General Printing Ink Corp
$6 cumulative preferred (quar.)
General Public Utilities, Inc., $5pref.
General
>m
15c
General Motors Corp. preferred (quar.)
Genera! Outdoor Advertising class A
18 Dec.
Oct.
$1)4
General Cigar Co
General Fire Extinguisher
General Mills,
Sept. 30 Sept. 16
Dec.
2.5c
25c
15c
Holders
Payable oj Record
Oct.
Jan.
Oct.
2.5c
Ferro Enamel Corp
Fifth Avenue Coach (quar.)
Finance Co. of America common class A & B
Preferred
SI 4
SI 4
$2)4
$2)4
25c
25c
Federal Bake Shops (Interim)
Federal Light & Traction Co
Fox (Peter)
When
Share
Sept.
Sept.
Sept.
Sept.
Sept.
20
15
30
30
$14
Oct.
15
10c
374c
(quar.)..
Mines (quar.)...
Memphis Natural Gas
Mercantile Acceptance
Corp.—
5% preferred (quar.).
6% preferred fquar.
••)Merck & Co., Inc
Preferred (quar.)
Metal & Thermit Corp. preferred
(quar.).
Preferred (quar.)
25c
*3c
15c
25c
Sept. 30
Sept. 16
Sept. 14
1
Sept. 5
8ept. 1
Sept. 9
Sept. 9
Sept.30
Sept.18
Sept. 2
Aug. 30
Dec.
5 Dec.
1
30c
Dec.
5 Dec.
1
40c
Oct.
1 Sept.
$14
$14
$14
{Oct.
20
Sept. 20
Sept. 30 Sept. 20
Dec
23 Dec.
13
Volume
Sept. 16
Oct.
Sept.
Sept.
Dec.
Sept. 20
6Uc
25c
Oct.
50c
50c
$2
Oct.
Oct.
Oct.
$1H
Michigan Assoc. Telep. Co. 6% pref. (quar.)
Michigan Silica (quar.)
Quarterly
Mickelberrv's Food Products Co. $2.40 pf. (qu.)
Midland Oil Corp. $2 preferred
Oct.
Sept. 20
Sept. 30
Sept. 13
Sept. 13
Sept. 13
Sept. 14
Sept.10
Sept. 14
5c
,
Midland Steel Products..
$2 dividend shares
8% preferred (quar.)
Mid vale Co
10c
Mid-West Refineries. Inc. (quar.)
Mississippi River Power 6% pref. (quar.)
SIX
Dec.
Oct.
Sept.
Oct.
15
20
Jan.
Dec.
20
10c
Jan.
Dec.
20
IX
tsix
cumulative preferred (quar.)
Modern Die & Tool (initial)
Oct.
Sept. 20
Jan.
Dec.
Sept.16
Sept. 10
Sept. 10
Sept. 2
Sept. 1
10c
Monarch Life Insurance Co. (s.-a.)
SIX
Monongahela Valley Water Co. 7 % pref. (qu.)
SIX
Oct.
87 Xc
Oct.
S2X
Dec.
50c
Modine Mfg. Co. (quar.)
Extra
25c
Mohawk Carpet Mills
25c
_ _
(semi-ann )
50c
--
15 Oct.
Sept. 16
Oct.
6% preferred (quar.)
5% preferred (quar.)
Montgomery Ward & Co
Class A (quar.)
Montreal Cottons, Ltd. (quar.)
SIX
SIX
Oct.
1
Oct.
50c
Oct.
1
15
Preferred (quar.)
Montreal Loan & Mortgage Co. (quar.)
SIX
31 Xc
50c
Corp., Ltd. (quar.)
SIX
SIX
S1H
Preferred A&B (quar.)
Moore (Wm. R.) Dry Goods Co. (quar.)
Quarterly
(quar.)
Oct.
1 Oct.
1
1 Nov. 22
1 Sept.24
Sept. 28 Sept. 14
1 Sept.16
Sept.16 Sept. 3
Sept. 30 Sept. 12
Oct. 15 Sept. 30
Oct. 15 Sept. 30
Oct.
50c
$2
Muncie Water Works Co., 8% preferred (quar )
Muskegon Piston Ring
-Mutual Systems, Inc
8% preferred (quar.)
Myers (F. E.) & Bro
Nashua Gummed & Coated Paper 7% pf. (qu.)_
National Battery Co
Preferred (quar.)
National Biscuit Co
1 Sept.13
1-2-41 Dec. 30
SIX
SIX
_
Motor Finance Corp. pref. (quar.)
Motor Products Corp
1
Aug. 28
Sept.16
Sept.16
Sept. 16
Sept.13
Sept. 16 Aug. 31
Sept. 16 Aug. 31
Sept.16 Aug. 31
Oct.
1 Sept. 10
Oct.
1 Sept. 10
Dec.
J—
1
1 Sept. 14
9
2 Nov.
6c
Oct.
20
Oct.
25c
5c
50c
75c
SIX
Sept.25 Sept. 14
Oct.
1 Sept. 24
1 Oct.
28
Oct.
Oct.
25c
Sept. 21 Sept.10
Sept. 21 Sept. 10
Oct.
1 Sept. 16
44c
-
Nov.
55c
40c
50c
National Bond & Investment (quar.)
Preferred (quar.)
75c
Oct.
SIX
National Breweries, Ltd. (quar.)
Preferred (quar.)
25c
National Casualty Co. (Detroit) (quar.)
National City Lines
25c
75c
$3 preferred (quar.)
Class A (quar.)
50c
25c
National Container Com
20c
National Cylinder Gas Co
National Dairy Products (quar.)
Preferred A and B (quar.)
20c
SIX
National Department Stores 6% pref. (s.-a.)
National Grocers Co., Ltd., pref. (quar.)
National Lead
30c
—
37Xc
'iilf
Preferred A (quar.)
Preferred B (quar.)
SIX
1 Sept. 20
15 Sept. 10
1 Sept.16
Sept. 16 Aug. 31
1 Sept. 14
Nov.
1 Oct. 15
Oct.
Nov.
1 Oct.
15
Sept. 14 Aug. 20
Sept. 27 Sept. l6
Oct.
1 Sept. 4
Oct.
1 Sept. 4
Oct.
1 Sept. 20
Oct.
1 Sept. 14
Sept. 30 Sept. 13
Sept. 14 Aug. 30
Nov.
1 Oct.
18
Sept. 26 Sept.16
Sept.20 Aug. 30
50c
Sept. 24 Sept.10
National-Standard Co. (quar.)
Oct. 15 Sept. 30
50c
National Steel Car Corp. (quar.)
Oct.
1 Sept.10
20c
Natomas Co. (quar.)
10c
Sept.30 Sept. 20
Navarro Oil Co. (quar.)
1 Sept. 14
12Xc Oct.
Nehi Corp. (quar.)
Oct.
1 Sept.14
Preferred (quar.)
$ 1.31 X
25c
Sept.16 Aug. 31
Neisner Bros., Inc. (quar.)
1 Aug. 26
New Amsterdam Casualty Co. (s.-a.)
40c Oct.
Oct.
1 Sept.16
60c
Newberry (J. J.) Co. (quar.)
75c
Sept. 16 Aug. 31
New England Public Service, $6 pref
87^c Sept. 16 Aug. 31
$7 preferred..
SIX ISeDt.28 Sept. 10
New England Telen. & Teleg
15c
Sept. 30 Sept. 14
New Idea, Inc
Oct.
1 Sept. 11
SIX
New Jersey Water Co. 7% pref. (quar.)
37 Xc
Sept. 16 Aug. 31
Newmont Mining Corp
Sept. 16 Aug. 31
12 Xc
Extra
75c
Sept. 26 Sept. 13
New York City Omnibus (quar.)
Oct.
1 Sept.
5
SIX
New York Lackawanna & Western Ry. (quar.).
Oct.
1 Aug. 30
75c
NY PA NJ Utilities pref. (quar.)
$2
Sept. 14 Aug. 23
New York & Queens Electric Ligh 1& Power
Oct.
1 Sept.
7
six
New York State Electric & Gas, pref. (quar.)
35c Oct. 15 Sept.20
New York Transit Co
35c
20c
——
,
...
'
—
SIX
Six
Niagara Alkali, pref. (quar.)
Niagara Share Corp. (Md.) pref. (quar.)
Niles-Bement-Pond
75c
50c
1000 Corp
class A (quar.)
Nor and a Mines, Ltd (interim)
$2
Norfolk & Western Ry. (quar.)
30c
North American Co. (quar.)
75c
6% preferred (quar.)
5X% preferred (quar.)
See "General Corp. & Investment News"
Section for special com. div. declaration.
Northern Ontario Power Co
71Xc
Oct.
Oct.
Oct.
Oct.
Oct.
5c
50c
& B
Ohio Confection Co., class A (quar.)—
Ohio Edison $5 pref. (quar.)
$6 preferred (quar.)
$6.60 preferred (quar.)
$7 preferred (quar.)
$7.20 preferred (quar.)
Ohio Finance Co
5% prior preference (quar.)
50c
Vi'A
$1.65
$1 X
$1.80
40c
SIX
SIX
6% preferred (quar.)
.
Ohio Oil Co., preferred (quar.)
Ohio Public Serice Co., 7% pref. (mo.)
(monthly)
(monthly)
$1^ prior pref. (quar.).
Ohio Water Service class A
Oklahoma Gas & Electric 7 % preferred (quar.)—
6% preferred (quar.)
Oklahoma Natural Gas Co
——
$5H conv prior preferred (quar.)
Preferred (quar.)
Omar, Inc., preferred (quar.)
Ohio Seamless Tube Co.
Oct.
5c
Sugar Co. (monthly)
O'Brien Gold Mines, Ltd
Ohio Brass Co., class A.
Omnibus Corp. (quar.)
Preferred (quar.)
Oct.
50c
(quar.)
87 Xc
50c
Extra
—
Sept.16
6
6
1
Sept.16 Aug. 17
Sept. 19 Aug. 31
Oct.
1 Sept. 10
Oct.
1 Sept. 10
Oct.
1 Sept. 10
SIX
Novadel-Agene Corp. (quar.)
1
Sept. 18 Sept.
Sept.14 Sept.
Nov 15 Nov.
SIX
58 l-3c
50c
412-3C
43 Xc
$1
SIX
Six
25c
SIX
75c
SIX
30c
$2
25 Sept. 30
25 Sept. 30
1
Sept. 20
1 Sept. 17
1 Sept. 20
1 Sept. 20
1 Sept. 16
Sept. 14 Sept.
6
Sept. 28 Sept. 12
Sept. 24 Sept. 7
Sept.14 Sept. 4
Oct.
1 Sept. 14
Oct.
1 Sept.14
Oct.
1 Sept. 14
Oct.
1 Sept. 14
Oct.
1 Sept.14
Oct.
1 Sept. 10
Oct.
1 Sept.10
Oct.
1 Sept.10
Sept 14 Aug. 31
Oct.
1 Sept. 14
Oct.
1 Sept. 14
Oct.
1 Sept 14
Sept. 20 Sept. 10
Sept. 30 Sept. 14
Sept. 16 Aug. 31
Sept. 16 Aug. 31
Sept. 30 Sept. 14
Sept. 30 Sept. 14
Sept. 30 Sept. 14
Sept. 30 8ept. 23
Sept. 30 Sept.13
Oct.
1 Sept. 13
six
*
50c
$1
15c
—
$15c
40c
$1
Six
50c
Six
10c
75c
PenicK & Ford, Ltd
Peninsular Telephone (quar.)
60c
50c
Quarterly
I
Preferred A
(quar.)
Penn Electric Switch class A
(quar.)
Penney (J. C.) Co
Pennsylvania Edison, $5 pref. (quar.)
$2.80 preferred (quar.)
Pennsylvania Glass Sand Corp.—
$7 cum. conv. preferred (quar.)
Pennsylvania Power & Light, $7 pref. (quar.) —
$6 preferred (quar.)
$5 preferred (quar.)
Pennsylvania Salt Manufacturing
Pennsylvania Telephone Corp. $2 X pref. (qu.)—
Pennsylvania Water & Power Co. (quar.)
$5preferred (quar.
Peoples Drug Stores, Inc
Special
;
Peoples Gas Light & Coke
Peoria Water Works 7 % pref. (quar.)
75c
SIX
70c
SIX
six
SIX
SIX
six
62Xc
Bank (quar.)
Pharis Tire & Rubber
1 Sept. 17
1 Sept. 17
Oct.
Sept. 16
Sept.30 Sept. 14
Sept. 17 Sept. 7
Oct.
1 Sept. 23
Sept.15 Aug. 31
Sept.15 Aug. 31
Sept. 25 July 31
Sept. 14 Sept. 3
Oct.
1 Sept. 14
1-1-41 Dec.
14
4
2-4-41
Sept 16 Sept. 3
Sept. 30 Sept. 16
Oct.
1 Sept. 10
Oct.
1 Sept. 10
Oct.
Sept. 13
Oct.
Sept. 14
Sept. 14
Sept. 14
Sept.
Aug. 31
Oct.
Sept. 15
Oct.
Sept. 16
Oct.
Sept. 16
1 Sept.
Oct.
9
Oct.
llSept.* 9
Oct. 15 Sept.21
Oct.
1 Sept. 11
Sept. 21 Aug. 31
Sept..21 Aug. 31
Sept.,27 Sept. 17
Sept. 27 Sept. 17
1 Sept. 10
Oct.
1 Sept. 21
Oct.
Sept. 20 Sept. 5
1 Sept.
Oct.
3
1 Sept.
Oct.
3
1 Sept. 20
Oct.
1 Sept. 10
Oct.
Oct.
Oct.
,
Philadelphia Co., $6 pref. (quar.)
$5 preferred (quar.)
;
Philadelphia Dairy Products, 1st pref. (quar.) —
Philadelphia Electric Power. 8% pref. (quar.)—
Philadelphia & Trenton RR. (quar.)
Philippine Dong Distance Telephone (monthly).
Phoenix Acceptance Corp
(quar.)
—.
Pickle Crow Gold Mines (quar.)
Pilgrim Trust (Boston) (quar.)
Oct.
42c
12Xc
tlOc
,.
Pioneer Gold Mines of British
Sept .30 Sept. 16
Oct.
Sept. 23
2 Dec. 23
1 Aug. 31
1 Sept. 14
Sept .14 Aug. 31
Oct.
1 Sept. 10
Oct.
Pittsburgh Brewing, pref
Pittsburgh Fort Wayne & Chicago Ry
Preferred (quar.)
Pittsburgh Metallurgical
Pittsburgh Plate Glass
Plymouth Oil Co. (quar.)
Plymouth Rubber, preferred (quar.)
Pollock Paper & Box 7% preferred (quar.)
7% preferred (quar.)
Potash Co. of America
Oct.
Sept
Oct.
Sept
Oct.
Sept
Dec.
Oct.
Sept. 10
6
10
30 Sept. 9
15 Oct.
1
15 8ept. 15
16 Sept.
1 Sept.
15 Dec.
1 Sept.
15
14
Oct.
Oct.
Oct.
Pratt & Lambert, Inc
preferred (quar.)_—
Prosperity Co., Inc., 5% pref. (quar.)
Public National Bank & Trust Co. (quar.)
Public Service Elec. & Gas, $5 pref. (quar.)
15 Sept. 30
15 Sept. 30
Sept
Oct.
Oct.
of Canada, 1st pref. (quar.)
Participating preferred (quar.)
Power Corp.
14 Aug. 23
5
15 Oct.
1 Sept. 16
1 Sept.
20
30 Sept. 3
30 Sept. 3
Sept 16 Aug. 31
Sept. 16 Aug. 31
Sept 14 Aug. 15
Sept 14 Aug. 15
Sept
Sept
...
7% preferred (quar.).
blic ~
Public Service of N. H. $6 pref. (quar.)
$5 preferred (quar.)
(quar.)
7% preferred (quar.)
6% preferred (monthly)
$5 preferred (quar.)
Public Service of N. J
Sept 14 Aug. 15
Sept 14 Aug. 15
Sept .30 Aug. 30
Oct.
preferred (monthly)
Public Service Co. of Oklahoma—
7% prior lien (quar.)
6% prior lien (quar.)
Publication Corp. vot. & non-vot.
7% 1st pref. (quar.)
Original pref. (quar.)
Puget Sound Pulp & Timber pref.
Oct.
Oct.
Oct.
Oct.
(quar.)
1 Oct.
1 Oct.
1
1
1 Sept. 20
1
Sept. 16
Sept
Oct.
Oct.
Oct.
16 Aug. 23
1 Sept. 10
Oct.
preferred (quar.)
5X% preferred (quar.)
6% preferred (quar.)
Putnam (Geo.) Fund
Pyrene Mfg. Co
Quaker Oats Co. (quar.)
15 Sept. 28
16 Aug. 30*
25 Sept.
3
Sept
Sept
1 Sept. 10
1 Sept. 10
Nov. 30 Nov.
(quar.)
—
Quaker State Oil Refining
Radio Corp. of America—
S3X cum. conv. 1st pf (qu.)
B preferred (quar.)
Rand's (Pittsburgh) (quar.)
8% cumulative preferred (quar.)
Ray best os-Manhattan
Ray-O-Vac (quar.)
—
8% preferred (quar.)
Reading Co. 2nd preferred (quar.)
Reeves (Daniel), Inc. (quar.)
Preferred (quar.)
Reliance Electric & Engineering
Reliance Grain preferred
Reliance Manufacturing Co
Preferred (quar.)
Remington Rand, Inc. (interim).
$4 X preferred (quar.)
Republic Investors Fund, Inc.—
15 Sept. 13
Sept, 27 Sept. 17
Sept 16 Sept. 5
(quar.)
Pullman, Inc
Pure Oil Co., 5%
Sept
87Xc
SIX
5c
10c
25c
50c
50c
50c
12Xc
SIX
37 Xc
tsix
1
16 Aug. 30
1 Sept. 6
1 Sept. 6
Sept.16 Sept. 9
Sept.16 Sept. 3
Sept.16 Aug. 30
Sept.30 Sept. 16
Sept. 30 Sept. 16
Oct.
10 Sept. 19
Sept.15 Aug. 31
Sept.15 Aug. 31
Sept. 25 Sept. 14
Sept.16 Aug. 31
Oct.
Oct.
21
Nov.
1 Oct.
SIX
Oct.
1 8ept. 20
20c
Oct.
1 Sept. 10
Oct.
1 Sept. 10
15c
SIX
1
A & B (quar.) ——
--
—
Richmond Water Works Corp. 6% pref.
Riverside Silk Mills, class A (quar.)
Roberts' Public Markets (quar.)
Quarterly
*
(quar.).
H.) Oo
__
Rochester Telephone. 0X% pref. (quar.)
Rolls-Royce Ltd.. ord. reg. (interim)...
Amer. dep. rec. ord. reg. (interim)
15
Nov.
Oct
SIX
Oct.
*1#
25c
Oct.
sn
Oct.
12
12
1
14
16
Sept. 11
Aug. 13
Sept. 20
15c
Republic Steel. 6% Prior pref. A. (quar.)
6% preferred
Rheem Mfg. Co. (quar.)
Rice-Stix Dry Goods Co., 7% 1st & 2nd pref.(qu)
Pref. (quar.)
1
5
Oct.
Columbia
Pittsburgh Bessemer & Lake Erie (s.-a.)
Public Service of N. J. 8% pref.
10 Oct.
Sept.,30 Sept. 20
Nov. 15 Nov
Jan.
Quarterly
Robertson (H.
1
Oct.
.
(quar.)
Peter Paul, Inc
Inc..
Oct.
Nov. 15 Nov.
Pet Milk Co.
Procter & Gamble Co., 5%
1
15 Oct.
Oct.
2-15-41
Extra
Personal Loan & Savings
Extra
1 Sept. 14
Sept. 27 Sept. 10
Oct.
35c
Perron Gold Mines. Ltd
Rich's.
1 Oct. 15
1 Sept. 16
35c
30c
(quar.)
6% preferred
30
1 Sept. 16
Sept. 28 Sept. 18
Nov.
Oct.
Patchogue Plymouth Mills
Pathe Film Corp., $7 preferred (quar.)
Paton Mfg. Co
7% preferred (quar.)
Peck, Stow & Wilcox Co
Preferred
t30c
6% preferred (quar.)
Northland Greyhound Lines SOX pref. (quar.)..
Norwalk Tire & Rubber Co., pref. (quar.)
Oct.
15 Sept.
Oct.
Pipe Line—
Preferred A & B (quar.)
6%
1 Aug. 26
Sept. 26 Sept. 14
Oct.
Oct.
10c
Paraffine Cos
Preferred A
Sept. 20 Aug. 23
Oct.
1 Sept. 16
Dec. 30 Dec. 16
Oct.
1 Aug. 26
75c
1st preferred (quar.)
2d preferred (quar.)
Park. Davis & Co
Oct.
Oct.
Sept.23
Sept. 20
Sept.20
Sept. 15
Sept.15
Nova Scotia Light & Power
85c
Sept.20 Sept. 10
Sept.20 Aug. 23
SIX
preferred (quar.)
20c
National Oil Products (interim)
National Radiator Co
$1*
Preferred (quar.),
Paramount Pictures, Inc
Oct.
Oct.
ilOc
5X% cumulative preferred (quar.)
6% preferred
5% preferred
1st
20
20
Quarterly
Morris Plan Insurance 8ociety (quar.)
Morrison Cafeterias Consol., Inc., pref.
30c
25c
Pacific Southern Investors, pref. (quar.)
Pacific Public Service (Calif.) (quar.)
Oct.
Monsanto Chemical Co. (quar.)
Montana-Dakota Utilities Co
30c
Quarterly
Ottawa Light, Heat & Power (quar.)
Preferred (quar.)
Outboard Marine & Mfg
Pacific Lighting $5 pref. (quar.)
8
16
15
Extra.
'
25c
$1^
Preferred (quar.)
Ottawa Electric Ry. (quar.)
Sept.
Sept.
Sept.
Sept.
Sept.
SIX
six
six
J20c
Monroe Chemical, preferred (quar.)
Monsanto Chemical Co., pref. A & B
10c
(monthly)
Otis Elevator Co
Panhandle Eastern
Modern Containers, Ltd. (quar.)
Extra
Oahu
Onomea Sugar Co.
Payable of Record
Company
Page-Hershey Tubes. Ltd. (quar.)
Mississippi Valley Public Service Co.—
6% preferred B (quar.)
Mitchell (J. S.) & Co., pref. (quar.)
Mock, Judson, Voehringer, pref. (quar.)
Moore
Name of
Payable of Record
Oct.
50c
Mesta Machine Co
Holders
When
Holders
When
Per
Share
Name of Company
~
1525
The Commercial & Financial Chronicle
151
Sept.
si
Sept.
Six
Oct.
50c
Oct.
Oct.
10c
10c
25c
SIX
15%
15%
Sept.
Sept.
Sept.
Sept.
Sept.
5
Dec.
Dec.
Sept.
Sept. 3
Sept. 20
Aug.
3
Aug.
8
Oct.
Sept.
Sept.
The Commercial & Financial Chronicle
1526
Per
Name of
When
Share
Company
Oct.
10c
25c
25c
2.5c
Dec.
25c
Sabln-Robbins Paper Co., pref. (quar.)..
Safeway Stores. Inc
5% preferred (guar.)
Saguenay Power, Ltd., preferred (quar.)
St Joseph Lead Co
Savannah Electric & Power. 8% deb. A (quar.)
7M % debenture B (quar.)
7% debenture C (quar.)
6M% debenture D (quar.)
Oct.
75c
Oct.
Oct.
Nov.
1 Oct.
SIM
$1 M
25c
SIM
SIM
Scranton Lace
50c
Seaboard Oil of Delaware (quar.)
Seeman Bros.. Tnc
Sharon Steel Corp., pref. (quar.)
Shattuck (P. G.) (quar.)
25c
10c
Shell Union Oil, pref. (quar.)
SI M
tiSlM
*$1M
Preferred
(quar.)
Shuron Optical Co., Inc
Signal OU& Gas class A & B (quar.)
Silver King Coalition Mines
Silverwood Dairies, Ltd., pref. (s.-a.)
Simmons-Boardman Publishing, pref
Simon (H.) & Sons, Ltd. (interim)
7% cum. pref. (quar.)
25c
50c
15
1
Oct.
Oct.
Oct.
1 Sept. 10
1 Sept. 10
Sept. 10
1 Sept. 10
1
Sept. 10
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Nov.
Nov.
Oct.
Oct.
1
Oct. '21*
1 Oct. 21*
1
Sept. 30 Sept. 10
Sept. 14 Aug. 31
Sept. 16 Aug. 31
Oct.
1 Sept. 20
Sept. 20 Sept. 3
Oct.
1 Sept. 10
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Sept. 16 Sept.
5
Simonds Saw & Steel Co
S60c
Simpson's, Ltd., 6M% preferred
SIM
Nov.
J20c
tSl
15c
Siscoe Gold Mines (quar.)
Sloss-Sheffield Steel & Iron
Preferred (quar.)
t3c
Smith (S. Morgan) Co.
(quar.)
Smith (Howard) Paper Mill preferred (quar.)_>
Socony-Vacuum Oil Co
Sonotone Corp
Preferred (quar.)
South Carolina Power Co. 1st $6 pref. (qu )
South Penn Oil Co. (quar.)
South
Pittsburgh Water Co. 7% pref. (quar.)
6% preferred (quar.)
South Porto Rico Sugar Co
Extra
Preferred (quar.)
Southern California Edison Co., Ltd.—
6% preferred series B (quar )
37Mc
34MC
SIM
Southern Natural Gas Co
Southern Phosphate Corp
Southland Royalty Co
Southwest Consolidated Corp
Southwestern Gas & Electric, pref. (quar.)
Southwestern Light & Power, $6 pref
$2
50c
SIM
12c
SIM
50c
(quar.)
Staley (A. E.) Mfg. Co. $5 cum. pref. (quar.)_Standard Brands. Inc. (quar.)
Preferred (quar.)
pref. (quar.)
Standard Oil of Calif, (quar.)
Standard Oil Co. of Indiana (quar.)
Oct.
Oct.
SI
25c
Oct.
$3M
Oct.
25c
Sept.
Sept.
Sept.
ZZZ..ZZZZZ
(quar.)
68 Mc
Oct.
37 Mc
25c
Sept.
Sept.
Sept.
Sept.
30c
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
SIM
Nov.
50c
~~~
25c
Z_ZZZZZZZZZZII
50c
_
Class A (quar.)
Class A (extra)
Preferred (quar.)
Talcott (James) Inc
~ZS.
part, preference
Talon. Inc. (quar.)
Tappan Stove Co
Teck-Hughes Gold Mines
(quar.")
Extra
ZZZZZZZZZZZZZZ
"ZZZZ1111111
1st pref Z
Z"
Sept.
Sept.
10c
Oct.
5c
("quar".)ZZZZZZZZZZ~~"
Oct.
28c
12c
ZZZ"
Tokheim Oil Tank & Pump Co.
Toledo Edison Co. ,7% pref.
Oct.
50c
10c
Sept.
Sept.
25c
Texon Oil & Land Co
Thatcher Mfg. Co.
(quar.)__
Thermoid Co.. preferred..
Thew Shovel Co. preferred
(quarZ)~ZIZ~~
Thompson Products.
$5 preferred (quar.)
ZZZ
Tide Water Associated
Oil, preferred
Tilo Roofing Co., Inc
$1.40 preferred
ZZZZ
Timken-Detroit Axle
Todd Shipyards Corp
Sept.
Sept.
50c
(quar.)
6% preferred (monthly)
5% preferred (monthly)
Oct.
Oct.
25c
Co.~7 %
Texas Gulf Sulphur Co
10c
68 Mc
60c
Oct.
SI
"
("quar
ZZZZZZZ"
(quar.)".
(monthly)
~
SIM
Sept.
Sept.
50c
Oct.
SIM
SIM
Oct.
Oct.
20c
35c
25c
Sept.
Sept.
Sept.
Sept.
Sept.
58 l-3c
Oct.
50c
_
6.36% preferred (monthly)
6% preferred (monthly)
Oct.
412-3 c
Oct.
Aug.
Aug.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
3
26
26
10
3
31
14
14
14
S2M
SIM
United Pacific Insurance (quar.)
United Profit-Sharing, pref. (semi-annual)—
50c
United States Graphite Co
United States Gypsum Co. (quar.)
Extra
20c
50c
50c
Preferred (quar.)
United States Petroleum Co. (quar.)
SIM
2c
Quarterly
Oct.
15 Oct.
1
Sept. 30 Sept. 12
Sept. 16 Sept. 9
Oct.
1 Sept. 6
Sept. 14 Aug. 20
Oct.
1 Sept. 3
Oct.
1 Sept. 3
Oct.
1 Sept. 11
Sept. 14 Sept. 4
Sept. 16 Sept. 3
Oct. 15 Sept. 30
Oct.
1 Sept. 14
Sept. 16 Sept. 5
Sept. 24 Sept. 5
Oct.
1 8ept. 20 J
Sept. 15 Aug. 31
Sept. 16 Aug. 31
Sept. 30 Aug. 30
Sept. 30 Aug. 30
Oct.
1 Sept. 16
Oct.
1 Sept. 16
Oct.
1 Sept. 16
Dec.
Oct.
16 Dec.
2
10 Sept.
Sept. 27 Sept.
Oct. 31 Sept.
Sept. 16 8ept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 15 Sept.
Dec.
20
17
30
3
14
14
14
5
j
2c
(quar.)
50c
Sept. 20 Aug. 31*
50c
United States Pipe & Foundry Co.
Dec.
QusTtGrly
United States Playing Card
50c
15 Dec.
5
20 Nov. 30*
Oct.
1
Sept. 14
United States Rubber Co.—
8%
non-cum.
1st preferred
Sept. 27 Sept. 13*
Sept. 20 Aug. 20
Steel
pref. (quar.)
SIM
SIM
SIM
SIM
United States Tobacco Co
Preferred (quar.)
United States Truck Lines. Inc. (Del.) (quar.)„_
United States Trust Co. (N. Y.) (quar.)
United Steel & Wire Co., Inc. (quar.)
United Wall Paper Factories pref. (quar.)
Upper Michigan Power & Light Co. 6% pf. (qu.)
6% preferred (quar.)
Upson-Walton Co
Utah Power & Light $6 preferred
-
$7 preferred
Utica Knitting Co. 5% prior pref.
(quar.)
Van Norman Machine Tool
Vapor Car Heating. Inc. 7% preferred (quar.)
7% preferred (quar.)
Veeder Root
$15
Oct.
10c
Sept. 14
SIM
SIM
SIM
10c
SIM
40c
-
SIM
SIM
$1
S2M
$2M
35c
40c
60c
SIM
62Mc
37 Mc
37 Mc
37 Mc
37Mc
(quar.)
SIM
SIM
50c
50c
Waldorf System, Inc. (quar.)
15c
Walgreen Co. (quar.)
40c
(guar.)
SIM
m
(quar.)
J25c
SIM
Walker (H.) Gooderman & Worts, Ltd. (qu.)_.
Preferred
Sept. 16
Sept. 16
Sept. 16
25c
SIM
62Mc
7% preferred (quar.)
Wacker Wells Building
Wagner Electric
Preferred
Oct. 15
1-15-41
4-15-41
7-15-41
32c
43 Mc
Preferred (quar.)
Preferred (quar.)
Warren Railroad Co. (s.-a.)
Warren (S. D.) Co. (quar.)
Washington Water Power $6 pref. (quar.)
Waukesha Motor Co. (quar.)
Wells Fargo Bank (San Francisco)
(quar.)
West Indies Sugar Corp. preferred
75c
SIM
25c
S3M
S2M
37 Mc
SIM
1
Dec.
Oct.
Jan.
2
2
Apr.
2
July
2
Aug. 26
Aug. 26
Sept. 4
Sept. 20
Sept. 7
2 Nov. 25
Oct.
1 Sept. 28
1-1-41 Dec. 30
Sept. 20 Sept. 10*
Oct.
Oct.
Oct.
1
Sept.
3
1 Sept.
3
1 Sept. 20 j
Sept. 20 Sept. 10
Dec.
10 Nov. 30
3-1-41
3-9-41
Sept. 16 Aug. 31
Oct.
1 Sept.
9
Oct.
1 Sept.
9
Sept.
Sept.
Sept.
Sept.
Sept.
30 Sept. 20
15 Sept.
1
Nov.
19
15 Septl
1
20 Aug. 30
25 Sept. 14
1 Oct.
2-1-41 Jan.
5-1-41 Apr.
18
19
8-1-41 July 19
Sept. 20 Sept. 10
Oct. 19 Oct. 10
Sept. 14 Aug. 31
Sept. 20 Sept. 3
1 Sept. 20
Sept. 20 Aug. 20
Sept. 14 Aug. 15
Sept. 15 Aug. 23
Sept. 15 Aug. 23
Oct. 15 Sept. 27
Sept. 23 Sept. 18
Sept. 14 Aug. 23
Oct.
1 Sept. 14
Oct.
1 Sept. 24
Sept. 30 Sept. 16
Sept. 25 Sept. 10
Oct.
15 Sept. 20
Sept. 30 Sept. 16
Oct.
Oct.
10
SIM
Oct.
75c
Oct.
Oct.
14
20
75c
(quar.)--
(quar.)
Westgate-Greenland Oil Co. (monthly)
Westinghouse Air Brake
Westminster Paper Co.. Ltd. (s.-a.)
Westmoreland, Inc. (quar.)
Westmoreland Water Co. $6 pref
Weston (Geo.) Ltd. (quar.)
Wheeling Steel 6% pref. (quar.)
$5 prior pref. (quar.)
Whitaker Paper Co
7% preferred (quar.)
Whitman (Wm.) & Co., pref.
(quar.)
Wichita Water Co. 7% pref. (quar.)
Wieboldt Stores, prior pref. (quar.)_
Preferred (quar.)
Wilsll Ltd. (quar.)
Wilson Line, Inc. (semi-annual)
Sept. 4
Aug. 31
Aug. 31
Sept. 10
25c
Preferred
4
Sept. 16
Sept. 16
Sept. 16
Sept.16
Sept. 18
Sept. 16
Sept. 16
Aug. 31
Sept. 5
Sept. 10
Sept. 10
Aug. 31
Aug. 31
Sept. 6
Aug. 30
Sept. 10*
Sept. 14
Aug. 30
Aug. 31
Sept. 21
Sept. 21
50c
United Mercnants & Manufacturers, Inc
United New Jersey RR. & Canal (quar.)
Western Grocers, Ltd. (quar.)
Aug. 17
5c
Sept.
581-3 c
53c
Preferred (quar.)
West Penn Electric $7 class A (quar.)
West Virginia Pulp & Paper Co
West Virginia Water Service, pref.
Sept. 20
Sept. 20
Sept. 23
Sept.14
Sept. 5
Sept. 14
Aug. 24
Sept. 5
25c
I
Ltd.
Extra
15c
75c
75c
25c
SIM
(guar.)
ftys. 7 % preferred (mo.)
West Penn Power
14
30c
;
Tacony-Palmyra Bridge (quar.)
1st $3 preferred
Texas Corp.
Oct.
40c
(quar.)
& Share
Dec.
Oct.
75c
40c
Sunshine Mining Co.
(quar.)
Sutherland Paper Co
Telephone Bond
Dec.
Sept.
Sept.
Sept.
SIM
5% preferred (quar )
Stedman Bros., Ltd. (quar.)
Cony, preferred (quar.)
Sterchi Bros. Stores, 1st
pref. (quar.)
Strawbridge & Clothier 7% pref.
Strouss-Herschberg (quar.)
Sun Life Assurance of Canada
(quar.)
Sun Oil Co. (Phila.,
Pa.)
Sunray Oil Corp., pref. (quar.)
Sunset-McKee Salesbook Co., $1)4 class A
(qu.)
5)4%
Sept.
Sept.
Sept.
Sept
2
SIM
25c
25c
Stecher-Traung Lithograph 5% pref. (quar.)
_
Dec.
Sept.
Sept.
Sept.
60c
Preferred
United Light
Preferred (quar.)
Vulcan Detfnning (quar.)
1 Sept. 16*
Sept. 16 Sept. 5
5
Sept. 16 June
Sept. 14 Aug. 31
Sept.
Sept. 17
Oct.
Sept. 30
Sept.
Sept. 10
Oct.
Sept. 5
15c
75c
1M %
SIM
Preferred
Oct.
75c
30c
United Fuel Investments, 6% class A pref. (qu.)
Viking Pump Co. (special)
Preferred (quar.)
Virginia Electric & Power, pref. (quar.)
Virginian Ry. (quar.)
Preferred (quar.)
Preferred (quar.)
Sept. 16
Sept. 16
$2
25c
35Mc
United Gas & Electric Corp. pref. (quar.)
United Gas & Electric (Conn.) 7% pref. (quar.)United Gas Improvement (quar.)
Vicksburg Shreveport & Pacific (s.-a.)
Preferred (semi-annual)
1 Sept. 20
1 Sept. 20
.A1
25c
25c
—
_
Victor Chemical Works
1 Sept. 20
1 Sept. 14
Dec.
t20c
SIM
1940
Sept.14 Sept. 2
Sept. 14 Sept. 12
Sept. 30 Sept. 16
50c
_
United States Sugar Corp.,
Preferred (quar.)..
Sept. 15 Aug. 20
Oct. 15 Sept. 20
Oct. 15 Sept. 20
Oct. 15 Sept. 20
Sept. 14 Aug. 31
Sept. 30 Sept.16
Sept. 30 Sept. 13
Sept. 30 Sept. 13
Sept. 30 Sept.16
Sept. 14 Aug. 30
SIM
SIM
37Mc
10c
(s.-a.)
Union Premier Food Stores, Inc. (quar.)
Cum. conv. preferred (quar.)
United Artists Theatre Circuit, Inc., pref. (qu.K
United Bond & Share. Ltd. (quar.)
United Carbon Co
United-Carr Fastener
United Elastic Corp
14,
When
Holders
Payable of Record
25c
60c
—
United States
16
Sept. 20 Sept. 9
Sept. 20 Sept.
9
_
Preferred
14
17
_
Union Pacific RR
24
Sept. 3
Aug. 16
Aug. 16
Aug. 16
Sept. 6
Aug. 30
Aug. 31
Sept. 30
Sept.16
Sept. 5
Sept. 20
Sept. 14
25c
Extra
Standard Oil Co. (Kansas)
Standard Oil Co. (Ky.) (quar.)
Standard Oil Co. of Ohio (quar.)
Preferred (quar.)
Standard Steel Construction pref. A
(quar.)
Standard Wholesale Phosphate & Acid Works
Starrett (L. S.) Co
Swift & Co. (quar.)
Sylvanite Gold Mines,
10c
SIM
SIM
cum.
CI as 8 B
SIM
SIM
(quar.)_
5M % preferred (quar.)
Century-Fox Film Corp. pref. (qu.)
Udylite Corp
Underwood Elliott Fisher Co. (quar.)
Union Bag & Paper Corp. (increased)
Union Carbide & Carbon Corp
Union Gas of Canada (quar.)_
Sept. 16 Aug.
Oct.
Sparks-Withington, 6% pref. (quar.).
Spencer Trask Fund, Inc
Spiegel. Inc., preferred (quar.)__
Square DCo
Truax-Traer Coal 6% pref.
Twentieth
14
Oct.
South West Penna. Pipe Line
$4 Mi
31
3
Oct.
Oct.
$6 preferred (quar.)
Southwestern Portland Cement (quar.)
Preferred (quar.)
Preferred
1 Oct.
5
16
SIM
SIM
1 Nov.
1
SIM Nov.
Oct. 15 Sept. 30
SIM
25c
Sept. 16 Aug. 21
5c
Sept. 15 Sept. 10
Oct.
1 Sept. 10
15c
Oct.
1 Sept. 10
SIM
37 Mc
Sept. 27 Sept. 12
SIM Oct. 15 Oct.
1
Oct. 15 Oct.
1
SIM
25c
Sept. 26 Sept.10
95c
Sept. 26 Sept. 10
2%
Sept. 26 Sept. 10
37 Mc
Original preferred (quar.)
Preferred series C (quar.)
Southern Canada Power, pref. (quar.)
Southern Colorado Power, 7% pref
Southern Grocery Stores, Inc
Southern Natural Gas Co. (quar.)
6
Per
Share
Name of Company
Sept.16
1 Sept.
Sept. 16 Sept.
Oct.
1 Sept.
Oct.
1 Aug.
Sept. 14 Sept.
Sept. 28 Sept.
Sept. 28 Sept.
Sept. 14 Aug.
10c
6
Oct.
Oct.
1 Sept. 25
Sept. 16 Sept. 3*
25c
SIM
75c
Sept. 20
Sept. 19
1 Sept. 19
Oct.
40c
SIM
$1
SIM
1
Sept. 20 Sept;
50c
$2
SIM
S3
Sherwin-Williams (Can.), preferred
6
1
SIM
SIM-
Scbeoley Distillers Corp., pref. (quar.)
Scott Paper Co. (quar.)
$4 M cum. preferred (quar.)
$4 cum preferred (quar.)
Scovill Manufacturing Co
Scranton Electric, $6 pref. (quar.)
16 Dec.
$1M
6% preferred (s.-a.)
Schiff Co. (quar.)
Preferred (quar.)
Sept. 10
Sept. 14
Sept. 20 Sept.10
Sept. 30 Sept. 18
Oct.
1 Sept. 18
Sept. 16 Aug. 31
Sept. 16 8ept. 6
Oct.
37m
Class A (quar.)
Russell Mfg. (Initial)
Ruud Manufacturing Co. (quar.).
Holders
Payable of Record
25c
Roeser & Pendleton, Inc. (quar.).
Rome Cable Corp
Roos Bros., Inc. (quar.)
Rubinstein (Helena), Inc
Sept.
SIM
lc
1 Sept.
1 Sept.
15 Sept.
15 Sept.
Sept. 16 Sept.
20
10
25c
Sept. 14 Aug. 15
25c
25c
Nov.
t75c
20c
SIM
$1$1
SIM
SIM
Oct.
Oct.
Oct.
Oct.
Oct.
75c
Oct.
25c
15
Sept.14
Sept. 11
Sept. 12
Sept. 13
Sept.13
Oct.
Oct.
Oct.
Oct.
Oct.
il'i
Sept. 21
Sept. 21 1
SeDt.21
15 Oct.
1
Oct.
SI
Winstead Hosiery Co. (quar.)
Extra
:
Wisconsin Electric Power, 6% pref.
(quar.)
Wisconsin Michigan Power Co. 4 M
1 Oct.
1 Sept. 17
1 Sept. 17
1 Sept. 14
Sept. 30 Sept. 14
SIM
Nov.
1 Oct.
50c
Nov.
1 Oct.
31 Oct.
SIM
SIM
% pref. (qu.)
Wisonsin Power & Light, 7% pref
SIM
7% preferred
f $1.16 2-3
6% preferred
6% preferred
Wisconsin Public Service 7% pref.
SIM
(quar.)
6 M % preferred (quar.)
SIM
6% preferred (quar.)
SIM
-
Oct.
Sept. 15
Sept. 15
Sept. 1
Sept. 15
Sept. 15
Sept. 20
Sept.20
Sept. 20
Sept. 30
Sept. 20
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
1 Aug.
15
15
1
31
31
31
31
31
31
31
31
Wolverine Tube Co
Wood (Alan) Steel 7% pref
.
10c
Wright-Hargreaves Mines Ltd. (quar.)
10c
Oct.
5c
Oct.
22
1 Aug. 22
25c
15c
Oct.
Oct.
Sept. 20
Sept. 10
tSl
Sept.
t$7
Oct.
Oct.
Oct.
Oct.
Sept. 10
Sept. 12
Sept. 12
Extra
Payable in U. 8. funds.
Wrigley (Wm.) Jr. Monthly
♦
Yale & Towne Mfg. Co
Yellow & Checker Cab Co.
(Consol.) class A
Yellow Truck & Coach 7%
preferred
7% preferred (quar.)
Youngstown Sheet & Tube
SIM
-
Preferred (quar.)
Youngstown Steel Door
Zion's Co-operative Mercantile Institution
Quarterly
*
25c
SIM
50c
50c
50c
16
9
Sept. 14
Sept.
Sept.
Sept.14
Aug. 31
Sept. 5
Dec.
Dec
5
Transfer books not closed for this dividend,
t On
account
of accumulated dividends.
t Payable in Canadian funds, and in the case of non-residents of
Canada
deduction of a tax of 5% of the amount of such dividend will be made.
Volume
of the Federal Reserve Bank of
Condition
Weekly Return of the New
Clearing House
York
New
The
1527
The Commercial & Financial Chronicle
151
following shows the condition of the Federal Reserve
in comparison with
date last year:
The
11, 1940,
Bank of New York at the close of business Sept.
weekly
the previous week and the corresponding
STATEMENT OF
ASSOCIATION
Sept. 11, 1940
Sept. 4. 1940
$
Friday afternoon is given in full below:
MEMBERS
OF
$
1,280,000
95,414,000
Redemption fund—P. R. notes
Total
,
Total
bills
6,000,000
13,940,700
26,651,100
550 ,125 000
National City Bank
Chem Bank & Trust Co.
77,500,000
68,819,400 a2,440, ,375,000
Guaranty Trust Co
90,000,000
41,748,000
770.000
2,993,000
2,685,000
1,139,000
3,279,000
3,353,000
3,455,000
4,418,000
1,798,000
....
discounted
1,8041666
2,040,000
403,662,000
384,699,000
Fifth Avenue Bank
341,334,000
377,634,000
Bankers Trust Co
First National Bank
212,000
Industrial advances
Irving Trust Co
Continental Bk A Tr Co.
anteed:
403,662,000
341,334,000
......
Notes
4,000,000
Chase National Bank...
U. S. Govt, securities, direct and guar¬
Bonds..
21,000,000
15,000,000
10,000,000
50,000,000
Corn Exch Bank Tr Co.
100,270,000
500,000
25,000,000
Title Guar & Trust Co..
744,996,000
744,996,000
750,255,000
17,000
67,000
17,000
2,673,000
Other assets
1,924,000
cl,112, ,986,000
313 ,031,000
695 ,223,000
697, ,488,000
57 ,135,000
1,394,000
d2,985, ,330,000
46,034,000
56 ,774,000
4,600,000
el,159 ,858,000
61,560,000
2,103,000
15 ,701,000
128, ,910,000
3,100,000
432 ,980,000
37,687,000
2.066,000
116; ,926,000
173,573,000
9,767.000
17,943,000
8,912,000
23,005,000
85 ,546,000
52,096,000
745,087,000
5,561,000
141,420,000
518,518,000
Totals.
*
National, June 29, 1940; State, June 29. 1940; trust
As per official reports:
companies, June 29, 1940.
foreign branches for latest available dates as follows:
Includes deposits in
10,178,751,000 10152 606,000 8,295,889,000
Total assets
703 ,622,000
932,644,800 14,668,265,000
7,000,000
Publlo Nat Bk A Tr Co.
162,048,000
9,768,000
18,364,000
Federal Reserve notes of other banks.
.....
62,153 ,389,000
862,819,000
Due from foreign banks
Uncollected Items
7,000,000
Comm'l Nat Bk & Tr Co
856,149,000
750,147,000
direct and guaranteed
Total bills and securities
Bank premises
5,000,000
12,500,000
New York Trust Co
Government securities,
Total U. 8.
6,000,000
Marine Midland Tr Co..
93,816,000
Bills
745, ,010.000
57,240,100
185,639,400
40,151,100
73,285,300
21,021,300
109,530,400
53,310,000
4,450,400
134,091,000
4,115,400
81,778,200
2,465,000
9,448,000
28,000,800
8,639,500
10,067,700
20,000,000
Manufacturers Trust Co
Cent Hanover BkATr Co
Bills bought In open market
17,958,000
41,755,000
189,266,000
7,089,000
81,789,000
99,439,000
61,624,000
28,467,000
1,137,000
5,923,000
217, ,856,000
20,000,000
360,000
Other bills discounted
$
S
obligations
Govt,
S.
U
by
direct and guaranteed
Average
Bank of Manhattan Co.
Bank of New York
Bills discounted:
Secured
DeposUSt
Average
1,137,000
88,285,000
1,280,000
85,611,000
9,235,734,000 9,231,280,000 7,221,952,000
reserves
Time
Deposits,
Surplus and
Capital
Member*
9,139,040,000 9,144,389.000 7,132,530,000
Other cash t-
Net Demand
Profits
*
Clearing House
hand and due from
on
United 8tates Treasury.*
12, 1940
THURSDAY. SEPT.
Undivided
•
Assets—
Gold certificates
CLEARING HOUSE
THE NEW YORK
BUSINESS
OF
CLOSE
AT
Sept. 13,1939
$
on
by the New York City
issued
statement
Clearing House
York City
6 568,594,000;
640,000;
c
d $73,615,000;
$2,579,000;
10),
(Sept.
a
$283|21),
e (Aug.
$23,173,000.
Liabilities—
1,438,694,000 1,446,938,000 1,183,632,000
F. R. notes In actual circulation
Deposits—Member bank reserve acc't— 7,155,415,000 7,167,891,000 6,343,847,000
U.S. Treasurer—General account
315,348,000
301.575.000
117,448,000
Foreign
532,943,000
463,429,000
569,876,000
418,412,000
211,429,000
Other deposits
Total
Incl. accrued dividends-
Other liabilities
Quotations of representative stocks as received by
8,467,135,000 8,457,754,000 6,833,571,000
157,919,000
122,842,000
147,611,000
deposits
Deferred availability Items
1,339,000
678,000
861,000
British Amer Tobacco.
Surplus (Section 7)
53,326.000
7,109,000
12,934,000
Surplus (Section 13-b)
Other capital accounts
F.
total
of
deposit
to
reserve
39/3
76/3
.
£50
£50
£50
Central Min A Invest..
£10
£10
£10
£10
£10
7,457,000
8,636,000
Cons Goldflelds of
Courtaulds 8 A Co
Imp Tob of G B A
London Mid Ry__
Metal
ad¬
740.000
740,000
vances
11,940,000
I.¬
bank's own Federal
z
These are certificates given by
the United 8tates Treasury for
to
oents
59 06
cents,
these certificates
£5%
£5 J*
£5%
£614
£6%
£6%
...
12'7%
13/-
Wltwatersrand
£2%
£2%
Areas
Weekly Return of the Member Banks
68/9
68/9
36/10% 36/10%
19 nx
19/1%
70/36/3
19/4%
13/-
68/9
36/3
19/4%
13/3
70/36/10 %
19/4%
13/3
Vlckera
West
profit by the Treasury
difference, the difference itself having been appropriated as
under the provisions of the Gold Reserve Act of 1934
62/6
62/6
£6
£6%
United Molasses
the Reserve banks when the dollar was, on
100
23/95/£11%
£8
Shell Transport
the gold taken
Jan. 31, 1934. devalued from
being worth less to the extent of the
over from
15/6
£6
...
Rolls Royce
Reserve bank notes.
65/9
6/714
15/10)4
23/95/£11%
62/6
6/7%
£11%
62/6
62/6
Box
Rand Mines..
Rio Tlnto
t "Other cash" does not include Federal reserve notes or a
23/93/9
£11%
£12
£3%
55/6
55/9
6/7/4
15/6
23/95/-
15/6
30/30/27/10% 27/10%
£3%
£3%
56/6/9
56/6/9
15/9
22/6
95/-
Closed
Hudsons Bay Co
f 36,000
Industrial
make
to
L90.1%
93.2%
27/10%
£3%
£3%
Beers
Distillers Co
30/-
30/27/10%
30/27/10%
8 A.
Ford Ltd
foreign correspondents
Commitments
76/10% 76/3
£49
52,463,000
and
93.2%
38/9
£49
10,178,751,000 10152 606,000 8,295,889,000
note liabilities combined
R
Fri.,
Sept. 13
38/9
Cable A Wire ord
Electric A Musical Ind
Ratio
Thurs.,
Sept. 12
38/9
76/3
50,872,000
De
Total liabilities and capital accounts-
Wed.,
Sept. 11
38/6
76/3
9
Sept.
7
Boots Pure Drugs
51,075,000
53,326,000
7,109,000
12,884,000
51,081,000
Tues.,
Sept. 10
Mon.,
Sat.,
Sept.
Capital Accounts—
Capital paid In
cable
of the past week:
each day
10,054,301,000 10028212,000 8,176,461,000
Total liabilities
STOCK EXCHANGE
LONDON
THE
160,847,000
£2%
£2%
\J*M
of the Federal Reserve System
the Board of Governors of the Federal Reserve System, giving the principal
reporting member banks in 101 leading cities from which weekly returns are obtained.
Following is the weekly statement issued by
Items of
resources
and liabilities of the
banks themselves. The comments of the Board of Governors of
in our department of "Current Events and Discussions.''
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Commencing with the statement of May 19, 1937, various changes were made in the breakdown of loans as reported In this statement, which were
These
figures
are
always
a
week behind those for the Reserve
the Federal Reserve System upon
described in an announcement of the
the figures for the latest week appear
Federal Reserve Bank of New York of
April 20, 1937, as follows:
primarily to show the
purchasing or carrying
those located
and commer¬
confined to the classification of loans and discounts.
This classification has been changed
amounts of (1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of
securities.
The revised form also eliminates the distinction between loans to brokers and dealers in securities located In New York Oity and
outside New York Oity.
Provision has been made also to include "acceptances of owa bank purchased or discounted" with "acceptances
The changes
in the report form are
cial paper bought in open
loans," as formerly.
and agricultural loans" and "other loans,*»
market" under the revised caption "open market paper," instead of in "all other
It was made known that the new Items "commercial, industrial
Subsequent to the above announcement.
would each be
A more detailed explanation
of the revisions was
24,188
Loans—total
Commercial. Indus
dealers In secure .
$
purchasing or carrying
638
3,482
704
396
2,261
279
313
981
328
191
310
271
964
715
124
153
593
182
96
182
178
342
282
10
3
22
2
14
3
1
3
2
10
13
7
9
14
41
386
621
3,120
4,480
308
1,814
226
66
79
37
7
11
2
3
5
11
285
22
31
24
14
179
45
18
203
50
124
55
80
1
1
1
1
38
1
2
1
106
208
81
108
""l23
63
72
3
301
11
705
137
8
489
1
336
23
1
1
51
170
30
3
"28
67
39
165
"166
70
'"""33
39
1,105
301
43
39
2,095
133
108
1,042
89
85
700
615
110
2,866
328
147
338
72
24
76
48
193
313
94
131
66
68
544
134
331
69
58
281
43
1,589
276
107
126
107
3,665
1,497
198
450
208
141
721
106
6,567
"476
237
670
147
11,418
16
24
47
6
20
11
103
75
144
13
491
21
11
279
291
341
145
317
208
177
221
587
179
198
3,171
228
79
16
406
80
22
70
50
268
40
30
96
23
533
2,848
309
544
488
1,004
1,440
496
10,331
429
1,344
203
116
146
135
1,135
1,064
746
190
1,101
262
970
234
191
5,358
86
47
16
13
60
138
32
531
33
19
43
2
278
1,338
350
173
425
244
331
1
8
1
1
19
3
""4
""272
105
88
387
2,596
53
1,458
LIABILITIES
deposits—adjusted
Time deposits
United States Government
deposits
deposits:
8,505
...—
Borrowings—
liabilities———
Capital accounts
—-
380
3,750
442
486
670
Domestic banks
Other
30
"64
12
11
20,901
Other assets—net
Foreign banks
33
1,180
Obligations guar, by U. S. Govt
Other securities
Reserve with Federal Reserve BankCash In vault
Balances with domestic banks—...
Inter bank
69
6,561
——...
United States bonds
Demand
-<s»
463
1,672
Treasury bills
W
41
212
—-—..
loans
Treasury notes
11
13
48
—
Loans to banks
5
713
531
1,908
688
1,204
1,219
securities
Real estate loans
San Fran.
Dallat
$
10,474
473
390
1940 (In Millions of Dollars)
Minneap. Ran. City
$
294
and agricul. loans
St. Louis
Chicago
Atlanta
8,566
Open market paper
Loans to brokers and
Other loans lor
1,189
of the "Chronicle," page 3590.
LEADING CITIES BY DISTRICTS ON SEPT. 4,
Cleveland Richmond
Phila.
$
$
$
$
ASSETS
investments—total
New York
Boston
Total
Federal Reserve Districts—
Other
MEMBER BANKS IN 101
LIABILITIES OF WEEKLY REPORTING
ASSETS AND
Loans and
secured and unsecured."
published in the May 29, 1937, Issue
segregated as "on securities" and "otherwise
16
618
5
308
1
"""693
19
3,790
246
293i
1,618
42
~13
"""l6
33
"io
"""is
"~7
381
100
95
400
61
215
The Commercial & Financial Chronicle
1528
Sept.
14, 1940
Weekly Returns of the Board of Governors of the Federal Reserve
System
The following was issued
by the Board of Governors
showing the condition of the 12 Reserve banks
of the Federal Reserve
at the close of business
System
Wednesday.
on
for the System as a whole in
on Thursday afternoon, Sept. 12,
The first table presents the results
comparison with the figures for the eight preceding weeks and with those of the
corresponding
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."
week last year.
The second table shows the
COMBINED
RESOURCES AND LIABILITIES OP THE
FEDERAL RESERVE
BANKS
Sept. 4,
Aug. 28,
1940
Aug. 21,
Aug. 14,
Aug. 7,
1940
July 17,
1940
Sept. 13,
1940
July 31,
1940
July 24,
1940
1940
1940
1940
$
$
S
%
%
I
*
J
Sept. 11,
1940
18,486,978
11.82C
354,056
18,387,986
11,951
362,066
18,761,997
18.645,750
ASSETS
Gold ctfs.
on
AT THE
CLOSE OP
BUSINESS
SEPT.
11,
1940
1
Three Ciphers (000) Omitted
hand and due from U. 8. Treas.x.
S
Other cash *
Total reserves
—
18.671.29E
11,397
340.82C
18,631,297
11,398
322,814
18,561,978
11,826
348,39C
19,023,516
18,965,50£
18,922,194
18,852,866
980
Redemption fund (Federal Reserve notes)
1,503
4,031
1,229
2,619
1,119
1,012
1,237
1,891
998
768
1,556
1,939
1,935
1,999
1,781
1,729
1,439
5,697
5,534
3,848
3.058
2,947
3,236
3,672
2,727
2,207
7,253
8*645
"8*553
"¥,561
"¥,545
"¥.6Q2
"¥.884
"9,103
"¥,118
11,617
1,321,196
1,126,732
1,323,196
1,126,732
1,323,196
1,268,800
1,126,732
1,245,497
18,273,975
18,188,977
18,113.976
18,028.478
14,576,719
12,853
12,852
358,922
377,336
12.853
380.284
10,353
367,639
324,422
18,579,165
18,507,113
18.406,470
14,909,429
8,288
Bills discounted:
Secured
by U. 8. Government
direct and guaranteed
Other bills discounted
Total bills discounted....
obligations,
4,258
—
5,238
—
Bills bought In open market
Industrial advances
~
*8*630
546
United States Government securities, direct and
v:
guaranteed:
Bonds
-
1,318,600
1,115,000
-
Notes
-
Bills
1,318,600
1,115,000
)
1,319,196
1,122,458
1,319,196
1,126,732
1,319,196
1,319,196
1,126,732
1,126,732
'
309,420
Total
U.
8
Govt
securities, direct
and
guaranteed
—
2,433,600
2,433,600
2,441,654
2,445,928
2,445,928
2,445,928
2,447,928
2,449,928
2,449,928
2,823,717
2,447,779
2,454,055
2,457,547
2,457,420
2,457,766
2,460,484
2,461,758
2,461,253
2,843,133
Other securities
Foreign loans
on
gold
Total bills and securities
2,447,468
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks
Uncollected Items
47
—
47
65,117
Total assets
47
22,962
706,834
41,310
Bank premises
Other assets
21,221
663,569
41,307
61,230
20,812
636,584
41,364
60,191
22,307,254
22,200,662
22,135,247
47
47
47
20,041
21,679
778,624
22,794
21,433
21,193
23,608
661,319
26,389
614.038
640,802
654,894
790.313
733,764
41,395
59,326
41,407
57,523
41,417
57,854
41,432
57,153
41.440
42,166
58,754
56,114
77,469
22,092,535
22,119,928
21,839,325
21,801,202
2i,743,590
21,779,245
18,632,527
41,407
47
47
47
177
LIABILITIES
Federal Reserve notes in actual circulation
5,393,924
Foreign
....
——
Total deposits
Total liabilities
CAPITAL ACCOUNTS
Capital paid in
Surplus (Section 7)
Surplus (Section 13-b)
Other capital accounts
—
Ratio of total reserves to
deposits and Federal
Reserve note liabilities combined
Contingent
liability
bills
on
purchased
5,292,803
5,280,926
5,247,601
13,339,587
940,004
13,498,134
694.083
787,371
642,925
278,395
615,386
742,077
733,601
450,076
602,924
13,285,861
923,394
816,341
570,013
594,991
585,358
564,920
305,296
15,825.084
621,720
2,853
15,826,840
611,024
3,284
15,793,517
15,723,856
15,595,609
15,574,579
626,546
617.784
15.439,935
750,395
2,891
601,048
2,460
15,534,921
626,010
12,896,466
740,963
2,896
2,303
2,205
1,690
6,243
21,840,442
21,775,388
21,732,898
21,760,513
21,480,043
21,442,267
21,386,418
21,422,379
18,285,825
137,586
151,720
137,582
151,720
26,839
137,543
151,720
26,839
43,180
151,720
26,839
42,877
137,460
151,720
26,839
41,153
149,152
43,718
137,553
151,720
26,839
43,303
137,449
151,720
44,075
137,562
151,720
26,839
43,516
137,499
26,839
22,307,254
22,200,662
22,135,247
22,092,535
22,119,928
21,839,325
21,801,202
89.4%
89.4%
89.4%
89.3%
89.3%
89.3%
89.2%
"¥,192
"8*238
8,241
8,370
"¥,4§I
"t¥,582
"¥,587
8,611
10,919
3,806
2,217
1,579
1,405
1,719
2,212
1,402
1,198
4,406
15,877,450
669,184
Deferred availability Items
Other liabilities, Incl. accrued dividends
Total liabilities and capital accounts
5,309,939
13,418,718
889,274
867,059
618,466
"¥,123
-
Other deposits
6,334,240
13,515,998
137,620
151,720
26,839
44,388
United States Treasurer—General account-
5,390,785
6,129
account
13,523,861
791,182
997,516
512,525
3,418
reserve
13,595,824
761,686
956,537
563,403
21,946,687
Deposits—Member banks'
813.094
t99O,660
t507,088
for
841,341
5,223,282
5,230,359
4,678,992
13,564,561
13,863,019
11,525,708
'
704,124
135,497
26,839
27,264
40,858
34,789
21,743,590
21,779,245
18,632,527
89.2%
89.0%
84.8%
foreign correspondents
Commitments to
make industrial advances
Maturity Distribution of Bills
Short Term
1
101
and
Securities—
1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
319
323
233
198
161
107
734
80
111
115
686
688
409
415
446
506
320
336
449
518
224
647
639
575
523
489
324
270
192
296
233
1,788
391
441
571
554
374
161
5,534
3,848
3,058
2,947
3,236
3,672
2,727
2,207
7,253
261
Total bills discounted
1-15 days bills bought In
open market
16-30 days bills bought in open
market
31-60 days bills bought In
open market
31-90 days bills bought In
open market--.Over 90 days bills bought In
open market
5,238
251
23
115
93
315
Total bills bought In open
market1-15 days Industrial advances
16-30 days Industrial advances
31-60 days Industrial advances
~
546
"
"l"568
"1*596
~1,565
"l",545
253
"1,503
1*575
209
173
200
"l",88i
"¥,079
"¥.151
1,317
136
102
63
67
95
208
163
242
138
61-90 days Industrial advances
Over 90 days Industrial advances
243
309
320
207
207
184
380
269
Total Industrial advances
258
298
297
150
161
6,402
251
259
287
506
6,419
6,275
6,276
6,447
6,444
6,482
6,491
6,401
9,206
8,645
8,553
8,561
8,545
8,602
8,884
9.103
9,118
8,630
U. 8. Govt,
securities, direct and guaranteed:
1-15 days
16-30 days
31-60 days
11,617
67,050
38,913
61-90 days
78,077
Over 90 days
2,433*600
2,433*600
2,441*654
2,44*5*928
2,445*928
2,445*928
2,447*928
2,449,928
2,449.928
125,380
2,514,297
2,423,600
2,433,600
2,441,654
2,445,928
2,445,928
2,445.928
2,447,928
2.449,928
2,449,928
2,823,717
5,688,926
295,002
5,639,131
5,623,589
5.579.915
298.989
305.538
5,566,947
343,665
5,565.621
289.349
5,588,093
295,290
5,553.139
248,346
5,607,570
297,631
335.262
4,983,108
304,116
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
A pent
"
5,393,924
as
5,390,785
5,334,240
5,309,939
5.292,803
5,280.926
5.247,601
5,223,282
5.230.359
4,678,992
5,790,000
3,844
6,739,500
5,723,000
5,688,000
1,625
5,679.500
1,614
5,066,000
1,834
5,664,500
1,836
5,669.500
2,537
5,685,000
1,543
5,682,500
4.200
1,265
2,792
5,793
5.743.700
5.689,625
5.686,543
5.684.334
5,666,336
5,681.114
5.670.765
5,068,792
Security for
Notes Issued to Bank—
Gold ctfs.
on
hand and due from U. 8.
Treas—
By eligible paper
United States Government securities-Total collateral
*
"Other cash"
'
844
5.725.537*
does not Include Fehpral
Reserve notes,
t Revised figures
certificates given by the United
Stata-i Treasury for tae
gold tixen over from the Reserve hints when the dollar was devalued from 100 cents to
cents on Jan
31
1934, these certificates belag worth
59.08
less to tne extent of tie difference, the difference Itself
having been appropriated as profit by the Treasury under
provisions of the Gold Reserve Act of 1934.
x
These
are
1528
The Commercial & Financial Chronicle
Sept.
14, 1940
Weekly Returns of the Board of Governors of the Federal Reserve
System
The
following
issued by the Board of Governors of the Federal Reserve System
was
showing the condition of the 12 Reserve banks
at the close of business
Wednesday.
on
Thursday afternoon, Sept. 12,
on
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
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* '} week last year.
The second table shows the
COMBINED
RESOURCES AND LIABILITIES OP THE
FEDERAL RESERVE
BANKS
AT THE
CLOSE
OP
BUSINESS
SEPT.
1940
II,
1
Three Ciphers (000) Omitted
Sept. 11,
1940
Sept. 4,
Aug. 28,
1940
Aug. 21,
Aug. 14,
July 24,
July 17,
Sept. 13,
1940
1940
Aug. 7,
1940
July 31,
1940
1940
1940
1940
1940
S
$
S
$
$
$
*
$
$
•
ASSETS
Gold ctfs.
band and due from U. 8. Treas
on
18,671,299
11,397
340,820
18,631,297
19,023,516
jc-
$
...
Total reserves
18,387,980
11,951
12,853
12,852
322,814
18,486,978
11,826
354,056
12.853
10.353
8,288
362,066
358,922
377,336
380,284
367,639
324,422
18,965,609
18,922,194
18,852,860
18,761,997
18,645,750
18,579,165
18,507,113
18,406,470
14,909,429
980
Other cash
18,561,978
11,826
348,396
1,503
4,258
Redemptlon fund (Federal Reserve notes)
1,229
2,619
1,119
1,939
1,012
1,935
1,237
768
1,556
1,999
1,891
1,781
998
4,031
1,729
1,439
5,697
5,534
3,848
3,058
2,947
3,236
3,672
2,727
2,207
7,253
11,398
18,273,975
18,188,977
18,113.976
18.028.478
14,576,719
Bills discounted:
Secured
U. 8.
by
Government obligations,
direct and guaranteed
Other bills discounted
Total bills discounted
5,238
Bills bought In open market
Industrial advances
"*8*630
-
546
"
"8" 645
"8*553
"8*561
"8*545
*8*602
8,884
"~9*, 103
"*9*118
11,617
1,318,600
1,115,000
1,319,196
1,122,458
1,319,196
1,126,732
1,319,19 6
1,126,732
1,319,196
1,126,732
1,321,196
1,126,732
1,323,196
1,126,732
1,323,196
1,126,732
1,245,497
United States Government securities, direct and
guaranteed:
Bonds
...
Notes
1,318,600
1,115,000
•
—
Bills
1,268,800
309,420
Total
U.
8
Govt
securities,
direct
and
guaranteed
2,433,600
2,433,600
2,441,654
2,445,928
2,445,928
2,445,928
2,447,928
2,449,928
2,449,928
2,823,717
2,447,468
2,447,779
2,454,055
2,457,547
2,457,420
2,457,766
2,460,484
2,461,758
2,461,253
2,843,133
47
47
47
47
47
47
47
47
47
20,812
636,684
20,041
21,679
778,624
22,794
614,038
21,433
21,193
23.608
26,389
661,319
640,802
654.894
790.313
41,364
733,764
41,395
65,117
21,221
663,569
41,307
61,230
41,407
59,326
58,754
41,417
57,854
41,432
57,153
41,440
60,191
41,407
57,523
56,114
42,166
77,469
22,307,254
22,200,662
22,135,247
22,092,535
22,119,928
21,839,325
21,801,202
21,743,590
21,779,245
18,632,527
Other securities
Foreign loans
on
gold...
-
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks
Uncollected Items
Bank
22,962
...
706,834
41,310
premises
Other assets
Total assets
....
-.
LIABILITIES
Federal Reserve notes In actual circulation
reserve
5,393,924
Total liabilities..
....
5,280,926
5.247.601
5,223,282
5,230,359
4,678,992
13,285.861
813.094
13,564,561
13,863,019
11,525,708
940,004
1990.660
867,059
841,341
t507,088
618,466
602,924
923,394
816,341
570,013
13,498,134
694,083
787,371
15,825.084
15,826,840
15,793,517
621.720
611,024
3,284
626,546
15,723,856
740,963
2,853
2,896
2,891
21,840.442
21,775,388
21,732,898
137,586
151,720
137,582
151,720
26,839
26,839
44,075
22,200,662
89.4%
'
5,292,803
13,339.587
22,307,254
Total deposits
Deferred availability Items
Other liabilities, lncl. accrued dividends
5,309,939
13,418,718
889,274
6,129
Other deposits
5,334,240
13,515,998
669,184
Foreign
5,390,785
13,523,861
791,182
997,516
512,525
15,877,450
account
United States Treasurer—General account-
13,595,824
761,686
956,537
563,403
137,620
151,720
26,839
44,388
Deposits—Member banks'
CAPITAL
Canltal paid in
"8*123
21,946,687
Other capital accounts
Total liabilities and capital accounts
Ratio of total reserves to
deposits and Federal
Reserve note liabilities combined
Contingent
liability on bills
correspondents..
Commitments
purchased
for
to make industrial advances...
Maturity Distribution of Bills
3,418
450,076
504,920
305,296
15,595,609
15,574,579
15,534/921
617.784
626,010
15,439.935
750,395
12,896,466
601,048
2,460
2,303
2.205
1,690
6,243
21,760,513
21,480,043
21,442,267
21,386,418
21,422,379
18,285,825
137,553
151,720
26,839
43,303
137,543
151,720
137,499
137,460
137,449
135,497
151.720
26,839
151,720
26,839
151,720
26,839
149,152
26,839
43,718
137,562
151,720
26,839
43,516
43,180
42,877
41,153
40,858
34,789
22,135,247
22,092,535
22,119,928
21,839,325
21,801,202
21,743,590
21,779,245
18,632,527
89.4%
89.4%
89.3%
89.3%
89.3%
89.2%
89.2%
89.0%
84.8%
"8", 192
"8,238
"8*241
"8*370
*8* 431
~t~8~582
"*8*587
"8*611
10,919
3,806
2,217
1,579
1,405
1,719
2,212
1,402
1,198
4,406
704,124
27,264
101
319
323
233
198
161
107
80
111
686
688
115
409
606
415
446
320
336
449
518
224
647
639
575
523
489
324
296
1,788
251
261
270
192
233
391
441
571
554
374
161
5,238
Total bills discounted
1-15 days bills bought In
open market
16-30 days bills bought In open market
31-60 days bills bought In open
market31-90 days bills bought In
open market
Over 90 days bills bought in
open market
bought In
615,386
733,601
734
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
bills
278.395
742,077
685,358
and
Short Term Securities—
1-15 days bills discounted
16-30 days bills discounted
Total
642,925
594,991
ACCOUNTS
Surplus (Section 7)
Surplus (Section 13-b)
foreign
""*177
5,534
3,848
3,058
2,947
3,236
3,672
2,727
2,207
7,253
23
115
93
315
market..
1-15 days Industrial advances
16-30 days Industrial advances
31-60 days Industrial advances
open
~
~
546
1*568
*1*596
253
"l",565
"l",545
"l",503
"l~575
209
"1*881
173
200
2*679
136
"2*.151
1,317
102
63
67
95
208
138
61-90 days Industrial advances
Over 90 days Industrial
advances....
163
242
"
243
309
320
207
207
184
380
269
Total Industrial advances
U. S. Govt,
securities, direct and guaranteed:
1-15 days..
258
298
297
150
6,402
161
251
259
6,419
287
6,275
6,276
506
6,447
6,444
6,482
6,491
6,401
9,206
8,645
8,553
8,561
8,545
8.602
8,884
9,103
9,118
8,630
16-30 days
31-60 days
11,617
67,050
38,913
61-90 days
78,077
125,380
....
.....
Over 90 days.....
2,433*600
2,433*600
2,441*,654
2,445*928
2,4*4*5*,928
2,44*5*928
2,447*928
2,449*928
2,449*928
2,514,297
2,423,600
2,433,600
2,441,654
2,445,928
2,445,928
2,445,928
2,447,928
2,449,928
2,449,928
2,823,717
5,639,131
248,346
5,623,589
5,607,570
5,588,093
297,631
305,538
5,566,947
343,665
5,565,621
295,290
5,579,915
298,989
5.553,139
289,349
335.262
4,983,108
304,116
5,390,785
5,334,240
5,309,939
5,292,803
5,280,926
5,247,601
5.223,282
5.230.359
4,678,992
5,790,000
3,844
5,739,500
5,723,000
2,537
5,688,000
1,625
5,685,000
5,682,500
1,543
5,664,500
1,836
5,679.500
1,614
5.669,500
1,265
5,066,000
1,834
5,793.844
5.743.700
5.725.537'
5.689,625
5.686.543
5.684.331
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..
5,688,926
295,002
In actual circulation
Collateral
Held by Agent as
Notes Issued to Bank—
Gold ctfs.
on
By eligible
5,393,924
Security for
hand and due from U. 8.
Treas...
paper
United States Government securities
Total collateral
'
4,200
2,792
5.666,336
5,681.1141
5,670.765
5,068,792
does not Include Federal
Reserve notes,
t Revised figures
certificates given by the United
States Treasury for tue
gold ta<en over from the Reserve banks when the dollar was
devalued from 100 cents to 59.08
1931, these certificates being worth less
to tne extent of t ie difference, the
difference Itself having been appropriated as
provisions of the Gold Reserve Act of 1934.
profit by the Treasury under
*
x
"Other
These
cents on Jan
cash"
are
31
Volume
1529
The Commercial & Financial Chronicle
151
Weekly Returns of the Board of Governors of the Federal Reserve System (Concluded)
Three
Ciphers
(000)
/
Omi'ted
Federal Reserve Agent at—
Total
Boston
New York
9
9
9
Cleveland Richmond
PhUa.
ASSETS
9
Gold
certificates
hand
on
and
BUSINESS SEPT. 11, 1940
LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
WEEKLY STATEMENT OF RESOURCES AND
9
Atlanta
Chicago
9
9
due
11,397
1,802
1,280
340,820
33,073
95,414
955,365 1,237,184
993
1,000
21,251
29,440
19,023,516 1,167,657 9,235,734
985,798 1,259,435
512,975
60
18,671,299 1,132,782 9,139,040
from United States Treasury
Redemption fund—Fed. Res. notes
Other cash ♦
Total reserves
290.767
9
9
9
9
San Fran
Dallas
Minneap. Kan. CUy
St. Louis
9
9
255,838 1,071,458
405,032
491,324
1,123
20,528
362,253 2,877,346
733
1,111
39,772
17,876
452,910
383
485
620
640
1.227
16,366
7,498
16,420
13,350
29,832
381,240 2,917,851
469,659
298,750
422,072
10
46
175
80
41
223
614
15
80
51
269
789
55
269,828 1,102,517
Bills discounted:
Secured by U. 8. Govt,
bllgatlons,
direct and guaranteed
980
360
134
123
4,258
Other bills discounted
2,993
115
34
20
12
143
40
3,353
249
157
60
155
20
8,630
1,127
1,798
2,399
374
849
267
271
5
228
215
461
636
1,318,600
96,222
403,661
135,227
66,100
48,380
139,966
61,156
38,864
62,418
1,115,000
81,366
341,335
104,577
88,430
114,345
55,894
40,910
118,353
51,714
32,863
52,780
51,459
43,513
110,570
93,497
2,433,600
177,588
744,996
193,007
249,572
121,994
89,290
258,319
112,870
71,727
115,198
94,972
204,067
2,447,468
178,715
750,147
195,655
250,103
122,903
89,712
258,610
112,955
72,006
115,882
96,222
204,758
47
3
18
5
4
2
2
6
1
3,343
1,406
4,197
1,682
59,343
23,690
38,879
2,394
5,238
Total bills discounted
Industrial advances
U. 8. Govt, securities, direct & guar.:
Bonds..
Notes..
:::::::::
Total
U.
8.
Govt,
securities
direct and guaranteed
Total bills and securities
Due from foreign banks
Fed. Res. notes of other banks
522
2.807
0,817
1,377
33,328
25,270
44,330
22,962
988
2,673
1,085
706,834
49,494
41,310
63,389
2,852
162,048
9,768
4,497
5.450
2,494
2,005
98,871
3,345
3,117
1,127
2,884
.......
65,117
premises..
Other
1
2,220
a
....
4,283
18,363
7,782
6,896
3,519
2,197
6,276
2,725
1,867
2,820
2,863
5,526
500,252 3,289,156
628,295
395,435
579,240
...
Uncollected Items
Bank
4
1
618
see
1,421
87,375
assets..
■
22,307,254 1,417,887 10178751
Total assets.
1,244,316 1,610,684
704,579
2
395,833 1,362,826
LIABILITIES
5,393,924
440,416 1,438,694
372,758
497,046
241,947
172,770 1,158,238
199,850
148,035
193,727
85,433
445,010
13,595,824
761,686
794,241 7,155,415
315,348
41,681
658,995
884,078
323,830
230.591 1,825,621
314,191
165,045
281,733
214,626
747,458
36,699
64,548
43.074
34,193
32,826
35,864
38.894
37,961
61,255
28,322
23,053
73,809
79,039
36,683
532,943
14,490
19,101
19,760
34,654
48,095
463,429
27,950
6,649
3,454
5,254
8,504
19,760
7,435
3,702
5,260
2,347
890,629 8,467,135
788,192
995,056
389,799
291,724 1,986,973
378,069
219,101
344,988
274,694
851,090
46,979
3,078
84,370
57,112
22,522
97,731
39,005
18,826
29,706
24,079
39,738
353
106
147
360
112
148
138
139
226
21,946,687 1,393,011 10054301 1,211,007 1,576,825
688,964
487,163 3,243,302
617,036
386,110
568,559
F. R. notes In actual circulation
Deposits:
Member bank
reserve account
U. 8. Treasurer—General account.
Foreign
Other
46,171
8,536
956,537
563,403
deposits
20,883
'
Total deposits..
15,877,450
669,184
Total liabilities
CAPITAL
861
9,332
51,081
11,880
14,061
5,339
4,678
13.920
4,154
2,952
11,650
10,405
53,326
14.198
14,323
5,247
5,725
22,824
4,709
3,152
4,422
3,613
4,151
151,720
3,974
10,224
7,109
12,934
4,393
1,007
3,246
713
1,429
538
1,001
1,142
1,266
2,121
2,838
4,468
1,783
1,973
7,681
1,858
2,220
1,504
2.097
2,767
22,307,251 1,417,887 10178751 1.244,316,1,610,684
740
260
1,0321
1,109
8,123
704,579
500,252 3,289,156
628,295
395,435
579,240
15
369
52
144
26.839
2,874
44,388
2,265
accounts....
"Other eash" does not Include Federal Reserve notes,
a
510
645
*
Total
Boston
New York
notes:
9
S
S
7-—-
S
Issued to F. R. Bank by F. R. Agent
5,688,926
Reserve
In actual
St. Louis
9
9
9
$
S
San Fran.
Dallas
Minneap. Kan. City
9
457,758 1,524,027
85,333
17,342
389,172
517,959
256,929
153,117
203,340
93,484
20,913
14,982
187,432 1,190.509
32,271
14,662
210,807
16,414
10,957
5,082
9,613
8.051
504,392
69,382
5,393,924
440,416 1,438,694
372,758
497,046
241,947
172,770 1,158,238
199,850
148,035
193,727
85,433
445,010
5,790,000
470,000 1.535,000
3,153
400,000
521,500
275,000
190,000 1,210,000
219,000
154,500
205,000
96,000
514,000
3,844
80
42
260
5,793,844
circulation...;
held
Chicago
$
295,002
470,000 1,538,153
400,249
219,080
154,542
205,260
96,000
514,000
Held by Federal Reserve Bank
ollateral
8
Atlanta
%
Cleveland Richmond
PhUa,
Federal Reserve Bank of—
395,833 1,362,826
4
3,243
Less than 1600.
Three Ciphers (000) Omitted
Federal
384,345 1,336,064
137,620
.....
Commitments to make Indus, ad vs...
♦
147,611
461
ACCOUNTS
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b)
Other capital
61,505
6,129
Deferred availability Items
Other liabilities, lncl. accrued dlvs...
by ageut as security
for notes lasued to banks:
Gold certificates
on
hand and due
from United States Treasury
Eligible
paper..
Total collateral
United States Treasury
Rates quoted are
249
60
521,500
275,060
190,000 1,210,000
PARIS
THE
Bills—Friday, Sept. 13
The Paris Bourse, due to war
for discount at purchase.
BOURSE
conditions, was closed from
Exchange was
30, on which latter date the
opened for limited trading.
June 11 to July
0.06%
0.06%
Sept. 21 1940
Oct.
2 1940
Oct.
9 1940
Oct.
23 1940
Oct.
0 1940.
Nov.
13 1940
Nov/. 20 1940
30 1940
0.06%
0.00%
0.06%
0 06%
0.06%
0.06%
NoV. 27 1940.
Dec.
4 1940
Dec.
0.06%
0.06%
0.06%
16 1940
Oct.
Nov.
0 06%
0 06%
18 1940
Sept
Asked
Bid
Asked
Bid
11 1940
BERLIN STOCK
THE
EXCHANGE
Closing prices of representative stocks as
each day of the past week:
Sept.
7
received by cable
Sept.
Sept.
Sept.
Sept.
Sept.
13
12
11
10
9
Per Cent of Par
164
203
129
137
127
129
188
118
253
130
Gesellschaft(0%)164
Berliner Kraft u. Llcht (8%)
202
Commerz Bank (6%)
129
Deutsche Bank (0%)
137
Deutsche Relchsbah n (German Rys. 7%)„127
Dresdner Bank (6%)
—129
Farbenlndustrle I. G
(8%)--.———.——188
Relchflbank (new shares)
——————118
Siemens & Halske (8%)
252
Verelnlgte Stahlwerke (0%)
130
Allegemeine Elektrlzltaeta
Quotations for United States Treasury
Notes—Friday,
Sept. 13
32ds of
Figures after decimal poiht represent one or more
a
point.
Int.
Int.
Dec.
15 1940...
1%%
101
14
101
16
Rale
Maturity
Asked
Bid
Rate
Maturity
June
1%%
101
19
101 21
101 21
101 23
Dec
15 1941...
101.27
101 29
Mar.
15 1944
Mar. 15 1942...
1%%
102 20
102.22
June
15 1944
Sept. 15 1942...
Dec. 15 1942—
2%
103.30
104
Sept
15 1944...
1%%
103.23
103.25
Mar. 15 1945
16 1941
Dec.
15 1943...
102.10
—
102.8
101 27
101.
1%%
1%
Sept.15 1943...
1%%
1%%
Mar. 15 1941...
June
102
102 16
%%
1%
%%
— .
14
ENGLISH
9
101 26
101
100 24
100 26
101 22
101.24
100.10
The daily
100 12
28
as
FINANCIAL MARKET—PER CABLE
reported by cable, have been as
fineoz.
168s.
stocks and bonds listed on
as
168s.
£73%
Consols, 2%%- Closed
of representative
daily closing averages
Tues.,
Sept. 10
23 7-16d.
Closed
Gold, p
the
Mon.
Sept. 9
Sat.,
Sept. 7
Stock and Bond Averages
are
202
131
139
127
130
189
118
251
131
British 3 % %
War Loan.—
London,
follows the past week:
closing quotations for securities, &c., at
Silver, per oz—
Below
203
130
138
127
129
189
118
253
132
164
202
132
139
127
130
188
118
249
131
164
Asked
Bid
1%%
1%
15 1943...
-
163
164
204
129
137
127
129
189
118
253
131
23 %d.
168s.
£73
Wed.,
Sept. 11
Sept. 12
Sept. 12
Fri.,
Sept. 13
23 7-16d.
23 7-16d.
23 7-16d.
23 7 16d.
The
£73 %
168s.
£73
Closed
£101
£100%
£101
£100%
£100%
Closed
1960 90
the New York Stock Exchange
168s.
168s.
£73%
£112#
£112%
£112%
£112%
£112%
British 4%
compiled by Dow, Jones & Co.:
Thurs.,
Thurs.,
price of silver per ounce (in cents) in the United
days has been:
States on the same
Bond*
Stock*
Bar N. Y.(for.)
U.
10
10
(newly mined)
30
20
15
Total
10
First
Second
10
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili¬
roads
ties
Stocks
trials
Rail*
Rails
ties
34%
34%
34%
71.11
71.11
71.11
71.11
71.11
71.11
Bonds
Sept.
127 74
27.70
21.65
43.19
106.96
92.25
47.38
108.91
88.87
Sept
127.87
27.62
21.88
43.25
106 99
92.49
47 54
108 78
88.95
129.36
13
12
Sept. 11
Sept. 10
Sept.
9
Sept.
7
34%
40
trials
34%
Total
Indus¬
Date
34%
S. Treasury
27.95
22.27
43.79
107.05
92.55
48.08
108.76
89.11
129.61
28.12
22.31
43.91
107.03
92.64
48.18
108.74
89.15
129.73
28 27
22.46
44.02
107.13
92.54
47.86
108.75
89.07
132 78
29 21
23.05
45.15
107.20
92.95
49.11
108.80
89 51
United
States
York Stock
Government
Securities on the
New
Exchange—See following page.
Transactions
at
Daily, Weekly and
the
New
York
Stock
Yearly—See page 1545.
Exchange.
1530
Sept.
Stock and Bond Sales—New York Stock
14, 1940
Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded In the day's range, unless they are the only transactions of the day.
is taken of such sales In computing the range for the year.
No
account
United States Government Securities
Below
furnish
the New York Stock Exchange
on
daily record of the transactions in Treasury, Home Owners' Loan and Federal
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds of a point.
we
a
Daily Record of U. 8. Bond Prices Sept.
Treasury
4tfs. 1947-52
7 Sept.
9 Sept. 10 Sept. 11 Sept. 12 Sept. 13
(Low.
120.3
(Close
Treasury
High
120.3
113.17
113.10
'
.
"
1
'.
a.
-
-
Total sales in $1,000 units...
(High
2Hs. 1949-53
----
102.18
102 14
Low.
102.18
102 14
3*8. 1941-43
----
----
----
102.18
Close
108.11
108.9
Low.
108
108.11
108.9
Close
108
108.11
108.9
3*8, 1943-47
Total sales in $1,000 units...
1
(High
Low.
Close
3*8, 1941..
103.
103.10
103.11
103.
103.10
103.11
10
108.12
108.12
108.13
1
5
Close
2s. 1947
Low.
.
—
111.20
Federal Farm Mortgage
-
-
--
—
—
-
-
—
:
-----
----
103
103
103.5
103.5
————
103
2
-
1
*2
-
-
—
—
-
—
—
-
-
-
-
-
—
-
-
-
-
-
-
---
7
-
--
-
-
----
--y-
-
----
-
—
-
*
«
-
----
----
-
-
—
-
-
-
----
--
----
----
Low.
----
Close
Low
-
-
-
----
----
----
-MM.-
-
-
----
-
-
—
Total sales in $1,000 units...
*1
5
High
3s, 1942-47
—
—
—
-
—
110.25
-
—
-
—
-
107.18
-
— —
110.25
—
Total sales in $1,000 units..
1
Close
■
25*8. 1942-47
1
—
-
107.18
-
107.18
-
-
107.18
----
5
-
--L-
-
-
-
----
—
—
-
—
----
—
—
—
----
—
-
—
--
---
-
—
—. -
1
---
---
—
High
-
.
----
-
---
—
---
Total sales in $1,000 units...
110.19
-r
—
-a,
-
-
-
P10.25
110.19
Close
m
110.19
Low.
3s, 1951-55
-
-
-
107.17
m
*
-
---
-
107.18
*4
-
--
107.21
—
-
-
----
-
f-
Low.
■
-
107.21
Low.
High
110.31
-
107.21
High
3s, 1944-49
----
----
----
—
Total sales in $1,000 unUs...
Close
Total sales in $1,000 units...
■
«•«. — —
——
--
—-
-
w
-
-
----
'
Low.
—
(High
108.13
108.6
108.7
108.15
108.11
108 9
108.13
108,4
108.5
108.12
108.11
108.7
108.13
108.4
108.6
108.12
108.11
—
—
-
-
-
-
-
----
----
-
-
-
-
*
-
Total sales in $1,000 units...
Close
—
Close
I/ow.
108.7
•
Total sales in $1,000 units..
8
1
3
5
Home Owners' Loan
3
109.7
109 4
Low.
109.7
109 4
(Close
109.7
109 4
Total sales in $1,000 units...
Total sales in $1,000 units...
Low.
6
fHlgh
108.17
Close
2X8. 1942-44.
108.17
108.19
108.19
*4
107.22
-
«
m
—
-
-
m
107.27
107.26
IXb, 1945-47
107 23
Low.
107.22
107.27
107.26
-
107.22
107.27
107.26
107.23
1
6
2
2
(High
-
--
-
-
-
—
—
-
-
-
-
-
-
—
-
-
—
—
-
-
-
-
-
103.21
107.10
---
--
-
-
-
-
-
--
107.10
v-mmm
1
-
'
-
-
— ——
-
---
'
—
—
«
103.21
—
^
„
Close
----
-
-
<a
-
— —
-
-
-
—
—
—
—
-
a. -
-
-
-
—
-
-
-
---
—
----
-
-
----
-
—-
-
-
--
-
—
—
-
-
...
1
—
-
----
Total sales in $1,000 units...
•
107.12
Low.
107.12
Odd lot sales,
f Deferred delivery sale,
t Cash sale.
107.12
(Close
-
—
-
.
-
—
103.21
Low.
107.23
Close
Total sales in $1,000
units...
-
1
-
High
(High
-
Total sales in $1,000 units...
*2
—
•»
Close
108.17
——
-
Low.
Total sales in $1,000 units...
— --
107.10
107.9
107.9
—
—
High
108.19
Low.
2*8, 1948-51
-
107.9
Close
3s, series A, 1944-52
-
----
High
(High
2*8, 1945-47..........
in $1,000 units
Note—The
2
bonds.
(High
■
—
m*
--
-
(High
33*8, 1944-64
I
(High
110.31
8
—
Total sales in $1,000 units...
J10.31
sa
—
111.20
110.25
Total
.
-
-
15
6
-
110.25
2*8.1958-63
-
—
103.5
-
103.2
w
----
110.25
,
—
----
Olttfic
m
3
-
----
(High
___(Ix)W
2*8, 1956-59
103.30
—
Low.
(Close
2*8. 1951-54
H
103.23
103.2
----
Close
111.20
Low.
Total sales in $1,000 units
m
—
—
103.28
103.2
—
—
1
103.31
103.23
-
High
Close
2*8, 1955-00...
-
1
—
----
6
—
----
2s, 1948-50..
Total sales in $1,000 units...
3s, 1946-48.
—
-a
Low.
109
109
(High
......
„
— *
105.27
--
106.5
106
----
-
----
103.23
*3
-
—
Close
Total sales in $1,000 units...
Total sales in $1,000 units...
3 *8, 1949-52..........
105.31
-
-
m
High
109
Cicme
3*8. 1946-49
—
-
-
Low.
108.13
-
108.13
108.12
-
105.27
106.5
Total sales in $1,000 units...
Low.
■
105.30
mm ~
— —
-
High
2X8, 1954-56
—
105.27
--
-
-
105.31
—
Close
4
(High
3*s, 1944-46
-
-
---
106.6
Total sales in $1,000 units...
1
103,
Total sales in $1,000 units...
•
-
-
----
106
-
Close
103.14
(High
■
-
Low.
103.10
Total sales in $1,000 units...
3*8, 1943-45...
-
■*.
High
2X8. 1951-53
— —.
----
----
105.31
—
Total sales in $1,000 units...
108
-—
—
2
(High
—
----
----
Low.
102 14
Total sales in $1,000 units...
-
----
----
—
High
25*s. 1950-52
—
-
----
----
-
Total sales in $1,000 units...
(High
—
----
----
----
-
--
—
--
Close
Total sales in $1,000 units...
-
-
'
Low.
Close
—
5
----
----
—
High
Low.
108.22
----
Close
11
108.22
----
----
113
113.16
108.22
—
—
----
----
Low.
113.17
113.17
2Ha, 1948
--
-
----
----
Low.
3*8, 1946-56
---
-
-
-
High
Close
Total sales in $1,000 units...
16
—
.■
Close
Total sales in $1,000 units...
(High
48, 1944-54
—
Low.
2Ks, 1945
Total sales in $1,000 units...
9 Sept. 10 Sept. 11 Sept. 12 Sept. 13
7 Sept,
Daily Record of U. S. Bond Prices Sept.
120.3
(High
Farm Mortgage
above
table
includes
only
of
sales
Treasury 4*s, 1947 1952
1 Treasury 3*s, 1941
(Close
coupon
Transactions in registered bonds were:
1.. .119.30
2
Low
103.9
to 119.30
to 103.9
Total sales in $1,000 unUs...
106.24
2*8, 1960-05.Low.
106.30
107.4
107 2
107.1
106.24
106.27
107
106.31
106.28
107.4
106.31
6
United States
107.1
7
_
24
Treasury Bills—See previous
United States
107.1
106.24
Close I
Total sales in $1,000
units...I
Treasury Notes, &c.—See previous
page.
page.
New York Stock Record
LOW
AND
Sept.
$
per
SALE
PRICES—PER
NOT
PER
CENT
Sept.
\Friday
Sept. 10
Sept. 11
Sept. 12
Sept. IS
$ per share
S per share
Shares
$ per share
$ per share
139
"120
139
*120
*31
40
*31%
40
*32
48
48
47
47
5834
*57
477g
5%
19%
$
share
x57
57
*120
139
58%
139
per
56%
*120
57
57
139
*120
40
*32
40
*32
40
48
*46
48
*46
47%
5
5
5
5
*19
20
*19
20
300
Adams-MUMls
13
13
14
500
Address Mu'tgr Corp
Atr ReducsloD Ino
19%
*19
21
*13
14
*13
41%
41%
14%
40%
40%
*41%
%
4134
%
4138
4134
40%
4178
40%
%
%
*%
434
4%
47g
*4%
%
4%
*%
9%
434
9i«
47g
4%
%
103g
9%
%
9%
16%
22%
*9~
*9%
13%
678
*65%
"984
157
10
13%
*13%
7%
71
3478
14
1%
1%
*10%
*48%
*16%
6684
12
50%
16%
57
8%
34%
8
*39
*
40
4%
9%
*lo
10
8%
8%
8%
15%
21%
*14%
z21%
9%
8%
8%
*14%
2034
16%
21%
¥
157
434
%
97g
74
"*9~
155
*9%
1278
6%
*65%
33%
13%
*1%
*10%
48%
16%
55
734
40
9%
155
978
13
634
71
"...
"9"
6%
34
33%
13%
13
1%
14
73
9
154% 155
10
*9%
13
*1234
*67
*1%
*10%
48
678
72
34%
13%
13g
*15
„
21,4
"9"
154
*9%
1234
634
*67%
33%
13
*1%
10
*12%
14
15
2C34
21%
9
156
*69
*8%
151
8%
74
9%
153
*8
10
*12%
6%
6%
32%
34
13%
13g
14
*10%
12
.
3,700
74
12%
70%
.
Allegheny Corp..
% p A with $30
5H% pf A without
600
6%
*67%
*9%
$2 50 pno
"""266
Algbnj
Allen
70%
*67%
70%
232%
32%
"5" 300
13%
*12%
13%
600
*1%
*10%
1%
1%
*10%
1%
300
14
Allied
9
Jan
49% No-
56%
27% Apr
Oct
11% Sept
0% Aug
19
Sept
25
Mar
19% Jan
68% Jan
% Mar 11
15% Sept
27%
45%
Apr
68
%
Jan
77
68
Feb
08
0%
Dee
10
Jan
% July
2
Sept
7
Mar 26
Jan
8
1% Jan
14% Jan
8
3
12% Jan
17% Apr
4
8
20%May 10
73% Mar 21
12% Apr 16
182
14
Apr
9
Jan 21
5%
Aug
Jan
Sept
1% Sept
Feb
20% Sept
4% Sept
18
8
June
14
Apr
23% Sept
28% Jan
52
May
6%
Apr
151%
Apr
10
Apr
69
Sept
Sept
11% Oct
200'j Sept
14% Sept
15% Sept
11% Jan
8
54%
Jan
4
28
Apr
Apr
48%
Jan
16
Jan
9
12%
Apr
19%
Jan
14
6%
conv
*47%
48%
"eoo
15%
900
54%
54%
Am
1.600
American
39
54%
7%
3.400
z39
55%
7%
39%
54
40
Amerada
100
pref en ed
Corp
A nines
6 °r.
n
(DeU._Wopar
Inc
B»nk
D^jf»rred
New stock,
50
...No par
Am Agnc Cbem
100
delivery,
33% Anr
31% Mar
46% Apr
62% Apr
share
71% Sept
149% Sent
41%
21434
Def
Apr
7378May
1534
a
Apr
120
11
48
t In receivership.
8% May 15
53
8
Feb
Wo par
Alpha Portland Cem_.Wo par
Amalgam Leather Co Inc.. 1
1584
Bid and asked prices, no sales on this
day.
6
70% Feb 14
147
Highest
share I per
5 °7,
preferred
Allls-Cbaimer Mfg
48
40
June 22
6%June 11
135'- June 10
per
4%May 21
55 May 28
2I%Mav 22
16%
7%
61
1
%
thare
10
49
54%
4%May 21
7
May 21
15%May 21
per
No par
*1578
*38
Inc
534June 10
$
No par
*48
73s
100
par
4
A Dye.Wo par
Mills Co Ire
1634
55%
778
39%
N<
W par
3gJune
Year 1939
Lowest
Allied 8ror»s Corp
6,800
33%
738
war.
Allied Kid Co
'"800
*13
38
war. 100
pref
Corp.
Industries
Allied Cbemfea
48
7%
conv
Lud St
*1534
54%
7%
39%
5
i8June 10
60
May 21
4
May 21
No par
.
Alleg A West Ry 6% gtd._100
3,300
10
13%
6%
16'xJune
Alabama A VicKsburg Ry.100
Alaska Juneau Cold Mln.
1(
200
12%
No par
2,400
4,000
*9%
4%May 28
par
12%June 15
15%
1234
30
May 22
34%May 25
par
36%June 10
20%
*69
2*
Express.......Wo
10
20%
*8%
9%
15134 152
thare
May 21
May 22
No par
A'« Way E. App 'ance.. Wo
par
1,900
9%
Co
Steel
Range for Preoioua
Highest
500
1,700
*13%
10
7
4%
9%
8%
163g
73
»
%
21%
*8
40%
Straus....Wo
Acme
Adams
48%
16%
55%
77g
60
110
Abraham A
400
5,300
per
100
5
5%
I
No par
pref
conv
*33
1334
478
4X%
*46
19%
*4
10%
Abbott Laboratories
5%
13
■»u
500
4778
19%
5%
Par
40
*13%
5
Lowest
139
5634
558
21%
14%
9%
Range Since Jan. 1
On Basis of 10D Share Lou
Week
9
*120
22%
EXCHAN IE
Thursday
*57
*15%
STOCKS
NEW YORK STOCK
the
Wednesday
58
*20
Sales
Tuesday
I 58
5%
SHARE,
Monday
7
share
HIGH
for
Saturday
r
10
Note
,
....
Cash sale,
June
5
Juno 10
l%May 15
16% Apr 23
9%
2%
Jan
2
o
Apr 22
Jan
9%
Apr
0
Apr
1% June
71
Aug
3% Sept
9%May 28
38%May 23
12%May 22
Aug
21
*8% Apr
5
60
Apr
21
Jan
4
10
Apr
74% Sept
241; Sept
41%
75
Apr 16
26
June
47
Dec
9% Sept
46% Dec
17%
Jan
60
Jan
Jan 12
18
10
6
June 10
12% Apr
9
50
35
June 18
*0
3
r
Ex-dlv.
v
Ex-rlkht
Jan
$
12
Called for redemption
Sept
Volume
Monday
Saturday
Sept. 10
7i2
36i2
7*8
3612
*2
17878 *176
45%
97
25
25
*42%
44
19
2534
43%
19
19
2()i2
*105% 107% *105% 107%
19
20i2
*125
*5%
*6%
13
*6%
13
7
*5%
125
125
128
7
9
10%
80
1%
*76%
1%
*76%
5
*9%
*4
*4
4
4
*13
14
*12
13
*12
*49
55
*47%
*26
*51%
55
29
4%
29%
*4%
27%
22%
334
53%
7%
7%
*145
3%
50%
16%
3%
50%
*43
44
7%
43%
6%
12
12
11
11%
11%
11%
65%
66%
7%
65
66
66%
8
8
*2734
2934
38
38%
37%
8%
*8
30
4034
*28%
40%
*56
144
*142
*56
57
144
144
12
*11%
13%
*12%
12%
13%
14%
*13
14
13%
74
74
75%
'75-
77
76%
149% 15534
*14%
*76
14%
*74
*14%
3%
3%
9%
3%
9%
109%
*95
8%
*94
3%
9
100%
9
39%
3934
39%
40
5%
6%
5%
6
534
44
*40
42%
*39
21%
30%
15%
*40
23%
21%
3034
*25%
*15%
15%
*15%
*112% 113% *112%
1034
10
*10%
*2
2%
*2
30
30 I
30
22%
*27%
21%
*26%
22
30%
*28
*15%
1534
*112%
10
30
*35
35%
*4%
*6%
29%
*30
95
*30
95
34
34
34%
33%
'7%
*8
8%
4%
*4%
*6
6%
6%
36
90%
51%
51%
51%
12%
13%
1034
13%
10%
1434
10%
*12
2134
107%
7%
47%
4%
434
157g
14%
4%
15%
4%
*53s
4%
1434
15%
5%
10%
10%
10%
10%
*10%
45
48
46
46%
46
11
11
11
*534
534
57g
26%
5
26%
8%
s%
8%
*28%
*23
2934
*112% 115
28
4%
4%
5%
534
10%
*5%
26%
*23%
8%
8%
11
2812
*112% 115
*28%
*112%
*23%
25% 25%
27%
*10634
*107
112
*106% 112
*103%
*103% 112
*104
112
*25%
*
32
114
*112
*
30%
*109% 114
*29%
10%
534
28
8%
*734
8%
31%
29%
30%
*20%
20%
20%
31%
21
*2012
*52
2%
31%
2934
20%
*23
5%
*
*734
56
*52
56
*52
30%
30%
30
30
*28
7734
7834
121% 121% *121% 123%
*22%
2334
*22%
24
20
118%
18% *1834
8%
8:
8%
8%
*17
1734
*17
1734
78
79%
123%
19%
24
19%
8%
83s
18
*17
122
23
23
18
1834
29
76
77%
122% *121% 122%
22%
1934
*21
*18%
734
*16%
*11%
8%
15%
75
153s
*12%
15%
*70
75
*70
75
*70
on this
day.
70
"""300
56
29
17%
*12%
*52
*11%
15%
40
800
20%
|
*1634
75
400
2,000
30
I
14%
*72
sale
8%
8
500
8
56
70
j
t In receivership,
23
1834
15%
70
70
a
52% Apr 23
8% Apr 10
45% Apr 22
28%
Apr
4
Aug
24
Apr
Apr
Apr
Apr
AncborHock Glass Corp. 12 50
12%May 21
13%
Apr
8
Copper Mining
A P W Paper Co Inc
Archer DanieH Mldl'd.No par
Ande*
l34June 17
Investments Co. No par
...
100
Fe.-lOO
..100
6% prefernred
Atlantic Coast Line RR—100
1
...100
....25
4% conv pref series A... 100
.....5
Atlas Corp
50
6% preferred
No par
Atlas Powder
6% conv preferred
100
No par
....No par
Nt par
Del (The).3
Baldwin Loco Works vt 0—13
Baltimore A Ohio........ 100
55 prior A
Aviation Corp. 01
Def. delivery.
4% preferred
_.—
Corp..—..10
Barker Brothers
N« par
514% preferred...
...60
BarnsdaP Oil Co......—...5
Bayuk Cigars Ino
..No par
1st preferred
...
100
Beatrice Creamery...
25
25 preferred w w
No par
Preferred x-warrenta.No par
Beech Creek RR
.....50
Beech-Nut Packing Co
20
Beidlng-Hemlnway
No par
Belgian Nat Ry* part pref...
Bendlx Aviation
5
Beneflcla. Indus Loan..No par
Pr pfd22.60d'v ser'38No par
Best A Co
No par
Bethlehem Steel (Del)-No par
7% preferred
100
Bigelow-Sanf Corp Ino. No par
Black A Decker Mfg OoNt par
Blaw-Knox Co
...No par
Bltsa A Laughlin Inc.
6
Bloomlngdale Brothers.No pay
Blumenthal A Co pref
100
nVew stock,
r Cash sale.
6
4
No par
Arnold Constable Corp
5
A.tloom Corp—
No par
7% preferred
100
Associated Dry Goods
1
6% 1st preferred
100
7% 2d preferred
100
6% preferred
5
May 21
35
No par
100
Atch Topeka A Santa
June
97%June
ArmourACo(Del)pf7% gtdlOO
Illinois
5
7% preferred
Armstrong Cork Co
4
May 21
23
Armour A Co of
$6 conv prior pref
June
107
No par
...20
6
Barber Asphalt
29
17%
*13
Bid and asked prices; no
22%
*18%
:E1934
Apr
3%
35
600
20
29%
79%
*17
*12%
»
76%
122
122
8%
20
20%
*29%
*22%
*
Apr
8%
78
Apr 23
12
20%
290
114
*734
8
Oct
4% Sept
8
8
10%
46
5%
8
4
9
100
Bangor A Aroostook.......50
Conv 5% preferred
100
32
*111
114
20%
*52
*121
*
30
56
56
10
7,100
28
♦23
6% Apr
12% Jan
Apr
Sept
132
3
101% Apr 15
4% May 22
June 10
10%
5%
5%
28
29%
31
21
80%
30%
200
2,700
*10
32
*111
8%
31%
77%
200
14%
79%
77
100
1,500
14%
334
*12
3034
20%
3,500
14%
*10
May
Apr
5% preferred
Atlantic Refining
30
*9%
151
Apr
75%
41% Apr
22% Mar
100
12,300
11,000
*44%
73
32
At, G A W I 88 Lines
4%
10%
148
89% Apr 15
91% Apr 9
May 21
500
17%
4634
10%
175% Mar 12
May 21
Austin Nichols
10
Apr
18
Arias Tack Corp
4534
9
15%
75% Mar
137g Dec
Feb 23
Mar 13
20
300
1034
Apr
Apr
35
300
5
8%
25
Anaconda Copper Mining. .60
2%
5
Oct
20% Aug
23% Feb 23
18
Apr
140
25%May 21
100
Zlno Lead A Smelt.... 1
Preferred
Amer
1
8
59%
83%June 11
6
May 21
No par
6
4%
10
American Woolen
*2%
*15
2%May 21
5% May 21
No par
*5%
5
Inc
136
9
93
Apr
127% Sept
14% Apr 12
17% Jan 5
May 21
June 4
70
Am Water Wks A Elec.No par
2%
4
114
*734
700
3,600
14%
32
T
*111
8%
6,400
4%
26%
5%
*24
"""140
4%
1038
5%
Am Type Founders
6
16
25
100
6% preferred
Assoc
4%
16
31
*52
100
8
8%
7%
8%!
8%
8%
2734
2734! *27% 28%
28%
28%
29%
*112% 115
*112% 115
*112l2 115
115
*23
25
25
25
*22%
25
25
*106% 112
*106% 112
*10634 112
112
*102% 112
*102% 112
*103% 112
112
*734
31%
200
8%
*109% 114
*7%
*5%
47
10%
1,500
72
91
4%
53s
11
4
6%
6%
90%
6
16%
4%
143s
45%
5%
4%
434
534
102
91
2%
16%
4%
1538
2%
2%
17%
4%
200
4%
*4%
15%
16%
1534
16%
16%
16%
1634
52
52
51
51
51%
5134
51%
12%
12%
12%
1234
1234
13%
13%
*9
11
10
10%
12
10% *10%
*11
14
*11
14
14
14
15%
21%
2134
21%
2134
21%
22%
22
*107% 108
*107% 108
107% *107% 108
7
7
7%
7%
7%
7%
7%
*47%
47%
47% 47%
48%
47% *47%
64
64
*62%
66
64%
64%
65%
115% 115% *115% 120
116% *114% 116%
6
"moo
36
*90%
13%
8%
*8
73
91%
16%
200
32%
*33%
*91
91
"l'ooo
*32
*68%
91%
*34
""loo
95
36
*33%
16%
""360
*30
*70
100
35f2
Feb
152%May
May 18
25
Common class B
25% Aug
April
Apr 15
33% Jan
Dec
Sept
Anaconda W A Cable.-No par
37J00
700
70
36
A Teleg Co
American Tobacco...
J5 prior conv pref
7,300
72
70
91
~2~ 900
4%
70
68
Amer Telep
9
64
70
Apr
10%
147
1234May 28
70% Aug 20
ll%May 21
145 May 28
69
May 22
100
$6 1st preferred
42%
*68
68
36
6,500
234
30
*68
*34
16%
"V.eoo
11
No par
Refining.. 100
Am Sumatra Tobaoco.-No par
*
4%
6
*64
*90%
600
May 15
19%May 21
9%May 22
No par
Preferred
2,500
*4034
6
36
*34
5,000
5,400
*104% 107
8%
70
17%f
52% |
100
1,700
1034
*2
102
6%
100
6% preferred
117g June
60
Jan
11% Feb 23
37% Apr 15
May 28
51%May 22
139
May 25
Amer Steel Foundries. .No par
Apr
8% Sept
Sept
12% Mar
30%May 21
25
25 dlv pref.
*9
434
*4%
73
45
*18%
*8
23
28
140
Mar
17% Jan
122
American Sugar
*28%
*70
*64
4%
5%
4%
32%
Co.No par
Retg.No par
32
Apr
Apr
70
9%May 15
100
Amer Smelting A
American Stove Co
33%
*30
102
634 Sept 13
6
May 21
100
95
4134
8%
4%
*4%
*70
102
*70
48LMay 21
30
4%
4134
4%
434
43%
434
25
100
Amer Ship Building
3%
Jan
163
Oct
21% Sept
10% Jan
Razor.. 18.50
American Seating Co..No par
4conv prof...
American Safety
300
10%
*104% 107
105
105
*41%
*64%
67% *64% 67% *64%
*114
116% *114% 116% *114%
*5
5%
6
*6
6%
*2%
2%
2%
*2%
2%
*16%
*16%
17
17%
17%
434
29%
No par
American Rolling Mill
700
1534
112
Mar
6% Jan
100
13%
2-
4%
54
75
*15
22% Deo
63% Jan
July
4'4May 21
185 June 12
13%
29
*68
22%
22%
22%)
22
*107% 108% ►107% 108%
7%
7%
*7%
7%
*47%
48
*4712
48%
15%
*2
70
14%) *12
*12
*9
29
42
4%
3434May 21
28%May 21
*112%
1034
42
No par
*12%
29
2%
Mar 19
J5 preferred
No par
Am Rad A Stand San'y.No par
16 preferred
American Stores
*27%
Apr
Apr
26
500
20%
Aug
3
4
121
4,800
*38
Aug
11
Mar 20
25
90
100
American Snuff..
5%
42%
21
13
41
3
11%
5%
12%May 28
No par
Preferred
38%'
3
20% June 11
2
May 15
21%
38%
3% Sept
6
Apr 24
147, Jan
3% Jan
l'4May 15
No par
Apr
Apr 27
57
22% Jan
63
May 18
11%
21%
30%
15%
*2
Co -No par
10
Apr
13% Aug 24
May 25
2034
13%
*9
29%
60
6,600
6^, Jan
6
38
Preferred
600
June
Apr 22
35
May 23
100
Amer Power A Light
900
5,200
1,540
1,900
38
12%8ept 13
41%May 31
10 May 22
..50
...
American News Co
162
*73
2%
68
12%
52%
13%
*11
*38
68
70%
17%
6%
5%
*62
73
*66
90
102
534
6%
*68
*33%
5
*4%
*70
102
8%
8%
8%
5
*8%
*70
23,400
38
5%
42%
37%
2038
3034
*27%
15%
15%
*112%
15%
29%
*104% 108
35
34%
7%
13
10%
*2
95
*30
95
800
74
22
21%
*112%
....
*9%
2%
105
*105% 108
2105
5
4%
4%
5%
43% 45
45% 45%
*40
13
74
40%
6
427s
39%
46
*44
12%
pref
Amer Metal Co Ltd
2,500
14
14
*1334
14%
16134 163% xl 60% 160%
76
74%
74%
*75
75
75%
7534
7534'
75
7534
77
75%
76
*150% 15534 *150% 15534 *150% 15534 *150% 152
*3%
3%
3%
3%
3%
3%
3%
3%
834
8%
8%
834
9
8%,
8%
9
*94
*94
*92%
96
98%
*94
100%
100%
8%
8%
8%
8%
8%
8%
8%
8%
6%
6%
43%
74%
7434
41%
*41
5034
21%
12
12%
Jan
inves» Co of 111 new._.l
6% conv preferred
10%
11 j
11%
65%
65%
6634
634
6%
678
734
734
734
28
28%
*27% 30%
37%
38%
37%
38
*139
143% *139
142
*55%
57 ? *55%
57
*142
144% *142
144%
*11%
14%
Preferred
""360
6%
734
2:21%
Jan
Mar 29
Amer Mach A Metals..No par
*42%
*145
162
1%
Amer M*ch A Fd>
22%
3%
5034
7
1
American Locomotive..No par
*93% 100%
22%
3%
3
Amer
2,600
Apr
37. Apr
100
17
*16
Apr
27s Mar
05. Apr 23
66% Apr
900
*14%
15%
163% 165
*14%
16
164% 165%
74%
75
8%
9%
9%
15%
164% 16534
7534
*150% 15534
74
75%
*2%
Apr
l%May 21
3
non cum
eonv
Apr
10
3
Dec
5
12
50uMay
17§
12%
45%May 21
No par
5%
Feb
1
Amer Internat Corp
900
Apr
2% Sept
434 May
No par
Home Products
18
"4" 700
6%
25%
41%
100
6%
Apr
Dec
Aug
5f2 Sept
24% Jan
May 24
100
11
74
*12
*11%
*12%
23
700
66%
12
133s
13%
75%
*74%
22
22%
166%
12%
*12%
*14%
8%
12
12%
3%
50%
43%
7%
3%
37%
22%
23%
12%
13%
14%
75%
15%
167
23%
54%
16%
50%
38%
143%
142% *139
56% *55%
57
*142
144
144%
22%
22%
22%
*56
144
57%
*4712
13%
3
43%
634
29
29
38%
%
16
7%
*7%
8%
29%
142% *139
143% *139
*139
7
7%
7%
7%
*28%
27%
12%
*93% 100%
22%
22%
11%
67
11%
67
7%
*
*145
162
50
Apr
61
4
8
7% Jan
May 28
6% conv preferred
400
3%
12%
55
14
54%
1234
2%
*3%
12%
12%
7%
*145
66%
7%
3%
43%
6%
162
*145
162
*145
162
22%
3
Aug
5
Apr 18
Mar 25
Mar 8
Apr 16
2% Jan 8
28% Jan 8
May 21
pre!
22
*21%
54%
16%
45%
2134
13
*93% 100%
22% 22%
3%
3%
•4934
50%
43% 44%
6%
7
23
American Ice
54
*93l2
3%
American
700
14%
2234
3%
50%
45
300
1»4
57
12%
3
16%
100%
22%
3%
51
*93% 100%
*52
5134
Aug
May
9
4
5
16%
91%
3%
0%
2%May 21
9%May 28
Leather...1
Hide A
9% Apr
8% Jan
10'4May 21i
No par
10
9
Feb 23
13
May 15
No par
American
134
1
No par
30%
13%
109%
3%June 17
$6 preferred
*50
2
13%
12%
1
Jan
140%May
76%May 27
l%May 22
No par
1,400
Jan
57% Sept
140
Apr
8ept
Aug
16%
100
May 21
8
83%
3
4% May 18
10
No par
4%
*4
Apr
150
2
23%
5%May 18
100
Amer Hawaiian S3 Co
52
55%
*2%
200
Apr
112% Apr 22
May 23
9
Allegh Co NJ25
1,800
51%
*1%
*47%
3
16%
No par
12%
28%
12%
61% Jan
13% May 28
May 21
112
May 23
100
100
%7 2d preferred A
100
55
14
12%
17%
May 21
%7 preferred
700
400
29
57
12%
"i'eoo
4
*26
*26
57
*2%
16%
23% i
34
Amer European Sees
Amer A For n Power
29
4%
*47%
13%
2%
17
100%.
May 28
American Encaustlo Tiling
3j28%
28%
3%
12%
55
13%
12%
*2234
18
178% Aug 31
33'4May 10
6% 1st preferred
13%
29
4%
*12%
*12%
*47%
*12
Am Coal Co of
15%
*314
3%
12%
55
12%
1%
1%
*15
16
3%
2
3%
3%
*3%
*12
2%
17%
*93
1%
1%
*15
*21
12%
3
11012 Jan '9
May 27
8
Aug
125
234 July 18
May 21
preferred
conv
American Chicle
5
2184
59
*2%
*1%
*4
23%
3%
22%'
*21
5%
300
1%
53%
12%
*58%
*12%
Preferred...
60
5
59
13%
1% Aug 13
87
Am Chain 4 Cable Ino.No par
200
2
*52%
*1%
i
*1%
14%
61
14%
300
79
*4
4
14%
29%
4%
27%
*12%
5%
*834
*77
77
55
14
3%
3%
1,400
*1%
1%
*3%
14
29%
4%
27%
*12%
2
22%
3%
12%
22%
18
9%
*8%
16
16
4
*3%
55
23%'
18
5%
*5%
77
5
1%
1%
16
16
3%
13%
1%
42%
3%
31%
June 28
No par
,.100
American Car & Fdy
3,500
3
Highest
share $ per share
per
3
135
164
Preferred
American Crystal Sugar..
*1%
*26
May 24
25
American Can
24%
42%
9%May
45% Jan
May 21
Amer Cable & Radio Corp__l
1,100
300
t
100
2,100
200
1%
*62
28
128
share
per
5%June 26
1
Fdy.No par
100
600
16
2
5 H% conv pref
5%
*4
53
18%
6
9%
78
2
*834
*76%
*1%
29%
*22%
3%
*42%
*5%
9%
78%
*8%
5
2
Am Brake Shoe &
50
9%
6
*5%
2
53
700
$
share
per
American Colortype Co
10
Am Comm'l Alcohol Corp-_20
30%
4%
29%
*26%
1,000
24%
24%
44
18%
24%
42%
18%
American Bosch Corn
*6%
35%
130% *130
2
Par
*105
10734
105
10434 105% *10434 106% 105
124% 124%
*124% 128
*124
128
*124% 128
*7
13
*7
13
*5%
13
*5%
13
634
6%
*6%
*6%
*6%
6%
634
*6%
*4
29%
4
31%
4%
*30%
4%
Shares
$ per share
36
25%
1834
*1%
334
13%
\
6%'
6%
130
24%
5
15%
$ per share
*35
*42
78
1%
1%
16%
1*4
*16
Sept. 13
132%
79%
1%
1%
|
Lowest
Htghest
Lowest
Week
Year 1939
of 100-Share Lots
On Basis
500
5%
9%
5%
*5%
Sept. 12
EXCHANGE
6%
35%
131%
2
2
1%
1%
1%
1%
97
97%' 96% 96%
97%
98
*172
178% *176
178%
178% *172
178
24%
43%
26i2
45%
26%
Friday
35
35
2
1%
97
178
i
|
$ per share
6%
6%
132% *130
2
96%
Thursday
t
Se„t. 11
1
36
178%
1%
96%
2ig
98%
98i4
*176
*130
133
*130
133
|
6%
6%
*35%
34%
34%
Wednesday
.
$ per share
$ per share
7
7
$ per share
*130
Tuesday
9
Seat.
7
Sept.
Ranoe for Previous
Ranoe Since Jan. 1
8TOCKS
NEW YORK STOCK
the
CENT
NOT PER
SHARE,
SALE PRICES—PER
HIGH
AND
Sales
for
LOW
1531
New York Stock Record—Continued—Page 2
151
May 21
113% Aug 23
15% Apr 12
4% Apr 10
35% Feb 27
110% Apr 30
7% Apr 22
64% Apr 22
21
Apr
97
May
Apr 20
50
Apr
8*4
1%
Apr
3% Aug
33% Apr
Mar
58% Jan 4
22%May 21
68
43% Apr
4
31% Sept
6%May 22
11
Apr
4
7% Sept
9% Jan
4
3%May 22
5%
Apr
73
Jan
Jan 12
102
July 23
4%May 22
65
Aug 29
9
Jan 11
80
49%May 22
85
Jan 16
41
Apr
29%June 18
82
May 23
45
Mar 26
30
Apr
96%
13
May 21
39%May 21
9%May 22
8% June
9%June
6
5
l8%May 21
102
7
June 24
May
7
43%June
5
67
May 23
112%June 11
4
May 21
May
100% Mar
22% Apr 20
22% Apr 20
27%May 7
110
Jan 25
978 Mar 19
61
Feb 14
80%May 13
124% Jan 10
8% Mar
6% Mar
10
May 21
32% Mar
4
Aug 16
8% Apr
12%May 23
2«4May 15
3%May 15
7%June 11
34
May 21
8%May 21
4
May 15
20 May 21
1978May
6% Jan
7% June 10
20% May 21
lll%June 10
18%May 21
8
25% Jan 3
67% Apr 24
2312 Jan 3
7
1% Feb
8
4
4
4
15
10
2
15
Apr
5<4 Aug
9% Aug
18% Sept
104% Apr
7
Apr
43% Apr
50
Aug
116
June
4%
Apr
2
Apr
16
Nov
Aug
24%
29% Mar
13% Jan
4
86% Apr 17
115% Mar 12
29%May 14
102
May 22
32
634May 15
Deo
10% Aug
6
Apr
105
14
Sept
49
June 17
15
Jan
21
16% Apr
8% Jan
102
25
21
23
22
May 21
May 15
90
*49%
147g Jan
Jan
3534 Air 16
112% Apr 22
49%June
22%May
63%May
l09%May
Jan
62f2 Jan
8
May 28
24%May 28
17%May 22
Apr
70
3%
9%
37g
434
11%
105
7% June 11
63»4 Feb 27
6%
127
May
Apr 11
Jan 24
9
2
36% Apr 9
22% Mar 13
56% Jan 18
Jan
Deo
Dec
Apr
11% Aug
15% Apr
109% Oct
17
Apr
98
Apr
7
97# Apr
67% Apr
39
Aug
Aug
Sept
3
89%May 10
125%May 10
34% Jan 6
22% Apr
27*4 Sept
1047s Sept
7% Apr
62
16%
Nov
Apr
177g
Apr
48%
Apr
32
Sept
50% June
99% Apr
157g Apr
14
8%
Apr
Apr
l3%May 21
11% Jan
23% Jan
22
Dec
11
16
Apr
13%
Deo
80
Mar
35
Apr
May 14
zEx-dlv. p Ei-rights. T Called for redemption.
New York Stock
1532
AND
LOW
HIGH
SALE PRICES—PER
SHARE,
Record—Continued-Page 3
NOT PER CENT
Sept.
7
Sept
Tuesday
I
9
Sept
$ per share
f per share
16«4
17%
27%
26%
10
Sept
$ per share
16%
27%
15%
27%
Sept
Wednesday
Thursday
11
[
% per share
15*4
16%
1534
20%
26
26%
*108
109
108
108
108
*58
60
*58
60
58
108
*26
50
24%
19%
17%
*24
24%
*24%
24%
24%
*24
19%
19%
17%
19%
19%
19%
19
18
1734
17%
17%
17%
*1%.
34%
*4%
1%
1%
34*4
*434
5%
10*4
11
21%
21%
*29%
23
10%
10%
10
21
21*4
20%
33%
*33%
34
*33%
44
*43%
44*4
*43 %
44*4
3%
3%
3*4
24
23%
24
17%
17%
17%
32
22
8%
22
8%
*105% 108
4%
*29%
22%
8%
3%
24%
j*11434
10%l
31%
22%
8%
16%
*29%
22
8%
4
3%
5%
5%
3134
32%
32
29%
1734
30%
1734
30
1734
8
5%
32%
*31
40
31%
30
3()3.i
1834
18
18%
8%
8%
8
8%
*2%
2\
2%
2%
2%
2%
2%
2%
*8%
*5%
*18%
8%
8
8
8
8%
8%
8%
5%
5%
5%
5%
5%
19%
*18%
19%
*18%
7%
19%
4%
4%
*8%
*60%
02%
*11%
12
4%
18%
51%
1%
434
*1%
12
11%
17
17%
51%
1%
6%
*48%
4%
17%
*1634
17%
51%
*50
51%
*50
1%
1%
11%
1%
1%
6%
6%
6
14
14
13%
13%
14
14%
*14%
14%
14%
14%
14
14
14
14%
*37
40
*35%
*35l2
4
334
4
334
3%
*35
36
*35%
334
35%
*33g
40
4
35%
35%
*3%
1%
6%
1434
4%
*3%
6%
36
4%
*3%
*38
88
32
32
234
*53
48
40
3%
36
4%
*38
88
*109
6
88%
£31
2.%
234
*38
89%
*88
90
*30%
2%
31
*29%
234
54
*51%
*109
48%
*4634
28
29% 29%
28%
*117% 11734
*117% 118
7%
0%
6%
*0%
*53
57
*18%
19
2%
*112
*3%
5%
*234
*90
*50
5%
*53
2
112%
112
*234
*88
47
4734
183g
3%
5%
3%
634
18%
*234
*88
53
1834
*1734
2
3%
*2
112
2%
2
112
*110
3%
*3%
5%
5%
3%
5%
*234
98
*3%
*4%
3%
*88
234
*88
98
27%
2734
26%
27%
26%
2034
26%
27%
25%
4%
4%
43g
4%
4%
22%
*20%
4%
2234
4%
4%
*4%
21%
24
*20
*100
24
22
2334
*20
21%
21%
102% *100
20%
*100
102
22
22 %
23
23
*13
16%
*15
173B
*15%
17%
*4%
40%
434
*4%
434
40%
39%
*94
102
4%
39%
39%
96
*94
4%
%
9
8%
8%
8%
*%
*16
*%
*%
*16
%
*16
%
%
3i«
%
*16
%
*%
'
*%
*%
%
11%
*32
*45
%
11%
*31
44%
%
%
%
*8%
ht
*38
%6
*%
716
*%
*8%
10%
10%
*10%
*2%
11
*22%
25
2%
25
76%
1034
7534
*103s
90
*86%
*44%
♦
3%
*3%
32%
32%
124
*61~
63
*113% 115
*113% 115
34
34%
*33%
*32%
78
*77% 78
*7634
35%
*47
3534
*133
111
*58%
11%
11%
101% 101%
*24%
*110
*18
*2%
3%
*2%
19%
*19%
6
25
-
34
*133
*99% 102%
23%
»
19
3
11%
24
*110
*1034
*2%
*18 ~
3
60
11%
*59
11
*9934 102% *100
*23
*2234 24
*17
*134
"1734
*1034
20
19%
19%
19
19
6
7934
5
31%
2734
53
1834
2
112% *111
3%
*3%
*4%
*2%
5%
234
98
*88
22
*32
*
3
^
—
^
m
100
1,200
2,000
2,100
500
900
10
500
10
63
113
"'126
33
900
78
28-84 "1,900
107
61
100
11
11
2,200
18%
19%
19%
on this
day.
600
19
19
5%
5%
83%
82%
3
3
19
5%
82%
""216
~2,200
700
16,600
200
10
70
7984
5%
"-366
400
3I84
31
20%
31%
99«4
*97
9984
38%
38
5
38
104% 104% *102
104% *102
104%
934
10%
9%
934
934
9%
1%
1%
1%
1%
1%
1%
31
500
3
*97
3034
100
No par
6% preferred
39%May 23
June 10
100
42%May 15
20 May 21
105%May22
Cerro de Pasco Copper.No par
Chain Belt Co
June 12
2%May 18
May 21
234 Aug 29
Sept 4
88
22%May 24
3%May 22
100
15%May 21
45
May28
9912 June 22
No par
No par
Chesapeake A Ohio Ry
25
Preferred series A
100
{Chic A East 111 Ry 6% pf.100
{Chic Great West 4% pf.,100
Chicago Mall Order Co
5
{Chic Mil St P A Pac—No par
S5 preferred
100
{Chicago A North West'n. 100
Preferred
100
Chicago Pneumat Tool.No
conv
106
1
Cham Pap A Fib Co 6% pf. 100
Common
...No par
Checker Cab Mfg
6
{Chesapeake Corp
l%May 15
4
par
100
par
preferred...No par
Pr pf (32.50) cum dlv No par
{Chic Rock Isl A Pacific—100
17!2May 22
59
3034
{In reoelvershlp.
57%
30%
a
June
1
30
-
I87g Apr
2% June
7
Ap,
25% Apr
11% Aug
13% Apr
48% Mar
Jan
34% Mar
20% Dec
18% Jan
Apr
6% Mar
67g Apr
Apr
45
May
35
July
91
Aug
77
Apr
137b
Apr
4% May
32%May
3% Jan
75
2% July
63% Aug
Jan
110
118% Jan
56% Jan
2,100
200
5,100
100
7% Sept
20
Sept
9% Jan
23% Mar
6% Sept
10% Nov
847„ Nov
I77g
Jan
30
Sept
63
July
3% Apr
3% Apr
85% June
96
32
627b
Jan
13
Jan
47%
Jan
6
Sept
21%May
May
8
9
18
Sept
98
Apr
105
Dec
Apr 18
17
Aug
30
Jan
21% Oct
29% Sept
47% Sept
95% June
106
Mar 23
6%
Apr
Apr
3
z3%
Jan
8
27
Dec
Apr
Oct
Jan 16
Jan 3
Jan 24
4
86%
I3g Sept
1% Aug
9%
Apr
Columbia Plct
v
t c
Apr
% Sept
% June
%
Jan
1% Sept
1% Sept
%
Dec
%
Dec
50% Nov
Mar
% Apr
% Jan
Aug 16
8
56
June 19
108
May 21
20
May 21
74
May 16
4658May 16
25%May 22
10
Aug
Jan
3
%
3
% Aug
11% Mar 28
7%
Aug
Apr
10
25
Apr
41
53%
Apr
9
Apr
79
Jan
94% Oct
1478 May
97% June
98
Feb
*60
6
Jan 30
4% Apr 26
40% Apr 18
124
July
8
65
Mar
6
114% Jan 10
43% Mar 8
Apr
4% Dec
46% Sept
2% Apr
15
Apr
140
May
Feb
69
Feb
115
68
20%
39
Oct
78
Mar
69
Sept
48
Mar 26
42
Jan
34% June
21% Apr
60%
Jan
38
Dec
Feb 14
125
Sept
135
Mar
99t2May 21
133
4
Sept
58
Jan
11% Apr
94
June 10
16i2May21
108
May 23
12%May 21
l«4May 15
2
May 17
2
May 22
16
May 21
16
May 21
4%May 22
67i2May 28
3
69
June
71
May 29
3i2May 21
1434May 24
27%June 10
95
June 13
32
June 10
June
par
97
par
8
par
57%
30%
10,600
Commonwealth Edison Co..25
Ca«h sale
45% May
142
34.25 conv pf ser '35.No
Commercial Solvents-.No
r
Feb
Apr
105
No par
Oct
Oct
25%May 21
May 22
131
Commonw'lth A Son..No
36 preferred series
Mar
1067g Sept
Mar 28
1
58
4%
34%
Sept
May
80
41% Apr
45% Apr
15% Sept
13% Jan
140
Feb 21
10
Jan
9% Mar
10% Apr 15
6% Mar 25
Feb 27
*H7c conv preferred
100
Oomm'l Invest Trust..No par
178
1% Sept
33% Apr 3
9l5g Apr 8
14% Jan 26
Mar 30
Commercial Credit
7g Sept
% June
20
No par
Oct
%
Jan
63
preferred.No par
Sept
Jan
131
6% preferred series A...100
5% preferred
100
Columbian Carbon v t c No par
4
4% Sept
14
%
May 24
Class B
2.50
Columbia Gas A Elec..No par
22% Sept
%
10i8May 21
100
Sept
22
5% Aug
56
4% 1st preferred
100
4% 2d preferred
100
Columb Br'd Sys Inc cl A.2.50
n New stock,
June
8% Feb 15
36% Feb 15
No par
Colo Fuel A Iron Corp .No par
Colorado A Southern
100
conv
7
Apr 16
41% Jan 10
23
45
34.25 pref ...........No par
Collins A Alkman
No pa
32.76
Mar
39% Sept
100
par
Jan
1134MaylO
100
No par
Class A
Colgate-Palmollve-Peet
5%
44
100
Coca-Cola Co (The)...No
30% Sept
Apr
12% Sept
14% Sept
07g Oct
%
9i2 Aug 15
88
Aug 7
100
72% Mar
Apr
2%
60
53i2May 28
Special gtd 4% stock
50
Climax Molybdenum..No par
Cluett Peabody A Co..No par
Oct
18%
113% Aug
20
6
5% preferred
100
Clev El Ilium 34.50 pf .No par
Clev Graph Bronze Co (The). 1
Clev A Pitts RR Co 7 % gtd.50
64% Sept
30% Dec
l097g Aug
19% Jan
3% Sept
20% Jan
May 21
July
Sept
Apr
158 Aug 28
124
4
94% Mar
122% Mar
30% Aug
21
22
No par
6H% preferred..
City Investing Co
Sept
85% July
33
Sept
1% Jan
No par
Chrysler Corp
City Ice A Fuel
*43
14% Jan
3578 Jan
Chlckasha Cotton Oil
Chllds Co
9
Sept
3% June
13
778May 21
20
778 Aug
Jan
8
15
No par
10
58
June
103% Sept
l4May 21
25
Apr
Apr
6%
21
100
Chile Copper Co...
Apr
13%
84
47
5
578 Apr
28
28
100
5,900
12,500
1,000
Def. delivery.
May
I
26% Apr 22
3% Jan 3
114% Mar 9
12% Jan
78May 15
a4May
6%May
i8 Feb
% Feb
l8May
i4May
8i8.4ay
23i4May
41
May
%May
% July
Apr
21
3UMay22
30%May 28
84i4June 17
Apr
38%
35% Apr 29
119
28
l078June 10
12
6
30*4
29%
478
42%
97%
2%
2%
preferred
6% conv preferred
*2%
*31
30%
200
*110
31%
99% 100
£58%
30%
"1-306
107
*4%
20%
62
1
100
Preferred
*59
*7884
*59%
1,700
142
21
37%
Corp
Case (J I) Co
Preferred
20
7934
39%
Carriers A General
124
*7834
*4%
39
1
3
75i2June
22i8May 21
2
May 24
6
May 21
*20
31%
36% Aug
Carolina Clinch A Ohio Ry 100
Carpenter Steel Co
24
79%
32%
10
40% Jan
Clark Equipment
No par
CCC A St Louis Ry Co
100
21%
5%
1
29%May 28
3%May 23
600
*19%
19
No par
32
3
11
Jan
Jan
6% Nov
41% Sept
Cannon Mills
32
2%
3
Apr
Apr 17
6% Mar
Chicago Yellow Cab
29,200
1734
Apr
36% Dec
3% Sept
29% Sept
7%
1034
17%
*1%
*2%
Sept
13% Jan
106% Aug
40
July 16
2%May 22
May 18
May 15
*7834
*4%
•Bid and asked prices; no sales
10,900
"'MO
7534
23
41
25% Nov
Apr
34
100
25
Canadian Pacific Ry
2
2284
13% Apr
31% Jan
9% Apr
3% Sept
$3
101% 101%
60% Dec
30% Aug
Apr
10% Sept
17% Jan
20% Jan
6
7934
3034
"2,566
—
33%
Jan
15% Dec
Apr
Feb
City Stores
28%
2
Apr
27
Jan
Apr
300
*32
Aug
Aug
6% preferred
*133
63
9%
3
*69
61
20
55
70
*60%
100
500
89
ll3"
Apr
%
47„
3
*
41%
1%
7%
Jan
178 Feb 21
8% Feb 21
Preferred
34
*44%
Aug
19% Apr 18
23% Apr 3
May 21
11
Century Ribbon Mills.No
*87
*69
*18%
19%
4
20% Feb 9
52% Mar 13
Central Vloleta Sugar Co
55
3
3
100
89
41
3
400
101
70
19
3
4%
5
3%
11%
2%
Apr
45sMay 21
May 21
llkjMay 21
6% prior preferred
*69
234
3
Sept
{Central RR of New Jersey 100
25
"lV"
6
13% Jan
81% Jan
15% Jan
Central 111 Lt 4H% pref._100
*1034
2%
*20%
74%
*9%
23
23% Apr
70
10
28%
33%
4
100
*8%
32%
7% Jan
3%
5%
"ll"
31
6% Apr 22
1,300
%
%
157,
3l7g
Calumet A Hecla Cons Cop..6
Campbell W A C Fdy.-No par
Canada Dry Ginger Ale
6
620
*44
3
.
72
1%
Feb
Apr
15% Aug
21% Apr
11% Apr
Mar
Aug 15
96
7% Aug
16%
3334gept
May 21
39%
Jan
4?g Sept
Oct
34%
7%
8
June 15
4%
Dec
Aug
32
55%
5
200
102
1734
1
63% Dec
24
22
Apr
Apr
17
300
*110
18%
9
14
Jan
12% Jan
16% Jan
18*4 Apr
1% Apr
19% Apr
5% Sept
Apr
24
50i8 July 25
Jan
121% Dec
4
48
1
142
28
22
22
May 21
May 21
51
94%
100
9
107% 107%
*59% 61
23
1
l7t2May
2%May
6%May
39
May
Jan
28%
29%
No par
*%
11
24
Callahan Zinc Lead
7% July
34%
100% Sept
Jan
Central Aguirre Assoc .No par
Central Foundry Co
1
30
300
*8%
102% *100
No par
50
Celotex Corp
6%
18 34
1
934
Jan 19
May
6%
share
per
Aug
Sept
16
4434 Jan
0% Feb 17
8
12% Feb 15
9
11
11%
preferred...
500
21
63
*32%
6
22%
*1%
124
*133
—.30
Butte Copper A Zinc
Certaln-teed Products
*94
76%
20
1034
7
4i2May 21
700
*4%
3834
2%
111
Highest
share 8
per
10% Feb
10
;
Celanese Corp of Amer.No par
7 % prior preferred
100
16%
10%
3%May 22
5
24% Sept 11
114% Aug 6
25% Jud 4
37% Apr30
29% Apr 6
May 23
May 21
6
13% Apr 22
Caterpillar Tractor
*13
22%
3
21
63% Apr
378 Aug
3
170
16%
10
0%May 23
97 May 28
Maris
2
May 21
5%May 21
-3-366
%«
13i4May 21
May 21
1484May 21
27
7
13% Apr 29
23*4 Apr 8
39% Feb 1
dep7%pf-100
Burroughs Add Mach. .No par
1
Bush Terminal
4%
72
32
20
22%
1%
3
8
21% Jan 10
12% JaB
1,800
101
96
Jan
4
33
4,800
*21%
39%
13t2 Jan 30
49
Jan
37%May
17%May 21
46%
22%
4%
May 22
May 23
li2 Jan 5
3
12%May 22
28
*19
20%
27
38
Jan
1
25%
22
102
4%May 23
8
May 21
13%May 22
2578
2%
No par
*4%
4%
l278May 21
1
May 18
26
May 22
No par
25%
26
5%
33
400
98
83%
5%
1,300
2
5%
*434
2%
50%
110
53
*1734
2%
24% Mar 27
17
112%
6%
53
*82%
*7834
200
11834 11834
5%
£32
*46
83%
20
31
*2%
50
5%
20
3034
"ioo
31
83%
*69
20%
60%
89%
*38
*134
2%
*2%
18%
18%
5%
*82%
*18%
61
61
*110
*95
*95
9984
*95
9934
9934
42
41%
39
£38%
40%
39%
*103% 105% *102
105% *104% 105%
10%
1034
9%
10%
934
10%
1%
1%
1%
1%
1%
1%
31%
35
19%
70
29%
142
19%
84
78
33
*134
70
33%
*133
*2%
62
*85%
110
3
June 10
May 23
Bulova Watch
Burlington Mills Corp
Capital Admin class A
S3 preferred A
ht
63
10834 10834 £109% 109%
11%
40
*47
28%
60
1,700
1,200
600
28
34%
140
4,700
*29%
88
share
Canada Sou Ry Co
6
13%
13%
35%
4%
*47
3
35
*3%
per
Billiard Co
5%
"2" ioo
%
51«4May 22
1778May 28
99
Year 1939
Lowest
28% Apr 15
29%May 1
123% Jan 3
70i4 Mar 20
29i4 Apr 25
No par
California Packing
-5-600
29
*77
3%
4%
19%
5
4%
Budd Wheel
500
3%
*31%
*77%
3%
*77%
35%
*35%
3%
35%
3%
112% 113%
33
32%
78
*77%
33
*2%
19%
5%
40
No par
100
7% preferred
600
*3g
*%
3
33
*113% 115
3%
22
6
100
7% preferred
Budd (E G) Mfg
12
%6
*44%
3%
124
*01"
4%
1934
*83
62
*
*234
86
34%
33
*2%
80
*1
13%
1334
6
17
51%
1%
100
55
3%
5%
*50
"366
89%
4%
6
*11%
*16%
*47
78
*110
72
5%
28%
34
*71
22
*76%
142
*83%
*78
*113% 115
33
*32%
34
11%
63
*47
29%
109% 110%
61
*5834
61
12
17%
51%
1%
100
%
*44%
No par
Byers Co (A M)
No par
Participating preferred.. 100
Byron Jackson Co..
No par
47%
*86%
33
800
%
89
*3
"i"66o
64
%
£9 34
No par
Brown Shoe Co
6% conv preferred
4%
8%
4%
*7%
*10%
*31%
10%
Brooklyn Union Gas
Butler Bros
%
7734
Transit. .No par
500
%
IO84
2%
22%
74%
3%
124
*6l"
*133
142
111
28%
*
1034
2%
Manufacturing.No par
Brlggs A Stratton
No par
Bristol-Myers Co
5
Brooklyn A Queens Tr.No par
Brlggs
Bush Term Bldg
*%
*%
*8%
25
Bearing Co
5
Brewing Corp of America
3
Bridgeport Brass Go
No par
170
*%
10%
100
Boston A Maine RR
5
64
%
10%
55
*3
*32
1,200
19%
64
*16
75%
89%
55
3%
33%
2884
1034
2%
*22%
77%
1034
*86%
*44%
55
*9
2%
751.1
*10%
1034
4%
210
400
%6
10%
60
3,000
2%
5
Io% T0%
*16
*%
5
Bower Roller
10
*19
47%
*8%
90
5
34
ht
79
*9
*44
15
(The)
Borg- Warner Corp
Bucyrus-Erle Co
8
734
*2%
*31%
*%
1
Borden Co
Bruns Balke-Collender.No par
2,400
2,000
2,500
1,600
3,900
34
45%
%
78%
*10%
*86%
*44%
7%
2%
34
1934May 22
Bond Stores Inc
Bklyn-Manh
share
1234 Aug 16
..No par
Class B
per
5
No par
Bon Ami class A
%
Range for Previous
Highest
5
---
Bohn Aluminum A Brass
1,800
8%
*
11%
*%
10%
2934
11%
*44%
2%
*22%
*47
*%
10%
*31%
34
%
3
*17%
9
*%
%
%
%
47%
11
03
*16
%
*%
25
124
9%
**16
lo
%
1%
*%
*8%
"16
*%
1034
*31%
45
1*H
*8
*94
134
*4414
*2%
*61
1
8%
4%
3834
96
*1%
%
*20%
124
134
*%
10%
*3
%
11
%
*%
33%
*1*16
34
46%
%
*%
11
1
*%
1034
34
*1%
*13
4%
*94
*%
*8%
1%
22%
40
39%
96
1%
1
*100
16%
4%
40
*1%
*1%
*19
20%
*100
*10%
90%
23
24
24
*92
21
22
102
*22%
*22
30%
18%
6
88
57
1834
112
*3%
*514
98
28%
57
2%
51.1
3%
98
2%
*50%
£109
*51
57
18%
3%
3%
30
*29%
30%
2%
2%
2%
52
50% 50%
109
*105% 110
47
4534
46%
28%
27% 2734
*118
118
11834
634
*6%
6%
11734
2%
112% *112
2%
51%
110
28
28%
117% 117%
*634
6%
18%
2%
31
31
112
47%
*5
31
*38
*88
31
*51
48
*38
88%
*109
54%
112
35%
41.1
100
107% 107%
14%
I334
*35%
3%
*35%
*3%
"I'M
4
6
Boeing Afrolane Co
16 preferred series A.No par
39%
5%
31%
30%
18%
1334
13%
40
8%
8
*01%
*11%
*16%
17
4,700
25,900
2978
4
8
6%
100
*38%
*4%
8%
64%
1434
300
Par
1,800
19%
*61%
11%
8
60%
1134
17%
*19
8%
8
00%
*48
1%
5
19%
4%
8
60%
*11%
*17%
4%
8
60%
8%
*48%
434
5
*18%
34
*16l4
2978
5%
£3()34
29%
*17%
734
2%
8%
*4%
8
400
44*4
3%
3834
5
18*4
34
4
3834
5%
5%
6,700
*43l2
35s
31%
3%
30%
*17%
8
5%
31%
3,600
21%
*95s
205s
8%
8%
107% 108
32%
5%
33%
39%
100
1,400
22
21%
*105% 108
4
4%
4%
39%
10%
20*4
16
*30
8%
39%
*33
-
16
16%
31%!
22%
40%
3934
1*4
34%
478
978
24%
24%
2418 2418
*11434 118
*11434 118
2434
118
8%
*105% 108
4%
4%
42
16%
32
*29%
23%
3*4
24%
*11434 118
5,700
*138
34
44
*11434 118
17%
4%
10%
3%
4,400
34%
21
3%
900
19%
5
10%
3%
5%
5
1*4
24l2
18%
17
35
20%
33%
44%
4%
*41
35%
10%
*44
108
5%
1*4
5
21
33%
8%
*100
*1%
35
10%
23% 24
*11434 118
*17%
1%
35%
*4*4
34
3%
24%
20%
*33
4434
33%
*44
*1%
*34
1,500
20
17%
3434
29,400
60
19
134
155S
26
*58
24%
5%
15i8
60
Lowest
Shares
26
*58
19%
35%
share
per
60
24
*1%
$
107*4 107*4 *103% 107*4 *103% 107*4
18%
*4%
Week
*58
58%
18
*34*4
Range Since Jan. 1
On Basis oj 100 Share Lots
1940
EXCHANGE
Sept. 13
12
26*4
19*4
24
STOCKS
NEW YORK STOCK
the
Friday
$ per share
15
15%
10%
26
Sept.
Sales
lor
Monday
Saturday
14,
4
May 21
a4May 22
42
May 21
2578June 10
*Ex-dly.
v
101% Sept
8
18
Dec
7
36% Apr
Jan
62% Dec
112% Feb 10
24
May 10
4% Apr
4
5% Apr
4
6
4
Apr
26%
26%
7%
93%
Mar 12
Mar 12
Apr
Apr
79
8
8
Jan 26
20%
100
11%
Apr
Apr
Apr
2% Aug
37b Sept
3% Aug
14
Apr
5%
74%
62%
Apr
9
Feb
Jan
91
Mar
Jan
83
Feb
23% Jan 29
15% Dec
6%
Apr
Dec
3
38%
108% Feb 21
98%
Oct
42
Apr
Jan
Apr
8
113
Mar
6
16% Apr 5
134june 28
73% Jan
33
Ex-rlghta.
Apr
8
8
9% Sept
8% Sept
25% Dec
25% Dec
Apr
73
48
Oct
14
98% Apr 4
8% Mar 15
56
37%
111% Dec
2478 Sept
8% Sept
Apr
103% Sept
8% Aug
1% Dec
45*4
Jan
x25% Apr
90
Oct
15%
Jan
30% Mar
67
Jan
109% Aug
60
Jan
110% June
16
2%
Sept
Feb
72% Aug
32% Dec
1 Called for redemption.
Volume
Monday
Saturday
Tuesday
Sept. 10
Sept. 11
Sept.
*3
17
17
1314
1314
*133,
12i2
217g
*12%
2134
10i2
10%
*10
10%
•70
71i2
71
*82
87
87
i
534
534
534
578
263i
27i8
27i2 27"8
107i2 10712 *107i2 108l2
*12
5,
*12
5s
•70
71%
87
18
17
177,
17
17
17%
13%
13
13
13i«
*12%
12%
17%
1314
12i8
»12i8
23%
*121,
213,
1314
12%
23%
22
23i8
10*4
10
131,
12i2
2214
IU4
105s
1H8
•68
71
70
70
70
70
•78
85
84
84
84
85
103<
107
•12i8
1034
11
277,
*%
•2%
%
8%
2%
63*
6%
612
15,
•13s
314
3
81,
1%
1%
6I4
*1-3,
3%
3%
3
83,
25,
6i4
6%
*2 3s
6I4
•1%
1%
*8034
3934
*113%
6%
•36
35,
19
19
24
24
19
2214
183,
*4834
*52%
51
180
5%
51,
*u
*l2
19l2
19!2
18
97
97
97
97
40
40
40
5
9H2
414
47,
*21,
4l2
51,
92l4
*2i8
27%
*40
41
*40
41
*40
40
40
*39
40
*39
15i8
2:1434
15
86%
86%
28l4
1512
88
30
28%
28%
90
90
*8734
*8634
*6712
*11
12
*11
12
*11
*22l2
233,
•22l2
233,
17,
46
77,
*227,
2
2
a
7i2
8%
8I4
1*4
4512
47
453,
28
28
27
*70
80
*70
*20',
2012
412
18
55,
*35,
*16i2
*5i2
*1612
18
512
*1612
5U
*
5%
80
*70
80
*42
56
*42
56
20
414
18
512
*19
1934
*19
20
700
*5i8
241,
24
24
24%
24
24
•163,
1634
*16i8
1634
1634
1634
*16%
13
1234
13%
3%
1234
112
4
*14
*109
112
334
4i8
1334
*283,
14
14l2
1334
14
29
29
29
29
36i2
36l2
3612
37
738
7
*36
714
165,
77,
*75,
12%
3%
14
14%
480
2734
28%
1,100
37
37
37
17
7%
*72
76
*70
76
*72
76
*72
75
*71
*10i2
11
37
*1012
11
*10
11
*10
11
*10
11
*34
3614
*34
37
*34
37
*34
.37
19l2
1512
75
*19
205,
15i4
19l2
77
77
7314
15
18%
15%
75
15%
15%
74%
76
*714
114
136
323,
327,
*141,
I4l2
*3014
37
14-3,
7,
534
3734
33i2
30i2
1
1
3612
HI4
*'4
55,
37i2
*32%
11
*10%
2,600
500
100
*11434
*11434
"~4~666
165% 166
' 164% 166
1,100
10
*172
124.
*172
176
36%
32%
35%
32
32
31%
30%
30%
%
33%
*%
30%
1
33%
3034
%
*14%
31
14%
*14%
34
35%
35
13%
14%
*3A
*%
35%
5%
36
32
32%
29%
*%
29%
lsi«
5%
*31%
*40
108
107
33
41%
5
14%
%
5%
*31%
*40
41%
107
107
107
30%
35%
31%
303s
30%
14%
35%
1334
*%
5
33%
*40
107
1334
*%
78
3534
3178
3034
41%
8%
500
*2911
*34
*3978
41%
*106% 108
834
*8%
No par
International
1
Duplan SUk
No par
8% preferred
100
Du P de Nem (E I) A Co...20
Dunhlli
preferred
No par
Duquesne Light 5% let pf.100
Eastern Airlines Ino
1
Eastern Rolling Mills
6
Eastman Kodak (N J)-No par
$4.50
6% cum
Eaton
Manufacturing Co
Inc.
Edison Bros Stores
5,800
(The)
Electric Boat
Ind Am shares._.
Light. No par
No par
..No par
Eleo Storage Battery..No par
Elk Horn Coal Corp...No par
El Paso Natural Gas
3
700
800
Electric Power A
$7 preferred
$6 preferred
Endlcott Johnson
""70
1,800
Corp
8%
9
81
*74%
80
*74%
8%
80
*74%
80
*73%
80
*74
80
85
*82
85
*82
*5
*82%
83%
*80%
85
*81
85
$5H preferred
*87
92
*86
92
*86
92
•86
92
*85
92
*85
92
$6 preferred
8%
t 5,
*'ii
1%
*63%
*384
6%
1%
2%
1%
80
3%
7
321,3 3234
*30%
*»i«
1% E
214
1%
»i«
1%
*1
*1%
*1%
2%
*134
30%
*63%
*3%
1%
so
3%
6%
6%
634
30%
%
297s
%
4%
3534
*1334
*92
95
*95
96
95
37
*19
1378
*92
1378
95
1934
Fairbanks Co 8%
36%
19%
36%
19%
1,500
600
300
14
20
*92
95
20
*19%
500
*13%
800
3%
*2-%
20%
14
3
34
84
84
22
*2014
22
*20%
*1934
93
*91
92%
•91
93
*9138
93
93
200
\
*16
16l2
*14%
16%
36
•14%
35%
16%
*14%
1534
*14%
1534
14%
14%
100
>1
36%
*34%
35
35
20%
*14
353s
20%
*%'
22
36
14
*
'
'7,
36
14
*19%
*13%
*234
20%
14%
3%
*3.
35%
*14
1934
*13%
*284
*84
Bid and asked prices; no
84
35%! *35
20%
*14
sales on this day.
20%
*13
*234
34
20
91%
20
20
91
*14
20%
•88
*14
J In receivership,
Evans
5
6
3
170
♦91
3*3
Cleaner
Products Co..
Eureka Vacuum
500
1934
14
3%
%
21%
21
*20
Equitable Office Bldg..No par
fErle Railroad
100
4% 1st preferred
100
4% 2d preferred...
100
Erie A Pitts RR Co
50
34
14
197g
No par
No par
No par
Ex-Cell-O Corp
Exchange Buffet Corp. No par
95
*92
preferred
478
34
*4
*13
14
*13
700
2,700
30
30
4%
36%
1934
300
'""766
20
13%
3
84
21%
•13VI H'i
19%
13%
*234
378
684
*6%
84
36%,
20%
*13%
95
*6%
1,000
80
*63%
378
478
37%
20%
37i2
2H2
14
37%
*»H
1%
80
334
*%
*13i2
178
334
*4%
*%
4%
♦35%
19%
3034
1%
*63%
30%
%>
5
37
20%
14
*2012
634
1%
1,300
178
1%
*1
1%
1%
800
1%
%
h
l
434
37
19%
14
%
*4%
4
*1%
*63%
3%
*6%
h
* it
1%
2%
1%
80
334
30%
34
30%
%
538
*%L
*5
«i«
%
*1
%
1%
2U
*14 r 1%
*63% ' 80
*3% ;
37,
*7
r 738
,
$5 conv
%
60
5% preferred...
..100
Engineers Public Service
1
*75
9U
4
2
6
3
Elec A Mus
*82
*91,
..100
preferred
Electric Auto-Lite
1,100
32%
Aircraft......No par
Co.—No par
5,700
1
3184
8%
2,600
par
par
Rights
Dresser Mfg Co
60
8,400
2,800
*32%
33
500
2,200
35%
32%
30%
35%
7g
78
33
6,000
"moo
5
5
106% 107
834
884
34%
5
34%
30"%
14
3478
1334
7g
*1338
14
*%
*40
42
107
14%
35
5
176
303s
31
14
35
13%
124
176
176
176
3138
14%
35%
14%
%
5%
3634
30%
32%
34
13%
124 |
124
176
30%
*14%
333,
*107
*684
11
12
2I84
7%
12
21%
7
124 i
42
33
*40%
22
par
a
20%
100
100
1,000
1,200
10
Def. delivery.
pref
100
Co. No par
Fajardo 8ug Co of Pr Rico. .20
Federal Light A Traction... 15
$6 preferred
No par
Federal Mln A Smelt Co
2
Federal-Mogul Corp
...6
Federal Motor Truck.-N# par
Federal Water Ber* A.No par
Federated Dept Stores .No par
4k % preferred....
100
Ferro Enamel Gdrp
1
Fidel Phen Fir* Ins N Y.$2.50
FlJene'n fWm) Rons Co. No par
Fairbanks Morse A
n
New stock,
r
Cash sale.
33
Apr
*
Jan
32% Aug
13
Apr
41%
Jan
40%
Feb
37% Mar
9
Apr
17%
Deo
75
Apr
94
Deo
24%
Apr
52% Sept
June
62
90
Jan
8% Sept
Sept
2%
Aug
3
Apr
13
48
Aug
93
9
Aug
19% Sept
26
Dec
28%
6
38
Sept
Deo
7% Sept
3% Sept
4
03% Sept
Apr
May
4
8
4%
Aug
13% Nov
19%
Apr
32% Nov
73%
Apr
91
45
Jan
55% June
13%
Apr
25
Sept
7
June
May 10
22% Apr 30
3% Aug
5% Mar 7
Apr 27
17% Mar
Apr
10% Sept
4%
4
883 Apr
Dec
112*4
Apr
25%
23
9
23% Apr
Sept
15%
Apr
27% July
Apr
Aug
18%
103
113% Apr 12
28%May
19% Apr
11%
23% Jan
12%
6%
Nov
14% Sept
84 Jan
Oct
87« Sept
Jan
Oct
Jan
1%
103
Apr
125%
18
Sept
32%
28
125% Jan
23% Jan 10
Oct
Dec
28
3% Sept
% Deo
Jan
Apr
34% July
3
3084 Sept
44% July
10% Feb 21
5% Aug
13»4 Sept
68
Sept
20% Mar
90
July
30% Apr 10
43% Feb
20
Jan
8
66i4May 24
8534 Apr
5
9
9%May 15
30%May 22
984 May
14% Apr
38
Feb 29
21
ll%May 22
65% July 3
133
Sept 13
3
Sept 11
1434 Jan 12
5
May 21
24% Apr 23
23% Jan 10
May
9%June10
May 15
146%May 28
May 22
114
110
11% Mar
May 21
114
Deo
5
2% July
38
Jan
Apr
Sept
28
17
14
Apr
20%
l2%May 21
par
07% Sept
Aug
177
32% Mar 14
92
Mar 29
434May 15
Dow Chemical
3% 109,800
7
21%
1.800
8
Feb 26
60
32
warrants-.100
Co
01% Sept
Jan
Apr
Sept
Jan
51
12%May 21
25%May 22
No par
Match
49
54%
4% Jan
Sept
6% pf. 100
Reynolds A ..No par
Jan
29% Feb 24
2%May 21
6% parttc preferred
25
Diamond T Motor.Car Co—2
Distil Corp-Seagr's Ltd.No par
31%
8%May 10
3%May 22
June 13
100
Jan
91% Feb 24
17
Apr 22
% July 11
98%May 22
4,500
9,000
'116% 117%(*11634 117% *11634 117% *116% 117% *116% 117%
2 884
2834
29
2 934
28%
29
29
30
29
29%
4
4
*378
4
*378
4
334
334' *3%
4
131
131%
131% 133% 13034 131%
133
134%! 131
132
*170% 176
•17012 176
22%
7%
*7
124%| 123% 123%! 124
124
31
4
3012
37,
135
21%
*11
12
*11
171i8 173
116i2 116i2
7%
*114%
*114%
166% 170
168% 172%
*114
125
125
22%
7%
12
*11
....
175
175
22
2214
7i8
7i8
12
*11
*
22
231,
734
231,
32% Sept
150
4% Jan
ll%May 22
8%May 21
JDenv A R G West
Douglas
21
10
100
Western..50
Class A
""566
134%
3%
3
4
Delaware Lack A
Dixie-Vortex
May
13%May 22
21
June 10
Delaware A Hudson
Diamond
May 21
107
Dlesel-Wemmer-Gllbert
15%
15
73%
133
133% 13434
3
Preferred
7334
19
Apr
Aug
l3'4May 22
(The).l
4H % Pf-100
No par
20
No
No
Doehler Die Casting Co No
Dome Mines Ltd
Ns
""166
37
•18%
74%
73%
Co
5% pref with
1034
1034
15%
*15
133% 143
143% 144
147
143
14812 14812
19
1934
15%
73%
1,900
*34
1834
1834
Dayton Pow & Lt
75
*72
75
700
16%
16%
17%
17%
600
7%
*7
7%
*7
16%
6%
7'
14% May 15
3 May 21
Davison Chemical Co
Deere A
May 21
42
5
25
Devoe A
14
29
19%
4
4
95%May 9
43%May 10
95
Apr 25
6% July 25
21%May 21
75 June 10
1
7% pref.. 100
No par
Detroit Edison
14
40% Deo
5% Nev
43% Apr
21%May
19%June 6
134 Aug 27
31 June 17
N* par
300
28%
10%
Apr
Apr
Aug
26%
45
5
preferred
%
*%
*36%
14
29
17
*1912
1514
200
6,800
37
734
17
14
29
17
*32i2
1,600
3%
Apr
1%
38% Apr
9% May 23
Inc
Cutler-Hammer
2,400
100
%
111
*108
preferred
110% 110%
*1
%'
2,500
*36%
*7%
16%
1334
29%
37
1634
1678
40
16%,
12%j
163s
1234
334
*10738 111
109
109
16%
12%
3%
13%i
4
*1
h
%
12
11234
1634' *15%
334
800
*5%
5%
5%
112% *111% 113
16%
16%
163s
1634|
24
24 1
24% 24%
I
$8
Conv 5%
5%
17
24
18
*16
Sept
5
29%
32*4 Feb
784 Jan
3% Aug 15
May 21
Davega Stores Corp
18
*16
*111
112
112
Cushman's Sons
4%
*3%
4%
*334
...
51% Sept
110
May
*106
93
June 14
60
No par
Class A
"""20
1934
*334
*16i2
Mar
Jan
105
June 13
30
Inc
Press
Preferred
*70
100
Sept
184May 24
Curtlss-Wrlght.
56
16%
4%
%
4,800
80
167S
414
*%
4,500
32,200
*42
1634
12%
7%
.7%
25
*70
171,
14
45%
"25%
45
734
Jan
*87% 8ept
32% Apr
% Sept
Sept
64
Curtis Pub Co (The)...No par
26%
165s
133,
2,900
2:2534
175,
241,
175,
100
1%
45
7%
Cuneo
233g
2
3
25
...100
Packing Co...
Cudahy
273,
2634
112
112
113
*112
11H2 112
45
8
Sugar
Preferred
100
1%
Apr
Dec
16
75
100
10
preferred
Cuban-American
190
1912
414
18
5%
19l2
*358
20
412
1934
*35,
4514
758
"2 job
*22%
23%
134
*22%
al*4
*44l2
4%
5
_
Cuba RR 6%
Dec
22% Mar
1
1% Apr
30%June 12
12
May 22
No par
preferred... No par
Crucible Steel of America. 100
Preferred
100
400
Deo
17%
11%
May
36
$5 conv
5,600
Sept
9% June
7% Apr
3%May 22
18%June 11
July 17
No par
ex-warrants
Sept
101%
88
24% Jan
23
No par
Crown Zellerbach Corp
100
56
*42
56
*42
43
42
*70
80
2278
178
80
2634
273s
1134
45
734
273s
4434
75,
11
11
4%
2278
178
9
9
*67%
*2%
Pref
100
9
34
21
May
75
$2.25 conv pref w w..No par
3,900
Apr
Aug
Sept
% July 31
13 June 5
...
Internal Corp
Crosley Corp (The)
Crown Cork & Seal
5% Sept
1®4
May
179
May 25
4
9H
20
1434
86%
29%
92
4%
4%
70
*10
11
100
Dec
8%
61% Jan
165
2% Jan
12% Mar
7% Mar
9% Sept
July
1
65% Jan
200
40
*87%
66%
May 28
2,600
1
A\
41
1434
92
*2%
414
4i2
*11
233s
28
500
26%!
26%
68
67
1134
86%
May 21
44%May 21
1
1
Crane Co
25
5% conv preferred
100
Cream of Wheat Corp (The).2
240
4%
4%
4%
*4%
4%
4%
67
*2i8
43s
412
69i2
412
68
68
69
68
2 934
91l2
*26
40
*861S
29l2
29
313,
94%
414
3H,
94i2
*21,
23
153S
88
30
9214
4i4
1518
8734
8734
18
97%
23
*412
27l2
*39
88
17%
97%
23%
70
108% Aug
6% Aug
Jan
41
Coty
3,600
17%
97%
384
Feb
2 5% May
47
Coty Inc
800
Mar
Apr
Jan
84 Dec
784 Sept
Apr
25
Corn Products Refining
Preferred
%
25
33
5
50
pref. 5% series
conv.
T.666
5
%
l0%June 10
18%M iy 21
15% Mar 16
Corn Excb Bank Trust Co.20
Copperweld Steel Co
200
185
5
35
27
40% Mar
484 Feb
Continental Steel Corp.No par
230
Sept
9% Apr
27% May 25
2
May 15
1
5
Continental OH of Del
400
1,700
177,
23i8
41
1534
15U
157,
167,
*87
2,800
97
45,
27i2
*40
40%
*39
40
*39
•40
4,300
Aug
11
85
IOI84
4
97% Jan 10
49% Apr 9
110% Jan 26
106%May 31
4%May 21
No par
preferred
91
1% Apr
May 21
Continental Motors
15,700
50
»16
June
33
1,200
*23
1778
9712
$4.50
100
I8I4
9712
2312
458
28
18i2
27U
2,600
57%
48%
*175
5%
*%
70
20
Apr
7% Nov
15% Jan 10
5
100
preferred
Continental Can Ino
Continental Insurance...$2.50
50
*4%
8%
No par
B
Continental Diamond Fibre. 5
18
185
*175
to
24
*4i2
45,
2634
*412
2634
*47%
5
5
9712
18
97l2
*55%
5034
Class
79%
19% Apr 24
7% May 21
84 May 16
Continental Bak Co cl A No par
3284 Nov
9% Oct
Apr
Apr
7
Feb
104
978May 21
700
5%
Jan
73
4% Apr 29
18% Mar 2
93% May 22
Container Corp of America.20
18
18%
57%
50
..100
Consumers P Co$4.50 pINo par
3%
48%
6
700
18%
24
48
June
2%May 21
834May 22
900
3%
18
*22
18%
1
""206
200
35%
*55%
185
*175
^2
*23
24
*23
28%
5034
5
lg
#i«
1812
243,1
4%
51
5
51,
•i*
28
48l2
*17512 180
5U
2434
*4l2
18'8
6%May 22
per
15% Aug
4
4
9
3
10% Apr
4% Apr
8% Apr
2% Jan
2%May 23
6%
35%
33,
1834
18i2
*21
% Aug 26
5%May 22
5% preferred v t 0
38%
2314
314
3i2
♦55l2
521,
100
1,000
300
*5%
36'%
1
No par
5
Consol OH Corp
No par
Consol RR of Cuba 6% pf.100
Consol Coal Co (Del) v 10..25
8,600
♦1133s 120
618
-
3534
1834
23
1834
57l2
48l2
5034
*2214
4812
*172
180
*176
33s
18%
18%
57i2
48i4
I8I4
•55i2
48i4
185,
563,
56
36i4
237s
5U4
58%
4934
53
36i4
*22
48i2
191,
*56l2
6
32% Apr 5
110% Mar 25
1% Jan 5
$2 parti c pref
**16
37%
38i4
38i8
6I4
May 21
97%May 21
Consol Laundries Corp
82*2
*81
*1133s 120
115
6U
23
No par
$5 preferred
100
8%
**16
1*16
82
*80
39
38i4
115
1834
185S
1834
23
1812
*34
*8012
4%May 21
9% Feb 21
15
*8%
8i2
*8i4
*1*16
834
15H
82
838
834
83,
7g
May 29
Consol Film Industries
3%
*12%
1434
*12
75
~i",6oo
*10012 10212 *100% 102%
13%
133s
1312 *13%
1378
13S4
*8%
9
87,
34
34
*34
151J
80i8
801,
8012 8012
82%
39
3812
39
39U
3934
*11338 115
*11314 115
115
6'8
6i4
6i4
6i4
6%
36
3578
36%
37
3614
33s
33s
314
3i2
3"i
8*4
7g
•138
6%
May 29
500
102
102
*102
104
*10H2 104
•102% 104
14
14i2
14i2 *1312
14%
145,
•234
2%
6i8
1412
*12l4
14
♦115,
5,600
*138
*734
2i2
6%
1%
Deo
63
No par
7% preferred..
6H% prior pref
Consol Coppermlnes Corp
14,200
h
8
2%
6%
1%
*%
818
*23,
Sept
100
100
5
Consolidated Cigar
100
27
5
30%
9%
12% July 8
31% Apr 15
16
Apr 8
92
Apr 9
95
Apr 5
l7%June 10
7% Jan 29
1
Consol Aircraft Corp
170
534
534
26%
share
Feb
Apr
per
Consol Edison of N Y..No par
100
2,600
2,800
107% 108%
3
3
3
*83
*7%
858
234
63,
H2
812
8I4
•23s
14
•11
16
2134
7034
•85i4
6
28
10812
58
81,
234
*12
*%
8%
*2%
*13
534
2758
*107
107
107
107
2134
6'g
281,
55,
6'i
285s
6%
28%
12l2
22
8%
19
13% Feb 29
14
No par
—10
Congress Cigar
Ctte of deposit
400
Apr
24% Feb 17
2%May 22
May 18
8
Jan 15
10 June 12
No par
Conde Nast Pub Ino
Congoleum-Nalrn Ino._N# par
1,700
Highest
share
per
5
share
6% Jan 3
$
share
per
Lowest
Highest
Lowest
$
Par
400
234
1634
1334
12%
2134
234
•13
On Basis of
Week
1634
•3
314
EXCHANGE
Shares
3
*234
3U
3%
18
*3
NEW YORK STOCK
the
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
STOCKS
for
Friday
Sept. 13
Thursday
Sept. 12
Wednesday
9
7
Sept.
Range for Frevioas
Year 1939
1
100-Share Lots
Ranye Since Jan.
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
HIGH
AND
LOW
1533
New York Stock Record—Continued—Page 4
151
112%May 22
25%June10
3
May 15
10% Nov
13% Nov
30
Mar
Apr
22%
20% Sept
July
34
87*4 Nov
55
Aug
101%
Apr
144%
6
94%May 10
Apr 9
4
Sept 11
171
Jan
Jan
35%
10
Mar
17%
30
Apr 24
10
Mar 30
6
Dec
10
Apr
14
Dec
Jan
19%
1384 Jan 18
120
Jan 17
Deo
189% Apr
Mar
120
44%May
0% Jan
Apr
126%
4
112
8
110% Nov
Apr
108
8
118«4 Jan 19
June
188% Sept
Sept
124%
Aug
111% Sept
118%
317i
Dec
12%
Apr
384 July
117
June 10
16684
Jan
138%
Apr
180%
165
June 10
178
Jan
155% Sept
183%
22
May 22
37
Apr
Apr
30%
15%
Feb
8% Sept
Jan
Feb
Oct
19% July
10% May 28
May 21
17% Jan
15% Sept
25
41»4 Apr 16
22%
Apr
40%
10% May 21
%May 22
18% Apr 20
184 Jan 4
8%
Apr
18% Nov
1% Sept
3
May 15
l8%May 21
3% Mar
12% Jan
38% Sept
20%
41%
34% Sept
33%May
18*4
38
Feb
35
Sept
15%May 21
z24%June 6
%May 22
May 21
26
35
May 22
102
May 22
5%May 21
63 May 31
66 May 31
84
Mar 4
agMay 15
8%
Jan
8
6
6
2
I84 Jan 10
41% Jan 3
46
Apr 13
Mar 19
112
12% Jan
8
Apr
Apr
Apr
23% Apr
% Apr
0%
Jan
28
*103% Mar
111
13%
Apr
80% June
Jan
89
Jan
05%
Apr
89
Jan
69
Apr
95
Aug
Aug
Aug
1% Sept
3
Sept
0
Sept
%May 15
I84 Jan
3% Jan
1% Sept
%May 15
1% Apr
7
67% Aug
Apr
05% Sept
1%
1
Aug
Aug
%
% Jan
Feb
Jan
Apr
97
6
Sept
7
l%May 14
2%May 25
3% Sept
55
1
67% Aug
Jan
42*4 Nov
32% Aug
02%
83
Oct
3% Sept
3% Sept
05% Sept
6% Mar
Jan
11% Apr 25
0
Apr
13
21
20% Jan 15
3434May 10
1
Jan
3
14%
Apr
%
Dec
Apr
25% Nov
9% Jan
5
May
%June13
3%June 10
29%June 5
l7%May 21
11
May 23
85
June 10
16
July 24
12-% Aug 27
2%May 15
%«May 22
15 May 28
79 June
5
10 May 21
27%May 21
14
Sept 7
Ex-dlv.
y
8% Mar 11
8
31% Apr 18
18% Apr 3
49% Apr
102
2*4
8% Sept
Jan
24
Apr
43%
20
Apr
38ts Sept
Apr
18% Aug
Mar 27
81
Jan
98
Dec
3
29
Dec
81%
Deo
28% Jan
11
14% July 23
4% Jaa 4
1
Jan
9
2%
3
I884
Apr
27%
82*4 Sept
89%
17% Nov
23% Nov
2784
40%
Deo
21%
Dec
25
Jan
95
Apr
5
20
Jan
3
40% Feb 14
22% Jan
Ex-righte
5
Aug
84 May
Apr,
10% 8ept
T Called tor
0% Nov
1%
redemption.
Jan
Oct
Feb
New York Stock
1534
LOW
AND
HIQH
SALE PRICES—PER SHARE,
NOT PER
Record—Continued—Page
CENT
5
Sept.
Tuesday
Wednesday
Thursday
Sept.
Sept. 10
Sept. 11
9 per share
9 per share
9 per share
7
$ per share
1512
95
IS--*
30'4
*9H2
4H2
14%
29i2
15%
95
4112
14%
29%
14%
*29%
22
♦21
22
*21
*9178
4312
16%
*41%
14*4
♦29
ji
f
*21
15
♦1%
""2814
2
28U
14*4
14*4
89
89
33s I
*20
30
100
100
*478
14%
30
30
14
*21
*20
107
14
14%
87
3%
3
3
*3
*20
30
*20
234
14
*12%f 14
I
19
1834
106
14%
93
*3
3%
*12
30
26
26
100
30
30
1,100
1%
2%
2%
*12
19
*98
*10i4
1134
*10%
1134
♦11
1134
*11
55
*47
55
*47
55
*47
55
5
5i4
*07g
•130
5
7
*136
(150
5
♦99% 104
47%
4712
0*4
07g
150
25g
6
5
*99% 104
47%
47%
6*4
034
*130
0'4
1578
*1414
*147g
234
0%
1634
"*64%
68's
17i2
04
64
*00
00
*17%
18
*17%
18%
w
17i2
109
111
*108
347g
4H4
*117 '4
120
3g
%
150
2%
534
7U
%
137
*25
*25 fr 35
35
♦89% f92
♦8912 ' 92
129
129% *128% 128%
48% 487g|
40% 47%
35
129
137
*130
100
800
1,900
150
10
234
2%
600
5%
2,300
General
14%
400
Class
64
100
7%
14%
14%
*60
17%
*17%
110
18
11034
327g
33%
40
40
110
116
*%
■
35
*17%
91
129
129
46
*%
35
91
18
*•%
11%
34
12%
34
12%
*98
103
*%
47
160
200
%
*7i§
10%
*15%
16%
25%
*1034
26%
11
25%
20%
10
15%
*24%
*1034
25
25
*1034
10%
25%
20%
24
1984
*9%
19%
20%
1 13%
64i4
1,000
f 1078
*1734
12%
53
t
d
p» %
*22%
14%
134
24%
*132
29
*11
11%
1834
2
400
57%
55%
55%
*53%
*13%
*41%
55%
13%
*53
*1234
14
*13
1384
1,100
44%
*42
*42
44%
16
♦134
2%
2%
*2%
2%
2%
2%
*2%
2%
2%
2%
*82
85
15% I 103g
*82
*2
85%
2%
*31%
50%
*!•
*5%
*11
*9%
*11%
„
2
%
534
12%
9%
12
3334
24%
14%
2534
21
21
132
132
*33%
29%
*82
12%
54
1534
*82%
10%
1738
17%
*1%
2
*14%
134
16
*31
*32%
*1334
33%
33%
14%
*32%
*15
17
*15
*31
t
33%
| 33%
13%^ 13%
17
*31%
♦32%
*13%
134
1334
33%
33%
14
♦15
10
>12%
11
17%
*1%
*14%
134
12%
32%
*32%
85
*16
5%
12%
12%
9%
11%
34
24%
14%
26%
2134
131
45
*11
9%
11%
133%
*22%
14%
2334
45
30
11%
29
30
11
11%
10%
*10%
18
2
16
134
12%
32%
33%
17
1%
14%
*1%
*11%
634
2%
101% 101% *100% 105
878
9
*91%
93
♦150% 165
1534
84%
1534
84%
*126% 128
*54%
60
*102% 108%
*14
" 14%
*2934
30%
*634
7
'*10
10%
*101% 106
46%
47
*32%
35
13
13%
57%
57%
♦103% 106
*4
Ki
4%
32%
33
*isi«
*4
*19%
1
4%
20
3%
3%
»ie
Bi«
8%
*15%
8%
16
*41
42
*4
♦
4%
6%
*89
2%
6%
95
*16
11,500
100
June 14
94
June
6
35%May 26
5%May 22
118 May 27
l%May 15
4%May 15
11% May 24
48% Feb 6
l2%May 23
102
May 21
26%May 21
30
May 22
lll%May 22
%May 17
35 May 13
77%May 21
118 May 28
37% May 28
116
May 22
32%June 10
11
11
17
17
*1%
14%
184
*12
*1%
2
14%
134
1,100
*3%
4%
*41
*3%
Bid and asked prices; no sale3
42
4%
on
10
44
30
634
95
20
8%
preferred
0%
50
*684
7
*150% 164
300
6%
""606
30
1,200
800
6%
7
1,300
41
4
40
3%
40
10
10
100
*101% 106
32%
12%
*55
45%
32%
1234
56
*104
5* 800
300
334
T.bbb
31%
1,700
»16
300
*3%
4%
1 734
1,900
%
7%
2
100
No par
conv
Homestake Mining
12.50
Houdallle-Herehey cl A.No par
Class B
No par
Household Finance
No par
preferred
100
Houston Oil of Texas
v
t C..25
Howe Sound Co
:
Hudson Ac Manhattan
5%
5
preferred
100
Hud Bay Min Ac Sm LtdNo par
Hudson Motor Car
No par
%
800
Hupp Motor Car Corp
1
7%
3,500
Illinois Central RR Co
100
May 20
9% May 21
10% May 22
100% June 18
4
10%May
16% Apr
36% Apr 8
25% July 17
18% Jan 8
28% Apr 24
29% JaD 2
95
June 25
l6%May 23
130
May 27
5% May 21
83%June 27
n
New stock,
r
Feb
0
Jan 29
Jan
25% Apr 29
3% Apr 18
30% Apr 18
Apr
12% Sept
28
92% Apr
1% Jan
20% Jan
Sept
19% Apr
12% Aug
10
Apr
15
Apr
8% Sept
Jan
41
Jan
15% Oct
43% Sept
20% Nov
I5i2
Jan
10% Aug
18
99% Feb
27% Mar
8% Jan
6%
43%
Apr
Oct
6% Aug
43
Sept
14
Sept
34
May
2%
70
Jan
Jan
13% Apr
63
Apr
21%
87
Apr
Nov
278june
07
Deo
Deo
Sept
24%
2278
Jan
35
Aug
Jan
25
Aug
12% Apr
16% Apr
23% Aug
129% Sept
42
May
24% Jan
14% Apr
10
Apr
11
Apr
May
%
2
20% Feb 19
106% Jan 12
105% Mar 30
28% Jan 4
138
Apr 12
9% Apr 5
Jan
Nov
9% Dec
10
Apr
29
8
278
86
24% Jan
74% Mar
38% Jan
109% Jan
5% Sept
Mar
18
Apr 8
34% Apr 22
Jan
Jan
Nov
Sept
Apr
Apr
9
Mar
1378
1%
1078
15%
10%
22%
Apr
Jan
64
80
Dec
% Aug
4% Apr
14% Dec
3
Jan
Nov
66% Mar
24% Jan
,47
Mar
3% Mar
17| Apr
9
17
Jan
107| Jan
111% Nov
1% Sept
85% Aug
% June
4
37
Feb
67«
Mar
Jan
90
Apr
Apr
Apr
May
17
Apr
123
Sept
5
9
47|
22% Sept
33% Sept
37% Sept
141% July
63% Deo
35% July
21% Mar
12% June
0
Sept
30
Sept
6% Sept
22% Sept
32% May
38
Nov
18% Dec
18
Oct
105
Oct
103% Nov
33% Sept
144
May
Feb
10%
9
71
Jan
92
Aug 10
897gJune 6
7%June10
4% Apr 16
113% Jan 29
11% Apr 8
2
Apr
Apr
4% Nov
12% Deo
2
104
12%May 23
70%May 23
126% Aug
60
8
June 11
94% May 21
12% July 16
19
May 21
4% July 15
8
May 21
103 May 13
35
May 21
28
May 22
8% May 21
64%May 22
103
Aug 24
3%May 22
28
Aug 15
% Jan
3
2%May 22
12
Apr
93
Oct
Nov
13% May
8% Apr
100
Sept
117
Mar
Mar 20
148
167
June
21% Apr 22
100% Apr 9
133% Jan 30
10
Jan
8
67% Apr 16
115% Jan
9
18% Jan
4
35% Apr 4
778 Mar 4
16% Apr 20
Oct
Apr
63
Apr
128% Apr
54
Jan
100
Sept
115
14% Apr
29% Sept
19
Jan
51
Jan
6% Nov
60% Jan 12
8% Aug
May
47% Sept
38
27
110
Mar 30
Apr 13
10% Apr 15
71% Apr 25
lll%May 13
07g Jan 3
50% Feb 21
1% Feb 20
7% Feb 20
27
18% Nov
101% Sept
135% Mar
95
8%
Apr
Apr
60% Oct
102
Sept
4% Sept
Apr
40
% Dec
278 Sept
65% Aug
July
11% Mar
21% Sept
110
Oct
60% May
30% Mar
17% Jan
73% July
110% Aug
9% Sept
Sept
1% Jan
57
5% Jan
35% Sept
878 Jan
2% Jan
20% Jan
2
10%
Apr
35
Jan
100
31
June 12
43% Apr
May 18
6% Jan
38% Sept
434 Sept
Mar
3
6
3
49
1000
Leased lines 4%
RR Sec ctfs series A
Def. delivery,
147S Jan
4
38
Apr
7
% June
July
3
3
6% preferred series A... 100
180
a
11
Sept
99
128% Deo
50% Oct
126% June
Jan
300
J In receivership,
112
Apr
13% Jan
24% Jan
15
80
30%
May 24
May 15
%May 14
5%May 21
12
May 21
41
3%
May 22
9%May 22
9
May 29
100
*14
3%
9
1% Jan 30
9% Apr 10
160
*38
3%
8
71% Jan
Jan 12
No par
No par
Jan
8
155
800
4
May 22
%May 14
4%May 22
9%June 7
6%June 10
10 May 18
20
May 21
21%May 29
ll%May 22
15%May 21
18% May 22
Jan
4% Feb
100
Motors
1
preferred
No par
Hlnde& Dauch Paper Co... 10
Holland Furnace (Del)
10
Hollander Ac Sons (A)
5
Holly Sugar Corp
No par
7% preferred
100
200
1734
*3%
l%May 15
110
5%
*%
1
100
0% cum preferred
107%
*3%
*31%
June 11
Jan
20% Apr
69% Mar
2478 Apr
97% Feb 21
June 11
Hercules Powder
2,900
900
21
45
21
12%May 22
88
86
34
29
10
10
25
Hershey Chocolate
28%
4534
100
1% Jan
06% July
Jan
3% Apr 11
25
Hercules
10
58%
*105
109%
*1334
14%
77
21
Hazel-Atlas Glass Co
Hecker Products Corp
100
*54%
May
July
May
May
Helme (G W)
Preferred
200
80%
81%
*126% 129
preferred
Corp of Amer class A
6)4% preferred
Hayes Mfg Corp
2,400
14%
14%
No par
Hat
"MOO
800
10
6% preferred.
100
Hanna (M A) Co 35 pf. No par
Harbison-Walk Refrao. No par
95
2%
2%
*100% 104
8%
8%
9134
9134
2
9
58% Apr
19% Jan
44% Mar 26
4% Apr 22
30
100
Water
Dec
%
15% Apr
0% Mar
517i Mar 14
21
22
21
21
22
May 21
1% July 23
8
May 21
29%June 5
100
preferred
Hackensack
40
150
*88
9
21
25
Hamilton Watch Co
6%
Sept
25
Gulf Mobile Ac Northern
300
100
95
3
33%May
4% May
43 May
11
May
30 May
2
May
May
23% Jan
3
1
44% Jan
477l Aug
118% July
97% Nov
100
12
15
*634
9
14% June 20
1% Aug 22
15
*88
31%May 10
24% Mar ~
13% Jan
23% Apr 27
6
16%
2%
May 21
4
700
203g
14
17% Jan
No par
100
Jan
14
35% Apr
13%
*20%
15% Jan 11
23
13%
*126
July 22
55
13%
21%
18% Apr
33% Jan
10
»*n Apr
142
Aircraft Corp
30%
25% Jan
130% Mar
107% Sept
105
June 13
Guantanamo Sugar
800
Oct
Apr
Jan 10
Grumman
200
2,400
Dec
3% Sept
Green (H L) Co Ino
1
Greyhound Corp (The).No par
5)4% preferred.
10
l'ioo
4,300
16
100
28
Jan
Jan
Jan
Jan
125% Deo
20
Feb
18
35
75
1% Jan 11
10%May 22
July
5% Sept
Mar
72%
19% Jan
99% Feb 21
98
Mar
39
6
7% May 23
11
149
Apr
Apr
7% Apr
110
Dec
17% Apr
Jan
68%May
10
Sept
31
60% Apr
127% Mar 23
Jaa
05
43
Jan
27% July 30
7% preferred class A
Hall Printing Co
150
9
Apr
130% Jan
9
103% Mar
Sept
7%
2%
10
15
15
23
May 21
Great Western Sugar. .No par
Preferred
100 *123
Green Bay Ac West RR
100
*102%
*102%
104
104
104% 104%
*102%
*103%
this day.
No par
200
*15
4034
*3%
No par
5% preferred
20
Gt Nor Iron Ore Prop..No par
Great Northern pref
No par
900
-
41
dlv ctfs. No par
200
2%
2%
2%
102
102
*100% 105
*99% 104
I
8%
8%
8%
8%
8%
8%
8%
8%
*91%
93
*91%
93
*9134 93
*9134
93
*164
164
*150% 164
104
164
*150% 164
*15
15%
15%
15%
15
15
14%
15
* *82%'F85
82%
82%
83
84
282%
82%
*120%_128
*126% 128 '*127% 128
127% 127%
*54% f 58%' *54%3 58%' *54%
58% *54% 58%
*102%-108% *105 ^109% *105
111
*105
109%
*14
14% *14
1434 *14
14%
*1334
14%
29% (29% *29%l30%
30
30
229
29%
6%
6%
*5%f; 63g
*534
6%
*5%
6%
*934 *"10%
*9%1 10%
*934
10
*934
10
*ioi%i;io6
*101%J106
*101% 106
♦101% 106
45
46
45%
45%
45
45% 46
45%
i 32%' > 32%
*32% 33% *32% 35
*32% 33%
12% j 12%
12%] 12%
12%
1234
12%
12%
57%] 57%
56%
5634 *56% 58
56
57%
*103%i106
101
*103% 106
106
*10234 106
334
3%
334
3%
3%
3%
3%
3%
131% ,32%
3134
31%
31% 32%
*31
31%
1
1
*»18
1
»n
1
*7g
»16
4
4
*3%
4%
3%
3%
*334
4%
18%
19%
17%
18%
17% 18
17%
1734
3%
3%
*3%
3%
*3%
3%
334
384
*18
®1B
*%
*16
%
%
%
»
7%
7%
7%
7%
7%
8
7%
734
14%
15
1434
1434 *14% 15% *14
15
41
w
Without dlv ctfs
Granite City Steel
Grant (W T) Co
300
13%
17
%June
25
1
5
Grand Union
"""166
"
1
11
17%
1%
1
9% June
80% Jan
%May
13% July
100
Graham-Paige Motors
21,800
I
June
Jan
Apr
128
101
3%June10
5%May 21
100
96
Jan
49% Apr 16
118% Jan
% Jan
Jan
Jan
Jan
3% Jan
117| Jan
41
7%
18%
62
40
29% Apr
87
Apr 24
197g Apr 10
117% Mar 29
15% Sept
104% Dec
Apr
45% Aug
5% May
Mar 20
Jan
Jan
Sept
3% Sept
57s Sept
18% Oct
*9% Sept
57% Jan
8%
July
Apr
3%
14% Apr 24
May
7% Apr
145
55
36
7% Aug
61
104
Apr
Apr
1% Apr
2
July
6% Apr 24
Apr 30
Jan
29% Jan
90% Jan
97S Sept
Sept
18%
0% Apr 22
69
Granby Consol M S <k P
"2'lbb
11
par
1%
27
9
Sept
Sept
108%
Aug
9
8
No par
No par
Preferred
30
5%
12%
9%
11%
33%
24%
No par
32
13
634
100
;
preferred
35 conv preferred
Gotham Silk Hose
33%
13
*88
2%
2%
50%
5%
Goodyear Tire Ac Rubb.No
800
*11%
*32%
*20
95
8,900
132
*126
2%
1,300
16
33
21
*6%
55
11
13%
7,700
8334
1
33%
33
*32%
*13%
150
*89
25%
Gobel (Adolf)
Goebel Brewing Co
1
Gold Ac Stock Telegraph Co 100
Goodrich Co (B F)
No par
10
14%
14%
24%
25%
*20% 21
130% 130%
*33%
45
29% 29%
134
*126
0.%
95
2%
14%
*33%
150
4
24%
*130
♦120
2%
*9%
*10%
3234
*22%
21
♦126
034
*11
9%
11%
34
Z21
21
150
%
*5%
•ll
*5%
21
*126
*31%
*18
21
150
♦2
2%
50%
534
*15
....
16
*2
*102%
*103%
12%
54
*31%
1,700
12%
*52%
1534
*81%
No par
14
20
20
Oct
5
66% Aug
0% Apr 18
32% Jan 25
38% Apr 15
2% Jan
25
103% Apr
0
Jan
July
37% Sept
Apr
94
10%May 28
No par
Sept
Aug
31%
38
1% Apr
4
13%May 28
36 preferred
Glldden Co (The)
"""566
85
15%
8334
*102%
*102%
*103% 105
*103% 105
*22
22
22
22%
*89
89
45%June 14
3%May 21
No par
4)4% conv preferred.....60
2%
2%
*82
16%
%
*5%
*9%
11%
3334
*22%
14%
24%
21%
12%
300
2%
84
54
32
*11
*82
3%
*2%
12%
54%
*2
11%
11%
14
13%
32
131
45
86
85%
2%
29%
*12
3%
44%
2%
11
14
3%
*35%
21
3%May 28
No par
6% preferred
100
General Tire Ac Rubber Co
5
Gillette Safety Razor..No par
35 conv pref erred.... No par
Glmbel Brothers
No par
4,800
*10%
*12
80
2,100
7,600
6%
56
11%
*1%I
2
*14%
16
♦l%t 2
300
17
9
105% Mar 27
Gen TheatreEq Corp..No par
Gen Time Instru Corp. No par
200
18%
104%
♦1134
12%
35%
11%
11%
12
10
950
May
4
9
107% Apr 4
21% A iw 29
51
Apr
25% Apr
3% Jan
Jan
25% Sept
105% June
Sept
35
5
General Shoe Corp
1
Gen Steel Cast 38 pref.-No par
General Telephone Corp
20
1,400
6
*33%
29%
*11
*
19
*9%
18%
9%
18%
104%
25%
19
35
14%
25
2934
12
25
25%
19%
6%
♦22%
45
4
♦1734
♦
500
3%
37
3
17% [17%
1134
2
10
No par
15
25
June 19
97
No par
Gen Railway Signal
100
6
14%
134
*33%
31
18%
10
17% Apr
99% Jan
38% Apr
21% Apr
5
38% Mar 26
10%May 21
12 May 21
6% preferred
100
Gen Realty Ac Utilities
1
36 preferred
No par
General Refractories
No par
900
1034
684
33%
,
45
20%
104%
12%
1234
16%
24
3%
37
*33
} 25%
9%
*1734
1034
6%
24%
;
¥ *934
*
16%
23%
2%
2%
21% ) 2134
*33%
*29%
*11%
u
100
General Printing Ink
30 preferred
...No par
Gen Public Service....No par
900
*35%
11i#
*132
preferred
Common..
""966
%
6%
i£t
5%
12%
9%
11%
24%
15%
2034
22
♦15%
23%
1034
2434
19%
%
16%
*23%
*10%
14 a 14
*42
44%
32
*9%
11%
33%
:
11%
11%
♦99% 103
716
*55%
82
%
20%
*2178
No par
Gen Outdoor Adv A
"""200
%
3%
37
13
5%
*10%
15
5%
1,500
6%
53
ii,|
33
9%
1234
*21
15%
12
716
1934
9%
12%
3
*11%
2534
19%
53
*5%
5%
*10% f 12%
*
*9%
9%
>11%
12
*
*22%
No par
General Motors Corp
35 preferred
200
*35%
15%1 1634
32
25
13
82
"*
33
100
Electric Co...No par
36 conv pref series A.No par
300
%
*99%$103
24%
10%
53%
17%
2%
31%
24
*1034
20%
104%
123g
2%
85
85
No par
preferred
General Mills
45% 46% 38,100
126% 126%
200
*40%
47 '
*%
%
15%
10%
9%I
)
%
25
*
s8
1534
25
*19%] 19%
J 86
*80
55
*I 2%
'
31%
T
*2% f
2%
82%
1334
%
25
10
20%
19%
100% *.... 104%
* 13%
13%
12%
1234
IV 3%
3% t 3
3%
■
35%
3538 ±34%
34%
• 7
7
6%
034
56
*5034
58% ¥56
*14%
1478 f 13%
14%
*42
*41%
45
44%
i *2%
2% It 2% L 2%
100
f *2%
100
No par
Gen Gas Ac Electric A ..No par
"""800
*127
No par
General Foods Corp
34.50 preferred
4,800
91%
Cable Corp...No par
A
General
35
91%
6
cum
7%
25,800
718
*25
126% 120%
*40% 47
*12
12%
*99% 103
103
%
%
pm
12%
*98
%
*15%
1
34
12%
103
♦%
1 82%
No par
preferred.
General Cigar Inc
200
110% 110%
32% 33%
39%
40
*115% 122
ht
*25
92%
129
14%
*00
66
O
12%
*9%
6
3
2
Jan
Highest
share I per share
per
Jan 24
46
~
*%
*20%
6
General
5%
^
25
38 preferred
Bronze Corp
234
47g
Ji
*434 X 478
*4%
434
*4%
434
4%
4%
*7 i
7%
7%
7%
*7%
7%
*7
7%
7%
7%
7%
7%
'108% 1097g *108% 10978 ♦108% 109% *108% 109% *108% 109% *108% 109%
*99
Gen Am Transportation
General Baking
June
%
21% Jan
106
20 May 24
24% May 28
l%May 14
2% June 11
Gay lord Container Corp
5
6)4 % conv preferred
50
Gen Amer Investors
No par
S6 preferred
No par
5%
40%
47%
46% 47%
*125% 126%j*125%4126% *125% 120% ♦125% 120%
♦43%, 47 1 *40%
*40%
47
47
*40% 47
♦4%
"l'ooo
Year 1939
Lowest
f per share
9%May 21
May 22
2% Aug 12
S3 preferred
10
Gamewell Co (The)
No par
Gannet Co conv S6 prof No par
Gar Wood Industries Inc
3
234
15%
92
129
100
share
01
F'k'nSlmonACo Ino 7% pf.100
10
5%
66
*25
f 92
129
11
55
102
10
Free port Sulphur Co
2%
%
*25
*90
300
*4%
5
*99% 104
46% 47
6%
6%
7
100
No par
No par
Gabriel Co (The) el A..No par
Galr Co Ino (Robert)
1
534
15%
*60%
17%
«
11
47
*0%
110
*109% 111
110
33*4
34%
3334 34%
40
40
40%
40%
110 [110
*114% 110
34%
41%
4034
♦115
120
%
0
109
34
35%
32
*2%
47
4%
*47
*47g
5%
*99% 104
7
*130
2*4
0'8
157B
*
2%
0i4
10
7
150
2*4
0
5
*99% 104
4734 4734
20
*4%
1134
♦47
9912
""150
100
*98
11%
300
1234
19
18%
47g'
300
2%
*12
100
*4%
1%
*2%
13%
*18%
4M % conv pref
Foster-Wheeler
Francisco Sugar Co
3084
19
Florshelm Shoe class A.No par
t Follansbee Brothers. .No par
Machinery Corp
10
Food
17 conv preferred
1%
f13
19 1
No par
200
3%
*1%
Fllntkote Co (The)
No par
No par
50
*20
65
48
600
*2984
•47
*6i8
9912
20
*13%
*85
♦1012
48
400
1,10)
30
*98 1 100
*4%jfe 47g *Sj 434a, 434
478
100
134
27
31%
1*4
2%
3034
*1%
2%
19
600
per
Ranoe for Previous
Highest
12%May 21
84
May 21
32%May 22
10%May 22
24%June 10
19 May 20
l%May 15
l8%June 10
6% preferred series A... 100
First National Stores
Florence Stove Co
2,100
3
Firestone Tire Ac Rubber... 10
500
106
93
*3
3%
*98 f 100
100
438
30%
ia4
27g
*1%
*2%
*85
1,100
300
*26
*105% 106
*13%
1334
14%
87
134
27
Par
95
*30%
21%
134
22
rl34
15%
Lowest
41%
14%
31%
21%
41%
14%
31
22
85
15%
*88
14%
31
134
27%
*1%
2034
♦105
107
30%
15%
89%
41%
*41
30
*21
14
♦98
5
*15%
89%
84
1*4
234
*1214
18*4
Shares
41%
14%
% 30%
% 3078
134
♦20
$ per share
90
41%
1334
fj
Week
15%
89
1%
27%
Ranoe Since Jan. 1
On Basis 0/ 100-Share Lots
EXCHANGE
Friday
Sept. 13
S per share
89
♦3
3H2
2
3
1412
19%
15%
STOCKS
NEW YORK STOCK
the
Sept. 12
22
♦105
107
13*4
31
*305s
*1*4
*2*4
*12*4
15%
91%
42%
14%
1%
27%
28
♦70
3*8
19
2
28
♦105
107
*105
*112
15%
91%
*41%
Sales
for
Monday
Sept. 9
Saturday
1940
14
Cash sale,
x
3
Ex-dlv.
y
6
21% Sept
6% Feb 17
4% July
1
Ex-rlghts.
Jan
9
% Aug
Aug
11%
? Called for redemption.
Jan
Volume
New York Stock Record—Continued—Page 6
151
AND
Sept.
7
Sept.
9 per share
*5%
23%
Sept. 10
I per share
584
*148
53s
2234
53s
2234
98
96
97
157
*150
157
*150
83
83
82
*8312
84ig
IOI4
5*8
103s
93s
558
55s
234
234
27i2
234
*27
*105
314
838
1%
*105
77s
1%
13a
26
*22
151
*1%
4634
160
455s
47
160
*2%
6I2
*45s
*157
*20%
46
46%
4538
4534
4538
160%
160
159%
*157
160
234
638
4%
*25s
634
6I4
65s
2%
6%
6%
6%
434
4i2
4i2
*4%
4%
4%
2714
275s
27%
275s
234
3
234
2%
*1%
1%
400
22%
100
1%
23
*21
*151
43
42
42
43
43
35
*32
35
*33
35
42%
*33U
35
2978
*1912
2978
29
29
*29%
29%
29%
*19
20l2
*19%
*19%
102i2
2%
2%
23s
23s
278
2%
*8i4
*80i8
83s
*5l2
7
*558
*26i2
27
26i2
8
8
90
*5%
6%
*123%
12%
44
43%
*4378 44
4312 4334
70
166
67
70
66% 66%
65%
66%
127% *125% 127%
12712 ♦125
*125l2 12712 *125
*73
72%
73%
74%
75iS
72i2
7212 *72%
12%
12%
12%
115s
115s
*1H2
1212 *11%
*12314
13
*12314
1278
13
*1191*
13
*119l2
*5
5i2
*16
17%
*90
*834
*834
9l2
10312
14
1412
*16
13i2
*11%
*98
9
10312
13i2
13%
13%
♦115s
9
103%
13%
13%
13%
13%
800
600
200
'"766
12%
300
65
65
2,200
*125
129
*70
*15
13
*11%
100
400
*98
13%
9
103%
13%
200
~
*6%
61
658
658
6%
6%
7
*658
6%
6%
6%
7i8
*100% 104
*100% 104
*100% 104
*100% 104
♦lOOU 104
*100% 104
28
273s
27%
29%
27%
28%
28%
2834
28% 2834
2934
30
13%
13%
13%
13%
*133s
13%
13%
13%
*13>2
14
13%
13%
*3534
36%
35%
*3534
36%
36
36%
3638
363s z35%
*36*4
37
*1%
1%
*1%
*1%
1%
1%
*1%
1%
*1%
*134
178
1%
22%
22%
23%
23%
*22%
23
2338
233S
*22% 24
2312
23i2
24% 243g
24%
24%
24% 24%
24%
243a
24%
24%
2414
24%
3%
33s
*2%
*2%
3%
*2%
33s
*2%
234
234
*278
334
*2634
30%
634
14%
7
1512
*634
1512
*13
2634
30%
2634
28
305s
30i2
26%
30%
*25%
30%
6%
610
17
13
5%
*1234
13
12%
12%
12%
12%
5%
5%
J'2
20
21%
22%
22%
22
22
215s
22
21
21
21
21
21
21
109
109
*107
109
107
107
2%
2%
1
1%
1
*1
*314
33s
*3
20is
1112
20%
1934
1934
IH2
*11%
*11%
3%
20
3%
3%
20
*24%
2434
*23%
42i4
4214
41%
11%
2434
42
*6%
67s
6%
6%
6%
43
*39%
*98%
42
99%
*393s
9812
2434
19%
11%
*24
193s
11%
2434
40
6%
42
*6%
*393s
40
4038
634
10%
10%
10%
103s
103s
10%
1434
147s
295s
14%
27%
2534
1434
*14%
14%
27%
*1334
"2,500
200
200
Llbby McNeil A Llbby
Life Savers Corp
500
Liggett A Myers
42%
*3938
42%
39
6%
393g
*98%
99
99
99
27
2214
21%
2134
365s
365s
35%
*312
35s
36%
3%
3
1978
152
*150
*1914
*57
*28l2
*150
20
5712
*19%
30l2
*28%
56%
128i2 *124
*124
2034
35
Z35
1434
152
20
*14
34%
3
*150
2134
27i8
11
26
26%
*10%
11
*10%
31
29
29
*28%
2
1958
5734
128%
27l8
5734
*134
2l8
1%
*5%
2534
3
3
3
*30
r30%
30%
*1712
1834
17%
17%
17%
*1234
1314
*1234
13%
195s
5734
29%
*1234
7
6
31%
17%
13%
1
4%
4%
*30%
33%
*30%
*17%
175g
17%
*1234
*%
4%
4%
4%
*4%
4l2
*334
4%
*3%
13%
13%
13%
13%
13%
31
31
31%
3012
*%
*3%
13%
1
43g
4%
*1234
*%
4%
283s
283s
2634
28
26%
27
27
27
167
167
*23U
IOOI2
*90
*24
*25a
234
*25g
25%
*23%
25%
99%
99%
*99% 100%
12
1234
*23%
*
47
*25s
' 234
*23
25%
100
*
434
7%
*27
28
*26%
2734
26%
2634
1,400
47
1,200
47
*25g
234
25%
12'4
7U
*7
34
34
8I2
*
10
7%
*33%
8%
13
*12
7%
34%
7%
*7
33%
934
Bid and asked price:
834
no
34
93s
*12
*7
*3334
834
13
100
7%
34
9%
sales on this day.
*12
12%
*23
*
234
25%
100
*12
7%
*7
33%
33%
*33
8%
8%
*7
*8%
t In receivership,
900
20
*165%
47
12%
15
*14%
15
15
15
15%
15
15%
15%
15%
15i2
15i2
*100% 10834 *100% 10834
*10012 10834 *100% 10834 *100% 10834 *100% 10834
24
24
24
23% 24
24%
24
25
23%
23%
*25
25i2
1234
Market St
2,400
7%
234
43s
Marine Midland
Martin (Glenn
27%
26%
*165%
234
100
...25
Maracalbo Oil
2,900
87
13%May 21
7%
34
834
100
20
500
2,000
"~l",I66
100
1,000
11,300
May 21
27
9
May 15
l0%May 21
22% July
3
June
10
23
17
31
21
38
May 18
25«4May 22
13%June
l05%May
1834May
138%May
15%May
128
Marshall Field A
n New
Feb 16
4
Feb 20
384 Dec
3
9
5
2334 sept
20% Apr
21% Sept 12
10% Jan 11
0% Apr 6
12% Sept
3584 Jan 4
23% Jan 10
25
17
Apr
8
3
112
Dec
29% Jan
34% Apr
9% Jan
115
Jan
4
Jan
stock,
20
I84
7
2484 Apr
14
Jan
% May
1% Apr
11
63% Jan
4
8%June
21%May
1% Aug
4
May
24
May
14%May
ll%May
84May
3%May
2% May
3
95
Sept
96% Sept
5
9
4
162
0
14% Apr 27
18% Mar 27
41% Apr 15
37% Mar 15
109% Apr 8
Apr
8
2
10
11
3
2
May
3
21% Jan
4
00
Jan 25
35
Jan
3
130%May 10
2884 Jan 3
31
Apr 16
Sept
15
3
Apr
2034 Aug
31% Apr
10
Aug
13% June
2934 Dec
30% Sept
101% Sept
0
Mar
38% Sept
2
Aug
10% Sept
105
Jan
19% Apr
138
Sept
1584
Jan
361a Apr
28
Apr
124
Feb
18
Aug
26% Sept
1284 Jan
4
11% Sept
Mar
8
21
21
21
23
31
22
21
25%
Apr
4% Apr 18
1
Apr
7% Mar
35% Feb
17% July
10% Jan
11
28
17
17
5
Apr
0
5
Apr
Apr
10
Apr
l%May
9
1
Apr
38
5% Jan 5
8% Mar 29
4% Apr
3% Aug
984 Apr
26% Aug
15% Feb 21
47»4 Apr 16
1484 Apr 15
40% Jan 8
3234 Apr 16
170
Mar 2
r Cash sale,
Apr
Sept
6
22
10
6%May 21
ls4 June 10
21
June 10
160
June 12
36%May 22
2% May 22
May 23
96%June 14
lO%May 22
10 May 21
May 21
17%May 21
5 June 6
26 June 26
,
Apr
4%
33
45
8%May 21
93
Apr
Apr
36%
26»4June 25
20
Sept
9%
23
1
2
Jan
20
Feb 19
29
102
Jan
Apri
2% Sept
4
l09%May
25% Apr
Apr
3%
6
4
41
Apr
Apr
12
4% Jan
1% Jan
Apr
12%
20
Co...No par
L) Co
No par
Masonite Corp
No par
Matbleson Alkali Wks.No par
7% preferred.
100
May Department Stores—.10
Maytag Co.—
No par
53 preferred
No par
50 1st cum pref
No par
McCall Corp
No par
McCrory Stores Corp
1
6% conv preferred
100
McGraw Eleo Co
1
McGraw-Hill Pub Co.-No par
Mclntyre Porcupine Mines..6
McKeesport Tin Plate
10
a Def. delivery,
Sept
17 May 24
20%May 21
Martin-Parry Corp
8%
47%
100
Exploration.. 1
Corp—
6
Ry 6% pr pref. 100
1
100
27%
2h
2512
Manhattan Shirt..
8,200
8%
*25s
4%
334
700
5 Manhattan Ry 7% guar.
Modified 5% guar
2,200
27%
47
*7,
40
334
8:
48
*1234
-1
No par
Mandel Bros
13%
28
—-
600
10
30%
8
8%
*47%
Magma Copper
Manati Sugar Co
13%
2734
*167
33%
17&8
13%
No par
Macy (R H) Co Inc
No par
Madison Sq Garden...No par
"""160
6
*30%
*17%
100
...
2934
28
48
134
preferred
Mack Trucks Inc
13%
28
48
A.-No par
100
10
MacAndrews A Forbes
3058
8
878
*167
10
100
13
*334
2814
4912
..—100
preferred
29%
13%
31%
878
8%
33%
17%
13%
1
4%
134
*5
21
22
Apr
Apr
26
4% Apr
18 84 Jan
Louisville A Nashville....
2
Apr
May 21
Feb 9
Apr 18
Jan 24
Apr 8
46% Jan
Louisville Gas A El
*5
June
884
14%
46%
284
3184
3
900
30
79
28
38% Jan
May 15
200
*28
103% Apr 10
39% Apr
7% preferred...
Apr
Aug
Long Bell Lumber A—No par
Loose-Wiles Biscuit
—-26
6%
85
5
15%May 21
Lorlllard (P) Co
Apr
Sept
12% Apr
Apr 18
20%May 21
97
May 22
19%
30
109
1
1,200
1,400
83g
90
8
7% Apr
2
10
8
Feb 23
15% Jan
No par
No par
*5634
*28
15% Jan
97
Jan
Apr
A
17% Apr 23
29
90
11
19% Apr 23
Cement Corp No par
6%
"2,800
5
20
23% Apr
29% Jan
19%
*134
43.
*167
151
Jan
7% Apr
109% Apr
180%May
Loft Inc...,.
Oct
Apr
4
117%
5%
Mar 16
May 22
16.60 preferred
Mar
18
Apr
13
May 22
June 19
Loews Tnc
Jan
3234 sept
Aug
35
4
Apr
16
57%
2
1
8%
2151
122
6
10
169
No par
Co.—No par
Jan
June
Sept
75%Sept
87
Liquid Carbonic Corp. .No par
Lockheed Aircraft Corp
1
Lone Star
4
Jan 15
...—6
Link Belt Co
600
77% Jan
Tobacco..25
26
100
Jan
Feb
125
Sept
59
Sept
IO84
Apr
13
3
9% Apr 20
Apr 16
109
Apr 16
Lion Oil Refining
100
Jan
May
Mar 27
May 28
May 22
57%
28%
*48
3
17
May 15
Series B
300
18
119% Sept
127%May 14
62
87
Sept
7% Nov
9
Mar 13
28
1434
76
Apr 10
8% Jan
5
7
Lily Tulip Cup Corp..No par
Lima Locomotive Wks.No par
900
22,700
2,900
1,600
90
Sept
9%
9%
7% Aug
33
Gl.No par
Preferred
1,000
21,200
3,500
4
June 10
Llbbey Owens Ford
800
300
4% Jan
10% Jan
30
*19%
30
*%
30%
152
*28%
1
32%
*150
*5
♦30%
14
152
*134
30%
*5%
7
7
3314
32
34%
21
34
*14%
20
*28%
128%
*10l2
4i2
34%
20%
3334
19%
58
*28%
29%
*28%
29%
*28%
29%
128%
128% *124
128% *124
128% *124
*21
21%
22
21% 21%
22%
22%
*25
26
25%
25%
25%
26%
26
*10%
11
*10%
11
*10%
11
11
*30i4
14
21%
152
23
4%
20
3
1434
57
22%
*"i«
25
102
27%
25
25%
25%
102
*101% 1025s
2634
*19%
2358
*512
14
152
56%
29%
2358
*2
10%
14
21%
35%
3%
*3
10%
14
27%
*14
14%
14%
1434
1434
*106% 108
*106% 108
*106% 108
*106% 108
*106% 108
20
20% 2:19%
19%
20%
2038
19%
20%
1934 20%
1978
14%
15
*10614 108
*1434
22%
21%
10%
1334
26%
28%
273s
29
28%
25%
26%
25%
255s
26%
26l2 27
*10114 10234 *101% 102% *101% 1025s *101% 102
22l8
*10%
No par
Lerner Stores Corp
""166
Dec
10
23
17
2
May 17
15%May 21
9%May 18
18%May 21
tLehigh Valley RR
50
Lehigh Valley Coal
No par
6% conv preferred
50
Lehman Corp (The)
...1
Lehn A Fink Prod Corp
6
4034
6%
500
107
3% Sept
8%May 21
163sMay
15%May
lOO%June
l3sMay
a4 Apr
5
A Tire
Lehigh Portland Cement-—26
4% conv preferred——100
*6%
40
*6%
10%
145g
800
Lee Rubber
40
*23%
2434
10
1
(The)...-No par
No par
1,700
11
100
100
99% 99%
*98%
99%
100
101
*100
101
101
101
*175% 188
*175% 188
*175% 188
*175% 188
*175% 188
*177l2 188
*19
*19
19%
19%
195s
19%
19% *19
*19
195s
*19%
19%
*20
21
*20%
2l3g
2134
2134
2158
*22
21% 2134 *20%
2212
*3338
34%
*3338
34%
33%
33%
34
34
34%
34%
*34
3414
10l2
90
900
Jan
27»4May 21
100
preferred
19%
11%
2434
19%
1934
1158
99
99
99
99
19%
*11%
*23%
6%
Lambert Co
1,300
Oct
84
June 10
10
No par
A Co
Lane Bryant
400
33
87%June 20
Kroger Grocery A Bak. No par
Laclede Gas Lt Co St Louis 100
100
1,100
41
40%
534
Apr
102% Apr
484 Jan
1
700
13
22
22
22
22
22%
21
21
*20%
21
21%
*107
112
xl07
107
107% 109
2%
2%
2%
2%
2%
2%
1
1
*1
*1
1%
1%
3
3
3
3
3
3%
115s
*23%
*5
22
2%
23s
1
*1234
5%
4084 Sept
19
434May 22
■1
55 prior preferred—.No par
1,170
*21
1%
2%
23g
*5
20%
31% May
Jan
l%May 22
-7%May 20
19%May 23
2
May 21
22% Aug 13
23%May 22
4
May 21
8%May 23
12
May 15
3% May 28
Kress (S H)
200
1,700
38
24% May 21
Kresge (S S) Co
Kresge Dept Stores..
8
60% June
Jan
28
No par
Keystone Steel A W Co.No par
Kimberly-Clark
No par
100
1,800
6%
Jan
7%May 21
95
Jan
9
Kennecott Copper
Kinney (G R) Co
30
15&8
100
Kaufmann Dept Stores
1
5% conv preferred....-.100
Kay ser (J) A Co
--6
Kelth-Albee-Orpheum pf.-lOO
Kelsey Hayes Wb'l conv el A.l
Class B
1
Kendall Co 58 pt pf A ..No par
25% Aug
Jan
121
4% preferred
70
25
15%
5%
500
30
15
*434
1,100
25
85«
15
5i8
98l2
7%
12%
*434
1314
1,500
10" 100
30%
30
634
14%
*458
*39
3034
30
~1~8o6
26
*24
26
*25
634
Kansas
200
Jan
May
1484 Jan
67% Dec
3%
117%May 28
3% May 21
11 May 23
9
May 23
92
May 21
L pf ser B No par
City Southern.No par
6684
138
Aug
29
132
Kan City P A
T066
Apr 29
122%May 22
48%May 15
9% June 10
100
08g
Sept
39%
May
44
No par
Apr
37% Apr 12
36% Jan 5
21
34%May 22
9
3
5% Jan 24
56% Feb 6
June 21
122
No par
Preferred
13
*8 34
13%
Dec
Sept
V 5%May 21
20%May 23
Jones A Laughlln St'l pref. 100
Kalamazoo Stove A Furn
10
100
*90
9
103%
13%
80
434
1634
*45S
4%
preferred
Johns-Manvllle
...
17
100
Jarvls (W B) Co
Jewel Tea Co. Ino
400
73%
13
*11%
13
35
4% May 21
74%June 11
No par
...1
1
1
Intertype Corp
Island Creek Coal...
Jan
10
123
June 10
May 23
l3%May 21
97% Jan 15
l34May 16
l%May 15
Stores-No par
Preferred
44
45s
*98
Interstate Dept
'""166
65
17
*834
103%
*98
4,900
Oct
17% Sept
4
25
50
100
8%
Apr
Jan 11
20%May 28
....
Oct
195*4 Mar
71% Sept
10634 Aug
5%
3
l34May 18
7% preferred
Inter Telep A Teleg...No par
Foreign share ctfs—.No par
56
*118
*90
9
9
9
*98
International Sliver
3%
41
2% Aug
Jan
133
3
No par
International Shoe
Sept
384
38% Jan
5
10% Sept
Apr
45% Sept
Jan 23
7
Apr
1%
6% Jan 5
14% Apr 20
No par
International Salt
"""366
June
37
100
preferred
5%
*43
*11%
13
90
26%
19%June
109
...100
Internat Rys of
44
*1134
100
*90
100
200
7%
*25%
*123%
12%
12%
74%
142
3%May 23
18,000
6
63%
5%
18%
*16
*7
*118
...
434
18%
*90
100
*90
*98
5
1778
*lli2
100
5
434
1778
13i2
*1184
*119%
*119%
434
Internat'l M lnlng Corp.
90
*70
171
May 25
l«4May 22
5% May 22
73
6
127% 127%
Sept
40%May 21
34
2958
20%
102%
23g
2%
26%
*43
145
5% conv pref
100
CentAmNo par
*81
*5%
191% Mar 12
6234 Jan 4
23706
7
26%
*123%
12% *12%
*123%
12%
125s
*43%
43%
Apr
Jan
21%May
90
27
*26
27
*26
*2%
2%
758
*81
7
*97
2%
2%
2%
75s
16
146
Preferred
43
*2834
102%
*97
2%
2%
2%
*81
*5%
7
2612
*1734
102%
*97
8
*81
90
20%
*30%
90
*734
8U
*81
90
35
2958
*30%
*2834
20%
*97
21
102%
2i2
*42
*17%
29%
21
10212
212
42%
42
*41%
3
109% Dec
5% Sept
7% Aug
l0%May 21
*2%
*2i2
8I4
100
A.25
Preferred
Int. Hydro-Elec Sys class
Apr
2%
Sept
6% Dec
9% Mar
46% Oct
1712 Apr
90
38
May 22
Int Mercantile Marlne.No par
21
4% Apr
284 sept
4
6
Inter Paper A Power Co.... 15
143s
212
38
9884 Sept
Apr
9%
6
Int Nickel of Canada..No par
58%
25s
Internat'l Harvester ...No par
Apr
67
Jan
18,800
3
Aug
Mar 28
300
15%
Sept
167
12% Jan
2% Apr
June 11
5,000
60%
131
47% Mar 20
4%
*4
14%
212
136
300
59
212
Int. Business Machlnes.No par
800
27%
3
100
Prior preferred.
4,300
43%
44
45%
*157
160% *15734 160
*2%
234
2%
234
6
6
55s.
534
4%
91
300
154
44%
*4
Internat
*122% 135
3
*97
1
May 21
18%May 21
Interlake Iron
1478
*97
Agricultural..No par
4,700
595s
*3H2
6%May 21
734
1412
43
No par
75s
6% preferred
58
*2%
6
Intercont'l Rubber
153s
3
113
Intercbemlcal Corp
62i2
3
27
June 10
2%May 15
200
"l",5o6
15U
.
*122% 135
*12212 135
21% Aug 10
No par
*23%
26%
*105
110
3
3
615s
29ig
135
No par
100
8,300
26
27%
2534
2638
*122% 135
*122% 135
14
14%
14%
14%
15%
5634
5834
563a
58%
60%
3
*2%
3
*2%
"
2%
283s
*124
2% May 21
2«i,
151
151
152
152
*150% 15534
J Interboro Rap Transit—100
2"n
Insuranshares Ctfs Ino
Jan
Apr
86
15% Apr 11
6% Feb 14
5% Feb 28
Inspiration Cons Copper
29%
I684 Apr
147% May
90% Apr 27
900
734
Apr 16
7%May 22
4% June 11
558
7%
*1%
*20%
8
1%
22%
7%
1%
158
66%May 22
5%
3%
June 26
20
5%
234
*3
4
...1
1,500
7,700
110
*105
3%
3
Jan
No par
9%
26%
110
*3
22
22
151
234
1
Jan
100
6% preferred
83%
9
5%
*2i%,
9«4 Apr
29
118
145
Inland Steel Co
83
93g
8%
6
*105
3%
8%
1%
734
*148% 157
10
share f per share
9% Sept
43s Apr
S per
6 May 23
l638May21
May 25
72
Highest
Lowest
Highest
S per share
share
9 per
10
No par
No par
83%
83
9%
*25
26%
Ingersoll Rand...
6
*148% 157
83
2"u
110
3%
24
155
*23i2
*153
*25
3l2
8I4
H2
*3i8
8i2
*5%
*105
110
3^8
6
234
2ui«
Indian Refining
Industrial Rayon
500
97
9%
100
800
97
*22%
96%
100-SAare Lots
Lowest
Par
6
23%
*53s
22%
96%
81%
934
*5%
234
2612
2614
110
82%
On Basis of
Week
*53s
22%
150
150
157
9%
978
5&S
EXCHANGE
Shares
97
2234
*96
98
$ per share
Ranoe for Previous
Year 1939
Range Since Jan. 1
STOCK8
NEW YORK STOCK
the
CENT
,
534
23%
*5%
534
2234
*5%
2234
*96
.
Friday
Sept. 13
$ per share
Thursday
Sept. 12
9 per share
9
$ per share
2312
*96
Wednesday
Sept. 11
Tuesday
NOT PER
SHARE,
PRICES—PER
SALE
HIGH
Monday
Sales
for
LOW
Saturday
1535
5%May 15
53% Jan 4
4% Feb 23
30% Apr 3
105
Mar 29
16% Jan
17% Apr
111
8
8
Feb 24
3
9% Apr 25
47% Jan 3
29
Apr
1
12% Jan
x Ex-div. y Ex-rights.
8
2
May
30
Sept
2084 Aug
155
4O84
Nov
Apr
3% Sept
2434 Dec
93
Jan
10% Apr
984 Jan
88
Jan
15% Apr
5% Sept
39
Sept
884
Apr
K Called for redemption.
New York Stock
1536
LOW AND
HIGH
SALE PRICES—PER
SHARE,
Record—Continued—Page 7
NOT PER CENT
Monday
Tuesday
Wednesday
Sept.
Sept. 10
Sept. 11
$ per share
$ per share
7
Sept.
$ per share
9
$ per share
4%
4%
221*
*6*4
7*4
*97% 108
*9U
97,
4ig
22
4*4
21
7
4*4
4ig
414
2034
2034
*634
7
*97l2 108
*9
912
21
7
*9712 108
Sept. 12
Sept. 13
$ per share
$ per share
Shares
4%
4%
4%
2I84
21
21
*2034
*684
*684
7
*9712 108
7
4%
21*2
6%
*634
*97% 108
29
9
9
*77
80
*77
80
*77
80
*77
*66
68*2
29
33g
♦66
68'2
28*2
*66
68*2
28*8
*66
68%
2734
*66
27*2
*27
3*4
16
*15*2
*1H2
2934
734
1634
H
30
8'2
14
16
*11%
28%
*3
14
29
29
8
7%
*13
2734
*2%
3%
3*4
*2%
"'300
40
9
16
13
16
16
*15
16%
11%
6% conv 1st pref
60
Merch A M'n Trans Co.No par
29%
*10
*27*2
100
30
11%
29*2
7*2
13
30
29*2
7C0
Mesta Machine Co
7%
12%
2,700
77g
7%
7
7%
38
*33
27,
*%
%
14
♦2*2
**8
U
40
*4
34
38
*33
*33
38
*33
140
lAOO
*4
$6.50 preferred
8%
8%
8%
j 500
**2
%
h
♦12
%
600
2*2
2»4
284
h
2*2
2%
2%
2%
1,000
*%
*14
200
*14
3,200
*i«
h*
14
*
%
*%
%
i
**16
'l4
*14
*14
63,
5%
*437g
5*8
5%
♦15*4
19*8
534
46
15
46
6I2
*110
15%
1834
734
1512
19-%
8*8
5%
18
734
*110
534
534
45
*4334
6*8
120
5%
5%
*110
15
15
18*2
734
9
15
1834
19
19%
7%
*8%
734
9%
10%;
734
884
*8%
.
15
8%
*1034
11*4
10*4
10% ♦10%
11
10%
9%
10
197g
203g
*19%
19*2
19%
1934
19%
19%' 19*2 19%
*166*2 170*2 *166*2 168
*166*2 168
*166% 168
*166% 168
*14
16
*1334
15
*1334
14% *13%
14
13%
13%
*86
94
19
2l",300
220
2,700
No par
par
30
$7
preferred
Munsingwear Inc
No par
28
22
National Acme Co
1
1%
119
800
168
13%
6% conv pref
Nat Aviation Corp
National Biscuit Co
100
300
100
7%
11
10
pref
9
6
155
Nat Bond A Invest Co.No par
6% pref series A
100
Nat Bond A Share Corp No par
91
112
Sept
60
*84
' '
94
*84
94
*84
91
*84
91
19
*16
19
*16
19
*16
18
*16
18
13
13
*10
12%
1,100
Nat Cash
No par
10%
137g
9%
9%
*9%
10%
1,500
13%
1334
13%
13%
13%
13%
3,700
National Cylinder Gas Co...l
Nat Dairy Products__.No par
6
May 21
ll%June 5
107%June 13
107 May 23
114i2 114i2 *112
♦111
11212
*7
*158
7
22
7
21%
934
8*4
8334
16%
17%
*158
143
*19
9*2
734
85
165
♦140
8
*77,
734
63%
64l2
6*4
*9%
6%
36*2
77g
64
7%
63%
6
7%
5%
6
10
35
*35
78
45
*43
20%
*102
8%
7%
*43
44*2
*40%
14%
*14%
2734
14%
15
28
13
26%
26*2
4i2
26
%
34
34
*%
*2
*55
95
16%
*8734
7%
*102
26*8
77«
106
26*2
7
106
54%
%
34
h
19%
*
7
■
50
%
%
19%
*28*2
213
20
'
19
5634
56%
66%
*55*8
16%
*87*2
17%
95
7
20
30
218
6%
112%
19*2
56%
56%
17
91
*35
3
3
*25
32
*27
32
*1434
15
*14%
15
43g
15%
*132% 138
8%
*27%
*25%
*50
*115
54
73s
3
*12
87g
28
26
51
...
54
7%
3
29%
1234
534
11%
29%
39
39
534
*11
1034
1034
*127
133
150
150
2%
6%
6%
15
15
1078
11
*97% 106
*100
3%
*10%
3%
8*2
27
27
*25
26
*50
5034
♦115
52%
7%
2%
10%
534
*11
29%
*39
403g
*40
41%
1,100
143s
13
13%
13%
13%
77,900
14%
27%
13%
25%
13%
13%
13%
2,100
5,300
1,000
1134
29%
*88
106
60
25
25
800
26
738
7*2
41
7%
7%
*40
26
25%
26
*25
25
4
26%
4
24%
*3%
24%
4*2
4
91
*36
2%
*26%
14%
*88
7%
114
6%
15*4
1034
*101
6%
*111
37%
2%
32
14%
*35%
*2%
*26%
*14*2
6%
15%
10%
14%
95
*88
53
*10*2
11
*6*4
6
*11*8
*29%
3934
53
7%
234
11%
29%
39%
16
39
Mar 29
111
Mar 14
No par
22*2 Jan
10% Apr 15
24% Jan 24
170% Mar 6
19
Apr 1
99*2 Apr 17
20% Jan
7*2 Sept
21% Sept
147% Oct
10% Apr
87
Sept
17% Apr
14% Dec
*8% July
6% preferred series A...100
NYC Omnibus Corp..No par
New York Dock
No par
53
7
7*8
2%
2*2
11
11%
Norfolk A Western Ry
Adjust 4% preferred
North American Co
400
500
9,000
1*1*866
100
80
14%
2,300
1,100
Oliver Farm
10
£3%
10
10
6
*5
11%
29%
39%
*10%
29%
39
39
10%
10%
10
10
5%
11%
*5
X In reoelvarsolp.
Equip
No par
(The)
6
100
Oppenhelm
Collins
Otis Elevator
No par
No par
6% preferred
Otis Steel
100
Co
5%
100
11%
a
400
70
Def. delivery,
Dec
2%
Apr
8% Sept
18*2 Apr
73% Mar
32
Apr
105% Sept
8%May 21
15 May 21
20%May 21
3%May 21
4% May 22
May 21
Apr 27
June
6
14% Feb 20
50
Jan
3
18% Jan
3
21% Jan
4
39
3
% Apr
Jan
33*2 Mar 9
8% Apr 22
8*2 Apr
Apr
ll*g Sept
10% Apr
27
18*2
Apr
1*4 May
12% Apr 22
115%Mar 11
117% Aug 15
100
Nov
119
Feb 20
47
May
July
66
% Jan
4% July
3
Jan
4
2
4
13% Jan 15
20% Apr 22
35% Apr 6
220%May 4
113% Mar 27
23*4 Jan 3
%
14%May 21
47%May 22
47% May 22
15 May 14
84%June 5
4% May 15
101
May 24
27
May 22
59
Jan
68
Jan 10
26*4 Jan
8
3
90*2 Feb 20
9% Jan 3
113
Mar 2 6
Dec
1*2 Dec
% May
8% June
% Jan 11
May 23
May 22
May 25
Apr
30
31%
168
Deo
Jan
103*2 Sept
18%
Apr
62% Sept
60*2 Sept
12% Apr
82
Jan
7
June
100
Sept
Sept
July
2
6%June 10
10%May 21
7%May 21
May 23
2%May 22
95
ll%June 11
l24%Junell
38
Sept
7
8*4May
7
23*4 Apr
4
4
14% Mar
112
Mar 28
6% Apr
18% Jan
144
4
4
Feb 19
29
2*4
Apr
32%
Apr
6
Aug
*4% Sept
Sept
12
100*i Sept
4*4 Aug
15% Sept
128
Oct
No par
7
1st pref..No par
Outboard Marine A Mfg
5
21
May 21
May 21
19
June 10
47
May 24
55
Jan 22
16%
40*s
115% May 24
120
Jan 17
114%
Jan
50
Apr
$5.50
;
conv
Outlet Co
No par
100
Pacific Amer Fisheries Inc...5
Pacific Coast Co
10
450
290
30
this day.
No par
2.500
1,100
no sales on
Co._2.50
Owens-Illinois Glass Co.12.60
2%
41
5
105
1,100
12%
*10%
29%
*38*4
9%
4
Sept
20
5*4
9%
10
128
29%
Jan
27
175
7
7
*2*2
*10
110
100
Preferred
*52%
7
2%
30
6
June 12
6
8% preferred A
10
100
Pharmacal
Omnibus Corp
—
*115
Apr 29
Apr
33% July
16%May 29
10
100
91
63% Apr
14
14%
4,900
May 22
Norwich
Ohio Oil Co
600
Oct
Apr
Apr
July
5% Aug
20*2 July 20
6%May 24
30%May21
9%May 21
100
10
Sept
14%
6*4
5*t Jan 3
42*2 Jan 12
4,700
4,600
May 21
July 31
36
100
4
2%May 15
25*2 Aug 13
6%
52*2
6%
2%
4
7*4May 21
x9
Sept 12
Jan
Northwestern Telegraph
60
Norwalk Tire A Rubber No par
Preferred
60
6%
....
3*2 Jan
% Apr 27
6% preferred series
50
6 H% pref series
50
North Amer Aviation
1
Northern Central Ry Co...50
Northern Pacific Ry
100
North States Pow $5 pf No par
"""266
700
32
*95*2 104
*3
3*4
5
% Apr 12
Noblltt~Spark8 Indus Inc
14*2
5%
♦11*8
29%
39%
■
600
l6",706
21
100
800
14*2
10
*115
"MOO
15
14*2
43*4 Apr
43% Apr
8% Apr
10% Apr 11
10%June 24
25% Mar 13
22
100
Conv preferred
JN Y Ontario A Western. .100
N Y Shlpbldg Corp
part stk..l
Jan 31
Apr
4% Jan
20*2 Sept
10*2 Sept
8% Sept
83
Sept
17% June
24
45
JNYNHA Hartford
96
4%
152
Aug
110
1,800
Sept
6*2 Apr
7% Mar 14
26% Apr 4
15% Jan 6
12% Jan 3
12%
132
104
pref
Jan
Sept
107
Jan
10
60
non-cam
110
114
62
No par
50
N Y A Harlem RR Co
*2%
104
1
18% Apr 17
116% Jan
14%May
14
NY Air Brake
No par
New York Central
No par
N Y Chic A St Louis Co... 100
Aug
7% Aug
24
72
10
14
21% Apr 30
8% Sept
9
Sept
23
1
100
5% Sept
8% Jan
73*4 Jan
9*4 Jan
4J4 %'conv serial pref
100
Newberry Co (J J)
No par
6% pref series A
Newmont Mining Corp
Newport Industries
Aug
43% Sept
27
No par
No par
Apr
7% Feb 15
148% Jan 29
34
National Tea Co
Natomas Co
Apr
4
8% Feb 16
53
June 19
100
Nehl Corp
Nelsner Bros Inc
Feb 28
1.534 Mar 20
83
Apr
10% Apr
3% Aug
30
Apr
9
Sept
50
Apr
105
Sept
13%May 21
100
40
10
5% Feb 16
22% Apr 9
173% Jan 31
6% prior preferred
*26*2
HO
132
Apr 18
May 29
6 H % prior preferred
preferred
conv
3
6%
l4%May 22
N Y Lack A West
Ry Co—100
700
June 19
6%May
48
May
4%May
8
May
20%May
National Supply (The) Pa.. 10
6
6%May 21
66
100 rlfiO
6% preferred B
100
Nat Mall A St'l Cast Co No par
National Pow A Lt
No par
National Steel Corp
25
10%
126*2 126% *125% 131
*124
128
152% *150
152% *150
152%
152% 152%
10
*121
7% preferred A
32
2*4
7%June
1
5% preferred
80
2*766
10
152*2 *150
200
29%
39%
127
* Bid and asked prices;
1,400
95
6%
634
6%
112*2*111
112%
37*2
*99
106
*115
10
26
8
6%
*111
11
127
*150
*102
105*2 106
634
*5*4
7
*5%
7
104
106
106% *102
106%
117% *106% 117% *106% 117%
54
53*2 *52
*52
54
%
*4
*4
%»
%
**»ie
*'i«
%
%
»%«
*%
h
*%
*%
%
18%
19%
18%
19
18%
18%
29%
29
2934 *28% 29%
29%
212
213
*210*2 213
*210% 215
*109
112% *109
112*2 *109
112*2
18%
19%
18*2 18%
18%
19
56%
56% *56*2 57%
56%
56%
55*4
55*4
*55*2 57
55*8
55*2
16%
17%
16%
16%
16%
16%
15%
106
5212
7%
2%
6
40
13%
13%
25%
25*2
*3%
6%
*115
52%
7%
284
11
1,400
18%
*3%
4%
*3*2
4
3%
3%
14%
14%
14%
14%
14
14
14%
14%
132*2 132% *132*2 138
*133*4 138
*133% 138
8
8%
8%
8
8*2
7%
734
7%
*25*2
27
*25% 27
27
*25*4 27
*25%
*25 i
26
*24% 25*2 £23% 23% *23%
26
50%
50%
*50
5034
5034
51
*50
51
14%
15
*132% 138
7%
18%j *17
100
9
7%
40%
37*2
2%
15
11
9
26
7%
*110% 114
32
106
*83g
No par
$4.60 conv preferred-No par
National Lead Co
10
*5*2
%
*30
11
5*8
8%
9%
*102
%
*14%
*3%
15%
700
538
*8*8
106
f 26*2
I 25%
% 4
*%
38
*104
5*8
*5*8
x9
May 28
6%May 23
17 June 10
Nat Enam A Stamping No par
110
9
3
10
Nat Gypsum Co
""766
117% *106
*-53*2
112% *109
112
6*4
36*2
26
14
106
117% *106
38
14
35
*35
*102
26*2
7%
<
*6
107
112
15%
*34
38
9%
*17*2
7%
40*4
40%
13% ( 13%
38
*15%
34%
*35
60
114
6%
34%
35
38*2
preferred
Nat Distillers Prod
$2
100
38
6%
534
No par
6%
9%
80
*111
3%
2,900
1,700
534
*9
45
29
*56%
62%
5%
10
*17
218
55*2
17%
62%
5%
*4138
1834
57
1,600
*78
29
57
7%
18%
29%
2*19*8
7%
80
223% 218
112% ♦109
207,
7%
63%
45
20
20%
""506
*42%
25%
25*2
*3%
*8u
17%
*78
4
*%
17%
45
*5*2
60
143
18*2
100
100
Nat Dept Stores
100
78
26
*102
4,800
164
78
2634
*
17
164
*42%
42*2
13%
117% *106
100
18*2
77*2
44%
4
107
16%
3,900
*17%
77*2
44*2
26
*106
100
7%
83%
18%
78
14
*102
9
73s
*8*4
9%
14
8
*8
*77
*9
5%
9
3,000
9%
13%
25%
*6
6%
9
21*8
*9%
106
27*2
8%
*
9
63
400
*140
143
*17%
7%
1,100
Register
7% pref class A
7% pref class B
10
7%
*20%
9*8
30
978
45
*26*2
*4
5%
115
*7
7%
6
*9
38
106
♦77%
7%
64%
6
35
*43
*7%
j*140
18*2
10
*35
5%
*8*4
20%
7%
21%
7*2
143
7%
64%
64
35
9
*7
8
*18
38
*102
*18
3
*140
18%
34*2
*9%
*17%
*77%
55%
17*2
*88*2
7%
143
*9
97,
29
*140
18
5*2
*112
*78
8334
83%
83% *77
16%
16%
17*8
17% X16%
16%
*158
165*8 *161 " 165% *161
165%
35
*35
113
*78
10
*8%
934
*218
21%
9*8
*9
38*2
534
*109
21%
*8*2
7%
8
7
10%
534
113
7
7%
21%
9%
*8*2
734
115
112% *111
112% *111
112%
4%
4%
*4*2
5
*4*2
4%
5
193s
5%
12%
*111
36
*35
*%
197,
9%
8334
17%
143
193g
*112
112%
21%
8
12%
10
13%
115
*7
165
*140
197,
64
*112
21%
71,
2134
*9*2
*8*8
*8334
17%
115
112% 112% *111
478
5
5
5*2
*5*,
12%
10
13%
40*2
31% Aug
22% Sept
9% Apr
18% Apr
26% Jan
9%May 22
9%
14*4
934
1334
12%
10%
*12%
10'%
14
13
Jan
Feb
30% Feb
JuDe 26
94
13
Apr
46
12% Aug 14
*84
Dec
121% Jan 30
May 18
16
June 11
*16
133g
Aug
16*4 Jan
13% Mar 12
June 10
16%June
Aug
July
Apr
Sept
June 10
100
cum
1
110
119
7%June 20
5
10
8*4 Aug
2%
%
%
10%
85*4
May
July 31
5% July 15
300
Jan 20
4% Apr 24
13% Jan 13
7,000
8
3%May 21
Nat Automotive Fibres Ino.-l
9*2
9
Apr
21
1,900
19*2
May
64
June 15
4,400
10%
8
122
Aug
11% Sept
Apr
6*2 Apr
11% Apr
18% Apr
101
Apr
44% Sept
103% Sept
2% Sept
30
Sept
25
12% Apr 10
9
17%May
40% Apr
14
21
22
7%
Naahv Chatt A St Louis
8
*s Jan
% Jan
19% Jan
41
6
14
7
32% Apr
4*4 Jan
15 I
18%'
120
Feb 21
28%May
Apr 25
13%
*17
)
26
39% Aug
28*4 Dec
3
July
Apr
Jan
2%May
20 May
8%May
56 May
97%May
4 May
Murphy Co (O C)
No par
5% preferred
100
Murray Corp of America..10
Myers (F A E) Bro
No par
Naab-Kelvlnator Corp
5
5
82
21%June20
8%May 22
12 May 21
15 May 21
No par
300
Aug
July
11
21
10
23
27
21
33% May 21
1
300
50
48
9%May
86%June
110 May
113%May
3l%May
1
Mullins Mfg Co class B
6
2
34% Mar
6% Jan
%June 21
6
600
May
May
%June 27
Motor Products Corp. .No par
Motor Wheel Corp
Jan
0
85
6
per
6% Aug
88
3
l%May 22
60
Mueller Brass Co
4
2%May 15
May 21
No par
300
7,000
1334
..No par
600
5
168
10
Montg Ward A Co. Inc.No
100
*9%
19%
20
Morrell (J) A Co
Morris A Essex
100
46
*13%
18%
7%
*8%
7%
Mills
$4.50 preferred
"2" 600
5%
Carpet
Preferred series B
5
19
7%
*8%
Mohawk
share $
per
Apr 15
110
..100
Monsanto Chemical Co
30
*44
5*g
*14%
18%
400
2,600
$
1
1
14%May
7%May 21
%May 18
No par
conv preferred
107
26
10
7% preferred series A...100
J Missouri Pacific RR
100
5%
share
per
June 26
95
..No par
Mission Corp
Mo-Kan-Texas RR
118
5%
46
5
15
*110
5%
*44
5*4
5*8
118
5%
6%
45
45
No par
Minn Mollne Power Impt—.1
38
*8%
%
2*2
*110
6%
8% cum 1st pref
100
Minn-Honeywell Regu. No par
4% conv pref series B... 100
1,500
"
13
13
1234
1234 *12%
*12%
13%
*12%
12%
13%
12%
12%
93
93
93
93l2
90
90*4
90*4
92*4
92%
92%
92%
9C%,
4115*2 117
*116
*115*2 117
116
117
116
*115% 117
*115% 117
*118
*11714 120
120
*118
120
*119
121*2 *119
121% *119
121%
427,
43U
40*8
413s
40
40*2
41% *38% 39%
38% 39%
41%
*34
37
*35
*3434 35*2 *3434 36
35
36*8
35
*3434
37*2
251,
25%
24i2
25
*24%
25%
24%
24%
25% 25%
24%
25
1312
137,
13
1234
13
13%
13%
13%
13«4
14
*12%
13%
16*4
ie%
1534
1534 *15%
1534
15%
15%
*15%
1.534
15%
15%
20
20
2034 2034
*19
*19
*18%
20
19
19%
19
1934
*3
3
3
3'g
3
*2»4
3
*234
3
2%
*234
2%
*317g
3312
31.7s 317g
31%
31%
*31%
3134
*31%
32*4 *31%
32%
*12ig
123g
12
*12*8
12% *12%
12
12
12%
12%
*12*8
12-%
*76
*76i2 80
*76
80
78*2
76*4
76%
75*2 75*2
*74% 77
*44
Midland Steel Prod
8%
"4
2?g
6
Mld-Contlnent Petroleum.. 10
700
*8*4
9
*814
6
Miami Copper
1,000
3214
834
*4
27,
*110
""120
53% Feb
1
Year 1939
Lowest
8% Apr
32% Apr
9% Jan
24%May 24
2%May 22
ll%May 22
10
Aug 13
24 May 22
6%May 21
ll%May 21
23%May 21
103 May 24
33%May 21
—1
Mengei Co (The)
119
*33
9>,
Melville Shoe Corp
$
90 May 31
7*4May 28
64
Feb 5
100
16 preferred series A.No par
J5.50 pref ser B w w.No par
1,800
share
per
Range for Fretious
Highest
4 May 15
l7%May 28
5
May 21
No par
15*2
*11*2
167g
14
2934
734
14
32i4
119
preferred
Mead Corp
3*4
13
13
13
1284
13
13%
12%
33*2
*32%
33*2
33%' 32*4 32%
32l2
3314
117 1*115% 118%
*117*2 119
*11712 118*2 xl 17
44
44
43
43
437g 43%
*41%
43%'
41
43*4 43*2
41*4
*105
110l2 *105
110l2 *103
110*2 *103
110*2 *103
110*2 *103
110%
3
*314
3%
3
*3
3
3'g
3%
33g
3%
*3%
3%
34
11912 119I2
*34
300
68*2
2734
*2%
28i2
*2%
3%
884
884
$
$3 series conv pre!—No par
McLellan Stores Co
1
80
29
34
Par
McKesson & Robblns. Inc...5
1,400
6 % conv
9
80
*3
16*4
*1134
*2912
8I4
*1314
Lowest
3,200
*97*2 108
*8
9
9
*77
68I2
*66
Range Since Jan. 1
On Basis of 10O-Share Lots
Week
j
14, 1940
EXCHANGE
Friday
80
*77
STOCKS
NEW YORK STOCK
the
Thursday
4*4
21
Sales
for
Saturday
Sept.
1st preferred
2d preferred
No par
No par
Pacific Finance Corp (Cal).lO
Pacific Gas A Electric
25
Pacific Ltg Corp
No
42
June 10
4%June
2
May
8 May
3%May
9%May
25%May
n New stock,
T
10*8 Apr 26
Jan
3
Aug
2% Apr
11% June
164
Jan 24
128
Sept
144
June 18
Ex-dlv.
6
Apr
Apr
May
May
May
*
64% Jan
4
Apr
July
114
8
115
Cash sale
32*4 Apr
7%
33
Mar 12
33
..100
100
r
Jan 11
139
par
6% preferred
41
3
10
22
22
22
21
22
22
21
25
No par
Pacific Mills
Pacific Telep A Teleg
12% Jan
y
6*4 Jan
0
23*4 Feb 13
12*2 Jan 4
14
Apr 15
34% Apr 15
Jan
3
10% Jan
4
50
Ex-rlgbte.
3% June
9*4 Apr
27% Apr
41
9%
Apr
Apr
t Called for redemption.
share
Volume
AND
Sea.
|
7
Ranoe Since Jan.
37,
3%
*6
9
'4
$ per share
$ per share
$ per share
Shares
334
6
31*
3%
147g
14
834
*8
8
%
334
334
1,000
Paolflo Tin Consol'd Corp.—1
2%June10
7%
Jan
4
0% Dec
*578
634
3%
300
8%
Jan
4
7
Deo
4% Mar 11
25% Apr 4
3
Apr
4*,
97, Sept
197,
14%
8%
*7%
8%
200
%
*9i«
%
200
35%
Paraffine Co Inc..
*35%
3514
*34
35i2
*3334
35
*33%
99
*94
99
*94
99
*94
99
*15
33
534
5%
8538
8%
171*
1%
32%
19i2
82i2
*8%
*85,
81*
17i,
17*
*13,
578
*8212
861,
81*
2
*13,
6
57,
*81
171,
*85,
*15
*15
1»4
32i2
33
323,
32%
19i2
*191,
19
19
*19
1
1
1
1
87,
*48
8912
48
21,
*19
♦111,
*121l2
213,
21*
20
*lli4
"2T14
205,
20
20
3414
341,
3
10
*34
*19
3334
21
22
*7
934
9i2
32l2
3412
223,
*22
21
34%
3
9%
2%
*2%
234
*18%
*11
1134
1,500
2%
*134
3
100
9
*8%
100
34
*8%
9%
300
*7
33
31
31%
31%
20
21%
19
193s
32
19
7
7
7
7
7%
31%
7%
7%
2934
10,100
30
71*
31U
46
*44
45
45
45
*44
45
*7%
29%
*44%
7%
30%
45
*44%
*85
8712
*84
87i2
87%
%
*82
90
*81
90
*75
71*
71*
303,
30
7
7i«
*3s
'i»
*4
4
3612
*2312
*50U
*69
73
*23%
24%
*51
612
0i8
75g
63,
73
*69
175
Z175
178
*6%
35
♦20
16
35
35
35
1U2
10%
11%
117,
*5,
1
*%
*167,
101,
171,
*121*
15
*12%
71,
8
8
*11,-
*63,
10%
*».«
7|
7
6%
934
*978
10%
*10%
11%
*32
34
63
♦30%
62%
63
118% *117
36
367,
*363,
110
*110
1107,
*117
1
105,
15
714
7S
6%
10%
11%
33
100
*69%
73
*69%
6%
7%
%
*16%
*12%
*7%
*6%
97,
*934
63
22
16
1534
36
1078
11%
*34%
734
%
1034
16%
*12%
934
*934
31%
6278
1034
33
63
300
*20
22
10
*14
16
150
*34%
36
70
10%
480
*%
34
'""loo
16%
*12%
16%
*7%
7%
10%
1034
*.%
15
7%
117
353,
110
*7%
16%
15
7%
•Win
11
6%
*0%
6%
10
2,800
7%
*151
34
ia,<
*116% 117
35%
36%
3534
110
1034
*10%
*12%
7%
15
5%
1534
36
*151
*%
17
5%
*634
7%
22
23%
16
118
6%
10%
9%
IO84
*9%
*2834
31%
63
63%
123
1,900
6%
6%
400
9%
93,
9»4
6,800
10%
*934
*29%
6%
32
64
117
117
117
30
35
63%
35
10%
63%
34%
*135
141
*135
142
*134
141
157
156
156
'*150
157
*156
156%
142
157
157
70
*114% 118% *114% 118% *114% 118% *114% 118% *114% 118%
*114% 120
19
19
187g
19%
20%
19%
21
20%
19%
20%
21%
1934
73s
7%
7%
7%
7%
73,
7%
7%
73,
7%
77,
73,
91
91
♦87
*87
91
88
*86
88
86%
86% *87
*84%
79
80
80
79
81
*80
81
80
*77%
81
*79%
*80%
11
11
11
*11
11
11%
11
11%
11%
11%
11%
11%
*10
10
10
9%
97g
9%
*9%
*10
10%
10%
10%
*10%
5
434
4%
434
4%
47g
5
47,
434
434
5%
43,
*7334
*733,
*733,
*7334
*733,
*733,
57
*56
58
*56
58
59
57%
59
59%
59""
59%
593s
2%
2%
2%
2%
2%
2%
2%
234
2%
*2%
23,
*2%
*343,
363,
*347,
353,
*343,
353,
*34%
3534
34%
*19
193,
♦18%
19
*18%
19%
*18%
19%
*1734
17%
16%
17
1634
16%
*22
24
2834
14%
*22%
*20
22
*19
30
14%
*2
14%
2%
*2
30
*25
*7%
77,
*8%
*26%
11
*7%
7%
77,
*8%
10
14%
2134
2%
*20
2978
*251,
*73,
*7%
*8%
8%
2934
8%
*8%
8%
*48%
*56%
*1%
52%
*50%
5034
*50
70
*58
70
*58
9
7%
10
8%
5078
70
*56%
70
1%
1%
1%
18%
1%
1678
94%
93
80
79%
17%
9334
79%
9%
934
10%
13%
*13%
143s
600
*22
25
*22
25
300
22
*19%
22
*19%
213,
*20
213,
2%
*2
2%
*2
2%
17
93%
7734
934
8%
7%
10
1%
173g
*2
*26%
7%
7%
*1%
1634
2%
26%
26%
*26%
7%
7%
*6%
7%
7
7%
10
8%
1%
17%
*50
60
*50
*80%
10%
8%
8%
93,
10%
36%
*52
55
*52
93,
36
8
36
8
*434
*4%
*4%
*4%
15%
14%
15
1
1
950
200
87g
8%
1,000
20%
100
*8%
16%
9
20%
*17
85
*75%
85
60
*50
60
10%
103,
86
35
36
8
9%
10%
*80%
*9%
35%
1,000
100
32%
317g
3134
32%
*31%
32%
*%«
%
*»u
%
*%•
7,
*%
%
%
%i
*%
*2%
%
%
*%
%
*4
*4
45
~4~5~%
107%
26%
*
26%
43
44%
Bid and asked
4
*2%
43
43
42%
42%
42%
1067, 107%
107
107%
26%
26
27%
253,
prices; no sales on this day.
2,300
4
107
%
800
%
%
1,400
*2%
4
*4
*4
*4
*4
----
107% 107%
26
26%
4
31%
*»u
42%
107%
2534 26%
*42%
107
t In receivership,
27
------
44
1,100
107
490
27
4,800
a Def. delivery,
0%
Jan
84% Apr 25
193, Apr
37
May 10
10% Apr 8
151% July 3
1% Mar 12
228, Feb
9
Jan
6
0%
12*, Jan
4
10
No par
Dental Mfg
No par
Antelope Copper Mines.
Ruberold Co (The)
No par
100
10
jgt Louis-San Francisoo_„ 100
6% preferred
100
Sept
July
3
3
107, Sept
Jan
2%
5
147, Jan
Apr
8
143, Jan
0
10% Sept
16*, Sept
Aug
6% Sept
18
49
Sept
60
Apr
Deo
143
Aug
2
147
Sept
166
June
111
Sept
117% Deo
417, sept
June 12
June
112
Apr
Mar
31% Apr
101% Sept
*22% Aug
6% Aug
32% Jan
ll%May
97%May
70
119», Feb
41*, Aug
114% Aug
128% Aug
113, sept
90% Mar
81% Jan
18% July
Sept
633, Aug
10*, Jan
May
89
60%
15% Feb
15% Feb
11
7% Apr
Apr 16
10
Aug
5
Aug
Nov
8%
Jan
90
85% June
09
63%
Apr
85% June
677, jan
30% July
Apr
23% Sept
Apr
8
June 20
3
9
15%May 22
13%May 21
23
Apr
297gMay
16%
19
Dec
24
37%May
17% Apr
20% Apr 10
23
Jan 3
12% June
10% Apr
28*,
Dec
207, Sept
28»,
10
27
May 28
978May 28
193,June
8
17
May 22
l3,May 21
24%May 23
0
8
1
14
Oct
Sept
40
Dec
7
Apr
10%
2%
Dec
6% Apr
Oct
Nov
io
9
9
573, Apr
50
Deo
May 28
69
Jan
00
Apr
75
May 15
May 21
2
Apr
237, Jan
7, July
127, Apr
7
70%May 21
May 21
7%May 21
17% July 26
39
July
4
Jan
8
14% Sept
17% Jan
75% Mar
x3734June
50
22*, sept
Jan 12
13
June
0% June
5% Sep
54
Mar
4% Feb
55
Mar
6%May 21
8
Aug 5
6
May 22
0
June 26
May 27
13% Feb
10% Jan
9%
Apr
Dec
Nov
953, Aug
43
Apr
May
42
Apr
2*, Nov
28% Sept
95«, Dec
89», Oct
80
30% Apr
Apr 17
92
Jan
Apr
20%
21% July
40%
63
Aug
84
Sept
37% July
56
Sept
9%
14*, Jan
61% Apr 8
157, Feb 20
90% Apr
8|
14*,
6%
Jan
Jan
87
7% Junei
78*,
Jan
Dec
11%
Apr
Jan
ll%M»y
2
82
June 10
44
May
8
35
Sept
45
Jan
62
May 22
54
June 17
52
July
58
Jan
10%
Jan
93,
Oct
67,May 22
4',May 22
3% Aug 8
ll%May 28
%May 15
20
June 10
% Apr 19
»i« July 13
Jan 30
4
Jan
Stores—No par
preferred
100
Savage Arms Corp
No pat
34
May 21
96
May 21
17
May 21
rCashaale.
17
% Aug
Apr
2
stook.
Sept
Sept
100
100
n New
2% Sept
24
7% Aug
2% Feb 27
15
Deo
1; 9
Apr
112
8%May 21
5%
Aug
17% Sept
129
76% Mar 28
6%May 21
preferred
Safeway
Sept
%
2% Aug 24
34 June 19
Corp—.No par
100
jSt Louis Southwestern...
5% preferred
0
142
Apr 15
48%May 21
1
Joseph Lead
June
Apr 20
100
Reynolds Spring
—1
Reynolds (R J) Tob class B.10
St
18
Mar 29
90
100
RR 7% pref
Apr
12% Aug
145
Co.—No par
t Rutland
22
11% Sept
10% Sept
48% Oct
25% Oct
40% Sept
20% Sept
128
5
_
preferred
Richfield Oil Corp
Apr
6
7% preferred——.—100
5\i% preferred—
100
14%
1
47, Aug
8*, Jan
11
42%May 9
713, Apr 10
118% Jan 2
43% Apr 8
115% Jan 11
70
*84
15
May 21
May 21
00
14%
♦3,
31%
—
prior pref ser A. 100
Revere Copper A Brass
6
Class A
10
1
*14%
Aug
May 15
9
6 % conv
15
84
Sept
9% Sept
4%May 23
Ritter
14%
95
175
73%May 28
Roan
84
Apr
Sept
10%May 21
7
May 21
Corp—No par
Reliance Mfg Co
10
Remington-Rand
1
Preferred with warrants..25
Rensselaer A Sara RR.Co..l00
100
14%
50
158
110%May 22
Reliable Stores
400
1
4
0
112%May 22
30%June 10
100 May 21
1 *29). 100
Manhattan.No par
Rayonler Inc
1
S2 preferred
25
Reading Company
60
4% 1st preferred
——.60
4% 2d preferred
50
5
Sept
Apr
May
80
preferred
100
5% conv preferred
100
Purity Bakeries
No par
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer—-No par
$5 preferred B
No par
S3.60 conv 1st pref..No par
Radlo-Kelth-Orpbeum
1
5%
12
32% Sept
14% Sept
May 10
May 21
6%
*4%
2% Apr
154
84
*4%
*14
*107
5,700
36% Mar
Jan
5
31% Sept
51
Sept
Apr
Apr
5%
45% Mar
Mar
105
*4
378 Sept
Jan
Apr
176
June
Common
Aug
23
4
118
*4%
32%
*2%
5,100
2
36
12
May 21
57g
»u
4
,2,400
July
46% Sept
4
May 22
4%
*%
*2%
9%
35%
35
Apr
23, July
4
143
Reynolds Metals
Jan
Apr
31%
6
9% Apr
115
*4%
4%
57,
4%
313,
4
2,700
7
25
4
27»s Jan
S5.No par
No par
No par
BH % conv
8
8
8
8
------
10%
86
'
preferred.—100
100
6% conv
Aug
'
17, Sept
6
53
preferred
Republic Steel
91
103% Mar
May
21
fReo Motors vtc—
Jan
% July
Sept
June 10
5
50
Hosiery
48% Aug
74
Feb
June
Silk
47% Sept
Apr
75
6
1
9
Mar 25
126
55
*52
55
*14%
♦3,
3178
*2%
23,500
77%
*3,
31%
*3,
16%
94
*75%
*52
55
-
*92
*80%
9%
10
36%
8
8
578
4%
4%
36
11%
86
*52
55
8
5%
4%
15%
1034
*80%
934
10
363s
*52
55
5%
11%
86
-
800
*50
60
11%
200
1%
♦75%
85
2,700
17%
20%
60
70
1%
1
A Co 1st pref..100
783,
*18
*50
*58
1%
8%
May 24
..No par
preferred
8% Mar
Apr
Jan 17
7
J..No par
$5 pref erred.... ....No par
6% preferred
100
conv
Sept
Sept
10% Sept
36
Mar 12
0% Sept 12
0%May 21
6%May 21
6%
Jan
28%
7
19
Preferred
93
*75%
60
52
2
2
67, Feb
l0%May 22
10 May 21
Rels (Robt)
10
8%
*48%
4
Jan 11
4is, Jan
Apr
03, Sept
5», Apr
110
6
10
16%
78%
9%
*50
*8%
8%
25
40
4%May 15
5
100
1,300
40
17
%Mar
97%May
7», Apr
Postal Teleg'h Inc pref.No par
(The)
19*, Sept
45
Sept
13% Sept
47
Jan 10
Oct
6*, Sept
Apr
21
Apr 25
8% Apr
10% Feb
40% Jan
%May 29
7%
8%
45
May
7%
29% Apr
cl A No par
Real
92
93%
*77
7%
70
1%
*75%
9%
*18
10
7
2
24
5%May 21
5% conv 1st pref
15% conv 2d pref
Apr
30%
Jan
393, Apr
No par
Procter A Gamble
Deo
Mar
27% Sept
107
230
283,
51%
8%
x92
85
*80
*7%
*8%
94%
7734
934
20%
*76
80
*2
7%
85
11%
13%
29%
*75
36%
2,700
24
85
86
300
16%
24
*75
10%
28
24
20%
36%
16%
*2734
13%
*19
*80%
16%
28%
14%
21
1T%
19
28%
14%
21
117,
28
*1734
Jan
4%
13% Apr
151% July 3
% Feb 14
15 May 28
12% Jan 13
Pressed Steel Car Co Ino
Mar
124
213,May
No par
7% pref class B_.
100
5% pref class A
100
5H % 1st ser conv pr pi. 100
Pittsburgh A West Va
100
Pit Youngs Asht Ry 7% pflOO
Plttston Co (The)
No par
Plymouth Oil Co
5
Pond Creek Pocahontas No par
JPorto Rlo-Am Tob
5% Sept
17
154
No par
Poor A Co class B
4», Sept
33
Aug
15
4
38>,
6% May 24
043,May 22
Raybestos
19
29%
13%
*18
117,
500
600
200
34
34
233,
24
z8%
z5078
173,
94%
*79%
10%
34%
28
15%
2834
52%
9%
17
1634
*28%
52%
*56%
9
16,500
24*, Jan
8578 Sept
10
Pittsburgh Steel Co
Pure Oil
600
120% June
3%May 22
100
Pitts Screw A Bolt
Pullman Ino
1,100
May 18
121
May 21
35
No par
Co. 100
7% guar preferred
5,400
1,300
5
107% Feb 10
100
100
preferred
0%
6,400
100
10% Jan
2%May 24
Pitts Coke A Iron Corp No par
Pub Ser El A Gas pf
....
....
*28
300
300
123
3
287, Apr 26
52
Aug 28
5% pf (ser of Feb
*134
141
157
2,200
Jan
25
60
Pittsburgh Coal of Pa
Apr
«,
Feb 17
Feb
13% July
1134 Mar
59% Deo
943, Aug
Apr
2% Aug
17% Aug
11% Sept
4
3%May 18
Pub Serv Corp of N
123
*135
«J*
Apr
74
May 29
May 21
30
IO984 10934
156
--
48
8
8
Jan
May 28
1,900
*121% 124
142
-
6
Jan
22
35
*109% 110
156
-
100
32
Deo
36
117
117
*135
17%
""500
16
110
110
600
15
123% *122% 124
*109
*121% 123% *121% 123
*634
x5%
Sept
2%
1% Aug
5*, Apr
100
$5 conv preferred
20
17234 1723,
21
4%
27%May 22
6
Hosiery
Pitts Ft Wayne A C Ry
*150
*150
*151
*30%
6278
200
7
36
23%
15%
*151
*151
23
*0%
578
36
1034
35
*1U2
21%
6%
73
*19%
*6%
6
*151*
*151
21%
7
434
6
16
16
"166
*634
*20%
6I4
7%
247,
*21
5
175
61,
7%
23%
*4%
73
*09
7%
*20%
15i2
77,
80
47g
17 5" *172% 175% *172
*172
300
Jan
4% Sept
Sept
Apr
June 11
30
26
Apr
1178
PlllBbury Flour Mills
25
Pirelli Co of Italy "Am shares"
Pitt C C A St L RR Co
100
Preferred
24
4%
*150
*150
...
24
21
*43s
7
Phoenix
40
24
Petroleum
Plllhlps
3%
*38
5134
*51%
51%
51%
*_„_
135
*_—- 135
51
135
21
21
*6
73
*69
478
*414
61*
51
*
135
*20
21
*150
65,
*75,
24
5H2
51*
*41,
*19
*148
*175
*237,
*
353,
*234
3%
40
24
40
"9.660
Jan
Jan
Jan
47
% Mar 20
70
107%
13%
Apr
90%May
May 22
68
Jan
Feb
14%
30
62%
6
0%May 18
25%June 10
37%May 25
No par
100
No par
Phillips Jones Corp
7% preferred
100
4
*38
*38
135
35
36%
*234
3%
45
51
51
5I4
2H2
07,
*234
*38
1,200
80%
38
*32
38
35%
30%
36%
3i2
*3%
4
*3%
*32
38
2312
23i2
135
*4l2
*19i2
*6i2
*78%
'"e'o'o
%
79%
4
*32
36U
*234
%«
79%
45
*38
243,
51
357,
3i2
*%
7934
7934
*3%
4
37
100
45
90
ht
*3s
80%
*3%
*35
36i4
*214
3%
45
*—.
38
3534
363,
*23,
*38
♦3,
80
4
*35
38
*82
%
80
7912
811,
4i2
811,
*35
73,
1%
Sept
00%
104
9
22% Apr 10
23« Mar 12
12% Mar 4
10%May 13
0%May 28
Corp of Amer
6
Pfeiffer Brewing Co
No par
Phelps-Dodge Corp
25
Philadelphia Co 6% pref..-60
$6 preferred
No par
Phila A Reading C A I .No par
Philip Morris A Co Ltd
10
Petroleum
700
29%
71*
30i2
*45
71*
303,
"""700
15
No par
0
2% Apr 12
l%June13
6%May 21
l7%May 22
ll%May 21
100
100
5% prior preferred
5% preferred
Pet Milk Co
7
7
7%
30%
7%
550
21
*19%
21
*19%
21
300
19%
32
*1978
Corp v t c No par
$7 eonv preferred
No par
Pennsylvania RR
60
Peoples Drug Stores Ino
6
Peoples G L A O C(Chic).. 100
Peoria A Eastern Ry Co
100
Pere Marquette Ry Co
100
14,100
*19%
33%
20
34%
2%
10
No par
Penn G1 Sand
2034
20%
20%
20
June
73g Sept
14% Sept
44% Apr
lSgMay 22
l%May 22
ll3,May 21
9>,June 25
118% Jan 5
15 May 22
15 May 18
23
May 22
J7 conv pref aer A ...No par
100
20
*121%
34
71
Penn-Dlxle Cement
200
12%
*11%
*121%
20%
21%
*19%
20
No par
Penn Coal A Coke Corp
200
20
*18%
19%
12%
200
2,200
87
*2
2%
234
2%
*2%
No par
Patlno Mines A Enter prises. 10
6% Sept
72
Sept
6
Feb
Sept
2
Apr
Sept
92
18
Penney (J C) Co
5,100
7%
*47% ■ 4834
%
Jan
Jan
Deo
8*, Sept
June
35
10% Apr
Penlck A Ford
2.50
Parker Rust Proof Co
Parmelee Trans porta'n. No par
Pathe Film Corp
1
2
4
Apr 15
94
l%May 21
31% July 22
l3%May 22
34May 28
6%May 21
5%June 26
45
May 23
1
No par
Jan
8% Apr
6%May 21
15 May 21
1
Park Utah Consol Mines
Parke Davis A Co
200
9
z86%
100
10
400
734
1
4%May 21
04
May 23
1
5
June 12
10
45% Apr
6
101% Jan 25
Sept 13
99
100
11.100
1%
2114
22
*19%
7
7
71,
49
87%
preferred
Park A Tllford Inc
1,600
19%
8%
No par
6% 1st preferred
6% 2d preferred
~~~606
134
333s
21
22
*1834
*48%
863,
234
33
*1
9%
778
23s
*2%
*2%
...
*1914
7%
49%
87
863,
19%
*11%
♦121%
20%
2H2
20
*19%
"
3414
34%
3
*2%
9
*8%
*214
*812
*31i2
10
*47
9
73^
12U
34
*21,
984
9U
75s
18%|
♦12U*
203,
20i2
35i2
3
1%
2%
*181,
1214
217,
*20
*341,
*21,
19%
*1
2%
*21,
23g
2i8
23,
27,
211,
*19
1%
87
2l2
♦181*
♦111,
121,
*12112
*21,
*2l2
33
191,
32i2
48J2
87
1%
*32%
conv
5
Paramount Pictures Ino
700
*15
4%
200
8%
17%
8%
19%
*19
758
88
861,
134
z33
12,400
83
*80
134
33%
*15
134
10
6
x534
6%
8%
17%
8%
*1
71*
4914
*48
89i2
87gj
99
99
83
*80
171*
1»4
1
7*8
61*
83
*15
9
91*
81*
7*8
9%
7h
49U
75,
•
*34%
35%
*94
6
2%May 15
12
May 21
03, Jan 16
%May 22
26%June 11
Pan-Amer Petrol & Transp__5
Panhandle Prod & Ref
1
300
14
14%
99
6%
Pan Amer Airways Corp
8,900
**14
1a
Dee
7%
117,
10,300
Pacific Western Oil Corp
10
Packard Motor Car
No par
5% July 10
3%
38
89*2
87,
Highest
share % per share
per
334
*94
01,
1
share
% per
3%
*7
8
I
share
per
6%
133,
153s
%
»
Par
Year 1939
Lowest
Highest
3%
4
6
33s
14U
34
37,
6I4
31,
Lowest
Lots
334
*578
33,
*6
*36
*82
On Basis of 100-Share
Week
143,
81*
*58
153,
*8*2
Sea. 11
Sept. 13
% per share
812
15l2
*%
Sept. 10
Sept. 12
6I4
33s
31,
14%
3%
Range for Previous
1
EXCHANGE
Friday
37,
37,
4
6%
*6
STOCKS
NEW YORK STOCK
the
CENT
Thursday
9
Sea.
NOT PER
SHARE,
n eanesac
Wednesday
Tuesday
i utsuay
«
>
% per share
$ per share
PRICES—PER
SALE
HIGH
Monday
m imuay
i
Sales
for
LOW
Saturday
1537
New York Stock Record—Continued—Page 8
151
t Ex-dlv.
9
8% Jaa
3
3
0%
Apr
Feb 27
0% May
10
Sept
22% Apr
i*g Feb
4
9
15% Sept
«, Apr
34
Jan
3
27% Apr
% June
49% Sept
7% Jan
12
42
2
3
May 10
4*, May 18
% Jan
7, Jan
5
% Aug
13, May
3% May
17% Sept
Jan
2% Nov
7, Sept
2
-
Jan
0
Sept
0% Sept
613, Nov
Mar 14
27*,
Apr
111% Mar 28
31% Apr 26
82%
10*,
Jan
109
AUg
Apr
23
Sept
53
yEx-rlghta.
1 Called for redemption.
1538
LOW
New York Stock
AND
HIGH
Wednesday
for
Thursday
the
Sept. 12
Week
9
*%
♦25s
3
♦2%
*39% 3934
39%
114
*11314 114
*10718
*107%
*ai*
*16
I4
...
9 per share
9 per share
9 per share
9%
9%
9%
9%
9%
9%
984
984
*75%
77
♦75% 77
75%
75%
77
77
*16
*%
*16
*%
*16
*%
a16
%
*16
3
2%
2%
*2%
3
*2%
3
*2%
3
39% *39% 39%
*39
39% 39%
39%
393g
39%
114
*113% 114
*113% 114
*113% 114
*113% 114
*107%
*107%
10734 10734 *107
10734
*16
*%
13%
*1%
78%
79«4
11
11
1H2
10
10
5734
334
45
*312
*4378
*53
*514
*36i4
5l2
3714
9
IIOI4
81%
80
10%
10
10
10
10%
5784
3%
*9
10
*9
*55
45
*43
•23
18
9%
2%
*4l2
2's
484
2
*23
8h
17
*13
*8
*17
17
0
8%
1%
♦12%
18%
9%
1?8
19
130
12%
20%
34
19
20%
34
34
*1%
*4%
2
4%
*61
*31
3134
*55
66
29%
*55%
7%
53%
3212
6%
31
*112
414
*15
438
10
*14
2
4%
4%
*61
17%
39%
31
55%
*54%
18%
39%
31%
56
7
7%
53%
31
7%
53%
53%
7%
54%
53%
30%
31
30%
0
6%
107% 107%
*1%
1%
4%
15
*13%
31
36
3234
33%
33%
3234
34%
3234
64
61
62
33%
33%
63%
02%
634
63%
0%
684
*4%
484
*4%
734
738
8%
7%
47S
8%
7%
5
*48%
8%
734
49%
48%
*12234 123
*8%
17%
138
*12%
*23%
4%
1834
123
8%
17%
13g
18
*6%
*5%
*4%
*32%
*3%
578
37
*3
33
*6
434
*8
*10%
*37%
*278
*34%
334
28%
6%
4%
35%
*13s
*13%
934
*91
8%
*16%
138
678
434
12
12
24%
24
24
4%
19
4%
1834
19
18%
18
18%
24%
*4%
*18%
1738
4%
6%
0%
5%
6
5
5
*4%
35
*32%
378
*3%
6%
578
37%
30
3%
6%
*
10%
*32%
378
*3%
*5%
5%
37
3
434
10
434
6%
438
10%
3
5%
4%
35%
1%
14%
934
*3%
*27
5
*4%
34%
138
*12%
9%
*4%
6%
*16
*1%
634
I84
484
10
6%
17
134
1%
*65
4
*5%
6
16
*1%
5%
29
31%
*6
5
6
6
4%
4%
10
40
3%
41
3%
29
5
35%
1%
3434
14
*12 34
14
9%
9%
93%
*89%
25%
44
434
1738
634
17
*6%
I84
I84
*65
*7%
*10
10%
*4%
*34%
*1%
5
1%
4%
1%
1
*37
*2%
*34
334
29
36%
4%
10
34
1%
12%
9%
9%
93%
*89%
35%
*2%
4%
*7%
11
Xl0%
39
37
3%
41
*278
34
4
384
30
*27%
*434
*4%
53s
*4%
438
34
1%
12%
9%
93%
*90
26
25
44
*44
634
134
68
6%
134
*65
4%
6%
1%
68
3%
24%
24%
33%
*33
634
4%
434
16%
*6%
1%
*65%
*8
34
19
8%
34
*17%
7%
*33%
*7%
934
*35
*2%
*28
334
30
5
334
*27%
5%
*4%
434
16%
6%
6%
*1%
134
68
*65%
4
8%
6
6
*15%
1638
*15%
4
4
38
100
37%
334
2,300
94
25%
"ejoo
44%
1,500
2,500
7,400
4%
17
6%
134
600
1,400
15%
*12%
87%
86%
13
87
13
13
86
80
*15
12%
83%
81
*80
1584
68
8%
6%
17
""300
Bid and asked prices ;no sales on thia
day.
4
i In
200
5%
preferred
100
Mobile A Ohio stk tr ctfs 100
Sparks Withlngton
Spear A Co
800
4,700
7,600
13
1,200
27
38%
pref A
Spiegel Inc
conv
""800
39%
9,900
15%
10,300
14
14
Standard Gas A El Co.No
preferred
cum
$7
cum
prior pref
prior pref
Standard Oil of New Jersey.25
Starrett Co (The) L 8..No par
Sterling Products Inc
Stewart-Warner Corp
Stokely Bros A Co Inc
Sun
12% Apr
10% Aug
May
15
June
Sutherland Paper Co
10
Sweets Co of Amer (The)...60
Swift A Co
25
Without warrants
1
Preferred
Thermold Co
$3 dlv conv preferred
Thompson (J R)
Thompson Prods Inc..No
Thompson Starrett Co.No
Tlmken Detroit Axle..
10
Tlmken Roller Bearlng.No
par
Transamerlca Corp
2
Trans cont'l A West Air Inc..5
Transue A Williams St'l No
par
No par
No par
10
CorpNo
par
Nopar
par
100
1
par
par
par
Transport
United Carbon Co
Unlted-Carr
Def. delivery,
par
$3,60 cum preferred.No
par
Tide Water Associated Oil..10
$4 60 conv pref
No par
5
No par
100
No par
Fast
Corp .No
United Corporation
No
$3
n
preferred........No
New stock,
r
Cash sale,
par
par
par
x
Jan
10% Apr
11% Apr
15% Apr
Jan
4
8
1% Aug
Jan
5
434
63
July 29
14%May 29
33 May 21
19 May 21
46%May 28
434May 22
46
May 22
20%May 23
5
May 21
98
June 10
1
May 18
22
2%May
9%May
l2%May
l7%May
2034May
26
21
22
28
29%June
72
May 14
34
Mar
60
Apr
Sept
2384 April
14%
47
Feb
9
36
Apr
Apr
38«4 Apr
57% Apr
3
2
11
Apr
11% Jan
3
60% Apr 9
40% Apr 10
7% Apr 6
108% Apr 9
2% Jan 4
7% Jan
42
Apr
8% Aug
57>4 Dec
18% Apr
5% Dec
94
Oct
2
Dec
434
10
Apr
18% Jan
2234 Jan
26% Jan
Apr
13% Apr
24% Sept
29
22a4 Aug
1
Apr
46% Jan
23
May 21
3434 Sept
20%
Apr
56
May 21
80«4 Jan
65
Apr
4%May 15
4%May 20
6
May 21
634May 21
4034 Aug 6
118%May 29
7%May 15
12%May 21
l%May 21
9%May 22
20 May 21
3 May 22
*17%May 29
434May
334May
4%May
28%May
33
May
May
2%May
20%May
5%May
334 July
5
8
May
May
21
22
21
20
22
14
25
21
23
22
11
22
21
38
8% Feb 16
8% Apr
2
12% JaD 5
12% Feb 21
65%May
124
4
Feb 13
107s Jan 20
2778 Jan 5
2% Jan 3
17% Apr 4
35% Feb 28
7% Mar 25
24% Apr 22
32% Jan 25
9% Jan 3
7%May 3
6
Apr 11
40
Mar
6
6% Mar
5
7
Mar 21
Aug
6% Aug
3% Apr
8% Apr
6%
Apr
4534 Sept
118% SeDt
7% Apr
19% Sept
134 Aug
10
Apr
22«4 Sept
5% Sept
17
Apr
24«4 June
4% Aug
33s Aug
4% Aug
33% Oct
3% Aug
4
Apr
47% Apr
4% Apr
4
26
Sept
8% Jan
6% Jan
8
4
7
Aug
12% Jan
18% Jan
8
8
8% Sept
4
3534 Apr 11
32% Aug
3% Aug
684 Nov
15% Dec
36%June 27
2%June 11
63
Mar 21
4
Feb 16
30
30
May 15
42% Feb 16
534 Mar 8
June
14
3
par
23%
May
20
25
Apr
Apr
127
7
1
..100
Sept
14
3
10
Third Avenue Ry
1% Sept
13
39
3
No par
Apr
Dec
July 17
4%May
..No par
100
Jan
9
2
2% Mar 11
16% Jan 3
30%May 10
162% Apr 23
30%May 6
15% Jan 3
20% Jan 3
3478 Jan 3
Apr
l%May 21
334june 12
5
300
4,300
31
5
400
10,900
May 28
23%May 22
6«4May 21
8
May 21
l3%May 21
Tennessee Corp
Texas Corp (The)
United Biscuit Co
Preferred
10
May 22
Aug 13
Telautograph Corp...
$3.60 conv pref
The Fair
2434 Feb
12% Jan
.
10% Aug 20
w w.l
Talcott Inc (James)........9
5H% preferred
60
Un Air Lines
300
10
Apr
11% Jan
7% May
1% July
1
No par
70
101
9
5
1
6% preferred
..100
Sunshine Mining Co......10c
Superheater Co (The)..No par
Superior Oil Corp
1
Superior Steel Corp
100
Dec
16% Apr
15% Aug
3
8
11%
No par
Oil
2%
Feb 19
6
5
Stone A Webster
16
a
10
Studebaker Corp (The)
50
36%
No par
No par
17% Apr
25% Sept
120
Jan
98% Aug
434 Apr
Jan
2% Apr 29
25
Dec
97s Aug
5
4
par
No par
Standard Oil of Calif...No par
Standard OH of Indiana
25
16
1%
No par
No par
preferred
*49%
134
36%
2
No par
.1
Square D Co
Standard Brands
$4
1
par
No par
Conv S4.50 pref
$4.60
par
4% preferred
100
Union Prem. Food
Stores,Inc.l
Union Tank Car
No par
United Aircraft Corp
...6
400
15%
11134 11134
No par
Union El Co of Mof 6
pf No par
Union Oil of California
25
Union Pacific RR Co
100
""800
84
27
$3
24
June
6%
18% Apr
1
preferred
28
114%May
No par
Spencer Kellogg A Sons No
Sperry Corp (The) v t c
Splcer Mfg Co
...No
43
40% Feb 13
13% Jan
May
May
16
No par
Apr
Dec
3% May
108% Feb
6% Jan 10
128
Twin City Rapid Tran.No
7% preferred
Twin Coach Co
Under Elliott Fisher Co No
Union Bag A Paper
No
Union Carbide A Carb.No
10
12%
80%
1534
Ry
$1.60 preferred
900
83
receivership.
Southern
10%
51
10%May
105
100
Southern Calif Edison
..25
Southern Pacific Co...No par
1% June
60% Apr
11% Apr
534 Jan 11
Apr 5
7% Mar 13
12%May
l%May
l7%May
12%June
67
% Aug
Apr
16% Aug
56
May 29
7%June 0
95%June
3%May
1
Jan
2% Mar 26
Apr 6
4%May 21
No par
Truscon Steel Co
20th Cen Fox Film
3~ 800
*80%
*15
So Porto Rico Sugar
8% preferred...
Truax-Traer Corp
"
83
12%
Smith (A O) Corp
10
Smith A Cor Typewr_.No par
Snider Packing Corp...No par
$6 preferred
84
*15
15
Bloss Sheffield Steel A Iron. 100
$6 preferred
No par
Trl-Contlnental Cor p..No par
*13g
1534
*26% 27
26%
26% 26%
27
27
2684 2684
41% 41%
3834 3984
39%
40
39% 40%
38%
39%
17%
1738
16%
16%
15%
16%
15%
15
1638
15%
*1378
1478
*14
1384
1384
14%
14%
*14
14%
14%
*U1"U 112% *m«ji 112% *111"16 112%
*111«32 112% *111«st 112
62
52
52
52
51%
*50
51%
51%
*49% 50
17%
17%
*16
16%
16%
*16
17%
17
*16
17%
178
2
I84
1%
1«4
1%
1«4
1%
1%
1%
37% 37%
36%
36%
3634
3684
36% 3634
36%
36%
•
600
300
6,100
9
*17%
84
*15
210
2,300
5%
8
*15
87%
*78%
1534
10
30
3434
12%
*80
80
100
3%
4
*5%
Skelly Oil Co
""800
10
1%
12%
16%
10
Texas A Pacific Ry Co
100
Thatcher Mfg...
No par
500
9%
25%
43%
434
Petroleum
1,000
6
4%
10
1%
12%
*90
6H%
conv
preferred-.100
Silver King Coalition Mines. .6
Simmons Co
No par
Sept
16% Jan 11
15% Apr 9
69% Apr 12
1
Apr
44% Sept
105
88
34
15
25
Texas Gulf Produc'g Co No
par
Texas Gulf Sulphur
No par
Texas Pacific Coal A Oil
10
Texas Pacific Land Trust
1
938
*5%
5%
1534
26%
89%
1,400
13s
1334
5%
84
89
""260
1,200
4%
13
7934
100
33
8%
13
*15
300
33
94
Oil.
Symington-Gould Corp
4'
45
pref ser A .No par
Shattuck (Frank G)
No par
Sheaffer (W A) Pen Co.No par
4
Aug
Sept
Apr
Feb 27
% Jan
8%May 21
conv
%
334
1% Jan
3
May 21
40% Aug 10
S3.60
Swift International Ltd
700
25%
51% Aug
No par
1,100
31%
6
No par
No par
Jan
share
61
7«4 Feb 21
49
8%June10
Sharon Steel Corp
$6 conv preferred
2,000
31%
5%
19
400
1,200
2,900
1,100
1,900
134
*1%
134
*1%
134
I884
17%
*16
17%
18% *16
1834
*7%
734
734
734
7%
7%
734
734
34% 34% x33% 33%
33% 3334
*33%
34%
12%
12%
II84
11%
12
1134
12
11% 11%
11%
11%
75
75%
73%
75
72% 7384
71% 73%
71%
72
70%
72%
*112% 113% *112% 113% *112% 114
*113
114
*113
114
*113
114
13
13
*18
600
400
8,600
*4
16
1,000
1,500
3
*5%
16
90
36
6%
I84
1,100
*2%
8%
17
700
2,700
10,900
7%
35%
4%
*1%
4%
7%
7%
7%
*4
*16
5,600
16,900
1,000
2,200
1,300
3438
*6%
4%
1
1 per
10
% Jan
11
Sharpe A Dob me
$0
M00
7,300
6034
*5%
584
134
900
"
33%
59%
4
16
200
384
8%
6%
300
15%
17%
18%
34
9%
44
17%
37
*1%
*1134
25
17%
4>%
10
10%
*32%
26
4%
17%
36
3
4%
33%
4434
5
6,400
150
1%
334
6%
*27%
5
438
68
5%
6
3%
26
68
*4%
31
*2%
45
18
*32%
3%
3
*34
3%
44
478
16%
638
434
35
3%
32%
*37
40%
*90
5
5
3
10%
41
378
28%
6
5
31%
4%
3
*34
18%
1738
3%
32
*7
10%
*37
*24%
4%
5%
19
17%
6%
250
4Q
4Q
49%
124% *12234 124% *12234 124%
8
8%
8%
*8%
16%
16%
17
*16%
16%
1%
*1%
1%
*1%
1%
12
12
12%
*11%
11%
24%
*24
24%
24%
24%
4%
*4%
5%
*4%
5%
19
1834
19
18%
18%
173a
17%
17%
*17%
1734
6%
5%
6
*5%
0
5
*434
5%
5%
*434
484
*4%
434
x4%
4%
35
*32%
35
*31%
35
3%
*314
3%
*3%
334
5%
5%
5%
5%
5%
36
6
6%
4%
4034
24%
56
49
36%
31%
10
40%
3%
1%
12%
300
5,300
1,300
31%
*13%
17%
18%
4%
734
738
3
32%
*7
8%
16%
1%
4Q
6%
36%
3%
32
33
6%
*434
*4%
35
x25%
*6%
4Q
*12234 124% *12234
12
28%
134
4Q
12
46
*6%
7%
8
46
*65
8
735
10%
28
1778
734
7%
8
94
5
8
16%
1%
634
7%
7%
734
8%
1634
1%
13
6%
4%
7%
40
48%
123
6%
4%
18%
38%
810734 108
4
35
3534
32
7%
4
64
35
32
7%
1,800
12,200
*13%
17%
183s
Servel Inc
16.50
6%
24
35
100
30%
I884
62%
678
4%
100
1,600
6%
25
03%
6,300
5
30%
17%
34%
8,700
7%
55
18%
63%
1,100
14,100
*54%
7%
*53%
2434
3534
33%
10
54%
7%
55
1734
17%
2,800
37%
31%
18%
25%
25%
35%
18
18%
4%
20
S'eastern Greyhound Lines..6
3934
31%
30%
%May 16
%May 18
May 21
l%May 15
6l%May 21
100
17%
7
No par
JSeaboard Air Line
4-2% preferred
100
Seaboard Oil Co of Del-No par
Seagrave Corp
..No par
Sears Roebuck A Co
No par
13S8
*60%
17%
18%
2434
300
3734
30%
54%
*53%
30%
109
So cony Vacuum Oil Co Inc. 15
South Am Gold A Platinum..1
*4
*17
101%June 24
14,000
1,100
18
5
No par
8%
1%
*131% 150
27
2684
2034
8%
8%
834
12%
11%
12
19
■
19%
19%
35
*29
34%
2
1%
*1%
6%
6%
*10734 108
1%
1%
1%
15
17
150
18%
2434
183«
1834
25%
30%
1%
*334
50
""206
8%
834
115% Jan 11
Slmonds Saw A Steel ...No par
1,400
14
17
2%May 21
34
May 14
107%June 25
Slmms
110
*7%
*1%
*1234
15
17%
18%
24%
18
110
1%
1334
19%
*30
1,300
17
*13
100
...No par
No par
preferred
Shell Union
'"200
...
8%
1134
1834
10
20
1634
*87
1%
*1234
26%
8%
400
1,900
*23
1034
638
4
18%
25
17%
20
108
*1%
4%
*13%
15%
17%
18%
4%
884
7%
6%
108
5%
36%
104%
*4
4%
16%
16%
*1%
2
2
*60%
55%
50
6%
6%
107% 107%
*1%
1%
4%
4%
1%
*1%
*17%
39%
31%
*30
30%
8%
16%
1634
*18%
*18
19%
*131
*130% 150
100
104% *102
*23
1%
1334
9%
13
17%
5%
36%
*87
9
8%
39
*107i8 110
130
8%
1%
*1234
9
1234
19
734
9
1%
1384
18%
100
"""800
45
8%
110% *109% 110% *109% 110%
*13
14%
14%
*133s
14%
8
8
8%
*7%
8%
17% *17
17
17%
17
834
12%
1934
*2934
...
*43
5%
37
*4%
16%
*1%
17%
103
2734
40
*3H2
63s
17%
27%
39
5512
26
*23
*87
27%
*17
7%
434
8,200
2,900
5734
3%
3%
preferred
{4 preferred
200
14«4 Mar 27
85%May ~
Scott Paper Co
20
1%
80%
7%May 21
64% July 2
% Apr 22
8%
Year 1939
Lowest
1
14.60
""700
$ per short
5
100
JSchulte Retail Stores
10
13%'
*55
3%
45
*36%
8%
17%
2
t
*21%
2
4%
*4
4%
17
*1%
26
*109
^
*6078
...
9
484
16%
'111
5734
*3%
Schenley Distillers Corp
634% preferred...
100
300
*%
*12%
*1%
1%
80
104% *102% 104% *102
*1%
34
13%
*5
683
37
9
*4%
16%
20
*%
*12
1%
538
*36%
834
2%
4014
55
5%
37
*16%
9i8
♦33s
*42
16%
"
*55
3%
45
*102
1«4
134
1%
1%
*1314 1334
13% 13%
207g 2114 Zl8% 19%
*12872 132
*128
130
*27% 2734
27% 27%
914
938
8%
8%
13
13%
12% 12%
20'2 2078
19% 1934
*31% 35
*29% 35
4014
5734
3%
434
1,100
10
8%
10418
300
10
*9%
5%
*36%
,*5
17
9
*17
81%
10
10%
*87
15
*62
80
10%
834
1714
*8
*17
80
*55
*91
*14
Ranoe for Previous
Highest
$ per share
Par
3,800
3,400
10%
*10
34
Lowest
Shares
*16
2
*42
*17..
%
*1%
5%
37%
*4%
16%
*16
13%
*36%
n22a
ht
*%
12%
8%
♦103% 10514
*434
5%
*1714
18
*178
2l8
*24
2038
ht
84
13%
1%
5734
*5%
*16
*%
13%
1%
79%
3%
43%
3%
43%
9
*108
*16
«4
13%
134
8112
IHs
8034
10%
*10l2
*5312
17
9 per share
9%
77
*75
14I4
1%
Sept. 14. 1940
EXCHANGE
Sept. 13
9
Ranoe Since Jan. 1
On Basis oj 100-Share Lots
NEW YORK STOCK
Friday
Sept. 11
*1#
*1%
STOCKS
Sept. 10
9
9 per szare
10
.*.75
*38
*13i2
Sales
Tuesday
^
*'8
Record—Continued—Page
SHARE, NOT PER CENT
Sept.
9 per share
10
PRICES—PER
Monday
Saturday
Sept. 7
75
SALE
June 19
6
34
234 Feb
5
4
2
7% Apr 8
534 Apr 22
38% Apr 16
-2% Jan 4
Jan
2634May 28
1
May 18
8
May 21
8«4May 28
81 May 28
18 May 21
35%May 21
4%May 21
lO%May 21
4%May 22
l%May 22
64
Aug
5
3%May 21
6%May 22
5 May 21
14
May 22
l%May 22
13%May 22
6%May 23
21%June 10
9%May 21
59%June 10
106 May 27
12
May 21
71 May 25
70
June 10
15% Aug 15
22% Jan 21
31% July 3
12
May 21
12%May 28
110% June 20
42%May 23
12 May 24
l%May 29
26% June 11
Ex-dlv.
y
Mar
7
23
Jan 27
12
May 6
May 10
97
28% Sept
52
7
217s
8%
2»4
82%
5%
Jan
5
3
Mar 14
83
10»4
34%
5
Sept
Apr
Apr
Sept
6%
2
Mar
Mar
7
74
Apr
Apr
Apr
4
4
Feb 19
Feb 23
65%May
19% Apr
2% Apr
Ex-rights.
Apr
1% July
7% Apr
9% Aug
4
1834 Apr 22
88% Jan 4
116%May 2
17% Jan 8
98
Apr 8
89% Feb 10
10
July 13
29%May 11
63% Apr 16
2334 Apr 4
18
Apr 17
42
17
4
4
13% Mar 14
119
Apr
1% Jan
2»4 Sept
Apr
Jan
3% Apr
30
Dec
3% Dec
Sept
2% Apr
Apr
Apr 16
10% Apr 24
13% Jan 4
25% Jan 23
45
48
2
5
4
Feb 13
6%
3
Apr
Apr
6
Apr
11% Dec
19«4 Sept
1% Apr
17% Apr
7% Apr
34% Sept
6
Aug
65% Apr
108 »4 Sept
15% Aug
81% Apr
78
Apr
20% Mar
31
Aug
77s Apr
14% Sept
112% Mar
52
Apr
13%
2
Apr
Apr
30%
Apr
5 Called for redemption.
Volume
LOW
AND
New York Stock Record—Concluded—Page 10
151
HIGH
SALE
PRICES—PER
NOT PER
SHARE.
Sales
CENT
1539
STOCKS
Range Since Jan. 1
JOT
NEW YORK STOCK
On Basis of 100-Share Lots
Friday
the
EXCHANGE
Sept. 13
Week
$ per share
Sahres
f
Saturday
Monday
7
sept.
4
3
♦36
39
36
4%
♦4%
29
4%
9%
9
75%
75%
179
J2
180
179
*4
12
.
9%
4
4%
87
8%
8%
72%
180
4
4%
33
26%
*20%
4%
66%
-
4
21%
*26%
19%
33
19%
434
*4%
4%
*8
8
8%
•48
*33
*7% » 7%
*48
26%
34%
%
22%
87%
%
22%
21%
%
22%
88%
86
87%
68
58
57
57
71%
*70%
71
57%
54%
*70%
57%
*118% 118%
32%
32%
45%
*44%
1%
1%
6%
6%
1%
*1%
16%
54
*527g
*144
155
*81
117% 118%
*31% 32%
45%
*44%
1%
*1%
6%
*6%
%
23%
22%
21%
87
*84%
86
83
217«
84%
*56
57
56
56
58
32
32%
27%
*80
%
*%
30%
31%
25% j 26%
114
45
30%
42%
6
900
2,200
110
7%
preferred
900
% conv preferred
U S Industrial Alcohol-No par
U S Leather Co
No par
200
Partlc A
conv
1,700
fU S Realty A Imp
10
8% 1st preferred
US Smelting Re
500
100
60
A Mln
Preferred
60
U 8 8ieel Corp
Preferred
54%
74,900
118%
1,000
32%
45%
400
U 8 Tobacco Co
Unl ed Stockyards Corp
1
Conv pref (70c)
No par
United Stores class A
6
53%
118
32%
No par
100
...
No par
45%
1%
*44%
45%
*44%
*1%
1%
*1%
1%
400
6%
6%
6%
1%
48%
*6
0%
700
1%
700
*47
48%
100
15%
♦14%
16%
100
Universal-Cyclops Steel Corp 1
300
Universal Leaf Tob
1%
1%
*47
15%
*1%
55
55
56
56
*146
151
*145
151
*145
85
*80
85
*80
85
$6
151
*80
7%
%
%
*%
*13
31
32
43
*42
*24
25
*24
%
200
30%
5,000
400
25
42%
900
"
75
~
*
♦IIII
68
75"
75~"
75" •""II
*
26
~25~ 25% *24% 26% ~25~
25
25%
*24%
*25%
2
2
*2
2%
2%
2%
2%
2%
2%
2%
19% •18%
20%
19%
18%
18%
20%
*18%
19%
19%
116% *115% 110%
*115% 116% *115% 116% *11534 116% *116
8%
7%
*7%
8%
8%
*7%
7%
*7%
*7%
8%
46%
47%
*43%
*42% 47% *42% 47% *42%
47%
*43%
33%
33%
*32%
33%
*32% 33% *32% 33% *32% 33%
*82
84%
847g
80%
80%
*80% 84% *80% 84% *80%
*125
165
%
%
*%
78
.
*7
98
4%
*13
4%
27%
14%
2%
*%
14%
♦35%
2%
39%
*9%
24%
*23%
2%
24%
5%
14%
2%
40
4%
26%
*13
*4%
*%
1
14%
2%
*31
*%
14%
2%
40
*31
*22%
*23%
*23%
24%
*24
24%
*8
13s
4%
1
1%
11%
24%
1%
24%
14
4%
*35%
11
4%
27
*13
15
2%
1%
*1%
4%
*2534
*23%
24%
*23%
*9
1%
13s
11
11
47g
26%
14
4%
1
14%
2%
40
Waldorf
Walgreen
*94
98
4%
*414
4%
*26%
26%
14
*13
14
5%
♦4
1
%
14%
157S
2%
2%
100
800
2%
2,500
2%
J Warren Bros Co
No par
$3 convertible pref.-No par
Warren Fdy A Pipe
23%
100
£15%
23%
15%
600
18%
2%
*15%
18%
16%
18%
2%
18%
500
Wayne Pump Co
2%
2%
900
Webster Elsenlohr
*16%
17%
500
Wesson Oil A Snowdrift No par
100
*2%
27S
17%
*60
65
*59%
100
100
1%
1%
1%
3
16%
*16%
17
*16%
17%
*60
66
*60
65
*60
65
60
60
100
100
100
*99
100
£100
100
110
3%
*%
20%
21%
130
*33
34%
34
*33
34%
'
3%
*3%
3%
6»4
*5%
7
916
*%
%
*%
18%
21%
127
127
18%
19%
21%
21%
101% 101%
*126% 128
18%
21%
100
19%
21%
101%
33
*32
33%
32%
34%
32%
34%
*69%
80
97
97
23%
22%
*32
*8%
8%
11%
11%
34%
*69%
*96%
23
23
*97% 120
70%
*66%
8%
8%
10%
10%
1
128
32%
*31
33%
34%
34%
80
97
*8%
10%
20
25%
100
3%
6%
7
*5%
%
lo
......
%
18%
102
*18%
2034
18%
20%
19%
103
1878
19%
102% 103
*126% 133
*126% 133
31
31%
31%
31%
*32
34
32%
32%
33%
*33%
34%
34%
34%
34%
32%
80
*69%
80
*09%
80
97
97
97
*96%
23%
*97% 120
70
*69
9%
*8%
10%
11
70
23
22%
120
*96
21%
*96
70%
*06
22%
120
*64%
70%
5,100
20
2,900
100
*8%
9%
100
10%
10%
3,800
White Motor Co
White Rock Mln Spr Co No par
7
7
6%
678
*6%
6%
1,100
5
4%
4%
5
5
*4%
5%
'900
*35
45
*35
45
20%
20%
*20
20%
2
2
2%
4%
4%
4%
58
-
*26%
34%
19%
21
2%
*20%
20%
1%
2
2
2
17g
2
3%
4%
4%
4%
4%
3%
3%
3%
*3%
*57
*35
*20%
2
*2
*115
42
42
2
1%
*35
I 21%
2
-
—
26%
34%
20%
*3%
4%
*54
*2
4%
4%
56% i
26
32%
18%
55
26
26%
34
33%
115
*68
80
*68
80
*66%
46
46
44
45
*43%
49%
107
47%
100
48
47%
*100
81%
*19
.
*71% 115
100
*80%
26%
19%
*73
81%
*80%
20
*19%
15%
15%
*120% 124
*54%
19%
*80%
*18%
1
2%
4-%
56
80
45
47%
105
81%
19%
33%
26%
34
19%
19%
*71% 115
*66%
80
*43%
*47%
45
100
51
100
26
•
2%
Bid and asked prices
14%
2%
no sales in
87
87
100
17
900
45
600
4978
400
47%
*98
47%
102
*47
*98
102
30
100
*80%
81%
80%
80%
*80%
81%
*18%
14%
20
18%
18%
*187S
19%
100
15
14
14%
14%
14%
17,000
*2%
14%
*2%
Youngstown S A T...-No par
3,700
115
*43%
2%
15
Young Spring A Wire—No par
8,500
19%
19%
W
43
2%
18
20
400
10,500
32%
33
-
♦85
93
17%
*83
167g
17%
14%
1478
14%
*2%
2%
*2%
this day.
117
87
*111
117
14%
*16%
14%
14%
3,300
2%
*2%
2%
100
17
t In receivership,
a
Def. delivery
SO
preferred...
Wisconsin El Pow 0%
Woodward Iron Co
5H% preferred ser A—100
Youngst'n Steel Door.-No par
Radio Corp
No par
Zonlte Products Corp
1
Zenith
n New
stock,
r Cash sale.
Apr
17
Apr
66% Aug
65
Sept
29% Deo
6% Sept
83% Sept
Apr
Apr
101
Deo
Mar
131
Mar
% July
3
64%
125
Sept
37g Sept
1% July
6% Apr
15% Apr
Mar 15
85
8
Oct
7
Dec
3%May 21
%May 10
1312 Aug 30
2 May 15
30 May 22
i2May 21
3'jMay 16
22 May 23
20 May 21
13i4May 21
14 May 21
2i2May 21
15i«May 22
Aug 26
June
3
June 10
90
June 10
21
2%May 15
4%May 18
i4May 15
14i2May 22
15i4May 21
70 May 21
110 May 21
Jan 20
18 >8 May
21
9334June 13
61
May 29
7% Aug
7%May
45s Mar
3%May
38
Jan
16
21
23
22
4
45
June
7
110
Jan
2
1534May 21
30
May 18
13%May 21
Jan 10
0%
1%
25%
4%
Feb 19
50
Jan
Jan 10
Jan 10
3
2% Sept 13
1234Sept 13
31% Jan 5
2834 Feb 7
20% Apr 22
24
Jan
4
478 Feb 23
29% Apr 16
75
Jan
4
110% Apr 12
115
Apr 9
108
Jan
8
118% Apr 30
25%May 3
105
1
118
138
Jan
Apr
107% Dec
112% Deo
88
Apr
100
Deo
105% Sept
116
Nov
15% Nov
19% Deo
30% Nov
6% Sept
2
Sept
Apr
37
Sept
Apr
Apr
May
10%
16%
Apr
42
July
Jan 30
74
15%
36% Apr 9
105
Apr 30
71
Apr 6
11% Apr 18
1378 Apr 9
11% Apr 10
7%May 3
57% Mar 8
2478May 2
3% Jan 11
3% Apr 22
0s4 Apr 13
7% Apr 22
Mar
0
121% Mar
2778 Apr
42% Apr
2478May
1
9
6
8
39
June 17
91
June 10
4678 Sept 3
64%May 9
129
Apr 9
93
Apr 20
Apr
145
.
28%
39%
39%
Mar
Deo
Deo
Deo
75
Oct
Apr
97
Oct
Apr
387g
Oct
80
Jan
80
Jan
45
July
78
Oct
8% Deo
12% Mar
7
15%
Oct
7
Jan
Apr
3% Sept
1%
14
Aug
Apr
14
Sept
2% Aug
4% Nov
34% NOV
20%
Dec
4% Nov
June
3%
Feb
2% June
6%
Feb
27g Aug
77g Sept
1
32
Aug
105%
Apr
15
Apr
30
Sept
10%
Apr
47% July
43
May
23% July
31%
85
Apr
Apr
76
Mar
Jan
3
18% Sept
19% Jan
4
11%
Apr
120% Sept
Apr
4
98
48% Jan
Apr 16
3
30
Apr
0378May 10
28% Jan 4
74
May
1734 Apr 8
4% Apr 22
12
y Ex-tights.
37% Sept
121
Sept
Apr
*29
14
11% Sept
Deo
38% Feb 13
39% Jan 3
70
July 29
29
* Ex-dlv
Apr
120
Jan 25
1
85
95
82%
37%May
25
Oct
Jan
18%
Jan
70
Jan
Jan
%
107g
Jan
2834 Jan
28% Jan
08
Jan
79
55% Aug
Apr
Apr
Aug 29
Mar
10
Apr
71
2
24%
32%
3%
28%
Apr
July
3%
70
May 28
13% May
36% Oct
Apr
Sept
2%
July 25
June 5
l2i2May 21
8%May 21
Jan
July
378 Jan
58
1% Nov
6% Apr
19% Apr
1%
Mar
07g
Feb
20%
4
June 17
80
3% Dec
Jan
55
May 23
l5'4May 28
934May 21
08 May 25
6%June 10
20i4June 10
147g Mar
27g Jan
44
8% Apr
6
Jan
Dec
30
14%
Jan
20% July
Apr 29
407g Apr
60
73
9%
50%
Dec
1%
21
20
Oct
23% July
98% July
Jan
14ia
3«4May 21
10%
1,000
Nov
4
Apr
30% Sept
1G
31%
300
26%
80
43
6% conv preferred
Wilson A Co Inc
Sept
40
Sept
10% Feb
4
No par
Willys-Overland Motors..... 1
*9%
54%
26%
*67
15%
93
4,200
80
*66%
17%
14%
*17%
*53%
4%
*72
*85
*85
1,400
31
19
18%
'
6,400
334
10%
33%
90
18%
2
6
18%
2%
03s Jan 3
86% Jan 11
June
1434May 22
17gMay 15
1% Jan 5
3
Jan 15
20
Prior preferred
Wilcox Oil A Gas Co
32
26
18%
34%
90
300
400
3%
4%
*178
*112
-
33
18%
*15%
34
•2
$4 conv
*71% 115
*85
11%
14%
2
Corp
1
preferred—No par
White Sewing Mach
No par
pref. 100
10
Woolworth (F W) Co
10
Worthlngt'n PAM(Del)No par
7% preferred A
...
100
6% preferred B
100
Prior pref 4^ % series.. 100
Prior pf 4J4 % convserieslOO
Wright Aeronautical...No par
Wrigley (Wm) Jr (Del).No par
Yale A Towne Mfg Co
26
Yellow Truck A Coach ol B.
P referred
100
54%
54%
14%
14%
*112
120% 120% *120% 124% *105% 117
10%
10%
10%
10%
10%
10%
10%
i
£30%
33%
31%
32%
32%
32%
33%
*10%
14%
4%
4%
*112
*112
18%
115
*48%
55
26%
32%
19%
*73
*103
4%
*112
*115
*2
SS)-20
1
9%
10%
7
*20
White Dental Mfg (The
*8%
5
*35
S5 conv prior pref—No par
10%
7
2%
100
preferred
0%
...
05
14
10
287gMay 21
60 May 28
85 May 24
5H % conv preferred
100
Wheeling Steel Corp— -No par
22
3 May 22
18%May 22
27%May 21
J
40
110% July
44% Deo
July
101
June 26
89
6% conv preferred—
30
Wheeling ALE Ry Co—.100
60
28
Apr
Apr
Sept
347s Apr
64% Aug
2% Jan
Westvaco Chlor Prod—No par
j******
109
7% Apr
23%May
l0iaMay 22
300
11
9%
lg July 1
%May 15
6i4May 21
1,000
5%
*2
60
preferred
Sept
Sept
Jan
20
7
20%
20%
1st
Feb
1
21
25
"
Mar
Weston Elec Instrument -12.60
5
45
*35
"00
July
June
78
16
10
15
May
1% Jan
l.coo
7
45
Western Pacific
Westlnghouse Air BrakeNo par
Westlnghouse El A Mfg
60
5%
5%
100
6% pref.. 100
4% 2d preferred
Western Union Telegraph.
7%
*7
100
10
100
1,400
97%
22%
Maryland...
4,700
128
*96%
23
200
%
0% preferred
Supply Co
Western Auto
Western
0
85
103
Sept
35
l08i8May 23
11
May 21
10078May 17
700
60% Sept
Sept
45% Apr
% Jan
16
Aug
146
135
West Va Pulp A Pap
1,600
Sept
15
100
WestPennPowCo 414% pf-100
Co No par
Deo
17
118
May 23
01
preferred
preferred
7%
0%
Oct
64
Jan
June 10
West Penn El class A..No par
preferred
2%
Apr
May
4% July
71
69
conv
Sept
8% Mar
112% Sept
120
No par
$4
_
100
110
3
*5%
1
No par
July
4
Deo
Jan
48
30% June114
28%May 29
_
Sept
Sept
June
15% Apr
700
2578
3
3%
*69%
*97% 120
*66
25?*
%
21%
102% 104
33
2578
6
Waukesha Motor Co
118
96i2May 22
10378
*101
101
101
26%
*3%
97%
71
104
*5%
80
71
*25%
1
6%
*97
*97% 120
27
3%
*34%
*69%
*23%
104% *101
*%
20%
101% 101%
*127
26
3%
•u
21%
*101
27%
*5%
8
*6
106
27
No par
Washington Gas Lt Co.No par
6
100
100
110
109% 109%
*109% 110
109% 110
101% 101%
101% 101%
*100% 102%
101% 101% *101% 102% *101% 102%
116
*115
116
116
*113
116
*115% 116
*115% 116
*114% 110
19
20
20
19
19
*1778
18%
18%
19% *18%
18%
2:18%
*101
No par
100
18%
109% 109%
6
Warner Bros Pictures
13.86 conv pref
40
500
16
100
100
preferred
9,100
18%
110
7%
2%
16
100
Ward Baking Co ol A—No par
Class B
...No par
12%
19
27%
100
%
14%
No par
Walk (H) Good A W Ltd N - par
Preferred
No par
24%
24%
16
100
«.
11%
16
106
-V
*22%
*23%
*18
27%
*3%
-
11%
19
*101
-
23%
16
110
Walworth Co
800
•
5%
*31
40
5,400
-
No par
Co
No par
4M % pref with warrants 100
System..
*22%
16
109% 109%
500
1
*10
*18%
*2%
16%
16%
200
400
100
100
24%
24%
16%
"2%
100
100
Preferred
7
26%
*31
1%
19%
17%
64%
6% preferred
21%
*%
078
4%
*4
26
26
.100
Vulcan Detlnnlng Co
20
%
'22
May
May 23
May 18
14
preferred
11
*16
3
10
847g
l%May 15
109
200
33%
165
May 24
19
100
6%
Virginia Ry Co
46%
26%
*7g
♦14%
6
35taMay'28
56% Jan 0
00
Aug 22
June
82%
12078
37%
46%
1% Apr
Feb 20
4378May
307g Mar
117% Apr
40i2May
59i2 Feb
60
Aug
3U2 Mar
4% Jan
81% Jan
2
July
Mar
37% July
0% Mar
9
Jan 22
% Apr
Oct
49
46
Jan 15
19
Oct
1%
15% Sept
67
6% May
Mar 27
22%June! 10
Va El A Pow $6 pref-—No par
Va Iron Coal A Coke 6% pf 100
98
*13
100
No par
Chem
20%
20%
*94
*18%
*2%
17%
3
*80%
1
98
4%
*32%
7
*94
98
10
30
Va-Carolina
*20%
*%
21%
*94
300
100
IWabash Railway Co
6% preferred A
7
21
19%
8%
70
112
Jan
39
May 10
169
%May 21
6
*%
1
*7
21
800
41% Aug
98% May
30
Sept
6
May 23
non-cum pref
Works
60
3
8
25
Victor Chemical
6
2% Apr 11
Apr 12
112
%
%
7%
1
""466
116
*7%
*43%
*125
125
125
%
7
14
*4
1
15
15
*%
*%
7
27
26%
165
*"il
*21
98
*13
5%
*4%
34
7%
21%
21%
*93%
4%
*125
165
*%
1
*7
21%
*9378
*125
%
*%
*»i»
7%
*ai%
*27%
165
*125
*18%
116
71
Sept
08% Jan
May 24
10% Sept
*70
4
301* Apr 5
48% Feb 20
234 Apr 24
7% Apr 24
778 July
35% July
29% Sept
52% Jan
114% Nov
68% Sept
Jan
124i4 Apr 23
100
6%
25
2
1% Jan
41% Jan
April
Vanadium Corp of Am.No par
Van Raalte Co Ino
6
75"
2
*24%
Apr
Sept
5% Aug
Apr
32% Sept
31% Oct
1% Deo
81% Apr
80% Apr
48
July
40
117
June 24
Vlck Chemical Co
.
May
38is Jan
12
7% 1st preferred—
*112% 114
42
42%
42%
Apr
13% Apr
3% July
1234 Apr 23
65
Jan
Mar
Apr
23
Apr 25
39
14
113
180
4
74
100
Preferred
5% Aug
75s Apr 23
69
10
Jan
11
05% Sept
14934 Sept
Jan 25
17
June
Sept
7% Sept
17% Sept
61
45
Nov
14
87% Mar
June 26
l34%June
100
15
117% June
Mar
l2i2May 24
No par
preferred
Feb
8% Sept
35% Sept
95
Sept
June
28
May 21
Aug 19
41
preferred.—No par
conv
8%
*112% 114
*111% 114
42%
30%
30%
29%
26
*25
•13
17%
26
preferred
74
6
3234Mar 11
Universal Pictures 1st pref. 100
Vadsco Sales
No par
20
17%
*%
%
*%
*13
17%
30%
26
56%
*5178
_
334
5«4
182%May 14
6i2Mar 9
21*4June 11
27%June 14
i2May 3
15 May 21
08%May 22
39%May 23
60 May 22
42
May 21
l03%May 21
30ia Aug 16
42iaJune 5
U2May 22
5i4May 28
1 May 18
No par
USRubbc'Cc
1,800
0
48
100
20
-10
U 8 Playing Card Co
May 23
3%May 21
cl A..No par
Prior preferred
U 8 Pipe A Foundry
6%
7% Mar
8% Jan
75
89
June 10
2%May 21
25% July 17
14 May 21
5
60
Vlcks Shreve A Pao Ry
I"
*
5%May 22
50
U 8 Hoffman Mach Corp
59,900
11
110
Dec
Deo
Apr
Apr
Apr
Apr
Sept
Apr
Aug
Mar
10s4 Apr 11
103g Jan 3
165
100
200
900
0
May 18
32%
*1%
6%
1%
*111% 114
42%A42%
Jan 15
3% Aug 24
*44%
17%
*25
80
70
*6778
May 21
No par
32%
85
*13
17%
*111
*110% 114
70
♦6778
55%
53%
117% 117%
32%
*31%
71
*70%
56%
54%
117% 118%
3
No par
3
117i4 Feb 24
13s4Mar 12
7i8 Apr 10
7ig Jan 3
07 May 11
June 10
U 8 Dlstrlb Corp conv pref. 100
U S Freight Co
No par
U S Gypsum Co
20
940
64%
3%
2534
62%
15
6
10
4%
share
per
»
4% Aug
Mar 13
Jan
Highest
share
per
8578 Jan
16 first preferred
-
!
65% Mar 14
6% Jan 3
35
Jan 3
6
United Paperboard
USA Foreign Secur
400
—
Sept
share
per
0
60
Ma: 21
l0%May 22
107%June 0
No par
.
6,200
58
21
49
81
United Fruit Co
United Gas Improv't—No par
$5 preferred
No par
United Mer & Manu Inc v t c 1
100
33%
%
87
278May 21
25%May 22
6
1,900
1,400
*32%
%
36
5
6,500
25
21%
16%
*%
300
Lowest
7>4 Apr 11
334May 28
2%May 22
5
.
S
share
per
United Electric Coal Cos
United Eng & Fdy
10
1,400
7%
25
%
»ia
United Drug Ino
S
Year 1939
Highest
United Dyewood Corp..... 10
Preferred
100
51
33%
*32%
34%
*32%
Par
400
3
*7%
Lowest
1,600
4%
*48
25
24%
*15%
*13
13%
*42
26
25%
*47
49
48% *47
16% *15%
17
62% *51%
55
*144% 155
*144% 155
81
13%
*26%
1%
*48
*15%
52%
85
4%
*2%
7%
5t
*7
7%
54
*48
54
*%
«1«
22% J 23%
84% 86
*50
56%
*67%
70%
54%
55%
117% 117%
*31%
32%
*44%
45%
1%
1%
63S
6%
13g
*1%
55%
*1%
4
*47 i
48
48
*16
3
*7%
*25%/ 26
*32% i34%
%
4%
*2%
*37
*37
44%
44%
*37%
44%
4%
4%
4%
4%
4%
*4%
4%
*29
*29
*28%
29%
29%
29%
29%
66
67%
66% *66%
65%
66%
66%
66%
11%
11%
11%
11%
11%
11%
12
11%
*112% 113% *112% 113% *112% 113% *112% 113%
9%
9%
9%
9%
834
934
10%
9%
4
378
*3%
37g
*3%
*3%
4
*3%
4
4
*3%
4%
4%
4%
4%
4%
88
88
88
*80%
*80%
*80%
90
*80%
8
8
8%
*7%
8%
8%
8%
8%
9
9
*8%
8%
8%
8%
8%
8%
72
72%
71%
74% x71%
72% 73%
72%
179
179
179
*174
♦178
180
174% 174%
*378
4%
4%
3%
4%
*378
3%
*3%
33
33
33
*26%
*26%
*26% 33
*26%
18
19
18%
18%
18%
*19%
20
18%
*4
4%
4%
4%
4%
4%
4%
4%
*32%
34
*4
2%
40
54
26%
4%
2%
*4
8%
j
*48
share
per
4
4%
234
26
54
2678
4%
2%
$
Range for Previous
AM
*28%
|113
8%
*3%
*4%
81%
8%
*8%
90
8%
*8%
'
11%"
4
*81
29
113
9
*8%
*3%
4%
j
66
12
113%
$ per share
*36
4%
29
66%
66%
1178
*113
% per share
36
i
4%]
29
Sept. 12
Sept. 11
4%
3
|
*2%
Thursday
Wednesday
.
Sept. 10
$ per share
4%
4%
*2%
9
Sept.
3 per share
Tuesday
9% Aug
17
Apr
Apr
Aug
00% Nov
115
Sept
31% Sept
50% Jan
23%
Jan
74
Oct
69
Oct
38% Sept
53% Sept
124% Nov
86% Deo
33% Mar
217g Oct
127
Nov
21%'
Jan
66% Sept
92
Sept
34
Sept
22% Jan
37g Sept
T Called for redemption.
1940
14
Sept.
1540
Bond Record—New York Stock Exchange
FRIDAY, WEEKLY AND YEARLY
NOTICE—Prices are "and Interest"—except for Income and defaulted bonds.
Cash and deferred delivery sales are disregarded 1* the
week's range, unless they are the only transactions of the week, and when selling outside of the regular weekly range are shown in a feetaete
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 ths column headed "Interest Period" indicate in each case the month when the bonds mature.
Range or
Range
BONDS
Sale
Friday's
Since
N. Y. STOCK EXCHANGE
si
Week Ended Sept. 13
Bid
Price
A
O
Treasury
J
D
Treasury 3 Hs
Treasury
113.16 113.16
M S
M
120.3
m«
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
1946-1956
3Hs
1941-1943
3Hs....
1943-1947
3lis...
1941
3 lis
1943-1945
3lis..
1944-1946
314s.....—..1946-1949
3 His
1949-1962
S
J
D
F
A
A
O
A
J
D
*.
••
No.
5
120.3
12
113.17
3
Treasury
Treasury
Treasury
Treasury
Treasury
108.14
9
107 16 109.30
*• m m
103.10
103.14
15
103 10 105 17
m
(.*
108.12
108.13
6
107.12110.1
*
mm
109.9
109,9
1
107.30 110.21
108.9
—
-
111.20 111.20
♦112.9
112.13
1
111.20
D
mm***
110.31
m
mm
107.1
106.24
107 20111.30
104 20 109 16
D
108.22
S
*108.7
108.11
105.27 105 27
D
mm
D
m
...1947 J
1948-1950 J
Treasury 2s.....
D
mm-mmm
15 1942-1947 J
Jan
J
mmm
Mar
2 lis series O
1942-1944 J
1945-1947 J
♦Sinking fund 7s of 1927
1
103.2
103.4
107.3
18
101.7
104.23
105.5
10
103.00
*105.13105.16
104.5
mm
mm
....
102 2
103 5
F
s
f 7s aeries C
1945
ti
103.21
95 H
95H
J
F
A
1977
J
105 20 108.21
103.9
f 7a 3d series. 1957 A
1054
108.12
103 1
104.25
102.12
88 H
493
07 H
8 f external 4 H*
8 f external 4Hs
1948
8 f extl oonv loan 4s Feb
8 f extl conv loan 4s Apr
1972
Australia 30-year 5s
External 6s of 1927
1955
1957
1956
A
J
1957
O
M
♦Budapest (City of) 6s.......1962
Buenos Aires (Prov of)
♦68 stamped
...
34
20
30
26 H
20
....
27 H
26 H
20 H
2
25
23 H
72
16
15H
62 H
49
65H
8
....
85
m
5H« 1st series
1969
A
mm--
m
-
rn+mm
8
15H
7H
7H
7H
16
15H
♦El Salvador 8s ctfs of dep
Eetonia (Republic of) 7s
1948
Finland (Republic) ext 6s
1945
1907
J
J
8%
♦Frankfort (City of) s f 6Hs...l953
French Republic 7 Hs stamped. 1941 J
mm. m
^
-
m*» m
7H
7H
14H
103 H
101 H
51H
98
62
104
70
81H
8H
14H
SH
35 H
14 H
/ D
♦5Hi of 1930 stamped
1905
♦6Hi unstamped..
1905
♦6Hi stamp(Canadian Holder)'85
♦German Rep extl 7s stamped.. 1949 A O
♦7s unstamped..
1949
36 H
7
....
32
3
71
2
*70 H
75
70 H
71
70 H
....
13 H
71
*70
75
mmmmm
*70
♦
75
75 H
75 H
75
69H
11H
....
*45
49
H
....
10
12H
12H
....-
60
7
63H
*20
7
17
10
40
24H
-----
,
76 X
75
65
68
....
8H
*4H
55 H
65H
65
17
-
63 H
17 H
68
mmmm
*11
+ ~
-m
73
18H
3
71
mmmmm
•
20
7
----
German Govt International—
16 H
mm*"-
7H
4
18 H
77
81
34
70 H
96 H
m
1941
1949
7s unstamped
J
87 H
J D
♦(Cons Agrlc Loan) 6Hs
1958
♦Greek Government s f ser 7s.. 1964 M N
♦7s part paid
1904
F A
♦Sink fund secured 6s
....1968
59
48
39
91
59
28
38
90H
47
53 H
59
34
84
*8H
13
16
16H
3
6H
....
.
12
12H
20
102 H
50 H
56
4
32
70 H
70 H
9
<u
^59H
59 H
2
30 H 100 H
35
108
14
15
12
.
12H
12 H
4
7H
16H
14
14
15
50
10 H
23 H
11H
11H
llH
16
8H
18H
11H
12H
46
8H
18H
11H
8
8H
18H
52
ll %
52
49 H
49 H
56 H
♦6s part paid
90
....
53 H
40
80
9H
19H
40H 105
92 H
45H 118
92
100
15H
15
„
16
15
15
20
*7H
-
15
*15
mmmm
122
12
18H
19 H
15H
*9H
_
_
36
A
«H
5H
10 H
18 H
16 H
....
18
11
....
2
22
*
m
50
*42
21H
16H
90
65
16
10
10H
mmmm
20 H
7
16
*11H
-
6
68H
68
7H
10H
7H
15
10H
11
....
..
17H
22H
75
«H
J
J
*6H
12H
J
J
*7H
9H
0
*7H
8
7
*6H
9H
1945
1945
10
33
53
7
33
78
Irish Free State extl
4
42
87 H
Italy (Kingdom of) extl 7s
Italian Cred Consortium 7s
*27
-
....
10 H
9 H
9
5H
9
20
60
32 H
45
30
*51
-
.
92
79
60H
17
25 H
9
♦Hungarian Land M Inst 7HS.1961 AfN
AfN
♦Sinking fund 7Hs ser B
1961
F A
Hungary 7Hs ext at 4Hs to
1979
♦7 Hs secured sfg
♦7s secured s f g
20 H
6H
_
*llH
^mmmm
-
O
(Republic) s f 8a ser A...1952
A
O
♦Hamburg (State 6s)
1946
J
♦Heidelberg (German) extl 7Hsl950 J
A O
Helslngfors (City) extl 6 Hs
1900
Hungarian Cons Municipal Loan—
109
2
-
1968
Haiti
-
*70
-
65 H
•«.
*70
D
1949
34
56
9
10 H
4H
s
f 5s
I960
....
65
*55
65
1977 M 8
48 H
46 %
48 H
15
38 H
66 H
f 4H-4HS.....1976 F A
A O
External readj 4H-4Hs
1976
Externals! 4H-4HS
1976 M N
47 H
47 H
49
IS
39 H
63 H
48 H
48H
48 H
4
41
66
54
54
55 H
33
40
67 H
31
ser
B '47
1952
Japanese Govt 30-yr
s
M N
1951 J
♦Italian Publlo Utility ext! 7s.
.1961 M 8
21
97H 102H
14H
+
*»-.
10H
*7 H
3
8H
10H
71
mmmm-
.....
64H
.......
....
32
D
-
7 He unstamped
External 7s stamped
63
^mmmrn -
75
*32
m
S
m
25
*11
4
32 H
32 H
German Prov A Communal Bks
mm
102
8H
mmmrnrn
AfN
95
16 H
59
*7H
-
13
.
93
--
53
*72 H
mmmmm
J
M
11H
mm
H
4
100
J
11H
m
10
53
*
102
S
mm
10H
52
6
-
100
52 H
O
87 H
mm
18H
100H
*100
O
External g 4H«
Apr 15 1962
Dominican Rep Cust Ad 6HS..1942 M 8
A
O
let ser 5H» of 1928
1940
A
O
2d series sink fund 5Hs
1940
64 H
53
18H
100H
m
61H
47
A
D
34H
15 H
20
22 H
ISH
m
33
D
J
0H
15H
15 H
43
29
*70
J
112
mm
29 H
24
23
A
69 H
8
?
1958
2i
13
12 H
14
*20 H
*20 H
-
16
17H
3
....
27
„mmmm
*
J
64H
m
6
16
13 H
8H
*20H
V
79 H
J
...1950 J
Sinking fund gold 5s
f 68
,.1955
63
a f
Brisbane (City) s f 5s
mm
em
14
3
13H
14
9
27 H
m
27
A
1942
External gold 5Hs
67
S
A
a f
0
63H
M N
6Hs of 1926.-.1957 A O
♦External s f 6 Hs of 1927... 1957 A O
♦7s (Central Ry)__
...1962 J JL>
s
A
80
J
M
flHs
1960
♦External sinking fund 8s...1958 J D
J p
♦Brazil (U 8 of) external 8s
1941
20-year
1952
69 H
63H
♦Bavaria (Free State) flHs. ..1945 F A
M 8
Belgium 25-yr extl 6 Ha...
1949
J
External s f 6s
1955 J
External 30-year s f 7s
1955 J L>
♦External
♦Sinking fund 8s ser B
m
25
O
2
9H
*11
Sinking fund 6Hs—Jan 15 1953
♦Publlo wks 6Hs...June 30 1946 J D
♦Czechoslovakia (Rep of) 8s...1961 A O
U H
*9H
*9H
D
A
...1967 J
m m m m
66
1
*9H
1971 M N
1972
28 H
29
20
2
*10H
F
20 K
40
21
J
M N
9
16
105.2
20H
J
mm
seo a
*4H
J
—
1
96 H
UH
O
♦External
Antwerp (City) external 5s
1968 J
Argentine (National Government)—
^mmmm
m
UH
UH
....
17
9H
D
100.5
40
mmmrnrnrn
f 7a 2d series. 1957 A
...
2
12
10H
m w w
-
m
A
1949
2
—
103.21
*10H
*10H
*10H
—
J
O
s
seo a
(Germany)
F
1949
103.10 105.15
—
107.10
*27
*
J
O
♦External
f 7s 1st series... 1957
20 %
20 %
20 H
m
9H
mmm~m
M 8
4 Hs external debt
10
—
*101.31102.2
A
♦External
♦Berlin
1944
Denmark 20-year extl 6s
amm
2
10H
M N
External loan 4Hs ser C
105 22108.24
107.21
*103.24103.27
O
1946 J
♦External s f 7s series D
External g 4Hs of 1928
♦Austrian (Govt) s f 7s
1951
External 6s of 1914 ger A
*103.27104.00
A
A
Akershus (King of Norway) 4s. 1968
♦Aatloquia (Dept) coll 7s A...1945 3
♦External a f 7s aeries B
1946 J
♦External
♦Costa Rica (Rep of) 7s
Cuba (Republic) 5s of 1904
A O
6 Hs 2d series
1909
♦Dresden (City) external 7s...1945 M N
M
1947
10H
UH
10H
*
1952 J D
101.13104.24
Agricultural Mtge Bank (Colombia)
......1948
10 H
12H
16H
13H
b
10
O
Customs Admin 6Hs 2d ser..1961 M
...
High
9
11H
*11H
J
A
1947
1946 M N
F A
1947
102 28 105.30
Municipal
♦Gtd sink fund 6a
Lew
mmmm
107.2
11
103.31
No.
10 H
11
10H
UH
O
Jan 1961 J
25-year sold 4Hs
1953 AfN
J
Cordoba (Prov) Argentina 7s._1942 J
106.5
107.10 107.9
3% Corporate stock...... ..1980 J D
♦Gtd sink fund 6a
1928
Copenhagen (City) 5a
Transit Unification Issue—
&
of
♦08 of 1927
103.15108.1
105 13 108.31
New York City
Govt.
♦0s
♦Colombia Mtge Bank 6Hs
106.18 109.13
103.23
107.18 107 17
mmmmmm
D
Foreign
Oct 1961 A
♦Sinking fund 7s of 1920
*107.26107.30
J
114s series M
1951
M 8
♦Cologne (City) Germany 6 Hs. 1950
Colombia (Republic of)—
103 13 108
105.30
*104.2
1 1942-1947 M 8
Home Owners' Loan Corp—
AfN
3s series A
May
1 1944 1952
♦7e assented
♦Chinese (Hukuang Ry) 5s
Since
Jen. 1
11H
S
1960 M S
J D
J
m'm
D
Federal Farm Mortgage Corp—
3 lis
Mar 15 1944-1964 M 8
3s
-May 15 1944-1949 AfN
2 lis
m m
mmmm
1954-1956
Treasury 2s
3s.i
mmmm
...I960 M
♦Chilean Cons Munio 7s
Rente
51
cq«5
High
*10
O
♦6s assented
.
3,,
*11H
T>
O
♦Guar sink fund 6s
103 24 108.12
5
Low
D
J
1962 AfN
1962 AfN
2
mmmm
Price
J
1961 A
♦68 assented
104.16 108.30
m
Inter st Period
..1961 A
♦Guar sink fund 6s
105 24 109 19
m
Friday's
Bid
A
Asked
1961 J D
1961 J D
♦6Hs assented—
106 20 109.26
105.27
D
♦8Hs assented
♦Sink fund 6Hs of 1926
7
108.22
1948 M
1957
1957
6
mm.
Range or
Sale
Foreign Govt. & Munlc. (Cont.)
♦Chile Mtge Bank 6Hs
11
44
D
1946 J
Treasury 214s...
111 22
2
107.4
...1960-1966 J
Treasury 2His....—...
1961-1953 J
J
108 6
26
-
m
108 23112.13
109 14113.10
6
m
■
1960-1952 M 8
102 11 104.24
*
*
1949-1963 J
High
121.6
111.181156
m
rm
Treasury 2Hs..
Treasury 2Hs...._
Treasury 2lis...
Treasury 2 lis
1172
-
110.31
Treasury
Treasury 2lis.,
Low
Week Ended Sept. 13
m
108.9
,
«»
'
Treasury
1
111.16115.9
102.18
110.25
1946-1948 J D
110.19 110.25
3s
1951-1966 M 8
108.15
2Hs
1965-1960 M 8 108.7 108.4
109.7
109.4
M 8 109.4
2 lis
.1945-1947
L L
108.17 108.19
2 lis
1948-1951 M 8
107.27
2HS;
1951-1954 J D 107.23 107.22
107.12 107.12
21is.......... 1966-1969 M 8
♦106.29107.2
2lis
1958-1963 J D
Treasury 3s
Jan.
♦114.13114.17
102.14 102.14
O
J
*.
~
Asked
High
Low
United States Government
Treasury 4Hi
.—...1947-1952
4s......
...1944-1964
A
Week's
Last
\Last
fel
N. Y. STOCK EXCHANGE
Friday
Week's
Friday
3
BONDS
f 0H8...1954
49
D
M
J
J
F
49
50 H
35
29 H
05
36
34 H
72
78 H
30 H
40
23
54 H
83 H
38
76
91H
60
39
57
70
*8H
A
29 H
25
57 H
ir'm
•
5
82 H
8
13
45H
External
s
Refunding
f 4H-4HS
s
3% external
s
1984 J
J
1967 J
f S bonds
J
*31
34
Bulgaria (Kingdom of)—
♦Secured
s
♦Medellin
f 7s
10H
...
♦Stabilisation loan 7Hs—...1968 M N
Canada (Dom of) 30-yr 4s
1960 A
*10
O
91 H
1962 AfN
10-year 2Hs
25-year 3 Hs
7-year 2 Hs
30-year 3s...
F
J
1944 J
J
1957 J
J
11968
90 H
mm
mm
90
81H
mm
s f
6s...Oct 15 1960 A
Mendoza
9H
15
145
69
101H
137
83
107
139
72
96 H
85 H
93H
133
61
93 H
71
78
96 H
82 H
124
58 H
131
59 H
88 H
100H
92
82 H
14 H
14 H
1
14H
18
15H
15H
3
10
19H
#
8
mmrnmrnm
O
15H
mmrnrnm
15H
*12H
m
11
15
9H
19
10
1
15H
*10
mm
mmmm
7H
6
..
*10
....
1954
■
•
•
«.«•«»
12
15H
17
11
4
11
14H
12
17
♦Sec extl
s f
External
s f
Norway 20-year extl 6s
20-year external 6s
14H
♦Extl sinking fund 6s.-Feb 1961 F
♦6s assented....
Feb 1961 l®1
A
12H
12H
12H
1
12
17
1
10 H
14H
f 6s
Jan 1961 J
3
12
17
Municipal Bank extl
♦6s assented
Jan 1961 J
J
10 H
14H
12H
10 H
14H
12H
17
8
Sept 1961 M S
♦6a assented
1963 M N
I
For footnotes see page 1545.
11
*12H
-
m
^
*
-
......
*12H
*11
11
11
6
'
■
11H
♦12H
-
_
11
16H
2
11
8
10 H
14H
12
UH
*12 H
11
15H
2
7
14 H
6
67
65
53
82 H
H
*1H
....
16H
10 H
14H
s
*1H
D
J
1952 A
O
mmm"m
*1
mm
1H
l
mmmm
H
....
1H
1
1
H
mm
25
H
1%
18
H
32 H
81
H
*1H
-
30 H
30 H
*7H
50
*7H
1H
1H
1H
1H
9
8H
mmmm-
mmmm
7
50
23
4H
4H
1H
53 H
12H
12H
44
71 H
40
71 H
A
58
58
2
33H
90 H
57 H
58
3
35
89
A
47H
47H
2
29
97 H
1944 F A
1956 Af 8
*46 H
29H
97 H
90
4s s f extl loan
♦6s assented
16H
15H
O
External sink fund 4Hs
External s f4Hi
♦Extl sinking fund 6s..8ept 1961 M
12H
Apr 1958 A
1943 F
10 H
♦External sinking fund 6a...1962 A O
,« *68 assented
.1962 A O
♦External sinking fund 6s...1963 M N
mm
8H
8H
67
J
(State) extl 5s._1957
5s
5
11
....
....
m-m
*12
8H
17H
7
F
♦6s series A
New 80 Wales
12H
11
....
■
*11
1952 J D
1959 MN
11
s
m m
m
1958 M 8
1959 M S
0 Hs
11
♦Ry extl
D
1945
1933 J
♦Sec extl s f 6 Hs
♦Montevideo (City) 7s
12H
11
D
J
-
-
mmmm
(City. Italy) extl 0Hs
Mlnas Geraes (State)—
11
%
J
m
A
D
1954 J
Milan
O
„
F
J
1945 Q
♦Assenting 6s of 1899
♦Assenting 4s of 1904
♦Assenting 4s of 1910
f ♦Treas 6s of '13 assent
i960 A
A
O
*4 He stamped assented
1943 MN
♦Mexico (U8) extl 6s of 1899 £.1946 Q J
2
♦6s assented
A
89
93
79 H
15
..1954
60
AfN
Mexican Irrigation—
80 H
mmmm
♦6s Apr. 1937 ooupon on..1960
♦Chile (Rep)—Extl ■ f 7s.....1942 M N
♦7s assented
.—......1942 M N
♦External sinking fund 6s
1960 A O
14
92 H
79 H
mmrnmmm
1965
(Colombia) 6Hs
(Prov) 4sreadl
8
1
10H
12H
92 H
80
M N
♦Carlsbad (City) 8s
J
1964 J
♦Cent Agrio Bank (Ger) 7s
1950 M S
♦Farm Loan s f 6s...July 15 1960 3
J
♦6s Jan. 1937 ooupon on..1960
90 H
99
99
A
1961 J
Aug 15 1945
30-year 3s
•Farm Loan
Ext! sinking fund 5 Hs
♦Jugoslavia (State Mtge Bk) 7s 1957
♦Leipzig (Germany) sf7s
1947
♦Lower Austria (Province) 7Hs I960
f 5s
•
j
40 H
*
70
■mm
*-
40 H
40 H
6
23 H
20 H
1965 A
1963 F
O
40H
40 H
3
A
40
40 H
13
1970 J
D
*27H
80 H
20
80
21H
80
Volume
New York Bond Record—Continued—Page 2
151
BONDS
N.
Y.
STOCK
Week
Foreign Govt. & Mun. (CentI)
♦Nuremburg (City) extl 6a
Oriental Derel guar 6*
Extl deb 5 Hi
Oelo (City) • f 4 Ha
53
52
53
18
49 H
58
19 H
75
General unified 4 Hs A
1964 J D y bb
10-year coll tr 5s..May 1 1945 MN y bb
LAN coll gold 4s
Oct 1952 MN y bb
J y b
Atl A Dan 1st g 4a
.—.1948 J
1947
102
6
60
61
10
59 %
82
53 h
55
53
50
74H
101h
54
6h
10 %
5H
11
6h
6%
16
4%
10 H
o
6h
6%
22
10 H
1940 a
o
*5h
9%
o
*7
■
«.
-
7h
mmm*"*
1958
A
5
5
6
...1947
f7a
a
a
o
9h
9h
2
9H
A
o
*4h
5x
♦External alnk fusd f8s
♦4 Hi assented
♦Porto Alegre (City of) 8s
/
j
j
J
1961
f 6s
D
J
j
1952
1951
mn
A
a
o
25-year external 6a
♦
Rhine-Main-Danube 7s A
....1947
F
a
....I960
m
♦Rio de Janeiro (City of) 8s
♦Extl sec 6 Hs
....1946 a
1953 F
17a
Rio Grande do 8ul (State of)—
♦8a extl loan of 1921
......1946
H
9
12
1
12
5
11H
12h
S
88
22
60
84 %
12h
84 h
m.
61
2
13
17H
103
41H
98
15
21
7H
7h
7h
2
5H
6x
6h
42
4H
10H
9h
3
9%
8
9X
7
13
♦Sinking fuu'l g 6 H»
♦4Hs assented
f 6a.
9
*
rnmmmm
58
57
12H
9H
7H
mmm.*.*.
22
58
3
*9
"53H "80"
j
36
52
18
37
1946) due..2000 M S
z
ccc4
30 H
30
31H
98
16H
32H
z
ccc4
30 %
30
32
82
15 H
32 H
A
z
cc
3
13
12H
14H
111
7H
PghLEA W Va System
Ref g 4s extended to.. 1951 UN
y
bb
3
56 H
56 H
58
35
40
b
4
45
45
46 %
50
32
bb
2
55 H
55 H
1
46 H
bbb3
92 H
4
89
101
20
64
70
13
54
72
37
45
67 H
72 H
Ref A gen
to Sept 1
Ref A gen ser F
(lnt at 1%
1946) due.. 1996 M S
to Sept 1
Feb 1 1960 F
♦Conv due
S'west Dlv 1st M(lnt at 3 H %
to Jan
1
1950
1947) due
Toledo CIn Dlv ref 4s A..1959
1951
bb
4s stamped
1st A ref 68 aeries C
Belvldere Del
cons
3 Hi
D
1955
F
F
a
m m
m
Beth 8teel 3Hi conv debi_.1962
bbb3
107H
107H
103 H 112
106
106
100
106 H
102 H
103H
99
104H
105H
102
103H
105 H
8
4H
11H
40H
20
109
109
109
109 H
20H
12 H
92
99 H
76
2
5
4h
mmrnm
3
m, mm
15H
87
63
40 H
mm
53 h
54 h
20
26 h
5
23
54
54
5H
6H
9
mm*.-*.
85
15H
14H
6
m, mm mm
mm
16
7H
7H
26
mrnm-mm —
54 h
29
63
*43 h
50 H
{41
62 H
T65
53
44 h
h
42
1
mmmrnmm
4 63
48
44
mm m
1979 mn
45 x
42 h
*40
34
V 63
32H,'65H
9
*35 h
39
*38
47
*35 h
*24
40 h
external.7a—.....1958
F
a
......1958
F
a
....1961 j
h
rnm-mrn
mm
mmm
m.
mm .mm
*3h
m -m mm mm mm
mm
3h
3h
m.
Friday
Week's
Elig. A
Last
EXCHANGE
Rating
Sale
See i
Price
15
10
55%
69
Since
Jan. 1
z
39 X
cc
y
bb
mmmrnmm
1947 J D y bb
10-year deb 4H> ■ tamped. 1946 F A y bb
O y bb
1952
D x aa
Ala Gt Sou 1st cons A 58
1943
Coll trust 4s of 1907
mmmrnmm
D
...1943
O
1946
x
106H
*34 %
mmmrnmm
aa
'mmmrnmm
mmmmmm
A
x
7
105
....
45
5
46
5
50
75 M
359
68 H
69
75%
200
58
♦100H
a
110
49
47
104 H
mm
108H
108H
*14H
108H
♦Alplne-Montan Steel 7a....1955 U 8 yb
Am A Foreign Pow deb 5a...2030 M S y b
Amer IG Chem conv ft Ha—1949 M N
t*
48
103
48
103
I
98 H
mm
11
mm
52
87
92%
' 75%
26M
49 H
| 64H
104H 107 X
.1960 J
17
----
70
104 H
65
98%
1
68 %
100H 105H
91
105H
Hi.1950 A
110
39
104
109H
108H
109H
30
103 H 110H
93 h
93 h
1
105 h
106 %
10
96
105
105Jg
19
102
bb
105H
(Del) 4a B...1965 F
f 4a aer C (Del)
1967 J
110H
93H 107
109
107X
'
29 H
29 %
1
27 H
41
41h
41H
42
6
32
50
*97
100
97 %
99 H
102 h
102 H
103
54
y cc
(Ann Arbor 1st g 4s........1995 Q / y bb
\rk A Mem Br A Term 5s..1964 M 8 x bbfc
Armour A Co
105H 109 H
109 h
O
♦Anglo-Chilean Nitrate—
8 f Income deb
......1967 Jan
102
109 h
y
.mmm
A
x
aa
J
x
aa
102 h
102H
103
19
O
x
aa
105 X
105H
76
*85
106 h
90
86
86 %
95% 104 %
95
104H
Atchison Top A Santo Fe—
.........1995 A
Nov
Adjustment gold 4a-• .... 1996
Stomped 4a
.....1995 MN
Conv gold 4s of 1909
...1966 J
Conv 4s of 1905
—1955 J
x
aa
x
aa
1910.....I960 J D
Conv deb 4 Ha
1948 J
Rocky Mtn Div 1st 4a
1966 /
x
aa
J
Trana-Con Short L 1st 4s..1968 J
Cal-Aris 1st A ref 4 Hi A..1962 m s
D
*
Conv gold 4s of
Atl Knox A Nor 1st g 5a
1946 J
Atl A Charl A L lat 4 Ha A..1944 J
1st 30-year 5a series B
1944 J
97
_
mm
mm
11
mmm
m
95 %
*
16
95 %
94 %
mmmm
x
aa
x
aa
99 H
103 k
99 h
x
aa
♦110H
111 X
mmmm
x
a
♦109H
109H
mmmm
x
aa
*112
m mmm
mmmm
103 X
103H
J
*92
J
98
rn
39
3
101X 107%
77 X
87 H
76%
89
92
96 H
90H
97H
95
96
100
99
108
105H
100 %
110H
b
2
75%
75%
76 H
25
O
b
2
70
70
70 %
6
J
bb
3
68 H
68
69H
57
41H
40 H
67H
18H
100
ccc3
17
17H
8H
A
bbb3
Bklyn Edison cons M 3^8—1966
F
Bklyn Union El it g 5s
1950
MN
a
3
cons g 5s..1945
1st lien A ref 6s aeries A.. 1947 MNx bbb3
bb 3
1950 J D
T09H
4
110H
23
MN
—1955
1960
Calif-Oregon Power 4s......1966
107 H
39
40 %
53
*3
4%
b
2
z
cc
*107
39
2
2
4
O y b
o x a
Bush Term Bldgs fts gu
98 H
102
4
O y bb
J y b
Bush Terminal 1st 4s.......1*52
84
6
111H
cc
Canadian Nat'gold 4 Hi
40
2
58
Sept 1951
Canadian Northern deb 6 Hi-1946
1946
6> equip trust ctfi
Coll trust "gold 6i..Deo
Collateral trust 4H«
1
6H
70H
40 H
40
58
57
105H
79
80
32
65
aa
91H
94 H
15
72 H 103H
x
aa
94
93
96
56
x
aa
94 H
94 H
98
33
2
74 H 107
8
72 H 105 H
29
72H 103 H
71H 103
87
113H
31
69 H
67 H
89 H
87 H 108H
54
84 H
40
x
aa
95
95
D
x
aa
92 H
94
A
x
aa
M <8
x
aa
J
x
aa
1966
J
x
aa
"53 a
D
x
a
2
J
x
a
J
2
a
4
1
3
4
F
A y b
J
D
A
10713ji 107'»»i
Central N Y Power"*Ha
Cent Pac lit ref'gu gold
95
94 H
*45
109 H
79
4
90
100 H
35
45
45 H
73H
90M
8H
25
ccc3
40
2
61X
25
1
cc
2
4%
5
17
4
c
2
IX
IX
11
c
2
2
2
1H
1H
D
cc
2
*4 H
7H
4H
J
cc
2
*2%
7
4
aa«3
*108 X
♦109 X
M 8
O
x
aaa4
J
A
z
b
"1%
1962
4s.. 1949
3
A y bb
O y bb
1960
x
bbb2
U S yb
M
3
8
x
37
54
12
20
10 M
18
64H
63
H
105H 110
67H 73H
108
65
59
66
"43""
45 X
31H
64,y
54H
50
x
bbb3
"76 X
M 8
aaa2
F
aaa2
«
16""
18
65
X
82X
103H
101H
101H
aaa2
105
6
101H 106 X
102
103H
8
102
104H
125H
103 H
aaa4
MN
76
62
107»h1121M
*107 X
bbb3
U 8
A
4H
*50
MN y b
UN
8
14H
1
"43 H
A yb
5331942
63
3H
16H
108
a
7H
3H
109
106
"48 H
"llx
O
x
2
109H 111W
\
2
36 H
109H
14
A—....1971
48
102
"1
ccc3
1941
Certaln-teed Prod 5 Hi A—.1948
Champion Paper A Fibre—
S f deb 4H« (1935 issue)—1950
S f deb 4
(1938 issue)—1950
Chesapeake A Ohio Ry—
General gold 4 Ha
..1992
Ref A imp mtge 3H» D—1996
Ref A lmpt M 3 Ha aer B—1996
Ref A lmpt M 3 Hi ser F..1963
Potts Creek Br 1st 4a
1946
R A A Div 1st oon g 4s...1989
2d consol gold 4s
1989
Warm Spring V 1st g 5s..1941
♦Chic A Alton RR ref g 3s..1949
Chio Burl A Q—111 Div 3 Hi-1949
Illinois Division 4s
1949
General 4s
.1958
1st A ref 4 Hi series B
1977
12
"22
14
ccc3
Central Steel 1st g I 8s
75H 107 H
78
J
Central RR A Bkg of G*
75 H 106 H
14
77
J
Guaranteed g 5s
85
76 H
ccc2
D y bb
66 H
28
45
*33
i07»ij
9
12
77H
65
65
ccc3
x
36
76
H
74
74
6
100
75 H
99
46
57
53 H
2
.1987
♦General is
lit A ref 5s series
91 H
103
J y bbb2
x a
2
D
94 H
94
105H
91 %
92 H
91H
U 8
1946
Illinois Light 3 Hi
47
61
106H
J
♦Chatt Dlv pur mon g 4s..1951
Cent
100
bbb3
{♦Cent of Ga 1st f 5s...Nov 1945
UN
|*Consol gold 5s
1945
O
♦Ref A'gen'5 H« aeries B..1959
O
♦Ref'A"gen 6s series O
1959
♦Mobile Dlv 1st g 5s
7
o
W..1947
♦Cent Branch U P 1st g 4s.. 1948
6
21
x
A
1944
1954
I960
gold 4s...1981
7
2H
65H
32H
46 H
x
F
Cart A Adlr 1st gu
40 H
J
{♦Carolina "Cent 1st guar 4s. 1949
Oelotex Corp deb 4 Hi w
3
4%
104H
2
25 H
70 H
*2X
♦69
2
109 M 112H
107 H 109
o
1957
1969
1969
1970
1955
1956
Guar gold'4 Hi
108 M H3H
111
116H
14
1UH
z
"37
111%
106H
4
aa
z
12 H
110H
106%
106 H
aa
1981
Buff Nlag Elec 3 Ha aeries C.1967 J D
Buffalo Rochester A Pgh Ry—
Stamped modified (Interest
6H
74 M
23 H
"95 H "16
95H
bbb3
1st lien A ref 6a aeries B...1957 MN
F A
Buffalo Gen Elec 4 Hi B
at 3% to 1946) due
1957
{Burlington Cedar Rapid A Nor—
A O
§Mst A 'coll 5s
1934
♦Certificates of deposit
m"~
111
*113H
95 %
Debenture gold 5s
17
165
H
76
88 H 107 H
♦103
Bklyn'Un Gas 1st
Consolidated 5s
8H
109H
cccl
aaa4
79
126
101H
27
118
126X
22
94
101 H
106H
52
94
7
103
xOl
101 H
106H
109
aaa2
aaa3
♦U5H
aaa3
109
113H inX
I-
♦108H
aaa2
101H
101X
X
107
100
111
*98
27
"7H ~16X
12
12
12
aa
2
93 H
93
93H
14
aa
2
97 H
97 H
29
98
9SH 102 X
a
2
97 H
84 H
84 X
86
25
83
93
bbb3
76
76
77 H
14
71
84
bbb3
82 %
82
84 H
25
76
90
ccc3
90 H
104H 109 H
114
114
92
94
98 H
41H
A
{♦Cent New Engl 1st gu 4s..1961
{♦Central of N J gen g 5i—1987
44
105H
105Mu
55
MN
106H 1U
17H
17H
105»8!
Am Wat Wks A Elec 6a ser A.1976 UN
1545
F
Through Short L lit gu 4§.1954
20-year sinking fund ft Ha. 1948 UN
3%e debentures....
1961 A O
3%* debentures
1966 J D
J
Am Type Founders conv deb.1950 J
72
MN
4H« ear A. July 1970
{♦Boston A N Y Air L 1st 4s. 1955
Cent Hud G'A E 1st A ref 3 Hi'65
89
*
For footnotes see page
Ino mtge
A
...1961
101H
99 X
99
14
98
97
60
59
mmm
104 H
103
69H
MN y b
Carriers A Gen Corp 6s w w_. 1950
r 61
92%
*62 M
69 H
Caro Clinch A Ohio 1st 6s A. 1952
[108 H
f
72 X
47 X
98
2
110H
109
mm
56
91H
mmmrnmm
*97 H
b
108 H
80 H
40
75 H
mmmrnmm
aa
Corp conv ft Hi. 1949 / J y.b
mm
100
108
50
98
x
6
91X
O
1951 F A
4a. 1952 M S
m
*48
57 H
98 H 104 H
m
106 X
40
75
O y cc
O y bb
1950
107M
■mmm'm
27 H
97% 104 H
mmmmm
mmmrnmm
~
D y b
Allegb & West lat gu 4a
1998
Allegb Val gen guar f ,4a—1942 M S
*110H
50
_
bbb3
A y bb
Alleghany Corp coll trust 6a. 1944
Coll A conv 5i.
.....1949
deb.4Hi—1960
x
O y b
O y b
Albany Perfor Wrap Pap 6a.. 1948
6s with warr assented.... 1948
*100 x
106H
52
42
38 H
*99 H
mmmrnmm
Adriatic Elec Co extl 7a
Amer Telep A Teleg—
1st g 4Hs series JJ
1st mtge 4s series RR
Coll trust 4 Hi
{{♦Abltlbl Pow A Pap 1st 5S.1953 /* D
Adams Express coll tr g 4a... 1948 M 8
♦5s stamped
aaa2
bbb3
Big Sandy 1st mtge 4s
Can Pac Ry 4% deb atk perpet..
a
Afb & Susq lat guar 3 Ha
—1044 J D
F A
1st mtge 3 Hi—1950
Boston & Maine 1st 5s A C—1967 M S
1st M 5s series II
1955 M N
Blaw Knox
Guaranteed'gold 5i__July
Guaranteed gold 5s—.Oct
Guaranteed gold 5i...
Guar gold 4Hs~Juns IS
Guaranteed gold 4 Hi
and INDUSTRIAL
4
ser G
Canada.Sou cons gu 5a A...1962
Range
Ask
A
ftl
<•
Friday's
Bid
66
24
3s
5
Range or
Week Ended Sept. 13
51 H
' 56H
34
rn mm
57 h
56
57 X
31H
36 M
m
mmmm
16
rnmmmmm
D
53
8
30
Bank
BONDS
33
42 h
*8
21
16M
20
9
*14
104 H
10
*60
13H
18
cccl
93
*13
54 h
11H
14H
♦Berlin Elec El A Undergr 6 Xs *56
8H
*4
m
•
23
14H
102H
— mm
m — mmm m
a
~HX "i67
T4H
*14
14H
3
10
10
1
3
11h
10
b
14H
1
13
*11X
mn
*105H
14H
1
b
4H
13H
39
—
b
5
3
10 H
m m
134
117H
127 H 135
a
j
10 h
134
112
a
21
37 h
22
a
12 h
*14
114H
1959
1960
11X
D
'"2
68
Coneol mtge 3 Hi ser H...1965
11X
o
a
67 H
H4H
114H
aaa3
1943
45
67 H
aaa3
♦Berlin City El Co deb 6 Hi-1951
♦Deb sinking fund 6 Hi-..1959
61
59 H
*35
bbb4
I960
60 H
Consol mtge
4
Mtge,Bank 7a......1952 a o
1952 UN
Yokohoma (City) extl 6a
60
49 H
13 H
12 %
4
Hi assented
60
3
1951
Con ref 4s
15H
59 H
23
21x
12h
S
J
/
6
*20 h
m
♦Vienna (City of) 6s
General 4s
33 H
10H
2
7%
mi*"* mm
J
conv
.......1978 j D
4-4H-4H5 extl readj
1978 F a
8 Hi extl readjustment .........1984 /
j
1st m a
33 %
J
12
10 h
7h
3H-4H-4*ias extl
voaconda Cop Mln deb 4
ccc4
1946) due...1995
ser D (lnt at 1%
aaa3
......1979 mn
external conversion
Am Internat
z
to Dec 1
Bell Telep of Pa 6s series B..1948
3«~4-4Hi (ft bonds of '37)
Allls-Chalmers Mfg conv
D
Ref A gen ser C(lnt at 11-5%
61
...1964 mn
(ft bonds -of *37)
external readjustment
Allied Stores Corp
4 Hi debentures
111
27
8J4s-4-4Hi
1st cons 4a series B
34
31%
43
7H
33
69H
30 %
33 h
3
70
15 H
67
30 X
33 X
7%
55
67H
O
7H
70 H
3
3
a
66 H
ccc4
3
35
63
102 H 107 H
95
82
bb
b
1960 M n
f fa
75H
1
z
bb
J
1971 j
1952 m S
.....1961 a o
1046 V A
External a f 5 H« guar
♦Uruguay (Republic) extl 8a
62H
8
z
Battle Cr A Stur 1st gu 3s.. 1989
Beech Creek ext 1st g 3He.. 1951
1955
Sydney (City) a f ft Ha
5Hs
Tokyo City 5a loan of 1912
3
94 H
O
HJ4
1947
Taiwan Elee Pow at
73
107 H
107 H
94 H
D
Ref A gen ser A (lnt at 1 %
to Dec 1 1946) due.. 1995 J
12
1962 mn
.......1958 J d
.......1958 J d
♦Sllesian Landowners Aasn 6s
34 X
69H
12
♦7s aeries B see extl...—
♦Silesia (Pror of) extl 7a
41
23 H
68
7
1945 j
1946 j
Serbs Croats * Slovenes (Kingdom)
♦8s secured extl
—1962
70
28
15
68 H
5
m
1940
f 7a
55
8
29
65%
H
3
Cons mtge 3 Ha aer F
♦6a extl dollar loan..
COMPANIES
i07H
5H
1936 J
1950 J
♦Saxon State Mtge Inst 7s—
RAILROAD
29
5
f...........1957 mn
1966
......1968
41
35
28 %
73
*34"
3
7
34
63
2
6
mn
.....1952
....
N. Y. STOCK
76
-
bb
♦Debenture 6s
♦7s extl water loan.........
♦4
61H
4
♦4h
......1964
i*8s extl loan of 1921
Warsaw (City)
68
9H
San Paulo (State of)—
♦
67
9h
1952
...1959 F
Sao Paulo (City of. Brazil)—
♦8s extl secured a f
Venetian Prov
67
8K
j
a
62
2
8h
rnmmm-—
s
a
41
9
M
♦External
77
34
8x
J
♦External
64
53
d
Santa Fe extl s f 4a
s
17
51H
/
♦February 1937 coupon paid....
♦Saarbruecken (City) 6a
......1953
♦Secured
67 H
52
y
1st mtge g (lnt at 4% to
Oct 1 1946) due.July 1948 A
Bangor A Aroostook 1st 5s_. 1943
o
man
No. Low
High
64
2
J y bb
O
Jan. 1
Ask
A
Stamped modified bonds—
11H
Umimmmm
1968 J d
1966 mn
Roumania (Kingdom of) 7a
♦8s external
Austin A N W 1st gu g 5s...1941 J
Baltimore A Ohio RR—
1st mtge gold 4s
July 1948 A
Rince
Friday's
bbb3
x
J y b
Second mortgage 4s
1948 J
J y b
Atl Gulf A W I 88 coll tr 68—1969 J
Atlantle Refining deb 3s
1953 M 8 x a
18H
59
*14
'mm**
o
a
a
.....1967
Rome (City) extl 6 Hi—
■
6
4
4s.July 1962 M 8
A
a f g
♦7s extl loan of 1926
♦7s municipal loan...
♦6Ha extl secured
6
9h
10h
12
o
...1941
a
J*
liH
4
10 h
*7
.....1952
Queensland (Bute) extl
9H
10 h
s
m
10H
16H
3H
1
4h
4h
*7
J
1966
♦Extl loan 7Hs
8H
4
*3
1950
1963
♦Prague (Greater City) 7 Ha
♦Prussia (Free State) extl 6H§
♦
4%
4%
8H
3%
♦4 H« assented
♦6s extl
9
6h
6h
1968
♦4Hs assented
♦Stabilisation loan
a
96 H 105 H
a
1961
§»PoIand (Rep of) fold 6a
♦External
*
B
1959 m S
...1960 j D
f 6s 2d aer
a
33
*32
—
cons
Range
Range or
Bid
Low
Atl Coast L 1st
65
9H
Last
Railroad & Indus. Cos. (Cont.)
19
54
55
♦Nat Loan extl
High
12
34
♦Stamped assented
1968 mn
♦Ctfs of deposit (series A).......
♦Peru (Rep of) external 7s
♦Nat Loan extl a f 6s lBtser
Price
12 h
d
M
Sale
See k
Elig. A
57 h
60
♦Pernamboco (State of) 7a
Rating
NO,
55
mn
1963
Ste
Week Ended Sept. 13
12
O
J
.1953
N. Y. 8TOCK EXCHANGE
No. Low
High
Low
1955 A
♦Panama (Rep) extl ftH«
♦Extl s f 5a ser A
BONDS
Since
Ask
a
12
1958 mn
-
Range
Jan. 1
Friday's
Bid
57 h
1952 f A
.....1953 ms
... -
■3„
«joa
Range or
Sale
Price
Week's
Friday
Bank
<u
Last
is
EXCHANGE
Ended Sept. 13
1541
Week's
Friday
g
97
93
99 H
Attention is directed to the new column Incorporated In
this tabulation pertaining to bank eligibility
and rattnac^joggi^ 8ee k.
<
X
R
New York Bond Record—Continued—Page 3
1542
Friday
BONDS
N.
y.
li
exchange
stock
II
Week Ended Sept. 13
Range or
Sale
Rating
Railroad & Indus. Cos. {Cont.l
Low
If ♦Chicago A East III let 6S.1934 A
1961
t»Chlc A E 111 Ry gen 6a
O
b
M N
8
J
J
ccc3
3
J
ccc3
1966 M N
1966 J 3
Chic Ind A 8ou 60-year 4a..1966 J
3
|Chic Milwaukee A 8t Paul—
♦Gen 4s series A —May 1 1989
3
♦Geng3%s ser B.May
♦Gen 4%s series C.May
1 1989
1 1989
20
bb
19%
2
cc
24%
7%
7%
7%
23%
z
ccc3
ccc3
*23%
*23%
cc
3
5%
5%
5%
2
1%
1
1%
ccc2
16%
41
ccc2
14%
14%
1
M N
1987
|♦Secured 6%s
....—1936
♦1st ref g 6s
May 1 2037
♦ 1st A ref 4
%s stpd.May 12037
♦
1st A ref 4%s C__May 1 2037
♦Conv 4%s series A
1949
l|*Chlcago Railways 1st 6s stpd
Feb 1940 26% part pd_.1927
t»Chlc RIA Pac Ry gen 4s..1988
ccc2
17
18%
10%
10%
33
j
D
cc
2
10
j
D
cc
2
10
9
yiu
16
10
2%
2%
97
43%
43%
13%
14
31
12%
13
24
bb
z
6*
7
6%
5%
1
q
z
cc
z
cc
5%
z
c
6%
7%
c
*5%
1%
c
z
y
j
y[
bbb2
bb
y
3
x aa
8
aa
♦105%
108
aaa3
x
3
J
J
x
aaa3
100%
J
4s. 1962
D..1962
1943
Chic A West Indiana con
J
x
a
3
15%
16%
18
15%
J
10
18
10
18%
12
10%
18%
18%
19%
13
16
12%
20%
11%
6
106
6
92
114
93%
34%
11
aaa4
aaa4
108%
♦109%
x
aaal
9
32
11
x
13
101
33
1969 F A
68..1943 J 3
36%
9%
10%
108%
aaa4
108%
19%
18
8%
3%
4%
110
1993
1993 J D xbbb3
Ha series E..1977
J
J
D
x
bbb3
69%
51%
61
y
Cleve A Pgb gen gu 4%s B..1942 A
Series B 3 Mb guar
1942 A
Series A 4%s guar
1942 J
O
O
3
1948 MN
Series D 3 Ha guar
1960 f A
Gen 4%s series A
1977
A
Gen A ref 4%s series B..1981
/
Cleve Short Line let gu 4 Ha. 1961
O
Cleve Union Term gu 5%a..l972
O
1st s f 6s series B guar....1973
O
1st s f 4 %s series C
1977
O
Coal River Ry 1st gu 4s
1946
D
Series C 3%s guar
Colo Fuel A Iron gen a f 6s.. 1943
110
100% 106%
99% 101
87
95%
69
13%
105% 110%
109% 111%
105
104% 110%
111%
107
75
85
A
x
aaa2
x
aaa2
x
aaa2
x
'
x
aa
aa
x
x
84%
74%
bbb3
x
bbb3
68
aaa2
104""
3
x
bbb3
104%
104%
4
a
aa
34
121
1
A
O
A
O
x
aa
O
x
aa
4
J
J
x
aa
4
x aa
4
z
Crane Co a f deb 3Xs
a 14s
8 f 4X8 debentures
1961 F
108%
108%
x
a
109%
Cuba RR 1st 6s g
1962
7Xa series A extended to 1946
1946
J
x
105
bbb3
A x bbb4
D y b
2
J yb
2
D y ccc2
104%
3 x aaa3
Del A Hudson 1st A ref 4s..1943 MN
ybb 2
119
2
34
40
106% 111%
109% 130%
88%
92
115% 119
108% 110
110%
107
106%
106%
3
103% 107%
104% 108%
103
107%
108%
108%
20
105% 109%
106%
12%
107
9
26
♦Gen
conv
1953
O
14%
102% 106%
11
13
11
15
18%
66
22
108%
8
19
18%
18%
56%
66
104% 109%
111
2
105
111%
108%
30
106
110
22
105
106%
34
102%
104%
103%
104%
18%
22%
103%
104%
103%
104%
14
*18
105%
105%
50%
50%
20
6
2
30
9
26
111
111%
102% 109%
104% 110
103% 110%
102% 105%
104
107%
99% 104%
101
105%
15
31
17%
19%
40
2
19%
2
107%
13
13
107%
101%
14
59
19
— ———
95%
—
—
25
69%
28%
124
24%
27
24
28
*14
b
14%
20
A
y
78%
*40%
bb
x
a
106%
103%
*100
1942 M S
1942 M 8
1954 J
bb
O
;
a
y
'
x
3
z
ccc:
y
bb
:
9
17
z
cc
]
1st A ref 5s series A
1974 M S
♦Certificates of deposit..
Fonda Johns A GIov 4 %s_._ 1952
z
ff ♦Proof of claim filed by owner MN
(Amended) 1st cons 2-4s_.1982
tl*Proof of claim filed by owner MN
♦Certificates of deposit..
12
30%
106% 109%
95%
149%
104
110
101% 101%
61
60
66
59
44%
17%
69%
29%
13%
26
25%
8%
8%
52
78%
97
:
:
------
Great Northern 4%s ser A..1961
General 5%s series B
General 6s series C
A
J
J
3
J
J
J
J
Gen mtge 3%s series I ...1967
♦Green Bay A West deb ctfa A
♦Debentures ctfs B
Greenbrier Ry 1st gu 4a
1940
MN
Gulf Mob A Nor
A
O
1st mtge 5s series C
1950 A
Gulf A Ship Island RR—
1st A ref Term M 5a stpd. .1962 3
Gulf States Steel s f 4%s
1961 A
O
lst5%sB..1950
3
J
Feb
Feb
3
O
Gulf States Utll 3%s ser D..1969 MN
♦Harpen Mining 6s.
3
1949 J
Hocking Val 1st cons g4%s..1999 3
J
Hoe (R) A Co 1st mtge
cons g
Houston Oil 4%s debs
1944 A
z
*34%
------
3
76%
76
77
44
*10
14
104%
103 %
*100
x
aai
bb
------
♦60%
b
------
y
b
85%
x
a
4
x
bbb3
x
bbb3
106%
106%
103
103
96%
Collateral trust gold 4a.
1961 M 8
__
Refunding 4a
1952 A
O
x
bbb3
86%
bbb3
102%
86%
102%
x
bbb3
93%
bbb3
80
56%
8%
8%
3%
3
2%
2%
%
100i*wl01%
35
63
124%
100% 105
99% 105 %
30
24%
25
34%
29%
65%
77%
14
22%
18%
22
100% 105%
77%
91%
103"" 104%
80
—
85%
7
107%
103%
35
96%
88%
88%
103%
80
76
—
96%
61%
88
104% 108%
38
94
46
87
6
77
23
71
103%
96%
89%
76
88%
94% 105
95
43
88
96%
79
80%
60
68%
80%
61%
61%
1
z
2
*5
c
6%
aaa2
x
y
bb
4
"86%
y
bb
4
81%
y
b
2
*85%
x
bbb3
104%
x
a
3
------
104
110%
*18
cccl
aaa4
bb
b
2
2
bbb2
123
123
85
------
*
------
100
100
"86% "~~e
82%
11
104%
110%
20
—
—
—
2
58
61%
2%
8%
100% 100%
75
87%
65%
83%
90%
90%
96
104%
106% 111%
21
21%
5
115
123%
1
70
—
123%
85
49%
100%
29%
13
29%
29
aaa3
------
♦124
3
44%
44%
46
45
36%
ccc2
12%
12%
13
29
9%
b
111
aaa4
x
bbb4
*88
x
bbb4
*83
x
bbb4
*35
*83
y
85
55%
40%
96% 101
22
37%
ccc2
42
bb
2
42%
63%
40%
2
2
45%
------
*39
41%
12
127
120
112%
5
91
50%
16%
108% 112%
86
87
— — —
127
91
83
87
86
—
86%
70
43%
47%
4
32
39%
42%
"32%
34
48%
50
34%
45
33
31%
40
bb
2
y
b
2
1950
x
bbb4
*75
78
70
1951
46%
66%
46%
78%
x
:
bbb3
•45
64
58
65
y
bb
4
y
2
*42
50
4
*40
48
45
54
y
bb
bb
bb
55%
47%
56
1966 F
1953
Omaha Dlv 1st gold 3s_._
1961
St Louis Dlv A Term g 3a_
1951
Gold 3%a
46%
4%
1
1955 MN
Aug 1
Cairo Bridge gold 4a
Litchfield Dlv 1st gold 3a_
Loulsv Dlv A Term g 3%s
—
86
93%
x
—
107
48
ybb
1965 MN y bb
1962 J
J y bb
1963 MN y bb
Purchased lines 3%s
Collateral trust gold 4a
—
88
x
3
3
103%
96
------
2
95
85
Illinois Central RR—
O
79
*83
103
13%
104% "23
79
*32%
104%
104%
104%
9
18%
------
102
30
—
26
y
a f 5s ser A..1962 J D
Hudson Co Gaa lat g 5a
1949 MN
Hudson A Manhat lat 5s A.. 1957 F A
♦Adj income 5a
Feb 1967 A O
Illinois Bel! Telp 8%s aer B.1970 A O
1951 J
1
'
26
y
Hudson Coal 1st
1951 A
5
11
30
—-
102
100
121
26
b
O
1951 J
1
105%
—
105
----
— — — —
fot%
30
------
108%
100
2
cccl
5a.l937 MN
1954 MN
1st gold 3%a
Extended 1st gold 3%a
1st gold 3s sterling
138
38%
cccl
3 xbbb3
1952
1973
General 4%s series D
1976
General 4%s series E
1977
General mtge 4s series G..1946
Gen mtge 4s series H
1946
*121%
104%
105
z
y
D
2%
102%
_
Goodrich (B F) 1st 4%s
1956 3 D
Gotham SUk Hos deb 5s w w.1948 M 8
y bb
Gouv A Oswegatchle 1st 5s.. 1942 J D
GtCons EI Pow (Japan) 7s..1944 F
lat A gen s f 6%s
..I960 J
*1%
....
98
106
2%
*100%
38%
------
18
69
37
3
2%
:
1940 3 D z cccl
1948 MN z cccl
Gen Steel Cast 6%s w w.,.1949
J
y b
J z c
t*Oeorgla A Ala Ry 5s.Oct 1 1945 J
J
16
12
*1%
:
c
♦Sinking fund deb 6%a
s f deb 6a
Grand R A I ext 1st gu g 4%sl941
Grays Point Term 1st gu 6s
1947 3
—
—— —
65%
7%
7%
—
3
♦20-year
O
50
55
7%
18
44
99
105%
*35%
—
26
14
100
*2%
c
Gas A El of Berg Co cons g 5s 1949 J D
Gen Am Investors deb 5s A. 1962 F A
ybb
Gen Cable 1st s f 5%s A
J
1947 J
y bb
♦Gen Elec (Germany) 7a
3 z
1945 J
J
105
•
6%
z
Fort 8t U D Co 1st g 4 %8
f|*Ga CaroA Nor 1st ext 6s. 1934 J
♦Good Hope Steel A Ir sec 78.1945 A
104
104
------
107%
90%
141
60
2
1
——— —
7
z
z.
104
1
cc
3 x a
1941 J
Francisco Sugar coll trust 6a. 1956 MN
y b
59%
106%
103%
*103%
*103%
105%
— — .-r
101
92
*101
------
D
25%
88
145
69
*96%
bb
50
102% 107%
105% 108%
279
76%
78
14%
66
------
5
49%
107% 110%
108% 111%
108% 113
30%
40%
18
13%
13%
14
c
b
z
2%
8
4
105
95%
27%
14
JFlorlda East Coast 1st 4 %s. 1959 J D
Refunding 6s
40-year 4%a
—
mmmrnm rn.rn.-m
J\z
MNjy
..1954 F
1st Hen a f 5s stamped
1st Hen 6s stamped
30-year deb 6s series B
X|*HouaatonIc Ry
—
13
— —
—
23
c
3%
4
1938 M Six b
|*3d mtge 4%s
♦
99
23
f 6S..1957 3
♦N Y A Erie RR ext 1st 48.1947
— — —
23%
'
s
----
35
67%
28%
cc
♦|Ref A imp 5s of 1927
1967 MN
♦
IRef A Impt 6s of 1930.-.1976 A O
♦Erie A Jersey 1st s f 6s.. 1955 3
J
♦Genessee River 1st
—
8
45
*49
...
O
4s series D
—
112
101%
O
1953
1st gold 4s
14
106%
13%
110%
108%
109%
24
D y ccc2
Dayton P A L 1st mtge 3a..1970
106
97% 105%
111
110%
aa
a
1942
4
2
108%
a
1948
11
108%
65%
aa
aa
35%
110%
123%
100%
109""
*12
x
x
99% 105%
99
114%
110% 110%
105i*«109%
108%
*12
x aa
x
..1948 J
to
12%
x
x
78
34%
113
*12
106%
aa
A
Crucible Steel 4Xs debs
Cuba Nor Ry 1st 6Xs
extended
x
65
20%
106%
ccc2
1960 MN
Crown Cork A Seal
6s series B
D
z
27
102% 106%
106%
106%
cccl
conv deb 3XS...1961 J D
xbbb2
^♦Consol Ry non-conv deb 4a 1964 J
J z cccl
♦Debenture 4s...
1965 J
3 z cccl
♦Debenture 4s
1966 J
3 z cccl
3
109
108%
4
A
121
*91%
*108%
3
3
1
10516u 105»m
110%
■
107% 107%
103% 103%
66
83%
72
90%
64
82%
56%
74%
106% 108
*112
bbb3
aa
31
"~5
1*108%
los^u
1
aa
x
68%
104%
48
104
x a
25
105%
104%
105%
104%
x
2XB..1948 J
104
104
Consol Oil
conv
67%
*107%
104%
♦Consolidated Hydro-Elec Works
Continental Oil
75
bbb3
x
Consolidation Coal s f 6s
.1960
J
Consumers Power Co—
1st mtge 3Xs
May 1 1965 M N
1st mtge 3Xs
1967 MN
1st mtge SXs
1970 MN
1st mtge 3xs
1966 MN
1st mtge 3X»—
1969 MN
74
bbb3
x
3
8
x
x
of Upper Wuertemberg 7a.l956 J
84%
19
aa
3Xs debentures..
1946
8 His debentures..........1948
8 %s debentures
1966
3Xs debentures
1968
84%
78
aaa4
Stamped guar 4%s
.1961
Conn Rlv Pow s f 3%s A
1961
Consol Edison of New York—
4
25%
aaa3
1968
77%
78
x
1st mtge 3 kb series I
J
—1953
♦Series B
—
17
94%
ccc
4a...1996
♦Conv 4b series A
—
11%
1%
1%
----
18
*49
bb
J
..
107%
105
x
May yb
104% 106%
109% 109%
24%
x
Conv deba 3 His
1968
Conn A Pasump Rlv 1st 4s..1943
Conn Ry A L 1st A ref 4 %s..1961
107% 108%
"24%
x
Commonwealth Edison Co—
67
3
O
Apr 1 1969
64%
52%
50
77%
bbb3
A
w w..
43%
66%
37
110
bbb3
Columbus Ry Pow A Lt 4a__1965 MN
♦Commercial Mackay Corp—
Income deb
60
*103%
bbb3
x
80
53
*103%
2
x
71
70
"37
51
60
aaa2
x
x
1970
Columbus A H V 1st ext g 4s. 1948 A
Columbus A Tol 1st ext 4s.. 1956 F
14
aaa2
.
Columbia G A E deb 6s.May 1962 M N
Debenture 6s
Apr 16 1952 A O
Debenture 6s
...Jan 16 1961 J
3
71
*60%
*66%
*106%
*104%
*104%
bbb2
A O y b
Colo A South4%s series A. .1980 AfN
y b
*
O
Firestone Tire A Rub 3%s_.1948 A
^♦Fla Cent A Pennln 5s
1943 J
107%
104
95%
*77%
J y b
Cln Wab A M Dlv 1st 4a..1991 J
J y bb
St L Dlv 1st coll trg 4s...1990 MN
mtge
1965
4s prior 1996
5%
10
109%
107%
101%
aa
106% 109%
5%
11%
15
*148
bb
♦Ernesto Breda 7a
11
85
95%
107%
O
—
19
—
1965 A
—
106
—
107%
107%
aa
EastTVaAGa Dlv Iat5s...l956 MN
Ed EI III (N Y) let cons g 58.1995 3
J
conv 4b
1952 F A
Elgin Jollet A East Ry 3%s_1970 M S
—
16
*107%
Electric Auto Lite
Fairbanks Morse deb 4s
1958 J D
Federal Light A Trac 1st 68..1942 M 8
5s International series.. 1942 M S
27
1
19
EI Paso A S W 1st 5a
—
98%
107%
cccl
General g 4s
Income
O
aa
High
109
2
♦102«« 104%
107%
107% 107%
3
2%
54
......
—
—
4
107%
109%
111%
*30%
*20%
112
aa
b
3
7%
63%
107%
109%
O
80%
67
4
98%
Dul Miss A Ir Range Ry 3 %s 1962 A
tl»DuI 8ou Shore A Atl g 5a. 1937 J
Duqueene Light 1st M 3%s..l965 J
cons g
1%
1%
5%
-
—
8
*5
♦Second gold 4a
1995 J D
Detroit Term A Tunnel 4 %s. 1961 MN
Dow Chemical deb 3a
D
1951 J
6s stamped
7%
♦52
Gen A ref mtge 3%a ser 0.1966 M 8
Detroit A Mac 1st Hen g 5s..1995 J D
1
87
110
General 6s series B
♦6s
aa
O
Low
104
107%
cc
Jan. 1
107
1%
1%
A
♦1st consol gen lien g
No.
*7
1965 A
^♦Erle RR lat
High
7%
7%
c
F
B309
*106%
aa
1936
Detroit Edison 4%s ser D..1961 F
Since
Ask
*104
aa
t*Denv A R G W gen 5a.Aug 1955
♦Assented (subj to plan)
♦Ref A Impt 6« ser B.Apr 1978
t*Des M A Ft Dodge 4a ctfs.1935
t*Dea Plains Val 1st gu 4%s.l947 M 8
ser
A
*108
aa
1969
Range
Friday's
Bid
Low
4s.. 1936
g
*
Range or
Sale
Price
See i
(Cont.)
1st mortgage 4 %a
t|*Den ARG lat cons
|*Consol gold 4%a
8%
Cleve Cln Chic A St Louis Ry
Ref A impt 4
Railroad & Indus. Cos.
7%
12
108%
aaa4
♦83
51
4
105
x
2
4
11
x
bb
1940
14
Week's
Last
II
Sept. 13
Del Power A Light lat 4 %s.. 1971
1st A ref 4 %fl
1969
11%
151
*105
y
11%
6%
1%
103
108%
105%
11
x
11%
47%
34%
D
EXCHANGE
East Ry Minn Nor Dlv 1st 4sl948 A
7%
2%
1
48
2
C!n Leb A Nor 1st con gu 4a. 1942 MIV
Cln Un Term 1st gu 3%s D..1971 AfN
29%
30%
40
54
2
cc
28%
27%
29%
3%
61
3
x
z
10%
3%
25
43%
a
8
10%
STOCK
Week Ended
69
1%
78
90%
91%
f ♦Choctaw Ok A Gulf con 68.1952 AfN
Cincinnati Gas A Elec 3%s_.1966 F A
19fi7
105%
100%
90%
91%
24%
Y.
Gen A ref M 4s
127
O y b
M
A
*46%
62%
42%
20
63
67
43 *
x
M
♦65
bbb2
y
D y bb
g y b
Chicago Union Station—
Guaranteed 4s
...1944 A
1st mtge 3%s series E
1963 J
...1961
1963
63
6%
MN
68.1960
Dec 1 1960
3%
11
z
Chic T H A So'ea8tern 1st
12%
12%
12%
3%
21
15
g
Orleans 6S..1951 j
1st mtge 3 %fl
1
cccl
cccl
j
^
-—1960
30%
82
z
A
/
Gold3%s
June 16 1961 / D
Memphis Dlv 1st g 4s
1961 j jy
Clearfield A Mab 1st gu
2%
2
c
6
z
F
|*Secured 4%s series A—1962
♦Certificates of deposit
E
2
cc
100
19%
72
18
10 Hi
9%
8%
D
j
|*Refundlng gold 4s
.1934
♦Certificates of deposit
86
80
10
"is"
ccc2
♦Certificates of deposit
1st mtge gu 8%s ser
74
64
15
M N
♦Gen4%sstpdFedlnctax 1987 m jg
♦Gen 6s etpd Fed lnc tax.. 1987 ^jg
♦4%s stamped
Cbllds Co deb 5s
15%
15%
14%
16%
14%
19%
19%
10
72
14%
123 %
10%
p
BONDS
N.
High
117
146
c
13%
1st A ref M 4%s series
—
z
14*
8 %s guaranteed
1st mtge 3%s series F
25%
Low
17
z
15
6s
25
A
ccc2
Income guar
-
O
ccc2
-f- - - -
4
F
ccc2
♦Conv g 4 %s
22
24%
A
MN
Ch 8t L A New
1
23
*23%
z
Ry—
1987
-
13
23%
ccc3
ccc3
1987 m N
—
8%
23
ccc3
z
♦8tpd 4b n p Fed Inc tax.1987 m jg
♦General 4a
7
63
z
3
3
7%
63
2
«*•**>
24%
7
3
E.May 1 1989
♦Gen 4%s series F.May 1 1989
tClilc Mllw 8t Paul A Pac RR—
♦Mtge g 68 series A
1976
♦Conv adj 5s
Jan 1 2000
♦General g 3%s
5
2
cc
z
54
20
3
♦Gen 4%s series
J Chicago A North Western
m m
33
28
*16
ccc3
100
27
27
ccc3
J
series A
3
20
M
J
1st A gen 6s ser B__May
2
100
bbb2
fCbic&go Great Weet 1st 4a.1969
t»Chlc Ind A Louist ref 6s..1947
♦Refunding g 6s series B..1947
♦Refunding 4a series C...1947
Since
Jan. 1
No.
24
13%
13%
Range
Bonds Sold
123%
14%
13%
14%
cccl
Chicago A Erie 1st gold 5a..1982 MN
♦
Hioh
123%
2
cccl
♦Certificates of deposit
♦1st A gee 6s
Ask
A
Friday
Ban
Fridays
Bid
Price
Set a
Sept.
Week's
Last
Elig. &
1961
A
y
y
_
53
63%
11
40
42%
82
58%
4
*50
:
x
bbb3
1
y
bb
3
1963
ybb
1963
♦Ilseder Steel Corp 68
1948
|*Ind Bloom A W lat ext 4a.1940
Ind 111 A Iowa lat g 4a
1950
**Ind A Louisville lat gu 4a. 1956
ybb
2
2
1
66
65%
....
*70
1951
58%
28%
Springfield Dlv lat g'3%s 1951
Western Lines 1st g 4a.._
111 Cent and Chic St L A N
Joint lat ref 6s series A
__
_
*53
60
63
56
70
33
50%
27
30
47
.
22%
3
24
2
21%
105%
52%
"l5
65
46
35
17%
102% 105%
37%
63%
1st A ref 4%s series C
z
cccl
x
bbb3
y
bbb2
z
ccc2
44%
41%
44%
41%
*18
47
43%
— — ———
——
*100
*63%
16
86
16
— — — —
4
19%
99%
21
54
61
8%
99%
17
■
see
page
1545.
Attention Is directed to the
T
new
column 1 ncorporated In this tabulation
pertaining to bank eligibility and rating of bonds
See a.
1
New York Bond Record—Continued—Page 4
Volume 151
BONDS
N.
**
Y.
Elig. A
Rating
Last
See i
II
EXCHANGE
STOCK
Week Ended Sept, 13
Price
Af S
Industrial Rayon 4Xs—
1948 J
Inland Steel 1st mtge 3s ser F1961
Inspiration Cons Copper 4s .1952
cony
O ybb
J
A. .1952
♦Adjustment 6s ser A .July 1952
ser
105X
106
1956
J
Internat Hydro El deb 6s
1956
1944
Int Mere Marine
1941
♦1st g 5s series C
s
( 6s
88
88 X
47
78
8X
1H
8H
6
7
37
1
1H
*7%
8
6X
6X
27
X
50
87 X
63
102 X
47
99
102
103 H
75 X
44
90X
70X
2
14X
14X
74X
76X
103X
104X
95
86 H
1
82
99
28
28
30 X
88
21
31H
31
34 H
1
118
22
47 Ml
7
1
IX
1
1
99X
53 X
62
65 X
05 H
107
38
65
93
99Jf
87X
39X
38X
09X
84
~30
33 H
33X
64X
66 X
107X
14 X
14X
14
90
32X
32X
1
cccl
25
4
24 X
9
60
24
60
19
68X
109
105
14X
14X
13 X
*11
*11
bb
102 X
*105X
3
bbb3
♦71
bbb3
25
103
105 X
♦20
bbb3
1901 J
♦60
J
bb
103 X
100
104 X 107 X
50
68
90
75
80
"79 X
50
80
2
*——
90
80
85
A
aaa4
♦150 X
172
157
168
J
a
107
105 X 108
J
a
MN
a
M 8
a
107
108
105
108
104 X
102 X
105
10
10OX 106
103X
31
101
108 X
107
97
deposit—1959 M 8
5 ♦Laclede Gas Lt ref A ext 5s 1939 A O y bbbl
Ref A ext mtge 5s
...1942 A O ybb 2
Coll A ref 5 Xs series C——1953 F A yb
2
A
b
2
A yb
Coll tr 6s soles B
....1942 F A y b
Lake Erie A Weston RR—
95 X
90
92
68 X
88 X
54 X
B8X
55
2
Coll A ref 6 He series D...1960 F
y
Coll tr 6s series A........1942 F
5s extended at
2d gold 5s
46
2
63
103 X
4X
53
5
69 X
80
82
94
79X
90X
28
39X
42
42 X
57
53
♦82 X
90
79X
65X
90
*32 X
♦5a stamped......
♦1st A ref s f 5s......——1954 F A
35X
30
37
Lorlllard (P) Co deb 7s
.1944
49X
*28X
80X
49
X
37X
23
30
20X
24X
20X
30X
50
65
48X
12
30 X
70
""7
*62
70
"28
40
39X
♦39
2
42
45
47
ccc2
16 X
18X
53
8Xr18X
cccl
17
10 X
18X
148
ccc2
8H.118X
z
17H
17 H
17X
17X
19X
18X
18X1
ccc2
x
aaa3
21
5
21
25
10
21
1
40
51X
48X
*115X
103 X
123 X
123X
48 X
2
45 X
64
104X
"~9
123 X
4
109
127 X
127
1047M
103 X
103"
1
107H
A
O
y
bb 3
2003
1st A ref 4 Ha series C—.2003
1st A ref 4s series D
.2003
1st A ref 3X8 soles E—
2003
Unit mtge 3Xa Ber A ext..1950
Unlf mtge 4s ser B ext
1960
O
aaa3
"l03X
34
47
"13
107 X
~93X
95
36
95
50
*123 X
124
Paducah A Mem Div 4s..1946 F
A
3s—1980
Mob A Montg 1st g 4 XS—1945
South Ry Joint Monon 48.1952
Atl Knox A Cine Dlv 4s..1955
♦Lower Aust Hydro El 6X8.1944
McCrory Stores deb 3Xa
1955
{♦McKesson A Robblns 5 Xsjl950
Maine Central RR 14s ser A. 1945
Gen mtge 4Xs series A...1960
Manati Sugar 4s s f
Feb 11957
{♦Manhat Ry (N/Y) eons 4s. 1990
♦Second 4s
..2013
Manila Elee RR A Lt s f 5s..1953
Manila RR (South Lines) 4S.1959
St Louis Dlv 2d gold
{♦Man G B A N W 1st 3XS-1941
x
J
x a
102
94X
a
"83 X
"84"
34
109 X
112
M 3
JfN
x
95 X
48
89 X
6
84X
40
103 X
103 %
16
105
10
106
106
13
82
11
♦110 X
84 X
aaa3
84X
♦104 X
A x ccci
O x a
Af 8 yb
X
89 X
83 X
93
104X
x a
F
13
81
J y bbb2
113 X
104 X
106 X
104X
78
95 X
90
72 X
85
103 X 104
104X 100X
101
106
78
82 X
15
112X
85
104X107
15X 15X
102 X 104X
73 X
86
81
101
bb{2
78
11
76
78
70
81
62
53
39
MN y ccc2
30
27X
86
30 X
86
70
65X
46
86X
48
48
39
63
O
z
cc
Af S y aa
♦85 X
Af N ya
/
J x ccc2
♦40
O y b
♦65
y
Stamped
ccc3
z
b
♦80
76
88X
15X
81X
22
64X
"88
32
81X
83
66
76
76
52
♦53
67
60
Attention le directed to the
"2
new
7
8X
3X
3X
0X
7X
2X
IX
2
X
43
59X
"80""
""9
55
84
24X
23X
25
40
20
32X
15
15X
12X
11
7X' 19X
14
8
J y ccc2
40-year 4s series B__
..1962 J
y c
Prior lien 4Xs series D
y ccc2
1978 J
♦Cum adjust 5s ser A.. Jan 1967 A O x cccl
12 X
11X
12X
*4X
80 X
13X
15X
16X
8X
3X
6
5X
—
♦
.1965 F A
1st A ref 5s series A
z
ccc2
z
cccl
♦Certificates of deposit
♦General 4s
16X
15X
........1975 Af S
♦1st A ref 5s soles F._
1977 Af S
x cc
z
ccc2
♦Certificates of deposit..—.
♦1st A ref 5s series G.....1978 MN
z
cccl
\ox
ccc2
z
cccl
z
c
x
ccc2
z
cccl
N
O
A
1981 F
z
8X
16X
b
13
12 X
3
IX
12X
12X
12X
12X
X
12X
20 X
"17X "42
12 X
12X
2
17X
16X
155
14
17X
"ix
10X
16X
*70
21X
20X
4
2
42
15X
IX
16X
*15X
cccl
x
17
10X
*15X
IX
ccc2
x
{♦Mo Pao 3d 7s ext at 4%.|Jul_'38 MN
16X
15X
IX
iex
16
z
♦Certificates of deposit.....
♦Conv gold 5X8
1949 Af
♦1st A ref g 5s series H
1980 A
♦Certificates of deposit..
♦1st A ref 6s series I
IX
4
....
16M
10X
73
4
21X
21X
21X
21X
2X
21X
21X
12X
21X
60
1
....
79
{Mobile A Ohio RR—
♦Montgomery Dlv 1st g 5s 1947 F A
♦Certificates of deposit.....
z
cccl
cccl
34X
cccl
z
cccl
M S yb
Monongahela Ry 1st 4s ser A1960 Af N
Monongahela W Penn Pub. Ser
1st mtge 4Xs...........I960 A
6s debentures...........1965 A
Montana Power 1st A ref 3Xs '66 J
Montreal Tram 1st A ref 5s—1941 J
Gen A ref s f 58 series A...1955 A
41H
53 X
x aa
x a
ybb
102 X
y bbb2
s
1
15
27 X
27X
3
20X
20
27X
34X
*22 X
34 X
43 X
36
41X
43
52 X
*105 X
110X
111X
101 x
•65
43 X
53 X
20
37
2
25
14
36 X
24
43 X
43 X
92
48
65
103
8
106 X
107
110X
112X
110 X
5
105
U1X
102X
4
103
94
68
b
56
...
ybb
79
—
b
ybb
95 X 104X
62
86
50
60 X
60
y
Gen A ref s f 6s series B...1955 A
Gen A ref s f 4 Xs series C.1955 A
Gen A ref
27 X
27
ccc2
.1938 M S
♦Certificates of deposit..
Moh'k AlMalone 1st gu g'4s_1991
27X
ccc2
z
M S
y
f 5s series D...1955 A
3X8—2000 3 D ybb
41X
37X
——
56 X
66 X
42 X
39
21
84 X
47 X
14
27
65
Morris A Essex 1st gu
Constr M 5s series A.....1955 M N yb
Constr M 4Xs series B
1955 MN y b
26
*24X
108 X
4
104 X
115X
*101X
115X
1
112X 120
1Q0X 101X
65X
1O0X
102 X
65X
103
106X
104X
J
*X
*X
♦X
♦X
x
IX
O
O
*x
*%
O
*x
4Xs*extended to. 1946 J
deb^Xs ww 1951 AfN
Nat Distillers Prod 3X8
1949 Af S
National Rys'ofMexico—
♦4 Xs Jan 1914 coupon on.1957 J
J
♦4Xs July 1914 coupon on 1957 J
J
♦4 Xs July 1914'coupon off 1957 J
J
Nat Acme
on
'57 J
♦4s April 1914 coupon on_1977 A
♦4s April 1914 coupon off..1977 A
♦Ass't
warr
Arrets No 5
on
x
34
115X
x a
x
34
aaa2
bbb3
A ybb
bbb2
T>
Nash Chatt A St L 4s ser A..1978 F
♦Ass't warr A Vets No 4
44 X
34 X
108 X
Mountain States T A T 3X8-1968 J D
Mutual Fuel Gas 1st gu g 5s. 1947 MN
Mut Un Tel gtd 6a ext at 6% 1941 Af N
'77 A
*102 X
x a
106 X
x a
103 X
33
84
1
x
Z
....
z
....
*51 A
z
....
*x
*X
♦X
x
♦Ass't
warr
A rets No 4
on
—
X
X
X
X
X
IX
—--
x
x
19
x aa
2
105
105X
5
x a
National Steel 1st mtge 3a
1965 A
Natl Supply 3X8 ..........1954 /
X
X
X
Nat RR of Mex prior lien 4Xs—
{♦Ass't warr Arrets NoX on '20 /
♦4s April 1914 coupon on—1951 A
♦4s April 1914 coupon off.. 1951 A
39
109X
64
70X
102
102X
103X 107 X
99X 108X
1
4
104
104X
24
1954 AfN
z
b
3
*62
"H
X
H
IX
X
X
X
X
100X 105X
102
106X
63 T71
58.1948 3
D
X
aaa3
122
J
x
cccl
J
♦Consol guar 4s.........1946 3
New Eng Tel A Tel 5s A
1952 J D
z
cccl
*36 X
38 X
x
aaa2
127
126X
x
aaa2
127
127
y
40
38X
127
127X
70
107
72X
119
eons
1961 AfN
N J Junction RR'guar 1st 14s. 1986 F A
N J Pow A Light 1st 4 XS
1960 A O
1st g 4 Xs series B
1983
bbb2
♦61X
x aa
2
J ybb
J
3
100 X
*70 X
lllX
36
43 X
31X
122
{♦New England RR guar 68.1945 3
43X
122
20
128X
122 X 128 X
60 X
60 X
10 »X 109
04X 78X
I t
59 X
105
104 X
105X
Jy bbb2
05
30
1954 A O
♦Certificates of deposit
♦1st 58 series O—
——
z
♦Certificates of deposit..
....
X b
*
I
Fx CCC2
1
♦Certificates of deposit....
zb
,
♦1st 5Xs series A
1954 O A z ccc2
♦Certificates of deposit.....
z b
1
Newp'A C Bdge gen'gu 4XS-1945 J J xaaa2
•a
30
23
39X
...
31
35
17X
Oyb
A
Oyb
.1952 AfN ybb
Conv secured 3Xs
X
27
40
25
38X
111X
44 X
62 X
74
83X
88
66X
111
*59X
83
3
3
59
57X
83
82
83 X
*
52 X
52 X
58 X
65
508
01X
164
43
62 X
61
71
42X
83
109
68X
95 X
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63X
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95X
63
59X
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82 X
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62
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48X
67X
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38
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209
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73
87
N Y Cent A Hud River 3X8.1997
Debenture 4s............1942
Lake Shore
22
*107
'
Ret A lmpt 4 Xs series A—2013
Ref A lmpt 5s series C
2013
37 X
28X' »7X
26
| 37
23 X
30X
29
82X
42
"34"
*17X
34
71X
24
38
31
*
....
N Y Cent RR 4s series A....1998 F A ybb
10-year 3Xs see s f
1946 AD ybb
55
21
33
♦1st 4Xs series D—.I960 A
10IX 106 X
31
33 X
33
*
1
14
65
"32 X
ccc2
x b
....1956 FAX ccc2
60
10IX 105X
30 X
*29X
32X
—
♦1st 5s series B
45
60
104 X
-
Mich Cent coll
/x a
N Y Chic A)8t .Louis—
♦13
b
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4
5X
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IX
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—
80 X
b
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/ D
D
—
4X
IX
"7
55
{{♦N O Tex A]Mex*n-c lne 53,1935 A Ox ccc2
1
z b
♦Certificates of deposit.....
»2
A
Mo Kan A Tex 1st gold 4s
1990 3
Missouri-Kansas-Texas RR—
Prior lien 5s ser A
1962 J
►
New Orleans Term 'lsfgu 4s. 1953 J
96
z
cc
103
94
D y b
z
..1949 Af 8 X cc
1978 J
J ybb
z b
{♦Mo-Ill RR 1st 5s series A.1959 J
♦1st A ref 6 Xs series B
.
4X
*1X
*1X
♦25-year 6Xs—
mx
92 X
83
95
D y
5X
*4
4%
110
80 X
\2
3
cccl
NOATST ETst refA1 mp'4 Xs,A'52 / Jy bb
New Orl Pub Ser 1st 5s ser A.1952 A Ox bbb3
1st A ref 5s series B—.1955 J D x bbb3
129X
75
112
"24
85
♦12
A
3
cc
z
Newark Consol Gas
108
102X
105
x a
3
J
J
3
5s gu as to Int..1938 J
♦1st A ref 6s series A.....1946 J
100X105
28X 73X
105
110
63X 67
89
94 X
85X 95X
87
95 X
106
103 X
bbb2
Af S
{♦Market St Ry 7s ser A April *40 Q J
(Stamp mod) ext 5a
...1945 Q A
x
5
cccl
z
{♦Naugatuck RR 1st g 4s
120
83 X
109 X
♦109
bbb3
J
Marlon Steam Shovel s f 68—1947 A
For footnotes see page 1545.
x
O xbbb3
z
.
120X 126X
*125
83 X
bbb3
O xbbb3
O
J
New Orl GreatiNor 5s A
x aa
x
•1
z c
4s int gu'38 J
cons
mm
IX
IX
IX
1938 J
con g
104X 104X
93 X
93X
101
Louisville A Nashville RR—
1st A ref 5s series B
7
1047u 110
♦70
Af S x bbb3
104X
90
1047u
♦40
3
118
99
121X127X
120X 131X
99
*90
a
x
8X
10X
19
19X
21X
49 X
x
Af S y bbb2
Af S x bbb3
9X
19
2
A
24
31
49 X
T9"
A
4s—1945 Af 8
45
30
z
D y b
O
30X
x
F
A
30
30
30
"u
42 X
aaa3
F
{ {♦MStPASS M
{♦1st cons 5s
F
Nat Dairy Prod
2
MN
c
32
10X
8
73
*6
62
15X
13X
12X
*15
30
9X
37 X
65
49X
30 X
34 X
♦62
39 X
33X
1
30
30
35
22
2
30
*28
49X
27
"30X
30
"30X
bb
5s debenture
......1951 F A x aa
Louisiana A Ark 1st 6s ser A.1969 J 3 xbbb3
Louisville Gas A'EIecl3Xs—1960 M S x aa
Lou A Jeff Bridge Co gu
30 X
zbb
x a
z
♦1st A ref gold 4s
♦Ref A ext 50-yr 5s ser A.1962 Q
{♦Secured 5% notes..
3
x
cc
46 X
23
D
ccc3
z
39
80
Lehigh Valley Coal Co—
5 Liquid Carbonic 4s c'v debs;i947
Little Miami gen 4storlesJA.1962
Loews Inc s f deb 3X8—1946
Lombard Elec 7s series A....1952
Lone Star Gas 3Xs'debe
1953
♦Long Dock Co SXstat to..1950
Long Island *unlfledj4s..__—1949
Guar ref goldj4a
—..1949
4s stamped....—......1949
ccc3
z
46X
55
cccl
z
MN
1949 Af S
07
104X
97
41
73 X
24 X
33
30
z
*21
2
55
{Leh Val Term Ry 1st gu g 5s 1941 A O y bbb3
O y bbb3
5s assented..——
—1941
O x a
Lex A East 1st 50-yr 6s gu—1965
J x bbb4
Libby McNeil A Libby 4s..1955
O x aaa4
Liggett A Myers Tobacco 78.1944
A x aaa4
5s debenture.......
...1951
O ybb 3
Lion Oil Ref cony debHXs—1952
*42
cccl
13X
94 X
55
104X
b
2
30
55
90
65
104X
z
♦Ref A lmpt 4Xs
1977
♦Certificates of deposit
46X
46 X
X
46X
♦1st mtge
cccl
104 X
z
♦Certificates of deposit.....
IX
Lautaro Nitrate Co Ltd—
z
90
*58
25
69
5
x
66 X
*92 X
*21
38
23
z
*59 X
ccc2
38
90X
t§»Leh Val N Y 1st gu 4XS-1&40 J
(♦4 Xs assented..........1940 J
{Lehigh Valley RR—
♦Gen cons g 4s.........—2003 Af N
♦4s assented..——.....2003 Af N
♦General eons 4 His
.2003 Af N
♦4Xs assented
.2003 Af N
♦General cons 5s....—.—2003 Af N
♦58 assented......—.—2003 Af N
....
z
79X
80 X
93
zb
1
1944
z b t|l
xbll
stamped...........1954
♦1st A ref sf 6s
...1964 F A x b jl 1
zb |1
♦5s stamped...........1964
♦1st A ref sf 5s
-—.1974 F A z b
z b '
"
♦5s stamped.—..
1974
♦Sec 6% notes extended tojl943 J
J z b j|2
z b
12
♦6s stamped....
—1943
Leh Val Harbor Term gu 68—1954 F A ybb 2
8
*x
*14
Bigh
•
100X 106X
112 X
35X
90
5X
7X
X
X
18
* 18X
109
50
*6X
^
cccl
No. Low
—
50
...
z
Jan. 1
mx
A O
J D
J D
Af S
J 3
,.1940
1939
♦{Con ext 4Xs—......1939
{♦Mil Spar A N W 1st gu 48.1947
{♦Milw A State Line 1st 3 Xs 1941
{♦Minn A St Louts 5s ells...1934
40
89
♦5s
{{♦Mid of N J 1st ext 5s
{{♦Mil A No 1st ext 4Xs
122
93
income*reg—1975 Dec y cccl
ybb 2
t&Xs A..1954 /
ybb 2
Cons sink fund 4 Xs!eer C-1954 /
Lehigh A New Eng$RR 4s A.1965 A""0 xbbb3
3
Lehigh A N Y 1st gu g 4s
1945 M JS\ y b
ddd2
z
3X8——1951 M S ybb 4
2
1952 Af N x a
142
*78
Lehigh C <fcNav s
bbb3
z
Ref A lmpt 4Xs series C—1979 J
3 ybb
Michigan Consol Gas 4s....1963 M 8 x a
59 X
59
2
a
x
x
Bigh
-
*106 X
iiox
Since
Ask
A
Low
mx
3
aa
Range
Friday's
Bid
bbb4
x
s f 78—1956 / D
Mich Cent Det A Bay City—
95X
93X
69 X
bbb3
x
Price
x
♦Mlag Mill Mach 1st
95 X
93 X
ybb 3
3% to ....1947 J
1941 /
Lake Sh A Mich So g 3 Xs—1997 / D
Range or
Sale
See k
{Missouri Paciflo RR Co—
t*Kreuger A Toll secured 6s—
Uniform ctfs of
Rating
Railroad & Indus. Cos. (Cottf.)
Mead Corp 1st mtge 4X8—1955 Af S
Metrop Ed 1st 4 Xs series D.1968 Af S
Metrop Wat Sew A D 5Xs_.1950 A O
{{♦Met W Side El (Chio) 4S.1938 F A
♦Mex Internat 1st 4s asstd—1977 M S
{♦1st
46
54H
99X
98 X
♦87
♦Certificates of deposit...
x b
1
Kan City Son 1st gold 3s
1950 A O xbbb3
J ybb 3
Ret A lmpt 5s
Apr 1950 J
Kansas City Term 1st 4s
1960 J 3 x aaa4
STOCK EXCHANGE
Week Ended Sept. 13
Jack Lans A Sag
1st gold 3X8—
Last
Elig.<t
Y.
Week's
44 Ml
54 X
x
2
1012*
75X
86 X
A y b
2
8 z cccl
b
90X
16H
X
102
2
z
81X
39)4
77X
70
102"
3
D ybb
65
102 X 106H
89
100 X
"4
53
62
100
9
8
50
BOH
2
4Xs unguaranteed
...1961
Kings County El L A P 08—1997
Kings Co Lighting 1st 5s
.1954
1st A ref 6 Xs
-1954
Koppers Co 4s series A...—.1951
Kresge Foundation 3% notesl950
67
1X
Jones A Laughlin Steel 4Xs A1961 M 8 ybb 3
Kanawha A Mich 1st gu g 4s 1990 A O x bbb4
Plain
29
11
1
b
y
1943
♦Ctfs w w stmp (par $925) 1943 M N
♦Ctfs with warr (par $925) 1943
Keith (B F) Corp 1st 6s
1946 M 8
J
Kentucky Central gold 4s—1987 J
Kentuoky A Ind Term 4XS-1961 J
Stamped...
1961 J
129
77X
8H
J
Karstadt (Rudolph) Inc—
♦Ctfs w w stmp (par $645)
33 H
8X
cccl
z
O
57
88 X
A ybb
{{♦K C Ft 8 A M Ry ref g 4s 1936 A
81X
3
J ybb 3
Internat Paper 6s ser A A B.1947 J
Ref s f 6s series A
.1955 Af 8 y b
3
Int Rys Cent Amer 1st 5s B .1972 M N y bbb2
James Frankl A Clear 1st 48.1959 J
30
77 H
z cccl
o y b
3
o y ccc4
1st lien & ref 6 Xa
1947 F
Int Telep A Teleg deb g 4X&1952 J
Debenture 5s
.1955 F
{♦Iowa Cent Ry 1st A ret 4S.1951 Af
105X
106H
97 H
97
"ml
J
♦1st 5s series B
8
N.
High
105 X
106 X
80 H
2
x cc
No. Bow
33
3
BONDS
Since
104
105 X
cccl
z
O
Bigh
106 x
bbb2
x
O x aa
O ybb
deb 4S..1947
{♦Int-Grt Nor 1st 6s
Jani 1
♦104
aaa2
J
J zbb 1
{♦Interboro Rap Tran 1st 5sl966
o
cc 1
{♦10-year 6s
1932
{♦10-year cony 7% notes.. 1932 M S z bb 1
Interlake Iron
Range
Friday'»
A
Ask
Bid
Low
Friday
Rank
Range or
Sate
Railroad & Indus. Cos. (Con*.)
Ind Union Ry 3 He series B.1980
1543
Week'e
Friday
Bank
1*
Ref 6Xs series A
—
1974
Ref 4 Xs series C.........1978
4s collateral trust
....1940
ybb 3
66 X
06 X
ybb 3
55X
xbbb2
85
65X
84X
1st mtge 3X8 extended to.1947
3-year 6% notes.........1941
x
"81*
80 X
bbb3
yb
2
187
89X J 89X
35
81X
131
5
60
80 X
90
69
80
63
column Incorporated In this tabulation pertaining to bank eligibility
and rating of bonds.
See k.
New York Bond
1544
Bank
N. Y. STOCK
Sale
Range or
Friday's
See k
EXCHANGE
Last
Price
Week Ended Sept. 13
Bid
Rallread & Indus. Cat. (Cont.)
N Y Connect let gu
x
aa
3
1963
1951
x
aa
3
y
b
3
N Y Dock 1st gold 4s
1947
1965
x
x
10
101
107 H
46H
56 X
46
53 X
x
67 H
109X
109 H
104H HO
116X
116H
120X 126H
113H 118X
♦I2H
H
102
109H
aaa4
1949
x
aaa4
105
Purchase money gold 4a...
{♦N Y A Greenwood Lake 5sl946 j/n
gold 3 Hi
2000 m n
z
cc
aa
116X
2
x
N Y A Harlem
♦123
2
110X
52 H
4a. .1941 M
8
52 H
10
15
100
♦53
60
43 H
50
64
88
80
80
♦75
92
65
*25 H
3
ybb
8X
97
♦66
♦N Y L E A W Coal A RR
N Y A Long Branch gen
16
♦98
N Y Lack A West 4a aer A—. 1973 J/n y bbb2
4 H« series B
1973 j/n y bbb2
3
6Hb'42 mn z b
J y bb 2
♦N Y L E A W Dk A Impt 6a 1943 J
12
72
71
80 X
72 H
60
J*N Y New Hav A Hart RR—
♦Non conv deb 4a
1947 M S
cccl
♦Non-cony debenture 3 Ha
1947
M 8
cccl
♦Non-conv deb 3 Hi
1954 A o
cccl
J
♦Non-conv debenture 4a.. 1956 J
♦Non-conv debenture 4a—1956 j/n
J
J
♦Conv debenture 3 X"
1956
♦Conv debenture 6a......1948 J
A
14 X
28 H
4 X
17 H
65
"16H
cc
2
z
c
2
b
1942 A O
4s. 1993 A O
N Y Queens El Lt A Pow 3 Ha '65 UN
J
N Y Rys prior lien 6a stamp. 1968 J
x
bbb3
X
bbb3
J
x
aa
4
J
z
cc
2
t*N Y Prov A Boston 4s
N Y A Putnam 1st con gu
N Y A Rlcbm Gas 1st 6s A—1951
N Y Steam Corp 1st
3X8—1963 J
107X
A
z
c
2
{♦General gold 6s
F
A
z
cc
1
j/n
z
bb
1
53
1940
6s_.—1943
N Y Telep 3X» ser B
—1967
N Y Trap Rock 1st 6a
1946
6s stamped
1946
tf *N Y West A Boat 1st 4 Hi 1946
Niagara Falls Power 3Xs—1966
Nlag Lock A O Pow 1st 6s A. 1956
Niagara Share (Mo) deb 5 Ha 1950
||*Norf South 1st A ref 6s..l961
♦Certificates of deposit
J
J
J
*8
aaa4
x
D ybb
ybb
z
c
2
8
x
aaa3
A
O
x
a
j/n y b
F A z c
z
J {♦Norfolk A South let g 6a. 1941 j/n
Norf A W Ry 1st cons g 4a... 1996 O A
North Amer Co deb 8 Ha
1949 F A
1
z
a
A
x
a
4
1959 F A
North Cent gen A ref 5s
1974 M 8
Gen A ref 4 Ha series A——1974 M 8
x
1954
^Northern Ohio Ry—
♦1st gtdg 6a
♦1st mtge g 6s (stamped
F
1945 A
bbb2
70
2
i05H
106H
bbb3
c
105X
106 X
*115H
17
107
9
68
a
4
a
4
a
4
a
4
aa
J
aaa2
aaa2
aaa2
2
D
b
3
D
aaa2
D
aaa2
J
b
O
D
1966
Paducah A 111 1st if g 4 Ha—1955
J
Panhandle East Pipe L 4s
1952 M 8
Paramount Broadway Corp—•
2
3
aaa4
aaa4
aa
x
2
a
64
b
Parmelee Trans deb 6s
1944 A o
Pat A Passaic G A E cons 5s. 1949 M 8
♦Pauliata Ry 1st s f 7s
1942 M 8
Penn Co gu 3 Ha coll tr ser B. 1941 F A
D
aa
a
3
—..1963 F
A
Pa Ohio A Det 1st A ref 4
hb A *77
a
3
a
a
4
4Xb debentures
1974
Pennsylvania RR cons g 4a..1943 j/n
bbb4
104 X
Gen mtge 3Xa aeries C...1970 A
108 X
aa
O
a
2
3
Consol sinking fund 4Xs—1960
General 4Xs series A
1965
aaa2
Genera) 5s aeries B
a
a
1968
3
3
bbb4
...1970
1981
a
3
1984
a
91
120
102 X
108 X
bbb4
Peoples Gas LAC cons 6s._ 1943 A o
Refunding gold 6s
1947 M 8
t {♦Peoria A East 1st 4s stmpl940 A O
x
aa
x
a
z
b
♦certificates of deposit
♦Income 4s
Apr 1990 Apr
Peoria A Pekln Un 1st 5 Hs..1974 F A
z
b
z
cc
x
a
8H
110
101H 110
107 H 110H
103
107
90
108
108H
105H
1HH
77
2
63
60 H
113H
8
111H
11
111
6
74
H
75
•
109
H
110H
-
-
-
-
-
20
1
mmm
-
109H 113H
108
112H
105H 111
71
m
104 H
9
48H
....
85
74
75
103H 110H
104H 112
102 H 103 H
103H 105
40
51H
91
16
76
91
42
2
36
47
121
126
60
72
H
w—
...
60
100 X
105 H
mmmorn tm
•-
-
104
104 H
104 H
105
5
105
32
1
102 H
107 H
99 H 106 H
99
16
104
108 %
42
-
97H 101
-
100
115
113H
see page
1545
91
26
120
18
104 H
59
109 X
91 H
120
98 H
43
31
98 H
85 H
86
129
20
112X
112H
113
9
117
116
117
20
111
115
81
92
115H 120 H
94 H
104H
100H 110 H
79
91H
89H 99H
89
99 H
75H
87 H
110H 116
111
117H
46
46 H
6
43
46
47 H
2
42
Attention la directed to the
x
aa
2
x
aa
2
x
aa
2
107
107
10
7
Ho"
110
116H
107 X
100H
100
101
9
107 h
107 h
8
23
*108 H
aaa2
x
"55
55
~55H
"4
y
b
2
y
b
2
55 H
54 H
55 X
12
2
54H
54H
55 X
41
O
A—.1948 J
D
...1962 F
1974 J
A
x
aa
3
D
x
aa
3
1977 J
6H
110
ser
D
x
aa
3
1st gen 5s series C
1st
4Hs series D
1st 6s extended to
^♦Porto Rico Am Tob
new
y
b
x
aa
conv
6s *42 J
J
z
♦Certificates of deposit
Potomac El Pow 1st M 3XS-1966
Pressed Steel Car deb 5a
cccl
x
^♦Providence Sec guar deb 4s 1957 j/n
f♦Providence Term 1st 4s-_.1956 M 8
Public Service El A Gaa
/
3X« 1968 J
1st A ref mtge 5s
2037
"71X
14
98
13
90
84
2
cc
b
x
aaa4
*111H
fl
3
6
98
5
90 h
1
108 h
6
85
*1H
z
z
4H
*66
112h
x
aaa4
*147
x
aaa4
215
215h
x
aa
109 H
109 x
3
x
bbb3
104 H
56
104 h
4
68 %
71h
104H
bbb2
56
bbb3
y
69
*68 H
bbb3
x
Remington Rand deb 4 Xs w w '66 M 8
4X» without warrants
1956 M 8
Rensselaer A Saratoga 6s gu.1941 j/n
Republic Steel Corp 4 Hs ser B '61 F A
bbb3
Pur mon 1st M conv
5X8.1954 M N
j/n
bbb3
"looh
bbb4
103 X
Gen mtge 4Hs series C...1956
Revere Cop A Br 1st M
4Xa 1956
♦Rhelnelbe Union a f 7a
1946
♦3 X" assented
1946
90 h
108H
aaa4
bb
106 h
90 H
97
98
72 x
106 H
97 H
72
cccl
z
y
1951
117
*98 H
cccl
z
j""i
♦111
cccl
z
♦Certificates of deposit
♦6s stamped...
..1942,
103 H
3
1960 m 8 y bbbl
J x bbb2
1950 J
Port Gen Elec 1st 4 Hb
♦Direct mtge 6s
♦Cons mtge 6s of 1928
♦Cons mtge 6s of 1930
bbb3
99H
99 H
153
4
1
56
41
70
100
55
bbb3
99 H
99 x
bbb2
*95H
99 X
100 h
100 h
105H
99 H
106 h
16
100 h
•0
103 h
3
100
bbb2
1952 j/n
16
6
16
A
15H
16
O
1953 F
1955 A
*14H
Richfield Oil Corp—
4s s f conv debentures
1952 M 8
Rlchm Term Ry 1st
J
gen 5a.. 1952 /
♦Rlma Steel 1st s f 7s
1955
t(*Rlo Gr June 1st gu 5s—.1939
j{*Rio Gr
bbb3
H—.1967
1948 A
f 6a
♦101H
102
1
*9
12
ccc2
30
30
24
25
8
8
2
cc
8
aa
2
8
aa
2
'109 H
2
Gen mtge 3 Hs series I
1967 M 8
Gen mtge 3 Xs series J
1969 M 8
tl*R I Ark A Louis 1st 4X8-1934 M 8
s
109 h
2
ccc2
♦1st con A coll trust 4s
A—1949
Roch Gas A El 4Hs ser
D...1977 M
Gen mtge 3Xs series
M
♦Ruhr Chemical
*106H
aa
b
West 1st g 4s... 1939
2
109 H
'108H
cc
2
*6
"SH
cccl
O
21
J
c
2
*5H
J
cc
2
*5H
a
2
x
St Jos A Grand Island 1st
4a. 1947
St Lawr A Adlr 1st
g 5s
1996
2d gold 6s.
1996
St Louis Iron Mtn A
x
86
aaa2
108H
111"
105
110H
21
^♦Rutland RR 4Xs stmp...1941 J
Saguenay Pow Ltd 1st M 4X® *66
1
109 H
aa
aa
t*Rut-Canadlan 4s stmp...1949 J
86
6H
6
86
*108H
111
ybb
2
*35
70
y
b
3
*35
65
z
bb
2
61
61
z
bb
2
*59H
62
z
ccc2
21H
23
2
65H
65H
2
*36 H
45
9H
10
Southern—
♦{Rlv A G Dlv 1st g 4s...1933 M N
♦Certificates of deposit.
J*St L Peor A N W 1st gu 5# 1948 J
St L Pub Serv 1st
mtge 5s...1959 M
St L Rocky Mt A P 5s
stpd.. 1955 J
t*St L-San Fr pr lien 4s A...1950 J
J
8 y b
/ y b
J
♦Certificates of deposit
♦Prior lien 5s series B
♦Con M 4 Ha series A
z
z
1950 J
J
cccl
1978
M~8
J
J
J
J
t*St Paul E Gr Trk 1st 4 Hs. 1947 J
*♦84 P A K C 8h L gu 4 Xs-1941 F
St Paul Un Dep 5s
guar
1972 J
J
J
9H
z
cccl
z
z
b
1
"36"
ccc2
12
9H
32
9%
9X
lOVi
49
63 H
30
30
15
z
cccl
9
x
bbb2
*66 X
J
z
cccl
z
aaal
H
3H
cccl
x
10
15
/
J
1
10H
9H
D
A
4
*4«
*60 H
9H
9H
9H
9H
25
9H
10H
cccl
cccl
♦CtfB of deposit
z cccl
stamped
t*St L S W 1st 4s bond ctfa. 1989 M ~N ybb 2
♦2d 4s lnc bond
ctfs.-Nov 1989
{♦1st term A unifying 5s..1952
♦Gen A ref g 5s series A
1990
St Paul A Dul 1st con
g 4s..1968
61
cccl
z
z
♦Certificates of deposit
71
H
70 H
3H
10
106 H 110H
S A A Ar Pass 1st
gu g 4s
San Antonio Pub Serv 4s
San Diego Consol G A E
1943 J
1963 A
74
"2
5
9H
85
3H
6
115
6
115
116
s f
a
3
64
3
aaa2
S
x
aaa2
cccl
*28
cccl
z
z
z
O
z
1989 M N
♦Stamped
A
65
105H
54
2
*38 H
J
J
J
6 Hs series B__—1946 A
-63 H
105hi
*107H
*107H
x
O
♦Stamped
♦Guar
J ybb
O y
4s..1965 J/N
Santa Fe Pres A Phen lBt
58.1942 M
t*Schulco Co guar 6 Ha
1946 J
*28
108
"§2"
30
~40"
x
aaa3
*38H
*118H
(♦1st g 4s unstamped.
1950 A
{♦4s g stamped
1950 A
♦Adjustment 5s......Oct 1949 F
O
z
ccc2
*8H
10 H
O
z
cccl
8H
9H
A
z
c
(♦Refunding 4s
O
z
Scioto V A N E 1st gu 4s
t Seaboard Air Line Ry—■
♦Certificates
♦1st
cons
of
13
2
1945 M
1933
8
1
1
cccl
3H
3H
cccl
2H
3
z
cc
2
4H
4H
"27
z
deposit
6s series A
2
125
z
1959 A
♦Certificates of deposit
*{*Atl A Blrm 1st gu 4s
For footnotes
105h
107 %
2
110H 115
41
89
*107 H
H 110H
109 H
107 H 109 H
97 H
97
*5
105X
102H
96
39
«.
90
"85 X
102 H
106
102
109 V%
9m
3
..1952
3H
107 H 108 H
109 H
68
90
190
*12H
33
119H
102 H
108 H
5
*14H
107 H
113
aaa2
J
104
*112H
x
110
MAT
41
*107 H
113
3
4h
106 H
100 H
*115H
♦Rhine-Ruhr Water Serv 6s. 1953 J
106
•
♦115H
♦Rhine-Westphalia El Pr 7s. 1950
105
102 H
aaa2
56 X
119
109 H
108 X
x
66H
.
113
*101
109 H
aaa2
4a sterl stpd dollar May 1 '48 j/n
mm
104
aaa2
1948 j/n
X
112H 118 H
.
55
*23 X
1
*105H
aaa2
J
1
*100 %
aaa2
x
D
15
3H
*110
x
UN
15 h
*108H
aaa2
x
J
90
3
1969
"
%
110
J
lie"
X
105H
aaa2
x
J
8
111 H
*110H
/
115H
*51
107 X
aaa2
103 H
*22
H5J*
*122
aaa2
J
42
3
...1981
40
93
*46 H
3
aa
8
.
104 H
3
aa
105H
101 H
101H
19
58
2
D
1
2
68
3
1942 J
109 H
109 H
-
aaa2
x
""26
*100
J
105 X 110X
95
95
104 H
58
aaa3
1944 J
64 X
1
70 H
ccc3
E trust ctfa—.1952 j/n
45
40
40 X
105
69
2
aa
45 H
51 X
4
70
bbb3
b
70
31X
33 H
109
112H
111H
111H
110H
*70 H
*60 H
109 H
110H
*101H
aaa2
x
O
J
100H
bbb3
108 H
40 X
69 X
—
"
112X
A
103
2
108 h
107
106 h
4H
*3H
104 H
x
A
Reading Co Jersey Cent coll 4s '51
Gen A ref 4Hs series A_..1997
Gen A ref 4Xa series B—.1997
106 X
116
4
lat M s f g 3s loan ctfa
1965 F A
Paramount Pictures 3Xs deb *47 M 8
~
mm
*111
115X
105H
2
1960 A
101
102 X 108 H
114
114
108 H
*100H
aaa2
bb
16
109
3
J
25
25
5H
*108 M
107 H
105 H
101
aaa2
J
56 X
56 X
109H
3
aa
43
378
110
109
bbb4
D
51H
*5
107X
68
64X
54 H
aaa3
5s. 1946
1966
49 X
62X
64 X
149
69X
45 X
109 H
*94
aa
39
....
U2H
3
1
Low
95
62 h
109 h
109 h
14H
x
1st A ref mtge 8s
2037
Pub Serv of Nor 111
3Xs
1968
Purity Bakeries s f deb 5s... 1948
45
49
67 H
43 H
109 H
111
3
I
cc
O
54 X
79
117X 126H
102 H 107 X
107
109H
*35
44 X
2
bb
Conv deb 3Xa
1
55 H
aa
A
General 4Xs series D
Gen mtge 4Xsseries E
8
68
55 H
bb
D
Debenture g 4 Ha
2
105 H
105 X
♦107X
64
bb
1946
Consol gold 4s
70 X
125
105H
50 X
bb
1961
Lt 3xb
17 X
124
ccc2
lat A ref mtge 3 Ha ser I...1966
(♦Pac RR of Mo 1st ext g 4s. 1938
{♦2d ext gold 5s
1938
A
18 X
7X
*35
1965 M N
1967 M 8
4s.. 1946
4 hb aeries B.
8
ccc2
0
Pacific Coast Co lat g 5s
1946
Pacific Gaa A El 4s Beries G.1964
1st A ref mtge 3Xa aer H..1961
Penna Pow
13
*64
J
28-year 4a
5
6X
12
ccc3
Otis Steel 1st mtge A 4Ha.. 1962
ser
1
92
3H
107 X 112
107
109 X
96 X 104 H
12X
z
Ontario Power N F lat g 5s_. 1943 F A
Ontario Transmission 1st 5s. 1945 J/N
Guar 4a
89 X
90
12
2
1st mtge 3 Xa
J
1972 J
D
Oklahoma Gaa A Elec 3X0- 1966
4s debentures
D
1946
Guar 3 Ha trust ctfa C
Guar 3 Hs trust ctfa D
80 H
78
103
2
J
l*Og A L Cham lat gu g 4s.. 1948
Obio Connecting Ry 1st 4a.. 1943 M 8
Pacific Tel ATel3XBserB
Ref mtge 3Xa aeries C
90
111H
11H
4
bb
cons g
106
12
14
62 H
12
a
bb
Ore Short Line 1st
39 H
102 X
aa
Ref A Impt 4 Hb series A—.2047
Guar stpd cons 5s
Ore-Wash RR A Nav 4a
30
6H
5X
9X
109X
aa
Ref A Impt 6s series B
2047
Ref A Impt 6s series C
2047
Ref A Impt 5s series D
2047
Northern States Power 3 Ha. 1967
Northwestern Teleg 4 Ha ext 1944
con g
9
2
x
North Pacific prior lien 4s... 1997
Gen lien ry A Id g 3s Jan—2047
Oregon RR A Nav
62
can¬
cellation of guarantee). 1945 A
♦Certificates of deposit
Ohio Edison lat mtge 4s
1st mtge 4s
32
79
124
cc
1959 A
1st mtge 4Hs series B
1st mtge 4Xs series C
1st gen 5s series B
5X
x
0
86
Pitta Y A Ash 1st 4s
109H
109X
4
Debenture 3X8—
Debenture 4s
8H
4X
IX
108 H
4X
ccc2
aaa4
x
3
108
x
A
J
1975
Gen 4Xs series C
1977
Pitts Va A Char 1st 4a guar. 1943
Pitts A W Va 1st 4 Hs ser A.1958
60
cccl
x
1964 j/n
1970 J D
58
29
110X
*84 X
2
x
Series J
100 H 106 H
107 H
101
109H
109X
2
c
6H
105
103
4
2X
Gen mtge 5s series A
Gen mtge 6s series B
125
100 H
z
1960 F
1963 F
23 H
72
No.
71h
60 h
*106H
106 X
106H
aaa4
z
/
1957 j/n
12
2
x
Hb A '52 M 8
guar 4 Hs
2
aa
z
"a
Series G 4s guar
cons
aa
aa
z
Series D 4s guar
1945 j/n
Series E 3Hs guar gold...1949 F A
D
Series F 4s guar gold
1953 J
107
♦78
2
J
M
conv 4
High
*108H
112H
2
x
x
bbb4
Pitta C C C A St L 4X8 A—.1940 A O
Series B 4 Hs guar
1942 A O
Series C 4 Hs guar
1942 mjv
3
53 H
111
H
111
2
Pitta Coke A Iron
aaa3
D
s f 4s..1937 J
♦Certificates of deposit
Phillips Petrol conv 3a
1948 m
43
*8
♦Terminal 1st gold
*18
1967 J
t{♦Philippine Ry 1st
"2
108X
105X
107X
21 H
9X
107
D
Phlla Electric 1st A ref 3H8.1967 M S
J
^♦Phila A Read CAT ref 5a. 1973 J
♦Conv deb 6s
1949 M S
109
109
J
1981 J
6s series A
"62
52
li*N Y Suaq A W 1st ref 6s. 1937 J
(♦2d gold 4 Ha
1937 V
sec
a
x
x
1977 J
Series H cons guar 4a
Series I cons 4 Hs
85
♦106H
♦105X
109H
24X
36 X
7
2H
60 H
3
20
37
*85
b
y
2
5
4H
2H
aaa4
x
j/n
65
3
x
19 X
19
3H
16H
3
20 X
20 X
6
1
bb
Phi la Bait A Wash 1st g 4s ..1943 mat
General 5s series B
1974 F A
Phlla Co
atjoa
59 H
1980 M 8 y bb
1952 J D
y
li
Asked
69
69H
3
ybb
1956 J
General g 4 Hs series C
General 4 H» series D
A
Low
Pere Marquette 1st ser A 6s. 1956 J
1st g 4 Hs series C
Phelps Dodge conv 3Hs deb.
or
Friday's
Bid
Railroad & Indus. Cos. (Cont.)
1st 4s series B
Range
1
Price
1940
14
Week's
Sale
See i
10
3
Last
Rating
10
26
"5
14
Elig. dk
EXCHANGE
12H
3
18X
3
z
D
1955 J
♦General 4a
14
28 H
y
j»N Y Ont A Wort ref g 4a—1992 M S
11
16H
cccl
b
19 X
19 X
11H
15
14H
cccl
20
14
2
11
"iTH
cccl
cc
11
14
14
'H"
cccl
♦Debenture 4a
1957 M N
♦1st A ref 4 Hs ser of 1927.1967 J D
^♦Harlein R A Pt Ch lBt 4a 1964 M N
15X
12H
*14
cccl
o
H
14
12H
cccl
J
1940
{♦Collateral trust 6a
♦13
STOCK
Week Ended Sept. 13
High
N Y A Erie—See Erie RR
N Y Gaa El Lt H A Pow g 50-1948
N. Y.
104 X 108 X
51
♦49X
108H
ccc2
y
No >Lotc
Hi oh
50
BONDS
Since
—
aaa4
notea
Range
Jan. 1
106 H
107H
-*108H
aaa4
1st lien A ref 3H» ser E—1966
Conv 5%
N Y Edison 3X8 ser D
Sept.
Fridays
Bank
Asked
A
Loir
4 Hi A—1953
1st guar 6s series B
Record—Continued—Page%
Week's
Elig. dk
Rating
BONDS
Friday
cc
1
3H
3H
11
z
cccl
*10H
16H
4H
3H
7
column Incorporated In this tabulation pertaining to bank
eligibility and rating •! bwwds
See
i
Volume
Bank
y
Friday
Week's
Last
Range or
Range
Rating
Sale
Price
Friday's
Bid
A
Ask
Since
See i
EXCHANGE
8TOCK
Elig. A
i*
BONDS
N.
Week Ended Sept. 13
1935
♦6s Series B certifies tea
A
A
F
High
Low
lVi
Railroad &
4
1H
3Ji
97 Vi
Va
Va
J
1954 J
Shell Union Oil 2 He debe
1940 F
Silesia Eleo Corp 8 Ha
Slleslan-Am Corp coll tr 7s_. 1941
1962
Simmons Co deb 4s
A
64
55 Vi
26
55
40
cccl
y
'll
40
09
1950
*
101
aaa4
x
a
101M
7
101 Vi
22
lOoM
bbb3
z
101 Vi
105 Vi
10
"16
109 Vi
109 M
♦1st lien g term 4s
99 Vi
101 Vi
♦Det A Chic Ext 1st 5s
106
105M
106
39
aaa3
104 M
104M
106 Vi
65
1st mtge A ref 4s
Southern Colo Power 6s A_. 1947 J
A
x
aaa2
107 Vi
107 Vi
5
J
x
bbb3
104 %
107 Vi
104
105
9
Southern Kraft Corp 4Vis__. 1946 J
D
x
bbb3
102
10 J
102
20
106 M
16
1965 F
Southern Natural Gas—
1st mtge pipe line
4 Vis
coll).
Lines) A.
So Pac coll 4s(Cent Pac
1951 A
O
1949 J
D y bb
bbb4
x
100 Vi
106 M
g
«N
z
b
2
40
& A
J J
J J
z
ccc2
z
b
..1954
z
♦Ref A
gen
♦Ref A
gen 5s series
Walker (Hiram)
107M
bbb2
1955
O
O
8
8
ybb
38 Vi
41
30
30 Vi
48 M
48 M
95
35
53
44
30
50 M
{♦Warren Bros Co deb 6s.... 1941
A
A
M
M
6s debentures
...1955
Warner Bros Plct 6s debs
1948
Gold 4 Mis
39 H
42 Vi
234
30
50 Vi
Warren RR 1st ref gu g 3
1981 M N y b
40 H
40 M
42 Vi
145
Ms.2000
Gold 4 Vis
30
50 Vi
Washington Cent 1st gold 4s. 1948
10-year secured 3 Vis
San Fran Term 1st 4s
1946 J
49 M
49 H
51
42 M
58
Wash Term
73 M
x
y
bb
bbbl
55 Vi
bbb3
"§8M
x
aaa4
J
/
1953 J
z
cccl
deb 6s 1945 J
_
y
x
107 Vi
16
102
108 Vi
20 Vi
19
15
23 Vi
105
105 M
7
105 Vi
105 Vi
9
101 Vi
103 Vi
100 Vi
20
♦98
x
106
aaa4
x
aa
5Ms A.1950 F A
x
bbb3
4s
#*Thlrd Ave RR 1st g
Tokyo Elec Light Co
1st 6s dollar series
4
105 H
3
65
65
x
bbb3
65 Vi
x
bbb3
65 Vi
x
a
J
bb
O
A
M
,625s
,75s
.875s
...
1.008
1.125s
1.25a
1 375s
—
1.608
1.625s
1.75s
1 80s
1.85s
1.90s
May
1.95s
...-
-
62 M
45
55
67
♦63
"97
*
1
121 Vi
13 Vi
82 Vi
107 Vi
80
47
ioo'vi
109 Mi
i09M
"5
103 Vi
103 M
51
113Vi
113
113 Vi
98 Vi
14
110
aa
aa
97 Vi
3
/
D
x
aaa3
A
O
x
a
O y b
102 Vi
"68 Vi
92 Vi
106 Vi
2
62
gen
Vera Cruz A
x
aa
2
*09Vi
MN
x
aa
2
*99
M N
x
aa
2
bbb3
y
bb
x
aaa2
z
ccc2
"24 H
*111 Vi
23 Vi
z
cccl
z
cccl
x
aa
2
22
75Vi
*100
2
*100Vi
-
100 vi
-mm.-
100
*100 Vi
100 Vi
*100Vi
2
*100Vi
2
*100M
2
*100M
2
101 Vi
2
A.. 1955
1957
*1005i
off...-1934
—1934
----
100
100
101
101M
101M
101 Vi
101 Vi
100M
1961
MN
x
bbb4
Cash sales transacted during the
Cash
per
sale: only transaction
during current week
lOOVi
100 M
100
100 M
100M
101 Vi
100 M
5
100 V*
101 Vi
2
2
101 Vi
101 Vi
101 Vi
2
lOOVi 101 M
100
lOlVi
2
101 Vi
101 M
102
8
1004
101 Vi
lOOVi
lOOVi
101 Vi
101 Vi
101 vi
*101 Vi
*101 Vi
2
"lOlVi
lOOVi
101 Vi
101M
101 Vi
102
2
101M
102
2
102
102
2
102
102
7
2
102
102
4
200 pound
unit of
25
100 M
102
16
lOOVi
reported
102
99 Vi
102Vi
103
100
103
25
25
18
25
20
25
20
24 Vi
1
--
-
*22
*22 Vi
A
O
x
bbb2
A
x
bbb3
*25
-mm-
101 Vi
102 Vi
18
96
102
103
40
95
2
20
2
J
z
J
J
z
current week.
included In
those bonds which we believe
♦Vi
symbols ccc or lower are In default.
United
Total
Mis cell.
Municipal
States
Bond
Sevt. 13, 1940
Bonds
For'n Bonds
Bonds
Tuesday
—
State
Railroad A
Sales
$1,741,000
363.820
$581,000
$8,000
$2,330,000
3,283,000
3,708,000
224,010
591.920
675.000
34,000
410,000
39.000
699,000
3,992,000
4,157.000
5,420.000
453.090
399,430
4,782.000
3.644,000
550,000
39,000
79,000
268.180
3,052,000
360,000
34,000
3,446,000
104
2,300,450
$20,210,000
$3,175,000
$233,000
$23,618,000
Total..
I
1
1
•
1
1
•
•
I
Exchange
Vi
Vi
Stocks—No of shares
Week Ended. Sept.
4,273,000
1940
Jan. 1 to Sept. 13
13t
1940
1939
1939
2,300.450
17,773,230
147,473,565
181,725,856
$233,000
$46,951,000
$30,671,000
$263,718,000
Bonds
Total
3.175.000
5,919.000
153.385.000
172.540.000
20.210.000
59,698,000
888,429,000
955.679.000
$23,618,000 $112,568,000
$1,072,485,000
$1,391,943,000
See note
Incorporated
All Issues
Exchange,
the New York Stock
at
New York Stock
•
1H
rating statue
Shares
foreign
Railroad and Industrial
t
not bank eligible due either to
make It speculative
In bankruptcy, or In process
Number of
1
directed to the new column
under
In default.
Transactions
Sales at
♦108
J
bankruptcy, receivership, or reorganized
securities assumed by such companies.
104Vi
*107 Vi
aa
bond Issues which have
93 Vi
102 Vi
aa
the dollar quota¬
exchange rate of
Friday
84
4
102 Vi
x
a Deferred delivery sals: only
Included In year's range.
Thursday..
25
87 Vi
x
In
majority of the issues bearing
bearing ddd or lower are
Monday
20 M
20
87 Vi
A
In the yearly range
Wednesday.
-mm-
UN
101
10 at 104.
Indicates those bonds we believe are
provision In the bond tending to
Saturday...
mmm-
*23M
F
current week and not Included
No sales transacted during
Stocks
*102
87 M
39
Week Ended
101
2
bbb3
106
109H
106Vi
102
100M lOOVi
x
105Vi
transacted during the current week and not
Indicates Issues In default.
lOOVi 102
*101 Vi
O
100
Rating Column—x Indicates
Bank Eligibility and
102
3
2
A
14
101M
Daily, Weekly and Yearly
101
cccl
110w
110H
0
100
104M
New York 8tock Exchange
helng
as
delivery sales
102
*101M
z
104
maturity,
t The price represented Is
bonds.
Accrued Interest payable at
Deferred
A great
2
z
107M
of reorganization.
The rating symbols In this column are based on the ratings assigned to each bond
by the four rating agencies.
The letters Indicate the quality and the numeral immediately
following shows the number of agencies so rating the bonds.
In all cases the symbols
wl
represent the rating given by the majority.
Where all four agencies rate a bond
differently, then the highest single rating Is shown.
2
J
9
Vi
Bonds selling flat,
z
lOOVi 101
2
104 Vi
during current week,
n Odd lot sale, no
Friday's bid and asked price.
y
8
J
4
100
"2
6
6
10H
4M
"2
110
*109
4
Government
4
or some
100M 101
101
*22 Vi
c
a
109 M
2
k
101
D
F
x
8M
109 Vi
14
6
7M
20
25
13 Vi
eligible for bank Investment
lOOVi
loovi
2
J
*7 Vi
109 H
1
3
112Vi
110
7M
Vi
Vi
102
90
1
23
""?%
cc
100 Vi 100
115
25 M
23
aa
17
31
lOOVi
100vi lOOVi
lOOVi lOOVi
----
2
J
105 M
100Vi
13
110M
100M
2
1
105
Vi
103
9M
the yearly range:
100 Vi
z
105 Vi
x
90 Vi 102
100
"13M
100 Vi
3
H
No sales.
*100Vi
z
157
M
*12 Vi
__
•
*100 Vi
102
*99
a
t Companies
...
2
z
J
A O
J ^
J J
1968
Section 77 of the Bankruptcy Act, or
Vi
2
2
102 Vi
2
z
Liquid Carbonic Corp 4s 1947, Oct.
77 Vi
89 Vi
108
110
*100
2
b
MN
cc
c
State and
Attention is
x
f The following is a 11st of the
*100
MN
Pacific RR—
§♦4 Via July coupon
§♦4 Vis assented
J
A O
J
J
J J
4s.. 1949
'
Vandalla cons g 4a series
Cons 8 f 4s serlee B
J
•
m.
102 M
bbb2
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47 M
110M 116M
been called In their entirety:
99 Vi
53 Vi
84 Vi
82 Vi
♦107Vi
2
101M
bbb2
x
F
52
32
1
17Vi
35
112M
§ Negotiability Impaired by
99 M
101 Vi 102 Vi
104 V< 107
72
68 Vi
82 Vi
aaa4
45 Vi
72
70
10 M
14.8484.
92 M
34
102 M
106M
102 M
3
M S y bb
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49 M
45 H
*109 M
x
tion
115
11
20
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transaction
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105 Vi 109
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1948
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66 Vi
82Vi
55 Vi
11 Vi
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1 1942
x aa
1 1942 MN
x aa
1 1943 MN
x aa
1 1943 M N
MN x aa
1 1944
MN x aa
1 1944
VI N x aa
1 1945
MN x aa
1 1945
x aa
1 1946 MN
x
aa
1 1946 MN
MN x aa
1 1947
x aa
11947 M N
x aa
1 1948 MN
MN x aa
1 1948
MN x aa
1 1949
x aa
1 1949 MN
x aa
1 1950 MN
MN x aa
1 1950
MN x aa
1 1951
M N x aa
1 1951
M N x aa
1 1952
MN x aa
1 1952
MN x aa
1 1953
MN x aa
1 1953
MN x aa
1 1954
MN x aa
1 1954
MN x aa
1 1955
x
x
▼
1 1940
1 1941
1 1941
107Vi 112
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25
1
x
102 M
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{♦Wor A Conn E^st 1st 4 Ms. 1943
49
cccl
Nov
2.05a
May
2.10a
No\
2.15s
May
2.20s
Nov
2.25s
May
2.30s
Nov
2 35s
May
2.40s
Nov
2.45s
May
2.60a
Nov
2 55s
May
2.00s
Nov
2 05e
May
♦Un Steel Wks Corp0 Via A—1951
♦3Ms assented A
1951
♦Sec s f 6 Vis series C
1951
♦3Ms aaaented C
1951
♦Sink fund deb 6 Vis ser A.1947
♦3Ms assented A
1947
United Stockyda 4Mb w W..1951
Utah Lt A Trac let A ref 58.1944
Utah Power A Light 1st 5s..1944
2 00a
68
59
88
b
M 8
102 Vi
J
Wisconsin Public Service 4s.. 1961
56 Vi
z
„
4
1955
Wisconsin Elec Power 3 Ms
25 M
100Vi
z
J
*110?i
a
♦Certificates of deposit
95
105M
United States Steel Corp—
Serial debentures—
Nov
....May
Nov
May
Nov
May
Nov
May
Nov
May
Nov
May
Nov
May
Nov
97 Vi
3
a
grant 4s
375s
72
88 Vi
520
M N
r
1969
...1947
1970
36-year 3 Vis debenture.—1971
Ref mtge 3 Vis ser A
..1980
United Biscuit
3 Vis debs—1955
United Cigar-Whelan Sts 58.1952
United Drug Co (Del) 5s
1953
U N J RR A Canal gen 4s...1944
63 Vi
2
*121M
J y bb
x
14
21 Vi
1
8
J
aaa3
WN ybb
J
D y b
§♦811 A D11 dlv A ter 1 st 4s. 1936
100 Vi
aaa3
M
JJ^Unlon Elev Ry (Chic) 68.1946
UDlon Oil of Calif 6s series A. 1942
34-year 3 Vis deb
91
72
o5
3
4
a
_
104M llOVi
115M 120
♦Certificates of deposit
88
aaa2
8
I
J
65 Vi
53 Vi
{♦Wis Cent 50-yr 1 st
19 Vi
56 Vi
117
A
W1nston-8alem 8 B 1st 4s...I960
101M 110 Vi
53 Vi
72 Vi
23
56 Vi
bbb3
D
109M
*116 M
D
5s. 1942
Conv deb 3 Ms
100 Vi
20
*108 Vi
J
1940
gu
Wilson A Co 1st M 4s A
74
65
65
3
l
D y b
104 Vi
10
65
57
cccl
ybb
1O0M
103 M
"11
67 Vi
67
90 Vi
yb
3
aaa3
1947
{§♦ Wilkes Bar A East
102
85
.♦
2
M 8 y b
.60s
106 Vi
4
a
bbb3
UJlgawa Elec Power ■ f 7s—1945
J
Union Electric (Mo) 3ViS- —1962
„
196""
bb
x
1953
Tol A Ohio Cent ref A Imp 3 M 8 '60
Tol St Louis A Weet 1st 4s.. 1950
Tol W V A Ohio 4s series C—1942
Toronto Ham A Buff 1st g 4a. 1946
Trenton G A El 1st g 5s
1949
Trl-Cont Corp 5s conv deb A. 1953
♦Tyrol Hydro-El Pow 7 Ha—1955
♦Guar sec s f 7
1962
1st A land
29
x
*124""
aa
M N
Wheeling Steel 4 Ms series...1960
White Sew Mach deh 0s.
108 Vi 109M
aaa4
J
1949
70
106M 109M
109 Vi
x
8
M
J
...2361
.....2301
Wheeling A L E RR 4s
92
70 Vi
164
y
ioi"
I960
Registered
104 Vi 111 Vi
104 M
/ D
A O
A O
J D
M 8
y
34
105 Vi
aaa4
30-vear 5s
lllVi 115V4
4
87
.....1951
♦Westphalia Un El Power 08.1953
128 Vi
122
103 Vi
aaa4
x
25-year gold 5s
104 Vi 100 Vi
105 Vi
X
6s...1937 J
Union Pac RR—
86 M
86 Vi
1946
00
65
*55 Vi
*108 Vi
Vi
aaa3
O
4 Vis. 1950
37
x
A—1946
♦5s assented
46
31
x
{
J
1952
West Shore 1st 4s guar
"~19
110
110
110
ser
Western Union Teleg g
113 Vi
81
♦112 Vi
4
{♦Western Pac 1st 5s
101 Vi 106 Vi
100 vi 106 Vi
*12oVi
A O
Ltd—
3s debentures
105
M N
J J
1960 J J
Jan 1960 A O
108 Vi 112
19Vi
aaa3
deb
4
111 Vi
90
16
x
J
1st A ref 5 M« series A
1977
West N Y A Pa gen gold 4s..1943 A O
\f 8
107 Vi
x
♦Ad) Income 6s
73
lUVi
aa
Third Ave Ry 1st ref
Western Maryland 1st 4s
78
aaa4
bbb3
1959
.>.1965
Texas A N O con gold 5s—.1943
Texas A Pacific 1st gold 68—2000
Gen A ref 5s series B——1977
Gen A ref 5s series C
1979
Gen A ref 5s Berles D
1980
Tex Pae Mo Pao Ter 5 Ms A. 1964
84 Vi
x
x
3a debentures
57
73Vi
63
76
73
x
Texarkana A Ft B gu
78
""2
81 Vi
Superior Oil 3 Ms debs
1950 A
Swift A Co 1st M 3Mb
rl95v> MN
Tenn Coal Iron A RR gen 5s. 195
J J
Term Asan St L 1st cons 5s.. 1944 F A
Gen refund s f g 4s
1953 J J
Texas Corp 3«
3s—1954
73
84 Vi
78
x
1966
West Va Pulp A Paper
79 Vi
79 Vi
63 Vi
6
175
82
x
1st mtge 3 Ms series T
61 Vi
♦73
ioivi
Vf 8
West Penn Power 1st 6s E—1963
91Vi
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Westchester Ltg 5s stpd gtd.
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53
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42
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83
y
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40
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1945^
1945;™
1950 J
1967 J
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56
70
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b
57 Vi
75
79 Vi
05 Vi
gu
46
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12
83 Vi
39
18
21
69 Vi
83 Vi
81 M
43
cc
"89 M "44
54 Vi
75
_
80 M
62
1st
68 Vi
83 Vi
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9Vi
4Vi
6 Vi
104 M
68 Vi
2
b
y
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77 Vi
"88 H
65
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debenture
63Vi
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58
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73 Vi
55
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J
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A
A
J
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9 Vi
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51
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7 Vi
38 M
5Vi
J
1969 AT N y b
1950 A
cc
1945
43
4s—1955
1st 4s stamped
1955
Southern Ry 1st cons g 58—1994
Derel A gen 4s series A—1956
Derel A gen 6s
1956
Deyel A gen 0Vis
1950
Mem DIt 1st g 5s
1996
St LquIs Dlv 1st g 4s
1951
So'western Bell Tel 3 Vis B„1964
1st A ref 3a series C
1908
{♦Spokane Internat 1st g 5s. 1955
Standard Oil N J deb 3a
1901
cc
z
1980
D
40*4
_
b
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48
20
28
41
46
*7M
O A W—
Convertible deb 4 Ms
Walworth Co 1st M 4s
41
J y bb
z
S
z
1968 M S yb
So Pac RR 1st ref guar
S
F
♦Ref A gen 4 Ms series C—1978
97 Vi 102 Vi
*
A
M
1976
10M
25 M
9M
cc
M
5 Vis A *75
5s series B
gen
30 Vi
3
28
cc
z
62 M
109Vi
102
22
14M
14Vi
78
111
54 Vi
11
43
40
51M
70
109
*21
b
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A
38 M
Vi
108 Vi
40
"_3
60
1
J
1941
3Vis...1941
♦Toledo A Chic Dlv g 4s.. 1941
{♦Wabash Ry ref A
107 Vi 111
106
101
104
109
45
8 y bb
M
197
♦Omaha Dlv 1st
109 Vi
101M 106 Vi
104 M 109 Vi
aaa3
x
aaa2
§*De8 Moines Dlv 1st 4s..1939
104
aaa3
x
1961 M S
Southern Calif Gas 4Mb
bb
*
1939
102 M
102 Vi 106 Vi
119
115
x
South Bell Tel A Tel 3 Vis... 1962
1979
38 debentures
y
1939
I♦1st gold 5s
§♦26 gold 5s
94
♦116
O
A...1966
57 M
107
1
90
*75
High
3
109 Vi
47 Vi
J Wabash RR Co.—
41
12 Vi
1015i
xbbb2
bbb2
No. Low
High
47 Vi
Ccc3
y
Jan. 1
Ask
A
109 Vi
y
Since
Friday's
Bid
% aa
M 8
1959-4
Virginian Ry 3Ms series
18 Vi
14 Vi
*13Vi
z
Price
Low
M S
Iron Coal A Coke 1st g 5s. 1949
S
A Southwest 1st gu 5s
2003 J J
B...1968
Range
Range or
Sale
See k
^a.
13
lit cons 5s
67
78
l
Socony-Vacuum Oil 3s debs. 1964
South A Nor Ala RR gu 5s_. 1963
8k elly Oil 3s debs
64
♦40
Shinyeta u El Pow let 8 Vis—. 1952 J D yb
♦Siemens A Halske deb 6 Vis. 1951 M 5 z
♦
97 Vi
96 Vi
9/Vi
4
its
Rating
Indus. Cos. (Concl)
Va Elec A Pow 3 Hs eer
93 Vi
6
♦1H
c
z
No
2
*lVi
c
z
Week Ended Sept.
Last
Elio. A
EXCHANGE
STOCK
Week's
Friday
Pahk
8-a
BONDS
Y.
N.
Jan. 1
High
Low
Raliread & Indus. Cet. (Cont.)
{♦Seaboard All Fla 6a A ctfs.1935 F
1st 4 Vis (Oregon
Gold 4 Via.*
1545
New York Bond Record—Concluded—Page 6
151
InTthls tabulation pertaining to bank eligibility and rating of
boadiiL_
a
above
New York Curb
1546
Exchange—Weekly and Yearly Record
Sept. 14, 1940
NOTICE—Cash and deterred delivery sales are disregarded in the week's
range unless they are the only transactions of the week and when selling outside
of the regular weekly range are shown in a footnote in the week in which
they occur.
No account is taken of such sales In computing the range tor the year
In the
following extensive list
furnish
complete record of the transactions
on the New York Curb Exchange for
present Friday (Sept. 13, 1940).
It is compiled
entirely from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or
bond, in which any dealings occurred during the week covered.
the week beginning on
I
we
Sales
Friday
Last
Par
Week's Range
for
Sale
STOCKS
of Prices
Friday
Week
Price
Acme Wire Co common.10
Aero
a
'^Saturday last (Sept. 7, 1940) and ending the
Low
High
17 %
17%
Range Since Jan. 1,1940
Shares
Low
13
100
A
May
Class
B
20**
1
22**
{Air Investors common.
~~2
*
4%
600
4
Jan
T.600
100
21
en
Gt
*i#
300
pf-*
104
104
30
94
104
95
40
7
Jan
1% May
17**
Jan
** May
Week's Range
Sale
of Prices
Par
Jan
Mar
May
6% Mar
145* May
35*
Apr
30**
Apr
June
78**
90** May
82
May
108**
Apr
Apr
Apr
*58
Southern..60
Alabama Power Co $7
225*
May
"2%
21
Warrants
800
5%
10
Conv preferred
Alabama
July
514
514
5%
Alnswortb Mfg common..6
Air Associates Inc corn
1
Last
High
Supply Mfg—
Class
Beech
5%
Bell Aircraft Corp com..
Bellanca Aircraft com..
Bell Tel of Canada
Bell Tel of Pa 0
Blckfords Inc
Blauner's
Feb
3
Aug
1J*
Feb
Bliss (E W) common
Blue Ridge Corp com
** May
2%
Sept
8
May
July
pref
4
100
*113
115
700
Aluminum Goods Mfg...*
17
17
100
16** June
May
12 J* Sept
21
Apr
192** Apr
1185* Apr
18
Apr
5% May
42% May
115*
Feb
""850
1103*
Mar
12
Allied Products (Mlch)..10
Class A conv com
25
Aluminum Co common.. .*
6%
preferred
12 %
150
17
150
152% 163**
2,266
Aluminum Industries com *
Aluminium Ltd common.*
78
"70"
~8o"
0%
preferred
100
American Beverage com_.l
American Book Co.
138**
108
Jan
May
90** May
** Aug
"40K "46 k"
20
30
June
4
100
May
Amer Box Board Co com.l
109** May
15*
Apr
495*
Apr
75*
Aiwr
American Capital—
Class A common....10c
Common class B
S3
1%
Jan
25*
Apr
%
Jan
*11
Jan
May
205*
Jan
June
80
10c
*
13
*
Corp—1
65
preferred
$5.60 prior pref
Amer Centrifugal
** May
Mar
5*
Jan
Am Cities Power <fe Lt—
Class
25
A
150
28%
%
100
28%
%
100
Cyanamld class A. 10
Class B
10
345*
83%
34%
3,400
Amer Export Lines com..l
12**
12
12%
25** June
22** June
** June
35
31
28**
1
Class B
Amer
30
29%
Class A with warrants.25
30
900
n-v
Amer Foreign Pow warr
Amer Fork & Hoe com
American Gas A Eleo
4
%%
*
30 J*
100
30%
34 H
111% 111%
Amer General Corp com 10c
$2 conv preferred
3
1
3
205*
28%
2,400
175
100
25
$2.60 conv preferred
1
Amer Hard Rubber Co..60
Amer Laundry Mach
Amer Lt A Trao oom
100
14**
145*
400
"l9% "20%
25
0% preferred
25
Amer Mfg Co common. 100
10
"166
100
Amer Maracalbo Co
""%
1
"466
Amer Meter Co
American
10
5%
Amer Seal-Kap common..2
Am Superpower Corp com *
1st $0 preferred
.__*
55*
5%
7it
%
5%
he
71%
71%
115*
72%
12%
$0 series preferred
*
American Thread 5% pf__6
Anchor Post Fence
*
3
3
Angoetura-Wupperman __1
Apex Eleo Mfg Co oom
*
Appalachian Eleo Power—
$7
preferred
...*
lArcturus Radio Tube
113
Art Metal Works
7%
*
95
1
com
1%
1%
600
2
Assoc Tel A Tel class A
Atlas Corp warrants
Atlas Drop Forge com
{Austin Silver Mines
w
5%
Warrants
Aviation A Trans Corp
Axton-Flsher Tobacco—
■n Class
A common
10
Ayrshire Patoka Collieries 1
Babcock A WUcox Co
*
Baldwin Locomotive—
Purch warrants for com.
6
$1.20
conv
A
5%
.....
4%
600
4
Mav
«!•
**
**
1,200
100
14%
700
For footnotes
see
page 1551
10
$5 1st preferred
*
Bunker Hill A Sullivan 2.50
99
99
11**
11**
**
21
**
Burma Corp Am dep rets
Burry Biscuit Corp_.12**c
100
300
12
1,100
Vot trust ctfs
Jan
May
90% May
9
May
5* June
43
225*
108
14**
2%
7u
400
Aug
5* June
60c
1%
1**
5* May
**
Cable Eleo Prod com...60c
1
14%
100
12
Am dep
5%% pref shs £1
**
100
"2%
i'800
**
"2
Camden Fire Insur Assn..6
Canada Cement Co Ltd..*
Feb
7% partic preferred...25
Can Colonial Airways
1
115
Jan
%
200
400
1%
1,800
6
2%
400
99
2
11**
1%
** Sept
115* May
1%
Feb
17
May
5**
5%
14%
5%
14%
75
6%
2,400
Aug
Jan
Carnation Co common...*
Carolina P A L $7 pref
*
8J*
Feb
$6 preferred
Carrier Corp common
Jan
Apr
%
Apr
Feb
'a
Feb
2*<
Apr
25
14**
**
1,500
2%
68
Apr
1045* May
4%
Apr
23%
6
Jan
July
Aug
27%
900
6%
2,500
24
350
Feb
2%
Mar
4
Mar
**
000
3 J*
15%
4,500
4%
100
"is"
""26
Apr
9 J* July
5** May
7% 1st partic pref...100
Celluloid Corp common. 15
$7 dlv. preferred
*
1st partic pref
Cent Hud G A E
""26
8%
6%
200
"'2% "2%
"366
15* May
375
98
May
25* June
205*
Jan
09**
Jan
1,000
15
123
"26"
121% 124
"26"
"265*
"125
79
79
*
14**
145*
200
98**
99**
"l80
preferred
100
113** 1135*
**
**
**
**
1%
1%
1%
Charts
15*
Feb
45*
Apr
53
Corp common
10
Cherry-Burrell common..6
Jan
125
85* May
27** May
7%
Apr
$6
preferred
Jan
Mar
3J*
Apr
185*
Mar
25*
Apr
17** May
5% Apr
22
Jan
115*
Apr
Jan
Feb
Jan
$0 preferred BB
_.*
Cities Serv P A L $7 pref.*
$6 preferred
*
May
May
9% May
11J*
7%
165*
Apr
City Auto Stamping
•
City A Suburban Homes 10
Jan
Clark Controller Co
Apr
Claude Neon Lights Inc..l
0
6J*
Jan
Apr
Mar
5%
50
"56
1
12
10
May
Apr
May
Feb
20
Jan
3**
127
Jan
May
5%
Feb
34**
Feb
87** May
17** Feb
109
Jan
105**
Apr
105*
Apr
115** May
5*
**
2%
May
** May
•u May
8%
July
45* May
Jan
Jan
Feb
104** May
165*
Jan
7%
Apr
Jan
%
50
5%
7 J*
40**
109
•u May
200
loo"
1**
25
'i# May
1,800
25*
2%
Jan
Jan
Jan
Jan
Jan
Jan
45* May
7% Mar
13
Jan
May
117
Apr
June
83
Apr
10
Mar
"166
0
May
ht June
105*
150
7
Aug
Jan
"'9% "9%
9%
June
95
65
100"
6%
2,600
4
70%
0
71%
500
49
96
96**
20
6
»
Apr
15
5%
•
60c preferred B
Jan
2%
Chicago Rivet A Mach...4
Chief Consol Mining
1
Chllds Co preferred
100
Cities 8ervlce common.. 10
June
June
0*< May
95** May
50
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
Apr
Apr
13
91
3
preferred
100
Conv preferred
100
Conv pref opt ser '29.100
Sept
40
June
1005*
Cent Ohio Steel Prod
1
Cent Pow A Lt 7% pfd 100
Cent A South West Utll 60c
Cent States Eleo oom
1
6%
7%
5* May
18** May
45* May
27
May
975* May
80
May
6% May
55* May
0
May
6%
...*
com
5*
Feb
104
500
Cent Maine Pow 7% pf 100
Cent N Y Pow 6% pref. 100
5*
3 J* May
4
June
33
1
7%
Catalin Corp of Amer
1
Celanese Corp of America
Mar
12**
104
»
1
Carter (J W) Co common. 1
Casco Products
_*
Castle (A M) common. .10
18
35*
6%
33
Chamberlln Metal Weather
Strip Co
5
305*
**
*
Mar
Jan
May
4** May
'u July
Class B
20
May
4** May
Jan
Jan
15*
Feb
65*
75* Mar
18 J* May
18
Jan
195* May
2% Aug
Jan
15
1%
*
Mar
Jan
3** May
3** May
Aug
50
*
Marconi
65*
Jan
Sept
Class A voting
Canadian
05*
**
May
May
Jan
Apr
Canadian Car A Fdy Ltd-
115*
6%
•u May
2,200
3
15
Jan
Jan
Jan
Canadian Indus Alcohol—
Jan
June
Feb
Cables A Wireless Ltd—
Calamba Sugar Estate..20
Calllte Tungsten Corp
1
Apr
Feb
May
July
1% June
100
4%
28
2,300
2
May
1
T,500
"l4"
""SO
16
May
1
8
20
conv pref
Mar
$1.60 preferred
Carman A Co class A
5%
6%
14%
"36% "36%
220%
June
15* May
55* July
Jan
5
com
50
25
30
1
com
700
""% ""%
1
Baumann—See "Ludwlg*
Beau Brummell Ties Ino..l
Beaunlt Mills Inc com.. 10
$1.50
5%
22
Barlow A Seelig Mfg—
Baslo Dolomite Inc com__l
Bath Iron Works Corp
1
Feb
1%
3
7% preferred
30
Baldwin Rubber Co com.l
Bardstown Distill Inc
1
Barium Stainless Steel
3%
Brown Rubber Co
7%
18
26%
Mar
5* June
34
'26%
1,000
""166
*
May
5**
Feb
185*
Feb
2** May
88
May
45*
Jan
11**
Jan
2**
19**
2%
2%
"l% "l%
preferred
Feb
30
1J*
9%
18
2%
2
Brown Forman Distillers. 1
May
1% May
June
18
1
10
** May
May
11** July
4
May
Apr
22
6% May
** June
25
May
1% May
100
'u
25
x-w
w
16
200
Automatlo Products
__5
Automatic Voting Mach..*
0% preferred
0% preferred
10
"166
200
6% May
Feb
Mar
Mar
Feb
1%
1
Avery (B F) A Sons com.5
200
18
"2k "2%
1%
5*
8%
3** June
1%
17
Jan
July
%
05
*
1%
1%
100
3
Feb
20
8%
2%
14%
20**
7% July
7% June
1
»ii
14%
Apr
May
Capital City Products
•
Carib Syndicate
._25o
%
*
Jan
17
10
Jan
200
5
Atlas Plywood Corp
Auburn Central Mfg
19 5*
Apr
Apr
Apr
•
14%
July
14**
**
Atlanta Birmingham A
Coast RR Co pref
Atlantic Coast Line Co..50
Atlantic Rayon Corp
1
700
34
25*
25*
85*
2
2
13**
38
May
Feb
**
100
Atlanta Gas Lt 0% pref 100
Atlantic Coast Fisheries.. 1
13**
50
May
10** May
105*
23
1% May
1% May
87
Jan
May
1J* May
100
10
Jan
4
900
»
common
Jan
Jan
Assoo Laundries of Amer •
V t o
20
3%
49
500
H
*
Jan
17
6% May
..1
preferred
10
Apr
Buff Niagara A East Pow
May
2** May
1
May
5* May
8H May
...1
Class A
400
1,100
36
Iie
Amer deposit rets
£1
I Associated Gas A Eleo—
Common.....
Mar
Apr
*
Buckeye Pipe Line
Jan
Associated Eleo Industries
$5
175*
dep rets ord reg..109
Jan
75
May
Apr
£1
Jan
Apr
June
108
8%
7%
Bruce (EL) Co common..5
May
05*
25* June
3** May
8
May
30
Apr
15* May
29
May
1%
Apr
5*
Apr
dep rets ord bearer £1
Class A preferred
$0
1,300
Feb
Amer Tobacco-
Am dep rets ord reg
British Celanese Ltd—
Am
Feb
Feb
3i#
30
British Amer Oil coupon..*
Registered
•
Apr
Apr
Jan
5*
109** Apr
105* May
Mar
6
"266
X4%
23
Apr
Apr
15*
*
7% preferred
100
BrQIo Mfg Co common...*
Class A
•
Am
1%
2%
Mar
8**
700
31
Apr
** June
3,600
1%
45
100
10%
2%
Jan
Aug
Aug
5%
31
*
Jan
6
1%
5
1
%
48
300
5
9%
100
Apr
2,100
1,075
40
95
.....
500
1
6%
22** May
15*
Jan
2
li«
1%
1%
10
Ashland OH A Ref Co
%
112% 113
1
1,200
100
%
Arkansas Nat Gas com...*
Common cl A non-vot..*
0% preferred
Arkansas P A L $7 pref
Aro Equipment Corp
5%
63*
5*
Breeze Corp common
Brewster Aeronautical... 1
Bridgeport Gas Light Co.*
Bridgeport Machine
*
4
30
48**
3%
{Brown Co0% pref
100
Brown Fence A Wire com.l
Aug
4% Aug
8% May
June
100
37
2%
British Col Power cl A...*
May
% June
28
"l9k "l9%
3%
Jan
65
Jan
Mar
T,o66
2%
31**
*
Apr
"11
8 J*
1J* June
10** May
200
Brazilian Tr Lt A Pow
July
73
300
1,200
%
British
Feb
Apr
Mar
7
6**
%
Preferred
145*
40
Apr
Apr
4% May
37
7
100
Brill Corp class A
Class B
»n
37
%
%
37
»
1st preferred
Mar
12
200
preferred
Mar
June
Jan
May
2% May
Aug
5* Aug
83** June
35* May
%
145*
39**
18**
10**
29**
25**
2,400
%
1115*
13** June
115* May
25
May
13** May
65
May
** June
14**
%
35%
9% May
25% May
107% July
2% May
22% May
Mar
13**
25
2d
Jan
Mar
**
10** July
30** June
Apr
125
43**
46**
•u
30
Feb
Feb
136
4 J*
13%
Borne Scrymser Co
Jan
Mar
100
Bourjois Inc
•
Bowman-Blltmore oom...*
•ii
315*
345*
19**
38**
100
7%
May
July
Apr
May
400
7% 1st preferred
Apr
Apr
May
ht
38**
1
$3 opt conv pref
*
Blumenthal (S) A Co
*
Bohack (H C) Co com...*
19**
23
Republics
1
39**
Amer Pneumatic Service.*
Amer Potash A Chemical.*
Apr
May
88
♦
Mar
11
10
Mar
1J*
40
*
common
May
8% May
26% May
20
Preferred
20
%
10
preferred
Jan
Apr
33 J*
3
25
30
**
%
♦
A Machine Co com
Investment....
300
*
common
2
conv
1,500
85*
32**
85*
]n
36
Mar
S3
High
35* May
13** July
Purchase warrants
July
Allied Intl Investing—
Low
900
23
Conv preferred
111**
Alliance
5%
17%
3%
4%
105
109**
114
Berkey A Gay Furniture .1
July
98
5%
16%
Range Since Jan. 1, 1940
Shares
*
111**
*
107
High
for
Week
**% pf.100
Benson A Hedges com
AllesA Fisher Inc com...*
„
1
100
Allegheny Ludlum Steel—
7% preferred 100
100
preferred
Low
Price
Aircraft Corp
$2.50 preferred
Birds boro Steel Foundry
$6
Sales
STOCKS
(Continued)
May
4% May
45
May
May
May
4% May
0
May
12
May
** May
**
Apr
295* Mar
05* May
795* July
7% July
75
July
5%
"Ik "V"
14
14
**
"766
50
5*
300
85
116%
Mar
75
00
110
Mar
7%
7
105*
5*
Feb
Apr
Jan
Mar
Volume
Friday
Sales
Friday
Last
Week's Range
for
Sale
of Price*
Low
High
Week
Price
Par
Evereharp Inc
Feb
Fair child Aviation
1
9)4
2)4
Apr
Falrchlld Eng A Airplane.1
4)4
May
1
May
2
May
354 May
Sept
6
Feb
*
com
Feb
May
Cllnchfleld Coal Corp..100
Club Alum Utensil Co
Eureka Pipe Line com..50
4
2)4
*
600
3
Falstaff Brewing
9
4X
Cockshutt Plow Co com..*
354
Cohn & Rosenberger Inc.*
654 May
854
Jan
54 May
May
3)4 May
2)4
Jan
Fedders
454
Jan
Fed Compress A W'h'se 25
Flat Amer dep rets
Colon Development ord
6% conv preferred
3)4
£1
4 x
Colorado Fuel A Iron warr.
Colt'
78
77
Patent Fire Arms.25
i'soo
4)4
4)4
May
88
May
67
150
754 May
Fldello Brewery
70)4
Feb
IX May
100
154
1)4
1
Columbia Oil A Gas
June
2)4
1)4
2,700
FloridaP4L$7 pref
Jan
61
»i»
1)4
200
1)4
Jan
2534
150
25 X
25
J4
X
100
10)4
1154
400
10)4
78)4
200
11634 117
1)4
154
60
1
76
a
7654
Class B voting
2534
Fuller (Geo A) Co com
"854
Feb
S3
400
Feb
Jan
654
Apr
600
354
1
134
1154
May
4%
"454 "h"
i',300
754
Jan
24)4
May
6)4
Jan
54
Apr
154
Apr
com..6
$6 prior pref
60
8% debenture
100
Derby Oil & Ref Corp com*
A conv preferred
*
Detroit Gasket A Mfg—1
6% preferred w w
20
Detroit Gray Iron Fdy—1
Det Mich Stove Co com__l
Detroit Paper Prod
1
May
4
Jan
July
8)4
IX
Feb
Jan
22 X
May
X
1X
134
IX
27)4
27X
27 X
75
154
IX
154
54
Detroit Steel Prod
10
18)4
De V11 bias Co common..
10
10
21 54
954
IX
154
54
18)4
2 1 54
100
Gilchrist
Class B
17
112
Feb
6)4 Aug
2)4 May
7
Feb
July
19
*8)4
May
1954
Jan
May
32
Feb
Gorham
4)4 May
8
Jan
Grand Rapids Varnish
June
6
Apr
May
IX
Feb
Gray Mfg Co
Great Atl A Pao Tea—
Jan
Gorham Inc class A
1454
Apr
7% 1st preferred
100
Jan
Gt Northern Paper
26
May
Apr
May
54
May
154
Jan
2)4
Mar
154
Apr
12)4
2154
22
Jan
Sept
28
Apr
Apr
zlO
Apr
14)4
100
14)4
Sept
14)4
Sept
June
154
Apr
8X
1,500
Apr
May
25)4
May
6)4
100
4
June
Mar
"2)4
66
22 X
X
"254 "2)4
50
""400
6654
654
May
Mar
IX
67
June
20)4
107 X
180
64)4
22
66
Jan
May
Jan
Jan
2)4
71X
25
"ix
1
""A "ix
S6
'~8X
"9
"fT
Tsoo
2
2)4
62
52
55)4
800
2354
2354
2634
1,550
.....
100
100
Eastern Malleable Iron—25
Eastern States Corp
*
$7 preferred series A—*
56 preferred series B—*
Easy Washing Mach B___*
Economy Grocery Stores.*
Elec Bond A Share com..6
55 preferred
*
56 preferred
*
Elec P A L 2d pref A
*
4)4% prior pref
6% preferred
1,400
Hearn Dept Stores
54
54
354
354
100
66
Sept
26X
Sept
Horn (A
10)4
Apr
Horn A Hardart
154
Apr
Horn A
May
28
Apr
May
28
June
12
"554 "5)4 ii'-ioo
.
42
May
854
6554
61
May
74X
15)4
15)4
154
154
Option warrants
Electrographic Corp
500
20
3X
Jan
"26)4 "26)4 ""loo
254
3
300
74
254
10
May
14
21
May
2954
Apr
Sept
6)4
May
254
Jan
76
74
July
79
Feb
57
June
88
July
67
May
65)4 June
•11
Illinois Zinc Co
July
Illuminating Shares A..
Imperial Chemical Indus—
Am dep rets regis
£1
June
87
July
May
Mar
X May
26
Jan
11
Jan
19
3
600
.......
1551
•11
Feb
Aug
2654
Mar
2)4 May
6X
Apr
1,400
3)4
X
19
20
825
19
....*
July
88 X
8)4
56
May
11)4
Jan
May
11454
Apr
123)4 May
June
36
Apr
8
Jan
135
4954
1054
Apr
Apr
May
2)4
Jan
hi
Mar
X
Jan
100
Jan
June
29 X
102
June
111)4
Jan
10
107 X
May
114)4
Mar
5)4
Feb
May
25)4
2,000
Apr
14
40)4
May
fcMay
70 X
Apr
54
""800
54
Aug
*1.
100
X
Jan
IX
H
Feb
IX
300
IX
Jan
2X
July
8X
Apr
20 X
300
28
54
2)4
300
May
22)4
200
554
2,900
11)4
20Q
2)4
21)4
IX May
11
May
4
! May
Jan
Jan
29
3)4 May
Sept
22X
Jan
7)4
14
Apr
May
12)4
Apr
7X May
23)4 May
27 X
4)4| Jan
Mar
11
Jan
June
27
Mar
8
fMay
13
Apr
60
May
92
May
May
22 X
10 ,
24
75
73 X
75
16)4
16)4
9X
200
8X
600
9)4
8X
8
4
600
IIII fill"
30 X
30 X
60
13 X
June
6
*554
May
OX May
14 X
Feb
2954
254
tin
Jan
Aug
120
Jan
2954
175
26
May
109)4.109)4
10
108
July
13 X
May
54)4
6X
1,700
47 X
3,400
454
May
Feb
BX
June
mil
53
6)4
63
6)4
12
14
,
.V
.
"'154 '
38
,
154
38
"24"25)4
200
Jan
Apr
3)4
Apr
Jan
120
Apr
35)4
11254 May
19)4
Apr
Jan
68
OX May
8)4 June
10 X
Apr
254
*
100
28 X
"600
254
2154
654
4X
X
10 X
IX June
6
400
4)4
4)4
500
May
Mar
May
4)4 Mar
4
Aug
65
iJune
5X j Jan
Jan
36 X
July
2
9
Jan
Feb
ijf June
0
Apr
14 X
454 May
Dlv arrear ctfs
86
24 X
100
9
9
Apr
88
75
454
2X
6% conv preferred....60
74
28)4
June
»x«
7% pref stamped
100
7% pref unstamped..100
Hydro-Electric Securities »
Hy grade Food Prod
5
Hygrade Sylvanla Corp..*
Illinois Iowa Power Co
*
10)4
1
Elgin Nat Watch Co..—15
Emerson Elec Mfg
—4
Empire Dlst El 6% pf 100
Empire Gas A Fuel Co—
6% preferred
100
6)4% preferred
100
7% preferred
..100
8% preferred
100
Empire Power part stock.*
Emsco Derrick A Equip. .5
Equity Corp common
10c
53 conv preferred——1
June
4X
*300
Apr
18
500
IHuylers of Del Ino—
Common
.....1
Jan
500
2,500
7)4 May
54 May
Sept
Sept
Jan
74
150
Jan
5
.*
Hummel-Ross Fibre Corp
Hussmann-Llgonler Co...
Feb
17
154
100
preferred
1754
65
May
8
Hubbell (Harvey) Ino
69
354
6%
Apr
300
109
29)4
Humble Oil A Ref
Feb
IX
June
.4.02
54
Hardart
Apr
Apr
Apr
he
10
3054
28)4
25
28
Baking..*
Apr
63
554
6954
X
X
7X
C) Co common
4)4
254 May
25
*11
IX
10
1
10
May
54 Mar
14
105
Jan
Feb
800
200
40
40
common..6
May
Apr
954 May
22 X
Apr
Apr
11)4
Aug
2
Hoe (R) A
Apr
0)4
Jan
Apr
May
25
ex-warr.__.25
Chemical
Co
Apr
May
6)4
May
Preferred w w
Hewitt Rubber
49
7X
5
Class A
Preferred
July
7
Heller Co common...
Mar
91
654 May
.50
May
13
126)4
125
..26c
12 X
T.ioo
"~X
X
16'
Rube ostein
»
Feb
10154
93
10)4
corqp.6
6% conv preferred
Aug
Mar
May
4)4 May
26
8)4
May
10)4
41
16
Co class A
Holllnger Consol G M
6
Holophane Co common..*
Horder's, Ino
Hormel (Geo A) A Co com*
Mar
106
May
18
225
98
95)4
11154 11154
Hires (Chas E)
4
96
Corp
Heyden
154 May
Aug
May
100
B non vot common..
Haxeltlne
Jan
Apr
Jan
Jan
Apr
6)4 May
4,200
Hat Corp of America—
Jan
12)4
25)4
109
5
Hammermlll Paper.....10
Hartford Elec Light
25
Hartford Rayon v t 0
1
Hart man Tobacco Co
•
Harvard Brewing Co
1
May
654 May
X
X
"6)4 "554
preferred
IX
July
81
4
Hall Lamp Co
254
8)4
5
Sulphur..
June
80
6)4
95
25
Gulf States Utll 65.50 pf
7954
54
Apr
154
Aug
II
28 X
May
64
"906
71X
Apr
1
IX
25
Gulf Oil Corp
54 June
71X
cl B com *
48
88
100
20
X
Hele
Apr
Apr
Aug
May
May
25
Grocery Sts Prod com..25c
Guardian Investors
Hecla Mining Co
78
Mar
32
Greenfield Tap A Die...
Jan
Mar
32)4
110
*
Non-vot com stock
Mar
12)4
Mar
67
—10
For footnotes see page
Apr
7X
654
6)4
Lead
10
Fuel Assoc—
Esquire Ino
9)4
25)4
—
Common
13 X
May
4
Eagle Plcher
East Gas A
Mar
554 June
854
X
10
Feb
13
7X
com__l
1
Dominion Bridge Co Ltd.*
Dominion 8teel A Coal B 25
Dominion Tar A Chemical*
6 >4% preferred
100
Duval Texas
Mfg common
2
1754
8
95
05
*
10
1
preferred
27 X
Mar
ord reg—£1
Duro-Test Corp common.
S3
98
May
9654
6)4
Feb
11)4
90
55
40 X
99
20
Feb
54
Dobeckmun Co common.
Corp.l
100
8X
14
400
80
60
*
Goodman Mfg Co
Apr
Mar
»»!
Mar
454
6)4
Goldfleld Consol Mines..1
Feb
37 X
65
Apr
Apr
May
40)4
*
preferred
Apr
41
8754
Jan
4)4 May
.*
May
IX
14)4
Dlvco-Twln Truck
Durham Hosiery
40
9654
Godchaux Sugars olass A.*
Jan
Distillers Co Ltd—
Duke Power Co
Co
Apr
Feb
6254
*
Feb
IX
62)4
*
Aug
Feb
54
*
preferred
Sfi
May
May
May
June
Feb
8
*
*
254
200
new..2 X
Dubllier Condenser
S3 preferred
Georgia Power S6 pref
May
Feb
7)4 May
Mar
100
1
8X
30
54
100
10 X
zlO
Diamond Shoe new com..*
100
6% preferred A
Gen Water G A E 00m
May
ht
1554
1654
9
300
15
*
454
Jan
Aug
General Tire A Rubber—
June
100
200
Jan
IX
98
62 X
Gilbert (A C) common
Preferred
15)4
10
30
78
•u
IX May
954
July
26)4
84)4
30
July
54
*
May
600
Dennison Mfg cl A
90
65
Gladding McBean A Co..*
Glen Alden Coal
*
3
1
Jan
Feb
General ShareholdingsCorp
21
"206
41
50
Gen Rayon Co A stock
16
"1054 "ilk
May
X
4
100
30
25
Feb
Aug
Sept
108
334
75
1454
15
*
IX
3)4
40 X
4)4
6
500
5 54
554
39
54 May
$6 conv preferred
54
.
Feb
52
Feb
13 X
18
10
6,.
*
Cuneo Press 614% pref-100
Curtis Mfg Co (Mo)
5
Darby Petroleum com—5
Davenport Hosiery Mills.*
Dayton Rubber Mfg..—1
Class A conv
35
Decca Records common. .1
Jan
27 X
85)4
Feb
"it May
.
19
May
Common
Apr
Aug
154
"166
'ix "ix
.
July
12
Gen Outdoor Adv 6% pf 100
Gen Pub Serv 16 pref
*
3)4 May
200
12
50
in
Apr
May
3)4
2
40 X
25
*
May
6)4
54
154
77 X
2)4
1154
600
Jan
17
23 54
Warrants
Feb
1
1,200
32)4
*
preferred
16
Apr
55
_
2
„
30
Jan
X
IX May
1434
4
1354
354
Apr
Apr
20X
General Investment com.l
May
254
1354
xllX
17
Gen Gas A El 6% pref B_*
May
Aug
*j.
preferred
Jan
X May
19 X
*
Gen Flreprooflng com
Jan
X
800
854 May
May
May
100
200
Amer dep rets ord reg.£l
354
110
854
22 X
...100
6% preferred
854 May
10 x
6)4 May
Cuban Tobacco com
7%
IX
17
Jan
22
conv pref erred ...100
General Alloys Co
Gen Electric Co Ltd—
Jan
Jan
100
67)4
4%
Jan
98
May
6)4 May
Cuban Atlantic Sugar
Draper Corp
Apr
Feb
16 X
*
154
23
100
A..*!.
Driver Harris Co
stock
conv
97 X
3)4 May
""506
29)4
434
54
854
2154
1
May
1
£1
5
*
preferred
Apr
May
65
1
Stores
8354
120
May
4
54
com...25c
preferred
25
Am dep rets
Jan
17
May
X June
1
Gamewell Co 16 conv pf.
"SOO
1
Crown Drug Co
Distilled Llauors
3)4
17 X
Gatlneau Power Co—
84
29)4
3 54
1
Crowley, Mllner A Co—*
Crown Cent Petrol (Md)_5
7%
Feb
Mar
June
12 X
.15
partlo pref
Jan
50
Croft Brewing Co
Dejay
Fruehauf Trailer Co
Jan
1,500
60
Crystal OU Ref com
16 preferred
Feb
39)4
3)4
554
9354
5)4
9334
"T
com
Ltd
Conv
Apr
June
18
100
X
*
*
Copper Range Co
*
Cornucopia Gold Mines 6c
Corroon A Reynolds
1
$6 preferred A
_,.*
7% conv
I
200
1
Common
IX
3)4
May
7
$3 prior preference
Cosden Petroleum com..
Feb
45
2)4
1)4
1,800
2634
*
Crocker Wheeler Eleo
Apr
113
854 June
1,000
Fox (Peter) Brewing Co..5
Jan
"Ik "T"
93 X
1
Crown Cork Internat
May
1
Roll A Steel
Cook Paint A Varnish..
Creole Petroleum
Aug
70
Ford Motor of France—
Feb
6754 May
75
7% prior pf 100
Continental OH of Mex
Courtaulds
IX
12)4
»
154 May
25%
*
Consol Steel Corp com
5% conv preferred
Mar
he
9
IX
12)4
Apr
May
111
100
10
preferred
Cooper-Bessemer
175
*
54
18
Sept
154
1
Consol Retail Stores
Cont
20
IX
£1
154 May
1
Utilities
Consol Mln A Smelt Ltd__5
Cont G A E
300
2
100
Consol Royalty Oil
Jan
Aug
51X May
84 X May
X
xl07X 111
Apr
42)4 May
Aug
X
100
54
2)4
54
54
Consol G E L P Bait com.*
414% series B pref
36)4
1254
May
954
62
62
8X May
Froedtert Grain A Malt—
*
Corp__l
Consol Biscuit Co
8%
300
33
Class A non-vot..
Conn Gas a Coke Secur—
Consol Gas
""266
hi
Apr
Mar
15X
June
Amer dep rets...100 fros
—1
Vtcext to 1946
28
654 May
Ford Motor of Canada—
Compo Shoe Mach—
preferred
8
'll
38 X
21)4 June
X May
10X
Community Pub Service 25
Community Water 8erv__l
X
Jan
154 June
Jan
1)4
Commonw Dlstrlbutlon__l
S3
200
200
*12)4 *12)4
*
Am dep rets ord ref
700
Conn Telep A Elec
9
8)4
Ford Motor Co Ltd—
Commonwealth A Southern
Warrants
Sept
8)4
8)4
1
...
July
6
17X May
9
6
Fire Association (Phila) 100
Columbia Gas A Elec—
6% preferred
1
*
Mfg Co
4
100
100
23 X
22 X
June
1254 May
6X May
10)4
Apr
7)4 May
1,900
6
6
1
Fanny Farmer Candy
Fansteel Metallurgical
Apr
2
June
600
9)4
454
31
July
1
com
High
Low
2
Aug
30
150
Share
23
6)4
48)4
754
Mar
3)4
43
42
♦
Range'Since Jan. 1,1940
for
Week
of Prices
High
Low
Price
Par
High
LOW
Clayton A Lambert Mfg__*
Cleveland Elec Ilium
Sale
(Continued)
Shares
Salt
IT-#* •'^«a
Week's Range
Last
STOCKS
1,1940
Range Since Jan.
STOCKS
(Continued)
Cleveland Tractor
1547
New York Curb Exchange—Continued—Page 2
151
3
47 54
Jan
Feb
Feb
Feb
Jan
Apr
6)4 May
33)4
Apr
OX May
63 X
Mar
Mar
6
Jan
7)4
New York Curb
1548
Sales
Friday
srocKs
Last
reet't Range
{Continued)
Sale
of Prices
Low
High
Par
Price
Low
Shares
8)4
1 o*
5% June
1,300
100
Indiana Pipe
7%
0
preferred
12 %
000
109* 110
Jan
Jan
24%
Mar
Mar
Feb
4%
July
Sept
10*
100
IndplaPA L0*% pf—100
Jan
13%
July
3
10
200
7*
6% pl.100
Line
Indiana Service
102% May
1
Class B
100
V to common
I
Ti»
05H
64)4
550
7K
7K
IK
Apr
IK
Coupon shares
2%
Feb
Midland OH Corp—
$2 conv preferred
Mid-West Abrasive
K
%
2K
Apr
Class B
K
K
,
4
8)4
4
100
2%
8)4
900
6% June
9
1
*
1
Irving Air Chute
A
Jacobs (F L) Co
14
14)4
14*
'it
150
15
Jan
Monroe Loan Soc
Jan
Montana Dakota UtU
4%
10*
13%
Mar
5%
%
Jan
Mar
17%
Feb
H
July
Jan
100
2*
300
1% May
3% May
1%
100
1
2%
Apr
93*
101
103
107
107
107
22)4
22
23*
75
80
May
70
90
18
May
May
Jun£
26%
93
101
May
10
1,100
Kokenge com..*
Kansas G A E 7% pref. 100
Kennedy's Inc....;
5
117
..
117
6*
0*
..
10
Kimberly-Clark 0% pf.100
Breweries..
Kingsbury
65
IK
65
IK
1K
7%
Mar
Apr
Jan
112%
June
500
1
120
"li
87%
120
2%
1
5%
Lackawanna RR (N J). 100
Lake Shores Mines Ltd...l
14)4
Apr
Jan
Feb
Lakey Foundry A Mach._l
3%
4%
30%
7% pref.. 100
5%
5%
3%
100
200
"566
~14* *15
3%
100
800
10
Lane Wells Co common..1
May
Aug
0%
July
2%
May
z71
Jan
Jan
15
11% June
Jan
9% June
Apr
90* May
76
12*
t6%
43*
25*
4*
Apr
Apr
Apr
Mar
Jan
Mar
100
May
12* May
Langendorf Utd BakeriesClass A
»
Class B._
*
Lefcourt Realty com
Conv preferred
Lehigh Coal A Nav
50
1
»
*
2%
K
25
Le Tourneau (R Q) Ino-.l
Line Material Co
6
Llpton (Thos J) Inc—
0% preferred
28
9
2K
t
28
OK
600
200
150
21
May
9%
Feb
0*
Mar
*
Feb
0*
Apr
3
*
35*
12*
Mar
Jan
Jan
Apr
22*
Mar
June
1*
13*
Apr
May
10
8%
16*
July
%
9
May
7% June
13
Lit Brothers common..._*
Locke Steel Chain
5
_»
%
7,700
25
Lone Star Gas Corp
15%
Apr
4K
Aug
H
Apr
4% May
1% May
Mar
1,900
7%
May
10* May
400
%
May
1*
48*
Long Island Lighting—
Common
llit
....
7% pref class A
0% pref class B
100
1
32%
100
Loudon Packing...
Louisiana Land A Explor_
31
31
Louisiana P A L $0 pref..*
Ludwlg Bauman A Co com*
103
25
24
250
32%
24
22%
%
23%
%
050
Manlschewltz(The B) Co.
29*
1%
Apr
Apr
Apr
%
t c
1*
39
Mar
10
1
1
28%
1
5%
I
28%
50
IK
5%
140
200
5%
600
145
4%
13K
90
4%
13%
400
50
Jan
10
May
July
29
Feb
17
Apr
2
Memphis Nat Gas com
5
Mercantile Stores com
*
Merchants A Mfg cl A...1
June
IK July
1% May
Jan
21%
K
4%
123
3%
11
Participating preferredl*
25
2
6)4% A preferred. 11100
l
72
72.
K
26c
15
k
25
200
Jan
Mar
1%
35%
Apr
5* May
18*
Apr
Jan
30*
4*
*
July
70
July
Mar
Jan
July
*
3*
Feb
July
42*
Jan
Neptune Meter class A
July
Feb
300
11
June
42*
50
35
10*
400
11
11
10%
100
36%
90
15
"35* "36*
89*
"~600
175
91
May
7% May
10
Jan
% May
Jan
Feb
76%
Jan
11%
%
Apr
Jan
31
Jan
11*
Feb
17*
Apr
47* Apr
14* May
13*
Jan
3*
Feb
44
Jan
97%
3%
Apr
6%
Feb
Jan
June
54*
May
11*
Feb
100
1,100
1,500
8*
12*
Mar
9%
1%
6% May
Jan
8%
%
800
11,.
1
1%
Apr
Feb
1%
May
% May
8
Jan
July
%
%
May
12*
110)4 May
117*
Apr
84% May
3
May
4% May
84*
May
300
%
Jan
0
Jan
7
Apr
1
Aug
18% June
Jan
30*
Apr
June
13*
Jan
55
May
May
70*
25*
136*
Jan
18
8%
64
64
67%
115% 116
4%
4%
Xl4
57
Xl4
57
100
130
110% June
200
3% June
10% May
100
59%
1,300
1%
IK
1
100
100
N Y Auction Co
com....*
N Y City Omnibus—
8%
17%
8%
Warrants
preferred
81 %
7
1
N Y A Honduras Rosarlo 10
N Y Merchandise
.10
N Y Pr A Lt 7% pref.. 100
Mar
3% May
*
25
Apr
Mar
10
24
*
New Jersey Zinc
New Mex A Ariz Land
New Process Co
July
Apr
May
13%
17%
200
New Engl
New Haven Clock Co
New Idea Inc common
June
21%
142
7%
7%
7%
7K
9%
IK
4% non-cumlOQ
Pow Assoo.
*
0% preferred
100
$2 preferred
»
New England Tel A Tel 100
June
1% May
31% May
2
*
17%
100
650
49
2e*
2
U4%
»
114
114%
104% 105
"""30
May
July
July
Feb
8% Sept
15% May
Jan
Apr
8* May
15* Apr
67
Apr
1*
Jan
30
Apr
3*
Apr
15
Apr
28 *
Jan
May
9*
Mar
103% May
1)8*
Jan
7
130
98
May
17%
300
11
May
106% 106%
5%
5%
20% 20
30
98
270
4%
3,700
109
Jan
Shipbuilding Corp—
17%
Founders shares
__1
New York State El A Gas—
5%% preferred
New York Traaslt Co
100
5
N Y Water Serv
6% pf.100
26
100
May
5%
17
Jan
May
23*
108
Apr
May
7*
29
Apr
Jan
Niagara Hudson Power—
Common
10
4K
4*
3% May
6*
.
85
275
Jan
73
May
92
Mar
66
84
6% 1st preferred...IlOO
5% 2d preferred
100
July
87
Apr
xii
Class A opt warrants
Class B opt warrants
J an
% May
•ii
1
Feb
Feb
Niagara Share4%
4%
200
'64%
64%
"lOO
3%
Class B common....
5
Class A preferred
100
Nlplsslng Mines
3%
100
June
50
May
8% May
5*
Feb
99*
Feb
71* May
9* Mar
% May
l
1*
Jan
3% May
5*
Jan
% May
fi
Noma Electric
3% May
85
«
Nor Amer Lt A Power—
Common
775
84
1*
103*
Mar
May
20*
Apr
""lOO
15
May
44% May
20*
Jan
52
Feb
Mar
•ii
20
20
0% prior preferred..I50
No Am UtUlty Securities. *
50*
K
50%
30
K
300
Nor Central Texas Oil.. 5
Nor Ind Pub Ser 0 %
pf. 100
108^
109%
""70
95
May
110
118
118
30
97
May
May
118
7% preferred
100
Northern Pipe Line
10
Northern Sts Pow cl A..25
Northwest Engineering
»
4
*
•
Ohio OH 0% preferred.. 100
Ohio Power 0% pref
100
%
2% May
0
3*
Jan
Mar
May
Sept
9*
15*
Apr
21
Apr
10
10
10%
T400
7
16%
16
16%
200
12
32%
3%
33
000
26% June
38* May
3%
1,300
1% June
20
20%
550
17
May
107% 107%
25
95
May
3* Aug
24* May
110* Mar
94
June
107
Apr
U0% May
117
Sept
•
com
Jan
May
1,350
'it
79%
57
15
»x«
79%
...
$6 preferred
II*
North Amer Rayon cl A
*
Class B common
*
Ogden Corp
16
14*
42*
10*
Nestle Le Mur Co cl A...*
Nevada-California Elec—
Ohio Brass Co cl B com
Ohio Edison $0 pref
1551.
2,400
10
cum
June
May
8% May
% May
"""iOO
%
Li
200
3%
May
July
6% May
11% May
75
"'9% "9%
•
Novadel-Agene Corp
For footnotes see page
12
125%
6
30c
NUes-Bement-Pond
Jan
May
#
Nineteen Hundred Corp B1
4
%
10
300
*
Jan
Jan
July
•
Apr
Feb
Apr
100
16
11*
*
5
2*
May
16
11
*
42
9*
170*
Mar
50
2*
Feb
July
May
K
4*
Jan
May
May
May
3%
Merrltt Chapman A Scott *
Warrants
Par tic preferred
May
10
Dredging
Mesabl Iron Co
Metal Textile Corp
May
May
25
common
Master Electric Co
McCord Rad A Mfg B
Mead Johnson A Co
June
30
Ma pes Consol Mfg Co...
Margay OH Corp..
Marlon Steam Shovel....
McWilliams
20
1%
....
v
Jan
Jan
100
preferred
Massey Harris
2
25
Jan
30
6% May
8
$0
25
Jan
26
4% May
115
N Y
Jan
171
400
8
Jan
20
Jan
5*
115
Apr
Apr
Apr
106*
Jan
Apr
4%
4%
»
Mar
Jan
139% May
15% May
22
July
10
Navarro OH Co
0*
Mar
1
2%
7%
May
2% May
Nebraska Pow 7% pref. 100
Nehl Corp 1st preferred._*
Nelson (Herman) Corp
5
2*
common....
Mass UtU Assoc
Nat Tunnel A Mines
Nat Union Radio
44*
1
% May
700
134* 134*
National Tea 5%% pref. 10
National Transit....12.60
May
IK May
92
Apr
Sept
5
National Steel Car Ltd
*
National Sugar Refining.*
3% May
21
Jan
9%
3*
*
com
National P A L $0 pref
National Refining com
Nat Rubber Mach
100
June
250
National Candy Co
200
20
40
163% 165
19% 20%
....100
com
National Breweries
2
103
Hess
National City Lines com.l
$3 conv preferred
50
National Container (Del) 1
4*
Manatl Sugar opt warr..
Mangel Stores
conv
Jan
11%
42%
%
Apr
2% May
*
4*
100
Conv 7% lstpfvto.lOO
$5
Jan
Apr
May
200
1
2
Conv 7% 1st pref
Lynch Corp
June
preferred
Nat Mfg A Stores com...*
National Oil Products...4
Jan
10*
8*
May
6%
N ach mau-S prl ngflHed
Nat Bellas
Mar
2
Feb
5%
5
24%
*
common
73 %
Aug
75
Muskogee Co
.
Aug
July
55
85
Jan
Mar
July
3
*
common
National Fuel Gas
Li June
Koppers Co 0% pref... 100
Kresge Dept Stores—
4% conv 1st pref
100
Kress (S H) special pref. 10
Mar
94
117%
Mountain States Power—
Mar
1% June
UK
8%
3%
200
(Moore (Tom) Dlst Stmp 1
Mtge Bank of Col Amshs..
95
May
1
Jan
6%
55
Klelnertd B)Rubber Co. 10
Mar
Mar
June
20
Klrkl'd Lake G M Co Ltd. 1
Kelln (D Emll) Co com
Kreuger Brewing Co
36
27%
Feb
5% May
Jan
2,300
Mountain City Cop com.5c
Mountain Producers
10
Apr
May
May
Tii May
81% June
Kings Co Ltg 7% pf B.100
6% preferred D
100
Kingston Products
1
Klrby Petroleum
1
109
May
6
Murray Ohio Mfg Co
*
Muskegon Piston Ring_2*
6
3K
111
6K
7%
42%
Li
Mountain Sts Tel A Tel 100
Sept
Jan
1
70% May
May
300
7
6
7K
19%
Feb
113
100
Ken-Rad Tube A Lamp A *
Knott Corp common
97
95%
103
May
3%
163%
Montreal Lt Ht A Pow.
Apr
8%
11
May
107% June
90
July
Apr
120% May
1% June
Montgomery Ward A
17 K
May
Jan
Jan
2%
40
114
Moody Investors part pf_*
«x«
%
Jan
"ii
0%
Jan
43% May
10
July
May
12
4%
Mar
325
59%
A..
Apr
Mar
Jersey Central Pow A Lt—
6)4% preferred
100
preferred
...100
7% preferred.. .....100
Jones A Laughlin Steel. 100
6% May
9% May
Monogram Pictures com.l
Jan
1%
6%
300
42
%
2%
*
7%
114
1
18%
Mar
12
700
15
7
July
June
%
Monarch Machine Tool.
37
May
K
15
*
1
Jeannette Glass Co
May
3*
Interstate Power $7 pref.*
May
1%
Missouri Pub Serv com..*
Apr
8K
1
97
100
Mock Jud VoehrlngerComraon
$2.50
Mar
Apr
Aug
Interstate Hosiery Mills
Iron Fireman Mfg v t c
Feb
May
1%
May
May
8
Interstate Home Equ1p_.1
Investors Royalty
19%
6%
0%
23 K
K
50
1%
57%
Mississippi River Power—
0% preferred
100
Feb
Sept
%
*
Vitamin
5% May
19%
Sept
200
...»
19
1%
Minnesota Mln A Mfg..
Minnesota P A L 7% pf 100
Molybdenum Corp
1
May
June
7
12
Mining Corp or Canada..*
Jan
6
*
Mar
50
7K
12 K
800
Class A
5
200
Midwest Piping A Sup
May
Internat Safety Razor B_*
International Utility—
0,500
16 *
16%
111
111
111
10
Jan
3
"406
Develop
♦
15 %
May
3K
6%
50c
May
June
June
9
%
2%
%
4%
June
1%
Apr
Apr
Apr
1 %
6%
5%
5%
dlv shares.'
non cum
1
8 K
3K
Leonard Oil
$2
5%
*
Registered shares
July
May
July
300
1
Mldvale Co
Apr
5,400
Jan
% June
8
Midland Steel Products—
23 %
2,800
108 %
3K
%
t 0.........1
Middle West Corp com..6
73 %
3
11%
International Products...*
Lane Bryant
v
Feb
50% aMy
1,200
Aug
% May
4% May
»ii
3
Apr
Apr
12 K
2%
11%
*
700
%
4
t c
Ap»
9%
Internat Paper & Pow warr
International Petroleum—
Julian A
v
%
Internat Metal Indus A..*
Italian Superpower
Class A
10 %
100
103
%
Middle States Petroleum-
Jan
4K June
7%
1
High
7%
Midwest OH Co
50
Pref S3.50 series
Internat Industries Inc
Low
•
.10
Preferred
21%
113
Internat Hydro Elec—
International
Michigan Sugar Co..
17K June
Insurance Co of No Am. 10
Shares
High
*
Jan
International Cigar Mach *
$1.76 preferred
$3.60 prior pref
preferred..
Jan
9
100
Low
Mlcromatlc Hone Corp.
Industrial Finance—
preferred
$0
Apr
% May
K July
1
)4
)4
Price
Range Since Jan. 1,1940
for
Week
of Prices
Michigan Bumper Corp__l
Michigan Steel Tube..2.60
Class B
Non-voting class A
Veek's Range
Metropolitan Edison—
22
Indian Ter Ilium Oil—
7%
Sale
Par
12%
May
7% June
Imperial Tobacco of Great
Britain & Ireland
£1
Last
Hihg
6%
Imperial Tobacco of Can.5
stocks
(.continued)
7)4
7%
Sales
Friday
Range Since Jan. 1, 1940
for
Week
10*
Imperial Oil (Can) coup
Registered
Sept. 14, 1940
Exchange—Continued—Page 3
"3%
20
"lis"
JIB"
""16
May
May
Jan
Volume
Sales
Friday
Last
Week's Range
for
Sale
of Prices
Low
High
Week
Price
104
6% 1st preferred
preferred
183*
1133*
100
Apr
May
60
Mar
100
May
117
5
May
Mar
Feb
Feb
IX
133*
33 3*
pf_25
63*% 1st preferred
25
Pacific Lighting $5 pref.
Pacific P & L 7% pref._ 100
33 3*
30
333*
23*
2X
100
preferred
613*
603*
Salt Dome Oil Co
May
313*
Jan
Scovill
June
1083*
Feb
953*
Jan
May
63*
Feb
20
Feb
Pacific Public Service
1st preferred...
3H
33*
Feb
20
Sculin Steel Co
3,600
June
23*
Feb
63*
Securities Corp general
Jan
SeemaD Bros Inc
10
Feb
6
May
103*
20
May
353*
Jan
41
May
513*
Sept
ill
May
16 3*
27
May
36 3*
Apr
May
Parkereburg Rig & Reel.. 1
390
Class B
$1.40 preferred
Cent
100
May
30
11,100
IX
May
2 3*
Jan
Serrick Corp
2,200
1136
Jan
223*
Apr
Airlines com.l
163*
14m
64
Apr
33
15 series pref
12.80 series pref
June
Pennsylvania Gas & Eleo—
May
X
common
1033*
109
50
973*
180
50
/1583*
~58k ~5§3*
"loo
533*
May
53
22
Penn Water A Power
75
4?*
400
4
U2X
*111
*
$6 preferred
*
Penn Salt Mfg Co
60
Pennsylvania sugar com 20
Penn Pr A Lt $7 pref
109
109
180
180
100
Perfect Circle Co
43*
1
Pbarls Tire A Rubber
May
283*
Mar
May
8H
83*
Jan
July
Jan
Common.
Conv $3 pref series
Feb
Solar Mfg Co
153*
May
473*
Mar
Apr
183*
May
South
60
Pittsburgh Forglngs
1
0
300
"89 k
Pittsburgh Plate Glass..25
13*
Co.l
7.60
Pneumatic Scale com
10
Polaris Mining Co
25c
Potero Sugar common
5
Pleasant Valley Wine
8
May
43
May
63
100
9
May
89
943*
400
65
June
104
IX
100
13* May
73*
Aug
11
15
Premier Gold Mining
Prentice-Hall
10
'z
"§
21
21
200
13*
May
13*
43*
X
X
X
Jan
Spalding (A G) A
83*
Feb
813*
243*
Apr
13*
Jan
x8~X
*
*
x8X
"266
42
Mar
May
July
10
Feb
3*
"
23*
May
83*
May
4 X
May
May
95
16 preferred
Public Service of Colorado
Jan
May
600
Prudential Investors
109
June
May
Mar
913*
92?*
200
07
May
1003* May
46
300
35
May
593* May
108j* 1083*
0% prior lien pref
100
7% prior lien pref...100
Puget Sound P A L—
$5 prior preferred
*
84
84
86
*
23
23
173*
$0 preferred
40
99
June
1043* June
10934
Feb
1133* May
550
58
May
25
900
173*
200
133* May
113*
Jan
29
73*
'"In ""53*
Pyrene Manufacturing.. 10
Aug
87
"366
May
43* May
32 3*
Jan
May
103*
73*
Apr
Mar
*
103
103
10
94
June
125
Feb
0% preferred
100
Quebec Power Co..
Radio-Keith-Orphuem—
155
155
30
142
May
155
July
8
May
13
Feb
Option
warrants
600
H
...
63*
com...*
A.l
Raymond Concrete Pile—
Ry A Light Secur
550
3* Aug
636 June
X
Railway A Util Invest
S3 conv preferred
34
*
Raytheon Mfg com
Red Bank Oil Co
Reed Roller Bit Co
*
163* May
43*
43*
63*
May
Feb
14
Feb
41
July
13*
May
0?*
Jan
Aug
11?*
Jan
43*
Apr
May
IX
100
200
6
53*
133*
Feb
Sept
183*
X
53*
133*
Apr
10
May
14
4
July
June
63*
193*
Mar
43*
13*
100
3 3*
Aug
z53*
Jan
Swan Finch Oil
500
13*
May
23*
Apr
95
1043* 1043*
50
Jan
May
94
May
11634
Feb
Tll
Jan
1043*
1053*
U63*
July
July
300
14
Jan
Tbew
May
Jan
100
13*
Jan
2J*
400
13*
43*
AUg
2
IX
3*
AUg
*11
Apr
Mar
Feb
Jan
"123*
58
61
250
Feb
'2"700
June
65
Mar
23* May
61
5
Mar
42
"lZ
8
May
153*
40
"12"
May
50
43*
23*
Petrol—.—*
1551.
13
Aug
24
Mar
May
163*
83*
263*
May
100
1003*
June
X
June
14,700
'
83*
200
Mar
6
May
23*
100
Aug
13* May
5
234
Jan
Apr
July
Jan
Ordinary reg
Mar
11
Mar
203*
Feb
41?* May
1103* May
X
Jan
3*
Jan
273*
Jan
103*
Apr
Jan
May
•n
May
403*
Jan
Jan
13*
Feb
15 X
1
1,000
X
it
May
May
393* June
103* June
33*
33*
200
May
2
33
63*
100
1
1
300
2
2
100
63*
Jan
0
May
63*
X
13*
Jan
Feb
21
13*
Jan
62
Feb
15
Apr
4?*
38
Feb
Apr
93* May
93*
Apr
3
50
2
Jan
May
33*
Feb
2 J*
May
4?*
*11
3
Mar
3*
Jan
k May
10?*
13?*
Apr
7
103*
93*
13*
103*
103*
13*
100
400
1,400
Aug
63*
May
8
May
IX
33?*
Aug
Feb
15
Jan
Apr
Apr
Jan
2
403*
Apr
21
33*
27
27
1
33*
273*
500
1
600
93*
~~2~X "3"
""93*
500
"566
173*
150
93*
May
36
Jan
Jan
13
Jan
5
500
July
2X May
253* May
3*
Jan
83* May
103
163*
May
2
May
123* May
7
Jan
483* May
*
*
6s
*
July
X
43*
43*
300
743*
100
33* May
93*
36?*
Jan
13*
Apr
10?*
Feb
114
Mar
3
Sept
243*
15
13*
72
Apr
53* May
Mar
10?*
Apr
May
76
55
Apr
Apr
Jan
59
X
743*
Jan
Jan
6
103*
—£1
registered
Todd Shipyards Corp
Def
Feb
14
1
Ino
1
Tlshman Realty A Constr *
Stocks
Tobacco Prod Exports
Tobacco Secur Tr—
23*
Jan
19
100
ii«
*
Corp—.16
Tobacco A Allied
May
600
Tilo Roofing
2
123*
33*
33*
73*
Mar
Aug
Land Co——2
Shovel Co com....6
May
Mar
Jan
2
X
10?*
20
Texon Oil A
0
23*
13
1
Tampa Electric Co com..*
Taylor Distilling Co
1
Technicolor Ino common.*
Texas P A L 7% pref—100
11
x9
Jan
Jan
1,100
Class B common..—
100
xd
10
Mar
Jan
Aug
3*
43*
Superior Port Cement—
Feb
Mar
Apr
May
100
*
Taggart Corp com
3*
Apr
May
May
183*
106
X
1
53*% conv pref
60
Superior Oil Co (Calif)..25
200
*n
1
500
Corp
7,000
13*
313*
183*
31
106
common..*
*
6% 1st preferred
50
5% 2d preferred
20
Sterling Aluminum Prod.l
Sterling Brewers Inc
1
Sterling Ino..
-1
Stetson (J B) Co com..—*
53*
14
May
73*
2 3*
83* May
73* June
Sunray Oil
3*
20
1
53*
Sterchl Bros Stores
Jan
Jan
Jan
July
5
13*
X
5
Stroock (S) Co.
*
Sullivan Machinery..——*
Sun Ray Drug Co
-.1
Feb
Apr
Mar
63*
23*
1,000
*
*
Jan
13*
2J*
263*
Jan
2
72
1703*
43*
100
10
25
100
1
Mar
Jan
Mar
100
Canada—
(Hugo)
Feb
463*
30?*
303*
100
53*
13*
Stein (A) A Co
Stlnnes
Mar
8
1
1
6
Standard Tube clB
1
Standard Wholesale Phos¬
phate A Acid Wks Inc.20
Starrett (The) Corp vtc.l
12 3*
Goods
For footnotes see page
13*
Standard Silver Lead
43*
13*
1
...1
*
Richmond Radiator
1
Rio Grande Valley Gas CoVoting trust ctfs
1
Rochester OA El 0% pfClOO
0% preferred D
100
Rochester Tel 0 3* % prf 100
Roeser A Pendleton Ino.
Rome Cable Corp com...6
Roosevelt Field Inc......6
Root Petroleum Co
1
$1.20 conv pref
20
Ross la International
*
Royal Typewriter
*
Russeks Fifth Ave..—23*
Rustless Iron A Steel
1
$2.60 conv pref
*
Ryan Aeronautical Co
1
Ryan Consol
May
143*
Standard Products Co
43*
14
43*
Rheem Mfg Co
Rice Stlx Dry
3*
h» June
Engrav—5
Republic Aviation
36 May
100
(Daniel) common.*
Relter Foster Oil Corp..50
Reeves
Reliance Elec A
May
3* June
60c
3* June
103*
Feb
Feb
63* May
'
Common
May
27
....
Ordinary shares
Jan
Feb
^
Standard Oil (Ohio) com
Steel Co of
2 3*
44
243* June
13* June
Standard Steel Spring
Puget Sound Pulp A Tim *
Pyle-National Co com...6
Quaker Oats common
20
preferred..20
Preferred
Public Service of Okla—
Jan
Apr
Apr
Jan
6
35
35
--*
Standard Pow A Lt
Common class B
1?*
23*
Aug
400
5% 1st preferred
Standard Oil (Ky)
Jan
May
300
Standard Dredging Corp—
1133*
Jan
May
Mar
293*
5
Jan
107
Feb
Aug
303*
Spanish A Gen Corp—
Am dep rets ord reg—£1
$1.00 conv
May
44
43*
63*
Bros—1
Common
23* May
105?* Mar
3*
Feb
66
Feb
93*
Apr
1023* May
165
167
93*
June
Aug
July
99
29
53*
Tu
June
Mar
293*
*
Spencer Shoe Corp
Stahl-Meyer Inc;.
Standard Brewing Co
Jan
13*
3*
93*
44
*
Standard Cap A Seal com. 1
Conv preferred...
10
44
*
$7 prior preferred
"'440
223*
Apr
63* June
13*
Apr
9?* Mar
28
25
Preferred A
$5 preferred
$6 preferred
200
look Io4~~
Standard Invest $53* pref
rl043* May
0% 1st preferred
100
7% 1st preferred
100
Public Service of Indiana—
2,000
83*
63*
18 3*
100
21
Southland Royalty Co—6
July
43*
Nev__20
Providence Gas
Southern Union Ga'
Jan
Apr
July
32
Prosperity Co class B
Southern
3* May
1
1
33*
13*
100
Tel.—100
Phosphate* Co. 10
Pipe Line
10
Southern
May
400
Inc com..
53*
A.25
July
10
4
X
53*
7% preferred
South New Engl
65
..*
..1
623* June
106
13*
Feb
Aug
May
23*
"366
100
Pressed Metals of Am
Producers Corp of
June
Apr
Jan
May
3*
Jan
3*
300
Mar
153*
May
*ii
Mar
23*
3*
X
130
13*
23*
Sept
95
O—26
53*% pref series
Apr
113*
May
60
Jan
13*
6% original preferred. 25
0% preferred B—...25
Southern Colo Pow cl
133*
X
101
Calif Edison—
Apr
133*
330
IX
"850
com—1
25
Southwest Pa Pipe Llne.lQ
Sept
'MOO
123*
Canada.
6% 1st preferred
Pratt A Lambert Co
Feb
623*
Plough Inc com
6
Apr
83*
45
123*
Pittsburgh Metallurgical 10
Power Corp. of
May
60
'Ilk "l3
60
Pittsburgh A Lake Erie.50
Powdrell A Alexander
May
39
63*
63*
....
"823*
Penn Oil
Southern
Pltney-Bowes Postage
Pitts Bess ALE RR
Jan
2
114?*
May
May
33*
600
X
63*
69 3*
53*
200
South Coast Corp
Jan
June
May
Aug
May
1
Boss Mfg com
May
1
1,300
13*
Jan
June
«H
ord reg_£l
100
5
1
1
9X
5
2,700
200
14
14
Ltd..l
Meter
Amer dep rets
Skinner Organ
203*
7%
73*
1
A. 10
Jan
11
May
100
Sioux City G & E 7% pf
Sonotone Corp
Pierce Governor common.*
13*
83*
Jan
Jan
Apr
Apr
Mar
Mar
Apr
Apr
Jan
Apr
Jan
Singer Mfg Co Ltd—
Jan
313*
03*
May
37
1093* 111
1
53*
100
Singer Mfg Co
Feb
120
Phoenix Securities—
Pioneer Gold Mines
*
$3 conv pref
May
June
Apr
Apr
Mar
3*
Slmmons-Boardman Pub—
May
33* May
Phillips Packing Co
"78"
Simplicity Pattern com__l
Simpson's Ltd B stock
*
June
40
Jan
33*
Sllex Co common
Simmons H'ware & Paint.*
43*
June
X
10
Jan
293*
pref.25
1
300
53*
43*
43*
Apr
Jan
Mar
35
X
5X
*
8hattack Denn Mining—.5
103*
723*
903*
Feb
Sept
1
Jan
Feb
113 3*
Philadelphia Co common.
Phiia Elec Co $5 pref
Phila Elec Pow 8%
47
783*
May
July
13*
""256
X
1093*
112
9?*
19
44
44
1
1
Sentry Safety Control
5% cum pref ser AAA 100
Sherwin-Williams of Can
185
Mar
May
23*
bherwln-Williams com..25
1133*
Mar
8
46
Shawlnlgan Wat A Pow..*
Mar
Jan
63*
•11
443*
Sept
2
Jan
Jan
»ia May
1,700
3*
3*
"443*
383* May
66
May'
12
Co.*
Pepperell Mfg Co
May
Mai
3
43*
83* May
Seton Leather common
Pennsylvania Edison Co—
Class A
Apr
July
323*
3*
Mar
2
63
800
43*
6
stock
Convertible
May
IX
293*
200
X
43*
$5.60 prior stock
25
Allotment certificates
3*
2
July
June
1,200
1
Common
23*
15
19
13*
Selected Industries Ino—
50c
Pennroad Corp com
Penn
30 X
30 x
Jan
2 3*
.
Penn Traffic Co
May
35
Segal Lock <fe Hardware..1
Seiberllng Rubber com
*
Selby Shoe Co
*
Penn-Mex Fuel
34
*
33*
12 34
513*
Jan
May
*
Sept
483*
14
223*
400
9
X
May
com*
25
1
9?* May
3*
83*
*
com
8
Peninsular Telephone
Aug
May
10
20
20
3
Patchogue-PlymouthMllls*
Pender (D) Grocery A..
$5
400
273*
pref--*
Paramount Motors Corp.l
Parker Pen Co
Sept
9
Warrants
American shares
27
""166
127
..25
Water Service $6
Apr
813* May
Scranton Spring Brook
Mfg
4X
483* May
4
Aug
tji July
400
"27"
"27"
Scranton Lace common..*
May
4
Pantepec Oil of Venezuela-
175
643*
43*
5
*
72
900
Jan
Apr
May
44
"27"
*
Savoy Oil Co
100
29 h
43*
15)*
3*
1
common
Feb
Aug
May
2
3,400
3
4
4
1
Samson United Corp com.
High
2
May
IX
5
St Regis Paper com
Schiff Co
5*
9
Sanford Mills
33*
Feb
Low
*
Class A $2 conv pref. .60
7%
Range Since Jan. 1,1940
for
Week
Shares
300
153* May
3436
Apr
May
263*
1,000
83*
July
28
Pacific Can Co common..*
Pacific G 4 E 6% 1st
St Lawrence Corp Ltd
Apr
39
113
Overseas Securities
J 1.30
83*
213*
Low
Ryerson & Haynes com__l
Apr
July
53*
...1
Omar Lac
Mar
1163*
1083*
Price
Par
133* May
1,000
17 X
60
*
_
$53* conv prior pref
June
100
O
0
5
Oklahoma Nat Gas com_15
Oilstocks Ltd common
May
96
100
100
Ohio P 8 7% 1st pre!
of Prices
High
Sale
(Continued)
High
Low
Shares
Week's Range
Last
STOCKS
1,1940
Range Since Jan.
STOCKS
Par
Sales
Friday
(Com nued)
$3
1549
New York Curb Exchange—Continued—Page 4
151
X
Jan
Apr
Apr
New York Curb
1550
STOCKS
Last
(Concluded)
Week's Range
Sale
Par
of Prices
High
Low
Price
Toledo Edison 6% pre! 100
Loto
95
2,000
IX
IX
10
2X
100
*n
*
2
400
*i*l
*
x8X
Trunz Pork Stores Inc..
5*
900
6
5*
30
20
2
Tung-Sol Lamp Works.
80c conv preferred
Udyllte Corp
JUlen 4 Co aer A pref
X
T30(j
X
X
200
2X
2*
300
*
*
10
2X
United Aircraft Prod
lix
lix
300
X
"i*
6,700
com...
lliti
United Corp warrants.
United Elastlo Corp...
6%
6X
7%
250
1
IX
IX
2,500
108X 109X
1,000
109*
Option warrants
*i»
United G 4 E 7% pref. 100
United Lt 4 Pow com A._
*
79
'i«
May
1*
AimApr
3*
26 X
26 X
1,200
239
$1*
"60%
U 8 Rubber
6X
2
3*
13*
3*
16
Conv preferred
26
1
3
"lX
400
22 X
100
200
8
7X
69
""x """*
44 X
X
325
""166
60
44X
X
IX
Jan
45
Apr
Jan
Apr
Apr
Apr
5* May
2*
2
Mar
6*
Mar
13*
13
200
1*
Feb
Jan
65*
Apr
* Aug
1* May
* May
*11
Jan
2*
Apr
1*
Mar
2X
100
bbb3
x
bbb3
4*s
52*
10*
"~7~X
14*
10*
10*
4%
♦Conv deb 4*s___—...1948
z
dddl
♦Conv deb 4*8
1949
z
dddl
♦Conv deb 6a
1950
z
dddl
♦Debenture 6s.
1908
z
dddl
♦Conv deb 5*s
1977
Assoc TAT deb 6*8—...A '65
Atlanta Gas Lt 4*s—...1955
z
dddl
y
b
3
9*
Sept
6*
Apr
Apr
75
6*
7*
4
4
50
"l,200
4
100
»
6*
0*
107* 108*
4*
5
5*
5*
1
4*
Wool worth (F W) Ltd—
Amer dep rets
5e
4*
300
20
700
400
1,000
14
May
9* May
10* May
3* May
5*
Jan
4
May
* May
7* May
6* May
98
May
3* May
4* May
4* Sept
106
1,000
104* 108*
109
2,000
103* 110
95* 105
92* 100
5s with warrants
1947 y bb
103
103
5s without warrants
1947
y
bb
100
100
2,000
2,000
z
b
113*
111* 115
91,000
95
x
aa
106*
106*
105* 106*
106* 108
37,000
28,000
88* 110
Baldwin Looom Works—
♦Convertible 6s—.—..I960
Bell Telep of Canada—
1st 6s series B
1967
5s series C
1960
Bethlehem Steel 0s.....—1998
x
3
aa
1151
x
aa
x
bbb3
y
bb
3
Broad River Pow 5s—...1954 y bb
Canada Northern Pr 5s ...1953 x a
3
2
Canadian Pac Ry 6s..
Cent Power 6s ser D
1942
1957 y bb
4
Cent States Elec 5s
6*s
1948
y cc
1
33*
1964
y cc
1
Birmingham Eleo 4*8
1968
Birmingham Gas 6s..——1969
x
2
a
4*
4%
Debenture 5s..———1958
Debenture 5s
1909
3
b
3
b
3
"78*
78*
78
86*
86*
4
88*
87
3
98
97
1*
Conn Lt A Pr 7s A
x
aaa4
Feb
15* May
2*
7*
6*
Apr
Apr
59*
Jan
Jan
17* May
11*
Apr
Sept
1952
y
1951
1971
x
aaa4
lstref mtge 3s ser P.....1969
Consol Gas (Bait City)—
x
aaa4
109* 110
1108* 109
1127
(Bait) 3*s
ser
N
Gen mtge 4*s
Consol Gas Utll Co—
1954
x
aaa4
A stamped
Cont'l Gas A El 6s
1943
y
b
Cuban Tobacco 5s
1944
y
b
x
a
6s
ser
"96*
Delaware El Pow 5*8
1969
x
bbb4
Eastern Gas A Fuel 4s
1960
y
bb
2
Aug
El Paso Elec 6s A
%
6*
1,900
"82*
"85*
Mar
Apr
Aug
June
12*
Feb
3* June
0*
Jan
120
111
18*
24
Aug
28*
20
2
Jan
7* June
10
15
15
15
20
12*
23
23
8,000
18
22
22
1,000
15
25
13
13
114*
114*
Danzig Port 4 Waterways
U2*
15
Feb
64*
83
Feb
June
Jan
6,000
6,000
41
37
50
2,000
93*
78*
io~666
77
95*
70
82*
65*
80*
79*
60
60
79*
92*
76*
75*
92*
98*
125* 135*
81
10,000
105
111*
104* 109
124* 129*
57,000
75
92* 173,000
80
94
51
1,000
45
01*
96* 96*
9,000
106* 106*
1,000
82*
81,000
84*
3,000
110* 111
84*
85* 157,000
93
99*
96
104
74*
108
97
107
85*
112
70
85*
125
110
120*
105
105
~i~66o
103
100
103* 104
13,000
101* 105*
107* 107*
2,000
101
2,000
106* 109*
89
101*
23
147*
Federal Wat Serv 5*s
1954 y b
Finland Residential Mtge
Banks 6a-5a stpd
1901 y cccl
Florida Power 4s ser C —.1906 x bbb3
Florida Power A Lt 5s
135
101
38
104*
104
1954
x
bbb3
104
103* 104
y
bb
101
x
a
104*
22*
10,000
45,000
47*
57
98* 104*
100
105
Gary Electrio A Gas—
1948
z
78
1978
x
y
98*
ccc2
1943 y bb
4
100*
a
1
105*
b
4
1953
z
b
1965
y
bb
3
Gobel (Adolf) 4*8
1941
70
1
Glen Alden Coal 4s
Grand Trunk West 4s...—1960
Gr Nor Pow 6s stpd
I960
"72*
y ccc4
~70"
80
100
98*
99*
167* 75
100* 100*
105* 106*
70
114
72*
170
x
a
3
x
a
2
y
b
55
Green Mount Pow 3*s—1963
1945
100* 101
100
1953 y b
1956 y bb
1967
Grocery Store Prod 08
14
41*
15,000
1120
♦Gesfruel 6s
20
95* 103*
22,000
bbb2
Georgia Power ref 5s
Georgia Pow A Lt 5s—
Feb
63
25*
25*
bbb3
♦General Rayon 6s A
Gen Wat Wks A El 5s
29
3,000
1,000
11,000
05
X
Ercole Mare 111 Eleo Mfg—
6 *s series A
1963 y b
Erie Lighting 5s
1907 x a
Jan
July
li'ooo
101
x
Jan
Jan
20*
103*
100*
83*
I960
Empire Dlst Ell 5s
6*
27
102*
95
—1962
Jan
I
120
89
130
94*
91*
51
92
1958 y bb
Mar
Feb
152
90
48,000
80* 160,000
79*
41,000
42.000
79*
86*
34,000
34,000
98
66,000
125* 125*
89* 117
67,666
Consol Gas El Lt A Power—
Edison El 111 (Bost) 3*8,—1906 x aaa4
Elec Power A Light 6s
4
2030 yb
Elmlra Wat Lt A RR 5s—1956 x a
4
for
For footnotes see page 1551.
86
b
Sales
♦External 0*s
1952
♦German Con Munlo 7s '47
♦Secured 08—.....1947
79*
y
y
43*
b
Week
1955
1953
43
86
4
bb
General Pub Serv 6s
Gen Pub Utll 0*8 A
BONDS
Cent Bk of German State 4
♦Prov Banks 0s B..1951
♦0 series A
1952
77
77*
101* 101*
33* 34*
32* 33*
78
77*
y
FOREIGN GOVERNMENT
AND MUNICIPALITIES—
1951
85
5s ex-warr s temped
1944
Gatln«au Power 3*s A—1909
4X
Bogota (see Mtge Bank of)
♦Cauca Valley 7s
1948
84*
y
7*
5
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1940
♦20-year 7s
Jan 1947
99* 101
101* 100* 102*
*102* 104*
130*
138
153
"loo*
1949
112
75
10
7.000
106
Community Pr A Lt 6s—1957
11*
9*
63
6,000
12,000
109
Aug
6* May
1*
Apr
2
10*
20*
28*
28*
34*
10
a
4
10*
7*
30
10
18,000
13,000
aa
Cities Serv P A L 5 *s
6*s
Feb
50
02*
x
82
102
25
38 *
x
'64
81*
78*
May
14*
129
102* 108
11
15*
16*
15*
15
,15*
67* 70*
3
Apr
92
11*
10*
106* 111*
103* 108
56,000
90
70
May
15
15*
15*
185 X
Jan
31
15*
15*
15*
15*
43
Jan
70
1,000
16
115*
1
12
1* May
3* May
4* Sept
13,000
ie'ooo
60*
4
May
4
53
48*
{♦Chic Rys 5s ctfs
1927 z bb
Cincinnati St Ry 5 *S A —1952 y bb
ft* series B
'—1966. y bb
Cities Service 6s
1960 V
Conv deb 5s
1960,y b
Jan
84
10
lbb'ooo
104
105*
107* 109
108* 110
90* 105*
121
105* 106
49*
Apr
1*
10,000
128
2
2
1,400
1125
Cent States PAL 5*8—1963 y b
May
1
x
Debentures
Cudaby Packing 3*s—..1955
4
Wisconsin P 4 L 7% pf 100
Wolverine Portl Cement. 10
Wolverine Tube com
2
Ext 5s
...1948
Appalac Power Deb 0s —.2024
108* 108*
105* 105*
Apr
1
2,600
a
32*
77*
400
1
100* 101*
IX
2*
Mar
30
13*
1*
Mar
29
i#
IX
Mar
24
18,000
Avery A Sons (B F)—
1*
3* June
* July
•i« July
12* May
1*
Aug
bb
x
Jan
6
June
May
May
Apr
y
1903
Atlantic City Elec 3*s
Apr
5
2010
1st mtge 4s..
Jan
*
72
2,000
aa
12,000
109
{Associated Gas A El Co—
Feb
z48* May
1
Aug
* May
"460
aa
x
Apr
*
May
x
Arkansas Pr A Lt 5s......1950 x bbb3
Associated Elec 4 *s
1953 y b
3
July
8
63
1960
1970
Feb
7*
7*
"7'odd
105*
107* 108
104*
108*
3*8 sf debs
Am Pow A Lt deb 6s
Apr
May
74
7% 1st preferred
100
Western Tablet 4 Statlon'y
Common
*
Danish 5*s
aa
105* 106
102* 103*
104* 107*
102* 105*
99
106*
98* 104*
bbbl
x
105
3,000
107*
Appalachian Elec Pow—
2
3
Wayne Knitting Mills...6
Wellington Oil Co
1
♦Baden 7s
y
8,000
106* 106*
1105
106
104* 105
108* 109
$108* 109*
104* 103* 104*
1968 y bbbl
1st A ret 4*s
1907
American Gas A Elec Co.—
2*8 s f debs
1950
Feb
Apr
23*
Range
Co—
Feb
7*
83*
July
*
Wright Hargreavea Ltd..*
Apr
21
Watt 4 Bond olass A——•
Petroleum
1
1
May
8X
Walker Mining Co——.1
Woodley
Jan. 1
a
6*
8X
100
Wilson Products Inc
Wilson-Jones Co
Since
$
a
Aug
300
*
Williams OU-O-Mat Ht..*
Ap^
Sales
for
a
Feb
9%
Jan
Week
x
5*
243*
1*
9X
8X
9X
Mar
Price
x
Apr
* May
May
7
May
0* July
17*
See a
BONDS
x
"166
78
Feb
14* June
15
Mar
of Prices
Low
High
1940
""166
20
*
Mar
Weeks' Range
1960
10
78
Jan
Jan
Sale
1961
Aug
200
•i«
5
*
Last
1st A ret 6s_.
1st A ret 5s
*
200
Jan
*
6*
Friday
Jan
* Apr
2* May
38
June
*
9*
2,000
2,000
13*
Bank
z\H
Aug
1
Mar
40*
10*
10*
Rating
1st A ret 5s
Aug
2* May
May
4
May
14* May
100
IX
26
*
Weyenberg Shoe Mfg
1
Wichita River Oil Corp..lU
Williams (R C) 4 Co
*
1949
Alabama Power
1st 56
74*
15'
Petroleum
Westmoreland Coal
20
Westmoreland Inc—...10
**
*11
Jan
July
* July
1* June
""loo
7 OX
IX
IX
Va Pub Serv 7% pref.. 100
Vogt Manufacturing
»
Vultee Aircraft Co...
1
Western Air Express
1
Western Grocer oom
20
Western Maryland Ry—
Mar
Mar
Jan
Jan
"156
3X
22 X
"lX '"lX
conv preferred
5
Van Norman Macb Tool.5
Went worth Mfg
1.25
West Texas Utll $0 pref..*
West Va Coal 4 Coke
*i
14*
Apr
1*
Feb
000
"lX ""l'x
1
....
June
Jan
Apr
2*
2,200
3X
22 X
$4
Class B
Feb
11
16
Elig. &
Feb
3*
X
IX
....7
v t c
13*
RAILROAD and INDUSTRIALS
Jan
2*
113*
May
May
3
X
Waco Aircraft Co
Mar
*
8*
1*
200
IX
1 •
44 X
Wagner Baking
7% preferred
Apr
1*
28*
100
2,300
IX
1
com
1958
26
15
40
Apr
65
35*
2,300
IX
Apr
Feb
27
*ia
10c
Utility 4 Ind Corp com..6
35
Jan
20*
26*
Jan
Feb
Feb
27 X
33
700
...
com
26
Apr
15
*11
1921
♦Santiago 7s
28
June
7* June
1,000
Jan
64*
15* May
Mar
IX
com..
$5.50 priority stock
♦5*8
Apr
6
3
Universal Products Co...*
Utah-Idaho Sugar
6
Utah Pow 4 Lt 17 pre!
*
Utah Radio Products
Jan
May
19* June
32%
1
8
♦Parana (State) 7s
71
60c
Universal Corp v t c
Universal Insurance
Mar
8
9
*22*
13*
6*
**
♦Rio de Janeiro 0*s_1959
♦Russian Govt 6*s._1919
June
2X
Universal Cooler olass A..*
Venezuelan
"166
25
25 X
1st $7 conv pref
»
United 8tores common.60c
United Wall Paper
2
Valspar Corp
X
1,700
5
2
Reclaiming..*
...»
July
10*
13*
5* May
1,000
*20
*20
♦Issue of Oct 1927
Jan
Jan
ri«
May
47
"lx
Class B
13
9
♦Mtge Bk of Chile 08.1931
Mtge Bk of Denmark 5s '72
Apr
I*
May
39* June
3* May
3* May
3
May
* May
200
6X
X
1
U 8 Stores common
Jan
0*
64
120
6X
4%
20
oom
Utility Equities
"800
45
*
»
Universal Pictures
01X
45
com..
pref
conv
♦Maranhao 7s
Jan
Feb
89
•1# June
7*
U 8 Foil Co class B
1
U 8 Graphite com..
5
U 8 and Int'l Securities..»
U 8 Radiator
1.000
•i«
United Shoe Maoh com.25
Preferred
25
U 8 Lines pref
U 8 Plywood
Jan
3*8 8 f debs
10
$5 1st pref with warr
12
Mtge Bk of Bogota 7s. 1947
♦Issue of May 1927
Feb
4*
Unlted N J RR 4 Canal 100
United Profit 9haring__25c
United Specialties
♦0*s stamped
8
May
10% preferred
17*
12*
10* May
20
70
June
*11
(City) Peru—
til*
*u Sept
29
20
1958
♦Medeilin 7s stamped. 1951
* May
$3 partlc pref
..♦
United Molasses Co—
Am dep rets ord reg.
Apr
Feb
Feb
United
11
6*
10*
High
19
6*
39*
3*
May
1,300
Low
*12
1958
May
X
Mar
Range Since Jan. 1,1940
$
High
* June
z8*
Jan
Jan
900
X
SO 1st preferred
Milk Products..
Jan
»i«
X
Common class B
Lima
"1# May
87* June
500
*
Apr
64*
Jan
6*
Jan
8* May
59* May
* May
*
Jan
6*
Jan
A part pref
Un Clgar-Wbelan Sts._10c
Jan
*11
May
1*
Feb
7* May
2X Mar
Un Stk Yds of Omaha.. 100
Low
Price
115
20
100
"lx "lx
4*
United Gas Corp com
1st $7 pref. non-voting.
109
4X May
May
1* May
0* May
3X May
250
2
Series B pref
cum
Week
♦Hanover (City) 7s
1939
♦Hanover (Prov) 0*8.1949
*i«
100
2X
—...
Trt-Contlnental warrants
S3
for
of Prices
May
May
104
Tublze Chatillon Corp...
Clflsfi A«
United Chemicals
Week's Range
Sale
Apr
7% preferred
-.100
Tonopah-Belmont Dev. 10c
Unexcelled Mfg Co
Union Gas of Canada.
Union Investment com
Last
High
May
May
14, 1940
Sales
BONOS
(<Continued)
10
107 X 107 X
Sept.
5
Friday
Range Since Jan. 1,1940
for
Week
Shares
Tonopab Mining of Nev.
Trans Lux Corp
Transwestern Oil Co
Exchange—Continued—Page
Sales
Friday
aa
103*
66
71
9,000
97* 102
60
12,000
1,000
94
102
19,000
83
100*
87*
70
18*666
54,000
75
89
101
103* 107*
11,000
69
74*
90
66,000
65*
75*
70
"3",000
75
...
1107* 110
103* 103*
55
70
5,000
1,000
91
58
78
100
109
99* 105*
52
03*
134
39
36*
63
Guardian Investors 5s.—-1948 y
c
128
30*
23
42*
52
Jan
♦Hamburg Elec 7s—
z
dd
112
50
20
49
Mar
x
cccl
118
25
15*
20
6
2,000
15* May
16
Apr
Guantanamo A West 6s—1968 y b
Aug
May
May
Mar
7
Jan
7* May
7* May
18
June
Attention Is directed to the
new
17*
1935
♦Hamburg El Underground
A St Ry 6*8
1938
July
column in this tabulation
pertaining to bank eligibility and rating of bonds.
See
A.
Volume
New York Curb Exchange—Concluded—Page 6
151
Bank
Friday
Elig. &
Last
Week's Range
BONDS
Rating
Sale
of Prices
(Continued)
See a
Price
Bank
High
1900
x
♦Hungarian Ital Bk 7 %s.__1963
Hygrade Food 06 A
1949
z
c
*3%
b
68
68
*110
aa
1949 yb
6s series B
67%
67%
100% 111%
110%
64
81
67 %
109
L000
66
1907
x
1953
x
bbb3
107%
107 % 107 %
22~666
1954
x
bbb3
106
105 %
106%
23,000
1st A ref. 5e ser C
1956
x
bbb3
103%
105
105%
81 deb 6%s
May
1957
y
Indiana Hydro Elec 5s
Indiana Service 5s
1958
y
bb 3
bbbl
1950
y
b
*108
aa
73 %
♦Indianapolis Gas 5s A
1952
74 %
71
72%
96
94%
96%
35,000
99 %
2
bb
z
73%
71
38,000
28,000
2,000
41,000
15,000
97
1963 y b
1st lien A ref 58
Power
y
y
b
♦7s series F
1952
y
1957
y
b
105% 109%
101
107%
98% 107
90% 105%
87
101%
93
100
50
Range
Since
I
Jan. 1
60
99
62%
38%
1957
y
1961
y
Iowa Pow A Lt 4%s
1958
x
aa
1952
1963
y
b
1
y cc
I
bbb4
bbb4
Kansas Elec Pow 3 %s
152%
7,000
128
x a
4
106% 106%
1,000
104% 108
4s series A
—.1966
3
99%
99
1950 y bb
3
96%
96%
98%
1950 vbb
3
95%
94%
1952 y bb
4
88%
b
1
cccl
"13%
88%
*19
13%
Puget Sound PAL 5%S—1949 y bb
1st A ref 5s
ser
C
1st A ref 4%sserD
♦Ruhr Gas Corp 6%s
♦Ruhr Housing 0%s
51
♦Saxon Pub
29
103
103
107
~~3,000
39
39%
1,000
29,000
106%
106%
106% 109%
6s
47
47
1960
x
aa
2
2022
x
a
2
123
x
a
4
z
cccl
*107
*17
Long Island Ltg 0s
1945
Louisiana Pow A Lt 5s —-.1957
x
bbb3
104 % 104%
x
a
4,000
*104% 110
123
"looo
108%
40
4
106% 107%
1941
zdd
1
*20%
1948
y
b
4
*60
3,000
8,000
San
1953
1958
Joaquin L A P 6s B—1952
Wks 6s
1937
z
cccl
1951
z
cc
Scripp (E W) Co 5%8
1943 x bbb2
Scullln Steel Ino 3s
1951 y b
2
1970
x a
2
1947
y
Sou Carolina Pow 5s
1957 y bbb2
100"
103% 108
Ref M 3%s B
July 1 *60 x aa
Sou Counties Gas 4%s
1968 x aa
Sou Indiana Ry 4s
1951 ybb
So*west Pow A Lt 08
2022 y bb
71%
S'west
x
aa
1965
x
aa
48 series G
2
100
95%
100
95%
96
*107% 108%
107% 108
Middle States Pet 6%s_.—1945 y bb
98
98
Midland Valley RR 5s
1943
y
bb
MUw Gas Light
1967
1978
x
bbb2
104
104
x
bbb3
103
102% 103
4%s
Minn P A L 4%s
59
1st A rel 5s
1955 x bbb3
Mississippi Power 5s
1955 xbbb2
Miss Power A Lt 5s——1957 x bbb3
Miss River Pow 1st 5s
1951
x
aa
1960
y
bb
Nassau A Suffolk Ltg 58—1945
x
bb
2026
y
bbb2
2030
y
bbb2
Missouri Pub Serv 5s
Nat Pow A Lt 6s A
Deb 5s series B
58%
59%
104%
*105% 106%
104% 104%
104% 105
104%
109% 109%
109%
92%
93%
104%
2
100
112%
106%
100%
111% 112%
106% 107%
{♦Nat Pub Serv 5s ctls...1978
i
Nebraska Power 4%s——.1981
x
aaa2
2022
x
aa
1948
1950
x
bbb3
y
bb
New Amsterdam Gas 5s._ .1948
x
aaa2
1947
1948
y
b
4
58
y
b
4
Conv deb 5s
1950
y
b
4
1961
1948
x
aaa3
y
bb
3
'"97"
1954
y
bb
3
99%
1942
y
bb
3
101
1949
y
bb
4
6,000
10,000
Nelsner Bros Realty 6s
Nevada-Call! Elec 6a
N E Gas A El Aflsn 58
3%s
5s
New Eng Pow Assn
Debenture 5%s
"110%
2
3
110
25%
110%
*125
106
1,000
9,000
18,000
18,000
91% 100%
61%
70
98
104%
98% 103%
102% 107
120
65%
119
65%
65%
~65%
73%
120
68%
67%
65
96
104%
24,000
2,000
14,000
7,000
12,000
13,000
1,000
6.000
97
105
108% 110%
Pub
80
98
108% 111%
120
128%
110
83
122%
71%
71%
61
71%
88%
93
110
99%
100%
♦Income 6s series A
100% 103%
97
103%
101
Penn A Ohio—
stamped
N Y State E & G 4%s
1st mtge 3%s
N Y & Westch'r Ltg 4a
-
1950 ybbb2
4
1980 x a
4
1904 x a
2004 x aaa3
1954
x
aa
97
106
1
1953
y
b
y
bb
x
aa
y
b
N'western Pub Serv 58—1957
x
bbb4
—1945
%s.... 1968
y
bb
2
x
aa
4
1962
1955
x
a
3
x
bbb3
Okla Power A Water 58—1948
x
bb
1941
x
aaa2
Pacific Ltg A Pow 6s
1942
x
aaa4
Pacific Pow A Ltg 6s
-.1955
y
bbbl
1964
1977
z
ccc2
x
bbb2
1979
x
bbb2
1971
x
aa
2
1902
x
aa
2
1950
y
bb
1959
y
bb
1947
1954
x
aa
x
102
106
aa
106%
111% 114%
*113%
50%
97
102% 105%
104% 109
103% 104
108% 108%
3
5%s series A
1956
No Bost Ltg Prop 3%S—1947
Nor Cont'l Util 5%S
1948
Nippon El Pow 0%s
81
97
52
57
05
Ohio Public Serv 4s
Okla Nat Gas 3%s B
*104%
40%
3
94
101% 102%
104
105
35
42
103%
106
49%
101
x
95%
90% 103
102
113%
106% 110%
106% 110%
104
105%
64
98%
64
97%
87
90
105%
105
108%
53
37
14,000
40
60
72
35,000
49
74%
69%
72
22,000
49%
74%
69%
72
94,000
48
70
72
48
74%
74%
"69%
69%
72
26,000
56,000
48
74%
69%
69%
71%
58,000
49
74%
22
23%
13,000
14%
24%
41%
47
27
40
34
34
31
31%
12,000
1,000
2,000
7,000
17,000
8,000
69%
"69%
1957 y b
Standard Pow A Lt 0s
1957 y b
♦Starrett Corp Inc 5s
Stinnes (Hugo) Corp—
1950
z
1940
z
7s 2d stamped 4s
♦Ctfs of dep
7s 2d stamped 4s
♦Tern! Hydro El 0%s
47
1940 z
1953 yb
I
—I960 x bbb4
Texas Eleo Service 5s
Texas Power A Lt 5s
1950 x
0s series A
(L)
3
ccc2
31
105% 106
106% 106%
*116
119
95% 96%
100
2
a
2022 y bbb2
see
1979 y bb
3
96
4
62
23",000
47
40
46
18
-
38
40
21%
101% 106%
104% 108%
109
119%
88% 103%
Leonard-
Twin City Rap Tr 6%s—1952
yb
61%
62%
7
69
50
25,000
7
{♦Ulen A Co—
Conv 6s 4th Btp
1950 z
United Eleo N J 4s.......1949 x aaa4
116% 116%
United El Service 7s
1958 y bb
*27%
♦United Industrial 0%s
♦1st s f 0s...
1941 z cccl
1
1945 z b
United Light A Pow Co—
Debenture 6s
...1975 yb
I
23
20
6s series A.
Deb 6s series A..
1973 yb
*89
2022 x bb
Deb 0s series A
Va Pub Service 5% A
1st ref 5s series B
Deb
3
3
f 6s
s
2
1946 y bb
..1950 y bb
1946 y b
118%
45%
10
26
"2",000
16
-* 89%
28,000
5,000
19%
73
89%
74% 91
104% 110
|92%^93%
94,000
78
95
117%I117%
5,000
110
119
83
2
1944 x bbb3
26
12%
114
24
*107 %'109
92%
3
...1952 x bbb3
Utah Power A Light Co—
1st lien A gen 4%s
6%
28%
84%T 85%
Debenture 6%8
1974 y b
2
1st lien A cons 5%s.___.1959 x bbb3
Un Lt A Rys (Del) 5%s...l952 y bb
United Lt A Rys (Me)—
1,000
5,000
*13 m, 30
2
^
1,000
83
T100% 101
98 * |97%
98
103%
103% 103%
103%
103% 103%
101%
101% 102
4,000
14,000
20,000
9,000
11,000
72%
89
95% 101
85
101%
99% 103%
95
103%
102
94
Waldorf-Astoria Hotel—
1954
z
Wash Ry A Elec 4s
cc
West Penn Eleo 5s
2030 x
104% 109
100% 105
{♦York Rys Co 5s..
♦Stamped 5s
1937 z bb
1947 ybb
West
5s
1960
x
10,000
4
10%
107
109%
~i",66o
108
109%
113%
"l'ooo
52%
107
*102
106% 107
2
104% 108
104% 117
43
60%
"5" 000
4%
*109
108%
*107%
113%
4
2
bbb3
aa
2
1951 x aa
Washington Water Pow 3%s'64 x aa
*103% 104%
4
4,000
27,000
11,000
4,000
3,000
41,000
2,000
49%
*108% 109
109%
17
31
100% 104
57
72%
"5",000
1986 x bbb3
109
12
23
15,000
105% 106
49
49%
105%
b
Wise Pow A Light 4s
110% 110%
109% 109%
"l09
136
127
47
101% 101%
West Penn Traction
"110%
92
15
105% 109%
33,000
22,000
36,000
bbb4
100%
107% 111%
103% 109%
103% 109%
105 *3j 105%
15,000
*46
x
♦5s Income debt
No Amer Lt A Power—
102%
107%
13%
46
68 gold debs
Tleta
26
52
20%
"5", 000
104% 105
Deo 1 1960 y b
107%
New Orleans Pub Serv—
68 stamped
Debenture 6s
101
51
99
18
13%
106% 106%
106% 100%
1951 y b
(stamped).
Tide Water Power 5e
115
80
105
1948 y b
1948 y b
Debentures 0s
112%
105
97
99% 100
Conv 6s
101%
62
2,000
106%
3
1989
(stamped)
95
20
97
88%
113%
1945
Serv 0s
109
102
57,000
5,000
57,000
4,000
49,000
*108% 109
96%
111
~3~666
107
72%
96
~8~66o
127%
*105
72%
101%
81
104% 109%
102% 102%
series A
25%
99
100
81
Standard Gas A Electric—
6s
b
83
102% 102%
112
113%
102%
2025 y bb
Sou Calif Edison Ltd—
Ref M 3%s
May 1 1900 x aa
19
58%
100%
25,000
89,000
92
92
b
Southeast PAL 6s
Spalding (A G) 6s
xbbb2
2
x a
1st 4 %s series D
Sheridan Wyo Coal 6s
Memphis Comml Appeal—
y
2
Shawlnigan W A P 4%8—1967
103%
80
95%
*134
*14
*27% 29
101% 102
68%
67% 68%
85%
85% 86
86%
84% 86%
aaa2
♦Schulte Real Est 6s
McCord Had A Mfg—
—1952
1947
1971
x
42
53%
102% 107%
117
127%
104% 108
158
100% 139,000
107
3
62
19
67
z
30%
Mansleld Mln A Smelt—
08 stamped
z
29
39
105% 107%
104% 106%
Queens Boro Gas A Eleo—
64
39%
107 %
Pub Serv of Oklahoma—
Safe Harbor Water 4%8—1979 x aa
Lake Sup Dlst Pow 3 %s—1966
♦Leonard Tieta 7 Ha
1946
Debenture 5s
152
47%
71%
38 %
3
Metropolitan Ed 4s E
100%
3
20%
39
b
Deb4%s
106
y aa
2,000
70,000
8,000
2,000
107
38%
z
Mengel Co oonv 4%s
1949 xbbb4
6% perpetual certificates
28
105%
106%
10
73,000
17.000
49%
104
91%
14
...
107%
43%
61%
61
82
107
19%
*105
1942
♦7s mtgesf
2
21
—
5s stamped
x aa
1964
23.000
38%
3
Isarco Hydro Elec 7s
Italian Superpower 0s
5s series B
*14%
Public Service of N J—
74%
73%
57
*70%
1
28%
23
*21%
28%
1952 y ccc2
Debenture 6s
Iowa-Neb L & P 5s
Ogden Gas 1st 5s
High
2
62 %
b
Ohio Pow 1st mtge 3
Low
b
z
28
b
1957
York
Sales
x a
28
1955
♦7s series E
Interstate Power 5s
Corp(Can)4%sB—1959
5%s series A
6 %s series G
♦Ext 4%s
Price
1st mtge 3%s
sf debs 4s
International Power Sec—
New
See i
1954
Public Service Co of Colo—
79
1st & rel 5%s ser B
New Eng Power
Week
♦Prussian Electric 6s
1,000
IU Pr & Lt 1st 08 ser A
-
for
of Prices
{Concluded)
Jan. 1
%
Idaho Power 3%s
eo
Week's Range
Sale
Since
25
y
Kansas Gas A E
Last
Rating
Range
for
Week
1
Houston Lt A Pr 3%s
Jacksonville Gas
Friday
Elig. dt
BONDS
Sales
Low
1551
4%
112
108%
108
6,000
52
Newspaper Un 6s... 1944 y bb 2
1941 x aaa2
Wheeling Elec Co 5s
105
103
102% 107%
98
9,000
90
98
98
2
98
99%
7,000
94
99%
Pacific Gas A Elec Co—
1st 6s series B
Park Lexington 3s
Penn Cent LAP
4%s
1st 5s
Penn Electric 4s F
5s series H
100%
106% 106%
19,000
107% 112
*107% 108%
95%
104
105%
96
40
*39
103% 104
105% 105%
105% 105%
107% 107%
106% 11«%
64",000
86
39%
33",000
1,000
2,000
5,000
97%
43%
96% 104%
101
107%
100
100
104% 108%
Penn Ohio Edison—
6s series A
Deb 5%s
series B__.
Penn Pub Serv 6s C
6s series D
106%
*106% 107%
106% 107%
*100% 107
12,000
104% 109%
101% 108%
106
108%
105
*107% 108
108%
♦
Peoples Gas L A Coke—
4s series B
4s series D
—...
1981 xbbb2
1961 x bbb2
Phlla Elec Pow 5%s
x
aa
Phila Rapid
y
3
bb
b
1972
Transit 6s
1962
Pledm't Hydro El 6%S—1960
Pittsburgh Coal 6s
—1949
Pittsburgh Steel 6s
1948
♦Pomeranian Elec 0s
1953
♦Portland Gas A Coke 5s. .1940
y
y
30
b
y
103
bb
bb
z
97%
99%
112%
bb
y
97%
99
98
34,000
91
98%
100
14,000
95
100%
112% 112%
103
103%
30
/ 30%
*105
103
*13 "
91%
"e'ooo
83%
7,000
1,000
z
bb
1956
x
a
108% 108%
1961
1947
x
a
y
ccc2
*109% 111
*45
48%
83%
110% 116
92
103%
24
48%
103
100%
99
103%
13
92%
4%s series F
Potrero Sug 7s stpd
83%
T,o66
21
Potomac Edison 5s E
Stamped
12,000
107
103
9,000
19,000
14
78%
94
75
90
106% 109%
107% 110%
45
63%
No par value,
Interest,
a
Deferred delivery sales not Included in year's range,
d Ex
r Cash sales not In¬
Under the rule sales not lnoluded in year's range,
n
cluded In year's range,
z
Ex-dlvldend.
♦ Friday's bid and asked price.
♦
No sales being transacted during current
week
Bonds being traded flat.
( Reported In receivership.
1 Called for redemption:
,«
Northwestern Pub. Serv. 5s 1957; Jan.
e
l; 1941 at 104.
Cash sales transacted during the current
week and not included In
weekly or
yearly range:
No Sales.
y
Under-the-rule sales transacted during the current week and not
Included in
weekly or yearly range:
No sales.
▼
Deferred delivery sales transacted during the ourrent week
and not included In
weekly or yearly range:
No sales.
Abbreviations
Used Above—"cod,"
certificates of deposit;
"cons," consolidated
"cum," cumulative; "conv," convertible; "M," mortgage; "n-v," non-voting
"v t c," voting trust certificates; "w 1," when Issued; "w w," with warrants:
stock
"x-wr
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
status or some provision In the bond tending to make lt speculative.
y
z
Indicates issues In default, in bankruptcy, or in process
The
rating symbols
to rating
of reorganization.
in this column are based on the ratings assigned to each
The letters Indicate the quality and the numeral
bond by the four rating agencies.
rating the bond. In all
majority. Where all four
highest single rating is shown.
mmediately following shows the number of agencies so
ases
the symbols will represent the rating given by the
gencles rate a bond differently, then the
A great
A
majority of the Issues bearing symbols ccc or lower are
default.
Issues bearing ddd or lower are In
I
Attention Is directed to the new column In this tabulation pertaining to
bank eligibility and rating
of bonds.
See note a above.
in default.
AM
The Commercial & Financial Chronicle
1552
Sept. 14, 1940
Other Stock Exchanges
Friday
Baltimore Stock
Sales
Week's Range
Last
Sale
Stocks—
Par
Arundel Corp....
Bait Transit Co
of Prices
High
Price
Low
*
10 X
t c *
com v
31c
1st pref ▼ t c
Consol Gas E L A Pow
1.60
*
76 X
325
86
1.70
210
78 X
116
1.00
76
117
Allied Products
Low
31c
117
100
Allied Laboratories
Week
Shares
19
11
High
1
v tc
17
120
Fidel ty A Deposit
20
Fldellty&Guar Fire Corp 10
17
120
27 X
Houston Oil pref
100
«,
»
1
Armour A Co common
Common class A
Apr
83 X
Asbestos Mfg Co
119X
Athey Truss Wheel cap..4
Aviation Corp (Del)
31X
Apr
2 60
1
16
May
91X May
26X June
20
Jan
35
64 X
82
20
82
19X
20 X
477
Western National Bank.20
32 X
32 X
10
1.00
Jan
Brown Fence A Wire A pf*
Jan
"io"
Bruce Co (EL) com
....
Mar
14X
May
23 X
32
Sept
37
Jan
Mar
33X
33 X
34*4 519,500
23
May
35 X
33X
33 X
1,000
30
May
40 X
97 X
97 X
1,000
90
June
97 X
Apr
Apr
Sept
102 X
102X
4,000
101
June
103X
Jan
Week'8 Range
of Prices
High
50
17
Range Since Jan. 1,1940
86
350
30 X
35)4
30)4
43
45
18X
18
X
Jan
32 X
Jan
May
July
86
Feb
38 X
July
May
May
50 X
Mar
20 X
Apr
July
8X
Mar
34 X
38 X
81
10 X
103
Mar
l'A
7
1
6X
191
6
2
2H
70
2
2
100
2X
2H
2%
164
12
56
13
120
10 x
Jan
3
IX
IX
25
2X
May
IX June
3X July
2X May
3X Mar
May
Feb
IX June
11X June
16
May
Apr
6X
6 X
6)4
162
3
5
26
3X
4X
200
3X
May
6X
Feb
IX May
3X
55 X
Mar
X
4X
East Gas A C uel Assn—
May
8X
Feb
*
2
2X
269
52
55 A
680
26
527
Eastern Steamship L com.*
Employers Group
*
Gillette Safety Razor
*
23 X
3
3
30
2X
20 X
21A
190
16 X
Aug
Mav
20 X
Apr
2%
3X
134
3 X
Sept
6X
Mar
Hathaway Bakeries cl B._*
40c
40c
100
50c
38)4
38)4
12
12
Apr
July
Apr
100
62
100
24
Preferred...
*
Loews Theatres (Boston)25
Mass Utll A8socts v t C..1
12
Mergenthaler
18
Linotype..*
NarragansettRacgAssnlncl
New England Tel A Tel 100
N Y N H A H RR
North Butte
80c
80c
15X
5X
116X
10
207
80c
484
5X
2,300
115)4 118
Me
263
Me
2 50
40c
44c
1,449
72)4
72 X
10
8c
8c
9X
9X
IOVb
105
...60
20X
20 X
21X
425
Qulncy Mining Co.
25
Reece Button Hole MachlO
Shawmut Assn T C
..*
IX
.....
8
10
9X
Stone A Webster
*
Torrlngton Co (The)
*
"29"
6
United Shoe Maob Corp.25
Union Twist Drill Co
6%
pref
cum
25
7X
Jan
May
44
11X
June
18
X
May
4X
June
Me
Aug
Jan
Decker
8c
Sept
May
May
7X
14X
X
19
18 X
May
33
99 X
May
15X
100
12
19
Feb
11X
100
Q
May
19X
JaD
IX May
13X May
2X
Mar
2
50
20
100
3 X
3 X
4
30X
5X
Apr
10X
Feb
9X
May
32 X
345
25X
Jan
62
498
55
May
84 X
Jan
Illinois Central RR
com
45
40
39 X
June
45X
Sept
Indep Pneum Tool
s t
29X June
3,700
3X June
7X
650
3
5
Apr
Feb
50
14 X
May
IS
10
35 X
May
57 X
Jan
9
50
8X
12
Apr
2
2 X
600
40 X
46 X
„
-
-
-
M.
41X
170
40
48 X
2,440
3X
May
IX May
30 X May
75
3X
8X
15X
38
3X
10X
"~5X
8X
150
17 X
730
12 X
10 X
10 X
200
16
"16"
16X
100
9X
16
8
4%
8X
38
8X
450
8
May
38
50
34 X
12
10
10X May
50
30
700
9
3 X
100
8X
315
25X
25 X
•n
200
350
27
Apr
Indiana Steel Prod com
Inland Steel Co cap
1
2X
2 X
*
81X
83 X
170
International Harvest com*
66 X
44 X
46 X
256
38X
12X
12 X
435
9
45
45
45
50
101
101
Katz Drug Co
67 X
17 X
1.000
87
Series A 4Xs
1948
95
95
Series B 5s
1948
98
99
1.100
86
July
Aug
June
June
74
X
Aug
23 X
Aug
98
Apr
101X
Mar
1
com
Kellogg Switchboard
4X
6X
com.*
Preferred
100
Ky Utll Jr cumul pref
Kerlyn Oil Co com A
50
Klngsley Brew Co cap
LaSalle Ext Univ com
Leath A Co—
43 X
5
2X
X
1
Apr
16X
Apr
13 X
Jan
May
28
Apr
IX June
May
June
44
June
50
Apr
4
May
5X
May
4 X
100
500
100
Jan
X
20
38
May
49 X
2X
800
2X
June
3X
Jan
300
X
Jan
X
IX
Mar
43
50
Salle St.,
Sept.
6X
6X
250
23 X
5
May
May
IX
IX
200
IX
15X
Aug
Sale
Par
Abbott Laboratories
aee
High
/56X
58 X
198
47X
48X
70
High
3X
3X
100
70 X
34 X
2 X
61X
May
May
4
Jan
7X
Apr
Apr
200
1X
Jan
100
20X
July
28 X
Apr
Apr
»
13 X
13X
14X
1,200
8X
May
15X
Feb
1
3X
3X
3X
27 X
150
4X
750
5X
4X
5X
e
4,400
5X
5X
6
2,550
Field
Mfre
A
com
7% prior lien
27 X
Jan
11X
4X
6X
pf*
7X
25X
Modlne Mfg com
*
Monroe Chemical Co com*
com
_•
National Standard
com.
IX
5
100
6 X
90
7X
150
26
IX
200
300
39
43
550
4
39
10
Noblltt-Sparks Ind cap
5
Northwest Bancorp com.. •
10
3X
Apr
24 X June
3X
Jan
6X
IX
May
Mar
3X June
100
conv
Montgomery Ward
Jan
Apr
20
Sec—
com
Minneapolis Brew Co cm.l
50X May
26
Sept.
May
May
13 X
2
Middle West Corp cap
5
Midland United conv pf A*
Midland Utll—
Range Since Jan. 1, 1940
25
Apr
23 X
*
Mlckelberry's Food com.l
Low
Aug
Apr
3X
IX
*
*2 cumul part pfd
Week
Shares
9
National Pressure Cooker 2
Advanced Alum Castings 5
For footnote
of Prices
Low
*
com
Acme Steel Co com
Price
2X
150
9
23 X
Miller A Hart Inc
Stocks—
250
Jan
Mar
23 X
Class A
CHICAGO
for
10
6 X
io x
Jan
*
Marshall
Sales
Week's Range
18
2 X
10X
13 X
80
Feb
5
com
com
Merch
Chicago Stock Exchange
Last
18
2X
10 X
Apr
Loudon Packing com
Sept. 7 to Sept. 13, both inclusive,
compiled from official sales lists
Friday
*
Feb
8X
14X
18 X
2X
Liquid Carbonic
Principal Exchanges
Bell System Teletype
Trading Dept. OGO. 405-406
Municipal Dept. CGO. 521
La
X
120
6X
101
Lynch Corp
Members
S.
250
24X
*3.50 preferred
Pan IH. Davis & <90.
10
X
Lindsay Lt A Chm com. 10
Lion OH Ref Co cap
*
Jan
6X
101
*24X
*
Jan
Jan
6
r_
Mar
May
Lincoln Printing—
Common
Unlisted
3X
90X
Jan
62 X
17
LlbbyMcNelllALlbby com7
SECURITIES
LUted and
Feb
5X
May
Cumulative preferred..*
CHICAGO
1
Apr
May
6X
18 X
Mar
7,500
Feb
Mar
15 X
35 X
th May
2
Mar
18X
42
Jan
Apr
May
Jan
62c
150
July
26 X
10
May
7X
IX
68 X *10.700
Feb
27 X
6
July
X
17X
12X
Sept
25
35c May
67 X
May
100
7 X
Apr
Feb
25 X
3X
6X
Apr
Mar
10
49X Apr
66X
Apr
12X
5
100
12X
Jan
25
50
5X
1960
May
May
12
"Tx
X
2X
Sept
5X
33
Incmtge A 4X%—1970
Eastern Mass St Ry—
May
5X
25X
12 X
Joslyn Mfg A Supply com-5
Apr
16 X
92
Boston A Maine RR—
May
47 X
9
47 X
IX
■
Sept
26
7 X
7X
Bond*—
Apr
4X
IX
May
May
Apr
Apr
37 X
6X
630
Mar
5X
40c
IX
Jan
X
14
4X
16 X
30
c_.*
3
14
17 X
7X
12X
X
Illinois Brick Co cap
9
May
11X May
4X
30
com
Jan
Aug
May
4X
49 X
1
Houdallle-Hereney cl B__*
Hupp Motor Car
100
23 X
Jan
4X
300
*
33 X
32 X
Mar
72
250
Hormel A Co (Geo A) com*
com
110X
24 X
June
10 X
13
10
Apr
May
May
,
Goldblatt Bros Inc com..*
com.
Apr
13X
16 X
Goesard Co (H W) com..*
Great Lakes DAD com..*
Jan
X
61
40c
...*
July
Apr
8
40
10 X
Horders Inc
Sept
May
6X
1,630
2
Gardner Denver Co com *
General Amer Transp cm.5
May
44 X
10
Apr
11
Four Wheel Drive Auto. 10
Fuller Mfg Co com...
1
5X
30 X
60 X
33
15X
Elec Household Utll Corp.5
Fairbanks Morse com
*
22 X
44 X
May
May
19X
12 X
16
Jan
Jan
10
25 X
64 X
*
Jan
Mar
106
Mar
17X
*
Feb
12X
100
May
3X
38
64
*
835
61
22 X
95
Jan
0X
May
May
Dixie Vortex Co-
Dodge Mfg Corp com
Eddy Paper Co (The)
May
May
8%
436
168
Heller pref (w w)
25
Helleman Brewing cap._.l
HIbbard Spen Bart com.25
IX
6X
14
Feb
2X
30
225
Jan
9X
4
200
4X
7 X
Apr
12
2,150
3
17 X
16X
Aug
Mar
4X
24 X
Aug
Jan
lix
91
7X
Harnlschfeger Corp
7X
X
May
May
10X
Feb
7 X
hi June
7X
5
15c
134
Apr
53 X
2
Goodyear T A Rub com..*
Mar
84
June
60
0,500
106
»
Dexter Co (The) com
Diamond T Mot Car com
Jan
Feb
55
667
31X
...10
com
Sept
IX
37
(Alf)fA Cohn—
Common
Deere A Co
21X
Jan
9X
6
25
920
May
May
Jan
Aug
25X June
120
13 X
100
com
Gen Motors Corp com..10
Gillette Safety Razor com *
78
X
X
8X
77
Sept
Jarvls (W B) Co (new) capl
Warren Bros
1st Mtge A
Preferred
May
6X
z22 X
Cudahy Packg 7% cm pflOO
CunnlnghamDrugStore82 X
Dayton Rubber Mfg com.l
Sept
6X May
Apr
Feb
X
Apr
35o
61
15X
100
500
34X
6X
Container Corp of Amer.20
Continental Steel com
*
Apr
Jan
X
Mar
May
May
1,700
30 X
30 X
19X
78 X
6
Capital
25
Consolidated Oil Corp...*
137
Mar
X
4X
37
70
34
General Candy clA
5
General Finance Corp cm.l
General Foods com
•
2X
Jan
108
100
130
1
2X
*
18
Aug
12
Apr
210
61 X
X
7X
Sept
8
29 X
32
26
Mar
10
28
Utah Metal A Tunnel Co.l
Waldorf System
*
j-
27c
100
IX
May
28
10
*
Pennsylvania RR
12 X
55
Northern RR (N H)...100
Old Colony RR—
(Ctfs of Dep)
Pacific Mills Co
May
70
18
5X
26
88
Jan
X
Club Alum Utensil com...*
Coleman Lmp A Stv com
Commonwealth Edison—
Common
Common
4X% prior pref
0% preferred
.20
Apr
X
Crane Co
IX
6H
100
Hecla.^ar
Mar
May
330
Cl D 1st pref std
Calumet A
X
1554
x66s4
2,610
19
175X
Jan
May
May
May
X
20 X
9X
75
10
com
Jan
Apr
*X
50
Cities Service Co
Mar
7X
23 X
14 X
200
May
July
10 X
Apr
Jan
68 X
144 X
Me
Feb
July
68 X
1,986
80
Feb
HX
4X
X
X
X
Chrysler Corp common..6
61
20
4X
28 X
Jan
60c
22X
June
150
8 X
20X
Jan
Apr
June
June
71
50
27 X
July
Me
220
250
38
~m~H
Apr
Mar
X
8
1
36X
11X
5X
37
com
Chicago Corp common
2
Cl C 1st pref std
Cl C 1st pref
C »i>l er Ra me—
37X
Jan
May
Sept
6
150
X
Preferred
20
84 X
Boston Personal Prop Tr_*
5X
Apr
100
100
*
14X
X
5%
.....50c
Feb
24
100
X
1X
5
0X
1
13 X
44 Mi
100
Cl A 1st pref std
Common...
30
85
100
Prior preferred
18X
80
Chicago Flexible Shaft cm5
High
Maine—
4
Common std
18X
100
24
85 X
13 X
12
2X July
4X May
17X June
500
200
78 X
Feb
Apr
18X
9
250
5X
19X
7X
18 X
5X
50
Convertible preferred..*
Low
30c
3
5
18X
Cent 111 Pub Ser *6 pref..*
Central 111 Secur—
250
18
Me
Boston Herald Traveler..*
Boston
for
Week
Shares
10
100
7X
Campbell-W A Can Fdy
Capital
Castle (A M) A Co com. 10
Chain Belt Co
85
Boston A Albany
100
Boston Edison Co (new).25
Boston Elevated..
100
10
30
Chicago A N W Ry com 100
Chicago Yellow Cab cap..*
160X 166 X
160X
Assoc Gas & Elec cl A—
Blgelow-San Carpet pfd 100
Common..
1
com
cum conv pref
1X
IX
17
5%
32c
32c
cm
100
Jan
7X
3
Central States PowALt pf *
Sales
Low
Ring
Butler Brothers
Common
Sept. 7 to Sept. 13, both inclusive, compiled from official sales lists
Sale
Burd Piston
5
Convertible pref
Central A S W—
Exchange
Friday
Brach (E J) A Sons cap..*
1.45
33 X
Boston Stock
6
72 X
90
May
May
Sept
Bond*—
Tel
25 X
17X
150
58 X
82
Amer Tel A
May
10
1.10
68 X
.50
13 X
14 X
17X
1.05
1
pref
Jan
900
150
Warner Corp—
Common
PhUllps Packing Co pref 100
n H Fidelity A Guar
2
non-cum
23X
10
Sept
1st preferred
May
18 X
54
6%
13 X
17
38X June
AmerPneumatlcSerCo
150
17
11
Last
500
8X
64
Price
325
8X
17 X
29 X
Borg
Apr
Apr
4 X
30 X
10
5
com
Jan
8X
750
10
*
16X
Jan
Feb
7
5X
10
6
55c
2.00
Jan
4 X May
15X May
12X May
7X May
3X May
24 X May
8X June
Berghoff Brewing Corp...!
Bliss A Laughlln Inc com.5
54
Par
10
50
Bendlx Aviation
May
Stocks—
Apr
Jar
3X May
4
Aug
2X May
250
Bel den Mfg Co com
27
102 X
Apr
IX
5
Belmont Radio Corp
Apr
4% .1947
7 X
15X
Jan
Aug
Finance Co of Am
May
X
150
16 X
Apr
Mar
1975
5
Aug
25c
1975
4
450
15X
70c
IX
A 5s flat
1,200
16 X
19 X
9X
B 5s
Mar
15X
Sept
40
*
Jan
175X
2-10X
May
170
100
100
Maj
1
12
600
22 X
Feb
Maj
Maj
Bastlan-Blesslng Co com.*
160
30c
Sept
2,050
2,217
2.00
Feb
12X
41X
73
2 X
26c
11X
20 X
Maj
146
2X
17 X
27c
Maj
8X
435
25c
25c
14
40
4X
com..
Barber (W H) Co com
Feb
'High
Maj
10 X
182
5
10X
32 X
8
1,251
IX
4X
4X
June
1.75
Bait Transit 4s flat...1976
X
IX
9
11X
com
4
57
27c
com
4
4
73
2.00
Penn Water A Power
Backstay Welt Co
34
9X
11X
North Amer Oil
4X
IX
Aviation A Transport cap.l
130
IOC
00 x
90X
zl62X 160 X
1
Apr
Feb
1.35
1
Preferred
IOC
27 X
25c
._
5C
lix
5
May
May
111X June
Maryland A Pa RR comlOO
*
Mech A Miners Transp.
Mt Vrn-Woodb Mis..
11X
11X
11X
"I IX
Z 33
Jan
Jan
Low
11
AmerlcanPub Serv pref 100
Amer Tel A Tel Co cap. 100
21X
Range Since Jan. 1, 1940
Shares
io x
*
65c
69
High
10X
10
com
May
July
23c
Low
9X
16X
«
«
Price
27 X
Finance Co of Am A com.5
Mar Tex Oil
for
Week
All ls-Cbal mere Mfg. Co.
Eastn Sgrs Assoc—
Preferred
Par
of Prices
Aetna Ball Bearing com._l
Range Since Jan. 1, 1940
17 X
16 X
31c
100
4X% pref B
for
Stocks (Continued)
Week's Range
Sale
Sept. 7 to Sept. 13, both inclusive, compiled from official sales lists
Friday
Sales
Last
Exchange
4
150
26 X
29 X
26 X
28 X
29 X
588
9X
9X
9X
450
200
3X June
3X
JaD
7X
Sept
17X May
1
May
32
May
4
30
Mar
Jan
Jan
4X
Aug
9X
6X
6X
Aug
Jan
Jan
6X
Jan
8X
Apr
11X
Apr
26
IX
Sept
Apr
55 X
Jan
July
4X
July
May
20 X May
7 X „June
29 X
36
Aug
3X
23
12
Apr
JftD
1554
a>-
I
Volume
Stocks (Concluded)
Week's Range
of Prices
Low
High
1334
52
6
1034
A10
1234
134
conv
2034
60
Peoples G LtACoke cap 100
Pressed Steel Car
153-4
Aug
15
May
May
38 34
554 May
100
Jan
Jan
Feb
234
24 34
12 54
May
14 H
10234 103
240
95
June
123 34
39
50
33
Feb
5534
Jan
34 June
134
Feb
Sept
934
"10234
39
10
400
634
34
34
__50c
150
634
5
534
200
8
834
750
6
Sears Roebuck A Co cap..*
8034
62
,4.
*■«•«<
rt.
40
14
2934
Apr
235
550
11
100
2434
2534
743
2034
634
7
550
234
6
6
50
Storkllne Furniture com. 10
13
43
12 34
1734
Feb
Jan
Miller Wholesale Drug...*
829
434
Jan
Murray Ohio Mfg
*
al034 all34
100
634
May
1334
Jan
Nestle LeMur A
*
238
34
July
Ohio Oil
170
2034
55
a634
o634
110
a8
o834
89
7
May
11
11
30
11
July
.Otis Steel
Mar
Patterson-Sargent
H
Jan
30 34
Feb
Sept
*
Apr
734
Feb
9
17 H
May
25 H
May
47
1234
100
10
June
7434
651
Feb
Mar
Reliance Electric
Apr
Apr
Z'.i
88
Jan
U S Steel
c
100
Utility A Ind Corp com..6
Convertible preferred..7
pref
""34
May
434
120
3
May
34
100
34 Aug
734 May
434
1734
212
23 34
Apr
Warren Refining
263
5034
4134
West Res Inv Corp pref 100
a50
a 50
27
103 J4
May
124 J4
34
50
34
Jan
34
134
Jan
Jan
Apr
Jan
Apr
9
1,138
87 J4
68 34
Weinberger Drug Stores..*
5754
June
May
9
7234
34
134
134
100
May
234
*
2054
21*
250
1634 May
23 54
Teleg cmlOO
1834
1934
160
1434
June
59
7634
134
Westh'se El A Mfg com.50
34
434
""434
434
454
2
Wrigley (Wm Jr) Co cap.*
34
June
Aug
250
334
3 34
May
May
8034
1434
8054
182
1434
^
Zenith Radio Corp com..*
50
5
34
.
Wisconsin Bank shares cm*
850
10154 10334
mmm
Williams Oll-O-Matic com*
1534
May
Jan
11734
Jan
134
Jan
534
Feb
7234 May
1,250
834
May
34
2
Exchange—See
634
Apr
Par
Stocks-
Am Laundry
..20
Mach
Burger Brewing pref.
.
1534
..50
47
47
*
Champ Paper A Fiber.
334
•34
10
10
10
10
Chrysler Corp
76
76
76
270
Creameries of America vtc 1
534
534
Douglas Aircraft Co
*
a7434
a7434
96
96
1234
5
25
434
7
834
97 34
7734
110
June
87
134 May
8534 May
334
*
634
634
534
1234
13
'
3034
...*
*
6334
*
634 May
1234
Jan
..10
1734
July
Sept
Los Angeles Investment. 10
21
June
27
Jan
25
25
Sept
25
Sept
30
3034
18
43o
May
2934
21
Apr
Feb
Menasco Mfg Co
Mt Diablo Oil Mng & Dev
21c
45c May
7o
JaD
Jan
Aug
June
4134
Apr
334 May
634
434
May
2334
6
6
634
2,181
1
1
234
234
234
2,845
134
38c
38c
40c
800
38c
Jan
Sept
*
50c
Sept
Jan
May
3434
Apr
Occidental Petroleum.... 1
alOc
alOc
alOc
100
10c
Sept
30c
Feb
22
Jan
Oceanic OH Co.
33c
33c
33c
100
29c June
47o
Feb
Apr
Pacific
.1
Finance Corp com 10
1134
1134
1134
202
1334
Pacific Gas & Elec com..26
2934
2934
2934
260
2634
May
3434
Apr
Mar
33
33
33
115
29
May
3434
Apr
2934
2934
03834 a3934
293
2634
May
3134
Jan
81
3734
May
4934
5234 June
224
May
3
Feb
4 34
20
May
2734 June
7134
235
Sept
534
July
834
Feb
39
Apr
May
234
Feb
834 June
1734
Mar
7
13
Mar
134
75
Sept
934 May
17
Apr
1234
369
534
1134
..25
Apr
25c
June
Unlisted—
Columbia Gas
Apr
80c
25
25
2934
Pacific Lighting Coro com •
a3834
6% 1st pref
534% 1st pref
Pacific Pub Service com..*
434
434
1734
17 34
434
1734
134
115
4
300
*
Republic Petroleum com.l
934 May
1st pref—
100
May
1734
134
Sept
Sept
534
249
434
May
734
4834
165
3734
May
5634
Apr
8
8
8
934
934
934
120
734
434
465
354 May
Ryan Aeronautical Co
1
434
Safeway Stores Inc
*
*
1
a4234
434
1,137
.
6
6
Jan
Jan
2034
234
Feb
Jan
May
834
Jan
Jan
1034
Aug
Apr
7
Apr
4634
13i
134
Richfield Oil Corp com.
Am Rolling Mill.
Jan
Jan
16
25
734
11
40
Roberts Public Markets..2
7
Apr
Apr
2334
50
734
6
May
625
20
700
10
Wurlitzer
Sept
27
2734
48
154
1334
136
27
80
1534
Jan
Apr
634
29,300
25
154
Jan
634
2434
24c
25
1534
Mar
8
56
700
21
*
12
9034
June
5234c 5234c
2734
50
634 May
14
224
3034
Lockheed Aircraft Corp__l
115
Mar
3834 Mar
334 May
676
al534
Apr
7
Apr
Feb
234
20
4634
Goodyear Tire & Rubber.*
Hancock Oil Co A com
*
26
334
12c
3
Mar
4634
534
534
al5J4 al534
3034
3034
47
34
334 May
434
Jan
1034
4634
534
26
634
1940
8834
Gladding McBean & Co..*
21c
34
Jan
Apr
General Motors com....10
734
1
334
*
8734
Jan
734
Aug
Lincoln Petroleum Co.. 10c
3
June
6
370
Jan
334 May
Holly Development Co
525
4
195
10
27c May
Sept
6334
May
300
20
228
7
1,410
Jan
6234
1,290
27c
1334
228
8%
334 May
9
75
15
1,020
27c
Exeter Oil Co A com
6234c
602
Jan
Sept
18
-»
*
May
9
Emsco Derrick &
Mar
106 34
July
25
May
27c
Equip..6
10034
1434
Mar
May
934
26
21
*
6
9
10
Jan
...5
6734
172
1
Electrical Products Corp.4
25
26
634
534
1334
534
07434
834 May
734 May
Sept
634
31
634
Consolidated Oil Corp..
June
1134
103
100
834
2934
June
100
25
434
20
Preferred
Central Invest Corp...100
Jan
62
2,230
334
19
US Printing
Mar
Feb
35
81
—1
U S Playing Card
47
Consolidated Steel pref
25
*
Rapid
Jan
Consolidated Steel Corp..*
5
Randall R
334 June
834 May
434
Feb
♦
.
100
Broadway Dept Store Inc
105
10
25
*
P A G
134
434
Aug
1934 May
July
100
2254
100
7
434
10
Lunkenhelmer.
May
134
Apr
10634 10634
*
Kroger
134
270
30
1234
-«.-*
Julian A Kokenge
801
134
434
Sept
May
95
*
Cln Union Term pref.. .100
Preferred
134
134
25
10634 106 34
..50
Hilton-Davis
134
Mar
Cln Street
Gibson Art
154
May
3
Early A Daniel
Formica Insulation
Apr
12
81
Eagle-Plcher
10c
25
50
Crosley Corp
May
550
40
20
Crystal Tissue
234
alOc
234
25
2234
.100
Cln Union Stock Yds..
400
alOc
Blue Diamond Corp
Apr
18
July
2
234
234
234
1,000
234
234
2934
CNOATP
Cln Telephone
1334 June
43
Jan
2834
High
Low
olOc
25
100
100
Cln Gas A Elec pref
20
1034
65
Range Since Jan. 1,
for
Shares
1
50c
25
40
B
Feb
Week
High
Low
Price
2934
*
Carthage Mills
Preferred
47
1534
High
Low
of Prices
Cons.-l
Bandinl Petroleum Co
Barnhart-Morrow
Shares
July
134
Sales
Week's Range
2
Bolsa Chica Oil A com...10
1940
Week
Price
Par
Stocks—
Aircraft Accessories
Range Since Jan. 1,
for
of Prices
Low
High
5
compiled from official sales lists
Sept. 7 to Sept. 13, both inclusive,
Sale
Sales
Sale
Jan
6834
Stock Exchange
Apr
1734
Los Angeles
Apr
9334
compiled from official sales lists
Week's Range
Jan
1557.
page
Last
Last
June
1234 May
25
Jan
28 34
Cincinnati Stock Exchange
Friday
50
6
Friday
Sept. T to Sept. 13, both inclusive,
634 May
47
01734 al734
*
Detroit Stock
Mar
42
Van Dorn Iron Works...*
Ynstn St Door com
1334
50
471
6034 June
12 34 May
c
Feb
a734
11754 11854
"5334
534
234
5334
«•» —
«* m
Aug
135
1554
20
Apr
25?4
o734
834 May
Jan
1234
1434 Mar
3834
45
334 May
a5334 a5734
*
Jan
Jan
1834
24)4 May
May
May
...1
com
Apr
1
Apr
May
14
100
Apr
1434
2334
834
10
a3434 a3434
234
234
*
com
534 June
20
434
Troxel Mfg
Twin Coach
H
1634
May
200
1634
Seiberling Rubber
Thompson Prod Inc..
934 May
17
1734
434
01334 al4
...5
Republic Steel com..
c
34 June
2034
com
Mar
234
14
2
al334 al434
*
28
July
Sept
Apr
334
18
17154
______
United Air Lines Tr cap..5
Woodall Indust com
13
*
33
1234
Apr
4
Ohio Brass B
199
7134
44
18
cNY Central RR com
850
1934
365-4
3434 May
13
May
32 34
3554
Jan
55
4034
834
Jan
June
1834
1234
40
May
Apr
1534
418
50
40
May
11
May
Feb
Jan
c8
1634 May
6 34 May
29
a8
a2234 <*2334
40
13 34
30
17
1834
1734
...
"19"
United States Steel com..*
Westrn Union
17 34
15
Apr
23 34
434 May
3,800
3054
2834
29
25
2
Walgreen Co com
Apr
2034
25
Apr
31
May
11
25
com
18
Feb
150
May
8
20
U S Gypsum Co
Apr
1334
333
c
Trane Co (The) com
Union Carb A Carbon cap *
2434
20
18
334
May
1
25
60
50
18
1634
03334 a33 34
6
634
May
154
Texas Coro capital
32
Midland Steel Products..*
Mar
2034
150
734
Swift A Co
Jan
*
234
May
1254 July
1034 June
50
134
-
Jan
Jan
1934
*
Aug
734
Swift International cap..16
2134
41
18
*
May
Sept
Apr
al534 al634
..*
Medusa Ptld Cement
37
1234 May
Industrial Rayon com..*
Interlake Iron com
*
Lamson A Sessions
Apr
4
2634 May
11
May
10
May
12 34 May
100
Jaeger Machine
May
18J4
May
22
110
36
10
*
Goodyear Tire & Rubber.*
Interlake Steamship
Jan
Sept
234
46
Goodrich (BF)
c
1234 May
al234 al234
._*
Great Lakes Towing
1734
562
8,862
a3334 a3534
al4
al4J4
10
__*
Feb
5
Sunstrand Macb T'l com.5
com..
com
com..
534
134
..5
Preferred
Glidden Co
10 34
88
24
1
Stewart Warner..
cum
100
..2
common
Standard Oil of Ind
7%
13
14
-
"2834
Sou Bend Lathe Wks cap.5
140
2834
'
Slvyer Steel Castings com.*
2734
13
1
Slgnode Steel Strap pref.30
*
8134
134
1,081
134
2534
7834
Serrlck Corp cl B com
Stand Dredge—
Common
General Elec
c
Feb
134
834
Spiegel Inc
Firestone T & R
c
May
Rollins Hosiery Mills com 4
Scbwltzer Cummins cap_.l
Common
334
*
c
235
1634
15J4
354
234
a3034 a31?4
al534 al534
5
Eaton Mfg..
c
Raytheon Mfg Co—
Common
.
Feb
734
Quaker Oats Co common.*
Rath Packing com
Sept
Jan
Mar
Jan
Jan
1
com
14 34
25
238
7h
1034
DowChem (rights) (WI)..
1
295
3434
734
"
*
Cliffs Corp com.
Jan
1234
100
3334
Penn RR capital
Poor A Co class B
Jan
834 May
50
100
134
2134
22 34
70
High
Low
Shares
25
24
100
Apr
June
45
20
1034
1234
Cleve Ry
20 H
8i}4 May
100
52
1,1940
Week
Price
Par
1234 May
200
1334
Penn Gas & Elec A com..*
Omnibus Corp com
Shares
Stocks (Concluded)
High
Low
16*4
1534
1634
Prior lien preferred. .100
Penn Elec Switch
for
of Prices
Low
High
Week
Price
Par
Week's Range
Sale
for
Sale
Range Since Jan.
Last
Range Since
Last
Northwest Eng Co cap
*
Northwest Utll 7% preflOO
Sales
Friday
Sales
Friday
1553
& Financial Chronicle
The Commercial
161
1034
—-i* »«***»
Solar Aircraft Co
Sontag Chain Stores Co.
40
6034
Mar
6234
2434
2434
225
2034
May
31
334
334
334
610
234
May
534
534
2734
300
434
May
961
23 34
56
2734
May
May
3034
3034
Apr
a2954 03034
a29
Signal Oil & Gas Co A
2434
a2934
-.10
General Motors
a29
2434 May
May
2934
1634
Jan
Jan
1734
June
2634
434
May
534
2634
Ohio Listed and Unlisted Securities
2634
8
a 29
834
8 34
8 34
540
1834
Members Cleveland Stock Exchange
1834
18 34
454
2,331
434
434
1234
1234
Vega Airplane Co
134
Vultee Aircraft com_____l
1°^J RUSSELL co.
834
834
834
834
12 54
934
934
434
Unlon Oil of Calif
G1LLIS
a4234 a4234
434
434
535
1,183
12
7
1734
14
4 34
795
634
Jan
July
100
434
Sept
200
534
Jan
Jan
Mar
7
May
680
Apr
Apr
Jan
934
Apr
Sept
634
Apr
May
634
Apr
6c June
1434c
Jan
2o
Jan
234
Jan
Mining—
434
Cons Chollar G & S
Mng.l
454
834c
834c
1,000
2c
A. T. & T. CLEV. 665 & 566
454
834c
Union Commerce Building, Cleveland
Telephone: CHerry 6050
7
Apr
Mar
434
2c
2c
6,000
134
154
134
200
7
734
734
3834
3834
3834
al6034 al60 54 016634
22
2134
22
al634 al634
al634
225
34 o
1
Jan
May
Unlisted—
Cleveiand Stock
Sept. 7 to Sept. 13,
Par
c
Amer Home
for
of Prices
Low
H Igh
Week
2034
a5134 <*5154
2034
100
Prod com.. 1
11
Brewing Corp of
Preferred
Cl Cliffs Iron pref
Shares
10
Aviation Corp (Del)..
Baldwin Locomo Wks vtc.
High
Low
Mar
2034
6634
834
100
834 May
15
20
434 May
934 Aug
7
Mar
1434
Jan
512
8734
1034
8734
8734
Sept
98
67
58 34
199
46
May
6334
Apr
80
26
May
4334
Mar
1554.
10
Feb
a434
1434
o8>4
a2934
7634
Sept
4534 May
Apr
Apr
20
C3234 <*3334
1
For footnotes see page
a5
934
100
*
Cl Graphite Bronze com
11
a434
Amer—3
*
City Ice A Fuel—
c
sales lists
Range Since Jan. 1, 1940
Week's Range
Sale
Price
Corp1
Smelting & Refining.
Sales
Last
Stocks—
Amer
both inclusive, compiled from official
Friday
Airway Elec pref
Amer RadAStd San
Exchange
Caterpillar Tractor Co..
Columbia Gas A Elec—
Continental Oil Co (Del)
Curtlss-Wrlght Corp.—.1
01734
a4734
a534
01834
a454
1434
a434
1434
534 May
10
Jan
July
4734
Jan
176
148
May
17434
Mar
381
19
July
Apr
15
May
3134
24*4
195
20
50
165
110
3534
434
13
7J4
Apr
Aug
834
May
1934
Apr
May
1234
Apr
Aug
0834
a834
a2934 02934
7634
80
C1734 0I8
a4754 a4754
215
2534 June
68* June
84
Apr
130
1634
2434
Apr
50
10
o534
90
01834 01834
90
7 34
a534
460
<z534
734
734
a534
a534
50
Aug
Apr
34J4
Apr
Jan
June
5134
734
Apr
2034 May
2034
May
Aug
1134
Mar
534 May
834
Jan
51
434
634
The Commercial & Financial Chronicle
1554
Friday
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Pgr
Range Since Jan. 1, 1940
Shares
Low
Orders
High
solicited
open until
General Electric Co
•
General Foods Corp
Goodrich ( B F) Co
*
1940
14
Sales
Last
Stocks (Concluded)
Sept.
fl33*
o40*
a33
a33*
59
27
May
a40
41
May
Sept
40
Pacific
on
Coast
Stock
Exchanges,
which
are
5:30 P. M. Eastern Standard Time (2 P. M. Saturdays)
Jan
a41*
135
47*
Feb
012*
al2* al2*
20
12*
fl26
020
75
20* June
20*
38*
Apr
Intl Nickel Co of Canada.*
Kennecott Copper Corp..*
New York Central RR...*
028*
38
Apr
Nor American Aviation.10
017*
North American Co
*
019*
Ohio Oil Co
*
o6*
3*
•
027*
a28* a29
13*
Packard Motor Car Co..*
105
24*
July
422
9*
May
10
15*
Aug
30
13*
017* 017*
al9* al9*
13*
16* June
6* May
2* May
5* May
19* July
3*
6
Pennsylvania RR Co
60
Radio Corp of America...*
Republic Steel Corp
•
50
3*
600
6
Paramount Pictures Inc..l
a6*
6
100
06*
fl20*
a20* 021
105
Schwabacher Si Co.
Jan
18*
26
Apr
23*
7*
Members New
Jan
Apr
New York
Cortlandt 7-4150
Apr
4
York Slock Exchange
111 Broadway,
Private Wire to
own
offices In San Francisco and Los Angeles
Mar
8*
Apr
Sears Roebuck A Co
*
315
569
00*
Standard Oil Co (N J)...25
120
130
12
30
166
100
034*
7*
1
May
68* June
7* May
12
Sept
5
May
00*
O0*
a34* o35*
7*
7*
Jan
7*
Apr
Friday
23*
Apr
Last
Week's Range
for
of Prices
Low
High
Week
4* June
14*
162
a9*
12
*
08*
12
*
Studebaker Corp
Texas Corp (The)
4*
17*
078 * 080*
o80*
08*
Socony-Vacuum Oil Co.. 15
Southern Ry Co
Standard Brands Inc
4*
17*
24*
Sale
4*
17*
200
Sales
Apr
Apr
17*
Jan
June
7*
43*
Feb
Coast Cos G A E 1st prf 100
12*
Feb
6*
Stocks (Concluded)
Par
Price
Jan
Chrysler Corp
036*
072*
036* a36*
071* 073*
80
38* July
63* June
47*
82*
Apr
Union Carbide A Carbon.*
Feb
Crown Zellerbach
010*
016* 016*
20
12*
23*
Apr
United Aircraft Corp
039*
038* 041*
5
United Corp (The) (Del).*
US Rubber Co
10
US Steel Corp
1*
1*
23
•
55
34
Aug
1* May
100
1*
23
23
360
18
466
53*
53*
57*
102* fll02*aI02*
May
45
61*
2*
Feb
65
Apr
D1 Giorgio Fruit pref
Dow Chemical Co com
Jan
High
4*
Mar
87*
Apr
109
Feb
9*
5
Feb
6
Apr
15*
21
87*
95
May
May
5
com
Preferred.
Apr
38*
Aug
May
Low
79
5
com
United Air Lines Trans...6
17
Shares
~3*
Central Eureka Mln com.
Consol Coppermlnes
6
Creameries of Am Inc coml
25
Range Since Jan. 1, 194q
100*
May
5*
87*
12*
100
6*
10*
Jan
*
134*
134*
3
3
Sept
Sept
Rights.
a
Philadelphia Stock Exchange
Sept. 7 to Sept. 13, both inclusive, compiled from official sales lists
Friday
Last
Par
Week's Range
100
American Tel A Tel
161
Low
Budd (E
G) Mfg Co
*
4
Electric Storage BatterylOO
General Motors
10
120
74*
252
1*
75*
1*
50
Scott Paper
Transit Invest
*
48*
1*
213
25
7*
Feb
11*
15*
20*
Mar
10
Home F A M Ins Co cap. 10
Honolulu Oil Corp cap
*
20 *
180
Magnln A Co (I) com
6
15
Feb
Marchant Calcul Mach
Menasco Mfg Co com
July
12* May
1
2.50
1.75
Jan
National Auto Fibres
1
39*
•
11*
113*
5* May
7* May
*
Invest6% preflOO
15
10
6* June
1*
Mar
14* May
159
35
112* June
28* June
34* May
* Sept
May
125*
35*
2*
3*
Jan
Apr
Mar
Feb
8*
2*
24*
Apr
Jan
180
Sept
Jan
120*
31*
Jan
Apr
*
*
1*
1
Jan
148
*
May
1
1*
June
20* June
2*
41*
Jan
Feb
10
May
15*
Jan
117*
12*
Apr
3
com
Preferred
75
5,314
347
107*
June
20
9*
Jan
Pittsburgh Stock Exchange—See
49
Feb
Paraffine Co's
Rheem Mfg Co
1
Richfield Oil Corp com...*
Ryan Aeronautical Co
1
St. Louis Stock
Friday
Sales
Last
American Invest
*
com
Week's Range
for
Sale
of Prices
Week
Low
High
Range Since Jan. 1,1940
Shares
Low
High
12*
13
64
12*
Sept
14
Aug
50
50
50
50
44
May
Burkart Mfg com
1
Chlo A Sou Air Line pref.10
Coca-Cola Bottling com .1
50*
Apr
20
5% preferred
12*
*
20*
10*
Jan
29
14
Colllns-Morris Shoe com.l
Columbia Brew com
..5
Dr. Pepper com
475
14
50
12
Jan
20
Apr
27
.
27
10
27
Sept
Aug
34
May
2
Jan
50c
13*
17*
Elder Mfg A
100
Ely A Walker D Gds 2pfl00
17
50C
13*
17*
60
124
250
60
97
850
97
40c
13*
13*
25
58
50
Sept
93
27
Jan
Feb
com
4
3
3*
106
Falstaff Brew
2*
Aug
com
l
6*
8*
6*
65
6*
Sept
8*
40
8*
Aug
1.25
1.25
160
1.25
Hydraulic Prsd Brk pf_100
International Shoe com..*
Key Co
Lemp Brew
29
30
75
5
5
28
*
com
Laclede Steel
20
com
17*
6
14*
92*
St L Bk Bldg Equip com. *
St L Pub Serv com cl A..1
5
com
3
Schleslnger Co (B F) com.*
7% preferred
26
96
*
9
1
Stlx, Baer & Fuller
Wagner Electric
15
com
630
2
May
36* kJan
10
July
10
20
Sept
Apr
Apr
4*
14*
28
7*
18
50
100
6*
Aug
90
July
2* 1 Jan
132
80o June
108
6
26*
Apr
Apr
20
9*
9
June
10*
12*
Sept
50o
May
4
259
92*
3
65
June
15
1.60
7*
7*
10
96
June
Feb
Sept
Apr
12*
100
Mar
May
4* May
1.60
Sept
10
Apr
40
87*
Jan
9*
1.00
200
6*
May
9*
Sept
900
70c May
1.00
Sept
7*
7*
70
27
55
103
5*
Jan
Aug
96
Sept
9
Apr
1959
Income
1964
San
^
65*
05
9*
9* May
30
Apr
60
$22,600
10* 24,000
65
May
66*
Jan
8
May
12*
Jan
Friday
Sale
Stocks—
Par
Aircraft Accessories A. 50c
Anglo Caiif Natl Bank..20
Assoc Insur Fund Inc
10
Bank of Calif N A ......80
.
Price
Week's Range
of Prices
Low
High
for
Range Since Jan. 1,1940
Week
Shares
2.35
1,176
7*
7*
4*
522
4*
50*
Carson Hill Gold Mln cap 1
22c
13c
13c
50
22c
Low
2
17c
3,100
50*
118
Aug
5* June
3* May
103
May
11
Aug
12c May
49* Aug
22c
1,000
16c June
110* 110*
.12*
12*
Calamba Sugar com....20
Callf-Engels Mining
25
Calif Packing Corp pref.60
Sales
2.20
7*
4*
Jan
38*
19*
Jan
5* May
3* May
8*
Jan
Apr
350
20
176
1.50
6
24*
24*
24*
22
24*
25*
33*
33*
100
May
21
May
28* May
6* May
9
*
5*
5
18*
Super Mold Corp cap
10
Thomas Allec Corp cl A._*
Tide Water Ass'd OJ com 10
23
18*
23*
22
45c
125
Jan
19
Mar
25c
Feb
52*
Jan
32c
45c
9*
9*
9
4*
6
4*
6c
6c
Aug
12
Mar
Jan
30*
Mar
42
May
34*
Jan
15*
Jan
6
Jan
20*
33*
Feb
60c
Feb
12
6*
Jan
May
Mar
May
7
6* May
8*
9*
6*
4*
1
F3*
9*
3*
Preferred
6*
3
Aug
Jan
Jan
4* May
5
12
12*
8
May
13
1
18*
7
June
18*
9*
18*
15
June
9* Sept
22* May
19
20
15
May
22
149
June
Western Pipe A Steel Co 10
18*
YellowCheckerCab
20
ser
1.60
May
Feb
*
Unlisted—
American Tel A Tel Co. 100
Amer Toll Bridge
(Del)__l
Anaconda Copper Mln..60
al60* ol6O*al60*
m
94c
98c
i 21*
21*
Argonaut Mining Co
5
Atchison Topeka A S FelOO
Atlas Corp com
5
Aviation Corp of Del
Bendlx Aviation Corp
Blair A Co Ino cap
2.15
c7
3
30
1.25
Bunker Hill A Sullivan.2*
Cal Ore Pwr 6% pfd '27 100
11*
85*
Cities Service Co oom__10
11*
85*
05*
4
*
Electrlo Bond A Share
5
General Electrlo Co com..*
Idaho Mary Mines Corp_.l
Kenn Copper Corp com.."
Matson Navigation Co
*
M J A M A M Cons
1
27*
a39*
3*
Aviation.. 1
North American Co com.10
Packard Motor Co com..*
Feb
June
0
June
6*
25
5*
o2*
27*
24*
a39
n
3*
c2*
27*
,24*
29*
27*
29*
29
29
25c
25
a35*
039*
4
27*
29*
129
25c
25c
a35* a35*
a38* a41*
54 *
55*
90c
6c May
89
Aug
2* May
14*
July
20
July
May
16* June
4* May
3
3
June
24
May
May
26* May
5c Aug
25
35*
Jan
0*
*
May
39
Aug
June
32*
7*
11*
8*
Mar
Apr
Apr
Mar
Jan
Jan
Jan
7
Apr
38*
4*
35*
Apr
35
12c
Jan
Mar
May
Jan
65*
Jan
4*
Apr
26*
Feb
23*
Jan
4* Mar
23*
Apr
7*
Apr
6*
Apr
30* May
29* Sept
30*
Apr
1 10
Mar
40* May
61*
Apr
42* May
66*
Jan
90o Sept
1.00
Sept
1.00
Odd lot sales. $ Ex-stock dividend,
June
2* May
24* July
22
May
7c
c43*
3*
al7*
al8*
3*
al8*
3*
a20* a21 *
4*
4*
4*
4*
50
5
July
Jan
Apr
20* June
* June
24
Apr
Apr
14*
30
25
a
4*
Jan
Jan
Mar
87*
41
25
No par value,
9* May
May
70
2
May
Aug
al6*
Radio Corp of America
*
Schumach Wall Bd com..*
So Calif Edison com
26
•United States Steel oom_.
West States Pet pref
June
28* June
7c
American
6% pref. 100
75o
.
Internatl Nick Co Canada*
Inter Tel A Tel Co com
*
6% pref
5*% pref
Aug
20* May
• 5*
5*
027* a29
*
1
Domlnguez OH Co
Jan
4.00
25*
9*
8*
35*
*
*
o27* a28*
6*
6*
7*
7*
30
30*
6*
6*
a33* a35*
Cons Edison Co of N Y__»
Consolidated Oil Corp
Curtlss Wright Corp
Apr
May
8*
a6
Claude Neon Lights com.l
Apr
Sept
31*
1.50 May
4*
30
1.15
98o
Aug
14
fl7
4*
5
Feb
18*
16*
a7
174*
52o
2.15
116*
__1
*
June
18*
Vul tee Aircraft
S P Gold Gate
6*
12* May
Apr
10
Victor Equip Co com..
No
1.90
Jan
6c May
13
J|12*
United Aircraft Corp cap_5
3* May
8* July
5* Mar
17* May
May
45c
Jan
Mar
Jan
7
June
1*
Universal Consol Oil
Vega Airplane Co
Texas Corp com
High
Mayl
4* May
8
May
5*
Pennsylvania RR Co
Francisco Stock Exchange
Sept. 13, both inclusive, compiled from official sales lists
Last
Feb
1.35
8*
Montgomery Ward A Co.*
Mountain City Copper
5
7*
21* May
Bonds—
St L Pub Ser 5s
43*
Apr
1.50
Jan
8
9*
96
990
com
June
4*
*
Mar
102* May
Sept
1.50
9*
100
Warrants
Sterling Alum
14*
65
20
7
Rlce-Stlx D Gds 2d pf.100
1st preferred
Scullln steel com
50c
14
20
Natl Bearing Metals com.*
National Candy com
*
Scruggs-V B Inc
50c
50c
25
com
Mo Ptld Cement com
18*
Sept
25* May
5
May
19*
July
Emerson Elec
Hussmann-Llgonler com.*
154
8
Trans am erica Corp
2
Tread well-Yukon Corp.__l
Union Oil Co of Calif
..25
Union Sugar com
25
Jan
Feb
June
Standard O 1 Co of Calif..*
Exchange
Sept. 7 to Sept. 13, both inclusive, compiled from official sales lists
31 *
31* Sept
12* May
13*
Spring Valley Co Ltd
Apr
June
1.00
31*
Soundvlew Pulp Co com.5
Jan
Apr
6*
21*
138*
1.00
Republic Pet 5*% prf A50
com
1.50
34*
34*
28
34
1.00
Signal Oil A Gas Co cl A..*
1557.
page
34
*
com
May
May
113
152* 152*
Plg'n Whistle pref.......*
Southern Pacific Co
Price
May
June
142
125
100
So Cal Gas Co pref ser A.25
Par
May
16
*
com
1st preferred
*
Pacific Tel A Tel com.. 100
May
25*
28*
25*
3*
6% 1st preferred
25
6*% 1st preferred.__25
Pacific Pub Serv
May
5*
Apr
6* May
15* May
95c May
Jan
585
3* June
Pacific Coast Aggregates..
Pac O & E Co com
26
Apr
70
36*
38*
11*
12*
112* 113*
11*
11*
May
Pacific Can Co
45
152
28
Jan
June
Shell Union Oil
Stocks—
June
Feb
27
39*
*
1*
Apr
4* May
11
Apr
10* Mar
11
39*
*
Jan
19*
Jan
20
18
209
com
Natomas Co
9*
7* June
4,287
2,009
7
19* June
1* May
180
Apr
Jan
North American Oil Cons 10
1* May
180
Mar
Occidental Insurance Co. 10
O'Connor Moffatt cl AA_.
Oliver Utd Filters cl B__.
500
116* 110*
31
30*
4.00
41*
1.75
28
Apr
200
8
Jan
Apr
2*
2*
21*
Feb
17*
33*
2*
1*
20*
44
13
Jan
Jan
Jan
41
6
6*
90*
4*
Apr
55*
82
7*
2*
13*
16*
Hawaiian Pine Co Ltd...
Apr
May
111* May
2*
*
Westmoreland Coal
50
5*
8*
Hunt Brothers pref
10
Lockheed Aircraft Corp..l
*
*
46*
General Paint Corp com..
Golden State Co Ltd
*
Jan
Apr
Feb
June
29*
Corp
United Gas Improv com
Preferred
33*
Feb
11
Jan
Sept
2*
2*
Preferred
United Corp com
Preferred
28
44*
9
175*
125*
38
117
29*
*
Pennsylvania RR
High
146* May
113*
Apr
3
May
3* May
65* June
2,381
29*. 30*
117
1
Penna Salt Mfg
50
Pblla Elec of Pa 15 pref... *
Phlla Elec Pow pref._
25
Low
30
40
46*
50
Natl Power & Light
Pennroad Corp vtc
99*
No Amer
HornAHardart(Phll) com *
Horn&Hardart (NY) com *
Lehigh Coal A Navigation *
Lehigh Valley
195
5*
76
»
com
332
157
5
5
Shares
4*
Budd Wheel Co
Chrysler Corp
Curtis Pub Co
High
100* 100*
120* 122*
Bell Tel Co of Pa pref_.100
Range Since Jan. 1,1940
for
Week
of Prices
Price
93
Hale Bros Stores Inc
Sales
Hale
Stocks—
41*
Food Machine Corp com 10
General Motors Corp caplO
63
Emp Cap Co pref (w w) .60
Emsco Derr A Equip Co..
Fireman's Fund Ins Co. .25
Westlnghouse El & Mfg. 60
e
Admitted to unlisted
trading privileges,
d Deferred delivery,
r Casta sale—Not Included
In range for
zEx-dlvldend.
p Ex-rlghts.
a Listed,
fin default,
f Title changed from
The Wahl Co. to
Everaharp, Ino.
year.
Jan
25k
Volume
The Commercial & Financial Chronicle
151
1555
Canadian Markets
AND UNLISTED
LISTED
Provincial and
Montreal Stock
Municipal Issues
Exchange
Closing bid and asked quotations, Friday, Sept. 13
Friday
(American Dollar Prices)
Last
Week's Range
for
Sale
of Prices
Low
High
Week
Bid
Province of Alberta—
6s
July
4*4s
Oct
1 1942
99*4 100*4
Sept
15 1943
Majr
1 1959
Par
Lang & Sons (John A)
*
1154
12*4
3
11
11
45
25
6
6
100
40
40
53
100*4 101
94
95*4
4s
June
1 1962
4*4s
Jan
40*4
42*4
5s
Oct
40
41*4
6s
6s
Oct
1 1956
4*4s
Prov of British Columbia—
6s
12 1949
82
84
1 1953
Price
Laura Secord
Legare pref
87
89
Lindsay (C W) pref
100
40
Massey-Harrls
*
3
McColl-Frontenac Oil
*
78
80
90*4
92*4
1 1941
73
78
4*48
Mar
2 1950
87*4
90
Mitchell (JS)
15 1954
71
75
4s
Feb
1 1958
81
84
Montreal Cottons pref. 100
2 1959
71
75
1 1961
84
86
Montreal L H & P Cons..*
29*4
Prov of New Brunswick6s
Apr
15 1960
Montreal Telegraph
41
78
81
5s
June
15 1943
68
60
75
78
5*48
Nov
15 1946
58
61
4*48
Oct
1 1951
59
62
Province of Manitoba—
4*4s
Aug
6s
June
6s
Deo
4*4s
16 1965
Province of Quebec—
May
4*48
Prov of Saskatchewan—
15 1961
Apr
Province of Nova Scotia—
82
85
Natl Steel Car Corp
1 1960
85
88
Niagara Wire Weaving
Closing bid and asked quotations, Friday, Sept. 13
5
June
112
Sept
112
Sept
10
107
Jan
120
Feb
29*4
2,092
25
May
40
41
35
40
Feb
42
3
40
June
29*4
20*4
416
25
June
38
15
33
June
66*4
38*4
41*4
44
47
280
34
June
69
Jan
25
26
200
20
May
32*4
Apr
58
58
695
July
77*4
28
210
43 *4
20
148
5
25
"28"
Canadian Pacific Ry—
Canadian Pacific Ry—
4s perpetual debentures.
63*4
54
4*4s
Sept
1 1946
73
76
Sept
15 1942
75
77*4
6s
Deo
1 1954
73*4
74*4
4*48
Deo
15 1944
66
68
4*48
..July
1 1960
63
65*4
6s
July
1 1944
99*4 100
12*4
25
"14*4
*
A preferred
50
St Lawrence Paper pref. 100
"~3 *4
St Lawrence Corp
Simon (H) & Sons
92*4
92 *4
94
1
.—Feb
4*48
6s
Grand Trunk Pacific Ry—
91*4
92*4
92
93
1
1969
93*4
94*4
1
1969
94*4
94*4
95*4
72
May
May
11*4
Jan
9
24
Jan
14*4
85
13
June
17*4
Jan
Jan
25
10
July
17
12*4
100
12
Sept
19*4
»3 54
1,395
2
May
5*4
14 *4
870
34
34*4
430
1054 May
20
May
18*4
19*4
500
16
May
Jan
Apr
52*4
24*4
Apr
Jan
Jan
10
7*4 May
9
12
12
20
9*4 June
15
Jan
72
72
195
62
July
86*4
Jan
71
71
110
63
May
6*4
72
6*4
4
...*
110
4*4
2*4
27
27
235
18
20
16
1.00
1.00
16
1.00
7
7
9*4
July
Jan
83
Jan
6*4
37
Mar
Apr
24*4
Jan
2*4
Jan
254
25
July
12
Apr
8*4 June
21
July
50
9*4
100
Aug
May
90c
Aug
145
1.25
1.00
1.25
*
A.
May
22
18
27
....
Jan
21
13
Apr
25
Apr
6
95
...July
6s
Oct
6s
1956
July
6
19
Wabasso Cotton
Preferred
Mar
50
190
1,205
34
*
Winnipeg Electric A
104
103
Jan
Feb
1554
25
B
1 1957
July
1 1946
July
6*48
Jan
33*4
162
15*4
Wllsils Ltd
Canadian Northern Ry—
91*4
15 1955
Jan
Jan
Mar
July
15*4
.*
Canada
United Steel Corp
Ask
Bid
Jan
8
3
*
Preferred
Ask
Canadian National Ry1 1961
4*48...
Sept
Co of
Steel
(American Doliar Prices)
Bid
—
Southern Can Power..
Closing bid and asked quotations, Friday, Sept. 13
Feb
3154
15
14*4
12*4
Rolland Paper
Shawlnlgan Wat A Power.*
Bonds
Dominion Government Guaranteed
Jan
45
June
140
54*4
8
*
.*
Quebec Power
Regent Knitting pref
6s
Jan
654
9*4
14*4
Canada
Price Bros & Co Ltd
Ask
Bid
2*4 May
12*4
54*4
Power Corp of
Ask
Bid
27*4
148
100
Penmans...
(American Doliar Prices)
Sept
10
"45"
Ogllvle Flour Mills
Preferred...
Jan
40
640
*
Railway Bonds
June
38
*
*
Noranda Mines Ltd...
25
Mar
9*4
300
25
15 1952
13
May
7
"29*4
*
Mar
July
2
41
40
100
Preferred
9
Feb
16*4
29*4
111*4
Sept
4*4s
High
Sept
1154
111*4 111*4
100
Montreal Tramways
National Breweries
55
3*4
5*4
5s
June
Low
Shares
112
3
112
4*4s
4*£s_—
Range Since Jan. 1, 1940
Stocks (Concluded)
Province of Ontario—
1 1948
Jan
Ask
Bid
Ask
Sales
1 1970
—Feb
'
4s—
3s.
1 1962
1 1962
—Jan
Jan
—
85
•
••
Zellers..—
23
23
25
Preferred...
78*4
10
Banks—
Montreal..
Montreal Stock
139
July
176*4
Mar
84
171
July
212
Mar
12
280
July
311
Mar
167
100
Royal
Exchange
46
190
280
168
22
150
June
190
M; r
156
190
100
......
Nova Scotia...—
160
190
277
Commerce.......—.100
100
*167"
Sept. 7 to Sept. 13, both inclusive, compiled from official sales lists
Sales
Friday
Last
Sale
Par
Stocks—
Price
for
of Prices
Low
High
Week
Sept. 7 to Sept. 13, both
Low
Shares
May
3
45
45
40
50
May
57
107
June
110
Feb
28*4
10
28
7
10
10
10
Anglo Can Tel Co pref--60
44
44
44
Asbestos Corp
*
18
18
740
Associated Breweries
*
16*4
16*4
18*4
16*4
45
12*4
Bathurst Pow A Paper A.*
11*4
11*4
12*4
810
6*4
Bawlf (N) Grain
Bell Telephone
pref... 100
100
Brazilian Tr Lt A Power.♦
40
155"
6
157
*
—100
Preferred
Canada Forgings cl A
60
5% preferred
Cndn Car A Foundry
»
25
Preferred
15*4
600
454
87*4
5
455
89
38
66
"8*4
60
100
12
Mar
10
3*4
Feb
Feb
18
Jan
8*4
21*4
June
9*4
June
May
6
16*4
Mar
Apr
Jan
1,020
20
20
630
33
405
20
May
5
106
June
128
Mar
33
20
Jan
22
May
125*4 125*4
22
22
Rights
100*4 100*4
2.00
2.00
Canadian Cottons pref-100
Cndn Ind Alcohol
—*
Class B
—♦
Canadian Pacific Ry—25
1.85
1.85
10
235
25
28*4
37*4
12*4 May
116
100
July
1.65 May
May
7%
cum
854
July
155
Feb
854
9*4
2,095
6*4
15*4
June
Jan
5*4
Jan
8*4
Apr
4
100
6*4
135
3
May
5
80
July
90
395
70
June
90*4
Mar
6
6
90
4
May
3
3
10
2*4
11*4
5*4
Apr
4
5*4
3*4 May
'
87
87
89
Jan
Jan
100
preferred
Rights..
89
Aug
Aug
May
Gypsum Lime
International Petroleum._
International Power...—
—100
Preferred
Lake of the
14*4
Jan
Feb
50
5
25
5*4
5
6*4
4*4
Ltd A *
4*4
80
3
May
8*4
3*4
3
3*4
676
2
June
6*4
4*4
4*4
6
460
3*4 June
B__
6
Ltd
Ford Motor of Can A—
Fraser Companies Ltd—
Fraser Cos vot trust
*
Freiman (A J)6%cm prflOO
Intl Utilities Corp cl A—.*
MacLaren Power A Paper *
Mass-Harrls6% cum prf 100
Melchers Diet Ltd pref.. 10
Mitchell (Robt) Co Ltd..*
Moore Corp Ltd
Provincial Transport Co..*
10*4
6*4
Feb
Walkervllle Brewery Ltd.*
Mar
8*4
Apr
Walker-Good A Worts (H)*
$1 cum. preferred
*
4
4
454
4*4
454
70
4*4
126
12.60
51C
16*4
150
12.50
3
9.60
9*4
11*4
Apr
Aldermac Copper
19*4 June
34
Jan
15*4
16*4
Jan
Feb
29
Feb
28*4
Feb
Jan
Sept
Apr
80
Apr
Eldorado Gold Mines——
24
Feb
Falconbrldge Nickel
6
Jan
Francoeur
65
70
June
94
Feb
21C
14
May
27
Jan
8*4
1454
20
7£
18*4
24
21
20
36
38
1.017
17*4
71
17
1754
2*4
"75
74
75
18
19
2
Corp..
May
2,078
3,411
12
17*4
1C
51
401
June
Aug
June
27*4 May
1C
807
June
214
9*4
26
4
May
3*4 May
10
Feb
Jan
Jan
Jan
10
Jan
Feb
May
22 *4
20
7*4 June
21*4
13*4
6
July
Jan
Jan
1,068
32
32
10
35
Jan
38
Mar
5
32
13
5
33
6
8ept
11
Apr
16*4
16*4
25
9
May
22
32
32
60
25
June
59
5
89
10
45*4
454
Jan
Jan
3*4 May
5*4 May
6*4
15*4
Mar
36*4 June
45*4
Sept
May
7*4
Feb
Jan
10
45*4
30
5
5
20
4
4
43
4*4
Mar
5
10
75
554
50
5
Jan
6
July
42
95
June
112
12*4
12*4
100
100
100
4
4*4
Jan
Feb
Jan
Mar
12*4
Feb
12*4
Mar
100
65c June
1.20
Apr
13*4
13*4
13*4
64
13*4
8
60c
60c
60c
13*4
38
38
155
29*4 June
43*4
Feb
19
38
19
33
16*4 June
20*4
Feb
Mines—
106
1254
1454
May
Jan
Apr
May
12*4 June
2
Sept
1154
17*4
15
23*4
17*4
17
17
300
13*4
ClassB
46*4
23*4
1,275
71
July
Pow6% cum prf 100
United Amusement cl A.
1
Cartier-Malartic Gold
1
Central Cadillac Gold Mini
Conlaurum Mines.....—*
Dome Mines Ltd
*
Duparquet Mining
1
East Malartic Mines Ltd."
28
17
May
11*4 May
85
100
Sept
2*4 May
1.00
2
Preferred
Donnacona Pap Co
Feb
June
'
640
3*4
5
96
77
Feb
Apr
Feb
20
June
3*4
9*4
10*4
24
18*4
10
3,75
July
26*4
Woods
10
75c June
So Can
16*4
100
Preferred
12
2
Jan
50
pref
.—25
Intl Nickel of Canada
*
Intl Paper A Power
.15
12
Feb
1.00
6.00
90*4
Intl Bronze
18
1.15
Sept
4*4
Industrial Acceptance
June
Quebec Tel & Pow cl A—*
Sarnla Bridge Co cl A
*
860
11*4
1454
10
...
Feb
100
100
Hudson Bay Mining—
Imperial Oil Ltd
Imperial Tobacco of Can.
12*4
240
Sept
Ltd-—*
Feb
7*4
Paper
10
6*4
Consolidated Paper Corp.*
15*4
16*4
96*4
6*4
Preferred
280
Feb
June
1.50
12.60
Hollinger Gold
Howard Smith
6*4
8*4
10
20
4*4
5*4
June
3*4 July
May
80
4
A Alabas—
20
3,060
65
90
Bridge
10*4
7*4
Jan
Jan
33
10*4
5*4
1.25
135
1.50
Mar
8*4
4*4
100
Jan
Mar
176
4*4
11*4
6
235
Mar
12*4
1.50
Gurd (Charles)
Apr
Apr
May
2
89
6*4
General Steel Wares
Preferred—
...100
22
163
88
1.60
--
85
177
11
Gatlneau
26*4
2*4
31*4
6
Jan
May
May
12*4
Foundation Co of Can —*
Hamilton
135
87
Dryden Paper.........
Enamel A Heating Prod..*
6%
10
June
1.10
3 60
Jan
145
90
5
Fleet Aircraft
145
Jan
1.25
10
Fairchild Aircraft Ltd
127
Feb
15
2.25
Apr
Jan
111
June
July
27*4
40*4
Feb
Feb
July
6
1.55 May
May
22
39
95
15
1.50
19*4
22*4
125
June
5
654
115
25
May
Jan
400
24*4
June
Jan
1.80
Jan
16
30
Jan
19*4
2.00
Apr
113
75
23*4
35
1.95
32
100
July
May
1.95
Dom Woollens
300
10
24
3
Commercial Alcohols Ltd
48*4
20*4
15
85
1,471
1.80
Cub Aircraft Corp
129
Feb
167
15
June
19*4
Jan
6*4
199
5% cum pref
3*4
June
6*4
July
May
3
Celtic Knitting Co Ltd—*
May
May
217
Jan
5
4
*
29
29
Apr
3*4 May
167
cum
21
28
Jan
Jan
1.45
1 25
pref
100
Canadian Wineries Ltd—*
Catelll Food Prods Ltd—*
7%
May
199
Canadian Vlckers Ltd
77
28
19*4
18*4
1*4
100
pref
1,872
136
1,330
1,540
80c June
Apr
654
Canadian Indus Ltd B._
26*4
24*4
309
5*4
1,955
26*4
Jan
Aug
"29""
Preferred
Jan
9
6*4
99
38*4
3,406
5*4
36
26
6
50
99
38
5*4
3
36
Seal Co—*
Distillers Seagrams
•
Dominion Bridge.....—*
Dominion Coal pref
25
Dominion Glass.......100
Preferred
100
Dominion Steel A Coal B 25
Dominion Stores Ltd—..*
Dom Tar A Chem
*
Preferred
...100
Dominion Textile...—
5*4
375
pfd 100
Canada Vinegars Ltd
*
Cndn Breweries Ltd
*
Consol Mining A SmeltingS
Crown Cork A
124
Canada Malting Co Ltd..*
354
1.75 May
4
Jan
Feb
32
5
Can North 7% cum
23
June
11
Jan
99
June
6
29*4
Feb
Jan
2
25
11
Mar
Feb
425
7
3
18*4
4
2*4
17*4
113
5
70c
28
7
17*4
23*4
8*4
June
2*4
»
Canada A Dom Sugar Co.*
High
0.50 June
65c
7
British Columbia Packers *
May
10*4 May
72
Brit Amer Oil Co Ltd
Apr
30
May
May
267
Vane..5
Low
Shares
3*4
70c
"6*4
169
May
Price
113
Beauharnols Power Corp.*
May
Week
*
Bathurst P & P Cocl B—*
Brewers A DIsts of
32
125*4
pref
Jan
9
7*4
cum
Aluminium Ltd..
Apr
10*4
Range Since Jan. 1,1940
for
of Prices
Low
High
100
100
pref....
15*4
11
11
4*4
16*4
cum
Feb
80
18
4
6%
7%
45
June
Aug
4*4
110
440
14
*
Celanese
Preferred 7%
23
5*4
16*4
11
89
4*4
Canada Steamship (new).
3*4
18
4*4
♦
♦
Can North Power Corp
765
May
Jan
Abltlbi Pow A Paper Co..*
July
25*4
130
15*4
16
6
Canada Cement
1,055
Jan
19*4
Sept
May
Apr
26*4
43*4 Aug
14*4 May
16
5*4
Bulolo
537
5*4
27
27
British Col Power Corp A •
30
40
155
4*4
Bruck Silk Mills
Building Products A (new)
15
Jan
16*4
49*4
May
*
Algoma Steel
35
Aug
110
28*4
100
Preferred
Par
Stocks—
Week's Range
Sale
May
6
105*4 105*4
Sales
Last
Apr
3
Agnew-Surpass Shoe prflOO
Alberta Pacific Grain—
Canadian
4
50
100
6*4% pref
inclusive, compiled from official sales lists
High
Friday
3
*
Acme Glove Works
Montreal Curb Market
Range Since Jan. 1, 1940
Week's Range
Beaufor Gold
•
l*4c
7*4c
1.25
22
f
July
July
35
Jan
700
10*4
500
3*4c
13c
Jan
l*4c
7*4c
500
lc June
2*4c
Feb
500
6c
July
20c
Jan
1.28
800
1.26
Sept
1.28
Sept
110
17
June
29*4
Aug
2*4c
Jan
Jan
1.95 June
4.10
Jan
6c
•
22
*4c
54c
600
3.00
300
35c
2.55
54c
3.00
*ic
35c
200
25c June
1.25
Jan
2.55
2.55
25
2.27 May
6.05
Apr
20c May
680
Jan
43c
Gold
No par value,
6c
6c
15
15
15
Canadian market.
43c
1,500
The Commercial & Financial Chronicle
1556
Sept. 14, 1940
3T
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Last
Week18 Range
Sale
Stocks (Concluded)
Jollette-Quebec
Par
Mines
Low
2c
1
Macaasa Mines
of Prices
High
Price
2c
1
M cl nty re-Por cuplne
Mai Gold Fields
45
45
Low
600
High
Stocks
(Continued)
Par
for
of Prices
Low
High
Week
Price
2c June
8%c
Feb
Dominion Woollens
2.28 June
50 H
Feb
4.80
Feb
5,300
57c June
50 H
1.45
Dominion Woollens pref.20
East Crest
*
Mar
50
Jan
1.40
East Malartlc
1
84c
84c
1,100
July
1.82
Jan
7c
7c
1,000
Easy Washing Mach
2c June
2.40
Economic Investment
300
1.55 June
10 %c
2.65
Jan
2.40
Apr
Eldorado.
59c
3
3
22
22
8
*
25
34c
1
34c
36c
3
3,100
4.15
Jan
Equitable Life
1.40 June
2.40
Jan
Extension Oil
*
Faiconbrldge
Fanny Farmer
»
2.65
2.05
1
25%
25H
26
1,175
1
3Hc
3 He
3Hc
2,000
5%
280
iH July
3H June
67c
67c
67c
1,100
53c
July
1.15
Jan
60c
60c
345
58o
Aug
95c
Apr
47c
47c
200
20c June
61c
Jan
60c
64 c
3,400
47c June
1.00
English Electric A
Jan
llHc 11 He
6.00
6.00
2,400
6.00
8c June
225
4.80
31c
25
29
15
4
4
95
Federal-Kirk land
Fleet Aircraft
Jan
8.20
July
*
25
Jan
Ford
1.85
1.82
RoyallteOll Co Ltd......*
2 00
2,460
3 He
4c
1,000
*
A
22
H
24
40
18
June
*
Jan
89 H
*
6%
Gillies Lake
36
Jan
Stock
Exchange
Last
Sales
Week's Range
Sale
Par
Week
of Prices
l>rlce
Iatw
Range Since Jan. 1, 1940
High
v
Low
65c
65C
65c
735
3h
3H
4Hc
3H
55
4Hc
2,100
29
..100
29
Grain prflOO
Aldermac Copper
*
Aigoraa Steel
*
Amm Gold-....
1
15c
lc
lHc
Apr
Jan
6c
Mar
70c
4,500
5c
6c
July
15,673
Hlnde & Dauch
3Hc
6Hc
Jan
Home Oil
1.03
Jan
Homestead Oil_.
17c
Jan
1
3Hc
800
3c
3c
4,200
2c June
4Ho
Jan
1.51
1.69
6,223
91c June
2.68
Jan
9c 10 He
187
187
1,600
28c
Jan
9c.
Bank of Montreal
100
Bank of Toronto
100
Base Metals
220
*
Bathurst Power class A...*
Bear Exploration
220
Beatty A.......*
July
211
Mar
6
200
Feb
7c
July
July
268
5,200
170
4
220
12
May
15H
Apr
5Ho
5%c
3,100
2 He
July
1.00
1,000
70c
July
July
9Hc
90c
1.19
Mar
5H
9
He
225
7
3
3
20
3
96
5
90
July
96
Bldgood Klrkland
96
90
Mar
*
British American Oil
»
21
4%
July
Aug
7.40 June
47
19
Jan
5H
918
10H
1,026
3H
14%
June
19%
May
23 %
123
23 H
Aug
66c
44,500
28c
May
72c
9c 10 He
3,000
0Hc June
19Hc
Jan
1,130
2.75
8.60
Jan
*
lHo
l%c
500
lHc
16
16 H
381
12
2c
2,000
10H
110
60c
Bunker Hill
*
*
10
3.65
l%c
Burlington Steel
1.35
1
B
50
*
Preferred
100
Canada Malting
Canada Packers
42
4%
105
Jan
41
July
58
June
June
05
135
11
117
1.25
26 H
90
4%
15H
55 H
18
22
1
1.30
21
20
15
115
12,205
14c
900
9,225
70c June
150
8H
21H
Jan
6Hc
7c
10 %
11H
2.10
2.20
3.40
Jan
28 H
Jan
Jan
3.25
3.50
MacLeod Cockshutt
Madsen Red Lake
2.25 June
1
4.75
Feb
2.15
2.03
2.27
11.625
1.00
39c
39c
45c
22,942
20 He
May
July
2.55
1
Malartlc
Jan
1
62c
97c
97c
1.07
17,185
54c June
1.45
Mar
%c
%c
%c
500
%c
lHo
Apr
Gold
5
5
2C
McCod
Mclntyre
5
45%
336
1.04
3,700
85c June
1.47
Jan
80
9c
6,500
4c June
15Ho
Jan
28c
31c
*
6
5H
6
67c
76c
80c
2,229
Moneta
1
40c July
56c
50c
56c
6,550
238
37Hc July
34%
June
93 He
46 %
48
Apr
145
189
Nay
Apr
*
1
*
*
Class A
44 H
100
2.75
Apr
National Grocers
31H
Apr
Feb
22
Feb
National Steel Car
Feb
Naybob
2 He
»
14
175
National Grocers pref
20
National Petroleum....25c
1
Jan
Niplssing
Feb
Noranaa
July
Jan
Norgold
1.65 May
3.62
Jan
Nor metal
Feb
Northern Canada
O'Brien
5%
5%
18
6
2,350
4
20
21
Apr
123
May
June
May
Jan
6
»
118 H 119
8H
Mar
May
5H
22
Sept
Apr
June
119
Sept
Page-Hersey Tubes
56c
Aug
75c
Jan
1.45 May
5c Aug
2.55
Jan
15
56c
56c
1,500
2.00
5,550
7c
7c
3,000
14c
Jan
Apr
11c June
34c
31c
Feb
5c
17o July
2He June
01c
3 Ho
6Hc
Feb
32c
1,500
40c
Apr
Oro Plata
*
Palcalta Oils
*
Pacific Petroleum.
1
4%c
32c
*
Pamour Porcupine..
Pandora-Cadillac
103
_*
1
1.55
1
2.70
1
Commoil
*
Coniaurum
•
25c
25c
1,500
22c
22c
22c
2.300
1.32
1.25
1.40
Bakeries..
Smelters
Consumers Gas
Cosmos
14H
5
100
37 H
102
*
Crows Nest Coal
Cub Aircraft
100
31H
Delnlte
1
Denlson
1
Distillers Seagrams......*
........
Dominion Bank
Dominion Foundry
*
*
Dominion Stores
Dominion Tar
Preferred
»
*
100
12c
34
125
15c
25
61H
2,500
3 He
3 He
25
21H
21H
22
375
1,145
8H
31H
Apr
Jan
34 H
May
70c June
3.75
Jan
Senator-Rouyn
27%
May
160
19
July
May
6H June
4H
40
3
July
5%
100
3
June
5
75
June
lOHc
Jan
4c
2,000
2Hc May
2c July
10c
Apr
23c
26c
1,750
53o
Jan
1.65
8.425
20c May
1 01 June
2.70
3.00
2,630
2.12
July
4.25
Jan
2.35
525
145
July
2.35
Apr
85c
3,000
60c
July
2.18
Jan
22c
Feb
1.50
80c
75c
Aug
1.42
Jan
1.83
2.00
19,495
1 30
June
2.38
Jan
17c
18c
1,500
3,100
12c
July
57c
Jan
2 He June
Mar
1
1.87
4c
3c
23
169
23
23
Sheep Creek
55
17 H
12c
10,100
7Hc
3%
25
2.05
Feb
Apr
Jan
4,217
2,500
1.25 June
2.50
Jan
July
15c
Jan
lOo June
57o
Jan
92o
92c
700
80c July
50c July
4.00 June
1
'~68c
67c
77c
0,210
1
6.50
6.50
0.55
499
*
Mar
210
5%
12,950
Sigma
89
36 H
7c
Silverwoods
3
5c
1.24
Jan
1.18
Jan
8.75
Jan
B
No par value.
3
3
13
3
Sept
5%
5%
45
5
July
*
6H
7H
Feb
*
Preferred
*
June
July
2H June
28c
Jan
Simpsons class
Jan
25c
Jan
Jan
6HC
190
10 Ho
Jan
....
July
6c
26c
50c
8herrl tt-Gor don
145H
1.85
1
1
6
12c June
3%
10 He
1
...
4c
168
29
Jan
Jan
700
30
Apr
2.12
3.215
210
H
15H
5H
8K
Jan
15c
1
18 H May
16
June
800
1.10
*
Sand River
25
86
80c
*
Jan
5c
15c
8t Anthony
Apr
Apr
135
5c
1.00
St Lawrence Corp
San Antonio..
80
260
86
350
•
Royalite Oil
Aug
3c
25
1,270
1
19H June
Jan
2.35
2.20
1
27
188
9h
Reno Gold
24 He
Royal Bank of Canada. 100
23
8H
4H
5%
Feb
19
111
80c June
1
Roche LL
185
~23~~
Preston E Dome
Aug
July
1.225
25c
Jan
3,000
24 H
Jan
1
Royalties
Feb
10 Ho
Aug
60
June
60
1.98
Prairies
49
925
60
Premier
178
11,900
25
100
Dominion Steel class B..25
31H
Apr
Apr
July
12 H
28 H
141
75
Powell-Rouyn
30o
July
May
115
113
Jan
33o
June
654
25H
9H
1.00
14 H
110
12c
15c May
16c June
37 H
38 H
160
163
25 H
*
Davies Petroleum
3,950
3H
25c
90
1.17
5c
Perron
Commonwealth Petroleum*
72
Jan
3Ho
1
Cons
104
Jan
1.10
Pickle-Crow
Pioneer Gold
Jan
Jan
Apr
1.35
1
78c
60c
60c June
1
58o
Apr
1,000
Paymaster
Aug
6 He
1,500
1,200
14,000
Partanen- M alartlc
July
May
Jan
Jan
Aug
18c
Jan
15c
2c
75c
Jan
31c
Apr
1 40
78 H
70c
Jan
50
4Hc
July
17 He
30c
54c
4,100
Jan
55c
1.05
11,100
Jan
Jan
1.81
15c June
57c
5,500
69
50c June
41c June
21c
4Hc
85c June
43
21H0
37Hc
30c June
70
6H
1,091
lc June
100
57 H
July
27c June
13,600
51c
500
1.00
54
June
12c
500
15c
20o
2c
4c June
35
900
92c
6H
2c
1.00
500
370
33,700
4,600
15o
52c
4Hc
47
18Hc 21Hc
47c
880
20c
Mar
85c
90c
*
Mar
20 %
30c
~15c
1
8H
July
85c
1
*
Aug
22
30c
40c
1
.....
5
10
3%C
Chemical Research
Cockshutt Plow
Jan
75
2c
1.00
54
Chestervllle
Cochenour
8c
Jan
*
.
Omega
May
1.80
Jan
1
Okalta Oils
3H
56c
Jan
Apr
1.33
40c
*
13 H
114
1.80
3,833
May
2o July
58c
12H
5
4Hc
...1
250
1
He
June
25
44
20c
*
Mines
70
5H
18
1
1
109 H
Aug
July
May
Newbec
15
5
5
*
Jan
20c June
237
183
2
5,200
25
1
15
Jan
»
McWatters Gold
29
118
58
Mining Corp..
37 H
32
118
July
Mercury Mills
May
118
H
Jan
Mar
Moore Corp
85c
Jan
Feb
Apr
95c
Morris Kirk
32c
9H
101
45%
Apr
Apr
8
37
Jan
1
Feb
12
June
Jan
6H
June
80
4Hc
59 H
.....1
May
15
5
21
Jan
McKenzle
12
125
225
6
Jan
Jan
McVlttie
20
1,700
July
July
7
5H
9H
Feb
95
50c
lc June
2H
25
375
94
93
45 %
375
1,393
Jan
Apr
Apr
110
16
2c
36
5%
100
86
3%
3
*
Preferred
July
May
June
11
4
1% July
3H May
32 H
17
50o
138
205
2c
31
10
5H
3
5%
3H
33H
100
July
Aug
5
1
Preferred....
5.065
3
*
Massey-Harrls
510
50
Jan
20 %
270
215
Jan
Jan
88c
May
3
9H
13
May
9
160
May
22 He
1.71
24
16%
June
20
65
5H
%
July
June
41c
20 H
11
14
5c
9
93
Sept
7%
5,700
Jan
245
June
Aug
Jan
Jan
7.25
1,300
June
May
32
27
26
1
1.05
July
July
4.75 June
15
706
25
15
21%
Jan
24 H
40 H
-
Feb
6,550
2.10
Jan
32c
1.54
238
57c
2 75
15%
25
"ion
Jan
Feb
1.20 June
569
19c
4Hc
25H
19
20
5.15
Jan
Aug
June
3.25
178
33H
17
5.00
Feb
5c
25%
June
13H
21H
17
Jan
24
Aug
24 H
135
8
21
Apr
47
11c May
95c
21
Apr
Sept
*
80
18
100
....
8H
99
39 H
104 %
114
1
Mines
23
16
5%
2.65
14c
90c
"6.00
Jan
♦
B
27
215
*
2.40
*
159
19 H
*
Central Patricia
Central Porcupine
June
July
2H June
9H June
151
32
*
2,000
1
10 H
"l3H
1,433
%c
1
19
25
Canadian Celanese
*
Canadian Dredge
*
Cndn Indust Alcohol A...*
Canadtan Locomotive
*
2c
%c
2.50
156
8%
800
53c
Macassa
Feb
3
133
*
Castle-Tretheway
July
24
100
78
*
5,170
Leltch
Jan
29% June
20
25
Jan
47o
33
Can Car & Foundry
Preferred
Canadian Wine
Canadian Wlrebound
Carnation pref
2.39
42
65
Jan
Apr
113H
"91c
Little Long Lac
Loblaw A
Jan
15 H
16 H
116
3c
Jan
34
May
17%
Manitoba & Eastern
Apr
June
Jan
Feb
He
May
May
June
3c
Maple Leaf Gardens pref 10
Maple Leaf Milling
*
Maple Leaf Milling pref..*
14
90
85
16%
1
Klrkland Lake
Lake Shore
Jan
June
30
*
17
3.10
7 He
June
111%
27 H
12 %
lHc
lHc
He
Jan
Jan
40
June
2c
Feb
4Hc
17H
3Ho
18c June
37
4%
1
100
1.00
90
3H
Sept
8H
12
Jan
Jan
15
lHc June
21Hc July
19 H May
%c
Kirkland-Hudson Bay
Jan
Mar
90
35
14
Apr
30
20
89
Canadian Canners A
Class B
Preferred
42
18
*
May
88
Cndn Breweries pref
*
Cndn Bk of Commerce .100
C P R
1,100
42
*
Canadian Malartlc..
lc June
6H
5,900
26c
97
*
Canadian Oil
July
June
90
Canada Steamships pref-50
Canadian Wire A
*
ClassB..
Canadian Bakeries
Canadian Breweries
July
4%
87 H
Can Permanent Mtge__100
Canada Steamships
*
36
Jelllcoe
Maralgo
1.60
24c
97
*
*
Apr
27 H
3.50
Canada Cement
9H
42
Apr
11.00 May
20 %
Apr
18%
9c
1.35
265
no"
10c
May
3,725
14H
1.30
1.48
Jan
16
June
3c
3
5
34
"62c
•
1,215
12 H
14
Jacola
Laura Secord (new)
20
30
26H
..100
27%
11%
*
1
Calgary & Edmonton
26 %
11%
2,168
*
1
Canada Bread A
2,435
39
Lamaque G
Lapa Cadillac
*
Calmont
7,300
9 50
9,810
4c
28c
36
Lake of the Woods
"1%
10
2.05
10
Jan
1,134
Apr
1.80
1,000
20
Apr
30
Mar
8H
7H June
116
14c
10 00
5H
July
15
100
52 Ho
9.95
May
200
110
Mar
Apr
June
4c
100
90
14 H
64c
He
12 H
12 H
3 He
Jan
May
3
4c
100
July
July
Broulan-Porcuplne
*
8,080
Apr
27 H
8
2%
31
30
100
International Nickel
International Petroleum..*
Sept
Brown Oil
Building Products
90c
Intl Milling pref
4c
Buffalo-Ankerlte
....
80c
2,900
30
10c
21
18H
215
40c
25H
Kerr-Addison
Mar
Sept
12H
12H
J M Consolidated
Jan
11©
100
110
Jan
6%
Sept
11
Jan
8
June
4
25
110
19,900
7
30
9.95
Brit Columbia Power A-.*
B uf falo-Canadlan
100
12,799
7
50
Brantford Cordage pref .25
Brazilian Traction
Intl Met pref
Class A pref
Apr
109
13
4
1.85
Hudson Bay Mln & Sm_.»
Imperial Oil...
Imperial Tobacco ord
$5
102
2% May
130
2H June
39
25Ho
333
307
lc June
'
194
4
3h
...
4%
5H
153
157
*
Bralorne.
11
Jan
Co
HHc 13Hc
4c
5Hc
1
Blue Ribbon..
154
1
Big Missouri
4%
33c
Sept
96
*
100
Preferred
July
11H
100
Bell Telephone Co
6c
ii h
100
Beauharnols
Apr
9c
...
1st pref
2nd pref
7c
9c
""eoc
Beattle Gold
2c
500
4H
Howey
3c
Que
Gold Mines
Bankfleld
Feb
57%
3Hc May
55c May
3c Aug
*
Aug
41c June
July
Aug
4
87
July
12H
b
4c
17%
June
37c
*
Holllnger Consolidated
Jan
58
51H
3H
Harker
Jan
Apr
22c
Jan
85
4c
Jan
38o
1.53
....
lHc
3H
17%
82c
16H
lc
7%c June
Feb
Feb
Apr
30
56
4%
July
1,100
Arntfleld
36
Jan
3H
*
7H June
10c
Jan
23c
4
Hamilton Bridge.
Hard Rock
20
69o
25c
*
Gypsum
17H
3,000
66c
Anglo Canadian
2.50
June
3c June
10
May
8c June
1,100
37c
50c June
5,600
10
July
10H
lOHc
11
2
30
17c
10
16H
97
11c 13 He
71
Gunnar
Abltlbl
Acme
July
July
July
1,000
Greening Wire
High
Jan
Jan
10
lHc
Great Lakes Paper
Shares
Jan
79
2,000
3 %
10 H
22 H
70c
50
36C
55 H
*
Apr
368
4%e
*
Apr
6H
7
70
t pr
Feb
Mar
90
lie 13 He
50
6 00
30
39
35c
1
Goodyear pref
26c
June
13 H
July
19c June
14,800
4%c
Gr Lake vot trust
for
Jan
35c
*
Graharn-Bousquet
Friday
•Jan
6
4%
3Hc
Goodyear
Sept. 7 to Sept. 13, both inclusive, compiled from official sales lists
33
11c
God's Lake
Golden Gate
Jan
Sept
1.75
483
45c
Mar
July
15c May
760
11%
Mar
3H
1,500
18
37c
11
100
Gatlneau Power pref
General Steel Wares
Jan
37c
Goldale
Toronto
16%
16%
*
7c
18c
2.65
5
*
Francoeur
3.10
1.30 May
2c May
17Hc
25
Jan
4H
20H June
Jan
60c
1
Ashley
4.10
29 H
1.23
21c June
1.05 June
2.46 June
100
Gatlneau Power
preferred.
8c
Sept
Sept
22
150
2.11
Aug
Apr
July
June
900
*
Dome
3c
1.95
10,615
300
1.55
Oil—
Cons
2.600
3.10
1.85
Home Oil Co Ltd
Consolidated
6 He
Feb
10
July
5c
2.90
1
Stocks—
3.50
2.95
3.00
1.50
Homestead Oil <fc Gas
Chromium..
High
1.85
Wood-Cadillac Mines
Aunor
3
2.90
Wright Hargreaves Mines *
Astoria
25
1
Sherrltt-Gordon Mines...1
Slscoe Gold Mines Ltd—1
Pacific
5
1.00 May
1
-
Sladen-Malartlc Mines... 1
Sullivan Cons
1
Alberta
Low
10
...1
Pickle-Crow Gold
Preston-East Dome
0%
Range Since Jan. 1, 1940
Shares
1.40
4%
1
Pandora-Cadillac Gold...l
Pato Cons Gold Dredging. 1
Perron Gold
Week's Range
Sale
5
1.00
Sales'
Last
Week
45
Exchange
Friday
Range Since Jan. 1, 1940
Shares
3.40
1.00
O'Br'en Gold Mines
for
2c
3.40
6
Toronto Stock
Sales
Friday
5
5
10
4
Aug
12 H
Apr
.
Feb
Volume
The Commercial
151
1557
& Financial Chronicle
=?i
Canadian Markets—
Watling, Lerchen & Co.
Listed and Lmlisted
Members
New
Toronto Stock
Exchange
Stocks (Concluded)
Week's Range
for
Sale
of Prices
Low
High
Price
100
96
Telephone: Randolph 5530
High
Low
Shares
79
75
97
96
July
Mar
105
59c 60 He
7,430
60c May
950
47c
11,500
20c June
610
Jan
1
4c
5*4 c
2,000
2Hc June
7X0
Jan
1
2c
2C
3.000
l*io
Aug
7Hc
Jan
1
60 He
Sladen-Malartlc
1
39c
Slave Lake
South End Petroleum
Standard Paving pref
Steel of Canada
3*4
45
Jan
72 H
40
3H July
61H June
6*4
71
86 H
Jan
73
73
20
63
83
Jan
3 *4
Steep Rock Iron Mines
Sterling Coal
3.10
June
3
5
Sale
Stocks—
of Prices
High
Low
Price
Par
Range Since Jan. 1, 1940
for
Week
High
Low
Shares
Apr
Apr
4
Sept
Week's Range
Last
3c
July
8Ho
Apr
1,000
9c June
20Hc
5
1
19c
20c
200
Baldwin Rubber com
1
5X
5*4
814
*
1
20 H
Atlas Drop Forge com
Mar
3*4
Mar
Aug
4*4
July
26c Mav
2*4
800
3
Auto City Brew com
6,000
4*4c
12*4c 1214c
4c
*
1.05
10,250
3
3
100
Straw Lake
1.55
1.40
1.42
*
May
official sales lists
Sales
Friday
73
•
25
Exchange
Sept. 7 to Sept. 13, both inclusive, compiled from
72 H
*
Preferred
Detroit Stock
Apr
39c
Slscoe Gold
DETROIT
Building
Week
Par
Chicago Stock Exchange
1,1940
Range Since Jan.
Last
New York Curb Associate
Exchange
Ford
Sales
Friday
Simpsons pref
York Stock
Detroit Stock Exchange
16o
614
65c
100
8X
8*4
300
7H
212
15*4
60c
100
55c
3H
3*4
110*4 110 X
1*4
IX
1,300
2*4
98 H
75c
300
4*4
May
Apr
Feb
May
271
Feb
12*4
16*4
1*4
Jan
July
Mar
1H
July
15H
Apr
23 H
60c May
15H
7*4
4*4 June
13 H May
Sturgeon River
1
Sud Basin
»
1.07
1.07
1.24
1,000
85c
July
2.05
Jan
Brlggs Mfg com
Sullivan
l
60c
60c
63c
4,300
50c June
1.02
Jan
Brown McLaren
3,600
1 90
June
*•3.45
Feb
Burroughs Add Machine.*
250
July
12
Apr
Consolidated Paper com .10
"15H
Sept
53
Jan
Consumers Steel com
1
60c
60c
Jan
Continental Motors com_.l
100
3*4
110*4
Mar
Det-Mlchlgan Stove com.l
IX
Jan
Detroit Paper Prod com_.l
Jan
Eureka Vacuum com
5
3*4
3*4
100
Ex-Cell-O Corp com
3
30 H
30*4
240
Frankenmuth Brew com__l
2X
2*4
351
2
May
2*4
Jan
4%
4*4
400
3*4 June
Apr
2
2*4
455
1H May
38 H May
6*4
2*4
2.25
11
11
52 H
3.15
52 H
5
8*4
52 H
3.55
2,560
2 40
June
4.15
1.15
1.15
120
1.00
July
2.25 May
9H
25
9H
Sept
1
*
2.45
11
3.15
Sylvanite Gold
Tamblyn
com...
Preferred
Teck
50
Hughes
Texas-Canadian
1
Tip Top Tailors
9H
*
Preferred
100
10
100
100
100
100
Sept
13 X
110
1.90
1
Toronto Elevator
Preferred
1.25
1.25
500
1.00
July
*
Toburn
23 H
23 H
25
16
July
32
Jan
45
45
20
37
Aug
49
May
50
Toronto General TrustslOO
15c
15c
1
Uchl Gold
i
Union
*
Gas
United Steel
45c
14 H
15
3 X
*
2
85
85
85
Towagmac
70
18c
45C
IOC
1,400
1,500
575
15
25c
12
Aug
May
3'
400
4X
July
July
May
May
90
35o
1.12
Detroit Edison com
6X
65c
66c
Gar Wood Ind com
General Finance
1
Jan
General Motors
Grabam-Pafee
Jan
com
Hall Lamp com
97c
May
4.35
Jan
com
80c
88c
12,850
55c June
2.30
2.70
6c
9c
1,315
5,300
1.95 June
9c
6c
Sept
Walte Amulet
3.35
3.70
1,855
2 70
May
6.05
Jan
124
29 H
June
43 H
Jan
LaSalle Wines com..
39
38
Walkers
Preferred
12c
1
19 H
225
lie 12 He
IX
Western Canada Flour...*
"28"
1
B
884
Feb
Apr
34
Jan
Apr
Jan
66
Apr
60c
July
1*4
Jan
Feb
13*4
15*4
Apr
100
6*4
12H
12 X
590
9H June
3*4
3*4
125
3
37c
38c
600
33
May
1*4
1*4
100
1
May
1*4
IX
1*4
350
IX
May
1*4
150
75c
July
1*4
Jan
8
8
"
37c
Hurd Lock & Mfg .com
2
Apr
6*4
May
57
Feb
Sept
Jan
Jan
June
20 X
Feb
Masco Screw Prod com
1
82c
16c
Apr
McClahan Oil
1
18o
19c
4,100
18c
May
27c
Apr
5
Jan
Michigan Sugar com
75c
200
60c
July
1.25
Apr
Apr
Mlcromatlc Hone com
*
1
75c
7H
7H
200
7
July
1*4
300
1*4
Jan
11*4
2H
Mar
1H
13*4
730
9*4
May
1H June
21
July
47
com
28
28
lXc
12 X
475
9H
June
15
Apr
Motor Products com
1.15
1.15
50
90c
Aug
2.62
Jan
Murray Corp com
July
30c
4 25 June
8.15
1,000
435
60c
4*4
June
Mar
'
Hudson Motor Car com..*
lHc
11H
100
Preferred
Westflank
48*4
52c
3
Jan
2*4
1*4
66e
20*4
Jan
125
1*4 May
Sept
575
Jan
82c
16*4
25
IX
Houdallle-Hershey
■
6c June
8,550
19
19
»
Wendigo
17Hc May
21
48 X
52c
1
Kingston Products com__l
1
mm
2*4
*
*
80c
....
m
1
3.35
Ventures
m
10
com.
2.30
1
Upper Canada
Vermilata Oil
"~3X
3
Jan
Feb
17
com
4c
lHc Sept
Mar
"in
Mid-West Abrasive com50c
Apr
Winnipeg Electric cl A...*
10c
10c
13c
Wright Hargreaves
6.00
6.30
8c
5,400
6.00
3,460
Wood-Cadillac
*
12X
10
5*4
6
1,477
4*4
May
8H
Apr
Feb
Jan
Packard Motor Car com..*
3H
3*4
2H May
4*4
Mar
Jan
Parke Davis com
*
1,0^0
1,154
44 X
Prudential
'
Westoris
1
Invest com
m
m m
July
1H
400
1*4
May
2
Jan
200
1
Aug
2
Apr
100*4 100*4
1952
Loans
$3,100
July
99
Apr
100H
3
Jan
2H
Apr
9
Apr
1
mm
mm
"~2%
2*4
1,425
2*4
500
2*4 May
1H May
4H
200
3*4
2X
2H
2*4
1
4H
4H
1
1
1
IX
2
Rlckel (H W) com
Sheller Mfg com
Toronto Stock
Exchange—Curb Section
Week's Range
Sale
Par-
Stocks—
of Prices
High
Low
Price
StdTubeB com.
Range Since Jan.
for
1,1940
oil Brewing com...
U S Radiator com
Consolidated Paper
Consolidated Press A
*
Dalhousie
*
*
Foothills
Jan
Walker & Co B
Apr
Warner Aircraft com
1
4H
100
4
Sept
600
75
5
13
13
June
55c
13
Sept
27
Jan
Mar
3c
3c
6c
700
3c
Sept
13 He
Jan
Friday
29 H
29H
29 X
151
25 H
June
31X
Feb
Last
Apr
Sale
Montreal Pow
Pawnee Kirk
Rog MaJ A—
lc
*
1
Temlskaming Mining
lc
1,000
He
Aug
1.43
1.55
2,250
99c May
2.35
Jan
2H
1
2c
2*4
265
1.75
July
3.25
4 He
500
2 He June
8Hc
Jan
"
1.43
May
Par
Stocks—
Allegheny Ludlum Steel..*
Arkansas Nat Gas pref. 100
—*
Blaw-Knox Co
Industrial and Public
Sales
Utility Bonds
of Prices
High
Low
Price
Week
Duquesne Brewing
Fort Pitt Brewing
38
Federal Grain 6s
63 H
65
63 H
65
Gen Steel Wares 4H8.1952
65
66
69
71
Gt Lakes Pap Co 1st 5s '65
60 H
62
65H
67
1953
Alberta Pac Grain 6S..1946
35
1948
Algoma Steel 6s
Ask
1949
H
Lake St John Pr & Pap Co
1961
59
61
Massey-Harrls 4 H8... 1954
British Col Pow 4H8.1960
60
61H
6Hs.
5s..1960
81
83
McColl-Front Oil 4*48 1949
67 H
69
Canada Cement 4*48-1951
68
1957
65H
N Scotia Stl A Coal 3 Hs '63
54 H
56
Canadian Vickers Co 6s '47
26
28
Power Corp of Can 4 Hs '59
66
8*4
5H
"7%
6H
102
4H
May
Co—5
178
1214
11
11
13
11
345
9X
Aug
June
238
1%
Jan
1H
62 H
1962
70
1,070
28 X
60
Pittsburgh Screw & Bolt..*
614
28 X
6X
1
lc
Vanadium-Alloys Stl Crp_*
32 H
32 H
30
19X
21X
10
Supply Co
Mining Co
Westinghouse Air Brake..*
71H
IX
91
May
10 X
May
6H May
May
28
36 H
125
4X
May
8*4
500
lc
Apr
May
414 May
lc
Feb
lc
Apr
Jan
Feb
May
34
115
15*4
May
28 H
Jan
216
19X
28
IX
May
2H
Jan
Unlisted
68
1966
5Vs
5X
Jan
Mar
14
May
64
66
714
516
9
5*4
*
Jan
Apr
May
75
40
86 H
86
100
IX
17 H
67 H
Price Brothers 1st 5S..1957
Apr
714
May
6*4
70
64
May
8X
11*4
7H
6
9
San Toy
26 H
Feb
197
13
Koppers Co pref
Lone Star Gas Co com
Mt Fuel
May
16
150
1,700
7X
Pittsburgh Brew Co pref.*
Bid
Ask
High
Low
Shares
22H
7X
20*4
20X
Devonian OH Co
(American Dollar Prices)
Abltibi P & P ctfs 5a
1, 1940
Range Since Jan.
for
Week's Range
Columbia Gas & Elec Co.*
Closing bid and asked quotations, Friday, Sept, 13
Bid
Jan
1*4
Apr
4Hc
1
Pend-Orellle
July
90c
Sept. 7 to Sept. 13, both
*
Mandy
May
2*4
200
Pittsburgh Stock Exchange
inclusive, compiled from official sales lists
Jan
1.05
100
*
Langley's pref
4
300
3
1.50
Jan
Jan
40
30c June
Mar
Feb
10
20c June
22
2*4
3
*
8H
2,500
Mar
May
1.50
15 H
May
55c
Mar
1
"Tlo
May
30c
3*4
117
2,300
5
28*4
Apr
11*4
5H
1*4
3
50c
2*4
July
5H
15
30c
June
8
1*4
1,999
28
1
114
5H
5X
50c
Apr
100
IX
6H
*
Dominion Bridge
2*4
1*4
~5H
6H
4H
6H
4H
Apr
Apr
July
9
*
4
*
_»
Canada Vinegars.
Mar
1*4
26 H
1*4
524
*
B
1*4
Sept
"May
1
364
1*4
60c
18 H May
1,100
1*4
1*4
50
Universal Cooler A
High
Low
1*4
26*4
June
9
_.l
1
Preferred
Week
Shares
100
1
1
1H
25*4
10
Tlmken-Det Axle com
T1
Sates
Friday
Last
Simplicity Pattern com
official sales lists
Sept. 7 to Sept. 13, both inclusive, compiled from
33
1
River Raison Paper com..*
War
Jan
31*4
1H
32 H
.5
Reo Motor com
Bonds—
3H
m+» f
16
Calgary Power Co
Canada SS Lines 5s
Dom Steel & Coal
6H81955
69
71
Quebec Power 4s..
1951
66
68
Saguenay Power—
4*4s series B
Winnipeg Electrlo—
Dom Tar & Cbem 4 Hs
Co—
1956
53
55
4H8..1951
66
68
Donnacona Paper
4s
*
No
value.
par
/Flat price,
n
4-5s series A
1965
48
No par value.
Money
1965
34 H
36
Invested in Savings, Building and
in First Half of 1940,
Above
Associations
Loan
1939
Period
50
Savings, building and loan associations furnished an in¬
channel for more new money during the first six
months of 1940 than in any half-year during the 1930's,
the United States Savings and Loan League reported on
vestment
Nominal.
CURRENT
*
New
4-5s series B
Famous Players
1
Pennroad Corp vtc
NOTICES
Their total estimated new savings receipts was
$571,217,000, or $6.00 for everv $5.00 which they had taken
in during the first half of 1939.
The League's announce¬
Aug. 31.
•—With
ment
for
the
motor
national
vehicle makers
defense,
the
busy tackling manufacture of equip¬
Automobile
Manufacturers Association
to¬
day called attention, in a special booklet, to the fact that the same funda¬
mental requirements apply to mass production of defense items and of cars
and trucks,
The book titled what it takes, stresses "time, planning and
specialization" as the key factors contributing to America's tremendous
production capacity, and illustrates this theme in a step-by-step descrip¬
tion of the work involved in automobile production.
Before a new car
model can be placed on the assembly lines and the daily flood of production
can
begin,
often
a
year
or
more
of intensive preliminary work must be
engaged in, the book explains. A foreword written by Alvan Macauley,
eran
automobile manufacturer and president of the Association, points
that,
in mass
vet¬
out
production, plants and equipment are specialized to single
functions.
—H.
Albert Ascher, who
prich & Co., has been
recently retired as a partner of R. W.
elected a Vice-President of Harvey Fisk &
Press-
Sons, Inc.,
specializing in U. S. Government, State and municipal
bonds.
Mr. Ascher has been active for many years in the municipal bond
business and is Chairman of the Municipal Securities Committee, New
York group of the Investment Bankers Association, as well as a past VicePresident of the Municipal Bond Club of New York.
investment bankers
ment went on to say:
Money came In
Investments, both
through systematic savings plans and through
proving more popular than during any similar
lump-sum
period for
President, said. The net
gain in capital for the period was estimated at $270,370,000, which was
19.85% more than the net gain for the same period last year.
This means,
he said, about $45,000,000 moer new funds devoted exclusively to home¬
ten
years,
owner
Mr.
George W.
West, Atlanta, League
credit than for the same
West
said
that
six months a year ago.
the customary month
January,
for investment
accounted for 30% of the inflow of new funds for the period.
April,
marking the beginning of the second quarter, was the next largest invest¬
ment month.
Also in April the institutions made their most spectacular
changes,
increases
than the
in new money over
Only one month of
money
the six, June, showed a
than last year.
of funds
and were
the like month of 1939, taking
in 51% more
previous year.
from the
slightly smaller volume of new
On the other hand, Mr.
associations were 26% less than
the smallest in any
West said, withdrawals
they had been in May
month of the entire six.
1558
TheCommercial & Financial Chronicle
Quotations
Bid
1969
City Bonds
As*
96
95
Jan
1
1977
aZHn
a354s
a354s
a3He
a354s
July
May
Nov
Mar
1
1975
1
1954
10654 10754
4s
Chicago & San Francisco Banks
Bid
a3s
9654
9754
10054 102
1
1954
107
1
1960
10654 107 54
15
Jan
Over-the-Counter Securities—Friday Sept. 13
on
New York
15
a254s July
1978
10554 10654
112
108
o454s
a454s
a454s
a454s
a454s
a454s
a454s
a454s
1
Mar
1964
Apr
1
1968
Apr
16
1972
1
June
118
15
1976
1
119
11854 11954
11854 11954
11954 12054
11954 12054
1974
Feb
Jan
Ask
11754 11854
1977
Nov
120
May
1
1957
1
1968
11254 11354
1959
113
a454s May
a4 54s Nov
1957
May
May
1
1957-
o4s
1
1977
11454 11654
11854 11954
a454s Mar
1963.
a4s
Oct
121
a4 54» June
1965.
a454s July
1967.
a454s Deo 15 1971.
1 1979.
a454s Dec
a4s
113
114
1981
Mar
Par
Bid
& Trust
100
185
1980
115
1960
11654 11754
1
1962
116
11754 11854
Bank & Trust
33 1-3
75
100
206
First National
12054 12154
118
122
123
12254 12354
12554 12654
New York State Bonds
Bid
Bid
38 1981
62.20
less 1
454s April 1941 to 1949.
Highway Improvement—
62.25
—
Ask
World War Bonus—
Highway Imp 454a Sept '83
Canal Imp 454s Jan 1964._
Can A High Imp 454s 1965
11354
1942-1960
Inland Terminal 454s ser D
1941
MAS
1942-1960
MAS
General A Refunding—
4s
1st ser Mar 1 '75
3 54s 2nd ser May 1'76
6 25
3s
4th ser Deo 15 '78
354s 6th
---
625
10654
13.55
28
163
Chase
ser Aug
15 *77
Triborough Bridge—
354s 8 f revenue
---
Pennsylvania Turnpike—
354 August 1968
3s serial
rev
254s serial
1980
1953-1976.
_
1946-1952
rev
101
10554
10354 105
9854
9954
10254
101
Feb
6s
1952
654s Aug
1941
113
116
61.60
,
A 8k il
Ask
122
116
J&J
106*i» 106*14
354s 1955 opt 1945..MAN
J&J
10654 10654
48 1946 opt 1944
108
J&J
11054 11054
50
15
19
Irving
6854
7354
Kings County
Lawyers
20
Chemical Bank & Trust-10
87
30
...50
Continental Bank & Tr.10
Corn Exch Bk A Tr
20
Ask
Bid
Lafayette 54s, 2s
99
Lincoln 454s
Lincoln 5s
80
Empire new....
82
r3
354
99
Lincoln 554s
82 54
80
York
5s
North Carolina 54s, 154s..
154s, 2s
99
...
First
Montgomery—
3s, 354s
Oregon-Washington
Is, 2s
First Texas 2s, 254s
First Trust Chicago—
99
Is, 154s
40
Par
454s
102
...
10
100 1475
Ask
93
100
113
•
80
90
1525
116
Telep of Canada.. 100
Telep of Pa pref.__109
Cuban Teleph 6% pref.100
105
108
120
123
Par
New York Mutual Tel..25
.
Bell
40
Telegraph...25
Peninsular Telep com
Preferred A
Bid
Ask
*
25
17
15
18
32
34
2954
3154
mmm
25
132
46
Telephone—
$6.60 1st pref
100
113
...
71
...
137
Par
Bid
B/G Foods Inc common..*
Bohack (H C) common...*
7% preferred
100
So & Atl
Telegraph
25
Sou New Eng Telep... 100
Ask
7
154
3
19
Par
3
2
25
Kress (S H)
16
20
16754 16154
6% pref
100
Bid
1154
Reeves (Dan el) pref...100
854
Bonds
Bid
United Clgar-Whelan Stores
$5 preferred
*
1854
Ask
1254
99
Ask
Stocks
Antllla Sugar Estates—
Par
1951
/13
Eastern Sugar Assoc corn. 1
Preferred
...1
15
Haytlan Corp com
•
Punta Alegre Sugar Corp.*
Savannah Sugar Refg
1
1947
43
46
1954
/38
/19
40
1989
20
—
2054
Bid
Ask
San Antonio 54s, 2s
/20
24
Southern Minnesota
Southwest (Ark) 5s__
Sugar Co
5
West Indies 8ugar Corp._l
rl3
Union Detroit 254s._
99
99
«...
1854
754
20
54
154
654
2854
3054
7
154
154
4
4 54
mmm
Virginian Is,
654
V ert len tes-Cam aguey
1940-1942
5s
New Nlquero Sugar—
St. Louis
9954
100
m-m
98
r21
23
354s
99
80
154s._
1354
85
FHA Insured
Joint Stock Land Bank Stocks
Par
12
100
United States
42
91
Haytlan Corp 4s
9954
-
63
Bid
Atlanta
Title Guarantee & Tr
Trade Bank & Trust
Bid
6s
99
Indianapolis 5s
Iowa 454s, 454s
1454
48 54
Baraqua Sugar Estates—
99
Fletcher 54s, 354s
Fremont 454s, 654s
Illinois Midwest 454s, 5s..
1254
25
_
103
Potomac 154s
...
r3254 3454
5154
5354
10054 1C3 54
254
354
13 54
1154
20
47 54
30
mmmt
9854
5s
Phoenix
99
20
Preferred
New York
1154
1550
27
Sugar Securities
82
99
r35
Pennsylvania 154s, 154s...
Phoenix
1054
25
Manufacturers.
4454
com. *
Teleg (N J)
8s
99
First New Orleans—
10
100 1500
amwmm
New
Carolina—
210
263
Telephone and Telegraph Stocks
85
Denver 154s, 3s
190
258
35
39
Ask
100
100
Underwriters
83
First
90
54
Bid
Fulton
Guaranty
Ask
99
99
Chicago
42
Fish man (M H) Co Inc..*
Atlanta 54s. 154s
9
Par
321
z48
100
Ask
10754 10654
11054 111
Atlantic 154s, 154a
Burlington
r7
Companies
Ask
...
J&J
1964 opt 1944
2654
314
Mtn States Tel & Tel.. 100
111
Joint Stock Land Bank Bonds
Bid
Bid
Emp & Bay State Tel.. 100
Franklin Telegraph
100
Int Ocean Telegraph...100
119
Bid
38 1955 opt 1945
106"n!l06"n»'4fl
2454
Chain Store Stocks
1968 opt 1946
38 1956 opt 1946
Hf&N
Sterling Nat Bank & Tr 25
1740
115
35
Federal Land Bank Bonds
Bid
12
49
29 54
2.40
11054
11154
Conversion 3s 1947
10
50
43
Rochester
U 8 conversion 3s 1946
Hawaii 454s Oct 1956.
2454
1254
2854
Pac & Atl
454s July 1952
6s
July 1948 opt 1943.
10
45
1754
10
10154 10254
to 97*4
Govt of Puerto Rico—
10354 10554
10254 10354
Exchange
100
new
Bell
103
100
1965
Bank.1254
Peoples National
Public National
Ask
40
2354
1054
125
62 50
103
101
Apr
Bid
12 54
690
County
Brooklyn
Ask
Bid
U 8 Panama 3s June 11961
4548 Oct' 1959
454s July 1952
2954
Penn
169
100
Preferred
Ask
6a
National City
National Safety
100
Merchants Bank
Bronx
United States Insular Bonds
Bid
37
1254
Par
National Bronx Bank...50
16
100
Am Diet
Philippine'Government—
Ask
1454
Clinton Trust
Bid
10954
10654
85
Par
Port of New York—
MAS
60
Central Hanover
Ask
109
Bensonhurst National
Bankers
Francisco-Oakland
4s September 1970___
Holland Tunnel 454» ser E
1941
MAS
40
Bank of New York
Authority Bonds
Bid
Ban
Bid
Bank of Yorktown.,66 2-3
134
134
mmm
California Toll Bridge—
35
FRANCISCO—
Bk of Amer N T & 8 A
New York Trust
Sept 1958 to '67
Barge C T 454s Jan 1 1945.
142
140
Public
4s Mm A
SAN
Ask
298
497
61.10
Canal Imp 4a J&J '60 to '67
142
Par
Bank of Manhattan Co. 10
850
First National of N Y..100 rl700
Ask
less 1
Canal & Highway—
5s Jan & Mar 1964 to '71
7754
213
Fifth Avenue
62 10
Bid
285
482
New York Bank Stocks
119
122
12154 12254
38 1974
Par
Harris Trust & Savings. 100
Northern Trust Co
100
196
Continental Illinois Natl
Commercial National.. 100
1
1
a454s Sept
a454s Mar j
Ask
American National Bank
121
Nov
a
a4a
Sept. 14, 1940
79
Ask
Par
83
New York
Mortgages
Offerings Wanted—Circular
Bid
.......100
on
Request
Ask
2
94
WHITEHEAD &
6
100
Atlantic
48
52
North
Dallas
73
78
Denver
Pennsylvania
100
32
38
54
60
Des Moines
Potomac
100
100
110
52
58
First Carollnaa
8an Antonio
105
110
14
18
Virginia
4
8
5
FISCHER
9
Fremont
Lincoln.
Carolina....
100
100
5
Virginia-Carolina
254
100
z80
44 Wall
Telephone: WHitehall 3-6850
3
90
FHA Insured
Federal Intermediate Credit Bank Debentures
Bid
54%
54%
54%
54%
due
Oct
1 1940 b
due
Nov
11940 6
due
Dec
due
Jan
2 1940 6
2 1941
Obligations
6
Ask
Bid
.25%
25%
25%
.30%
54%
54%
54%
54%
Bid
maturities,
Interchangeable.
Nov
Jan
Nominal Quotation,
r In
recelvorship.
i When Issued
w-s With stock,
n
to
x
y
Now listed
s
Now
♦
selling
on
on New York Curb
5 Quotation based
Sept. 25.
on
102
Massachusetts 454a
102
103
Michigan 454s
101
10254
Minnesota 454s
10254 10354
10154
101
10154
10154
10154
10154
Maryland 4 548...
102
A servicing fee from
Asked
103
104
N Y (Metrop area) 454s..
102~"
101
Tennessee 4 54 s
Insured Farm
103
103
10154 10254
102
10354
102
10354
10154 10254
Pennsylvania 454 a
Rhode Island 454s
South Carolina 454s
Texas 454s
102
102
102
454s
New York State 454 a
North Carolina 454s
10154 103
10154 103
_
101
Mtges 4 54s
Virginia 454s
54% to 54% must be deducted from interest
10254
101
10254
10154 10254
rate.
100.20 100.22
15 1942 100.26 100.28
11942 101.7
101.9
1 1944.. 102.10 102.14
d Coupon,
e Ex Interest
Quotation shown Is for all
SPECIALIZING
F.H.A. INSURED MORTGAGES
The best "Hedge" security for Banks and Insurance Co's.
Circular
on
request
Ex-dlvldend.
STORMS AND CO.
Exchange.
or
10154
West Virginia 454 s
New York Stock
Exchange,
Quotation not furnished by sponsor
New Mexico 454s
10354
10254
10354
10254
10254
10254
10254
10254
10354
Georgia 4 54 8
Illinois 454s
Authority—
154% notes Feb
6 Basis price,
102
1 1941 100.25 100.27
July,
U 8 Housing
Bid
New Jersey 454 s
53
102
Indiana 454s
Louisiana 454s
Ask
Mortgages
Asked
10154 10254
10154 10254
Florlda 454s
Loan Corp
May 15 1941 100.10 100.12
54%
54%
1%
Alabama 454s
Arkansas 45^8
Delaware 454s
District of Columbia 454s.
June 2 1941
54% notes July 20 1941
Call Nov 16 '40 at
10054 101.8 101.12
154s Jan 3 1944—
Jan 3 1941 at 10154
101.10 101.14
/Fiat price,
1 1941 6.40%
6.40%
Bid
6s.
Reconstruction Finance
Corp—
1 1940 100.10 100.13
a
May
54s
Apr
1 1943 102.26 102.30
Federal Natl Mtge Assn—
2s May 16 1943—
No par value,
due
due
.30%
Bid
2s
*
1 1941 6 .35%
Home Owners'
1 1941 100 13 100.15
1%
Nov 15 1941 100.31 101.1
54%
May
11943 100.12 100.14
Federal Home Loan Banks
Deo
1 1941 6
Mar
Ask
Aug
2s
Feb
Ask
of Governmental Agencies
Commodity Credit Corp—
54%
due
due
Street, New York, N. Y,
Commonwealth Building
Issuer.
$89.50 of principal amount.
5% was paid
PITTSBURGH, PA.
Phone Atlantic 1170
on
July 2 and
#
Quotations
on
1559
Commercial & Financial Chronicle
The
Volume 151
Over-the-Counter Securities—Friday Sept. 13—Continued
INSURANCE and INDUSTRIAL STOCKS
Guaranteed Railroad Stocks
BOUGHT—SOLD—QUOTED
3o$epb Klalkers Sons
Mtmbtrt New "York Slmck
Vermilye Brothers
Extern#
Dealers in
120 Broadway
Tel. REctor
NEW YORK
2-6600
STOCKS
BROAD ST.,
30
GUARANTEED
N. Y. CITY
Teletype N. Y. 1-894
HAnover 2-7881.
Insurance
Guaranteed Railroad Stocks
(Guarantor In Parentheses)
Companies
30 m
17m
63 m
19m
100
100
100
50
100
Central)
Albany A Susquehanna (Delaware A Hudson)
Allegheny A Western (Buff Roch A Pitts)
Beech Creek (New York Central)
.
Y.20
39
42 m
.....5
5
8
9
1m
1m
2m
10
10
27 m
29
Homestead Fire
Agricultural
25
68
72
Ins Co of North Amer...
10
American Alliance
Asked
Bid
in Dollars
Alabama A VIcksburg (Illinois
Aetna
5
10
10
6.00
72
77
10.50
115
120
6.00
70
74
10
20
21m
Jersey Insurance of N
6
17
18m
Knickerbocker
Lincoln Fire
2.00
*29
117m 121m
10
American Equitable
Home
47 m
Home Fire Security
31m
Amer Fidel 4 Cas Co com 5
10m
11m
86
American Home
...10
5m
7m
2M
12m
14
100
...100
Carolina Cllnchfleld A Ohio com (L A N-A C L)__.100
Cleve Cln Chicago A St Louis prei (N Y Central)..100
Cleveland A Pittsburgh (Pennsylvania)
50
8.50
11
15
American of Newark
3.00
37 m
40 m
American Re-Insurance.10
44
46
Maryland Casualty
1
Mass Bonding 4 Ins__12M
Merch Fire Assur com—5
10
15m
16H
Merch 4 Mfrs Fire N Y..6
25
46
48
35 h
37 h
50
25
100
..100
100
100
50
Boston A Albany (New York
Central)
Boston A Providence (New Haven)
Canada Southern (New York
8.75
....
Central)
Betterment stock
Delaware (Pennsylvania)
Fort Wayne 4 Jackson pref (N Y Central)
Georgia RR 4 Banking (L 4 N-A O L)
Lackawanna RR of N J (Del Lack A Western)
Michigan Central (New York Central)
...
Morris 4 Essex (Del Lack 4 Western)
New York Lackawanna 4 Western
(D L 4 W)
Northern Central (Pennsylvania)
Pittsburgh Bessemer 4 Lake Erie (U S Steel)
87
89
American Reserve
5.00
59 m
64
American Surety
3.50
77
79 m
Automobile..
2.00
47
50
Baltimore American
2.00
46
47 m
69
Bankers 4 Shippers
6.00
5.50
65
9.00
147
50 m
54
89
91
4.50
33
36
3.00
81
7.00
173
7.00
154 m
Preferred
53 m
55 m
7Y<
8m
10
10
National Liberty
2
National Union Fire
20
New Amsterdam Cas
2
New Brunswick
10
New Hampshire Fire
10
New York Fire
5
Northeastern....
5
Northern
12.50
North River
2.50
Northwestern National .25
Paclflo Fire
25
21
28
29m
10
5
20 m
22
25 m
26 X
32 H
34 m
8
7
1
2m
50
47
10
42
44
Phoenix
118
128
62
64
94m
8m
58
61m
134
138m
Fireman's Fd of San Fr.25
91m
66
5
6
8m
10
3.00
27 m
29
38
40 m
St Paul Fire A
23
26
23
25
40 m
42 m
10
Security New Haven
.
135
246 m
6.00
57
62
6.00
59
63
5
6
9
12m
16
60
25m
26 m
9m
24 H
mm
12m
26 m
80
83
60 m
66
3.50
23 m
26
Globe 4 Republic
3.00
65
58
Globe 4 Rutgers Fire.
9m
2d preferred
Great American
Railroad
Equipment Bonds
Bid
61.25
Atlantic Coast Line 4MB--,
Baltimore 4 Ohio 4 Ms
'
62.10
1
Great Amer Indemnity
11
Atk
Bid
Ash
Missouri Pacific 4Mb
62.25
1.60
1.50
Nash Chat 4 St Louis 2Mb
62.25
52
1.20
Nat Steel Car Lines 5s
62 00
1.00
62.60
1.75
New York Central 4Mb
61.75
1.25
66 30
650
62.40
1.75
Canadian Pacific 4Mb
66 25
5.50
N Y Chic 4 St Louis 4s...
63.10
2.60
2.00
American Arch
3.60
Amer Bemberg
61.60
,
'
2Mb
-
Par
*
Alabama Mills Inc
Central rr of N J 4Mb—
62.00
1.00
N Y N H 4 Hartford 3s...
64.00
3.25
North Amer Car 4Mb-5Ms
64.25
Chesapeake 4 Ohio 4Ms../
Chic Burl 4 Quincy 2Mb..
61.50
1.00
Northern Pacific
2Ms-2Ms
62.15
1.65
61.75
1.26
No W Refr LI ne 3 Mb-48
63.40
2.60
Chic Mllw 4 St Paul 6s...
63.50
2.60
Pennsylvania 4Mb series D
61.00
0.60
4s series E
62.26
1.75
Amer Distilling Co 5%
2M8 series G 4 H
62.00
1.60
American Enka
1.50
.
-
-
Chic 4 Northwestern 4 Ms -
62.25
Cllnchfleld 2Mb
62.20
1.76
Del Lack 4 Western 4s
63.251
2.50
Pere Marquette—
Denv 4 Rio Gr West 4Mb.
62.25
1.75
2Ms-2Ms and 4Mb....
Reading Co 4Mb
St Louis-San Fran 4s-4Ms.
62.60
1.75
Growers Express
4s. 4Mb and
61.75
4Mb
1.40
66 00
6 00
Great Northern Ry 2s
61.70
1.25
Illinois Central 3s
62 50
Kansas City Southern
_
3s.
Lehigh A New Engl 4Ms._
3mb
Maine Central 6s
Merchants
1.50
Amer
61.80
1.40
American Mfg 5%
62.25
1.50
*
25
Arden Farms com v t c
1.25
4Mb...) 62 00
63.00
Shippers Car Line 5s
>
62.10
Southern Pacific 4Mb
i
2.00
62 40
2.00
I
2Mb
1.50
61 85
1.60
Southern Ry 4s
61.76
61.80
1.40
Texas 4 Pacific 4s-4Ms—
61.76
1.50
62.00
1.50
62.25
1.75
2.00
Union Pacific 2Mb
62.25
1.50
Western Maryland
62.50
2.00
Western Paclflo 5s
62.10
1.75
2s
Maize Products...♦
pref 100
$3 partlo preferred
Arlington Mills
100
Armstrong Rubber A
•
Art Metal Construction. 10
1M
17
18m
11M
11m
2M
48 m
22 m
12M
12M
3m
24 m
Pan Amer Match
16
19
69m
75
Pepsi-Cola Co...
Permutit Co
3
37
23 m
56
26 M
59
14
-
1944
1955
1965
1956
..1951
Ohio 4s
................
Chicago Indiana 4 Southern 4s
Chicago St Louis 4 New Orleans 5s
Chicago Stock Yards 5s..__...........................1961
Cleveland Terminal 4 Valley 4s....1995
Connecting Railway of Philadelphia 4s
1961
Cuba RR Improvement and equipment 5s..
....I960
Carolina Cllnchfleld 4
Florida Southern 4a
Hoboken Ferry 5s
Central—Louisville Dlv 4 Terminal 3Ma
Indiana Illinois 4 Iowa 4s
Kansas Oklahoma 4 Gulf 5s—
Memphis Union Station 5s......................
1945
1946
1953
1950
1978
....1959
Northern 4s.............—..............1940
York 4 Harlem 3M8—
2000
New London
Philadelphia 4 Norfolk 4s
1948
Great Northern income 5s..
2032
New York 4 Hoboken Ferry 5s..._—...............—1946
Norwich 4 Worcester 4Mb
1947
Pennsylvania 4 New York Canal 5s extended to...
..1949
Philadelphia 4 Reading Terminal 6s
...
1941
Pittsburgh Bessemer 4 Lake Erie 5s
1947
Portland Terminal 4s.....................—.......—1961
Providence 4 Woroester 4s
1947
Richmond Terminal Ry 3Mb
...
....
1965
Tennessee Alabama 4 Georgia 4s.......................1957
Terre Haute 4 Peoria 5s—.........................—1942
Toledo Peoria 4 Western 4s
1967
Toledo Terminal 4Mb..
....
1957
Toronto Hamilton 4 Buffalo 4s..........—............1946
United New Jersey Railroad 4 Canal 3Ms
1961
Vermont Valley 4Mb
.—
—..1940
Vlcksburgh Bridge 1st 4-6s.........1968
Washington County Ry 3Ms
1954
West Virginia 4 Pittsburgh 4s
1990
/45
/46M
47 M
66M
68 M
84
85
Singer Manufacturing. .100
Mfg—60
1
Chic Burl 4 Quincy.-.100
Chilton Co common.... 10
City 4 Suburban Homes 10
Coca Cola Bottling (N Y) »
$1 cum preferred
Consolidated Aircraft—
*
*
22 m
101 m 102 m
10 H
9m
13 %
14 x
223
205
4m
5m
m
X
1H
1H
2m
11m
13m
18
178m 182 m
2m
33
3m
37
3m
4m
5m
4m
..20
Stanley Works Inc
Strom berg-Carlson
Sylvama Indus Corp
26
*
»
6m
68
Talon Ino com..........5
z9M
11m
Tampax Inc com
z18m
21M
5%
53
25 h
27 m
100
101 m
3m
Skenandoa Rayon Corp..*
Standard Screw
2m
49
4m
38
41 m
45 m
47 m
4m
5H
19m
21X
55
59
Taylor Wharton Iron 4
63
2m
7%
1m
2%
12m
13m
*
56
58 m
Tennessee Products
Pub
♦
Manganese.2
23
25m
Thompson Auto Arms
1
Time Inc...
*
Steel common
7%
8M
3m
1
*
*
13 conv pref
Crowell-Coiller
Cuban-Amer
101
Corp_.25
—*
1
Petroleum Conversion
1
Petroleum Heat 4 Power.*
Pilgrim Exploration
1
Pollak Manufacturing...*
4m
3m
16m
Brown 4 Sharpe
49
•
16
10
11.26 preferred
4m
25
44 m
51
34
Buckeye Steel Castings..*
Cessna Aircraft
Asked
*
$5 conv preferred
Ohio Match Co
Ask
21 h
Newport News Shlpbulld'g
and Dry Dock com__l
Botany Worsted Mills cl A5
1.25
Cambria 4 Clearfield 4s
66 M
42 m
*
2M
1.20
.......
New Orleans
47 m
21
lVs
61.70
1945
6s
1945
Baltimore 4 Ohio 4s secured notes
1944
Boston 4 Albany 4Mb..-..
...........1943
Boston 4 Maine 5s—..............................—1940
New York
32 m
3
1
60
Type com
5% preferred
New Britain Machine
6m
61.75
5Ma
Illinois
20 m
Bid
Par
Nat Paper 4
30
..10
Autocar Co com
Columbia Baking com
4Mb
418
19m
45m
63 m
Remington Arms com....*
Safety Car Htg 4 Ltg
50
Soovlll Manufacturing. .25
4MS-4M8.
Bid
Akron Canton 4 Youngstown
290
408
7m
Wheeling 4 Lake Erie 2Mb
West Fruit Exp
Railroad Bonds
New
1M
1.25
61.80
Despatch
2Mb. 4Mb 4 6s
pflO
Corp
62.20
1 25
62.75
Long Island 4Mb
Louisiana 4 Ark
ser—10
series
American Hardware
St Louis 8'western
200
Grand Trunk Western 5s.
3m
2m
Bonds
Ask
2m
•
A com
5% conv pref 1st
2d
Bid
27
Central of Georgia 4s
Erie 4Mb
38m
36 m
240
30 m
Industrial Stocks and
62.50
Fruit
33 m
110m h3m
Sprlngtleld Fire 4 Mar..25
.10
6
100
Travelers
100
U S Fidelity 4 Guar Co..2
U S Fire
4
U S Guarantee
10
American Cyanamid—
Boston 4 Maine 5s
8
35 m
33 m
31 m
10
1.75
0.75
Canadian National 4Ms-5s
Bessemer 4 Lake Erie 2Mb
232
5M
<
64
4
2m
222
Stuyvesant
Sun Life Assurance
5.00
Glens Falls Fire
7m
26 m
24 m
23 m
Standard Accident
55
General Reinsurance Corp
35 m
6
25
Marine..25
5
Georgia Home
10
Gibraltar Fire 4 Marine. 10
51m
80m
14m
33 m
6
Rhode Island
47
60
Western)
(Penn-Reading)
12
Pro vid ence-Wash lngton
6.00
..100
60
Preferred
West Jersey 4 Seashore
77 m
Seaboard Fire 4 Marine. .6
Seaboard Surety
10
130
241m
6.00
10.00
Firemen's of Newark
Franklin Fire..
119
111m h5m
36 m
39m
.10
Reinsurance Corp (N Y) .2
Republio (Texas)
10
Revere (Paul) Fire
10
69
24 m
23 m
5
6.00
99
94 m
114
10
Preferred Accident
Fidelity 4 Dep of Md—20
Fire Assn of Phila
10
.....
Warren RR of N J (Del Lack 4
,
7m
136m 142m
17
15m
33 m
31m
43
45 m
16m
14m
3m
2M
Pacific Indemnity Co.—10
.10
Federal
176
27 m
National Fire
6.64
100
Tunnel RR St Louis (Terminal RR)
100
United New Jersey RR 4 Canal (Pennsylvania).... 100
Utlca Chenango 4 Susquehanna (D L A W)
100
Valley (Delaware Lackawanna 4 Western)
100
VIcksburg Shreveport 4 Paclflo (Illinois Central).. 100
Seoond preferred..
19
10
Eagle Fire
2M
Employers Re-Insurance 10
Excess
__5
47
44
1.50
60
Pittsburgh Fort Wayne 4 Chicago (Penna) pref
100
Pittsburgh Young8town 4 Ashtabula pref (Penna)..100
Rensselaer 4 Saratoga (Delaware 4 Hudson)
100
St Louis Bridge 1st pref (Terminal RR)
......100
62
46
6m
24 m
95
Connecticut Gen Life
5.00
59m
618
City of New York
City Title
4.00
100
60
92
598
26 m
750
24 m
3.875
25
Carolina
2m
42
7H
6m
2m
65
National Casualty
10
Continental Casualty....5
41m
650
50.00
10
2M
....100
6
Boston
Camden Fire...
161
39m
4.00
60
50
Oswego 4 Syracuse (Del Lack 4 Western)
84 m
Atk
29m
1m
45 m
Aetna Life
Dividend
Bid
Par
48k
Btd
Par
Aetna Cas 4 Surety
8m
129
125
Tokheim Oil Tank 4 Pump
56 m
59m
102
Devoe 4
Reynolds B com *
13m
15m
5
12m
13m
Dictaphone Corp
30 m
34
Trfco Products Corp
*
33 m
Dixon
*
(Jos) Crucible... 100
31
102 m
22
25
Triumph Explosives
2
3m
Domestic Finance cum pf.*
27 m
30 m
•
com...*
Rad.l
Federal Bake Shops
*
Preferred
30
Foundation Co Amer shs *
Gariock Packings com...*
Gen Fire Extinguisher...*
Gen Machinery Corp com •
Giddlngs 4 Lewis
Machine Tool
.....2
Good Humor Corp
1
Graton 4 Knight com
•
Preferred
100
Great Lakes SS Co com..*
Great Northern Paper. .25
Harrisburg Steel Corp
5
Interstate Bakeries com..*
J5 preferred
*
King Seeley Corp com
1
Landers Frary 4 Clark..25
Lawrence Portl Cement 100
Long Bell Lumber..
*
|5 preferred
—100
Mallory (P R) 4 Co
•
Marlln Rockwell Corp.__l
Merck Co Ino common.. 1
16 preferred ........100
Muskegon Piston Ring. 2 M
National Casket.—
*
68 m
United Artists Theat com. •
m
1M
Draper Corp
64 m
Dun 4 Bradstreet
31
33 m
United Piece Dye Works.*
M
100
1 v%
M
2M
57 m
59m
18M
20 M
Dentists Supply
88
98
"6l"
75
"so"
102
53
"55"
~22 m
72
70
40
50
59
62
61
98
96
115
—
w.
m.
90
100
102
99
100
12
mm
100
14
30
40
96
52
56
104
117
mmmrnmnm
85
90
85
90
104 m
65
105 m
70
107
99
108 m
96
102
109 m
99
105
95
102
77
78
45
60
Preferred
49
68 m
For footnotes see page
Veeder-Root Ino com
9m
50
•
2M
100
Spencer Steel..*
Welch Grape Juice com
25
2
Common
Preferred
1 %
Farasworth Telev 4
110
20 m
00m—10
3"
52
7%
preferred
Wick wire
com....60
100
12m
13m
Wilcox 4 Glbbs
19m
22
Woroester Salt.
27 m
29m
York Ice Machinery
2m
4M
3m
4m
108
4m
6M
8m
5m
43 m
48
7%
42 m
*
2m
3%
100
27m
30 m
6s__1961
preferred
Bonds—
42 m
45
Amer Writ Paper
39
42
Brown Co 5Ms ser
/66m
/35m
37 m
12m
14
Carrier Corp 4Ms
82 m
84m
1M
22 m
7m
2
96 m
97 m
25m
24 m
26 M
11M
13m
10m
62 m
MM
9
14m
13m
13m
54 m
61
63
116
85
1558.
104m 105
/39m 43 m
102 % 102 M
39
/37
8M
9m
Woodward Iron Co—
65m
52 m
8m
Stamped
Mb—1950
1945
5 NY World's Fair 4s. 1941
Old Ben Coal 1st mtg 6s *48
Pennsyl Glass Sand 3M® '60
Scovill Mfg3Ma deb.. 1950
Superior Oil 3Mb
1950
Western Auto Supp 3Ms '55
11 m
13
A..1946
1948
Celanese Corp 3s
1955
Chio Dally News 3M8-1950
Deep Rock Oil 7s
1937
Dow Chemical 2
Minn 4 Ont Pap 6s...
2d conv income
5s..1962
42 m
45
104m 105m
105m 106M
V
99m
110m 114
The Commercial & Financial Chronicle
1560
Quotations
on
Investing Companies
Bid
A St
10.45
11.12
8.13
8.84
1*
2.46
2.69
Holding Corp..*
12*
Par
Admlnls'd Fund lnc
Sold
.
Aeronautical
Quoted
.
*
Securities..
Affiliated Fund lnc
♦Amerex
Series B-2
20.55
3.03
Series B-3
12.98
6.68
Series B-4
6.13
6.77
4*
Series K-l
13.59
14.94
20.03
Series K-2
8.17
9.04
Series S-2
11.51
12.69
Series 8-3
7.71
8.55
Bankers Nat
4
2
18.43
Investing—
Bid
Ask
51*
26*
4*
Par
103* 105*
4*
5*
52
7% pf._*
Atlantic City El 6% pret.*
Birmingham Elec $7 pref.*
Birmingham Gas—
$3.60 prior preferred._60
Cent Indian Pow 7% pf 100
Central Maine Power—
preferred
96
121
124
X81*
84
46*
31
33
63*
66
$7 prior lien pref
$6 prior lien pref
48*
100
106* 109
79
76*
$7
*
67
68
*
preferred
62*
8*
64*
11*
25*
*
7% preferred
100
Cent Pr A Lt 7% pre!.. 100
107* no*
7% cum preferred.. .100
N Y Water Serv 6% pf.100
113
9
Consol GEL&P (Bait)—
4% pref series C
100
Consumers Power $5 pref.*
Continental Gas A Elec—
7%
preferred
92*
Derby Gas A El $7 pref..*
67
Federal Water Serv Corp—
$6 cum preferred
*
95*
35*
$6.50
cum
preferred...*
(Del) 7%
pref
70*
6%
7%
65*
67
Indlanap Pow A Lt com..*
23
23*
Interstate Natural Gaa.._*
23*
25*
27*
55*
57*
83*
86*
7% pref—100
7% pf._100
Pipe
107* 109*
112* 115*
114
116*
81*
84
Eastern
Line Co
*
35
37*
*
Penna Edison $5 pref
63*
66*
Peoples Lt A Pr $3 pref .25
Philadelphia Co—
$5 cum preferred
*
110* 112*
19
20*
76*
78*
Pub Serv Co of Indiana—
30* 32*
105* 108
$7 prior lien pref
Kansas Pow A Lt
102* 103*
X82%
84*
6% preferred
Republic Natural Gas
24.78
9.29
7%
preferred.
100
*
91*
94
34*
$2
23*
6% conv partlc pref..60
Mississippi Power $6 pref.*
31*
81*
preferred
*
Mississippi P A L $6 pref.*
Missouri Kan Pipe Line..5
Monongahela West Penn
Pub Serv 7% pref
16
Mountain States Power...
6% preferred
..*
19
2
100
4*
21*
5*
*
91
17*
18*
104* 106*
32*
Texas Pow A Lt 7% pf.100
107* 109*
83*
United
93*
85*
4*
82*
3*
28*
29*
17*
46*
15*
44*
103* 105*
21*
22*
6% pf.100
24*
S'western G A E
19.10
8.99
9.83
8.40
9.03
Series AA
Nation .Wide Securities—
2.07
Accumulative series... 1
1
2.45
5.68
11.21
2.45
Series ACC mod
1
♦Crura A Forster com.. 10
5.28
10.40
2.07
Series AA mod
3.29
1.03
(Colo)
2.12
1
*
(Md) voting shares..25c
National Investors Corp. 1
New England Fund
1
N Y Stocks lnc—
11
9
B shares
ser
Agriculture
26*
9.71
Bank stock
28*
4.44
Aviation
1.17
6.29
Automobile
mmmm
7.55
Building
6.82
4.82
10.49
8.17
5.07
supplies
5.51
8.00
8.66
6.85
7.42
Insurance stock
9.04
9.77
Machinery
Chemical
27*
29*
Electrical
4.27
equipment
C
3.20
1
2.50
Dividend
5.15
5.80
..25c
Shares
1.02
6.45
2.54
Railroad equipment
....
....
ser A
6.47
5.95
Railroad
1.26
2.60
Deposited Bank Shs
8.02
5.97
4.95
5.38
Steel
1
Deposited Insur Shs A
1
Diversified Trustee Shares
7.41
Metals
Oils
16.29
5.84
6.33
No Amer Bond Trust ctfs.
No Amer Tr Shares 1953. ♦
1.13
Series 1955
1
2.75
'
42*
—
1.96
mmmm
2.51
mmmm
Pub
Utilities Corp
$2.75 pref
*
$3 pref
*
Utah Pow A Lt $7 pref—*
Washington Ry A Ltg Co—
Participating unite
102*
6.80
98*
101*
25.32
Putnam (Geo) Fund
6.28
19
Bank stock series..-10c
Insurance stk series. 10c
Fixed Trust Shares A... 10
20
2.14
Quarterly lnc Shares.. 10c
5 % deb series A
Representative Tr Shs.. 10
Republic Invest Fund
8.77
9.27
3.04
3.42
77.22
78.78
2.37
2.90
3.23
Scudder, Stevens and
Foundation Trust Shs A. 1
Fundamental Invest Inc.2
3.50
4.05
14.75
16.03
Selected Amer Shares..2*
Selected Income Shares.. 1
Fundament'l Tr Shares A 2
4.33
5.08
8.46
•
Clark Fund lnc
25.62
4.48
■
5.53
6.12
13.51
14.34
.26
.32
59*
62*
4.88
Super Corp of Amer AA..1
2.21
Trustee Stand Invest Shs—
Agricultural shares
X4.32
4.72
shares
Aviation shares
Z3.80
7.95
Building shares
X4.97
5.41
X5.85
♦State St Invest
4.15
*7.31
6.37
Electrical Equipment
Food shares
8.31
----
10c
Sovereign Investors
Spencer Trask Fund
Corp.—♦
27.55
Automobile
shares
7.62
3.72
♦
Standard Utilities Inc. 50c
3.95
General Capital Corp....*
General Investors Trust. 1
Group Securities—
X7.70
4.06
Investing shares
X2.52
Z4.73
5.16
X4.69
3.87
1
2.16
1
2.11
mmmm
"
A
1
4.84
mm mm
♦Series
B
1
4.31
mm
mm
5.11
Z3.55
C
D
♦Series
2.76
Merchandise
♦Series
♦Series
Trustee Stand Oil Shs—
8.37
X3.72
shares....
Mining shares
Petroleum
27
13.16
5.90
23.55
17.14
RR
20*
.38
12.30
Plymouth Fund lnc
5.67
27*
71*
19
.33
11.05
15.93
26
26
mm mm
10c
10.29
First Mutual Trust Fund-
69*
100
mmmm
2.05
17.87
Fiscal Fund lnc—
26*
West Penn Power com...*
2.46
1
16.64
Eqult Inv Corp (Mass)..5
Equity Corp $3 conv pref 1
Fidelity Fund lnc:
*
24*
West Texas Utll $6 pref..*
1
Series 1958
Manage¬
ment Fund series A-l__
Series F
Chemical
com
Southern Nat Gas com.7 *
preferred
*
Mass Utilities Associates—
$7
100
6% preferred D
Sierra Pacific Pow
4.70
17.76
3.41
B
Rochester Gas A Eleo—
32
Mass Pow A Lt Associates
7.27
3.65
1
10.06
3.14
Queens Borough G A E—
4* % 100
Kings Co Ltg 7% pref. 100
Long Island Lighting—
6.58
10c
Maryland Fund lnc
Mass Investors Trust
Series 1956
100
Jamaica Water Supply...*
Jer Cent P A L 7% pf..l00
23.05
Eaton A Howard
100
preferred
Panhandle
♦
1
D
Penn Pow A Lt $7 pref—*
Hartford Electric Llght.25
116
6.01
Mass Investors 2d Fund..
Mutual Invest Fund... 10
Commonwealth Invest
1
♦Continental Shares pf 100
Corporate Trust Shares.. 1
Century Shares Trust
Chemical Fund
15.07
25
3.45
5.45
3.50
Delaware Fund
100
Pacific Pr A Lt
38*
36*
39*
107
109*
12*
2.70
♦7% preferred
100
Cumulative Trust Shares. ♦
*
preferred
Okla G A E
11*
107* 110
114
3.05
1
Manhattan Bond Fund lnc
.30
22.49
111
23
Ohio Public Service—
100
Florida Pr & Lt $7 pref.-*
$4 preferred
Northern States Power—
105* 106*
104* 106
14.31
.15
115*
Northeastern El Wat A El
Consol Elec A Gas $6 pref.*
115*
U*
13.31
♦8% preferred
100
♦Crura A Forster Insurance
♦Common B shares... 10
New York Power A Light—
.
Series 8-4
Knlckbocker Fund—
20.80
104* 106*
*
$6 cum preferred
100*
28*
5*
/
New Eng Pub Serv Co—
$6 cum preferred
*
New Orleans Pub Service.*
Carolina Power A Light—
$7 preferred
1
$6
94
Narrag El 4*% pref...50
Nassau A Suf Ltg 7%pf 100
Nations! Gas A El Corp. 10
New Eng G A E 5*% pf-*
New Eng Pr Assn 6% pf 100
Arkansas Pr A Lt
5*
Canadian Inv Fund Ltd_.l
Ask
Alabama Power 17 pre!..*
Amer Utll Serv 6% pref.25
6*
14.29
3.32
British Type Invest A
1
Broad St Invest Co Inc. .5
Bullock Fund Ltd
1
Utility Stocks
Bid
5*
4*
♦5% preferred
Basic Industry Shares.. 10
Boston Fund lnc
Teletype N.Y. 1-1600
Par
22.52
14*
♦Class A
Public
28.82
2.74
Aviation Capital lnc
New York City
7-1600
9.47
26.35
Series B-l
6.05
ForelgD Invest Inc..
Assoc Stand OH Shares
Principal Stock and Commodity Exchanges
Tel. BA relay
Ask
8.86
Amer Business Shares
ESTABLISHED 1879
115 Broadway
Bid
Par
Investors Fund C_.
1
Keystone Custodian Funds
Amer
Jackson & Curtis
Members
14, 1940
Over-the-Counter Securities—Friday Sept. 13—Continued
Public Utility Preferred Stocks"
Bought
Sept.
shares
Equipment shares..
Steel
♦Huron Holding Corp
5.05
Class B
25c
.47
.52
Trusteed Industry Shs 25c
.71
.79
U S El Lt A Pr Shares A
3.47
X4.55
Tobacco shares
X3.18
Z4.53
shares
mmmm
Trusteed Amer Bank Shs—
15*
mmmm
4.96
1
.08
.28
Incorporated Investors..5
Independence Trust Shs.*
13.30
2.15
.89
.99
2.06
14.30
1.95
B
Wellington
.
Fund
1
12.49
rnmm
13.75
.
Investment
Public
Bid
Amer Gas A Pow 3-68.1953
Amer UtUlty Serv 6S..1964
Utility Bonds
Institutional Securities Ltd
Ask
Bid
55 *
89*
67%
91%
Associated Electric 5s. 1961
Assoc Gas A Elec Corp—
Kansas Power Co 4a..l964
Kan Pow & Lt 3*8... 1969
55*
57
Kentucky Utll 4s
Income deb 3*s__.1978
Income deb 3*s.._1978
/14 *
/14*
/15
/ 15*
/24
/27*
/28
/28
/63*
Income deb 4s
1978
Income deb 4*s_„1978
Conv deb 4b
1973
Conv deb 4*s
Conv deb 6s
1973
1973
Conv deb 5*s
1973
8s without warrants 1940
Assoc Gas A Elec Co—
Cons ref deb 4*s.—1958
Sink fund lnc 4 *g__ 1983
Sink fund lnc 6s
S f lnc 4*s-5*s
1983
1986
Sink fund lnc 6-6S..1986
1968
1st lien coil tr 5 * 8.. 1946
1st lien colli; rust 6s. 1946
Cent 111 El A Gas 3 J* 8-1964
Central Illinois Pub Serv—
1st mtge 3*s
1968
Central Pow A Lt 3*s 1969
Central Public Utility—
Income 5*s with stk '52
Cities Service deb 58..1963
Cleve Elec Ilium 3s...1970
Cons Cities Lt Pow A Trao
68
6s series B
Lehigh Valley Tran 5s 1960
Lexington Water Pow 6s'68
16
Marion Res Pow 3 *8.1960
Montana-Dakota
29"
30
65*
New
Eng Q A E Assn 5s '62
NY PA NJ Utilities 5s 1956
N Y State Elec A Gas Corp
4s
1965
12*
Public Service 3*8.1969
no
no
12*
12*
3*8
1964
Bid
105
mmm
103
rnmm
105
963*
98*
102 * 103*
1970
105* 106*
5s series B
1961
100
..1954
105
105*
6s
1950
Pub Serv of Indiana 4s 1969
Pub Utll Cons 5*8.-1948
flH
fl 6*
105
86*
18*
105*
89
Collateral 5s
1951
66*
56*
63
00%
108
109
88
74*
100
77
90
100*
1063* 106*
/59*
101
Service
5*8 series B
6a series A..
86
91
1946
89*
105* 107*
105
Toledo Edison 1st 3*81968
1st mtge3*8
1970
108* 108*
105* 106*
s
f
debs 3*s
I960
United Pub Utll 6s A. 1960
Utlca Gas A Electric Co—
1957
102
101*102*
104* 104*
mmm
5*8
I960
5*8
1951
New York Water Service—
5s
1951
1951
102*
mmm
107
mmm
105
mmm
Ontario
Water 5s
1951
101
mmm
106
mmm
4*s
1958
104
Water Service 58.1961
96
100
97
101
Shenango Val 4s
1967
ser
105*
B. 1961
102*
78
83
104
106
Springfield City Water—
1956
mmm
105
Union Water Serv 5*s '51
102* 104
100
101*
mmm
.
1961
106
98
101
100
'•
5s series B
1950
101
1st mtge 5s
1951
100
1950
103*
Westmoreland Water
mm
108
102
mmm
mmm
mmm
—
1952
..1956
102*
101
mmm
m mm
6s series C__
1960
105
mmm
6s series A
1949
103
mmm
1952
102*
W'msport Water 5s
For footnotes see page 1558.
107*
Wichita Water—
5s series B
105* 107*
99
mmm
Western N Y Water Co—
1st mtge 5*s
mmm
5s
Ohio Cities Water 5*s *53
Ohio Valley Water 58.1954
Ohio Water Service 4a. 1964
1103
Pittsburgh Sub Water—
Plalnfield Union Wat 5s '61
W Va Water Serv 4s.
....1951
106* 107*
102
108
■mmm
New Rochelle Water—
106* 106*
Western Public Servloe—
mmm
100
4s A
102*
129
106
Texarkana Wat 1st 5s. 1958
Muncle Water Works 5s '65
Ore-Wash Wat Serv 5s 1957
West Penn Power 3s.. 1970
West Texas Utll 3*8.1969
104*
South Bay Cons Water—
5s
1950
mmm
102*
101* 103*
1948
mmm
105
101*
5s series B
62
1101*
102*
101*
101
Prior lien 5s
Pinellas Water Co 5*S-'59
1st A ref 5b A
Kankakee Water 4 *s. 1959
Kokomo W W Co 5S..1958
105*
105*
76*
mmm
Soranton Gas A Water Co
105* 106*
74*
mmm
101
Scranton-Spring Brook
1957
1950
106* 107*
101
St Joseph Wat 4s ser A 1966
Morgan town Water 5s 1965
51 *
1948
1948
94*
Indianapolis Water—
1st mtge 3*8
1966
105*
S'western Lt A Pow 3*8*69
50
mmm
1st consol 4s
Rochester A Lake
1946
5*8
105
Ask
■
101*
'mmm
102*
......
5s
105* 106
mmm
Monongahela Valley Water
Tel Bond A Share 5s..1958
Texas Public Serv 5s..1961
110
Federated Utll 6*8... 1957
Houston Natural Gas 4s '65
Community Water
105*
69*
4j^s
1947
Sioux City G A E 4s
1966
8ou Cities Utll 5s A... 1958
S'western Gas A El 3 *8 '70
1
*
Bid
Peoria Water Works Co—
1st A ref 5s
1950
5s
101
Monmouth Consol W 5s *56
Republic Service—
St Joseph Ry Lt Ht A Pow
64 %
1957
2*
78 H
80*
105% 106
2
16*
Richmond W W Co 5s 1957
1st 5sserie8C
101
Portland Electric Power—
105 X 106*
mmm
108*|
Joplln W W Co 5s
Peoples Light A Power—
1st lien 3~6s
104
City Water (Chattanooga)
106* 107
14*
10
♦Schoellkopf Hutton A
Pomeroy lnc com
10c
Phila Suburb Wat 4S..1965
106* 107*
3*8 1964
3*8
♦First Boston Corp
23
1
1st consol 5s
107
Penn Wat A Pow
1*
20
Ask
102
Ashtabula Wat Wks 5s '58
Atlantic County Wat 5s '58
Calif Water Service 4s 1961
106
1
♦Central Nat Corp cl A..*
♦Class B__
♦
Water Bonds
106*
106
104
95*
1.29
17.21
Butler Water Co 5s... 1957
Parr Shoals Power 6s. 1952
Dallas Pow A Lt 3*8.1967
Dallas Ry A Term 68.1951
6*s stamped
.1952
Iowa Pub Serv 3*s__1969
86
Old Dominion Pow 68.1951
66*
Iowa Southern Utll 4s. 1970
Gen Mtge 4*8
1950
Jersey Cent P A L 3 *s '65
84*
109
93 &
1.17
15.92
65
100* 101*
91*
Indianapolis P & L 3*8 '70
Corp—
Insurance Group shares.
Investm't Co of Amer.. 10
Alabama Wat Serv 5s. 1957
105* 106*
110* 111*
102* 103
81*
83*
H
Inland Gas
Group shares
58*
86*
Nor States Power (Wise)—
55%
Coll lnc 6s (whb)
1954
Cumberl'd Co P&L 3*s'66
56*
84
Bank
105* 106*
Northern Indiana—
89
1964
12*
1962
Crescent Public Service—
103
Utll—
4*s
13
1962
1962
102
111* 112
102* 103*
102
102*
29*
Northwest Pub Serv 4s '70
Cent Ark Pub Serv 6s. 1948
Central Gas A Elec—
Consol E A G 6s A
1955
/II *
/10
/10
Blackstone Valley Gas
A Electric 3*s
1970
4*8
15*
153*
15*
Ask
Banking
Corporations
♦Blair A Co
mmm
Volume
The Commercial &
151
Quotations
1561
Financial Chronicle
Over-the-Counter Securities—Friday Sept. 13-Concluded
on
Real Estate Bonds and Title Co, Mortgage
Here
If You Don t Find the Securities Quoted
Id
which you have Interest, you will
our
21M
1st leasehold 3M-58 1944
Broadway Motore Bldg—
26
30
1948
60
63
1957
/13
15
Chanln Bldg 1st mtge 4s '45
27
30
CheseboroughBldg 1st 6s'48
The classes of securities covered are:
49
4-6s
3s
Public Utility
Canadian
Bonds
Federal Land Bank Bonds
N Y Title A Mtge
Foreign Government Bonds
Railroad Bonds
Industrial Bonds
Railroad Stocks
1st 4s (w-s)
Real Estate Trust and
3
42
34
22
34
30
1981
68
165 Broadway Building—
Sec s f ctfs 4 M s (w-1
5Ms stamped
16
Realty Assoo Sec Corp—
5s Income
1943
7M
/5
55M
58 M
60M
63
Roxy Theatre—
31
33
Film Center Bldg 1st 4s '49
32
35
40 Wall St Corp 6s... 1958
/12
/25
14
.1939
1400 Broadway Bldg—
1st 4s stamped.....1948
32
35
Fuller Bldg debt 6s...1944
1st 2M-4s (w-s)
1949
New York City.
19
)*58
38
14
1946
16
19
30M
34M
1st leasehold 3s. Jail 1 '52
Your subscription should be sent to
Dept. B, Wm. B. Dana Co., 25 Spruce St.,
3
53
1951
Prudence Secur Co—
8Ms (stamped 4s)..1949
sells for $12.50 per year.
45M
fix
103 E 57th St 1st 6s...1941
2
40
5s 1952
Deb 6s 1952 legended
52d A Madison Off Bldg—
Quotation Record is published monthly and
64 M
43 M
2d mtge 6s
mmm
500 Fifth Avenue—
U. S. Territorial Bonds
Mining Stocks
23
50 Broadway Bldg—
1st Income 3s
U. S. Government Securities
35
62 H
1 Park Avenue—
24
22
Hotel units
Stocks
ties
1950
Eqult Off Bldg deb
Title Guarantee and Safe Deposit
48 M
33
Ollcrom Corp v to
Eastern Ambassador
Land
Stocks
45M
21
18
1948
1st 3 Ms
Real Estate Bonds
Mill Stocks
6M
Co—
6Ms series Q
Dorset 1st A fixed 2s..1957
Insurance Stocks
Investing Company Securities
18
4
5Ms series F-l
Court A Remsen St Off Bid
Industrial Stocks
Joint Stock Land Bank Securi¬
16
5Ms series C-2
Colonade Construction—
Public Utility Stocks
The Bank and
4s with stock stmp
5Ms series BK
Canadian
Out-of-Town)
1955
1956
2s
N Y Majestic Corp—
Domestic
Domestic (New York and
60 M
Brooklyn Fox Corp—
Municipal Bonds—
Banks and Trust Companies—
64 M
N Y Athletic Club—
B'way A 41st Street—
quotations are carried for all active over-the-counter
cation
stocks and bonds.
/20
Metropol Playhouses Ino—
S f deb 5s
1945
5M
B'way Barclay lno2s_.1956
In this publi¬
730
/4
Ask
Bid
Ask
Alden Apt 1st mtge 3s. 1957
Beaeon Hotel Inc 4s..l958
probably flDd them In
monthly Bank and Quotation Record.
Bid
Certificates
42 Bway 1st 6s
1957
1st mtge 4s
Savoy Plaza Corp—
8
1956
7
1956
60 Park Place (Newark)—
1st 3Ms
1947
/8
9
27
32
1950
23
20
1957
21
25
3s with stock
mmm.
Sherneth Corp—
1st 5M s (w-s)
77
Graybar Bldg lstlshld 5s '46
74
Harriman Bldg 1st 08.1951
Hearst Brisbane Prop 6s' 42
n4
16
3Ms with stock
24
27
616 Madison Ave—
26 M
28
1
61 Broadway Bldg—
Foreign Stocks* Bonds and Coupons
Hotel St George
4s...1960
Syracuse Hote
Inactive Exchanges
1948
47
37
.mmm
75
1965
Textile Bldg—
1st 3-5s
40
1951
1st 4s
1958
21
Trinity Bldgs Ccrj —
1st 6Ms
...1939
Lewis Morris Apt Bldg—
Tel. HAnover 2-5422
St., N. Y.
(Syracuse)
mmm
mmm
Lefcourt State Bldg—
1st lease 4-6Ms
1948
BRAUNL & CO., INC.
.
1st 3s
Lefcourt Manhattan Bldg
1st 4-5s
52 William
3s with stock
/23
4-5s'46
39
36
39"
2 Park Ave Bldg I a 6
62
64
30
42
Walbridge Bldg (fi viffalo)—
27
Lexington Hotel units
Building-
24
Wall A Beaver St Corp—
Lincoln
Income 5Ms
W-s-..1903
London Terrace
Foreign Unlisted Dollar Bonds
Due to the European situation some
of the quotations shown below are
nominal.
1946
1947
Housing A Real Imp 7s '46
Hungarian Cent Mut 7s '37
/20
1948
__
Bid
A ik
J14
/50
m
1946
A nil alt 7s to
Antloqula 8a
Hungarian Ital Bk 7Ms '32
Bank of Colombia 7%.
7s
Barranqullla 8a'35-40-46-48
Bavaria 6Mb to
1945
Bavarian Palatinate Cons
1945
Cities 7s to
Bogota (Colombia) 6Ms '47
1945
8s
Bollva
(Republic)
8s. 1947
7s
1958
7s
1969
6s
1940
Brandenburg Eleo 6s. 1953
5s__1931-51
Brazil funding
6s
/13
/15M
/14M
/3
/3M
/3M
/4M
/13
/30M
Jugoslavia 5s funding. 1956
Jugoslavia 2d series 5s. 1956
20
15
20
Koholyt 6Ms
15M
Land M Bk Warsaw 8s '41
/3
3M
Leipzig O'land Pr 6Ms '46
Leipzig Trade Fair 7s_1953
Luneberg Power Light A
Water 7s._.
1948
>/14
Mannheim A Palat 7s. 1941
fie
1957
36
4 '
4M
Meridlonale Elec 7s
Montevideo
__
Munich 7s to
24
Munlc Bk Hessen 7s to '45
39
/12
/14
/42
Nassau Landbank 6Ms '38
/23
1940
15
(A A B) 4s... 1946-1947
(C A D) 4s...1948-1949
Nat Central Savings Bk of
/65
/60
1962
Ind
1948
/5
/5
Burmeister A Wain 6s.
Caldas (Colombia) 7Ms '46
(Colombia) 7s... 1947
(Peru) 7M8...1944
Callao
Cauca Valley 7Ms
1946
Ceara (Brazil) 8s
1947
/9M
/18
/4
/9M
/1M
22
5M
10 M
Hungary 7Ma..
National Hungarian A
Mtge 7s
Oldenburg-Free State—
7s to
1945
Central Agrlc Bank—
see German Central Bk
1934
1952
/50
/22
1958
72
1946
/33
Cordoba 7s stamped.. 1937
/14
Costa Rica funding 5s. '61
Costa Rica Pao Ry 7Ms '49 715
/13M
5s...
1949
Colombia 4s
1968
6M&--1959
/8M
Protestant Church
6s 1936
1941
5s
/6M
/14
/14
Rio de Janeiro 6%
1933
Rom Cath Church 6Ms '46
1945
R C Church Welfare 7s '48
25
68.1953
Electric Pr (Ger'y) 6Ms '50
/15
/14
/14
Saarbruecken M Bk 6s.'47
2l"
7M
/II
1953
European Mortgage A In¬
vestment 7Ms
1966
7M" lnoome
1966
6Ms
1967
1967
7s
7* income..
7s ctfs of deposit.. 1957
/5M
1948
8s ctfs of deposit. 1948
/18
6M
fe
fe
88
Santa Catharlna (Brazil)—
/3M
1947
8%
n
Mtgo 7s. *63
/5
Santa Fe 4s stamped-1942
fe 4
1945
French Nat Mall 88 6s '52
/14
Santander (Colom) 7s. 1948
/13M
15M
8M
Farmers Natl
Frankfurt 7s to
German Atl Cable 7s. .1945
German Building A
1948
1951
Saxon State Mtge 6s.. 1947
Stem A Halske deb 6s. 2930
/13
1938
Agricultural 6s
German Conversion Office
Funding 3s
1946
Hanover Harz
6s
39M
/10
1948
35
Wate^Wks
..1957
/12
40 M
/15
/15
20
8tettln Pub Util 7s... 1946
/14
3M
Toho Electric 7s
1955
Tolima 7s
1947
/35
1947
/13
1945
/14
1953
60
Hamburg Electric 6s.. 1938
/19
Wurtemberg 7s to
Haiti 6s
77
/14M
Uruguay conversion scrip..
Unterelbe Electric 68..1953
Vesten Elec Ry 7s
Eastern cities.
/14
80
of the publicity committee, which
Chicago representative of the Chase
includes
National Bank of
and John Weatherston of Blyth & Co.
of
to
the Twenty-fifth Annual Convention to be held at Hot Springs, Va., from
Oct.
28th through the 31st, it was announced by Kuel Smith of Time,
Inc., who has been appointed to co-ordinate transporation for the eastern
members.
The train will leave Pennsylvania Station in New York at
6:30 p. m., eastern standard time, on
Saturday, Oct. 26th, arriving at
Hot Springs at 8 o'clock Sunday morning, Oct. 27th.
New England mem¬
bers may leave Boston at 11 a. m. on Oct. 26th, connecting with the train
in New York that night, according to Mr. Smith.
The eastern territory
includes members from New England, New York, New Jersey, Pennsyl¬
have
and Washington,
The Florida
1956
Knollwood
prizes will be
from Middle
been
completed
for special cars for members
the eastern territory enroute
Financial Advertisers Association from
vania
20
2d series 5s
1954
/14
200
Mtge Bk Jugoslavia
1956
5s
/19
/2
German scrip
Guatemala 8s
/14
State
German Central Bank
(Austria) 8s
/7M
/15M
6Ms
/25
Land-
bank 6M«
1943
Saxon Pub Works 7S..1945
Sao Paulo (Brazil) 6s.
35
golf and tennis and other events at
Prizes for golf and tennis as well as door
will include municipal men
—Arrangements
/M
4s scrip
/18
/2M
:
and
The program committee
includes Ivan W. Wing, Chairman, Weeden & Co.; and Robert Harvey,
George Gruner and George S. Channer, Jr.
Attendance committee is
headed by George Osborn, A. C. Allyn & Co., and includes Ray Olson
and Ernest Bell.
The club this year is headed by Alfred L. McDougal, Jr.,
McDougal & Condon, as President; T. Henry Boyd, Blyth & Co., is VicePresident, and James P. Jamieson of Glore, Forgan & Co. is Secretary.
the
n
7s 1957
Day at the
^
Hoffman is Chairman
New York,
Salvador
East Prussian Pow
Western and
Mr.
/12
/12
Dulsburg 7% to
^
Guests of the club
awarded.
/15
/14
Duesseldorf 7s to
purchased more than 50 tickets for Legion
Sept. 25 and 26, Arthur
William Morton,
/12
/19
/18
..1945
Dortmund MunUtII0Ms'48
chosen to serve for the year were
Hollander and Jacob C. Stone and
Curb Exchange Members Jerry Sheridan and Walter Kimm.
Commander
Scanlon and Adjutant Joseph F. Steiner were also elected county delegates.
William Rosenfeld, retiring Commander, said he was gratified to note
that membership of the post is spreading out to include every branch of the
financial district, and that he was pleased to see a larger representation from
Country Club.
(Ger¬
many) 7s
1946
Prov Bk Westphalia 6s '33
9M
third Vice-Commander.
day's activities Will include
/6M
Porto Alegre 7s
Arthur J. Neumark,
Hoffman, Morris Mather & Co., an¬
nounced.
Initial event will be a party Wednesday evening in the Bungalow
of Hotel Sherman, Chicago, foliowed by dinner in the Bal Tabarin.
Next
/2
5% scrip
Poland 3s
/5
were:
& Co., first Vice-Commander; Charles L. Davis,
Vice-Commander; and Stanley J. Colling,
Exchange Members Robert B.
Field Day,
/14
/13
1946
Panama
1953
Budapest 7s
for the coming year
chosen
Ilentz
of H.
4 ; '-4 \ ■« .
—Municipal Bond Club of Chicago will hold its annual Fall Party
/17
City Savings Bank
commander
Sixty-three members attended the
.
officers
Members of the post
/5
Panama City 6Mb
Madgeburg 6s
Reiner & Co., was chosen
the American Legion for 1940-1941, at a recent
Sub-Treasury.
World's Fair on Sept. 21.
Oberpfals Elec 7s
Central German Power
NOTICES
the Stock Exchange.
Nat Bank Panama—
10
...
Among the executive committeemen
Stock
/14
/14
Municipal Gas A Eleo Corp
Recklinghausen 7s..1947
1945
49
H. Jantzer & Co., second
of R.
/ 35
scrip
22""
Buenos Aires scrip
Cundlnamarca
partner
the
at
of National City Bank,
31M
Corp—
6 Ms
held
Other
/14
/22
Bank
1962
of the Wall Street Post of
meeting.
Jl2
Scanlon, of M. E.
—William F.
meeting
/13
16 M
4
65
CURRENT
15
1943
Westlnghouae Bldg—
1st mtge 4s
1948
41
1947
1951
n
27 M
..1953
7Ms
Brown Coal Ind
Graz
1st 6s (Bklyn)
/5
/5
1936
change Bank 7s
20
For footnotes see page 1558.
/14
/19
(Germany) 7s. 1935
1940
British Hungarian
Call
125M
/14
13
17
1st 4M» w-s
Alk
Hungarian Discount A Ex¬
/45
Brazil funding scrip
Bremen
1952
1st 6s (L I)
Bid
11
1951
...I960
3s
Apts—
1st A gen 3-4a_;
Ludwlg Baumann—
D. C.
Municipal Bondholders' Protective
Committee announced
to bonds of the cities of Arcadia,
Vero Beach, Melbourne and Sarasota has been terminated and that final
accounting of the committee's receipts, expenses and disbursements has
been filed with its depositaries, Florida National Bank of Jacksonville in
the case of Arcadia and Vero Beach, and Barnett National Bank of Jackson¬
ville in the case of Melbourne and Sarasota.
Objections to these account¬
ings must be filed with the depositary within the next 30 days, according
that the
to the
deposit agreement with respect
notice.
1562
The
Commeicial
& Financial Chronicle
Sept. 14, 1940
General Corporation and Investment News
RAILROAD—PUBLIC
NOTE—For mechanical
reasons
However, they
FILING
OF
UTILITY—INDUSTRIAL—INSURANCE—MISCELLANEOUS
It is not
are
always possible to arrange companies in exact
alphabetical order.
always as near alphabetical position as possible.
REGISTRATION STATEMENTS
SECURITIES ACT
UNDER
Note—Unpaid dividends on the company's
outstanding cumulative pre¬
ferred capital stock amount to
$375,086, or $57.75 per share at June 30,
1940.—V. 151, p.
The
following additional registration statements (Nos. 4497
4499, inclusive) have been filed with the Securities and
Exchange Commission under the Securities Act of 1933.
The
Air
to
The New York Curb
Exchange has approved the listing of the company's
113,613 shares of common stock, par $1, with
authority to add to the
list, upon official notice of issuance,
36,614)4 additions shares of common
stock, par $1.—V. 151. p. 1424.
involved is approximately $23,400,000.
amount
Diamond Shoe Corp. (2-4497, Form A-2), of New
York, N. Y., has filed
a registration statement
covering 17,500 shares of $100 par 5% cumu.ative
convertible preferred stock (convertible through Dec.
31, 1945), and 165,000
shares of no par value common stock.
11,000 preferred shares and 60,000
common shares will be offered for the
account of certain stockholders:
the
Air Reduction
Connecticut Power Co. (2-4498, Form A-2), of New
London, Conn.,
a registration statement
covering $4,000,000 of 3M% first and
general mortgage bonds, series C. due 1975.
$3,967,000 of the bonds will
be offered to stockholders
through warrants at $100, and the unsubscribed
portion will be sold at public or private sale at
$100; $33,000 of the bonds
will be sold
publicly or privately at $100.
Proceeds of the issue will be used
toward the installation of
generator unit, acquisition and
development of
transmission line, right of way, and toward the
installation of transformers.
Samuel Ferguson is President of the
company.
No underwriter named.
Filed Sept. 10, 1940.
United
Funds, Inc.
(2-4499, Form C-l), of Philadelphia, Pa., has filed
registration statement covering 10,000 United
Fund trust certificates,
bond series, which Will be offered at
$100 minimum and at multiples of $50
in excess of $100.
Proceeds of the issue will be used for
investment.
Thomas W. Ruth is President of the
company.
United Funds Manage¬
ment Corp. has been named
underwriter.
Filed
a
Co., Inc.— Extra Dividend—
Directors
have declared an extra dividend of
25 cents and a regular
quarterly dividend of 25 cents on common stock, both
payable Oct. 15 to
stockholders of record Sept. 30.
Like amount were paid in two
preceding
quarters.—V. 151, p. 538.
remaining shares being offered by the issuer.
Issuer's part of the proceeds
will be used for bank loans.
M. L. Friedman is President of the
company.
Merrill Lynch, E. A. Pierce & Cassatt and others
to be named
by amend¬
ment will be the underwriters.
Filed Sept. 9. 1940.
has filed
1130.
Associates, Inc.—Listing —
Alabama
•
Tennessee
&
Northern
Railroad
A
summary of proposed report of J. Y. Walsh, Interstate
Commerce
Commission Examiner, follows:
Under the plan recommended by the
Examiner, which is a modification
of the plan of the trustee, capitalization will be reduced
from $5,502,637
to $3,502,661; and fixed charges will be reduced
from
effective
The
date of the
plan is July
charges are recommended
IsSUC
as
1, 1940.
$240,876 to $16,000.
New capitalization and
follows:
Annuel
r
^ TYlQXlTlt
First mortgage 4 % bonds, due 1965
.
in
our
last previous list of
registration statements
issue of Sept. 7, page 1424.
was
given
♦
Abraham & Straus,
Period. End. July 31—
Sales
Sinking fund
Second mtge. 4)4 % income bonds, due 1975
Preferred stock—*
a Net
profit
Earns, per sh.
1940—12 Mos —1939
$10,014,430 $10,030,139 $23,410,777 $23,057,226
117,610
of
95,815
1,029,937
906,553
com.
stock
a
$0.43
$0.27
$5.98
$5.14
After interest, depreciation, Federal income
taxes, &c.—V. 150, p. 2405*
~
Adams Oil & Gas
Co.—Earnings—
6 Months Ended June
30—1940
Net profit after all
charges
$25,272
—V. 149, p. 1751.
1939
'1938'"""
loss$57,287
$82,113
Aeolian [American7
Corp.—Earnings—
Earnings
Net income after taxes
jor
Year Ended April 30,
1940
$179,516
Consolidated Balance Sheet April 30, 1940
Assets—Cash, $494,126; accounts and bills receivable (after
reserves);
$299,641; accounts receivable (parent companies and their
subs.), $24,921;
inventories, $746,302; investments, $2,000; prepaid
expenses and deferred
charges, $15,981; plant and equipment (after
reserve), $583,181; patents,
trademarks, &c.t $1; total, $2,166,153.
Liabilities—Accounts payable, $82,922; accrued liabilities, Federal
taxes,
&c., $97,083; reserves, $53,169; capital stock
($50 par), $1,000,000; capital
surplus, $675,000; earned surplus since
Aug. 1, 1932, $257,979; total,
$2,166,153 —V. 149, p. 1751.
______
^
Aetna-Standard Engineering
~"E.
E. Swartswelter, President, states:
Sales for the six months ended June
30,
Co.—Semi-Annual Report
1940, amounted to $1,079,723,
compared to $557,495 for a like period last
year.
Net earnings after taxes,
depreciation and reserves amounted
compared to a loss of $94,959 for a like 1939
period.
Operations in the valve department have been
to
$82,633,
discontinued, as it is be¬
lieved that too large an
expenditure will be required for the results that
could be attained.
Unfilled orders as of June
30, 1940 amounted to $398,942,
Business
that is being booked at
present is being taken at better
prices and unfilled
orders in company's
machinery division as of July 29, 1940, approximated
$700,000.
Early this
year a
special
ordnance division was set up in connection
with
national defense work.
This department has estimated on a
large amount
of work of which to date
company has been awarded $3,302,140.
In order
to carry out this work a new
building at the Ellwood City plant is being
constructed and new
machinery installed.
In June 1940 the
shareholders
adopted a plan of reorganization under
which 1.40 shares of a new
5% preferred stock to be created, dividends
payable July 1, 1940 to June 30, 1941, if
earned, and thereafter cumulative,
are to be
exchanged for each share of the 7 % issue now
outstanding.
At
July 24, 1940, shareholders holding In excess of
96% of the preferred shares
had agreed in
writing to the exchange.
Due to the conditions of the
plan of reorganization and at the suggestion
of its auditors, the directors
have approved
submitting to the shareholders
a recommendation
that at their next
meeting the company's fiscal year be
changed to close on June 30 each year.
Income Account for 6 Months Ended June
30, 1940
Net sales, $1,079,723; less
provision for roll adjustments, $11,770
$1,067,953
Cost of products sold and
idle plant expense, and
selling, adver¬
tising administrative and general
expenses
,
vision for
Common stock
747,833
929,604
45,512
Operating profit
$92,837
11,724
Other income
Total income
Other deductions
L
State income tax (no Federal
accrued as under present law loss
for 1939 may be carried
__
forward)
$3,502,661
$127,707
The equities of the holders of the
present general mortgage 6% bonds,
due 1948, general creditors, preferred stock and common
stock are found to
have no value; and no provision is made for their
participation in the plan.
Present holders of prior lien 6% bonds due
1948 will
for
$104,560
18,928
$377.50 par amount of new common stock.
For each such In¬
terest coupon not presented for exchange with the
bond the amounts re¬
ceived will be reduced by $15 in new second
mortgage income bonds, $7.50
in new preferred stock and $7.50 in new common
stock.
The treatment of the holders of
collaterally secured notes is as shown in
the table below.
stock and
The trustee's certificates of Indebtedness are
proposed to be paid in cash
from the proceeds of a loan from
the,Reconstruction Finance Corporation,
if such loan is approved by the Commission and
authorized by the RFC.
The corporation, for the purpose of
effecting a reorganization under Sec¬
tion 77 of the Bankruptcy Act, as
amended, in proceedings pending in the
U. S. District Court for the Southern District of
Alabama, Southern Divi¬
sion, on May 7, 1936 filed with the ICC for its
approval an amended plan
of reorganization.
(The company's petition stating that It was unable to meet its debts as
they matured and that it desired to effect a plan of reorganization under
Section 77 of the Bankruptcy Act as
amended, was filed with the Court
by the Court as properly filed, on Dec. 14, 1934.
The com¬
pany's original plan of reorganization was filed on Aug.
15,1935; but a hear¬
ing assigned thereon was canceled upon request of the road and its
advice
that the plan was impracticable.]
A hearing was held on the amended
plan on June 15, 1936; briefs were
and approved
subsequently filed, and
proposed report was issued by the Bureau of
Commerce Commission, to which
exceptions
Thereafter the proceeding was reopened; and a
further hearing was held on Feb. 28, 1940.
At the further hearing another
and different plan was filed
by the trustee.
Additional briefs were filed
following the further hearing.
Finance
of the
a
Interstate
of the parties were filed.
A
petition filed June 8, 1940 of Roy Gridley & Co., for leave to file an¬
plan of reorganization, was denied
by order of Division 4, dated
Action on a petition to set aside this order is pending before
other
July 19, 1940.
the Commission.
Present Capitalization and Other Liabilities
The total capitalization as of Dec.
31, 1939, including funded debt ma¬
unpaid, was $5,502,637, comprising $1,535,848 of capital stock and
tured
$3,968,789 of funded debt.
The detail was
Prior lien 6% bonds, due 1948
General mortgage 6% bonds, due 1948
as
follows:
$1,672,860
1,959,429
151,500
185,000
Loan from United States, due 1931 to 1936
Loan from RFC, due 1935
Preferred stock
Common stock (par $1)
Unfunded and floating debt totaled
1,509,780
24,068
$5,502,637
$1,418,090,
follows:
as
Trustee's certificates, due March, 1940
Loans from Railroad Credit Corp., due 1934
Interest matured unpaid
$73,388
69,182
1,275,520
$1,418,09
Interest unpaid to Dec. 31, 1939 on the several
on the balance sheet as follows:
classes of debt was a
shown
Prior
lien
bonds
$566,425
610,574
55,298
37,280
5,767
General mortgage bonds
U.S. loan
RFC loan
-
Railroad Credit Corp. loan
Merchants National Bank
176
Total
$1,275,520
New Money—The company proposes to
apply to the RFC for a loan of
$400,000 which will be secured by a like amount of new 4% 25-year 1st
mtge. bonds.
The cash received will be used to
pay the trustee's obliga¬
tions.
Expenses of reorganization and additional
working capital and
$100,000 will be used to reduce the indebtedness to the U. S.
Treasury
Department.
Distribution of New Securities Under Proposed Plan
3,000
—Will
$205,016
Balance Sheet June 30, 1940
Assets—Cash, $80,267; accounts receivable
(trade and foreign commis"
sions) (less reserve of $3,000), $247,964;
inventories, $209,836; investments
and other assets,
$73,472; property, plant and
equipment (less depreciation
of
patterns and
drawings (fixed amount), $77,825;
patents and patent rights, $1; deferred
charges, $22,338; total, $1,915,729.
Liabilities—Note payable to bank
(secured), $25,000; accounts
payable,
interest, $23,116; provision for Fed¬
$10,955; reserves, $27,393; net credit
contract, $2,656; 7% preferred stock (par
$100),
$649,500; common stock (par $1), $178,416;
capital surplus, $1,119,320;
earned deficit, $205,016; total,
$1,915,729.
$84,388; accrued taxes, royalties and
eral and State taxes on income
(est.),
on officers' common stock
Out¬
Securities—
$82,633
287,649
Deficit at June 30,1940
each
$1,000 principal amount thereof, with an interest coupons dated
July 1,
1932 and subsequently attached, $755
principal amount in new second mort¬
gage income 4)4% bonds due 1975, $377.50 par amount of new
preferred
Existing
Net profit
Deficit at Jan. 1, 1940
Total capitalization
(exclusive of pro¬
depreciation)
depreciation
Provision for
$827,295), $1,204,025;
$16,000
2,000
72,315
37,392
1,606,995
747,833
receive
Inc.—Earnings—
1940—6 Mos.—1939
Requirement
$400,000
Sept. 10, 1940.
~The
Corp.—
Reorganization—
standing
New 4)4%
2d Mtge.
Inc. Bonds
Receive—
New 5%
New Com¬
Preferred
mon
Stock
Stock
Prior lien bonds held by
RFC as collateral on
$185,000
note
a$648,900
$324,450
(50%)
$162,225
(25%)
$162,225
(25%)
b2,342,430
_
1,171,215
(50%)
111,330
585,608
(25%)
585,608
Prior lien bonds in hands
of
public
U. S. Treasury Dept
General mortgage bonds
in hands of
public
RR. Credit Corp. debt-.
Preferred stock
Common
stock
c211,330
(25%)
1,959,429
75,468 Will receive nothing in reorganization
1,509,700
24,067
a Includes interest of
$133,900 on collateral held by RFC March 1, 1936,
date to which interest has been paid on note, to
July 1,1940, at 6%.
Volume
proximate, owing on prior
b Includes interest of $669,570, ax
1940 (6j
In hands of public, to July 1,
.
,
on coupons
„
Comparative Consolidated Balance
lien bonds
$211,330 total,
x
and is
other income
Includes
x
$422,500
150,600
$355,000
97,500
Net profit
1,224,292
1,275,200
Res.
Sundry
21,475
2,884,000
Capital stock
33,417
Initial surplus
2,884,000
1,712,097
517,062
9,910
14,010
Earned surplus...
2,166,286
2,167,154
1,712,097
641,037
and
8,500
13,600
61,148
36,777
b Cost of license..
Deferred charges
advised that, during the month
of August, 1940, this corporation purchased $110,000 principal amount of
its 15-year collateral trust convertible 5% bonds, dated Feb. 1, 1929, out of
funds held in a special account at the Manufacturers Trust Co. The corpo¬
ration now holds, in a special account at the Manufacturers Trust Co.,
$110,000 principal amount of Alleghany Corp. bonds dated Feb. 1, 1929,
and $428,000 principal amount or bonds dated April 1, 1930.—V. 151,
d
302,481
36,538
other properties.
Alleghany Corp.—Bonds Acquired —
17.509
23,875
insurance..
237,165
assets
Plantations
c
_
80,304
67,864
contlng's
for
and
supplies
Hogs and cattle
and develop¬
and Federal income taxes.
85,454
Federal
for
Prov.
income tax
crops
after operating expenses
charges, but before depreciation, depletion
151, p. 978.
ment
—V.
442,454
408,431
Current season's
Farm A warehouse
$2,974,500
809,100
$2,894,000
798,100
1939
$76,810
taxes A exps
<Iess reserve)...
a
1940
payrolls,
Accrued
Notes A accts. rec.
Co.—Earnings —
1940—Month—1939
1940—8 Mos.—1939
Alaska Juneau Gold Mining
Period End. Aug. 31—
Gross
earnings
$1,308,168 $1,075,073
hand
$97,019
Accounts payable-
Cash in banks and
on
Sheet July 31
Liabilities—
1939
1940
Assess—
outstanding).
1,1940 ($77,000
principal and $59,830 interest to July
;
prior lien collateral bonds are to be canceled).
Of the
$100,000 is to be paid in cash.—V. 151, p. 97.
Includes $151.500
c
1563
Commercial & Financial Chronicle
The
1S1
.
.
The New York Stock Exchange has been
p.
H30.
_J
Total
ana
leather prices, in"the five years
frrom Jan. 1,
$1,356,447. On 265,372
are equivalent to $1.02
also 'noted that at recent market prices the
1935 to Dec. 30, 1939 profits exceeded losses by
shares now outstanding these five-year earnings
share per annum.
per
It Is
company's stock, constituting the entire capitalization, was selling for about
three-quarters of the net current "asset value per share and less than half
the book value "on Dec. 30, 1939.
On the basis of present 20-cent quar¬
terly dividend payments, au indicated annual return of 8.4% is provided.
-=V. 151, p. 987.
Corp.—Income Account—
American Business Credit
ncome
1940
. T7L~
Federal
Income Account for Year Ended June 30,
_
*
___
"t
from service charges
T
_
__T_
_ _
gen. & admin, exps., $243,183; taxes (other than
taxes on income), $20,054; prov. for possible losses,
Oper.,
Net income from
^
$747,475
$53,465;
322,708
provision for depreciation, $6004
$424,767
62,119
62,000
operations
Interest expense
Provision for Federal taxes on income
$300,648
Net income
Earned surplus as at June
Total surplus
Cash dividends paid on common
Earned surplus as at
11,361
30,1939
,—
_
stock class A
$312,009
270,268
$41,741
June 30,1940.
Balance Sheet as at June 30, 1940
a
'
$1,959,089
Cash in banks and on hand..
Due from customers.
7,688.450
_;
4,824
Miscellaneous accounts rec..
Prepaid
Interest,
taxes
26,814
expenses
and
Furniture
fixtures,
Accounts payable
58,640
expenses
Reserve for
&e.
unsecured... $5,425,000
and accrued
Notes payable,
Federal Ac. taxes
Deferred income
Com. stock class A
at
31,820
cost, less depreciation
Com. stock class B
Paid-in
($1 par).
(SI par).
surplus
Earned surplus
S9,710,998
JTotal....
Receivables
71,027
91,185
720,000
40,000
3,263,404
41,741
$9,710,998
Total
_
Show Gain—
'"'Corporation reports gross receivables outstanding on Aug. 31, 1940
totaling $12,338,204, according to preliminary figures just released.
This
represents a gain of $409,898 during the month ana is the highest month-end
total ever reported and compares with gross receivables of $6,931,755 out¬
standing a year ago.—V. 150, p. 2407:
A 4 *4 Aj*
• - -* ■« H
A
American Gas & Electric Co
1940—12 Mos.—al939
Subsidiaries Consolidated—
$6,929,874
Operating revenue
2,242,049
Operation
399,240
Maintenance
1,048,451
!
Depreciation
1,083,842
Taxes
$6 ,244,084 $83,261,902 $75,021,247
2 ,006,647 26,342,829 23,546,441
354,767
4,592,049
4,122,764
915,164
11,620,941
10,805,836
884,420
12,497,982
10,315,802
2,653
$2, 083,085 $28,208,100 $26,230,404
Dr389
157,153
144,500
$2,158,946
Int. & other deductions.
805,911
Divs. on pref. stocks—
424,342
$2,082,696 $28,365,253 $26,374,904
770,773
9,587,811
9,674,150
424,342
5,092,519
5,092,519
$928,693
$887,581 $13,684,924 $11,608,235
$928,693
$887,581 $13,684,924 $11,608,235
123,238
1,536,409
1.983,977
165,681
1,988,170
1,988,170
4,500
74,400
56,932
$2,156,293
Operating income
Other income
Total income
269.
f
Allis-Chalmers Mfg.
'American
.
Gas &lElec. Co.
b Balance
129,166
165,681
Int. from subs, consol.
Pf. divs.
from^subs. cons
4,520
Other income
h»
$1,228,060
Total income
Tax & expenses
■
49,358
(net)..
$1,181,000 $17,283,903 $15,617,314
75,921
846,129
567,009
7^151, p. 539.
*
$1,178,702
Balance
Divs.
on
97,440
140,741
pref. stock
Telephone & Telegraph
American
$1,105,079 $16,437,773 $15,050,305
128,140
1,335,506
1,737,296
177,811
1,888,012
2,133,738
rev.
$9,564,456
49,654
1940—7 Mos —1939
$8,766,110 $69,307,114 $64,017,384
45,103
348,243
321,461
Operating revenues..
Operating expenses
$9,514,802
7,073,434
$8,721,007 $68,958,871 $63,695,923
6,502,983 48,672,699 47,268,341
$2,441,368
1,232,047
$2,218,024 $20,286,172
1,044,464
9,462,868
$16,427,582
7,770,152
$1,209,321
605,811
$1,173,560 $10,823,304
578,206 91,592,025
$8,657,430
80,673,486
Operating
revenues
Uncollectible
Net
oper.
revenues..
oper.
Operating taxes
Net oper. income
Net income
Omaha-Denver Dual Telephone Cables Authorized—
link to relieve transcontinental telephone congestion
Another
1940
and associated equipment.
The dual Omaha-Denver
cables will be plowed
sales...
Selling, administrative and
general expenses
underground
in under¬
Open-wire
American Water Works &
Other
£ Profit
Output of electric'energy
aTxjss on
Profit
163,151
146,129
five
47,032,000
47.441,000
48,272,000
47,899,000
Includes^Labor Day holiday.—V.
Miscellaneous charges
192,351
$1.64
Earnings per-share
In Connecticut and
M issachusefcts destruction of and
ings partly damaged by hurricane on Sept. 21, 1938.
Note—Provision for depreciation amounted to $65,954
the years
endedjJuly 31, 1940 and July 31, 1939,
of investments and
81,654
14,600
192.351
Nil
repairs to
_
build^
and $77,251 for
respectively.
$434,150
$923,358
14,253
*
Total income
$684,993
14,743
250,843
Income taxes,
& exps. written off
estimated
profit
Consolidated Balance Sheet as at
Assets—Cash in bank and on
300,146
$370,104
30,211
68,029
$277,oS
Net income
Ad vs. and bond discount
459,593
$449,511
101,809
70,607
development
Net
J
$690,018
233,340
Operating income
Miscellaneous income
$271,863
Jan. 31, 1940
hand, $56,033; accounts
$50,381; accrued dis¬
$20,510;
$813,263;
property,
equipment (at cost), $1,019,384; bond discount and expenses
deferred charges, $28,715; goodwill, rights and organization ex¬
316; advances secured by assignment of production,
tributions on shares of sub. and associated producing companies,
materials and supplies, $115,054; investments in shares (at cost),
leasehold petroleum rights and development (at cost), $1,593,991;
plant and
$46,021; total, $3,930,668.
t/l't/L btsO
"iXVyWUJLleO
Liabilities—Accounts pajf WWIDf
payable, yiOfOOOj MVVA MVVA »,»wv»4*v.vu f
$73,366; accrued liabilities, $24,688;
subsidiary company, $4,652; Dominion and Provincial income taxes
penses,
due to
(est.), $94,027; provision for gross
royalties, subject to adjustment,
$4,639;
J—
st mtge. 5-year 5J4%
bonds of Drilling Contractors, I"J
Drilling Contractors, Ltd., due
jroperty, plant and equip:
$228,000; reserves (depreciation of property, plant and equipment,
replacement of equipment and contingencies, $21,710;
anc
amortization of development, $525,609), $931,477; deferred revenue on
uncompleted drilling contracts, $8,617; capital stock (2,250,000 shares
1943,
$384,157j
depletion
of
par
value), $2,029,250;
830.
surplus, earned,
—V. 150, p.
Apponaug (R.
-a
1940
i939
1938
1937
$277,453
164,379
$284,169
159,460
$137,302
$193,074
165,002
156,057
$113,073
16,415
$124,709
x$27,700
20,959
$37,017
26,439
$129,488
8,528
102,383
2,475
$144,598
x$0,741
5,387
94,738
$63,456
$16,103
13,500
$17,391
x$106,865
22,500
x$50,947
90,000
$2,603
Net oper.
profit
Other income
Other
$531,952; total, $3,930,668.
.4 4 **4
I.) Co.—Earnings—
30—
profit
Gen., adm. & sell. exps.
Gross
charges.
Depreciation __
Income taxes..
Common
65,500
151, p. 1425.11
Anglo-Canadian Oil Co., Ltd.—Annual Report—■
[Including Drilling Contractors, Ltd., and Northwest Royalties, Ltd.]
Years Ended Jan. 31—
1940
1939
$17,391
1,392,233
x$129,365
1,381,719
x$140,947
1,440,478
Flood loss
$316,326 def$294,696
for the year
Dividends "paid
a
$1,816,290
1,884,389
buildings
Provision for Federal income tax
properties of American Water
of the electric
for the week "ended Sept. 7, 1940, totaled 50,894,000
of 15% over the output of 44,270,000 kilowatt
hours for the corresponding week of 1939.
Comparative table of weekly output of electric energy for the last
years follows;
Week Ended—
1940
1939
1938
1937
1930
Aug. 17
54,092,000""46,143,000 41,555,000 50,626,000
Aug. 24
52,558,000 45,764,000 41,344,000 50,740,000
Aug. 31
54.298,000 44.893,000 40,860,000 51,118,000
Sept. 7
*50,894,000*44,270,000*38,807,000*46,120,000
Net
I..
Inc.—Weekly
Works & Electric Co.
$381,826 loss?198,441
income.
Electric Co.,
Output—
$370,427 loss$214,228
11,399
15,787
r*
underground simultane¬
ously except in metropolitan districts where they will be placed
ously except in metropolitan districts, where they will be placed
ground conduit.
This will protect the system against storms.
connections in this area are subject to ice accumulation, which has caused
19 serious interruptions to the existing out-door Omaha-Denver line in
the last 12 years.
The method of "plowing in" two cables at once has been
but recently developed by the Bell System.—V. 151, p. 1425.
1939
$2,489,501
1,955,922
Years Ended July 31—
Cost of sales
is^in
approving
prospect as a result of the Federal Communications Commission
a joint application by the American Telephone & Telegraph Co. and the
Northwestern Bell Telephone Co. for authority to install twin all-weather
cables between Omaha, Neb., and Denver, Colo., a distance of 660 miles.
This is the largest single project of its kind which has yet been approved
by the Commission.
Its estimated cost is $7,635,000, of which amount
$4,825,000 will be for outside plant equipment and $2,783,000 for carrier
Years End. June
WBalance
$940,521
$799,127JS 13,214,255 $ 11,179,271
l^a Restated for comparative purposes,
b Of income for "common stocks
of subsidiaries owned by American Gas & Electric Co.—V. 151, p. 687.
Jgi,'.'
•• ..-r-xjct■ "%• ,'~*m
American Sumatra Tobacco Corp. (& Subs.)—Earnings
Net
Co.—Earnings—
1940—Month—1939
Period End. July 31—
no
i
Int. & other deductions
Sept. 6 declared a
on
mon
and other
_Jb Balance
Dividend—
Co.—To Pay 50-Cent
dividend of 50 cents per share on the com¬
stock, payable Sept. 30 to holders of record Sept. 16.
Previously
regular quarterly dividends of 25 centsAper share werejLdistributed.—
^"Directors
Depreciation and amortization
(& Subs.)—Earnings-
1940—Month--al939
Period End. July 31—
and
and
150,
kilowatt hours, an increase
'liabilities—"
m r'
Assets
$5,511,347 $5,309,267
and tobacco of prior
of $25,500 and $20,400 at July 31, 1940
July 31, 1939, respectively,
c After depreciation of $267,823 in 1940
$269,904 in 1939.
d Represented by 192,351 shares (no par).—Y.
p.
Company—
comprehensive study of the kid leather industry, and the position
firm of Jackson & Curtiss points out that
according to the latest census of manufacturers' figures goat and kid account
for over 25% of annual production of upper leather in the United States.
►•The 95-page booklet, written by Leo B. Mulhearn, shows"that the Allied
Kid Co. is one of the leaders in the industry, accounting for about 22.5%
of the number of skins produced by United States tanners in 1939 and for
22.7% of the country's Imports of goat and kid skins. About 80% of the
company's sales are made to purchasers in the United States.
The study describes in detail the steps by which goatskios are converted
into nid leather and notes that despite the use of machines in many oper¬
ations, successful tanning requires a high degree of skill.
Much statistical material is presented both for the industry in general
and for the Allied Kid Co. It is pointed out that although the company has
incurred losses from time to time, chiefly because of inventory adjustments
a
goatskin
Total
of harvesting, at cost;
estimated realizable
lease and royalty
of Allied Kid Co., the investment
due to declines in
$5,309,257'
agreements, less amortization
________
Allied Kid Co.—Booklet Describes
In
$5,511,347
Harvested or in process
a
season's crops at allocated cost but not in excess of
values,
b To use tobacco-conditioning machines under
profit
dividends
Surplus
1,481,737
Previous surplus
for
contingencies
Transf. from reserve
19,889
6,023
99,917
24,164
90,239
2,025
19,242
82,188
1,453
72,113
139,879
$1,485,792
Shs. com. stk. (no par)__
90,000
Earnings per share
$0.18
$1,481,737
$1,392,233
$1,381,719
90.000
90.000
Nil
90,000
impts. &
Total surplus
x
Indicates loss
or
deficit.
$0.19
**
Nil
Sept. 14, 1940
TheCommercial & Financial Chronicle
1564
Balance Sheet June 30,
United States
obligations (market value $252,265), $251,107; accounts receivable, $75,023;
inventories, $208,968; sundry accounts receivable, $9,441; improvements
and contingencies fund, $204,368; property, plant and equipment (Jess re¬
serves for depreciation of $1,881,898), $1,606,496; copper rollers (cost, less
amortization), $118,899; deferred charges, $85,966; total, $2,669,476.
Liabilities—Accounts payable, $70,859; accrued accounts, $5,982; Fed¬
eral and State taxes on income (est.), $2,475; reserve for improvements
and contingencies, $204,368; capital stock (90,000 shs., no par), $900,000;
earned surplus, $1,485,792; total, $2,669,476.—V. 151, p. 980.
dividend of 4 cents per share on the common
1 to holders of record Sept. 14.
Dividend of 12 cents
was paid on July 1, last; 10 cents was paid on April 1, last, and previously
regular semi-annual dividends of 4 cents per share were distributed.
In
Directors have declared a
stock, payable Oct.
addition an extra dividend
Backstay Welt Co.—Extra Dividend—
dividend of 12 K cents per share in addi¬
quarterly dividend of like amount on the common stock,
payable Sept. 26 to holders of record Sept. 20.—V. 150, p. 428.
Directors have declared an extra
tion to the regular
Appleton Co.—Extra Dividend—
dividend of $2 per share in addition to
quarterly dividend of 75 cents per share on the common sty>ck, both
payable Oct. 28 to holders of record Oct. 18.
Previously regular quarterly
dividends of 50 cents per share were distributed.—V. 149, p. 2502.
-Earnings—
Bandini Petroleum Co.
a
Arnold Constable
x
Net loss-.-.
x
p.
—
-
After depreciation,
Corp.*(& Subs.)—Earnings—
1939
1938
1937
$3,577,259 $3,472,450 $3,212,152
48.107
92,127
41,176
Federal income taxes, minority interest, &c.—V. 150,
6 Mos. End. July 31—
Sales..
1940
$4,065,089
100,367
3652, 3501.
Co.—Court Authorizes Trustee
Certificates—
L. Liebell on Sept. 9 authorized Walter
sell up to $200,000 of 4% two-year trustee's certifi¬
Proceeds would be used to pay current and future
administration expenses in the Associated Gas & Electric Co. bankruptcy
Federal District Judge Vincent
H. Pollack, trustee to
cates to Lazard Freres.
proceedings.
,
,
,
^
,
f
,
memorandum accompanying the order authorizing the sale of the
Judge Leibell noted that the Securities and Exchange Com¬
mission would continue to be heard as a party to the proceedings and to
express its views, which would be given the usual consideration.
Recently
the Securities and Exchange Commission had severely criticized Mr. Pollak
for not having concentrated his efforts to the sole matter of administering
the estate of Associated Gas & Electric Co. and of preparing to test the
validity of the Re-Cap Plan of 1933 whereby holders of the company's
debentures were offered in 1933 an opportunity to exchange their securities
for Associated Gas & Electric Corp. debentures or Associated Gas & Elec¬
tric Co. income debentures under three options.
The court said in its memorandum that Mr. Pollak had informed the
In
a
certificates
judge that he will confer promptly with the SEC in respect to the requisite
he proposes to employ in preparing and conducting the Re-Cap
litigation.
Judge Leibell further asserted that he was confident that the
Commission would continue to cooperate with the court in a helpful and
friendly manner on ail matters pertaining to
the administration and
reorganization of the Associated Gas & Electric System under the Bank¬
staff
ruptcy Act and the
Earnings per share on
of capital stock (par
—
662,500 shares
Aircraft Corp.—Operations—
back-log totaling $9,334,569 was announced on Sept. 6 by
corporation. Largest customer is the U. 8. Army Air Corps, which has
ordered $8,630,709 worth of twin-engine Beechcraft training planes and
personnel transports. Remainder of orders on hand are from foreign govern¬
ments, airlines, and commercial and private fliers, and call for both twinengine monoplane and single-engine biplane types of Beechcraft.
Unfilled orders represent more than seven times the dollar volume of the
corporation's sales of $1,328,296 for its 1939 fiscal year. To step up pro¬
duction. a large expansion program is under way. Approximately $375,000
is being invested in additional equipment, and $400,000 in building. Manu¬
facturing floor space already has been increased 70,000 square feet, from an
original area of 125,000 square feet, by the purchase and extensive re¬
modeling of a large brick and steel hangar in which production activities are
currently going on.
Ground has been broken for a new 86,000 sq. ft. as¬
sembly building, new fabrication buildings of 73.000 sq. ft. area, and a
24,000 sq. ft, addition to office and engineering facilities. Further expansion
will be announced in the near future.
The present staff of 1,260 employees
will be increased to more than 4,000, when expansion is completed.—V.
current
151,p. 1426.
B-G
Gulf
Atlantic
&
West
Indies
$2,012,318
838,886
$1,935,454
778,788
$2,054,324
837,815
'37
$2,042,993
859,819
Gross profit from sales $1,173,432
Operating expenses—-1,115,531
$1,156,666
1,097,672
$1,216,509
1,161,619
$1,183,174
1,095,946
$57,901
2,802
$58,994
4,762
$54,890
5,065
$87,228
$55,098
5,501
$54,232
5,281
$49,825
4,820
$80,895
4,962
Subs.)—Earnings—
Lines
(&
$60,599
$59,512
$54,645
$85,857
7,035
11,950
10,950
17,300
$53,564
$47,562
$43,695
$68,557
Aug. 9, *40
sales-
Cost of sales—
Net
Steamship
profit from oper__
charges
Total profit—
-
Other income
Profit
— _
Fed.
for
Prov.
&
Net profit
.
Balance Sheet
Aug. 9 '40 Aug. 11'39
Assets—
$249,601
$258,182
496
Inventories
1,430
94,015
Prepd. Ins. & rents
17,037
80,596
17,430
5,963
6,195
Cash
$271,934
92,844
$1,199,312
498,769
$972,344
323,200
$39,581
12,110
$700,543
73,012
$649,145
31,736
Fixtures & equip..
324,261
290,512
$187,473
106,053
$51,691
109,600
$773,555
Leasehold
impts—
149,523
165,063
759,142
$680,880
793,763
equipm't
Deferred charges
150
540
2,333
1,756
$81,420
Other income
$72,475
32,894
$179,090
8,383
Operating income.
x$57,910
$14,413
x$112,883
Goodwill,
Gross income
Interest, rentals, &c
Aec'ts rec. (net)
—
Other assets.:
-
lease¬
holds, <tc
per com.
1940—3 Mos.—1939
$47,373 prof$13.317
Nil
$0.16
Nil
$0.05
ended June 30, 1940 net profit was $88,387, or 34 cents
12 months net profit was $155,593, or 68 cents
shs..
.
a
share and for the preceding
a
share.—V. 151, p. 1426,
Atlas
_____
_
Plywood Corp. (& Subs.)—Earninas— ^
Years End. June 30—
Gross profit from sales.
1939
1940
-
Selling & adm. expensesState, local and capital
stock taxes.
Social security taxes
Net profit from sales..
Gross income--.
$599,882
310,504
$996,659
346,279
1938
$695,501
333,074
47,135
42,417
55,648
59,636
53,391
38,059
on
sales.-
Non-recurring & extra¬
ordinary charges
Miscellaneous charges..
Fed. inc. taxes (est.)
pref. stock--
$535,096
17,825
$199,826
15,034
$270,976
12,293
Period End.
Net
44,800
stock
114,164
502,800
107,981
20,928
28,126
Z)r33,56§
30,590
Dr3,141
Dr26,007
$844,316
$820,771
Common
$214,860
1,511
32,912
$283,269
3,309
37,346
5,542
33,451
47,500
44,544
Total
1940—6 Mos.—1939
1940—12 Mos.—1939
$11,042,375 $25,568,010 $24,960,521
27,451 prof699,165 prof549,597
July 31—
$11,145,073
20,514
sales
Net loss
y
Earnings per share
x
$598,055
27,487
$552,921
— —
Preferred stock
Bloomingdale Bros., Inc.—Earnings—
$1,008,354
50,306
25,714
39,620
27,130
458.000
contingencies-
Prior
dividends of 25 cents per share were distributed.
1937—<
334,278
4,546
54,548
54,018
insurance
Bird Machine Co.—50-Cent Common Dividend—
share on the common
stock, payable Sept. 28 to holders of record Sept. 16. Previously quarterly
x
Interest
Cash discount
for
Directors have declared a dividend of 50 cents per
no
Other income
5,200
standing
-V. 150, p. 3194.
$37,236
$5,977
$820,771
$844,316
Total-
1940—6 Mos.'—1939
11*3®
$109,833
Acer, taxes & exps
Res.
&
Aug.
$125,514
coupons out¬
Treas. stock (cost)
Rayon Corp.—Earnings—-
For the 12 months
Meal
Earnedsurplus
^xLoss.—V. 151, p. 1135.
Period End. June 30—
Aug. 9 '40
Liabilities—
Accounts payable-
Capital surplus
Delivery
_
income
Net loss.
6,333
.
1940—Month—1939
1940—7 Mos.—1939
Operating revenues—.. $2,376,876
$1,927,538 $15,393,585 $14,745,866
Oper.exps. (incl.depr.)2,104,942
1,855,063
14,194,272 13,773,522
Net oper. revenue
Aug. 11, '39 Aug. 12, '38 Aug. 13,
State
income taxes
Period End. July 31—
Taxes
.
,
Foods, Inc.—Earnings•—
32 Weeks Ended—
Net
Other
Management Corp. reports that for the week ended Sept. 6,
net electric output of the Associated Gas
Electric group was 94,772,596
units (kwh.).
This is an increase of 8,028,363 units or 9.3% above pro¬
duction of 86,744,233 units a year ago.—V. 151, p. 1425.
Earnings
Nil
Nil
$0.03
$1)-
Beech
A
The Utility
Atlantic
6 Months
l»ss$59,229
151, P. 98.
—V.
Public Utility Act of 1935.
Weekly Output—
Net
Total
3 Mos. End.
'40 Mar. 31, '40
$17,200 loss$76,429
3 Mos. End.
June 30.
Period—
Net income after all charges
this
Associated Gas & Electric
to Sell
29, 1939.—V. 151,
of 4 cents was paid on Dec.
405.
p.
both
Directors have declared an extra
4-Cent Dividend—
Avondale Mills—To Pay
1940
working funds, $109,207;
Assets—Demand deposits and
par
On 300,000
Corp., Ltd. (& Subs.)—Earnings—
1940
Depreciation-.--
1 939
1 938
1937
$317,962
87,364
Years End. June 30—
Profit for year——
$233,299
81,720
$157,865
65,388
$209,525
73,441
92,945
31,910
25,265
27,277
a$137,653
187,309
a$119,668
134,803
$67,211
127.292
$108,807
78,185
$324,963
74,625
$254,472
67,162
$194,503
59,700
$186,992
59,700
Fed. & Prov. inc. taxesNet
y
shares of common stock.—V. 150, p. 2412.
Blue Ribbon
71,696
$1.26
$1.77
Nil
Nil
interest, Federal income taxes, &c.
After depreciation,
income
9,283
14,150
"5",426
76,179
28,730
8,145
49,550
Net profit
Discount on debs, reacq'd
and retired
$360,502
$157,004
$208,457
$486,895
Balance, surplus..
Pre v. earned surplus.
$360,502
$157,004
585,211
$208,457
628,266
$495,188
341,284
1939.
Total surplus
dividends-
$1,008,693
76,597
123,868
$742,215
77,769
$836,723
79,176
169,859
$836,473
34,230
165,631
inventories of merchandise and supplies,
Previous surplus
Total surplus
Preferred
8,293
-
648,191
dividends
$250,338
$187,309
$134,803
$127,292
Earnings per share of common stock was $0.99 in 1940 and $0.71 in
Balance, June30——
a
[Consolidated Balance_Sheet June_30. 19i0
_
Preferred
Common dividends..
Surplus
Surplus adjustm'ts (net)
$808,228
30,399
$664,446
16,255
$587,688
2,477
$636,612
8,346
Earned surp. end of yr.
$777,828
141,562
$2.01
$648,191
141,562
$585,211
136,027
$0.56
$0.95
$628,266
135.377
$3.31
Shs. cap. stock (no par).
Earnings
per
share.
Consolidated Balance Sheet June 30,
Assets—Cash in bank accounts and
1940
hand, $433,147; notes and accounts
receivable Hess reserves), $307,512; inventories, $1,043,447; advances on
logging and lumber operations, $75,387; sinking fund assets (1,543 shs.
Atlas Plywood Corp. cum. conv. pref. stock at par), $30,860: investment in
and advances to associated company, less reserve, $17,589; plant, property,
on
SOuipment, &c., less depreciation, $1,681,842; timberlands, less depletion,
$835,774; other assets, $30,539; preferred stock in treasury (987 shs. at cost),
$21,038; prepayments and deferred charges, $19,769; goodwill, $1; total.
$4,496,905.
Liabilities—Notes payable, bank, $200,000; accounts payable, $91,127;
provision for Federal and Dominion income taxes (est.), $81,477; accrued
liabilities, $103,528; timber purchase contracts, due 1942-1943, $10,000;
reserve for contingencies, $60,823; cumulative conv. pref. stock (par $20),
$1,250,600; common stock (141,562 shs., no par), $1,845,236; paid-in surplus, $76,285; earnedsurplus, $777,829; total. $4,496,905.—V. 151, p. 540.
(B. F.) Avery Sons Co .—To Pay 50-Cent Dividend—
Directors have declared a dividend of 50 cents per share on the common
stock, payable Oct. 1 to holders of record Sept. 20.
This will be the first
payment made since Sept. 1, 1938, when 40 cents per share was distributed.
149, p. 3865.
—V.
.
~Assels—Cash~$36,350T"accounts"""receivable'"(less" reserve), $738,282;
$1,849,703; stocks and bonds of
customer
companies, $34,880;
land,6buildings, machinery and equipment,
(after reserve for depreciation of $653,108), $1,660,485; trademarks, pat¬
rights and goodwill, $1; deferred charges, $71,320; total, $4,391,021. i
Liabilities—Bank advances
(secured), $1,383,830; accounts payable,
$219,243; provision for taxes, $104,102; mortgage on land and buildings of
one sub., $72,011; minority interest in sub. co,, $29,930;
5% cum. conv.
redeemable
participating
preferred
stock,
$1,492,500; common stock
ent
(63,475 no par shs.), $839,067; earned surplus, $250,338;
total,
$4,391,021.
—V. 149, p. 1906.
Bobbs-Merrill
Co.
-Earnings1940
1939
1938
1937
$619,515
$520,149
$590,375
$575,735
528,675
490,320
519,199
499,695
29,682
10,005
Profit
$61,158
$19,825
Interest
yl0,529
166
339
872
1,143
1,079
2,761
1,765
$72,830
13,674
$21,069
$47,869
6,307
5,317
$54,867
*' 5,527
$59,156
10,072
15,000
$14,763
$42,552
10,072
18,000
Years End. June 30—
Manufacturing profit
Selling & admin, exps.,
excl. of deprec. & tax.
Deprec., Federal, State,
county & British taxes
Miscellaneous income
Total profit.
Interest, discount, &c_.
Net
profit
Preferred
dividends
Common dividends
x
10,072
$12,589 paid in cash and $32,731 paid in
counts received.
r
26,407
23,810
$44,769
$52,230
debenture bonds,
$49,340
x45.320
y
Dis-
Volume
The Commercial & Financial Chronicle
151
protective committee,
Balance Sheet June 30, 1940
Assets—Cash, $12,233; bid deposits, $2,550; accounts receivable (after
reserve), $419,894; inventories, $354,612; investments (at cost or nominal
value), $20,352; fixed assets (after depreciation of $8,425), $59,790; prepaid
expenses and deferred charges, $64,070; total, $933,500.
Liabilities—Notes payable, $47,668; debenture notes (4H% maturing
April 1,
1941), $6,520; dividends payable, $2,518; accounts payable,
$121,554; accrued, $58,054; debenture notes (4)4% mtauring April 1,1942),
$6,517; 4H% cum. preferred stock ($100 par), $233,800; common stock
(30,000 shares), $300,000; earned surplus, $166,869; preferred stock held
in treasury, Dr 10,000; total. $933,500.—V. 150, p. 987.
Bond Stores,
Inc.—Sales—
Period. End. Aug. 31—
Sales
1940—Month—-1939
1940—8 Mos.—1939
$867,014 $17,341,819 $12,417,967
$1,966,241
August sales this year include haberdashery sales amounting to $211,988
while August. 1939, included no such sales. Excluding this item the increase
in August sales was 102.3%.
For the first eight months of this year haberdashery sales amounted to
$1,367,550.
Excluding such sales the eight months showed an increase of
28.6% over like period of preceding year.—V, 151, p. 981.
Bralorne Mines, Ltd.—Extra
Directors have declared
to
Dividend —
extra dividend of 10 cents per
an
share in addition
quarterly dividend of 20 cents per share on the common stock, no
par value, both payable Oct. 15 to holders of record Sept. 30.
Extra of 10
cents paid on July 15, last; one of 20 cents was paid on April 15, last, and
extras of 10 cents were paid on Jan. 15, last; Oct. 11, July 15, April 15 and
a
Jan. 14, 1939.—V. 150, p.
3813.
Broad Street Investing
Directors have declared
of 25 cents a share on the
capital
Sept. 20.
This compares
20 cents paid on April 1, last; 37 cents
paid on Jan. 2 last; 18 cents paid on Oct. 1 and on July 1, 1939; 20 cents
paid on April 1, 1939: 18 cents on Jan. 3, 1938; 14 cents on Oct. 1, 1938;
15 cents on July 1 and April 1, 1938, and 21 cents paid on Jan. 5, 1938.
—V. 151, p. 406.
stock, payable Oct.
to stockholders of record
1
with 22 cents paid on July 1, last;
Bretano's Bookstores,
1940
31,673
$85,893
89,516
Merchandise Inventories
Accounts
266,424
Consigned
merchandise
value
(less
10,694
31.260
crued expenses
6.633
(contra)
40,608
$1.60 cumulative class A stk.
253,475
60.000
Consignment liability
a
for
reserve
8,554
Reserve for Federal Income tax
officers'
life insurance policies
assets
$48,939
and employees
40,608
of
payable (trade)
payable to officers
Other accounts payable and ac¬
con¬
tingent upon sale
surr
Accounts
stock
50,366
b Common
27,152
Paid-in surplus
8,881
Earned surplus
depreciation)
Other assets
112,302
$570,6531
Total....
par
Brewers & Distillers of
1939
1938
1937
$202,627
$186,605
$281,864
Power Corp.,
normal Federal income taxes
Ltd.— Earnings—
1940—7 Mos.—1939
872,043
765,483
19,544,181
5,790,226
$9,051,503
5,479,072
$487,316
$502,633
$3,753,955
$3,572,431
expenses
Net earnings
—V. 151, p. 838.
Brooklyn-Manhattan Transit Corp,-—Prompt Liquida¬
tion and
Payment Assured Stockholders—
independent committee.
(Raymond S. Fanning, Chairman) announces that its negotiations with the
management have been successfully completed; that the management and
the committee have agreed upon a program which assures common stock¬
holders of (1) prompt liquidation and (2) prompt distribution.
The committee further states:
"The result now is that B. M. T. stock¬
holders are assured of receiving promptly not less than $10 per share in any
event, with the further assurance that the management will pay considerably
more in the absence of intervening tax or other complications.
In our
opinion these complications are so remote that B. M. T. stockholders may
confidently expect to receive a substantially larger amount as initial liquidat¬
ing dividends, if liquidation is authorized.
While the 13. Q. T. liquidation
represents a somewhat more complicated situation, B. Q. T. stockholders
The
are
B.
T.-B.
M.
Q. T. common stockholders
assured of similar treatment."
of B. M. T. in a
Brady & Noonan, counsel for the committee states;
"The management will recommend the liquidation of the business and
affairs of the corporation preliminary to its dissolution.
These recommenda¬
tions will be embodied in resolutions giving effect to the proposals in the
Gerhard M.
Dahl, Chairman of the board of directors
letter to Simpson,
form of proxy, one of which will be substantially as follows:
"
'Resolved, that the board of directors and officers of this
corporation
be, and they hereby are, authorized, empowered and directed to liquidate
the business and affairs of this corporation as rapidly as its assets can be
with due provision for the
settlement and discharge of its obligations, debts and liabilities and the
purchase or redemption and retirement of its outstanding preferred stock,
and to take any and all steps necessary or desirable to effectuate such
collected
or
realized upon in orderly liquidation,
liquidation.'
"If the liquidation
program
is authorized by the stockholders, it
the policy of the management, of course,
to the holders of the common stock of
to distribute liquidating
will be
dividends
the corporation as rapidly as
realization upon its assets and provision for
the
its
collection of or
obligations, debts and liabilities, including its outstanding preferred stock,
will permit,
"In line with this policy, an initial liquidating dividend, in cash or in
kind or partly in cash and partly in kind will be distributed promptly after
the necessary authority is granted by the stockholders, but you will readily
orderly
appreciate that, in view of the possibility of tax or other complications
intervening, and the necessity of assuring equality of treatment as between
the shares, it would not be proper to make any representations or commit¬
ments at this time as to either the amount of such initial dividend or as to
whether it will be wholly or in part in cash or kind.
It is expected, however,
that regardless of intervening tax, or other complications, that such initial
dividend will be not less than $10 per share in cash or securities.
"The Brooklyn and Queens Transit Corp., being organized under the
Railroad Law, presents in some respects a more complicated situation, but
fgenerally speaking, if itsmanagement is authorized by its stockholders, the
liquidation will be similar to that above outlined
iquidation policy of its
with respectt o
the B. M. T. Corp."—V. 151, p.
1426.
(Me.)—Trustees9 Certificates—Trustees' cer¬
$836,000 have been approved by the
court and were issued Sept. 9 on a 3% discount basis to ma¬
ture Sept. 9, 1941.
The certificates were issued to refund
all but $7,000 of the previous issue of certificates in amount
of $813,000, and were sold to the syndicate of banks which
Brown
Co.
tificates amounting to
60% of Bonds Assented'—Seeks Required
2-3% by Sept. 21—
Committee Reports
In
an
urgent appeal to
certificates of deposit
holders of company's first mortgage bonds and
therefor issued by the committee,
ceptance.
The committee states that it is advised that the plan has been
accepted
by substantially all institutions, banks, brokers and individuals known to
be owners of large amounts of Brown Co. securities and emphasizes that
adoption of the plan now depends on prompt assent from indivudual holders
of bonds and certificates of deposit, irrespective of the size of their holdings.
—V. 151, p. 838.
Period End. Aug. 31—
Sales
$275,267
$182,208
47,942
$1,187,148
847,410
$339,738
33,027
$230,149
$372,766
See a
26,500
33,891
46,702
$118,735
Net income.
$997,667"
$145,235
income
Depreciation
Income tax
1938
$3,830,516
2.643,368
$113,763
31,472
Income from operations
Other income (net)
1939
$4,097,623
3,099,956
$1,068,397
954,634
profit.
General expenses
Total
$162,906
$294,052
163,456
198,128
198,128
83,929
125,894
Divs. paid—On class A preferred
On
common
a
815,459
33,352
...
32,012
share on 279,764 shares
per
common
1940—2 Mos.—1939
$484,682
$521,542
$303,303
1940
$3,600,378
2,531,981
Years Ended June 30—
Net sales
Gross
—
1940—Month—1939
stock
Provision for depreciation for the year
Nil
Nil
amounted to $30,959.
Balance Sheet June 30,
$0.34
1940
(trade), $365,464;
$20,710; property,
plant and equipment (net), $527,262; deferred charges,
$2,353,316.
Liabilities—Accounts payable, $123,179; accrued taxes,
$92,009; total,
$33,426; provi¬
sion for Federal taxes on income, $23,000; reserve, $25,000; class A pref.
stock, $990,640; common stock (par$l), $279,764; capital surplus, $696,650;
earned surplus, $181,657; total, $2,353,316.—V. 151, p. 1137.
Calmont Oils,
Ltd.—Earnings—
Total
1,115
72,157
1937
$74,499
970
44,698
$67,691
$125,968
$164,974
$120,167
.51,852
94,118
22,998
House rent
Other revenue
1939
$84,194
1,028
40,746
1938
$91,702
1,142
28,704
12,977
2,198
95,290
18,888
70,109
14,659
1940
$37,845
Years Ended May 31—
Tool rental..
-
revenue
Operating expenses
Admin. & gen. expensescharges
2—
Prov. for income taxes._
Other
-
10,000
loss$7,159
Profit for the year
$16,674
Balance Sheet May 31,
Assets—Cash, $76,014; accounts receivable
6,500
$40,796
$28,898
1940
(net), $1,909; loans receiv¬
able, $12,314; equipment rental receivable (net), $6,£76; royalties receiv¬
able, $5,917; accrued interest receivable, $249; loans, $4,200; investments,
$187,821; investment in and loan to sub. company, $7,862; fixed assets
(net), $152,064; leases, $496,193; deferred charges, $1,856; total, $953,376.
Provincial and other taxes, $8,860; accounts
employees, $710; accounts payable, sundry, $22,291;
rentals, $2,079; capital stock ($1 par), $2,252,766;
$1,333,329; total, $953,376.—V. 149, p. 1908.
Liabilities—Dominion,
payable, officers and
accrued taxes and lease
deficit,
Ltd.—Bonds Called—-
Canada Cement Co.,
outstanding first mortgage serial bonds 3 H% series A due
1941 to 1944, inclusive have been called for redemption on Nov. 1
at 101 and accrued interest.
Payment will be made at the principal Cana¬
dian office.of the Royal Bank of Canada.—V. 151, p. 981.
All of the
Nov. 1,
Canada Iron Foundries, Ltd.—Preferred Dividends—
declared a dividend of $1.50 per share on the common
dividend of $3 per share on the 6% non-cumulative preferred
stock, both payable Nov. 1 to holders of record Oct. 15.
Dividends of $3
per share on the common stock and $4 per share on the preferred stock were
paid on April 30 last.—V. 150, p. 3196.
Directors have
stock and a
Canada Northern Power
Period End. July
Operating expenses.
1940—7 Mos.—1939
$2,956,411 $3,032,190
204,695
20i,521
1,559,295
1,453,140
$195,539
— -
Net earnings
—V. 151, P.
Corp., Ltd.—Earnings —
1940—Month—1939
$400,234
$434,377
31—
Gross earnings-..
$225,856
$1,397,116
$1,579,050
1273.
Canada Packers, Ltd. (& Subs.)—Earninos—
Years Ended—
Mar. 28, '40 Mar. 30, '39 Mar. 31, '38 Mar. 25, '37
Net sales
$88,205,640 $77,225,733 $84,14.5,897 $72,699,519
Income from investments
1,866
3,636
4,166
88,167
Profit on sale of invest-.
3,971
45,235
121,577
53,140
$88,211,477 $77,274,604 $84,271,640 $72,840,826
Total income
Cost of
livestock, mat'Is,
&c 72,228.950
64,182,123
70,605,809
sals., &C- 11,547,556
579,000
fixed assets898,082
bonds
95,565
10,212,590
11,030,571
59,613,721
10,083,985
891,023
166,132
836,760
200,644
784,998
213,110
531,498
497,297
622,350
$1,522,663
supplies, packages,
Exps
,
wages,
Wartime inventory res._
Deprec. on
Interest on
Res
for Dom,, Prov.
&
municipal taxes
of 1^% paid or
1,194,515
H
Prem.
payable upon red. of
4% coll. trust bonds..
.
52,500
the bondholders'
$1,238,736
6,600,396
$1,100,559
Previous surplus
$1,667,810
7,239,132
6,099,836
5,177,174
Total surplus.
had taken the first issue.
66
ponement of the proposed application for confirmation of the plan.
The
committee expresses the opinion that such delay has been due in part to
the vacation season and to the erroneous assumption by some of the holders
of bonds represented by committees that the committees are accepting the
inventories, $1,257,719; investments and other assets,
charges.—V. 150, p. 1593.
British Columbia
letter
been received from holders of 60%
compared with the minimum of 66 2-3 % required for this
class of security under the Bankruptcy Act.
"Delay is seriously adversely affecting the interests of the company
and its security holders," the letter observes.
"Until the plan is con¬
summated the necessary additional working capital that the plan provides
is not available; the essential rehabilitation program, which through the
expenditure of upwards of $2,000,000 should place the reorganized company
in a more advantageous position with respect to capacity and costs of
production, cannot be begun; and the representative new board of directors
that the plan provides cannot begin to function.
"Further, the handicaps incident to operation under 77-B proceedings
are affecting the business and profits of the company.
Important new
customers are reluctant to make permanent connections with the company
while it is in trusteeship.
The current operating results show a marked
improvement over 1939, but the company will not be able to take full
advantage of its opportunities while it is in trusteeship and until the plan
is put into full effect."
<
The letter stresses the fact that delay by bondholders may cause post¬
Assets—Cash, $90,151; notes and accounts receivable
Period End. July 31—
1940—Month—1939
Gross earnings
$1,359,359
$1,268,116
Operating
$570,653
-
Vancouver, Ltd.—Earnings—
After deductions for operating expenses,
x
and other
now
bonds
b Represented by 60,000 no
1940
Net profit
bondholders that assents have
of the
Earnings
$140,603
6 Mos. End. June 30—
x
...
Total
Represented by 12,450 no par shares,
shares.—V. 143, p. 4146,
a
to
Cost of sales
Liabilities—
Assets—
Demand depos. Ac cash on hand
Account* receivable (net) ..
Fixed
$1 ,300,046
31, 1940
Balance Sheet May
Cash
1939
$1,343,675
54,338
.
Net income
Pointing out that the required percentages of assents have been received
from all other classes of security holders, the committee states in a
Brown Fence & Wire Co.—Sales
Inc.—Earnings—
Years Ended May 31—
Net sales
of which Charles Francis Adams is Chairman and
Serge Semenenko- Vice-Chairman, urges immediate action to increase the
proportion of assents to the plan of reorganization in order that application
may be made to the Court as soon after Sept. 21, 1940, as possible for con¬
firmation of the plan.
plan in their behalf.
Actually each hidividual holder of bonds or certificates
of deposit therefor must himself sign and return the required form of ac¬
Corp.—Dividends—
dividend
a
1565
$8,906,942
$7,839,132
$7,200,396
$6,699,836
Net profit for year...
800,000
600,000
600,000
600,000
period. $8,106,942
persh on200,000
$7,239,132
$6,600,396
$6,099,836
$5.50
$7.61
Common
dividends
Surplus end of
Earns,
shs.com.stk. (no par).
$8.34
«
>J&
$6.19!
The Commercial & Financial Chronicle
1566
arising from reorganization, $304,196; capital surplus
Consolidated Balance Sheet
Cash
1,438,284
1,438,284
3,423,673
Borrowings from
bankers 6c oth's. 7,155,590
2,660.964
7,682,149
Accts.
21,309
5,340,752
10,947,397
x
14,372
*
Accts. rec., less re¬
lor losses--
serve
Inventories
Common shares-
companies-
378,639
248,360
239,790
bals. receivable-
224,908
Coll.
322,876
Prepaid expenses.
Sundry deposits &
212,238
bonds,
trust
current
6c
Income
Prov.
198,635
and sales tax
345,346
Accrued bond lnt
Dividends
19,883
150,000
struction of property.
3,750,000
Res. for deprec'n
11,413,394 10,539,312
5,671,759
Burp, on appraisals 5,617,483
1
3,000.000
Earned surplus.—
39,557,393
33,300
1,50,000
payable
Coll. trust bonds-
21,636,385
hold. pl't&ecipt 21,818,771
Goodwill
1
502,372
1,190,128
197,435
—
Land. bldgs., lease¬
x
^
Res. for Dominion
Life insurance
Total
1,119,250
—
379,820
Investments
971,092
1,465,690
34,075,4651
Bonds Called—
general mortgage bonds 3 Vi% series II due
1966 has been called for redemption on Oct. 16 at 105% and ac¬
Payment will be made at the Old Colony Trust Co.,
Boston, Mass.—V. 151, p. 982.
A total of $46,500 first and
Aug. 1,
7,239,132
8,106,942
crued
Central RR. of N. J.—Win Stay on Rail Lease—
Shelton Pitney and Walter P. Gardner, trustees, have obtained from
Federal District Judge Thomas Glynn Walker, at Newark, N. J., an ex¬
tension to May 1, 1941, for filing of their decision whether to continue
leasing trackage of the Lehigh & Susquehanna in Pennsylvania.
The
railroad, which leases the property at an annual rental of $2,267,801, will
continue payments during the extension.—V. 151, p. 1274.
150, p. 3814.
Canadian National Ry.—Earnings—
Week Ended Sept.
Earnings of the System for the
Increase
1940
—V.
151,
1939
$4,696,182
revenues
$4,165,511
$530,671
1427.
p.
Canadian Pacific
Chain Store Investors Trust—Extra Dividend—
have declared an extra dividend of five cents per share in
to the regular quarterly dividend of 20 cents per share on the
common stock, both payable Oct. 15 to holders of record Sept. 14.
Similar
amounts paid on July 15, last.—V. 151, p. 840.
Ry.—Earnings—
Earnings for the Week Ended Sept.
Directors
7, 1940
addition
Decrease
1940
1939
$3,530,000
Traffic earnings
$4,007,000
$477,000
—"V. 151, p. 1427.
Champion Paper & Fibre Co. (&
Carlton & Coast RR.—Abandonment—
Interstate Commerce Commission on Aug. 31 issued
16
a
The
certificate
permitting abandonment, as to interstate and foreign commerce, by J. G.
Bourus, receiver of the company's entire line of railroad, extending from
Carlton to the terminus thereof at Cody, approximately 20.4 miles, all m
Yamhill County, Ore.—V. 146, p. 1393.
Carman & Co.-—Class B Dividend—
Directors
Sept. 12 declared a dividend of ,50 cents per
on
interest.
,
39,557,393 34,075,465
Total
Represented by 200,000 no par shares.—V.
Gross
share
on com-
Sany's first dividend payable Oct. 1 to holders Jan. 25, 1931, when This will
the class B stock, paid
this issue since of record Sept. 16.
25 cents
e
$8,200; earned
Central Maine Power Co.— To Issue $18,100,000 Bonds—
The Securities and Exchange Commission announced Sept. 12 that the
company had filed a declaration under the Holding Company Act regarding
the issuance and sale of a maximum of $18,100,000 of 3M% first and
general mortgage bonds, series L, due 1970, and 20,000 shares of $50
preferred stock, $50 par value, 5% dividend series.
The proceeds of the sale of the securities, which are to be offered publicly
through underwriters to be named by amendment, will be used to refund
$16,600,000 of 4% first and general mortgage bonds, series G, due in 1960;
to retire bank indebtedness and provide fluids for the purchase and con¬
payable and
accrued charges-
Inv. In 6c advs, to
sub.
S
%
Liabilities—
$
14, 1940
arising from discount
on treasury stock and treasury stock acquired at no cost,
surplus. $1,107,753; total. $2,770.233.—V. 151, p. 1274.
Mar. 28 '40 Mar. 30 '39
Mar. 28'40 Mar. 30'39
Assets—
Sept.
,
x
Earns, per
x
Subs.)—Earnings—
14, '38 Aug. 15, '37
loss$ll,902
$922,487
Nil
$1.41
Federal income taxes, &c.f but exclusive
Aug. 18, '40 Aug. 20, '39 Aug.
Weeks Ended—
Net profit—-----
sh.on com.stk
z$819,929
$1.20
After depreciation, interest,
y$320,377
$0.32
profits,
y Income for the
period
proceeds of life insurance policies, which
the extraordinary direct and indirect
losses, amounting to approximately $90,000, as the result of a flood which
temporarily suspended operations of the company's division in Canton,
of
Federal
surtax
on
undistributed
included $401,757 representing net
is non-recurring,
z Also includes
N. C.—V.
151,
p.
982.
on
share
per
was
distributed.—V. 149,
p.
3110.
-1939
1940—12 Mos.—1939
1940-Month$1,175,680
$946,709 $13,459,834 $11,865,307
520,055
397.828
5,115,584
4,145,987
145,026
139,231
1,848,233
1,901,171
90,000
90,000
1,080,000
1,080,000
revenues
expenses
Direct taxes..
Prop, retire't
The
Earnings—
Carolina Power & Light Co.
Period End. July 31—
Operating
Operating
Chesapeake & Ohio Ry.—Purchase—
res. approp
$420,599
$5,416,017
21,337
$4,738,149
19,667
$320,325
191,667
6,670
$5,437,354
2,378,643
70,343
$4,757,816
2,300,000
71,839
Crl,617
$259,244
$121,988
$2,988,368
1,255,237
$2,387,594
1,255,237
$1,733,131
on mtge. bonds.
Other int. & deductions.
675
$421,164
165,310
Cr3,390
Gross income
Interest
$319,650
565
Net oper. revenues
Other income (net)
$1,132,357
Int. charged to construe.
Net
income
Divs. applicable to preferred stocks for the period
Balance
—V. 151, p. 838.
Cassco
Corp.—Tenders—
The Chase National Bank, as trustee, is inviting tenders for the sale to it
purchase by the company of the property
Kanawha, Glen Jean & Eastern RR. has been
Interstate Commerce Commission.
and franchises of the
approved and authorized by
the
The Kanawha company owns
railroad extending (1) southerly
and operates a single track, standard gauge
from Glen Jean, through Derrybale, Dun-
lop, Price Hill, Sun, Kilsyth Junction, Sugar Creek Junction, Cepece, and
Oswald, to Tamroy, approximately eight miles; and (2) westerly from Sugar
Creek Junction to Pax, approximately 6.2 miles.
In addition to its main
line, the Kanawha company has approximately 12.28 miles of yard tracks
and sidings leading from the main line to various coal mines and tipples.
It serves a large coal producing area in the so-called New River Coal Dis¬
trict and has been an important feeder to the C. & O. for many years.
Connections for interchange of carload traffic are made with the Virginian
Ry. at Pax, and with a line of the C. & O., known as the Loop Creek sub¬
division, at Derryhale and Kilsyth Junction.
The line was constructed years ago for the purpose of developing the coal
resources of the tributary territory.
The entire capital stock of the Kana¬
wha company and the coal mines served by the line were owned by William
McKell for 35 years prior to his death on Aug. 24, 1939.
The beneficiaries
under McKell's will, desiring to liquidate the estate, have made arrange¬
ments to sell the coal properties to the New River Coal Co., and the C. & O.
desires to purchase the railroad property.
The Kanawha company is to
be dissolved.
The purchase price of the road is $550,000 cash.—V. 151,
p. 1275.
of first
mortgage 6% sinking fund bonds at prices not to exceed the prin¬
cipal amount thereof and accrued interest from Sept. 1, 1940, to exhaust as
nearly as possible the sum of $30,337, representing the
released property and fire losses deposited in the sinking
will
be accepted at the
proceeds from
fund.
Tenders
Chicago
Great Western
Write-Off of Assets—
Corporate Trust Department of the trustee at 11
27, 1940.—V. 150, p. 1928.
Broad St., New York, up to noon on Sept.
Central Foundry Co.'—To
The Securities and Exchange Commission Sept. 9 announced public
hearing on the application of the New York Stock Exchange to strike from
listing and registration the 5% gen. mtge. conv. bonds due 1941 of the
company.
The application stated, among other things, that in the opinion
of the Exchange's Committee on Stock List, distribution of the security
is so inadequate as to make further dealings in it on the Exchange Inad¬
visable.
Hearing on the application will be held Oct. 2.—V. 151, p. 1138.
Lines, Inc.—To Build Terminal in
Buffalo—
Company has applied to the Interstate Commerce Commission for
authority to issue $219,000 of 3M% 10-year instalment bonds to aid in
financing the acquisition and construction of a new terminal in Buffalo at a
total cost of approximately $330,000.
Company proposes to purchase a tract of land on Main St., Buffalo for
$185,000 and to build the bus terminal at a cost of about $145,000.—V.
147, p. 3605.
o.,
Years End. June 30—
Inc.—-Earnings—
gen.
& adm.
1937
$2,611,225
1,779,839
$1,123,631
337,574
$643,187
323,716
$528,761
281,574
796
942
$831,386
260,303
3,393
$318,675
40,104
$246,244
23,662
$567,690
$358,779
63,504
$269,906
48,721
$619,081
97,878
149
607
30,076
exps.
1938
$2,132,329
1,603,568
$834,494
Sell.,
1939
$2,588,663
1,945,476
$786,057
48,436
Cost of sales
1940
$3,137,109
2,013,478
Net sales
33,484
1,730
37,495
41,233
Canadian timber expense
y
Operating profit
Other income.
xNon-oper. deductions.
Int. on bank loans, notes
_
and miscellaneous
Int.
on
funded debt
132,330
51,391
2.220
Amort, of bond discount
and expense
Disct.
and
3,063
premium
3,270
3,270
3,270
$668,877
-
$257,913
$178,689
$474,480
-DrlO.650
115,772
Cr2,128
112,794
Cr3,707
110,391
Cr2,497
on
treasury bonds purch.
Provision for deprec'n.Prov. for Fed. mc. & ex¬
109,146
x
profits tax
99,818
25,918
9,582
41,522
$442,637
cess
$121,328
$62,424
$326:309
Other than interest and bond discount
discount on treasury
and premium,
y
Other than
bonds purchased.
Balance Sheet June 30, 1940
Assets—Cash, $501,016; notes and trade acceptances receivable, $1,226;
miscellaneous receivables, $164;
advances on wood purchase contracts, $133,610; inventories, $388,153;
cash surrender value life insurance. $3,232; other assets, $19,308; invest¬
ment in and advances to subsidiary corporation,$9,021; fixed assets (net),
$1,477,742; deferred charges, $45,087; total, $2,770,233.
Liabilities—Notes and accounts payable due within one year, $72,849;
wages, commissions and bonus accrued, $95,208; real and personal property
taxes due currently, $22,984; Federal capital stock, payroll and income
and excess-profits taxes, $115,877; interest accrued, $5,589; long-term
liabilities, $492,152; reserves, $5,873; 3%-6% non-convertible cumulative
preferred stock (par $10), $12,700; 3 %-6% convertible cumulative preferred
stock (par $10), $381,275; common stock (par $1), $145,578; capital surplus
accounts receivable (customers), $191,675;
Suggests
Drastic
the balance sheet
following reorganization has been suggested to the road by the Bureau of
Accounts of the Interstate Commerce Commission. Under it the road would
Delist Bonds—
r
Central Greyhound
RR.—ICC
The following is from the "Wall Street Journal":
A unique basis for setting up its property accounts on
required to write off not only $53,000,000 to adjust its property accounts
reproduction cost but also a further $27,000,000 representing the differ¬
between reproduction cost and the stated value of new securities to be
issued in reorganization.
The suggested changes would cut the road's
property accounts from about $143,000,000 to only $63,000,000.
Officials of that road and other railroads view the suggestion as marking
the abandonment of the cost of reproduction basis of valuation at least so
far as the value at which an item may be carried in the balance sheet is
concerned. Fear of the railroad men is that this may later lead to abandon¬
ment of the cost of reproduction basis in the making of rates as well.
Difference between the reproduction cost theory of valuation and that
now proposed by the ICC for balance sheets of reorganized railroads is basic.
Under the cost of reproduction theory, the railroad would have a rate base
consisting of the money that was actually put into property over its
lifeless depreciation and the right to earn a fair return on that sum would be
recognized..
In recent reorganization proceedings the ICC has largely
ignored cost as a factor and tried to fix a valuation based upon the carrier's
earnings record in recent years and on the road's ability to support a given
capital structure especially in a so-called "normal" year.
Should railroad earnings recover during the next decade to a normal
return on cost of reproduction there would then appear to be an excessive
return upon the value that was fixed as a result of capitalizing the earnings
of depression years.
It is to avoid the recapture or excessive taxation of
such earnings that the railroads would like to have recognized the repro¬
duction costs of their properties instead of merely the possible market worth
of such properties under recent conditions.
Also when, as, and if railroad earnings recover to what appears to be a fair
return on property valuations there will be agitation for lower rates, which
will affect not only the recognized roads but also those which have remained
solvent. In areas where a substantial part of the railroad mileage is in the
courts the effect of improved earnings on reduced capitalizations will be
be
to
ence
especially pronounced and may have a marked effect upon the rates
will be allowed roads which have survived without reorganization.
that
Chicago Great Western had proposed following reorganization to
carry its property accounts in the new balance sheet at about $90,000,000,
which it claims to be the actual value representing cost of reproduction on
June 30, 1916 plus the net cost of additions and betterments to date.
To
offset this figure on the liability side of the balance sheet it had proposed
to have the stated value of the new securities issued plus an account "re¬
organization adjustments in capital" which would represent the difference
between reproduction cost of the properties and the amount of new securities
The
being issued.
When it submitted its proposed new plan to the Bureau of Accounts of the
ICC for approval, that body sent it a letter outlining its ideas on how the
road's balance sheet should be set up. The Bureau suggested that the prop¬
erty accounts should not be carried at a figure in excess of the stated value
of the new securities to be issued—or approximately $63,000,000 and sug¬
gested that the account
inated
"Reorganization adjustments of capital be
elim¬
.
The Bureau also suggested that the railroad eliminate from its new balance
sheet "land grants in aid of construction" and further recommended that
equipment be taken over at the net depreciated value rather than at the
gross value with an offsetting depreciation reserve.
As the Chicago Great Western officials believe that such a severe chopping
values is unwarranted and inadvisable, it is likely they will
appeal to Division 1 of the Commission for a rehearing on the matter. If
they are unable to obtain a modification of the Bureau of Accounts sug¬
gestion there, it is possible an appeal to the full Commission may be made.
—V. 151 p. 1275.
of property
Chicago Milwaukee St. Paul & Pacific
RR.—ICC Plan
Approved—
Opponents of the Interstate Commerce Commission's plan of reorgani¬
argued Sept. 10 in Federal Court at Chicago against approva t ?
zation
Volume
plan, which would exclude holders of common and preferred stock
participation in the reorganized company.
Frank C. Nicodemus.
counsel for the road, told Judge Michael L. Igoe that the
ICC had failed to ascertain its valuation.
He said that if this had been
Cleveland Graphite Bronze
the
from
New York,
done
substantial
a
1567
The Commercial & Financial Chronicle
151
equity in the property for stockholders
would have
been shown.
for Road—Insurance and Mutual
RFC Favors Plan
Directors
Banks
Years End. June 30—
^
M.Clay of Washington, D. C.,told Federal Judge Michael L. Igoe Sept. 11.
Mr. Clay said the RFC could look at the plan with financial indifference,
for its interest was protected whether the present plan was accepted or not.
He said the RFC, as a representative of the public, felt that it was time
that the road was reorganized.
Kenneth
F.
Burgess of Chicago, representing insurance companies
holding more than $73,000,000 in Donds of the Milwaukee, and Fred N.
Oliver, also of Chicago, representing mutual savings banks holding more
than $26,000,000, said these institutional investors favored approval of
the plan.—V. 151, p. 1428.
an
Co.—Interim Dividends■—
Co.—Earnings—
1939
1938
1940
Income from royalties..
Income from dividends..
Approved by
Objections to Reorganization Overruled—
Sept. 11 the Interstate Commerce
Federal Judge John P. Barnes approved
Commission's plan for reorganization of the road through the bankruptcy
Objections had been made to the plan by the company and by com¬
law.
and preferred stockholders.
[For outline of ICC plan see V. 149,
4023.]
Judge Barnes in a 53-page opinion agreed with the ICC that the equities
of the common and preferred stockholders "have no value."
The court saw "no warrant in the evidence for disapproving the Com¬
mon
p.
limiting of the capitalization of the new company to $449,974,309
or for increasing the capitalization to $705,153,992 or to any sum in excess
of $449,974,309."
Fees asked by attorneys representing the various parties totaled $882,082
and the ICC had allowed fees of $442,844.
Judge Barnes reduced that
figure by $6,366, cutting the fees asked by the Reconstruction Finance
Corporation from $21,366 and approved by the ICC to $15,000.
He then
Miscellaneous income
81
63
60
191
Total gross income
$156,440
12,345
$142,154
11,016
$121,057
10,643
$65,138
9,762
$144,094
11,710
8,317
$131,138
13,428
9,119
$110,414
16,244
6,879
$55,376
11,397
$124,068
$108,592
$87,291
Operating
expenses
Net operating profit-Int. & other deductions.
Federal income tax
Net profit for year—
equties had "no
value" the court said further:
"That
finding
overwhelmingly supported by the evidence and the
as did the Commission that stockholders should
is
court is forced to conclude
not
participate in the allocation of securities."
Under the ICC plan, the capitalization of the road was reduced from
$547,567,847 to $449,974,309 and fixed-interest charges were reduced from
the road's fixed charges of $16,549,740 in 1938 to $3,382,079.
Provision was made for contingent interest charges of $5,989,529 which
would depend on earnings.
Bonded indebtedness also was slashed with
bondholders to receive fixed-interest bearing securities for only a small part
of
their
present holdings.
Most bondholders
substantial amounts in contingent interest bonds
1940
follows: Fixed-interest debt,
$117,019,556; contingent Interest debt, $105,058,904; preferred stock,
$106,996,076; common stock, no par, $120,899,773.
A summary of the plan showed that the total value of the stock wiped out
was $180,835,200, of which common totaled $158,440,200, and preferred
$22,395,000.
The new capitalization plan also provided for $55,762,556 in 1st general
mtge. bonds, series A; $13,100,000 1st general mtge. bonds, series B;
$105,058,904 2d mtge. conv. income bonds, and a series of various term
secured notes aggregating nearly $30,000,000.
One objection of the railroad to the plan was that the ICO granted the
RFC too much interest on its claim of about $42,000,000.
The road had
asked that the RFC interest be 4%
about
$2,000,000.
plan would
The
Stocks Suspended from
stock
common
Net profit from operations before Federal income taxes
Federal income taxes..
Net profit.
Balance Sheet June 30, 1940
Assets—Cash, $331,256; cash—certificate of deposit, $200,000; accounts
receivable, $84,846; cash surrender value life insurance policies. $29,891;
inventories, $233,263; inventory bottles and cases, $286,964; miscellaneous
assets, $76,589; deferred charges, $177,619; fixed assets (net), $802,245;
total, $2,222,674.
Liabilities—Accounts payable, $623,897; due to officers and employees,
$45,769; accrued Federal income taxes, $191,453; accrued social security
taxes, $14,460; accrued State, county and city taxes, &c., $8,737; accrued
Federal capital stock tax, $16,500; customers' deposits on bottles and
$31,367; capital stock ($1 par), $418,882;
$2,222,674.—V. 120, p. 2820.
cases,
V. 151, p. 1275.
1938
1939
$791,237
696,572
$665,330
671,690
$7,914
$94,665
x$6,360
1940
revenue..
...
expense-
—
Other income.-
41.006
1.907
36.096
Cross income
$48,920
12,377
6,875
$96,572
7,727
19,250
$29,736
$29,669
23,663
$69,596
24,500
$13,074
24,500
Other deductions
,
_
Provision for Fed. & State inc. taxes
Net profit-______
Preference stock dividends
Common stock dividends
Earnings per share
.
15.015
"
Nil
$0.45
$0.05
on common
12,461
4,200
11 declared an extra dividend of 25 cents per share
dividend of 25 cents on the common stock, no par
value, both payable Sept. 30 to holders of record Sept. 21.
Extra of 30
cents was paid on June 29, last, and one of 25 cents on March 30, last.
—V. 151, p. 1139.
1939
on
$43,298
from
$79,151
and employees.
at cost.,
Inventory
of
172,967
96,555
7% conv. preferred
(par $10)
45,583
_
13,199
y
ma¬
terials & supplies
Accrued int. receiv
~
—
78,974
Fixed assets
609,431
131,336
3.50,000
27,165
Int.
z
Deferred charges..
on
115,420
67,772
$1,088,890
Total
Net
y
After
reserve
.$1,088,890
$566,476
"
"l",739
*452,079
$57,564 loss$829,363
$1,207,849
$57,564 def$829.363
$0.10
Nil
$654,813
$2.18
553,036
_ _ _.
$1,744,869"
$3.09
Earns .per sh. on com.stk
Includes $175,000 surtax on
allowances,
z
undistributed profits,
y
Less discounts,
On abandonment of property plant
and equip¬
subsidiaries.
Consolidated Balance Sheet June 30
1940
1939
$
$
Assets—
$
Accounts payable-
1,433,475
Accrued liabilities-
1,747,628
1,468,337
Notes & accts.rec 4,116,463
2,444,859
Accident
69,811
61,258
6,859,064
5,391,599
Prov. for Fed. tax
6,009,470
hand.
Inventories
a
1939
5,412,435
Cash in banks and
x
1940
$
.
Liabilities—
913,424
on
notes
Long-term
& accts.receiv..
Cash depos.
205,579
and goodwill
charges
comp.
103,500
6,563
11,204
Reserves
Deferred credits-z
I
225,000
Common stock
15,518,200 15,518,200
2,496,280
2,498,113
37,413
28,702
5,636,200
5,636,200
Capital surplus—13,301,893
70,158
—
16,219
217,000
pay.
Funded debt
103,800
Prop.,plant & eq.25,498,355
Pats., trademarks
Def'd
372,914
after June 30
under
investm'ts
with
compen.
Income
279,975 Accid.
empls.' compen¬
sation law__
trustees—
Total
552,435
14,750
17",650
$1,744,869
Funds depos.
$566,476
$2,438,253
224,150
382,500
profit
Sundry
for depreciation of $252,004 in
loss$35,493
224,150
551,760
2,248
224,150
551,760
3,033
962
Surplus..
44,285
1940 and $233,290 in 1939.
Represented by 102,530 (100,100 in 1939) no par shares,
z $87,500 due
x
728,599
$2,340,038
98,215
$8.54,156
270
y
r
460,192
Loss.
Dividends paid
Franchises & good¬
will--,-
134,570
$2,903,549
bonds
224,150
551,760
5% inc. mtge.bds
Prov. for taxes on inc
1
x
22,371,702
320,325
1,192,770
$758,745 loss$ 140,762
95,411
105,270
861,893
Other interest-
15,015
67,428
1
Earned surplus
120,854
116,492
328,730
21,614
Common stock._
Capital surplus
649
—
Other assets..
3,018
499,791
$26,953,435
152,980
1,112,933
Total profit
Int. on gen. mtge.
on
10,005
overhaul
70,000
W
-
35*340
37,776
123,649
1,148,626
operating profit._ $2,768,979
Other income
Reserve for engine
U. S. Govt, oblig.
Accts. receivable
Z350.000
Accrued expenses.
2,146
7,298
_
81,152
Equip. notes pay'le
18,533,641
Prov.
$20,484
30,562
$117,026
Traffic bal. pay'le.
officers
1937
1938
1939
19,564,329
242,750
1,131,942
Depletion
Depreciation
for relining & re¬
building furnaces, &c.
—
(Incl. Subs.)
$22,095,139 $20,118,984
Sales & oper. revenue-$31,864,811
Cost of sales & expenses. 26,859,247
y
1939
1940
Accounts payable-
hand..
Sept.
Colorado Fuel & Iron Corp.—Earnings
ment of
Liabilities—
1940
Cash in banks and
Due
on
returns and
Balance Sheet June 30
Assets—
Co.-—Extra Dividend—
Coleman Lamp & Stove
Directors
in addition to a quarterly
x
Indicates loss.
x
share in addition
regular quarterly dividend of 62 ^ cents per share on the class A
and class B shares, all payable Oct. 1 to holders of record Sept. 14.
Similar
payments were made on Dec. 30, 1939. Oct. 1, 1939, Dec. 30 and Oct. 1,
1938, Dec. 24 and Oct. 1, 1937, and on Dec. 28 and Oct. 1, 1936.—V.
149, p. 3868.
Net
$972,236
964,322
Years Ended June 30—
Dividend—
Bottling Corp. (Del.)—Extra
Cocoa Cola
Directors have declared an extra dividend of $1.25 per
Chicago & Southern Air Lines, Inc.—Earnings—
Operating
Operating
surplus, $871,609;total,
to the
1940
Dealings—
($100 par)
188,334
$855,783
418,882
—
Earnings for the Years Ended June 30
($100
$1,044,117
-
Dividends paid
its $42,000,000 debt.
and the 7% non-cumulative preferred
par) have been suspended from dealings on the New York
Stock Exchange at the preliminary approval by the court of plan of reor¬
ganization leaves no equity for common and preferred shareholders.—
The
stock
—
Earnings for Year Ended June 30, 1940
instead of 5 and 6%, a difference of
grant the RFC new securities and
collateral of $135,000,000 par value to secure
Chicago, Inc.—Earnings
Coca-Cola Bottling of
would, however, receive
and preferred or common
stock in exchange for their holdings.
Under the plan, capitalization was divided as
-----
$43,978
Assets—Cash,
$31,703;
accounts . receivable,
$4,573; investments,
$103,313; fixed assets (net), $117,158; trademarks and licenses, $400,000;
other assets, $1,300; deferred charges, $1,777; total, $659,825.
Liabilities—Payment on 1st mtge. due Jan. 1, i941, $5,000; Federal
income tax, $8,317; accrued capital stock, social security and property
taxes, $3,494; deferred liabilities, $198,056; common stock (271,240 no par
shares), $271,240; deficit, $226,281; surplus by appreciation of trade¬
marks and licenses, $400,000; total, $659,825.—V. 149, P. 1619.
mission's
approved the fees listed.
Concerning the ICC's finding that the stockholders'
1937
$40,099
24,847
$59,265
61,732
$70,071
72,020
$58,430
97,928
Balance Sheet June 30,
Chicago & North Western Ry.—ICC Plan
Court—Shareholders'
of 40 cents per share on
interim dividend
common
Club Aluminum Utensil
Favor Plan—
The Reconstruction Finance Corporation favors reorganization of the road
as soon as possible
as a matter of public interest, its attorney,
Cassius
have declared
stock, payable Sept. 30 to shareholders of record Sept. 21.
Like amount was paid on June 29 and on March 30, last.
Dividend of
$1.75 was paid on Dec. 29, 1939, and previous quarterly dividends of 25
cents were paid.—V. 151, p. 692.
the
25,784,658
t
Earned surplus---
2,106,678
13,114,303
267,187
1
and
prepaid expenses
63,400
323,352
within year.
Revenues
Total
Up %0% —
announced on Sept. 6 an increase of 80%
in revenue passengers carried for the first eight-months of 1940 as compared
with the same period of 1939.
The report shows that Chicago & Southern Air Lines flew 9,784,065
revenue passenger miles during the first eight months of 1940, an increase of
75.6% over the same period of 1939 when the airline, operating between
Chicago and New Orleans, serving Springfield, St. Louis, Memphis, and
Jackson, flew 5,571,090 passenger miles. During the period from Jan. 1 to
Aug. 31, 1940, a total of 25,356 revenue passengers were carried against
14,084 for the same months of 1939. This is an increase of 80%.
*
The total number of passengers carried in August, 1940, showed an
Increase of 9% over July and an increase of 108.5% over the month of
August, 1939.
Chicago and Southern flew a total of 1.721,698 revenue
D. D. Walker, Vice-President
Eassenger miles in August, 1940, against 1,546,308 in July,
August, 1939.—V. 151, p. 982.
i
'
Cincinnati & Suburban
1940, and 825,421
Bell Telephone Co.—Gain in
Phones—
Stations in
operation as of Aug. 31,
1940, totaled 195,020, a new all time
and 8,966 over the 186,054
high, and a gain of 52 over the preceding month
telephones operated in August, 1939.—V. 151,
Clayton & Lambert
p.
982.
Mfg. Co.—15-Cent Dividend—
declared a dividend of 15 cents per share on the common
14 to holders of record Sept. 3. This compares with
dividends of five cents paid on June 15 and May 15, last.—V. 142, p. 1634.
r
Directors have
stock, payable Sept.
-42,937,493 39,746,942
42,937,493 39,746,942
Total
$167,357 in 1940 and $111,116 in 1939.
y After re¬
serves for depletion and depreciation of $31,104,255 in 1940 and $30,098,120
in 1939.
z Represented
by 563.620 no par shares,
a After reserve of
$78,758 in 1940 and $115,348 in 1939.—-V. 150, p. 2720.
x
After reserves of
Colorado & Southern
Ry.—ICC Holds Up Unification
Order—
The Interstate Commerce Commission, unexpectedly and without ex¬
planation, has called off Indefinitely the unification of the Colorado &
Southern Ry. and two subsidiaries—the Fort Worth & Denver City and
Wichita Valley Rys.—which it approved July 31.
.
Postponement of the ICO approved order, which has just been sent out
to interested parties, followed petitions by various Texas interests for
reopening and reconsideration of the case.
The Commission, howevtu\
has not reopened the case nor has it indicated whether the order will be
modified or changed in any way.
The notice to parties merely stated that the approval order, slated to
become effective 40 days after July 31, "is hereby postponed until further
order of this Commission."—V. 151, p. 1275.
,
,
,
Commonwealth Edison Co.—Weekly Output—
output of the Commonwealth Edison Co. group (inter¬
sales deducted) for the week ended Sept. 7, 1940 was 143,609,000
kwh. compared 1 with 139,265,000 kwh. in the corresponding period last
year, an increase of 3.1%.
The following are the output and percentage
comparisons for the last four weeks and the corresponding periods last year:
The electricity
company
The Commercial & Financial Chronicle
1568
-Kilowatt Hour Output1940
1 939
Week Ended—
Per Cent
Increase
Sept. 7
Aug. 31
Aug. 24
143,609.000
152.832.000
147.171,000
139.265,000
142.214.000
138,241.000
Aug. 17
159,049.000
143.016.000
—V.
151.
James Reed has been elected President and chief executive officer of this
company, recently formed to succeed the William Cramp and Sons' Ship &
Engine Building Co. and to effect a reopening of the Cramp shipyards in
Philadelphia for construction of naval vessels.
Other principal executive
are H. Birchard Taylor, Vice-President, and
R. D. Weyerbacher
(Commander U.S.N. Retired), Vice-President and General Manager.
The board of directors elected for the new company comprises E. Roland
Harriman, James Reed, Joseph P. Ripley, Richard H. M. Robinson, H. Bir¬
chard Taylor and Ralph D. Weyerbacher."
Joseph P. Ripley has been
officers
—
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, 5, 1940, amounted to
151,398.526 as compared with 139,670,336 for the corresponding week In
1939, an Increase of 11,728,190 or 8.40%.—V. 151. p. 1428.
elected chairman of the board.
Announcement of the management personnel was made on Sept. 12 as
Mr. Ripley appeared before the Philadelphia City Council to urge prompt
action in support of the company's efforts to reopen the Cramp shipyards
Community Natural Gas Co.—Acquisition—
The Securities and Exchange Commission on
Sept. 9 approved the
acquisition by the company of all of the utility assets of Gainesville Gas
Co., for $124,500 in cash.
and carry forward the defense program.
The Security of the Navy, he said,
has particularly requested that every possible action be taken, with all
possible speed, to get the yard open and made available for the construction
of war ships.
The resumption of shipbuilding activities at the Cramp ship¬
yards, he predicted, would result in the employment of five or six thousand
,
Delaware
corporation, organized in 1935 and engaged in
distributing and selling natural gas at retail in and around the City of
a
O^incsvillo
ToxJis
Gainesville acquired these assets in 1935, the year of its incorporation,
the bondholders' committee of Gainesville Gas & Electric Co., an
workers,
from
In
earlier company which had defaulted in its bonds and for which a receiver
had been appointed in 1931.
At the receiver's sale, the bondholders' com¬
mittee bought the assets for $175,000, paid through the delivery of all of the
to
(William) Cramp & Sons Ship & Engine Building Co.
High State Court Approval—
The Pennsylvania Supreme Court acted Sept.
10 to spur the reopening
of Cramp Shipyard by upholding the validity of the city's tax compromise
plan which had earlier been approved by Common Pleas Court.
The
quick action by the high State tribunal clears the way for sale of the proper¬
ties by the Sheriff Sept. 16.
The W. Averill Harriman interests are to buy in the properties at the
sale for $260,000, of which amount $100,000 would go to the City of
Philadelphia in settlement of its $1,300,000 claim for back taxes, $60,000
for city and school taxes for current year and $100,000 to Federal Govern¬
ment in settlement of its $1,000,000 claim against the company.
A plan to satisfy claims of 1st mtge. and gen. mtge. bonds and to finance
the new company, Cramp Shipbuilding Co., was recently filed with the
Securities and Exchange Commission.—V. 151, p. 1430.
Community Power & Light Co. (& Subs.)—Earnings—
1940—Month—1939
$453,772
$432,956
179,903
179,612
21,699
18,604
35,665
34,022
18,095
10,145
1940—12 Mos.—1939
$5,064,987
$4,729,965
2,112,979
2,055,83.5
240,826
215,046
411,587
391,091
142,623
101,799
Other income (net)
$198,410
4,233
$190,573
1,426
$2,156,972
15,949
$1,966,193
4,414
Gross income
Retirement res. accruals
$202,643
46,602
$191,999
44,722
$2,172,921
502,734
$1,970,608
474,197
$156,042
$147,276
$1,670,187
$1,496,411
1,250
66,076
1,365
66,076
16,035
792,915
18,350
792,915
1,801
8,053
2,684
5,541
22,560
82,225
29,429
52,253
revenues
Maintenance
General taxes
Fed. & State inc. taxes..
a
Utility
oper.
income
a
Gross income...
Int.
on
Crown Drug Co.—Sales—
Sales for the month of August were $684,305, as compared to $623,762
for August, 1939, an increase of $60,543
Public
Parent company
1,027
2,411
1,027
$75,423
$70,331
Other income charges
Net
income
Dividends
12,327
7,221
$736,904
104,183
1,827
pany's funded and mortgage debt.
The resolutions empower directors to act in reliance upon the transitory
provision respecting payment of interest upon and principal of mortgage
and pledge indebtedness, to commence payments in amortization of prin¬
cipal of such indebtedness at a date earlier than may be strictly required by
the transitory provision, to apply net
earnings of the company to the pur¬
chase, for retirement, of such indebtedness, and to take any and all action
deemed by it necessary to carry out the provisions of the new law.—V. 151.
$482,735
861,020
14,120
1,827
6,393
98,514
To parent company
Balance applicable to parent company
Income from sub. companies deducted above:
Interest earned
...
832.072
1
Interest not earned
Preferred dividends
Discount on bonds
Common dividend from G. P. U., Inc
Other income
Expenses,
$30,465.
taxes and other deductions from income
Community State
April 30, 1940 —
Corp.
(&
000 is presently outstanding of original $3,000,000 authorized and issued,
Dallas Power & Light
$640,086
are
Prop, retire,
$1,903
21,550
com¬
(at cost)
120,195
-
15,223
Reserve
55,000
4,243
36.978
47.893
Class A Stock
50.642
Class B stock ($5 par)..
52,320
Surplus
55,673
Accrued Interest receivable
2,064
for contingencies
($5 par)
45,410
2.694
on notes payable.
Furniture and fixtures
Total
Total
$290,270
-V. 136, p. 3727.
Connecticut
See list given
on
Power
$1,604,097
507,386
$1,249,105
$1,096,711
1939
$61,067
$0.19
Includes amount required to amortize debt discount and
expense over
outstanding debt, plus an additional amortization of $39,000.
in excess of normal amortization requirements, additional
amortization of debt discount and
expense and
a
the life of the
b Includes,
preferred stock commission
of $341,070 and $433,500 for the 12 month periods enaed July 31,
1940, and July 31, 1939, respectively.
Debt discount and expense and
preferred stock commission and expense were fully amortized at Oct. 31,
1939 and April 30, 1940, respectively.—Y.
151, p. 547.
After interest, depreciation, Federal
income taxes, &c.
shares common stock.—V.
149, p. 3257.
1940
Consolidated Edison Co. of New York.
y
On 323,000
Pro v. for Federal income tax
Consolidated Edison Co. of New York
announced
electric Plants of its Sy8tem for the week ended
1938
$6,113,319
4,237,814
1,607,027
$5,347,512
3,641,046
1,560,878
$435,582
1,743
expenses
1939
$7,452,777
5,059,621
1,957.574
Net operating profit..
Other expenses (net)
$268,478
1,625
47,100
$145,588
1,850
20,300
$219,753
$123,438
75,800
Net
profit
$358,039
Note—Dividends paid totaled $255,003 for 1940.
Inc.-—Weekly
Output—
Balance Sheet July 31,
production
of the
Sept. 8,1940, amounting to
131,700,000 kwh., compared with
135,400,000 kilowatt hours for the
corresponding week of 1939, a decrease of 2.8%.—V.
151, p. 1429.
Inc.—Expansion Program—
Company, will spend $15,000,000 for expansion and
improvement of its
manufacturing, development and research facilities
during the next two
years, Carle C. Conway, Chairman, stated on
Sept. 9. The expenditures
will be based on information obtained
by periodic visits of the directors and
management officials to the various key areas and
units of the company's
organization.
"These expenditures will be allocated to
various parts of the country
wherever it is determined that they will
produce the greatest results though
improved service and products," Mr. Conway stated
during a visit to the
company's plants in the Chicago area. "Since the
beginning of 1930 Con¬
tinental Can Co. has expended
approximately $50,000,000 for increasing
Improving its facilities."—V. 151,
Bros., Inc.—Earnings—
Years Ended July 31—
Sales......
1938
$178,603
$0.55
x
Continental Can Co.,
$180,218
Balance
Operating
1940
$14,051
$0.04
per share
mtge. bonds.
Cost of goods sold
Co.—Earnings•—
6 Months Ended June 30—
Net profit
p. 984.
Imperial Mills, Ltd.—Preferred Stock Called
1940
Assets—Cash, $325,571; U. S. Treasury securities, $251,500; accounts
receivable, $9,462; merchandise inventories,
$824,120; deposits with public
utilities, $600; prepaid ins., taxes and other
exps., $108,347; property,
plant and equipment (net), $418,351; unamortized
improvements to leased
property, $82,590; total, $2,020,542.
Liabilities—Accounts payable (trade), $104,789; taxes payable, $25,732;
expenses, $58,462; land contracts payable
(current instalments),
$13,200; deposits on merchandise, $10,072; reserve for Federal income tax,
$75,800; deposits on employees' stock purchase contracts, $44,231; land
contracts payable,
$48,104; common stock ($1 par) ,^$850,000; surplus,
$790,152; total, $2,020,542.—V. 151, p. 844.
accrued
Decca
Records, Inc.—Earnings—
Period Ended June 30, 1940—•
Net income after all
charges
Earns, per sh: on 374,991 shs. of
—V. 150, p. 3045.
3 Months
com.
stock
6 Months 1
$57,110
$0.15
$170,571
$0.45
Dejay Stores, Inc. (& Subs.)-—Earnings—
—
The current 5% preferred stock has been
called for redemption Oct. 1.
at $105 and accrued interest from
July 15. 1940 and will be replaced by an
issue of serial notes. Of the original issue of
5,000 shares created in February,
b406,716
$1,756,491
507,386
on
Davidson
Co.—Registers with SEC—
first page of this department—V.
150, p. 1276, 990.
Consolidated Biscuit
Cosmos
69
$2,663,288
560,000
b499,191
$228,697
46,667
1,812
and expense
350
$290,270!
$2,663,219
$2,723,207
560,000
Net income
55,002
Notes & loans recelv. (less res )
Due from affiliated companies
$2,722,546
$133,062
Divs. applicable to pref. stocks for the
period....
$7,400
Accts. & accr'd items payable.
Due to affiliated companies
$224,152
320
$224,152
46,667
a44,423
Gross income
Other int. & deductions.
Notes payable (secured)
Other notes payable
$228,377
1940—12 Mos.—1939
$7,059,775
$6,736,213
2,627,725
2,568,702
1,245,242
1,113,214
464,262
391,078
661
Shee*
Mortgages receivable
Prepaid int.
res. approp.
Co.—Earnings—
1940—Month—1939
$602,979
$624,549
231,173
216,018
112,126
104,699
31,303
79,680
Net oper. revenues.__
Other income
"
excluded, except
Subs.)—Balance
revenues
expenses
Direct taxes
Liabilities—
Securities (at cost)
Investments In affiliated
Earnings
Operating
Operating
Interest
Assets—
Cash
and
Provision has been made by Dominion Coal Co., Ltd., for retire¬
maturity date Oct. 1,1940. Principal amount of $2,148,-
ment of issue upon
269
Net income
y
Cumberland Railway & Coal Co.—Bonds Called—
The National Trust Co., Ltd., trustee for
5% first mortgage bonds of this
wholly owned by Dominion Coal Co., Ltd., will receive on
Sept. 18 offers to sell bonds for sinking fund purposes to the extent of
company,
$1,461,438
821,352
$769,425
an initial dividend of 50 cents per share on the
stock, payable Sept. 25 to holders of record Sept. 19.—V. 150,
P. 2875.
125,029
$1,613,040
843,616
a
Before retirement reserve accruals.
Note—General Public Utilities, Inc., and subsidiaries
to the extent of dividends received.—V.
151, p. 1429.
x
Directors have declared
common
Period End. July 31—
Total
panies
Cuban Atlantic Sugar Co.—Initial Dividend—
13,096
1,843
6,393
272
[
695.
p.
$.587,283
102,705
1,843
$630,894
preferred stocks—To public
on
Funded Debt—
Shareholders will be asked at the annual meeting Sept. 30, to approve
adopted by directors in connection with the recent transitory
provision of the Constitution of the Republic of Cuba affecting the com¬
12,320
3,860
251
9.71%.—V. 151, p. 842.
on
resolutions
Amort, of debt discount
and expense
or
Cuba RR.—Stockholders to Act
long-term debt—
Public
Parent company
Other interest charges—
offering of
•—Tax Plan Given
released from the trust.
Operating
an
program.
Harriman Ripley & Co., Inc., plans to underwrite the offering
of common shares for which the prior right to subscribe will be given to the
general mortgage bondholders or the old company.
No firm underwriting
commitment has yet been made, however.—V. 151, p. 1431.
Gainesville will deposit such additional sums* as may be necessary to
call, redeem and retire all tho bonds and pay all expenses incident thereto.
—V. 151, p. 841.
Operation
addition to raising approximately $1,000,000 through
shares, to be underwritten for cash, the new company proposes
borrow several million dollars of additional capital to carry
out
its
common
outstanding bonds.
The committee then sold the assets to Gainesville for
$122,500, paid by issuance of the latter's bonds in the same amount, and the
issuance of stock in connection therewith.
At the present time there are
bonds outstanding in the amount of $116,400.
There are no arrears in
interest or sinking fund requirements of the bonds.
Community has entered into a contract with Gainesville, whereby Com¬
munity agrees to purchase from Gainesville, all the latter's real estate,
physical plant and property, franchises and rights, for $124,500 in cash.
The property sold is substantially all of Gainesville's assets; the contract
excepts only the latter's cash on hand or on deposit, and certain other
funds and reserves.
Community will deposit the purchase price with the
trustees under Gainesville's trust indenture, and the property will be
Period End. July 31—
1940
Cramp Shipbuilding Co.'—New Officers, &c.—
6.5
11.2
Commonwealth & Southern Corp.—Weekly Output
Gainesville is
14,
3.1
7.5
1428.
p.
Sept.
1936. to provide part of the funds for the redemption of the old 7 % preferred.
4,304 shares were outstanding at the end of 1939.:—V. 150, p. 686.
x
6 Months Ended
July 31—
Net profit
x
1940
$10,023
1939
1938
^
$7,622Hoss$34,107
After depreciation but before Federal taxes.—V.
151, p. 844.
Volume
The Commercial & Financial Chronicle
151
Dominion Steel & Coal Corp.,
Derby Oil & Refining Corp.—Annual Reportr
1 Q8Q
Calendar Years—
Net sales
1937
1938
1569
1936
Calendar Years—
Combined profits
Prov. for deprec. &
$4,095,180
3,225,263
$4,053,618
3,360,782
$4,762,601
3.402.Q26
$4,033,729
2,771,473
$869,917
$692,836
439,249
$1,360,575
$1,262,256
Int.
389.877
474,730
476,306
$480,040
71,977
$253,587
56,216
$885,845
82,322
$785,950
$552,017
111,947
257,929
$309,803
100,779
274,164
$968,167
$866,964
129,775
239,279
64,834
75,591
76,321
72,802
41,333
79,327
7.425
25,382
27,158
172,334
Ltd. (& Subs.)—Earns.
1938
1939
1936
1937
$3,039,194
x
$3,009,312
$2,976,696
$1,460,026
982,830
de-
pletion of minerals..-
Gross profit
Miscell.
(net)
revenue
Inc. before depl., &c_
Depletion.-:
Depreciation
Undeveloped leasehold
_
rentals
al,212,769
al,213,838
al,028,381
regular income bonds.
Other interest
Prov. for income tax
275,500
275,500
275,500
117,325
bl88,732
92,064
bl31,020
230,967
y219,072
101,000
Net profit for year...
Gross profit
Sell. & gen. admin, exps.
$1,332,599
$1,239,177
$1,310,829
$258,125
on
6J4 %
cum.
pref.
81,014
133,838
278,370
x From
operations and returns from investments after deducting manu¬
facturing, selling and administration expenses,
y Interest on bank loans
of $212,822 and interest on Seaboard Power Corp., Ltd., bonds of $6,250.
a Provision for
depreciation only,
b Includes interest on bank loans and
interest on underlying bonds.
Surrendered leaseholds &
non-prod, developm't.
Prov. for Fed. inc. taxes
Extraord. credit
425
Consolidated Balance Sheet Dec. 31
1939
in
adj.
of disputed royalties.
96,806
_
Cr62,973
x
S
Props. & plant.-28 ,388,096 27,922,890
Net income before pro¬
vision for minor, int.
sec.
$252,774
$427,097
loss$21,258 loss$164,510
Cash
191
274
152
10
of
assoc. cos.
Invest, in subs
in
2 ,178,056
4 933,075
hands
$252,583
$426,823
Consolidated Balance Sheet Dec. 31,
1939
4 ,500.064
527,500
132,606
134,443
63,827
Investments
Cash,.
Deferred charges. _
450,000
725,000
1,003,723
1
1,977,409
960,243
112,639
property
payable
&
170,974
109,229
106,625
664,007
483,475
Bal
268,892
212,575
pay. to
Dom,
Coal Co., Ltd_.
Bal.
pay.
to
sub.
cost, not consol.
59,064
272,342
170,716
$302,516; notes payable, $101,500: ac¬
payrolls, commissions, interest, taxes, &c., $82,979; provision for
social security taxes, $6,122; provision for Federal income tax, $425; divi¬
dend payable, $18,849; deferred refining royalties (payable if and when oil
is processed in cracking stills), $51,612; minority interest (Derby Oil Co.),
$3,003; $4 cum. pref. stock (18,849 shs., no par), $729,456; commo.1 stock
(263,142 shs., no par), $2,076,192; certificates of deposit (for 21.35 shs. of
common
stock), $168; capital surplus, $330,287; earned surplus (since
$'
Bond Int. accrued-
2,154,810
Trade accts. & bills
^
^ Liabilities—Accounts payable,
on
accrued 1 labs
8,472,795
Other accts. receiv.
Assets—Cash, $294,023: accounts receivable (less reserve for doubtful
$34,841), $196,065: inventories, $545,240; other investments,
$5,000: fixed assets (less reserve for depletion and depreciation of $4,151,033), $2,952,845; deferred charges, $19,029; total, $4,012,203.
accounts of
1938
6,997,000
Wages accrued
56,665
8 ,684,150
receivable
S
6,878,000
Bank loans
Accts
trusts, for bond¬
Inventories
def$21,248 def$164,358
corporation
2,178,056
5,107,357
of
holders
Net profit accruing to
Liabilities—
Funded debt
Deferred payments
Invest, in stocks &
Proportion applicable to
minority interest
1939
1938
$
Assets—
240,683
Opcr. & cont. res.. 1
y Com. class B stk.25
Capital surplus
6
Surplus from oper_ 3
861,357
1,504.338
9 7,075 25,977,075
,543,729
6,543,729
,704,633
2,372,034
crued
Jan.
1, 1936), $309,093; total, $4,012,203 —V. 151, p.
Diamond Portland Cement
1430.
Co.—25-Cent Dividend —
Directors have declared a dividend of 25 cents per
share on the common
stock, payable Sept. 20 to holders of record Sept. 10.
This compares with
10 cents paid on June 29 last and on Dec. 20, 1939.—V. 144, p. 3497.
Diamond Shoe
Directors
common
have
Corp.—Dividends—Stock Split—
declared
a
dividend of 30 cents per share on the new
dividend of $1.25 per share on the
stock and an initial quarterly
5% preferred stock, both payable Oct. 1 to stockholders of record
Sept. 20,1940, it was announced on Sept. 10.
Stockholders on Sept. 9 approved an amendment to the company's
certificate of incorporation providing that the old non par common stock
be split two for one, bringing the total shares outstanding to 418,970.
Approval was also given to retirement of the old 614% preferred and to
conversion of the old second preferred into 5% cumulative convertible
new
preferred stock, $100 par value.
The payment of 30 cents per share on the new common stock represents
increase, since prior to the two for one split up of the common stock
the company paid quarterly dividends of 50 cents per share on the common
stock.
The letter notifying stockholders of the dividend declarations states:
"It is contemplated that the new common stock will be placed on an
annual dividend basis of $1.20 per share, equivalent to $2.40 per share on the
old common stock, the payment of such dividends, when declared, to be
made quarterly beginning Feb. 1 in lieu of the quarterly dividend dates
an
heretofore in effect."
Trust Co. of New York has been appointed agent under
the plan of recapitalization adopted Sept. 9, 1940 to effect the exchange of
the old 6% second preferred stock for shares of new 5% cumulative con¬
vertible preferred stock, and also to effect the exchange of the shares of
old common stock for shares of new common stock.
The Guaranty
Registers with SEC—
See list given on first page
of this department.—V. 151, p. 1430.
Total.
x
..49,379,596 46,510,882
Corp.—Earnings—
y
reserve for depreciation of $11,946,523 in 1939 and $10,805,424 in
Represented by 1,039,083 class B common shares.—V. 149, p. 259.
Dow
Chemical
Co.—Debentures Offered—First public
offering of newly-registered industrial securities since amend¬
ment of the Securities Act liberalized the waiting period re¬
quired for the sale of new issues was made Sept. XI on behalf
of the company.
The public offering, made by a group of
seven investment banking firms headed by Smith, Barney
& Co., consisted of two issues of debentures, $7,500,000 of
10-year 2]A% debentures due Sept. 1, 1950, priced at 101
and $7,500,000 of one to ten-year serial debentures due
annually in amounts of $750,000 and priced at 100 for all
maturities.
Other members of the underwriting group, in
the order of their participations, are Morgan Stanley & Co.,
Inc.; Kuhn, Loeb & Co.; Dillon, Read & Co.; The First
Boston Corp.; Harriman Ripley & Co., Inc., and Lee Higginson Corp.
Both issues have been oversubseribed.
The public offering of the 10-year 2lA% debentures and
one to ten-year serial debentures of the company represents
the lowest-cost public financing of any corporation thus far
done under the Securities Act.
Offering of Common Stock—The common stockholders of
Sept. 20 are given the right to subscribe to 103,199
shares of common stock in the ratio of one share for each 10
record
shares held at $100 per share.
Subscription warrants will
expire Oct. 11.
The offering has not been underwritten
and any portion remaining unsubscribed may be sold by the
company
at not less than the
Earnings for the 9 Months Ended May
31, 1940;
$520,379
37,795
Gross salas_
—V. 151, p. 696.
Divco Twin Truck Co.—To
common
offering price without being
stockholders.
following coupon rates apply on the serial debentures maturing
Sept. 1 in the respective years;
1941, 0.35%; 1942, 0.65%; 1943, 0.90%;
1944, 1.15%; 1945, 1.40%; 1946, 1.60%; 1947, 1.75%; 1948, 1.90%; 1949,
2%; 1950, 2.05%.
The 10-year 214 % debentures are dated Sept. 1,1940 and mature Sept. 1,
1950.
Redeemable on 30 days notice on any date prior to maturity, at
the option of the company, as a whole or from time to time in part, at the
principal amount and accrued interest, together with the following pre¬
miums:
3% if red. on or before Aug. 31, 1941; 2%% if red. on or before
Aug. 31, 1942; 2^% to Aug. 31, 1943; 2to Aug. 31, 1944; 2% to
Aug. 31, 1945; 1 H% to Aug. 31, 1946; 114% to Aug. 31, 1947; 1% to
Aug. 31, 1948; 14% to Aug. 31, 1949.
If redeemed after Aug. 31,1949, no
The
Net loss after charges
Directors have declared a
49,379,596 46,510,882
After
1938.
reoffered to
Distilled Liquors
Total
Pay 50-Cent Dividend■—
dividend of 50 cents per share on the common
stock, payable Sept. 26 to holders of record Sept. 16This compares with
25 cents paid on June 15, last; 40 cents paid on Oct. 26, 1939, and 10 cents
paid on Jan. 4, 1938.—V. 151, p. 1277.
premium will apply.
Doernbecher Mfg.
Co.—Earnings —
Net income
b Earnings per
The
June 29 '40 June 30 '39
$40,518
$56,793
6 Months Period—
a
share
a After depreciation, Federal income taxes, &c.
capital stock.—V. 149, p. 1023.
Dome
$0.13
$0.19
b On 301,622 shares of
Mines, Ltd.—Bullion Output—
Company reports bullion output for August at $660,452 compared with
$661,241 in July and $603,523 in August last year.—V. 151, p. 985.
Dominion Coal Co.,
Ltd. (& Subs),—Annual Report—
Earnings for Year Ended Dec. 31, 1939
Profit from operations after
administrative expenses
deducting mining costs, selling &
Provision for depreciation
of Dominion Coal Co., Ltd
Interest on 1st mtge. bonds of Cumberland Ry. & Coal Co
Int. on serial eqpt. bonds of Dominion Rolling Stock Co., Ltd.—
Interest on 1st mtge. bonds
$2,349,573
1,250,000
223,719
108,450
33,038
200,000
serial
debentures
dated Sept.
1, 1940 and mature $750,000 each
1, 1941-1950.
Redeemable at par and accrued interest, plus pre¬
varying, according to maturity, from 14% to 114% it redeemed on
or before Aug. 31, 1942; from 14%
to 1 14% thereafter to Aug. 31, 1943;
from 14% to 1% thereafter to Aug. 31, 1944; from 14% to %% thereafter
Sept.
miums
to
Aug. 31,1945; and
thereafter without premium.
Guaranty Trust Co., New York, trustee.
Purpose of Issue—Of the net proceeds, estimated to be $25,141,023 if all
the common stock is subscribed for, which may be received from the sale
of the serial and 10-year debentures and the common stock, company will
apply $5,125,000 to the redemption of its outstanding $5,000,000 15-year
3% debentures at 10214%
Directors have made no allocation of the balance of the net proceeds, but
such net proceeds will be added to the cash funds of the company.
Cash
funds have been and will be called upon, among other things, for expendi¬
tures
for capital additions, replacements and improvements to plants,
processes and facilities for the manufacture of new products and to meet
increased demands for old products.
Expenditures for such purposes dur¬
$534,366
343,696
$190,670
Provision for income tax
Profit for the year ended
Dec. 31, 1939
Preferred dividends
Balance
fiscal years of the company and its subsidiaries totaled
approximately $12,750,000.
History and Business—The company was incorp. in Michigan, May 18,
1897, and its corporate existence has been extended for a period of 30 years
from May 18, 1927.
Company is engaged in the manufacture of a diversified line of chemicals
and of magnesium and magnesium alloys.
The present company is the out-
Sowth to separate and finish into marketable form certain of theat Midland,
Ich., of a business established more than 45 years ago
components
732,586
Surplus as at Dec. 31,1938
ing the past three
Company's first develop¬
for the production of bromine by the elec¬
trolysis of this brme. Some years later activities were expanded to include
first the production of chlorine and bleaching powder and then still later
the production of caustic soda.
Continuing the expansion of its line of
chemicals, the company was by 1917 not only a large producer of bromine
and bromides, chlorine, caustic soda and allied products, but was also
of the native brine deposits in central Michigan.
ment was an original process
Surplus, Dec. 31, 1939
-
$923,256
Consolidated Balance Sheet Dec. 31,1939
Assets—Properties
(less—reserve
for depreciation of $22,326,492)*
$23,821,303; cash in hands of trustees for bondholders, $80,048; amount,
including proceeds of sale of bonds, allocated for payment of railway equip¬
ment and redemption of bonds maturing 1940, $2,688,000; inventories,
$3,047,087; trade accounts receivable, less reserve, $2,780,276; other
accounts receivable, less reserve, $268,582; demand note receivable, $725,000; investments, $31,060; cash in banks and on hand, $1,013,441; amount,
including proceeds of sale of bonds, allocated for payment of railway equip¬
ment and redemption of bonds maturing 1940, Cr$2,688,000; balance re¬
ceivable from Dominion Steel & Coal Corp., Ltd. on current account,
$664,007; deferred charges, $382,689; total, $32,813,493.
Liabilities—Common stock
(par $25), $12,000,000; 6% cumulative
sinking fund preferred stock (par $25), $5,658,725; funded & mortgage
debt, $9,772,000; accounts payable and accrued liabilities, $1,093,541;
wages payable and accrued, $214,190; bond interest accrued, $107,010;
balance payable to associated companies, $376,893; reserves for renewals
and betterments, contingencies, &c., $2,667,871?surplus, $923,256; total,
$32,813,493.—V. 150, p. 2421.
actively engaged in the production of synthetic organic chemicals such as
phenol, chloroform, indigo and various coal tar medicinals. particularly
the salicylates.
It was also an important producer of solvents such as
carbon tetrachloride.
In 1917, the -company started the production of
magnesium metal by electrolysis of the magnesium chloride obtained from
the brine deposits and has subsequently developed the large scale production
of magnesium and magnesium alloys.
In the past two decades the company has steadily expanded its line of
chemicals, devising new synthetic processes, until at the present time it
produces more than 300 different products.
An outstanding development
of recent years has been the large scale production of ethylene dibromide
for use in the manufacture of ethyl gasoline.
Company also manufactures for many Industrial uses chloroform, sul¬
phur chloride, acetanilid, ethyl and diethyl benzene, ethylene dichloride,
ethyl chloride, acetic acid, sodium acetate, monochlorbenzene, tetrachlorethane, and tetrachlorethylene.
The Commercial & Financial Chronicle
1570
Company is an important manufacturer of many pharmaceutical and
aromatic chemicals, such as salicylic acid,
acetyl salicylic acid (aspirin),
salicylates, acetphenetidin, antipyrene, bromides, iodine, and glycine,
which with the U. 8. P. products of some of the industrial chemicals men¬
tioned above are used as medlcinals.
Coumarin, diphenyloxide, methyl
anthranilate, and phenyl ethyl alcohol are aromatic chemicals used either
for flavoring extracts or perfume bases.
Company produces a diversified line of insecticides and fungicides such
as calcium,lead and magnesium arsenates, lime sulphur, paris green, Bordow
and Bordow mixtures, paradichlorbenzene and methyl
bromide; also a
series of dinltro-orthocyclohexylphenol compounds for use in the citrus
and deciduous fruit industry.
Company produces and sells under the trade
name JDowjcides, a series of phenolic derivatives for use as germicides and
fungicides.
Company holds an important position in the plastics industry. It manu¬
factures ethyl cellulose which is sold under the trade name Ethocel for such
uses as general injection molding and extrusions, as a coating composition
Net
for paper,
x
metai, cable insulating lacquers, and
ingredient for fast
drying varnishes.
Another plastic of increasing importance is Styron, the
company's trade name for ploystyrene.
This is used in the manufacture of
thermoplastic resins and molding compounds.
Recently the company has
brought into commercial production vinylidine chloride, a plastic with
high tensile strength, one use of which at present is in the manufacture of
furniture covering similar in type to rattan covering.
In addition to its
own
plastics, the company produces many plasticizers for the plastics
industry, and is a large producer of phenol for phenolic type plastics.
Company is one of the largest producers in the world, and the only
as an
commercial producer in this country, ol magnesium metal which
under its own processes and
fuels.
Company, owning 75% of the capital stock, operates Midland Ammonia
Co., which is a producer of synthetic ammonia from the waste hydrogen
generated by the company's chlorine cells.
Cliffs Dow Chemical Co., in which the company owns 60% of the com¬
mon stock, is
engaged in the carbonization of wood to produce charcoal and
other products, including activated carbon for water purification, anti¬
freeze solvent and other chemicals.
Dowell, Inc.,
ft operates in 14 States and two Canadian provinces. Dowellby others,
atents most of which are owned by Dow Chemical Co. and some Sociedad
Anonima,
a
wholly owned subsidiary, conducts in Mexico a business similar
by Dowell Inc. in the United States but owing to present
the oil industry in Mexico only nominal operations are
to that conducted
conditions
carried
own a large number of patents and also are
by others.
Ethyl-Dow Chemical Co., which is jointly owned by the company and
Ethyl Gasoline Corp., extracts bromine from ocean water and uses the
bromine in the manufacture of ethylene dibromide, which it sells to the
Ethyl Gasoline Corp. for use in the preparation of anti-knock gasoline.
Funded Debt and Capitalization as of May 31, 1940
Authorized
15-year 3% debentures due Dec. 1,1951—
$5,000,000
5% cumul. pref. stock ($100 par)
60,000 shs.
Common stock (no par)
;
b2,000,000 shs.
Company intends to redeem its 15-year 3% debentures due Dec. 1,
cipal and premium thereof and accrued interest thereon to the elate fixed
for redemption, and (b) company will take all steps
necessary to effect the
call for redemption of such issue, or else powers, irrevocable
by the com¬
pany, to take such steps will be given to such trustee.
(b) On Aug. 27, 1940 directors by resolution reserved the 103,199 shares
of common stock now offered for issuance upon the exercise of the trans¬
ferable subscription warrants which will be issued by the company to holders
of its outstanding common stock to evidence their
pro rata
subscription
rights to such 103,199 shares.
1940
Profit from operations
Other income..
$3,627,134
1,143,835
$5,013,075
180,189
$4,770,970
212,085
1,533,467
678,590
709,075
ex¬
$7,245,135
85,967
$4,154,295
loss24,189
$7,159,167
$4,178,485
share of profits...
Net income
Underwriters—The
names
and
amounts of serial and
respectively,
$3,776,787
1,236,288
249,095
Net income
principal
$26,762,282 $24,871,196
22,985,495
21,244,062
$9,027,697
Income charges
Provision for Federal income and
cess-profits taxes
are as follows:
addresses
of
the
$3,849,810
loss45,458
$3,895,268
underwriters
Serial
the
10 Year
Debentures
The First Boston Corp
Harriman Ripley & Co.,
Loeb
&
Debentures
$2,750,000
Smith, Barney & Co
Dillon, Read & Co
$2,750,000
875,000
750,000
875,000
750,000
750,000
875,000
500,000
Inc
Co
151, p.
750,000
875,000
500,000
1.000,000
1431.
1,000,000
Driver-Harris Co.-—Annual
Report—
__
,
Earnings for Year Ended Dec. 31,
.
Net income
Provision for depreciation
Federal taxes
on
Operating
expenses
1940
1939
1938■
.1937
$11,897,688 $10,063,695 $10,172,475 $12,058,087
10,742,815
8,838,704
9,091,556
10,421,646
712,512
715,355
664,857
772,855
Net profit on sales
Other income
$442,361
131,616
$509,636
88,835
$416,062
76,558
$863,586
117,823
$573,977
120,949
39,000
$598,471
Deductions
120,354
57,935
$492,620
cl03,184
58,000
$981,409
a98,742
138,000
47,000
$414,028
141,240
270,000
$420,181
141,248
267,900
$331,436
141,408
269,050
$697,668
141,408
270,000
$2,788
270,000
$1.01
$11,033
270,000
$1.03
def$79,022
$286,260
270,000
$2.06
Federal taxes
Surtax
undist. profits[
on
Net
income
Preferred
dividends
Common dividends
Balance
i__
Shs.com.stk.out. (no par)
per share
Earnings
®gOQ 8QQ
111111111111111111
Including depreciation of $303,363 in 1940, $314,305 in 1939, $298,356
$270,321 in 1937.
Represented as follows: Shares of loss of current year of Apex Oriental
Corp., 50% owned, and loss under leasehold of New Madison Corp.,
wholly owned subsidiary dissolved on May 29, 1937, $50,409; and other
deductions of $48,333.
c Represented as follows; Share of loss of current
year of Apex Oriental Corp., 50% owned, and loss under leasehold of Madi¬
son Ave. premises,
$54,025; and other deductions of $49,159.
d Includes
2,500 shares reserved for sale to employees.
x
in 1938 and
a
Comparative Balance Sheet May 31
Assets—
1940
Accounts
hand
$838,698
$320,878
Acer, compensa'n.
152,365
117,366
Accrued State and
822,061
512,097
2,315,335
3,395,583
3,603,633
Investments
65,027
58.770
Prepaid expenses..
55,092
58,116
Inventories
Fixed assets
Balance to surplus
Balance at Jan. 1,1939
Common
^9?|700
IIIIIIIIIIIIIIIII
«i
_
dividends.
dividends
qo4
nl
I
;
-II.IIIIIIIIIIIII
Balance at Dec. 31, 1939
5QQ
89,170
interest, $5,856; Federal taxes
for prior
years
on
of $8,844)
58,038
86,881
8% cum. pref. stk.
($100 par)
1,765,500
c Common stock.
1,350,000
1.350.000
2,749,593
_
Total
a
$6,963,609 $6,448,255
After depreciation,
-V.
149,
2,731,131
surplus—
$6,963,609 $6,448,255
Total
Represented by 270,000 shares
c
1,765,500
no
par
value.
4173.
p.
Eagle Lock Co.—Earnings
—
1940
Other
$249,636
353,949
64,779
Other deductions.
Net loss.
$413,377
$346,367
36,750
$145,774
income.
$51,844
401,999
63,221
$134,471
11,302
expense
$1,236,005
1,184,161
$169,092
34,621
Selling, administrative and general
Depreciation
1939
$1,436,009
1,186,373
$383,118
67,010
Balance Sheet June 30
A ssets—
1940
Demand deposits &
cash on hand...
Liabilities—
1939
Accts.
$144,877
301,890
(net)..
in
from
&
170,850
1,600,923
1,746.697
Total
..$3,626,319
$3,859,466
949,738
48,299
56,119
1,956,650
46,578
rec'bles
other
due
$68,746
1,956,650
par)
170,385
928,534
cos.
(less reserve)
Bals.
Items
Capital stock ($25
343,190
Notes & accts. re¬
Inv.
1939
$100,000
& ac¬
Surplus
615,306
Inventories
pay.
crued
bonds
Preferred stocks..
ceivable
1940
.
$637,904
on
to empl's
of
sales
non-
manufac. props.
2,145
3,144
equipment (net) 1,396,506
Pats, (less amort.)
4,447
1,427,909
2,996
155,344
Property, plant &
Prepaid exps., Ac.
Total
135,744
•
$3,626,319 $3,859,466
-V. 151, p. 1431.
Eagle-Picher Lead Co.—Earnings—
Calendar Years—
Nec sales.
1939
1938
1937
..$25,914,411 $17,12*.773 $24,679,262
21,104,656
14,948,001
21,232,491
Selling, shipping, adm. & gen. exps..
1,972,485
1,925,110
2,106,614
Production and manufacturing costs.
$2,837,270
$251,662
$1,340,156
Income of Northeast Oklahoma RR..
Miscellaneous income, less interest &
Federal and State income taxes.
Dr282,482
46,313
14,789
$2,780,931
1,612,169
$297,975
786,708
$1,3.54,946
966,165
$1,168,762 loss$488,732
$388,781
226,143
'
Net profit..
—V. 151 p. 985.
East Kootenay Power
Period End. July 31—
.
Operating
income (est., including
$106
544-
1 940—4 Mos.—1939
$202,754
$175,182
69,336
60.272
$34,518
$133,418
expenses
Net earnini
—V.
151,
p.
1
deVoired
lia¬
$29,396
$114,910
15.
Eastern Malleable Iron Co.—Earnings—
Period—
Net loss—oper. divs
Other income
Jan. 1 '39 to Jan. 2 '38 to Jan. 3 '37 to Dec. 29 '35
Dec. 30 '39
Dec. 31 '38
Jan. 1 '38
to Jan. 2 *37
prof$73,068
33,599
y$293,208 prof$68,749
31,894
40,727
$106,667 loss$261,314
$25,857
86,008
$109,476
$60,152
39,576
26,820
64,668
2,199
10,080
zl8,133
x46,479
692
period___prof$56,417
$319,023
prof$36,177
$7,408
Carrying charg
plants
40,170
Reorganization
Other
expenses
Net loss for
I
expenses
'
«•
—
x Additional
provision Tor fluctuation in value of securities,
y After
provision for depreciation in amount of $161,045.
z Includes loss from
and dismantlement of $16,713 and increase in reserve for
possible uncollectibility of account receivable of $1,420.
ODSolescence
$3,422,511.—V. 151, p.1141.
Co., Ltd.—Earnings—
1940—Month—1939
$52,476
$44,336
17,958
14,940
earnings
Profit
deluding $10,689 of time deposits), $428,248: trade notes
(less reserve of $20,000),
$395,197; Inventories,
$975,611, investments and other assets,
$345,536; property, plant and
equipment (after depreciation of
$2,701,478), $1,249,981; patents and
trademarks, $1; deferred charges, $27,937:
total, $3,422,511.
Liabilities—Accounts payable
$254,333; dividends payable, $16,899;
taxes and
bility
$4,063; 7% preferred stock (par
(par $10), $891,700;surplus, $1,177,415; total,
52,065
73,849
taxes
Prov. for Fed. tax..
Earned
$1,177,415
Balance Sheet Dec. 31, 1939
additional assessments
local
1,871,564
8^844
iurvToZfi
$930*237
_
Total surplus
Preferred
99^408
$412 789
income
1939
payable.
$344,075
$310,512
Trade accts. receiv.
a
1940
Liabilities—
1939
Cash In banks and
Gross
on
d270,000
$0.70
1939
income—Prov. for current year (est.)
Net profit for year
Additional prior year taxes
,
Deple., deprec., abandonments, &c_.
Lee Higginson Corp
Morgan Stanley & Co.
.
and
10-year debentures underwritten by them,
__
Name—-
V
sales
Cost of sales
,
$7,547,616
1.480,081
Gross income
Minority interests'
1938
1939
,
Duplan Silk Corp.—Earnings—
Years End. May SI—
U. S. & Can. Govt.
Earnings Year Ended May 31
Gross sales, less returns, allowances,
&c
$37,743,547
Cost and expenses
30,195.931
—
_
Years Ended June 30—
Outstanding
a$5,000,000
60,000 shs.
1,031,988 shs.
1951, from the net proceeds of the securities being offered.
Concurrently
with the delivery by the company of the serial and
10-year debentures,
(a) company will deposit in trust with the trustee under the indenture under
which the 15-year 3% debentures were issued sufficient funds to
pay prin¬
Kuhn
of security.
applied to the Interstate Commerce Commission for
authority to issue the certificates to aid in financing the purchase of new
equipment costing an estimated total of $2,089,200.
The equipment to be
bought consists of 8 Mallett steam locomotives, to be built by Baldwin
Locomotive Works; 30 ballast cars, to be built by American Car & Foundry
Co., and 10 steel covered hopper cars, also to be constructed by American
Car & Foundry.—V. 151, p. 1278.
on.
Company and its subsidiaries
^
1
low for this type
The road has
of
licensed under patents owned
a
Duluth Missabe & Iron Range RR—To Sell Equipments
subsidiary of the United States Steel Corp., will receive
on Sept. 19 for 1,500,000 of
equipment trust certificates maturing in
to 10 years.
The coupon rate of 1H % fixed for the issue represents a new
on
wholly owned subsidiary, is engaged in the servicing and
treatment of oil and gas wells to increase production and is licensed under
a
1940
The company, a
it produces
of magnesium base alloys which it sells under the trade name Dowmetal.
Magnesium metal is also sold as such, mainly for use in the manufacture of
other alloys particularly of aluminum.
Dowmetal is used where lightness
of weight is desirable and has many uses in the aircraft, automotive, and
machinery fields. Fabricators of the metal, such as die casters and foundries
are the principal purchasers.
Company has carried on fabrication opera¬
tions itself, mainly to further the use of Dowmetal and to develop the
technique of fabrication.
It is now however erecting a large additional
rolling mill for sheet production and is enlarging its foundry capacity.
Company's most important source of raw material is the natural brine
deposit located in central Michigan which is rich in magnesium and calcium
salts and in bromides.
It purchases large quantities of benzol, sulphur and
14,
bids
It uses the metal in the manufacture
patents.
Sept.
Volume
suggested or illustrative approach to geographical integration of the
operating companies, using the intermediate holding companies as instru¬
ments to effect the numerous transfers of stock ownership which would be
a
Condensed Balance Sheet Dec. 30, 1939
marketable securities, $47,284; accounts re¬
$393,376; inventories, $738,526; securities
deposited as self insurers under workmen's compensation laws, $56,222;
property, plant and equipment, $2,452,353: intangible assets, $2,288;
deferred charges, $41,051; other assets, $23,287; total, $3,888,952.
Liabilities—Accounts payable, $117,668; advances from customers and
accounts receivable credits, $1,720; salaries, wages, commissions, legal fees
and water rent, $34,390; Federal, State and property taxes, $48,189;
reserves, $108,389; capital stock, $1,970,450; capital surplus, $1,608,144;
total, $3,888,952.—V. 149, p. 2078.
$134,564;
Assets—Cash,
ceivable
and
sundry
notes,
Eastern Steamship
Period End.
Operating
Operating
revenue
expenses
$355,259
x$213,957
$228,395
3,1,54
52,529
1,136
50,925
18,138
368,080
6,631
373,417
$65,748
$305,470
x$563,899
x$138,391
Other income
Other expense
Net
Under the new plan, Pennsylvania Power & Light Co., presently a sub¬
sidiary of National Power & Light, and two A. G. & E. subsidiaries, Scranton Electric Co., and Atlantic City Electric Co. would be grouped together
into one integrated system, to be known as the Northern group.
A central group would be formed into a second system through the group¬
ing together of two N. P. & L. subsidiaries, the Carolina Power & Light Co.
and Roanoke River Power Co., Indiana & Michigan Electric Co., Indiana
General Service Co., Kanawha Valley Power Co., Kentucky & West Vir¬
ginia Power Co., Inc., Kingsport Utilities, Inc., Ohio Power Co., Southern
Ohio Public Service Co. and Wheeling Electric Co.
A Southern system would be made up of seven A. P. & L. subsidiaries,
P.
E. P. & L. companies and three subsidiaries of N. P. & L.
The A.
sixL. companies are as follows:
Florida Power & Light Co., Kansas Gas & Electric Co., Nebraska
Power Co., New Mexico Electric Service Co., Texas Electric Service
Co., Texas Power & Light Co., and Texas Public Utilities Corp.
E. P. & L. companies in the Southern group would be as follows:
Arkansas Power & Light Co., Dallas Power & Light Co., Louisiana
Power & Light Co., Mississippi Power & Light Co., New Orleans Public
Service Inc., and United Gas System.
The three N. P. & L. companies
are: Houston
Lighting & Power Co., Memphis Generating Co. and West
1940—7 Mos.—1939
$5,145,176
$5,205,629
5,359,133
4,977,234
$115,123
Operating income
necessary.
Lines, Inc. (& Subs.)—Earnings —
1940—Month—1939
$977,985
$1,190,723
862,862
835,464
July 31—
income
Deficit.
x
operations after depreciation, interest,
but before Federal income tax, capital stock tax,
losses, and other non-operating adjustments.—V. 151, p. 845
Note—The above statement covers
Tennessee Gas Co.
rentals and local taxes,
capital gains
or
The Western group would
Earnings for the Year Ended Dec. 31, 1939
Central Arizona
\
discounts on sales, and
deprec., obsolescence, &c., on plant and equip, of $203,674^
Selling, admin, and gen. exps. (incl. deprec. of $9,099)
$1,456,265
1,124,734
$331,531
Profit from operations
28,627
Other income
$360,158
Profit before other charges
Loss on sale of marketable securities
4,632
57,762
,
$297,765
946,310
.,
Balance Dec. 31, 1938
$1,244,075
Total surplus
Class A
common
common
21,465
168,626
dividends
Class B
Light & Power Co., Montana Power Co., Northwestern
Electric Co., Pacific Power & Light Co., Portland
Gross profit after deducting cost of sales,
Profit for year
be composed of Idaho Power Co. and Utah
P. & L. com¬
Power & Light Co., subsidiaries of E. P. & L., and six A.
panies, as follows:
Easy Washing Machine Corp.—Annual Report —
Provision for Federal income tax
1571
Financial Chronicle
The Commercial &
151
dividends
Gas & Coke Co., and the
Washington Water Power Co.
Mr. Inch explained that four additional operating utilities in the present
system, one, Birmingham Electric Co., subsidiary of N. P. & L., and the
other three, Minnesota Power & Light Co., Northern Power Co., and Su¬
perior Water, Light & Power Co., subsidiaries of A. P. & L., have no place
in the new plan and it would be necessary to dispose of these companies.
The SEC counsel pointed out that the Commission was not of the opinion
that the geographical Integration plan, as submitted by Mr. Inch, was
relevant to the current proceedings which are concerned with corporate
simplification only, but stated that he would reserve his right to object to
its inclusion in the present record until he was certain that it is not material.
—V. 151, p. 985.
Electric
Controller
&
Co.—Report
Manufacturing
Earnings for Year Ended Dec. 31,
$224,505
37,770
Depreciation.
$1,053,984
Balance Dec. 31, 1939
Earnings per share on class A and B common shares
Net
Government and
(quoted market value $45,937), $44,788; notes
receivable (less reserves of $,34,585), $447,862; inventories,
banks and on hand, $715,571; U. 8.
municipal bonds at cost
and accounts
$1,2464551: Securities deposited with N. Y. State Industrial Commissioner
Law, at cost, $32,919; capital assets (less
depreciation and obsolescence of $2,327,595), $1,450,088;
goodwill, patents and trademarks, $509,771; deferred charges, $59,528;
total, $4,517,079.
Liabilities—Accounts payable, $309,981; accrued commissions and wages,
$12,977; accrued
taxes, $58,493: other accrued liabilities, $17,184; pro¬
vision for Federal income tax, $57,762; reserve for contingencies, $100,479:
under Workmen's Compensation
for
reserves
cumulative preferred stock, $2,466,808; capital surplus, representing
value placed on goodwill and patents at inception of company,
earned surplus, $1,053,984: treasury stock (13,500 shares of
class B common stock at cost), Dr.$50,588; total, $4,517,079.
Note—Company has 57,240 no-par class A common shares and 461,375
no-par class B common shares outstanding.—Y, 151, p. 846, 697.
8%
book
$500,000;
Inc.—Weekly Input—
Ebasco Services,
5, 1940, the kilowatt-hour system input of
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
on
week ended Sept.
profit
■it....™—*.
Operating Subsidiaries of—
1940
Co-128,713,000
Electric Power & Light Corp— 69,389,000
National Power & Light Co... 86,300,000
jT HCTCdSO""
P.C.
Amount
1939
*
5,079,000 4.1
1,712,000 2.5
11,970,000 16.1
123,634,000
67,677,000
74,330,000
do not include the system inputs of any companies
appearing in both periods.—V. 151, p. 1431.
The above figures
not
Economy Grocery Stores
Corp.—Earnings—
53 Weeks
Years Ended-
July 1,'39 July 2, '38 July 3, '37
$20,881,083 $19,702,958 $19,583,933 $19,442,830
15,158,743
15,269.810
15,336,387
16,322,817
June 29,'40
Period Ended—
Sales
Less cost
138,602
$4,433,148
185,903
$4,247,546
176,827
$4,284,087
188,135
$4,696,867
$4,619,051
$4,424,373
$4,472,222
4,458,114
4,329,248
4,210,200
4,197,326
$238,753
126,000
.
$289,803
120,000
$214,173
120,000
$274,895
xl35,000
$112,753
$169,803
$94,173
120,000
120,000
120,000
$1.99
$2.42
$1.78
$139,895
120,000
$2.29
$4,558,265
Other income, &c.
$158,115
730,537
■_
Balance Jan. 1,
1939
-
$888,652
Total surplus
141,710
Cash dividends
$746,942
Balance Dec. 31, 1939
Earnings
per
share
on
70,855 shs.
Condensed
common
Balance
Sheet
Liabilities—Note payable to bank, $60,000; accounts payable, $94,375;
taxes and insurance, $18,793;
Federal taxes on income (est.),
$29,100; common stock (70,855 shs., no par), $354,275; capital surplus,
$998,291; earned surplus, $746,942; total, $2,301,776.—V. 151, p. 846.
accrued
Electrographic Corp. (& Subs.)—Annual Report —
Earnings for Year Ended Dec. 31, 1939
Net
sales
Balance, surplus
par) —
share
Shs. cap. stk. (no
Earnings per
x
Includes extra dividend of
%
12 Yi cents per share, amounting to $15,000.
Consolidated Balance Sheet June 29, 1940
1
hand and in banks, $909,628; accounts receivable,
$219,543; investments, $46,754; inventories, $1,534,372; investments of
S. S. Realty Co., Inc. (wholly-owned affiliate), at cost, $117,582; fixed
Assets—Cash
assets,
on
(less reserves for
depreciation of $1,390,290), $1,937,711; deferred
operations, $199,562; total, $4,965,154.
payable, $774,724; acceptances under letters of
credit, $30,706; cash bonds of store managers, $4,092; other accounts
payable, $4,627; notes payable, $50,650; instalment contracts, $36,119;
accrued accounts, $151,950; notes payable (bank, not current), $450,000;
purchase money obligation of S. S. Realty Co., Inc. (not current), $17,250;
purchase money obligations under instalment contracts, $59,148; reserve
for self-insurance in excess of provision for pending claims under workmen's
compensation and public liability, $42,032; capital stock (120,000 no par
shares), $1,350,000; surplus, $1,993,855; total, $4,965,154.—V. 149, p.3870.
charges to
Liabilities—Accounts
Electric Bond & Share
Expenses (incl. sundry taxes and other deductions).
A new integration plan for the company regrouping the 42 operating
companies of the utility system into four integrated systems, was sub¬
mitted to the Securities and Exchange Commission Sept. 10 by S. R.
Inch, President of the company.
Appearing as a witness at a hearing on the corporate simplification of
the utility system. Mr. Inch explained that while the present hearing is
not concerned with geographical integration of operating companies, it was
necessary to explain the proposed plan in order to show the Commission
the urgent necessity for continued existence of three intermediate holding
companies which operate between E B. & S. and the operating companies
The SEC has taken the position that these three holding companies are
of no value to the utility system and should be dissolved.
The three com¬
panies are Electric Power & Light Corp., American Power & Light Co .
and National Power & Light Co.
•
These intermediate holding companies, Mr. Inch declared, would be in¬
dispensable un any reintegration of the E. B. & S. system, and if they are
dissolved and a regrouping of the 42 operating companies attempted it
would result in "great dislocation."
The report submitted Sept. 10 was based on a previous integration plan
submitted at the Commission's order on Nov. 29, 1938, and brought up to
date
It was designed, Mr. Inch explained, to present to the Commission
.
f
.
1,130,801
$605,991
Operating profit
8,559
Other income
$614,550
Total income
192,347
Depreciation and plant removal expense
Provision for estimated Federal income taxes
96,178
——
25,200
Minority interest in net profit of subsidiary
$300,825
345,520
2,460
Consolidated net profit
Balance, Jan. 1, 1939
Dividends received on treasury stock—common
Total surplus
$648,806
39,104
208,562
*
Dividends paid on preferred stock
Dividends paid on common stock
Adjustments to surplus—
576
.....
...
$400,565
$2.20
Balance, Dec. 31, 1939
outst'g (par$l)
Consolidated Balance Sheet Dec. 31, 1939
Assets—Bank balances and working funds, $173,416; accounts and notes
receivable, less reserve, $625,972; inventories, $157,134; fixed assets,
$837,489; other assets, $47,379; intangible assets, $119,089; treasury stock
(1,406 shares of common at cost), $14,278; total, $1,974,757.
4
Liabilities—Accounts payable, expenses accrued and other payables,
$133,343; Federal and State taxes payable and accrued, $142,232; minority
interest in subsidiary company, $35,524; 7% cum. pref. stock (par $100),
$524,300; common stock (par $1), $119,178; capital surplus, $619,616;
earned surplus, $400,565; total, $1,974,757.—V. 151, p. 1142.
(Del.) (& Subs.)—Earnings—•
El Paso Electric Co.
Earnings of El Paso Electric Co.
1940—Month—1939
Period End. July 31$249,947
$240,767
Operating revenues
96,183
103,554
Operation
12,383
16,029
Maintenance
30,847
30,895
Depreciation..
31,185
36,777
Taxes
(Texas)
1940—12 Mos.—1939
$3,044,239
1,221,065
$2,928,562
1,176,591
169,782
369,999
413,286
193,591
354,534
366,620
Dr 14,090
$837,227
$62,693
2,024
Co.,
(EI Paso Elec3.
Del.)
$71,555
36,117
$886,241
437,313
$823,137
$28,576
Balance
$870,105
16,136
36,141
Interest
$70,169
1,386
$64,717
Co.—Regrouping Plan Offered by
Company—42 Operating Companies to Become Four Systems in
Proposals to SEC—
$4,126,667
2,389,874
...
Cost of sales
Earnings per sh. on 119,178 shs. com. stock
Dividends paid
$2.23
stock (no par)
Dec. 31, 1939
Assets—Cash, $6,279; marketable securities (quoted market prices and
accrued interest $1,122,695.28), $1,094,397; notes and accounts receivable
(less reserve of $5,0OO), $291,374; inventories, $518,583; investments and
other assets, $20,360; land, $43,434; buildings and equipment (less reserves
for depreciation of $458,455), $309,813; deferred charges, $17,536; total,
$2,301,776.
the operating
American Power & Light
28,620
income
$0.59
Balance Sheet Dec. 31, 1939
Assets—Cash in
Federal taxes
—
1939
Profit before depreciation and Federal taxes on income
$35,437
$448,928
$386,538
2,083
14,306
25,000
—
_
$28,576
Preferred dividend requirements (public)
Balance
Balance applicable to El Paso
$33,354
applicable to El Paso
1940
$387,913
14,306
•
1939
$314,828
25,000
_
102,070
83,075
$504,289
—
Total
$422,903
30,965
Expenses and taxes
Balance
-
Preferred dividend requirements
Balance for common
-V. 151, p. 846.
46,710
$314,828
(Delaware)
12 Months Ended
Earnings of El Paso Electric Co. (Texas)
Note interest deducted from above earnings
Earnings of other sub. cos.
Electric Co. (Del.)
46,710
$387,913
El. Co. (Del.)
Earnings of El Paso Electric Co.
July 31—
436,599
stock and surplus.
35,528
$473,324
$387,375
182,972
182,972
$290,352
$204,403
The Commercial & Financial Chronicle
1572
Emsco Derrick & Equipment Co.—Annual
Report—
Calendar Years—
Cost of sales
-
Selling, general and administrative expenses
Provision for doubtful notes and accounts
Loss from operations
Other income
Gross
income
Interest
reserve
notes
on
on
$98,168
175,126
on
10,598
14,186
53,820
26,892
19,703
adjust, of sales contracts-
Fixed asset adjustments
...—
Loss for the year...
previously
regular
distributed.—V.
151, p.
quarterly
1143.
$246,897
—
$261,662
Depreciation
Prov.
for
excess,
x
343
$261,863
260.912
$257,312
$247,389
253,067
.
Interest—
Federal income taxes.
r
Net loss
1940
1938
$3,176,257
1,554,701
$2,644,503
1,364,528
of
$1,279,975
101,958
166,924
$1,110,395
67,285
105,904
.
Miscell. charges
225,789
52,284
33,617
28,459
$246,799
181,819
$195,588
209,237
$162,102
124,600
$64,980
def$13,649
$37,502
See
$300,582
245,498
$55,084
1
$55,227;
accounts
receivable
(less
reserves),
stamps, $23,191; inventories (at cost), $94,019; cash
life insurance on officer,
$3,250; land, buildings,
Operation
$2,228,080
1,117,685
$1,621,555
128,317
234,082
$190,562
x
$59,1601
surrender
machinery,
of $269,974), $881,236;
$19,016; Federal
Properties, Inc.—Earnings—
Years Ended Dec. 31—
Rental and miscellaneous income
1937
$1,798,453
123,226
expenses
Netincome
Interest..
a
1939
$286,485
57,280
income and capital stock taxes,
$69,349; estimated customers' deposits on
containers, $25,000; 6% cumulative convertible preferred stock
(par $10).
$28,200; common stock (par $5), $610,900; capital surplus, $134,439; earned
surplus, $291,088; total, $1,186,884.—V. 150, p. 3661.
$15,471
$3,702,403
1,903,951
$352,985
53.901
and
profit taxes
Fox-St. Louis
Years End. June 30—
Gross inc. from opers...
10,700
equipment, &c., (less reserve for depreciation
prepaid and deferred charges, $70,802; total, $1,186,884.
Liabilities—Accounts payable, $8,894; accrued expenses,
Family Loan Society, Inc. (& Subs.)—Earnings—
Operating
inc.
Assets—Cash,
3.000
$5,249
$5,678
$179,862
19,468
299.721
Cost of sales includes depreciation
charges of $45,446.
revenue
269.783
—V. 151, P. 986.
$267,017
19,271
V
Condensed Balance Sheet June 30, 1940
$785,040
466,319
61,752
6,200
•
Fed.
Net profit
Dividend paid
value
Other income.
110,727
$333,714
63,298
profit before de¬
preciation & inc.tax
$256,969
201
Exp. ordinary tax, &c_
Depreciation
$769,226
445,812
61,752
1937
$1,985,523
1,466,509
250,304
88,848
Net
1938
$755,284
446,635
61,752
1938
$2,187,417
1,541,493
278,013
100,894
$427,792
63,912
expenses.
Balance
1939
were
18,748
_
Net oper. profit
Equitable Office Building Corp.— Earnings—
1940
share
per
$409,044
.
Balance Sheet Dec. 31, 1939
Quarter Ended July 31—
cents
1939
$2,234,275
1,490,113
1,752,177
383,143
116,890
-
-
$230,029
of 20
-Earnings -
1940
$2,661,257
Cost of sales
Assets—Cash, $277,348; notes and accounts receivable (less reserve for
doubtful notes and accounts of $57,712), $396,481; inventories,
$2,064,693;
miscellaneous investments, $16,792; land, $234,577; buildings and
equip¬
ment (less reserve for depreciation of $1,129,628),
$1,344,882; deferred
charges, $43,026; patents and manufacturing rights, $1; total, $4,377,801.
Liabilities—Note payable to bank, unsecured, $200,000; accounts
pay¬
able, $250,027; salaries and wages, $49,728; taxes payable, $38,819; reserve
for obsolescence and adjustments on sales contracts. $69,736;
capital stock
(par $5), $1,867,970; capital surplus, $1,481,453; earned surplus, $420,067;
total, $4,377.801.—V. 151, p. 548.
Total operating income
dividends
(Peter) Fox Brewing Co.
Years End. June 30—
Sales
Sales expenses
Total admin, expense...
$48,243
986.
Pay 50-Cent Dividend—
Directors have declared a dividend of 50 cents
per share on the common
stock, payable Oct. 1 to holders of record Sept. 15.
Dividend of 25 cents
was paid on
July 1 and April 1 last; 40 cents was paid on Dec. 22, 1939;
180,000
37,500
26,020
29,182
15,759
---
payable
Plant moving expense...
p.
Formica Insulation Co.—To
and
invest. & miscell. other charges..
Prov. for obsolescence &
62)4 cents paid on Sept. 30, 1939, and previously regular
quarterly divi¬
dends of 25 cents per share were distributed.—V.
151,
inventories
for contingencies
Machinery Corp.—75-Cent Dividend—
on
Sept. 5 declared a dividend of 75 cents per share on the
stock, payable 8ept. 30 to holders of record Sept. 14.
Dividends
of 25 cents were paid on June 30 and March
30, last and on Dec. 30, 1939,
$58,431
__
1940
common
prof$37,990
20,441
$76,958
-
Special provision for anticipated loss
Prov. for loss
1938
$5,218,728
4,568,820
564,639
47,279
__
of the tractor division
Provision for loss on advances
Addition to
Food
14,
Directors
1939
$4,767,282
4,278,592
577,553
9,306
-
Sales, less discounts, returns and allowances
Sept.
1939
1938
$208,9.52
$163,040
8,753
10,178
General and administrative expenses
Interest expense
Net operating Income for year
$210,343
$164,612
$26,982
expenses
$22,719
10,504
12,507
Note—The above statement of income does not include the
shortage which
has been charged to earned surplus and of which
approximately $5,000 is
Gross profit
$1,449,438
291,772
Net
prof, before divs.
$1,259,156
240,402
$1,011,093
190,258
$1,018,754
$820,834
250,000
$761,101
250,000
b Partic. pref. divs
Pref. series A divs
Pref. series B divs
49,814
118,277
133,448
22,317
—
Common dividends
770,202
611",283
325",600
$239,380
$245,835
Balance Sheet Dec. 31, 1939
Assets—Land, buildings and equipment (less, allowance for
depreciation
on hand,
$9,982;
securities, $43,969; accounts
receivable (tenants and others), $9,242;
receivables, flees, allowance for
estimated loss of $1,274,829), $144,501;
prepaid expenses and deferred
charges, $14,6.59; total, $1,108,324.
Liabilities—1st mtge. notes payable, $147,500; accounts
payable and
accrued expenses, $10,558; rentals paid in
advance, $450; dividends payable,
$2,482; accounts payable (less payments and adjustments),
$2,902; lease
deposits, $50,850; capital stock (44,470 shs. $3 pref. stock no par and
44,470 common shs. no par), $622,580; capital
surplus, $264,637; earned
surplus, $6,364; total, $1,108,324.—V. 144. p. 2479.
of $109,413), $890,970; demand deposits in banks and cash
certificates of deposit, $15,000; investments in
25b",666
$231,699
Balance to surplus...
applicable to the year 1939.
Dividends paid during year 1939 amounted to $22,235.
$937,206
176,105
$1,157,666
Fed. & State inc. tax
$261,101
a Includes bad debts net
depreciation, amortization of deferred charges,
goodwill and annual miscellaneous adjustments,
b This stock was called
1939.
for redemption April 1,
Consolidated Balance Sheet June 30, 1940
Assets—Cash
hand and in banks, $1,865,098; instalment notes
re¬
reserves), $11,358,853; notes receivable (net), contra,
other assets, $7,791; furniture & fixtures (after reserve for
depreciation, $147,032), $142,910; deferred charges, $42,470; total, $16,-
ceivable
on
(after
Froedtert Grain &
$3,306,109;
Years End. July 31—
Net sales of malt
Malting Co., Inc.—Earnings—
1939
1938
1937
$8,263,494 $10,496,735 $11,749,310
6,477,294
8,397,403
9,514.969
680,502
710,790
672,291
$1,157,591
$1,105,697
13,100
$1,388,541
24,551
$1,562,050
29,248
$1,118,797
43,862
236,645
$1,413,092
$1,591,298
261,565
71,205
432,145
410,200
Net Inc. for the year..
Dividends declared
$913,014
483,000
$838,290
399,000
$909,742
336,000
$1,109,391
672,000
Net inc. added tosurp.
Previous surplus
$430,014
3,201,536
$439,290
2,762,246
$573,742
2.188.504
1,775,580
$3,631,550
723 230.
Liabilities—Notes
1940
$8,031,682
6,202,706
671,385
$3,201,536
$2,762,246
$2,212,970
24,466
$3,631,550
$3,201,536
$2,762,246
$2,188,504
$1.77
$1.59
$1.76
x
Cost of malt sold
y
Sell
& admin,
Net
payable, $4,950,000; dividends payable, $240,164;
employees' thrift accounts, $260,494; accrued taxes, $327,237; investment
certificates (net), contra, $3,306,109; reserve for
contingencies, $15,830;
capital stock: preferred, series A, (88,709 no par shares), $1,774,190;
pref.,
series B, (25,000 no par shares), $500,000; common
(493,807 no par shares),
$905,313; capital surplus, $2,871,752; earned surplus, $1,572,141;
total,
$16,723,230 —V. 151, p. 846.
profit from malt
expense
'
sales.-
;«
Other income
62,062
$1,219,652
Famise
Income charges.
Income taxes.
Corp.—Earnings —
45,073
..
6 Months Ended May 31—
1940
Net loss after charges—
—V. 150, p. 1135.
1939
$9,096
Fedders Mfg. Co., Inc.—To
prof$4,687
Pay Siy-Cent Dividend—
The directors
have declared a dividend of 35 cents
per share on the
stock, par $5, payable Oct. 1 to holders of record Sept. 20.
This
with 15 cents paid on July 1 and April 1, last; 20 cents
paid on
Dec. 20, 1939; 10 cents on Oct. 2 and July 1, 1939; 15 cents on
April 1.
1939; 10 cents on Jan. 10, 1939; 35 cents on Oct. 1,1937, and dividends of
25 cents paid on July 1 and April 1, 1937, this last being the initial
common
compares
the larger amount of stock now
on
Surplus charge.
p.
1142.
of the year
Earns, per sh.
Subs.)—Earns.
common
deprec. & Fed. income
taxes
$140,764
$3,736,083
48,158
92,647
96,246
Crlf>2,781
Crl21,863
Dr457,905
Dr402,715
$59,776
$214,469
$3,185,531
$2.93
$3,074,328
$2.80
Nil
Nil
—V. 151. P. 986.
(Wm.) Filene's Sons Co. (& Subs.)—Earnings —
$14,946;
Period End. July 31—
1940—6 Mos.—1939
1940—12 Mos—1939
$15,943,786 $16,165,520 $36,822,715 $36,619,117
367,123
202,180 prof713,056 prof756,907
After interest, depreciation, taxes, &c.—V. 150, p. 3822.
Directors
Galveston-Houston Co. (& Subs.)-
on
the
a
dividend of $2.18 per share on account of
$7 cumul. pref. stock, no par value, payable Oct. 1 to
14.
Dividend of $2.19 was paid on July 1, last.
151,
p.
1142.
Fonda Johnstown & Gloversville RR.—To Delist Bonds
The Securities and Exchange Commission announced
Sept. 11 that it had
granted the application of the New York Stock Exchange to strike from
listing and registration the 4
% first consolidated general refunding
mortgage bonds, due 1952 of the company.
^The application stated, among other things, that the bonds were pre¬
viously listed on the Exchange in the principal amount of $5,700,000 and
that reports received by the Exchange indicated that $5,458,000 of the
bonds had been'amended under a readjustment plan adopted Dec.
1, 1931,
leaving $242,000 outstanding.
The application further stated that in the
opinion of the* Exchange's Committee on Stock List, the outstanding
amount of the bonds had been so reduced as to make flirther
them
on
.
the Exchange inadvisable.
v»The bonds will be stricken from
dealings In
listing and registration on the Exchange
Amended bonds and certifi¬
1143.
at the close of the trading session on Sept. 17.
cates of deposit will remain listed.—Y. 151,
p.
Net oper.
revenues
Non-oper. income (net).
Balance
Retirement accruals
Gross income
Interest on bonds—
Houston Electric Co..
Int. on equip, notes, &cAmort. of debt expenset
Balance
Int. paid
on
1940—Month—1939
-Earnings—
1940—12 Mos.—1939
$317,032
161,301
42,563
41,640
$298,567
153,333
46,175
38,076
$3,830,260
1,896,289
541,658
486,189
$3,662,080
1,802,834
546,865
448,885
$71,528
$60,983
245
$906,124
379
3,484
$863,498
3,544
$71,906
31,009
$61,228
30,569
$909,607
372,054
$867,042
384,884
$40,898
$30,659
$537,553
$482,158
13,501
4,459
13,501
2,630
242
242
162,018
42,827
2,907
161,985
34,718
3,225
$22,695
Taxes
holders of record Sept.
-~V.
Operating revenues
Operation
Maintenance.-
declared
have
accumulations
Light Co.—Dividends—
cum.
Period End. July 31—
Net loss
Florida Power &
Liabilities—Accounts
payable,
$115,480; accrued accounts,
$75,221;
(est.), $280,722; reserve for workmen's accident compensation,
conv. partic.
pref. stock (par $15), $2,100,000; common
stock (par $1).
$420,000; earned surplus, $3,631,550; total, $6,637,920.—
V. 150, p. 3823.
#
income taxes
Sales
x
Balance Sheet July 31. 1940
Assets—Cash, $421,999; notes and accounts receivable (less reserve of
$155,401), $861,151; inventories, $2,260,812; investments and
sundry assets,
$236,405; land, buildings, machinery, &c. (less reserve for depreciation of
$645,517), $2,795,763; deferred charges, $61,789; total, $6,637,920.
$3,573,289
46,120
Net profit
Earns, per sh. on com—
x
420,000
,
loss$56,885
Minority interest
on
shares
$2.24
x
Including provision for depreciation,
y Including provision for doubt"
ful notes and accounts and
capital stock tax.
Period End. July 31—
1940—6 Mos —1939
1940—12 Mos.—1939
Net sales
..$48,612,889 $47,492,847 $111234,177 $107411,632
Net
profit
after exp.,
Sub. pref. divs.
$437,391
Earned surplus at end
payment
outstanding.—V. 151,
Federated Department Stores, Inc. (&
71.707
$14,285
$329,801
$282,230
18,283
G.-H. Co. see'd 6% income bonds._
Net income
$329,801
$263,946
declared
43,811
14,604
Note—Net income for the above 12 months' periods includes net income of
Houston Electric Co. in the amounts of
$277,681 and $223,541, respectively.
—V. 151. p. 699.
Dividends
The Commercial & Financial Chronicle
151
Volume
General Electric Co.—Government Contract
Gabriel Co.—Earnings—
r
1940—6 Mos.—1939
1940—3 Mos.—1939
Period End. June 30—
.Net
profit after taxes,
depreciation, &c
loss$18,170
share on cap.
►
Earns, per
stock
'
1279.
—
$5,297,775 order
was placed with this company it was recently an¬
by the War Department.
General Electric received the award to supply radio transmitting equip¬
ment to the
$0.03
Nil
$0.05
A
nounced
$7,466
$14,188 loss$31,419
Nil
—V. 151, p.
1573
Army Signal Corps—V. 151, p. 1431.
General Reinsurance Corp.—Extra Dividend—
Directors have declared an extra dividend of 25 cents per share in addi¬
tion to a quarterly dividend of like amount (or a total of 50 cents per share)
.
Gamewell
Co. &
Subs.—Earnings
—
Consolidated Income Account Years Ended May 31
1940
1939
^
the capital stock, both payable Sept. 18 to holders of record Sept.
Like amounts were paid in the nine preceding quarters—V. 151, p. 104.
on
1938
1937
$4,657,170
3,264,649
$5,276,349
3,403,917
$4,131,339
2,807,392
$5,166,085
Cost of sales before depr_
Gross profit
Selling & gen. adm. exp.
$1,872,431
1,288,929
$1,323,947
1,048,985
$1,664,533
1,209,580
$1,392,521
$274,962
48,892
$454,953
36,453
$342,074
58,178
$323,853
122,469
z38,346
10,000
$491,406
121,544
$400,252
107,181
y62,985
General Telephone
y43,331
Net1'sales
3,501.552
1,050,447
————.
fch
$583,502
Operating profit
100,305
Other income
$683,807
111,699
Profit
Depreciation
Fed. & Canadian taxes..
93,601
Prov.for partly sec.notes
Interest on loans
473
Adjustments
Net
12,903
.
Preferred
$153,039
107,150
99,405
208,782
dividends
Common dividends
$306,877
228,874
29,826
$288,542
231,660
$45,889
$0.40
$465,131
income
$48,177
$56,882
$1.03
k
F Surplus
$156,944
forbear
Earns .per sh .on com .stk.
$3.06
$1.65
Including Federal tax of $4,650 ($767 in 1937) on undistributed earn¬
ings.
z Provision for United States income tax only.
Consolidated Balance Sheet May 31
y
Cash
5415,435
5153,877
Acctg. payable
Dlvs,
& munic. securs.
637,772
Notes
&
755,444
823,235
1,339,047
1,426,599
Res.
accounts
less reserve
rec.,
Inventories
capital
363,038
(at cost)
for
5272,738
5230,230
113,314
26,430
109,019
58,057
preferred
stock—
U.
S.
&
Canadian taxes.
Unrealized inc.
110,156
114,032
Preferred stock—
contract—
16,164
current
126,149
1,628,554
3,549,294
3,549,294
519,141
Treasury stock..Drl78.594
Dr78,575
x
Common stock__
1
61,232
79,797
34,955
ed contracts
,£81,880
358,840
Surplus...
Cost of uncomplet¬
14,558
z
Eq. sold to munic.
under lease
tract
con¬
(not curr.)
other
433,071
assets
632,298
96,099
1,720,746
56,123,623 55,940,187
Total
Jan. 1 to Aug. 31
1940
1939
Week Ended Aug. 31
Operating revenues (est.)
1939
$782,480
$34,249
$51,500
$787,498
—V. 151, p. 1432.
(W. T.) Grant Co.—Sales—
Period End. Aug. 31—
1940-rAfonf/i—1939
Sales.
$8,749,986
$7,210,004
—V. 151, p. 1433.
Greif Bros.
1940—8 Mos.—1939
$61,946,629 $58,209,005
Cooperage Corp.—80-Cent Class A Dividend
Directors have declared
dividend of 80 cents per share on the $3.20
a
class A common stock, no par
cumul.
value, payable Oct.
1 to holders of
18.
Like amount was paid on July 1, April 1, last, and com¬
pares with $2.80 paid on Dec. 28, 1939; 80 cents paid on Oct. 2, July 1 and
April 1, 1939. and on Dec. 29, 1938, 40 cents paid on Oct. 1, July 1 and
April
1, 1938, and 80 cents paid on Dec. 21,
Oct.
1 and July 1,
1937.—V. 150, p. 3975.
record Sept.
Co .—Accumulated Dividend —
Guilford Realty
Directors have declared
on
dividend of 75 cents per share on account of
a
the 6% cumul. pref. stock,
payable Sept. 30 to holders of
Sept. 20.
Like amount was paid June 29 and March 30, last,
Dec. 30. Sept. 30, June 30 and March 31, 1939, on Dec. 29, Sept. 30,
June 30 and March 31, 1938, and on Sept. 30, 1937.—V. 150, p. 3662.
Gulf Mobile & Ohio RR. —New President
—
Tigrett, President of the Gulf Mobile & Northern Railroad, has
applied to Interestate Commerce Commission for authority to serve as
President and director this railroad, the new company which has been
I.
B.
O. M. & N. and the
be elected to that post
his new duties immediately upon
1433.
Called
Gulf Public Service Co.—Bonds
of the outstanding first mortgage 20
$6,123,623 $5,940,187
Total
x Represented by 119,304 no par shares,
y After depreciation reserves
in 1940 and $1,193,964 in 1939.
z Represented by 2,007
(864 in 1939) shares of preferred stock at cost.—V. 151, p. 1143.
of $1,236,012
Gaylord Container Corp.—Preferred
Stockholders to Pass
Loan—
on
—
All
1
Pats. <fc franchises.
Georgia & Florida RR.—Earnings—
prior to Sept. 8 and would start on
receiving ICC permission.—V. 151, p.
141,446
Capital assets.1,702,106
1
y
520,315 company-owned tele¬
to operate consolidated properties of the
Mobile & Ohio.
Mr. Tigrett said he expected to
471,198
619,543
investments
Deferred charges..
have in operation
now
formed
Def'd receivables &
Other
subsidiaries
record
receivable
accts.
The
phones.—V. 151, p. 1432.
accumulations
on
instal. notes and
Equip, sold to mu¬
nicipality under
lease
on
and
!
accrued
U. S. Govt., State
1939
1940
Liabilities—
1939
1940
Assets—
Corp.-—Gain in Phones—
Corporation reports for its subsidiaries a gain of 1,754 company-owned
telephones for the month of August, 1940 as compared with a gain of
1,665 telephones for the month of August, 1939.
The gain for the first
eight months of 1940 totals 17,994 (exclusive of purchases) or 3.59% as
compared with a gain of 15,305 telephones or 3.33% for the corresponding
period of 1939.
1940
038,801
9.
convertible preferred stock of the corporation of record
of Sept. 16 will receive notices to permit.them, if they elect, to file objections
to the proposal of the corporation to obtain bank loans of $5,000,000.
There are 117,383 shares ($50 par) preferred stock outstanding, before
giving effect to any recent sinking fund retirement of shares, which have
one vote a share, compared with two votes a share on 539,221 common
Holders of 5}4 %
year
—
sinking
immediate payment if
they
so
Gulf States Utilities
desire.—Y. 151, p. 1281.
Co.—Earnings—
Taxes
1940—Month—1939
1940—12 Mos.-al939
$924,032
$953,489 $10,700,009 $10,376,133
268,746
273,231
3,314,713
3,610,076
47,287
40,764
566,852
539,851
120,521
108,968
1,490,037
1,271,242
160,732
26,923
1,332,753
1,212,292
Net oper. revenues.__
Other income (net)
$326,746
15,386
$503,604
4,970
$3,995,655
42,034
$3,742,673
6,011
$342,132
106,688
$508,573
200,285
$4,037,689
1,291,004
$3,748,684
1,481,736
$235,444
$308,288
$2,746,684
584,968
$2,266,948
589,603
$2,161,717
$1,677,345
Period End. July 31—
Operating revenues
Operation
Maintenance
Depreciation
shares.—V. 151, p. 986.
Balance
General Motors Corp.—August
Car Sales—The company
Sept. 9 released the following statement:
and trucks in the United States and
shipments, totaled 24,019 compared with 12,113
in August a year ago.
Sales in July were 110,659. Sales for the first eight
months of 1940 totaled 1,233,465 compared with 937,646 for the same eight
on
August sales of General Motors cars
6% gold
fund
bonds, series A due Oct. 1,1945 have been called for redemption on April 1,
1941 at 102 and accrued interest.
Payment will be made at the Guaranty
Trust Co. of New York.
Holders of aforementioned bonds may obtain
Interest & amortization.
Balance
Preferred dividend requirements
Canada, including export
months of 1939.
Sales to dealers in the
United States totaled 21,154 in August compared
Sales in July were 99,664. Sales for the
1940 totaled 1,133,852 compared with 818,027 for
of 1939.
Sales to consumers in the United States totaled 100,782 in August com¬
pared with 76,120 in August a year ago.
Sales in July were 145,064. Sales
for the first eight months of 1940 totaled 1,187,667 compared with 878,612
for the same eight months of 1939.
with 7,436 in
August a year ago.
first eight months of
the same eight months
.
Sales to Dealers in
1940
January
February
164,925
March
181,066
April
183.900
171.024
160.458
May
June...
--
July
August
151,661
99,664
21,154
September..October
November
December—
United States
1939
116.964
115.890
142,743
126.275
112.868
124,048
71.803
7,436
47,609
129,821
180,133
188,839
1937
1938
70,901
56.938
63,771
76,142
78,525
71,676
72,596
49,674
216,606
.199,532
180,085
162,390
187,869
157.000
58,181
136.370
153,184
108,232
61,826
34,752
16,469
92,890
159,573
150,005
1,364,426
1,680,024
935,163
Sales to Consumers in United States
1940
February. T
March
I
174,625
183.481
"
May""
June ZIII
April
165,820
173,212
145,064
100,782
July
1.-
September
-III
November"
1939
December J.!-
1937
1938
88,865
83,251
142,062
132,612
129,053
124,618
102,031
76,120
63,069
62,831
100,022
103,534
92,593
76.071
78,758
64.925
40.796
110,471
162.881
156,008
October
68,896
131,387
118,888
,
92,998
51,600
196,095
198,146
178,621
153,866
163.818
156,322
88.664
107,216
117,387
89,682
1,364,761
1,001,770
1,594,215
Total Sales of General Motors Cars and Trucks from All Sources of Manufacture
United States and Canadian Factories—Sales to Dealers and Export Shipment:
Total
1940
January
February..---—----March..
-
junei:::
193,522
107,310
110,659
July
24,019
August
September
October
November
-
December
1939
136,489
133,511
161,057
142,002
128.453
139.694
84,327
12,113
53.072
144,350
200,071
207.637
1938
1937
76,665
77,929
89,392
91,934
85,855
84,885
73,159
41,933
89,010
59.962
244,230
221,592
201,192
185,779
208,825
175.264
19,566
65,423
108,168
185.852
172,669
151,602
180,239
145.663
1.542.776
1,108.007
1,928.781
Ltd.—Accumulated Dividend —
dividend of 75 cents per share on account of
stock, par $30, payable Oct. 1
of record Sept. 14.
Dividend of like amount was paid on July 2
April 1, last, and dividends of 50 cents were paid in preceding quarters.
Accumulations after the current dividend will amount to $4.75 per share.
—V. 150, p. 3662.
to holders
Hanover
Fire
Insurance
Co.—Balance Sheet June 30,
1940—
Liabilities—
A <7 SCt 3
office.. $1,485,780
Bonds.
5,236,190
Guar. <fc preferred stocks
1,104,360
Common stocks
4,517,564
Fulton
Fire Ins. Co. stock
Cash in banks and in
(wholly owned)
Real estate and mortgages...
Losses in process
of adjustm't
Res've for all other liabilities.
Capital
Net
surplus
1,333,149
132,416
247,186
$15,077,636
$15,077,636
Total
148, P. 1478.
Harbauer Co.—Earnings1940
Years End. June 30—
1038
1939
y$85,857
20,060
18,960
xl0,800
$56,748
$58,237
11,273
y$56,098
$8,979
$56,748
y$14,516
Federal income tax
Net
1937
$35,465
21,282
$8,979
Depreciation
$38,177
23,495
Loss from operations—
loss.
Common dividends.
Deficit
x
871,364
614,026
4,000,000
4,004,771
accrued int.
and other assets
Includes $1,000 for estimated surtax on
cates
$5,587,475
1,020,991
days due
—V.
Reserve for unearned prems.
90
Agency balances not over
51,849
$69,510
y$4,249
undistributed profits,
y Indi¬
profits or surplus.
Balance Sheet June 30,
1940
Assets—Cash, $62,765; trade acceptances and accounts
receivable (less
of $5,000), $40,612; inventories, $410,207; investments and other
$60,505; property, plant and equipment (after reserve for deprecia¬
tion of $387,173), $309,280; trademarks, $1; deferred charges, $32,725;
reserve
assets,
total, $916,096.
Liabilities—Notes payable to bank,
$100,000; trade and other accounts
payable, $42,363; accrued taxes, expenses and interest, $19,423; land con¬
tract payable (due Aug. 1, 1940), $6,000; land contract payable $10,000:
reserve for general contingencies, $25,000;-common stock (45,093 no par
shares). $500,000; earned surplus, $190,255; unearned
tion), $23,054; total, $916,096.—V. 149, p. 1763.
common
surplus (apprecia¬
Dividend —
of 5 cents per share in
quarterly dividend of 10 cents per share on the
stock, both payable Sept. 20 to holders of record Sept. 20.
Like
were paid on June 29 and March 30, last.—V. 151, p. 417,
(Walter E.) Heller & Co .—Extra
Directors on Sept.
amounts
1432.
of systems acquired Aug. 25,
and
10 declared an extra dividend
addition to the regular
Total
—V. 151, P.
181,088
174,572
196,747
185.548
April.—
k
Hamilton Cotton Co.,
Directors have declared a
accumulations on the $2 cumul. sink. pref.
Total
56,789
120,809
123.874
January
May
operations for the entire period
151, P. 1433.
Includes
a
Bills receivable,
Total.
August
Balance for common stock and surplus
1938.—V.
*The Commercial
2574
& Financial Chronicle
Harris-Seybold-Potter Co. (& Subs.)—Earnings—
Years End
JuneSO—
1940
1939
1938
ros't
of goodssold, sell
(Geo. A.) Hormel & Co.—50-Cent Dividend—
,
admin. & gen. exps...
&
discount earned
$413,755
$300,524
$349,977
90,554
96,274
70,400
63,843
$504,309
$396,798
$420,377
$744,149
De^ecro^pianUkeqpc
ioo!955
93,399
87,222
int. on funded debt—
53,344
56,805
98|277
£0,132
£2,046
hoo
47:?25
'SS
"lo^o
*iIo:li»
$0.58
$0.69
$2.48
other income
Profit
a dividend of 50 cents per share on the common
15 to holders of record Sept. 28.
Like amounts were
paid on Aug. 15, May 15 and Feb. 15 last, and previously regular quarterly
dividends of 37K cents per share were distributed.
Company states its dividends are being paid in October instead of as
usual in November because with its fiscal year beginning prior to Jan. 1,
1940, It will come under the previous income tax Act and the payment of
the dividend within the fiscal year avoids tax penalty.—V. 150, p. 279.
$680,306
Charges, incl. bad debts
& prov. for loss of sun-
,
,B
per
*130.276
share!....
$1.17
After deducting $1,168 in 1940
v
prfor
and $6,097 in 1939 over-provision for
yoars.
ConmMatei ^Urnce sheet June30f i940
Assets—Cash, $314,949;receivables, trade (net), $1,581,109;inventories,
$1,613,384; other assets, $104,771; insurance fund, $10,519; property, plant
$"di95q685ment (net)' *1,458,616; deferred ch&rge8, $112,338; total,
liabilities-—Notes payable, $950,000: accounts payable, $257,812; acliabilities, $56,164; Federal and Canadian taxes on income, $57,702;
15-year 5% convertible sinking fund debentures, $1,048,000; reserves
for industrial insurance, contingencies, &c., $100,000; $5 cum. conv. prior
preference stock,
crued
7%.cumPI®L
lV
v
1916.lm276'
P.
8UrpI
'
^kto?a3i3,$^°i9^°S^—
$666'930' tota1' *5.196.685.
~
Hartmann Tobacco Co.
GrSpromSnrafM?!..
Earnings
$139,484 i«s$i23.693
Expenses
139,615
Profit
$211,377
169,656
$41,720
36,323
156,779
$360,072
157,717
$192,354
37,224
ioss$7,i3i ioss$28Q,473
Otherincome
30,966
31,838
„
_
T.
,
Houston Natural Gas Corp.—Bonds Offered—Financing
000
•
8h?™m°"k:irW$i)::
Earnings
1940
stock, payable Oct,
Tnt
and
14,
Directors have declared
1937
Drofit after deduct.
ODer
Sept.
for the corporation was announced Sept. 11 with the public
offering at 100 and int. of $3,500,000 1st mtge. 15-year 4%
sinking fund bonds due Sept. 1, 1955, through a banking
group headed by Mackubin, Legg & Co. of Baltimore.
The
tauehas.^noversubsmbed This isthe firstofferingofa
public utility issue to be made smce the
shortening of the
waiting period for new issues by amendment to the Securities Act, the issue having been originally filed on Sept. 3.
released by the Securities and Exchange Commission on
Sept. 10.
jn adc^on to Mackubin, Legg & Co., the offering group
included Alexander Brown & Sons,;
Baker, Watts & Co.;
Unhprf Gnrrpft fr
EarmhnTi
and Stpin
KODert Lrarrett <L £>ons, W . W . Dananan fir, Cn
W
VV
<K L>o., ana £>tem
Bros. & Boyce, Baltimore; White, Weld & Co., New
York;
Paine, Webber & Co., and Estabrook & Co., Boston;
Boenning & Co., Philadelphia; Whitaker & Co., aDd I. M.
Simon & Co., St. Louis;
Gregory, Eddleman & Abercrombie,
Moroney & Co.; Milton Ii. Underwood & Co.; A. W.
Snyder & Co., and Chas. B. White & Co Houston; Beckett,
Gilbert & Co., Inc., Dallas; Pitman &
Co., Dewar, Robert,
^ P&Jicoast, and Manhan, Dittmar & Co., San Antonio.
son
Bonds
are dated Sept. 1, 1940; due
Sept. 1, 1955.
Maryland Trust Co.,
Principal and int. (M. & S.) payable in any coin or currency of
the U. S. of A. which at the time of payment is
legal tender for the payment
of public and private debts.
Both principal and interest are to be
payable
at the principal office of Maryland Trust Co. as
paying agent.
Coupon
form (registerable as to principal only) in denom. of
trustee.
Gross income
Other deductions
Fed. inc. &
$23,835 loss$248,634
24,857
50,795
$78,043
23,911
$229,579
45,502
profits
excess
taxes
10,141
27,041
133
Prov. for surtax on
distributed profits
24,929
$43,857
$132,106
un-
Flood & hurricane losses
55,945
Net income
loss$l,022 loss$355,375
„
,
^
Condensed Balance Sheet June 30,1940
w
""Assets—Cash, $50,928f"notes*receivable, $76,680faccounts receivable,
$47,989; miscellaneous receivables and advances, $1,834; inventories,
$518,475; 4% debenture bonds due May 1, 1941, $3,000,000; deferred
charges, $10,727; land, buildings, equipment and fixtures, (net of reserves),
$1,016,42/; total, $1,726,060.
liabilities—Notes payable, $100,000; accounts payable, $108,726; Federal
& State taxes payable and accrued, $4,526; other accrued
accounts, ,$±,414;
reserves, $42,297; $4 cumulative prior preference stock (14,185 no par
shares), $709,250; $3 non-cumulative preference stock (14,185 no par
shares), $283,700; 6H% cumulative first preferred (par $100), $2,000;
common stock (213,830 no par shares),
$213,830; capital surplus, $525,819;
earned surplus (deficit), $268,503; total, $1,726,060.—V.
149, p. 1763.
Helena
Rubinstein, Inc.—To Pay 75-Cent Common Div.
.
.
.
,
i
&
C6nts
was
on
..
,
Directors have declared
a
..
.
„
.
.
»
,,
dividend of 75 cents per share on the common
-°a/PIv
^OTQ.l'ii
tQw'-
^
^
nn
Nov# 15, 1939, <inci on Tw 23, 193o, <ind s-n initial dividend
Dbc. o^
paid
Dec. 15, 1937.
on
01
SI
V. 150, p. 3675.
^
u*ii.
n
re
•
•
i
Hilton-Davis Lhemical
tp
Eo.
"*
w
Earnings
*
Years Ended June 30—
1939
"""
$255,708
$169,827
$1.58
$0.95
(Charles E.) Hires Co. —Extra Dividend—
7A •
paid
was
Sept. 3 last.
on
J\ew- Director
C. Edgar Hires has been elected
Hobbs
a
director of this company, succeeding
150, p. 2579.
Battery Co.—Earnings—-
{2
1 Q4n
M v 31
«i49
"
«i ss
1K^
"
exDenses
Income tlx
_
__
£9i
®i
IK 97fi
15'276
Total Income
Net p
Drofit
©4 7q 9Rn
^99 947
322,247
300,828
OrnRs nrnfif,
ODeratintr
"■
19«47
12,847
807
lino
«kq
IK^'^70
fi4?
048
2 31Q
•3'31^
*4 fini
$4,bul
-
ni9
««; 14 i7i
$14,171
Balance Sheet May 31, 1940
Assets—Cash, $5,170; accounts and notes receivable
(net), $40,378
inventories, $78,042; plant and equipment (less: reserve for
depreciation of
$53,555), $150,362; investments, $955; accounts receivable,
employees,
$770;prepaid expenses, $2,168; total, $277,846
Liabilities—Accounts payable, $43,521; notes payable,
$10,000; accrued
expenses, $4,366; reserve for income tax,
$642; instalment notes, $38,719;
capital stock outstanding ("A" stock—20,000 shares of which
40 held in
treasury; "B" stock—50,000 shares of which 12,925 held in
treasury),
$165,000; surplus, $15,597; total, $277,846.—V. 149, p. 1916.
Hollv Oil Co.—Earninas—
7,
0_
Years End. June 30
„
.
Total
_1^4®
—
_
Operating profit.
..T
.
on
41,844
$39,103
1937
59,748
—
$16,623
8,947
42,831
42,994
$70,476
29,523
$82,097
$25,570
y79,958
25,020
x5,855
655
rrr~~T~
.
~—~~
—
$10,092
$54,387 prof$40,298 prof$51,223
profits of current year and
prior years,
y
Includes $35,105
investment and advances in connection with
drilling
Includes $771 surtax on undistributed
income taxes of $1,845 applicable to
x
provision for loss on
operations on Grimes lease.
Balance Sheet June 30
nnHh
on
Hpnnsit
«99i
17R-
©c
Ruimhis
flfinfi.mfc
qooen
on-
frnrl?
_
.
,
•
»
.
xeS'
V capital
f-rcJ caP1^1
So7
stock, $281,463, deficit, $63,958, total, $406,597. —v
iaqV^
V. 149, p. 1764.
gas
in
/®Cnri!fexCess0£ the right to exchange
I®50 par) prefeirm stock
on a
their stock for
new
share^for-share basis.
7% cumulative
The exchange will
specific allocation of the
redemption, Dec. 1,
remainder of the net proceeds from
of the bonds has been made, but such remainder is to be added to
and become a part of the general funds of the company.
History and Business— Company was incorp. May 29, 1940, in Texas for
a
period of 50
years.
Effective July 31,
1940, company acquired from
Houston Natural Gas Corp., incorp. in Delaware, all the properties and
assets of the latter corporation, including those owned by its wholly-owned
subsidiaries, Houston Natural Gas Co., Texas Natural Gas
Utilities, Gulf
Clt;es Natural Gas Co. and Tex-Mex Natural Gas Co., in exchange for the
entire issues of preferred and common stocks of company, and in further
^}d®rati°n of the assumption by company of all debts/obligations and
liabilities of company's
predecessor and its subsidiaries,
including the payment or the principal of and interest on the outstanding first mortgage collateral 6% gold
bonds, due Dec. 1, 1943, of company's predecessor.
Pn Nov. 20, 1925, Houston Natural Gas Co. (one of the former subsidi-
?Predecessor) was incorporated in Texas and until the
i„^
or 1928, T6 tlme °[ the incorporation of company s predecessor
^
former subsidiaries of company's predecessor, was en-
gaged in purchasing, distributing and marketing natural
gas at retail in the
OT«5?p..anyJmGenerallF. this region extends along the
®£^he State of/Texas, embracing at present approximately
Ai
t^fooo
communities in 19 counties of the 8tate.
lf k928,Natural Gas Co. conveyed to Texas
Clties
Natural
N^r-al
-Gas 9°- and Te*-Mex Natural Gas Co.
(the other three former subsidiaries of
company's predecessor) the then
and other properties, except such
or adjacent to the
City of Houston, Texas.
the former subsidiaries of company's
predecessor, together
with all the common and preferred stocks of such
companies, were pledged
as security for an authorized issue of
$5,000,000 first mortgage collateral
6% gold bonds, due Dec. 1, 1943, of
companys" predecessor.
Until July 31, 1940, the four former subsidiaries of
company's predecessor
were engaged principally in
purchasing, distributing and marketing natural
.All bonds of
retail in cities and towns in the State of
Texas.
The former subsidi-
of company's predecessor produced no natural
gas, nor owned or
controlled any other companies or sources of
production, except for the small
area, in and around Port
Lavaca, Texas, which is supplied with natural gas
fr?,m a nearby wel1 purchased in November. 1939, nor did they purchase.
sell or transport natural gas beyond the confines of the
State of Texas.
assets owned by the four former subsidiaries of company's predecessor
aries
Jeere transferred to company's
P comPauy^'s predecessor to
As an incident of this
predecessor,
and
company, effective
transfer,
immediately thereafter
July 31,1940.
debts, obligations
company assumed the
and "abilities of company's predecessor and of the former subsidiaries of
company s predecessor, including the bonds of the former subsidiaries
1Q40
SSwor denrec\aOontS«2QB)i sy7,6'.??f!el? efiulpmerit aess re/q7 de^r
n* $296,157), $45,140, deferred charges, $7,169; total,
deffcit^
of natural
Trust Co. in Baltimore until 3 p. m. (EST) on
the 30th ^
day after effectiveness of the registration
statement, which also
covers the 10,000 shares of
new preferred reserved for the
exchange.
Purpose—Net proceeds (approximately $3,331,543) will be used to the
amount of $2,923,417 to retire
assumed bonds, including premium of
5%
thereon but exclusive of accrued
interest to date of
tortes, $3,380; Investment
Btf^Wuar
Sftpk ftl
sale
with this financing, the
company is offering
holders of the 10,000 outstanding ($50 par) shares of
7% preferred stock of
K38
7
$36,329
46,421
income.
Net loss
$98,852
$27,645
$58,467
~T~~"
^
Total income-----—
Deprec. & deplet., &c__
Federal taxeo
1938
$68,998
41,353
—
$27,624
8,705
—
Other income, int., &c__
which may be hereafter
to or were located in
1939
$63,202
35,578
Taxes, exps., insur., &c_
completed or in an unfinished condition or state, or
acquired, for the transportation, distribution and
existing franchises, plants, equipment
,
revenues
Bonds are secured by a first mortgage and lien on all the real
properties
owned by company in Texas an oil and gas lease of
approximately 38 acres,
a
producing gas well thereon, in Ca^oun County, Texas, and all those
certain distributing systems of the company now owned, whether fully
®.^
1Q9Q
iJx? ddA
Gost or safp's
sales
Other oDeratinYrVveriiip""
Other operating revenue
shall bo r©doomabl© without "Dromiuni
I£40-,
Years VritHna Man -41
Snf
K of 1% of the principal thereof .or each additional year or fraction of a
year thereafter untu and including Sept. 1
1952. and thereafter bonds
the Maryland
,
Charles 8. Cheston, resigned.—V.
o„
thJereof^iih interest accrued to the date fixed for redemption, plus a premiumoi3% of theprincipal amount thereof if redeemed on or before
Sept 1
1941, but ff red. after Sept. 1
1941. such premium shall be reduced by
Exchange Offer—Coincident
Directors on Sept. 9 declared an extra dividend of 30 cents
per share on
the common stock, payable Sept. 27 to holders of record
Sept. 19.
Regular
Ar
denture as of Dec. 31 of the preceding year; provided,
however, company
may, in lieu of such additional payment, filed with trustee a statement
showing that there had been expended during the preceding calendar
year
for acquisition of new properties, for additions, improvements and extensions of existing properties an amount equal to 2% or more of the
principal
amount of bonds issued and outstanding under the indenture as of Dec. 31
of the preceding year, which amount so expended shall be in excess of
any
amount of bonds issued against the acquisitions, &c., made in such calendar year.
Bonds are to be redeemable (either through operation of the
sinking fund
or upon call
or redemption of all
outstanding bonds) at the principal amount
various counties in the State of Texas
■.
quarterly dividend of 30 cents
Sept. 1, 1942, and on or before Sept. 1 of each year thereafter, as and for
a sinking fund for the retirement of bonds, an additional amount equal to
2% of the principal amount of bonds issued and outstanding under the in-
with
1940 '
Net income (after all charges)
Earnings per common share
V. 151, p. 1144.
$1,000.
Company will pay to the trustee on or before Sept. 1, 1942, and on or
before Sept. 1 of each year thereafter, as and for a
sinking fund for the retirement of bonds, (a) an amount
equal to 3% of the principal amount of
bonds issued and
outstanding under the terms of the indenture as of Dec.
31 of the preceding year; provided, however, that in no event shall
such
annual payment be less than the sum of
$100,000, and (b) on or before
"Su
aDd thebonds°r«>m-
Subsequent to this transfer, by a supplemental indenture of trust dated
July 29, 1940, all the properties of company were
conveyed to Maryland
Trust Co., trustee under the indenture of company's
predecessor, dated
Dec. 1, 1928, as security for the bonds outstanding thereunder, and comPany expressly assumed the covenants of said indenture.
Thereupon the
common
and preferred stocks of the former
subsidiaries of company's prede-
Volume
cessor were delivered by the trustee to company's predecessor, and by com¬
pany's predecessor to the respective former subsidiaries for cancellation.
Upon receipt of these stocks, the respective former subsidiaries of company's
predecessor were dissolved.
As part of the consideration for the transfer
of assets, company deposited in escrow with Maryland Trust Co., as trans¬
fer agent and registrar, its entire issues of common and preferred stocks,
identical in number of shares, par value, preferences, priorities and voting
rights with the common and preferred stocks of company's predecessor.
The common stock of the company is in process of distribution to the
former holders of the common stock of company's predecessor; and holders
of the
preferred stock of company's predecessor are accorded an
Hummel-Ross Fibre Corp.—To Pay
Directors have declared
Illuminating & Power Securities Corp.1939
1938
1937
$356,871
$305,811
$363,753
$346,727
69", 840
80,936
81,913
64
16
4
Expenses and taxes
$417,925
20,998
$375,715
28,316
$444,706
29,400
$428,937
20,948
Net loss from
$396,927
76,825
$347,398
1,391
$415,306
6,633
$407,989
46,711
$320,102
3,138,695
$346,007
3,147,688
$408,673
3.171,515
$361,278
3,147.737
$3,458,797
87,500
$3,493,695
87,500
290,000
267,500
$3,580,188
87,500
345,000
$3,509,015
87,500
250,000
$3,138,695
$3,147,688
$3,171,515
Cash divs. received
opportunity
been engaged in carrying on the opera¬
predecessor.
is sold at retail to domes¬
tic, commercial and industrial consumers; and in oil and gas prospecting
Since Aug. 1, 1940, company has
Bond int. rec'd &
for drilling purposes.
gas required by company is purchased at city gates and well
from non-affiliated companies and other persons; and all gas,
regardless of its source, is produced, transported and sold wholly in Texas.
The major portion is purchased from Houston Pipe Line Co., a Texas
corporation.
Natural
mouths
Capitalization—The funded debt and capital stock of the company as of
July 31, 1940, adjusted to give effect to the issue and sale of the securities
being offered, would have been as follows:
Authorized
Outstanding
fund bonds, due
$3,500,000
$3,500,000
10,000 shs.
alO.OOO shs.
.158,289 shs.
al58,289 shs.
a These shares of stock have been deposited with Maryland Trust Co.,
transfer agent and registrar, in escrow under the escrow agreement dated
July 27, 1940, for exchange, sbare-for-share, for the preferred and common
stocks, as the case may be, of the company's predecessor, Houston Natural
Sept. 1. 1955
7% cum. preferred stock (par $50)
Common stock (no par)
(Del.).
Principal Underwriters—The names of the principal underwriters and the
principal amount of bonds severally to be purchased by each are as follows:
100,000
Mackubln, Legg & Co
31,500,000 Moroney & Co
75,000
Whitaker & Co
250,000 W. W. Lanahan & Co
Stein Bros. & Boyce
75,000
Gregory, Eddleman <fe Aber50,000
cromble
200,000 Beckett, Gilbert & Co., Inc
50,000
200,000 Dewar, Robertson & PancoastPaine, Webber & Co
50,000
White, Weld & Co
200,000 Mahan, Dittmar & Co
-
Pitman & Co
Alex. Brown & Sons
100,000
A. W.Snyder & Co
100,000
Milton R. Underwood & Co..
100,000
Chas. B. White & Co.
50,000
50,000
50,000
50,000
sec.
sold__
Net inc. for the year..
Surplus bal. car'd for'd.
Total
Preferred
dividends
Common dividends
$3,081,297
Surplus at July 31
a
Received in securities, stated at
Estabrook
&
Co
Robert Garrett & Sons
Houston Natural Gas Corp. (Del.) and Subsidiaries
6 Mos. End.
Years Ended Dec. 31
June 30,'40
1939
1938
1937
Operating revenues—Gas $1,811,738
$2,528,238 $2,380,535 $2,390,121
Rental of pipe lines
24,827
43,714
41,459
45,019
market value on date received.
Balance Sheet July 31,
1940
Assets—Investment securities, $6,323,273; cash, $748,126; accrued int.
bonds, $20,399; total, $7,091,798.
investment
on
Liabilities—Accrued
taxes,
$13,625;
dividends
Indiana Harbor Belt
Period End. July 31—
Railway oper. revenues.
Railway oper. expenses.
7%
$50), $2,500,$7.091.798.—
RR.—Earnings—
1940—Month—1939
$957,974
$892,784
656,595
530,031
Net revenue from rail¬
way operations
Railway tax accruals—
Equip, and joint facility
$71,875;
payable,
pref. stock (par $100), $l,250,OO0; common stock (par
000; reserve account, $175,000; surplus, $3,081,297; total,
V. 149, p. 4031.
cum.
$301,379
81,724
$362,753
86,227
1940—7 Mos.—1939
$6,730,096
$6,103,703
4,641,140
3,946,597
$2,157,106
551,565
$2,088,956
576,008
119,562
Net ry. oper. incomeOther income
Total income
Miscell. deduc. from inc.
Total fixed charges
93,140
721,008
581,883
$100,093
2,402
$183,386
2,578
$791,940
17,604
$1,023,658
15,311
$102,495
3,344
36,777
$185,964
8,736
36,804
$809,544
22,878
259,822
$1,038,969
33,193
258,193
$62,374
rents
50,000
I. M.Simon & Co
60,682
accr.
Total inc. from invest.
areas,
100,000
100,000
293
372
Dividend.
a
Miscellaneous interest
In the various cities, towns and communities gas
Boenning & Co
Earnings—
1940
Years End. July 31—
tions of the four former subsidiaries of company's
Baker, Watts & Co
Dividends of 15
paid on Dec. 30,
Income from investm'ts—
exchange, share for share, the preferred stock of company's predecessor
presently held by them for the preferred stock of the company.
The stock
of those preferred stockholders of company's predecessor not desirous of
effecting this exchange will be redeemed.
When these exchanges and re¬
demptions have been completed, company's predecessor will be dissolved.
1st mtge. 15-year 4% sinking
25-Cent Dividend—
dividend of 25 cents per share on the common
a
stock, payable Sept. 30 to holders of record Sept. 14.
cents were paid on June 29 and on April 1 last, and 20 cents
1939, and on Dec. 15, 1937.—V. 151, p. 1281.
to
Gas Corp.
1575
The Commercial & Financial Chronicle
151
$140,424
$526,844
$747,583
Income Statement of
Net
Period—
inc.
after
fixed
charges
—V.
151, p.
989.
Inland Investors,
$1,836,566
1,223,407
$2,571,952
2,005,044
$2,421,994
1,953,030
$2,435,141
1,868,320
$613,158
15,562
$566,908
32,329
$468,963
9,287
$566,821
5,200
$628,721
84,399
Total
Operating expenses
$599,238
166,696
$478,250
160,321
$572,021
150,844
8,463
5,710
1,930
17,579
11,961
18,626
11,635
5,282
4,944
18,445
9,509
4,435
Operating income
Other income credits
Gross income
Interest
on
bonds.
count and expense
a
interest
Refunds to bondholdersi
Crl98
Cr662
Crl,590
$100,306
$200,857
$193,936
Int. charged to constr'n.
$398,381
70,054
3,372
112,063
1,702
State income taxes
$414,648
17,500
income
dividends
Preferred
Common dividends
$183,235
$388,786
69,820
1,388
$284,313
$324,954
35,000
63,316
$528,414
income
Fed. normal inc. taxes..
Net
$229,214
35,000
126.631
53,896
1,202
$317,576
35,000
131,908
429,610
Paid in common stock
i
a
On account of income taxes on bond interest and property
taxes on
Members of the Committee on Stock
Balance Sheet at Commencement of
Liabilities—
Assets—
7% cum. preferred stock
Common stock (158,289 shs.).
Property, plant & equipment.30,085,109
Franchises
and other Intan¬
Accts. receivable (not current)
Cash—general funds
Funds for pref. dividend
Funds for bond interest
Warrants receivable
Notes & accounts receivable..
Working funds
Materials and supplies
items
Funded
29,687
588,287
8,750
64,404
6,875
233,204
2,028
115.194
58,425
Sinking fund cash
Contract
Cust.'s ad vs.
P.
$500,000
1,425,484
2,945,250
for construction.
52,134
payable—trade
Customers' deposits
8,000
8,750
203,208
191,737
Accrued
244,734
Div.
on
payable
pref. stock (Del. corp.)
Accounts
.38,156,763
Total
151.
debt
942.963
21,833
gible assets
accounts
12,767
Deferred credits
Res. for
1,643,485
deprec. & depletion..
Contributions in aid of constr'n
169,318
Paid-in
751,896
surplus
.$8,156,763
Total
1433.
Houston Oil Field
Material Co., Inc.—Earnings1940
1939
1938
$2,829,279
$2,750,816
2,508,448
2,411,224
$3,636,736
3,199,091
238,781
$339,592
197,921
$437,645
178,524
$537,513
491,391
$616,169
$40,723
73,802
$46,122
$106,706
64,990
$114,525
$121,015
50,222
12,946
54,250
11,672
30—
discounts,
returns
sold
Other operating income.
Net income from
operations.
Other income
Income
deductions
Provision for Federal income taxes—
Net income
Earnings per share of common
1940, was $0.18 and
74.892
509,463
$171,696
48,283
21,870
a$51,357
a$55,093
$101,542
stock for the 6 months ended June 30,
for the corresponding period of 1939 was
$0.21 per
share.
Balance Sheet June 30, 1940
Assets—Cash, $109,351; notes, accounts and accrued int. receivable (net),
$2,973,245; inventory, $794,705; due from officers and employees, $5,321;
property, plant and equipment (net), $530,400; prepaid expenses, $15,358;
other assets,
meeting Sept. 11
approved the recommendation of the Committee on Stock List that the
following securities be suspended from dealings at the opening of business
on Sept. 25:
(a) Interborough Rapid Transit Co. 1st & refunding mortgage 5%
bonds, due 1966, secured convertible gold 7% notes, due 1932 and 6%
gold notes, due 1932.
(b) Manhattan Ry. Co. consolidated mortgage gold 4% bonds, due 1990
2nd mortgage
gold 4% bonds, due 2013 7 % guaranteed stock and modified
guaranteed stock.
of the
time to deposit under the plan, and the uncontinued dealings because of the status of the
receivership proceedings and the provisions of the plan.
Holders of securities of Interborough Rapid Transit Co. and Manhattan
Ry. who do not deposit under the Interborough-Manhattan Unification
plan by Sept. 26, to which date the deposit period has been extended by the
city, will be entitled to receive only those amounts of cash which are payable
in respect of non-assenting securities, according to notice received by the
Committee.
It has also been advised that the deposit period will not be
extended beyond Sept. 26.—V. 151, p. 1433.
stated that its recommendation was made in view
expiration on Sept. 26 of the
suitability of the securities for
Interlake Steamship Co.—To Pay 75-Cent Dividend—
declared a dividend of 75 cents per share on the common
Directors have
stock, payable Oct. 1 to holders of record Sept. 13.
This compares with
25 cents paid on July 1 and April 1 last; $1.90 paid on Dec. 23, 1939; $1 on
Oct. 1, 1939, and previously regular quarterly dividends of 25 cents per
share were distributed.—V. 150, p. 841.
International Agricultural Corp.—Annual ReportPresident, states in part:
Results—The total net sales for the year were $12,328,406 as compared
$11,712,075 last year. From such sales there was derived an operating
$559,611
518,888
Cost of goods
be deposited under the
The original date was
with
$320,830
sales, less
and allowances
a
Sept. 26 the time within which the stock may
T.-Manhattan Ry. transit unification plan.
It.
Louis Ware,
6 Months Ended June
Gross
List of the New York Stock Ex¬
Sept. 12.
The Board of Governors of the Stock Exchange at its
The Committee
Operations, Aug. 1,1940
[After writing off unamortized bond discount and expense and providing for
redemption premium on assumed bonds of predecessor company]
—V.
I.
5%
bonds.
Deferred debit
no par
change voted Sept. 11 to postpone until the opening of business on Sept. 25
the suspension of dealings in Interborough Rapid Transit Co. common
stock.
This action followed the decision of the City of New York to extend
to
Total
Net
stock,
Interborough Rapid Transit Co.—Deposit Extension—
Amortization of debt dis¬
Other
Inc.—Interim Dividend—
interim dividend of 20 cents per share on the
value, payable Sept. 30 to holders of record Sept. 2i.
Like amount was paid on June 2d and March 30, last, and compares with
50 cents paid on Dec. 22, 1939; 15 cents on Sept. 30, June 30 and March 31,
1939; 25 cents paid on Dec. 23,1938, 15 cents paid on Sept. 30, June 30 and
March 31, 193d; a dividend of 80 cents paid Dec. 24,1937, and dividends of
20 cents paid Sept. 30, June 30 and March 31, 1937.—V. 150, p. 3828.
Directors have declared an
common
$12,996; total, $4,441,377.
Liabilities—Notes
payable, $1,527,224; trade acceptances,
payable (trade), $971,776; accrued liabilities, $31,553;
accounts
$4,219;
due to
employees, $2,099; provision for Federal income taxes, $22,680;
deferred liabilities, $39,460; $1.50 cum. conv. pref. stock ($20 par), $478,000;
common stock ($1 par), $181,780; paid-in surplus, $840,869; earned surplus,
$341,717; total, $4,441,377.—V. 151, p. 1433.
officers and
profit of $817,711 in the year under review, as against $695,101, the year
before. There were larger charges for depreciation and depletion by $169,slightly greater interest charges, and other extraordinary charges.
These deductions from the operating profit left net income at $14,007 com¬
pared to $126,437 the year before.
Although the volume of sales for the year was somewhat larger than last
year, the opportunity for profitable business was lessened because a sub¬
stantial part of our export business of higher grade and higher priced phos¬
phate rock was lost as a result of cessation of European sales. Also, during
the year, a larger portion of the phosphate rock was shipped from properties
which carried a heavier depletion charge. There were unusual expenses such
as the cost of redemption of first mortgage bonds, refinancing, the attempted
recapitalization, and expenses in connection with the anti-trust investi¬
gation of the industry by a Federal Grand Jury. During the latter part of
the year, administrative and operating changes were inaugurated, un¬
profitable plants closed, and other improvements started which, although
the results could not be realized during the past fiscal year, should show
improvement in the future.
Refunding—During the year, the corporation paid and retired its first
mortgage bonds, amounting to $4,500,000. An original principal amount of
$13,000,000 of these 5% bonds had been issued in 1912, of which $8,500,000
had been retired over the intervening years.
To pay the remaining bonds,
the corporation sold at par a $4,500,000 issue of serial debentures, maturing
$300,000 annually, first payment due July 1, 1942.
These debentures
provide interest rates as follows: $1,500,000 due 1942 through 1946 at 2% %
and the balance due 1947 through 1956 at 4M%•
461,
.
Recapitalization—On June 30, 1940, the corporation
.
had outstanding
$10,000,000 7% cumulative prior preference stock, on which there was
accumulated at that time in unpaid dividends $82.50 per share, or $8,250,000.
During the previous 16 years there had been paid a total of $33 per
share in dividends, the no par common stock having received no dividends.
On Dec. 5, 1939, a plan of recapitalization was presented to the stock¬
holders which would have reduced the amount of stock outstanding but in
the judgment of the management would have preserved to both classes of
1576
The
Commercial & Financial Chronicle
Sept. 14, 1940
stockholders
their relative equities.
It was necessary to have at least
66 2-3% of each class of stock
approve the plan before it could be declared
effective.
Corporation did not receive the necessary affirmative proxies
from the common stockholders. The
management has continued its efforts
to
develop
Balance Sheet June 30, 1940
Assets—Cash, $936,790; accounts and bills receivable (less reserve for
$200,469; inventories, $1,429,804; advances on cattle
purchased for slaughter, $47,270; Republic of Paraguay
4% bonds, $45,015;
live stock (cattle on ranches, oxen,
horses, &c.), $357,297: fixed asset*
(after reserves), $3,025,727; deferred charges, $13,175;
total,
doubtful accounts),
amended plan, holding discussions with a number of
reresentative shareholders and it is hoped that a
satisfactory plan can be
completed in the not distant future for submission to shareholders.
Investment in Union Potash—On July 1, 1939, the
corporation paid $800,000 against its option for additional stock in Union Potash &
an
$6,055,546,
Liabilities—Accounts payable & accrued liabilities,
$128,197; dividend on
preferred stock payable, $28,515; income taxes
(est.), $76,090;
reserve
for contingencies,
&c., $103,651; 6% preferred cumulative stock
(par
$100), $950,500; common stock (329,352 no par
shares), $3,293,522; capital
surplus, $1,051,469; earned surplus,
$423,601; total, $6,055,546.—V,
150, p.3050.
Chemical Co.,
which was reported to the stockholders last
year. On Oct. 27, 1939. after a
survey had been made of the required money necessary to build and
equip
the mine, a further investment of
$1,500,000 was made in Union Potash &
Chemical Co.
For this additional investment the corporation
received
70,000 shares of the preferred stock and 40,000 shares of the
common
stock of the potash company.
Corporation now owns 74,421 shares of
preferred stock, (or 95%) and 315,763 shares of common stock, (or
Interstate Bakeries
Directors
pref. stock,
received $25 per share, plus interest upon any deferred dividend
payments at
6% per annum, at which time all preferential rights of said
preferred stock
shall terminate and it shall thereafter in ail
respects be common stock.
In
other words, assuming the
earnings of Union Potash & Chemical Co. are
adequate to pay the preferred dividends, corporation will receive
$1,860,525
in cumulative dividends,
plus 6% interest on any deferred
Interstate Department Stores, Inc.
preferred stock becomes
x
Oper.,&c.,
expenses
$2,088,320
$817,711
27,745
c62,428
$695,101
32,322
Net earnings
Int. & discount earned..
Dividends received
Collections on receiv'les
previously written off.
Loss
on own
$1,500,578
38,164
z33,001
29,411
284,335
23,447
16,222
16~771
11,776
""470
533,778
520,949
570,366
assets & securities
Cr3,278
10,888
—V. 151, p.
b Reversal of
on
'
Write-down of mkt.
on
foreign exch
$14,007
Preference dividends—
Earns, per sh. on com
$126,437
$701,328
200,000
$0,003
...
Nil
Nil
Net earnings
...
Depreciation
1940
Liabilities—
Itl. est., plant, <fcc.l8,476,864
19,029,649
3,130,968
969,903
1,943,347
2,588,477
Investments
Cash
b Accts. and notes
receivable
.....
Inventories
Debentures
1.795,354
2,249,323
1,618,012
2,260,788
Due from affile.—
76,418
Prepaid insurance,
taxes, &c
Insurance fund
Overburden
18,152
67,455
securs.
46,220
Res. for insurance.
Res. for conting..
1,365,395
3,007,826
Capital surplus.__ 6,326,043
38,095
38,775
177,535
67,455
1,365,395
2,993,818
6,326,043
23,375
27,750,931 26,680,3251
Total
.27,750,931 26,680,325
Represented by 436,044 no par shares in 1940 and
436,048 no par shares
b After deducting reserves of
$448,917 in 1940 and $476,492 in
1939.—V. 151, p. 1433.
Direct taxes...........
Property retirement re¬
International Cellucotton Products
Co.—Extra Div.—
Directors have declared an extra dividend
of 25 cents per share in
addi¬
tion to the regular
quarterly dividend of
no par
37% cents
value, both payable Oct.
$304,835
$3,905,111
$3,765,234
$0.54
$6.98
$6.71
serve
per share on the com¬
1 to holders of record
Sept. 20*
International Paper Co.— No Dividend
Action—
appropriations.
Co.—Earnings—
term
1940—12 Mos.—1939
$6,448,756
2,610,534
795,485
board of directors of this
company, which met on Sept. 10, did
not tase any action with
respect to dividends.
However, International
Paper & Power Co. has agreed to
pay to any of the few
remaining holders
of International
Paper Co. 7% preferred stock who so
wish, the sum of
$1.25 a share against an assignment of
that amount of dividends
accrued
on such stock.—V.
151, P. 989.
International Paper & Power Co
.-—Dividend—
660,000
457
4,886
5,978
$198,538
Net oper. revenues...
Other income (net)
$173,486
$2,377,851
$2,169,158
8,537
329
426
4,999
$198,867
45,000
15,000
19,596
$173,912
60,000
15,000
9,865
$2,382,850
733,500
180,000
152,901
Cr632
$2,177,695
720,000
180,000
111,361*
Crl4,835
Net income
$119,271
$89,047
Divs. applicable to pref. stocks for the
period
$1,317,081
$1,181,169
Gross income
Int.
on
Int.
on
mortgage bonds.
debenture bonds.
Other int. & deductions.
Int.charged
to construc'n
520,784
The board
of directors on
Sept. 10 declared a regular
dividend of $1.25
share on the company's
outstanding cumul. conv. 5% pref.
stock, payable
Sept. 28 to holders of rocord at close of
business Sept. 20.
After payment
of this dividend there will
remain $12.50 of unpaid
dividend accumulation
on the stock.—V.
151, p. 989; V. 150, p. 3829.
r.Aallowa2cesll
$1,987,545
Cost of goods sold
1,555,344
Profit
Other oper. income
Total income
(other than
Taxes
come
Selling
$432,201
$434,008
in¬
taxes)
expenses.
Gen. & admin, exps
Other income
Deprec. & depletion
Prov. for inc. taxes (Fed.
& foreign
Net income
on
1939
$2,027,929
pref. stock
1938
1937
$1,107,527
838,642
$421,151
$268,884
5,598
/
Operating
July 31—
1940—Mcmth—1939
$17,950
$14,784
revenues
Operation
Maintenance
Depreciation
Taxes....
1940—12 Mos.—1939
$211,714
$192,695
4,720
1,729
2,970
2,990
2,044
2,661
67,653
19,498
31,330
31,057
32,185
Net oper. revenues—.
Other income (net)
$5,541
$4,507
$62,176
$66,429
640
2
2,196
Dr4,473
Balance
Interest & amortization.
$6,181
2,182
$4,509
2,075
$64,373
23.226
$61,955
23,200
Balance
$3,999
Preferred dividend requirements
$2,434
$41,147
24,374
$38,755
24,374
$16,773
$14,381
$410,110
36,339
$421,151
$274,483
$446,449
821.640
4,948
624
Balance
—V. 151, p. 1434.
5,527
72,268
61,568
1,226
6,627
48.846
57,300
$338,206
$280,563
6,606
$161,549
4,836
$328,955
$338,206
127,219
$287,169
120,825
$166,384
114,435
$329,569
44,097
27,450
8,575
29.125
$166,890
$138,894
28,515
42,486
$43,374
249,345
$172,686
190,089
32,265
58.919
125
6,178
46.352
64,965
161
615
127,759
57,144
14,494
22,444
Kingsport Press, Inc. (& Subs.)—Earnings —
x
6 Mos. End. June 30—
Net profit—
x
4,492
$660,385
Key West Electric Co.—Earnings—
Period End.
$1,231,750
1,606,777
1,807
Exchange
Divs.
Corp.—Earnings —
1940
520,784
$796,297
—V. 151, p. 849.
a
International Products
660,000
55,000
391
investments
Balance
The
6 Mos. End. June 30—
Gross sales less discounts
$6,254,537
2,527,985
891,416
55,000
_
Amortization of limited-
a
in 1939.
stock,
18,598
64,693
843,052
1940—Mon th—1939
$531,792
$524,995
216,352
221,394
61,511
74,658
Operating revenues
Operating expenses
6,817
Total
mon
17,098
66,150
1,040,782
Kansas Gas & Electric
interest,
Earned surplus
phos-
property-
Marketable
70,080
2,534
5,272
71,485
Including maintenance and general property tax.
net income adjusted to reflect the
provisions of the Revenue
Period Ended July 31—
142,806
176,653
$8,408,356
1,418,448
102,479
2,195,852
Note—1940
211,260
...
$8,695,644
1,427,735
102,479
2,136,288
8,540
Act of 1940—V. 151, p. 704.
3,292,000
158,860
taxes, &c
from
unmlned
Accrued
10,000,000
2,250,000
4,500,000
Accounts payable.
to affils. not
Due
consolidated
non-consolidated
V phate
1st mtge. bonds...
a
$687,487
118,167
1,560
5,437
98,200
$
Prior pref. stock..
10,000,000
a Common
stock. 2,250,000
555.
$0.53
Earns, per sh. com. after
income tax
1939
$
p.
$298,020
Net profit
1939
$711,140
119,616
8,540
179,766
of limited-term
investments
Miscell. inc. deductions.
Fed. & State inc. taxes._
amounting to
151,
Co.—Earnings—
1940—Month—1939
1940—12 Mos.—1939
$1,359,976
$1,355,746 $16,697,930 $16,158,295
648,836
668,259
8,002,285
7,749,939
Amort,
Consolidated Balance Sheet June 30
1940
expenses—
Interest charges
Amort, of disc't & prem.
corresponding equity in
over dividends received
Operating
$770,1.54
300,000
$0.16
After deducting $21,385 In
1939, $16,259 in 1938 and $8,195 in 1937
in excess of dividends received
over corresponding
equity in net earnings of
affiliated companies, not consolidated.
a Includes other
interest of $4,083 in 1940 and $9,729 in
1939.
b No
longer considered necessary, c Including excess of
earnings in affiliated companies
$14,928.
Corp.—Acquisition-
Kansas City Power & Light
Period End. July 31—
Gross earns, (all sources)
z
net
1, July 1, and
1282.
See McKeesport Tin Plate
Corp., below.—V.
51,735
a
Net profits
p.
Jones & Laughlin Steel
14,548
16,765
4,283
sees.
stock,
April 1, 1939.—V. 151,
redemp. of
1st mtge. bonds
connection with
issuance of debentures
—
par value, both payable Oct. 1 to holders of record
Sept. 14.
Like
amounts were paid on July 1 and
April 1, last.
Extra of $1.75 was paid on
Dec. 28, 1939, and extras of 75 cents were
paid on Oct.
12,000
Cr60,3l4
Exps. in
July, 1940 Aug., 1939
493,788
517,207
no
Cr50,446
18,000
for ins.
res.
Aug., 1940
512,930
1146.
Directors have declared an extra dividend of 75
cents per share in addition
to the regular quarterly dividend of 75 cents
per share on the common
on
Premium
Co.—August Output—
Tons of coal mined
63,000
year
Cr7,651
Island Creek Coal
(Mead) Johnson & Co.— Extra Dividend
72,000
undistributed
profits, estimated
Foundation, Ltd.—Accumulated Dividend—
Month oj—
0443,685
State income
taxes
Loss
Investment
$1,671,947
255,957
703,239
«
Directors have declared dividends
totaling $1 per share on the cumul.
pref. shares, $50 par value, payable Oct. 15 to holders of record
8ept.30.
Like amount was paid on July 15, last; dividend of
$2 was paid on April 15,
last, and dividend of $1.25 was paid on Jan. 15, last.—V.
151, p. 107.
57,622
$1,092,157
211,796
bds. purch.
taxes, estimated
Adjust, on prior
Surtax
$1,004,770
$813,336
al75,908
Deprec. and depletion
Profit on sales of capital
Federal &
$2,795,300
1,294,722
18,030
debentures
on
$2,432,938
1,428,168
z62,465
profits taxes.
declared a dividend of 15 cents per share on the
common
stock, payable Oct. 1 to holders of record Sept. 16.
This will be the first
payment made on these shares since Nov. 1,
1937, when 50 cents per share
was distributed.—V.
151, p. 849.
1937
$925,914
a 16.3,695
28,885
Total income
Bond interest
Int.
1,393,218
$7,000 loss$122,000
$0.33
Nil
excess
Directors have
1938
$2,201,210
1,383,499
(estimated)
preferred share
per
After Federal income taxes but before
15-Cent Dividend—
Consolidated Income Account Year Ended June 30
Gross profit from oper..
Net income
x
Earnings
The construction of the potash
plant at Carlsbad, N. M., is progressing
satisfactorily and it is expected that the mine and refinery will be in operation
in October.
1939
Sales-
1940—Month—1939
1940—7 Mos.—1939
$1,970,333
$1,784,205 $13,254,467.$12,758,662
6 Months Ended July 31—
:
1940
1939
Sales
common
1940
—
Period End. Aug. 31-r-
payments. After
stock, corporation will then own
60.6% of the outstanding stock of Union Potash & Chemical Co. In
addition
to the stock interest,
the-corporation also has an exclusive agency agreement
on a
satisfactory basis for the sale of all of the potash products.
the
Corp.—62}4rCent Dividend—
have
declared a dividend of 02% cents
per share on the $5
payable Oct. 1 to holders of record Sept. 20.
Like amount
was paid on July 1 and March
30, last; Dec. 27, Sept. 30 and July 1, 1939;
dividends of 50 cents were paid on April 1,1939. and Dec.
22, Oct. 1, July 1
and April 1, 1938, and in initial dividend of
$1.25 per share was paid on
Dec. 27, 1937.—V. 151, p. 989.
56%).
The preferred stock is entitled to cumulative dividends of
$3,125 per share
per annum, such dividends to continue until the preferred stock
shall have
1940
1939
$20,744
$20,193
1938
loss$2,618
1937
$63,410
After operating
expenses, Federal income taxes, depreciation and other
charges.—V. 149,
p.
1623.
Kirsch Co.—To
Pay 25-Cent Dividend—
Directors have declared a dividend of 25 cents
per share on the class A
and B common shares
payable Oct. 1 to holders of record Sept. 18.
Divi¬
dend of 50 cents was
paid on June 25, last; 25 cents was paid on Dec.
30,
1939, and one of 12% cents was paid on Jan.
3.1938.—V. 150, p. 3829.
(I. B.) Kleinert Rubber Co.—30-Cent Dividend—
Directors have declared a dividend of 30 cents
per share on the common
stock, payable Sept. 30 to holders of
record Sept. 16.
This compares
with 20 cents paid in two
preceding quarters; 50 cents on Dec. 21, 1939;
30 cents on Sept. 30,
1939; dividends of 10 cents on June 30 and March
31,
1939; a dividend of 25 cents paid on Dec. 24,
1938, and
quarterly dividends of 10
cents
per share were
previously regular
distributed.
In addition,
.
Volume
a
special dividend of 5 cents per share was paid on Sept.
150,
p.
30, 1938.—V.
Earnings for the Year Ended July 31, 1940
Operating
(S. S.) Kresge Co .—Sales—
in
operation
American and 61
31,
Aug.
on
Canadian.
were
742 of which 683
were
1940—8 Mos.—,1939
$92,509,809 $88,908,598
totaled 739
last,
of which
678 were
Canadian.—V. 151, p. 849.
were
(S. H.) Kress & Co. —Sales —
1940—8 Mos.—1939
1940—Month¬ -1939
$( ,489,989 350,555,500 $48,440,786
$6,691,497
.
151, p. 849.
Lake Shore Mines,
Interest
Total income
Operating
Ltd.-—Earnings—
1940
1939
1938
1937
$12,281,332 $14,608,715 $15,030,273 $15,692,653
23,551
19,215
31,784
59,410
Years End. June 30—
Bullion production
$15,752,063
$12,304,883 $14,627,930 $15,062,057
5,459,281
5,659,658
4,886,664
101,593
84,767
83,586
expenses
191,089
Provision for taxes
Operating
1,608,616
Net earnings...
Interest on funded debt
General interest
Amortization of debt discount and expense
Miscellaneous deductions
Interest charged to construction
$199,327
Profit for period
Investments written off.
year—
$5,534,927
250,000
5,500,000
$7,070,767
348,895
8,000,000
$7,732,417
$8,301,056
10,000",666
12,000",000
$1,278,128
2,000,000
$3.53
$2,267,583
2,000,000
$3.86
$3,698,944
2,000,000
$4.16
108,528
—
$323,600
2,000,000
$2.77
Balance, deficit
8hs.cap.stk.out.(par $1)
Earnings per share
Balance Sheet June 31, 1940
Assets—Cash
bank
and
balances,
bullion
$4,615,424;
on
hand and in
transit, $487,929; accounts receivable, $15,728; supplies on hand, $520,929;
investments at cost, $152,682; shares in other mining companies, $438,000;
buildings, structures and equipment (less, provision for depreciation of
$6,756,753), $772,799; mining properties, $1; insurance and other reserves,
$722,383: sundry assets ana prepaid expenses, $153,648; total, $7,879,525.
Liabilities—Accounts payable and accrued charges, $306,374; provision
for taxes, $1,815,000; insurance and other reserves, $722,383; capital stock,
$2,000,000; profit and loss balance, $3,035,768; total, $7,879,525—V.
151, p. 557.
Lane
Inc.—Sales—
Bryant,
1940—8 Mos.—1939
$8,92$,869
$8,758,086
Period End. Aug. 31—
1940—Month—1939
Sales
$1,021,134
$915,945
—V.
151,
P.
1148.
LaSalle Wines & Champagne
Inc. (& Subs.)—Earnings
Earnings for Year Ended May 31, 1940
$669,989
Net sales
Cost of products sold,
sell., delivery & admin, exp. (incl. prov. of
551,902
$1,858 for doubtful accounts)
$118,086
Operating profit
151
Other income
$118,238
3,433
25,000
Total income
Other deductions
Provision for Federal taxes on income (estimated)
$89,805
Net profit
21,670
Dividends paid
$15,105, in¬
Co., Ltd.
Note—Provision for depreciation for the year amounted to
cluding depreciation of $1,618 on the plant of the Windsor
Assets—Cash, $30,399; trade accounts receivable (less reserve of $2,000),
$18,868; State and Federal revenue stamps. $3,171; inventories, $298,335;
stock of the Windsor Co., Ltd., $42,867; account
property, plant and equipment (less reserves
others, $616."
for depreciation of $52,695),
$268,137; deferred charges, $6,149; total, $674,016.
Liabilities—Notes payable, $41,018; accounts payable for purchases,
expenses and pay rolls, $21,456; accrued taxes and other expenses, $3,603;
Federal taxes on income, $93,404; land contract payable, $2,000; common
stock (par $2), $433,404: earned surplus, $145,208; total, $674,016.—V.
150, p. 3205.
Lawyers Mortgage Co.—Oct. 1
Plan
Last Day for Assents to
of Reorganization—
Loblaw Groceterias Co., Ltd.
certificate holders and stockholders are
plan of reorganization of the company,
dated March 1, 1937, as amended, the reorganization managers have fixed
Oct. 1, 1940 as the last day on which assents to the plan of reorganization
may be filed by creditors and stockholders.
The holders of more than 86% in principal amount of mortgages and
mortgage certificates guaranteed by the company have assented to the
plan, and only those assenting will participate in its benefits.
The holders
of mortgages and mortgage certificates, and stockholders, of the company,
who have not yet assented to the plan are urged to forward their assents
immediately to the Secretary of the reorganization managers, Hersey B.
Egginton, 345 Madison Ave., Newr York City.
The reorganization man¬
agers are: Charles G. Edwards, William E. Russell, P. Walker Morrison
and Richard M. Hurd.—V. 147, p. 1197.
mortgage and mortgage
notified that, pursuant to the
Lehigh Valley RR.—Listing of Bonds —
Stock Exchange has authorized the listing of $39,639,000
consol. mtge. 4% bonds due May 1, 2003 (stamped modified); $21,697,000 gen. consol. mtge. 4
% bonds due May 1, 2003 (stamped modified)
and $36,400,000 gen. consol. mtge. 5% bonds due May 1, 2003 (stamped
modified) upon official notice of stamping pursuant to plan and agreement of
Aug. 25, 1938; also $15,000,000 Lehigh Valley Ry. 1st mtge. 4y2% gold
bonds extended to July 1, 1950, upon official notice of delivery pursuant
to plan and agreement of Aug. 25, 1938, and $10,000,000 Lehigh Valley
Terminal Ry. 1st mtge. 5% gold bonds extended to Oct. 1, 1951, upon
official notice of delivery pursuant to plan and agreement of Aug. 25, 1938.
The New York
gen,
—V.
151,
p.
1283.
Lincoln Building Corp.
$902,625
$1,795,548
85,066
65,047
122,065
Miscellaneous
$951,357
-
$967,672
Oper. & admin, expenses
Real estate taxes
263,275
238,802
279,355
234,827
fund
*197,135
*192,135
Deprec. & obsoles.
Income
avail,
on bonds
Calendar Years
1939
1938
$866,291
Income—Rentals
for
$1,917,613
535,575
473,630
*384,270
int.
104,823
$1,868,298
598,596
473,921
304,270
$261,354
$524,138
$491,510
4.08%
4.22%
4.24%
3.97%
$1,101,204
931,901
$326,484
Common dividends
$197,808
3,307,558
1,760
$139,255
$169,303
2,994,550
1,276
Surplus
Previous surpius
3,507,066
Profit on saje of invest'ts
168,100
Other credits
Dr z 18,433
Total surplus
com.
stock
$3,983,217
Shares
7.27
7.33
7.34
$40,000 was in the first half of 1939 and $45,000 in
1940
81% occupied, unchanged from the beginning
of 1940
Figures for the latest six months do not fully reflect a drop of
about $180,000 annually in the rent roll which took place as of May 1,
1940 due to expiration of a number of old long term, high rate leases.
The
greater part of these leases were renewed at lower rates.—V. 149, p. 734.
$3,307,558
$3,507,066
$3,165,129
828,356
828,356
$1.42
$1.33
x After providing for
all expenses including depreciation and provision
for Federal income, excess profits, and provincial income taxes,
y Includes
bonus on class A shares of $111,264 in 1940, 1939 and 1938, $55,632 in 1937,
and bonus on class B shares of $95,825 in 1940, 1939 and 1938, $47,913 i*
1937.
z
828,356
$1.49
828,356
$1.63
Additional Provincial income taxes 1939.
Balance Sheet June 1,
1940
Government bonds, $754,997; guaranteed
interest on investments, $11,409;
accounts receivable, $45,572; merchandise inventory, $2,508,623; advances
on merchandise purchased,
$33,481; other investments, $66,115; deferred
charges to operations, $90,382; land, buildings and equipments (less de¬
preciation reserve of $2,687,889), $3,169,125; total, $8,647,138.
Liabilities—Accounts payable and accrued expenses, $1,248,977; provi¬
sion for Federal and provincial taxes, $560,522; reserve for contingencies.
$200,000; class A stock (445,056 shares, no par), class B stock (383,300
shares, no par), $2,654,422; surplus, $3,983,217; total, $8,647,138.—V.
Assets—Cash,
$1,617,433;
investment certificates, $350,000; accrued
150,
p.
2886.
Locke Steel Chain
Co.—Earnings —
532,963
112,135
$824,583
495,078
104,976
$264,444
"$224,529
$909,542
allowances, discts. &freight
Selling, general and administrative expenses--.
'
0
'
*
Net operating profit
7,538
$215,612
143,000
Total income
Income deductions
Provision for Federal income tax
-
.
on common
.
stock
110,000 shs. of com. stk. ($5 par)
7srote—Depreciation charged to cost and expenses
in 1940 and $14,381 in
1
$229,514
$182,131
—
-
Net income
4,985
$271,982
10,043
46,327
Other income
Dividends
1939
1940
Years Ended June 30—
Gross sales, less returns,
Cost of goods sold
9,156
38,227
$1.96
$1.65
amounted to $15,129
1939.
Balance Sheet June
Assets—Cash, $394,519; marketable
30,1940
securities (at cost), $5,000; accounts
(less reserves of $7,276), $79,823; accrued interest receivable,
$110; inventories. $217,610; fixed assets (less reserves for depreciation of
$313,512), $185,330; patents (less reserve for amortization of $298,136),
$4,794; deferred charges, $2,911; other assets, $2,293; total, $892,390.
Liabilities—Accounts payable, $4,740; accrued liabilities, $78,147: com¬
mon stock (par $5), $550,000; earned surplus, $259,503; total, $892,390.—V.
150, p. 3664.
receivable
Lockheed Aircraft Corp.
Net sales
-
____
Operating profits
15,501,231
887,973
10,233,200
500,907
$2,879,230
sold-.
Selling & adm. expense--
Cost of goods
Earnings-
1940
1939
$19,268,434 $12,565,118
86,953
109.129
$570,583
303,744
84,985
$436,043
64,669
40,169
1,118,141
See
Depreciation
x
yl39,577
339,413
300,000
_
S.
U.
Provision for est.
$414,530
21,513
$1,885,941
Other expenses
Prov. for contingencies.
$537,965
32,619
54,931
$2,966,183
Total income
$2,644,992
1.891,049
$1,831,010
Other income
1937
1938
$5,111,699
4,062,334
511,401
534,434
119,362
30,780
49,642
$2,022,619
$508,861
$151,075
$281,563
S2.02
S0.66
$0.23
$0.43
normal Fed. inc. tax._
Net profit--..
BTonrr„nPsrocf.!re..!n
Depreciation, amortization and reserves amounting to $1,129,485 are
charged against its six months earnings and are included in cost of goods
x
sold,
y
Depreciation and amortization.
Balance Sheet June 30
1940
$
Assets—
18 ,467,207
Accts. rec. (net).- 1 ,030,435
U. S. treas. notes. 5 ,000,000
Inventories
9 ,612,949
Cash
S
payable. 2,830,773
Notes payable
Cust's deposits— 1,473,360
6,739",991
Property
703,200
& advances.-
439,270
192,236
82,207
340,638
33,900
894,838
437,190
223,856
14,754
1,219,954
purchase
contracts pay—
Acer. Fed.inc. tax
4,800
2 745,216
353,846
liabUs.
6,400
4 794,341
2 633,314
2,702,697
Res. for canting..-
300,000
------
1,162,940
1,000,000
Paid in surplU8...10,066,074
Capital surplus...
24,771
Earns, of surplus.. 5.027,752
4,580,116
24,774
1,228,060
31,544
&c
Total
_
378,399
299,472
282,269
-
Accrued liabilities.
1,000
Deferred charges..
-
Commis'ns pay—
(cost)
$
21,971,113
Wages payable.
Taxes payable—-
parts
M'bership in Mfrs.
Aircraft Assoc'n
1939
3,091,4.>0
1,256,666
157,198
Advs. rec. on con-
18,738
for material and
Inv.
$
Liabilities—
Accounts
tracts
8,107
employees
Advs.
to
vendors
Fixed assets
1940
1939
1,169,913
1,481,853
45,026,315 13,630,979
Long-term
Cap. stk. (par $1).
Total
45,026,315 13,630,979
1435.
6.43
of $80,000 on first mortgage on small building
Currently reported about
3,165,129
1,500
1,674
out-
standing (no par)
Earnings per share
-V. 151, P-
obsolescence
paid in 1939, of which
$1,763,475
$252,145
earned on pre¬
sently outst'd'g debs.
Percent
earned
before
prov. for deprec. and
Includes amortization
1937
$1,174,700
1,035,445
Patents, tr. names,
Percent
*
1938
$1,233,253
1,035,445
June 1, '40
Advs. to officers &
-
—6 Mos. Ended June 30—
1940
1939
Period—
Total
-Earnings
Years Endcd1939
$1,361,929
1,035,445
Period Ended—
Net profit
y
Earnings —
Weeks
53
6 Mos. End. June 30—
All
235
3,954
Crl74
$123,295
investment in common
receivable, $5,471; accounts receivable from employees and
72,000
17
Net income
Earns, per sh. on
Consolidated Balance Sheet May 31, 1940
Dr2,438
Note—The statement includes income and expenses of Woodford Tele¬
phone Co., wholly-owned subsidiary, from July 31, 1939 to July 1, 1940,
at which date itw as merged into Lexington Telephone Co.—V. 150, p. 3664.
297,956
1,627,316
361,466
1,407,300
445,623
1,367.114
$201,764
x
Dividends and bonuses.
Taxea
applic. to prior
and taxes
expenses
Net earnings from operations
Other income
5,433,357
92,377
Administration expenses
Prov. for depr. on bldgs.,
structure <fc equipment
1,610
$762,125
560,361
Total operating revenues
A year earlier stores in operation totaled
American and 59
Period End. Aug. 31—
lies.
$763,735
revenues
Provision for uncollectible accounts
Period End. Aug. 31—
1940—Month—1939
Sales.
$12,568,013 $11,213,487
—V.
Lexington Telephone Co.—Earnings—
4130.
Stores
157 7
The Commercial & Financial Chronicle
151
Loft, Inc.—To Get
Pepsi-Cola Shares—
Delaware
Chancellor W. W. Harrington has signed an order directing the
deliver to Loft, Inc., two certificates of stock, one for 27,312
shares and another for 120,437 shares, of Pepsi-Cola
been turned over to the bank pursuant to order of the court of July 28, 193/The order also directs Pepsi-Cola Co. to deliver to Loft Inc. new certifi¬
cates without any restrictive signatures on them, upon surrender of the
Trust Co. to
stock—whh"h had
two
original certificates.—V. 151, p.
1148.
1578
The
Commercial & Financial Chronicle
(Marcus) Loew
8 Theatres, Ltd.—Accumulated Dividend
declared a dividend of $3.50 per share on
account of
accumulations on the 7% cumul. pref. stocK, par
$100, payable Sept. 30 to
holders of record Sept. 21.
Like amount was paid June 29,
April 1, last,
Dec. 15, Sept. 30 and in June
1939, and dividend of $21 was paid on
March 31, 1939.—V. 150. P. 3516.
Directors
Madison
have
Loudon
Selling,
gen.
1940
1939
1938
„
$512,510
$346,716
a
^
expenses.
328,649
Interest earned, &c
276,213
312,380
326,069
$70,503
1,040
$39,848
1,175
$205,634
$71,543
62,496
$41,023
64,386
40,423
22,086
40,254
$206,271
57,523
37,504
'$185,428
Total income
Depreciation
Maintenance and repairs
Interest
Federal taxes
62,489
39,980
8,722
-
637
10,292
17,227
1,650
al,569
loss$55,112
loss$75,479
$55,112
$75,479
Hamilton V. Bail, Secretary of the
corporation, has been nominated
director for election at the annual
per share on account of
Sept. 24 to holders of record
Sept. 14.
Initial dividend of $2.50 was paid on this issue on
July 25, last,
and dividend of $7.50 was
paid on Aug. 23, last.—V. 151, p. 248, V. 147.
p. 119.
$806
No provision for surtax
on
(B.) Manischewitz Co. (& Subs.)—Earnings
Years End. Jhly 31
1940
1939
$550,015
undistributed profits.
Other income.
6,772
—
1938
$515,472
3,923
$568,988
4,274
1937
$547,029
18,527
Balance Sheet June 30, 1940
Assets—Cash, $96,306; trade
$556,787
accounts
receivable (less reserve of
$8,866),
$160,693: inventories, $403,344; advances to tomato
growers (1940 season
crop), $40,812; other assets, $28,983; land,
buildings, machinery and
equipment (less reserve for depreciation of
$536,784), $727,993: retunable
bottles (less reserve fof $29,325 to reduce to
nominal
$1,518,884
payable, $72,425; brokerage, wages and miscel¬
liabilities, $17,019: liability for bottles
returnable by
customers, $2,889; general taxes accrued, $18,810; accrued
Federal income
and
capital stock taxes, $17,250; reserve for contingencies, $75,000;
capital
stock (360,000 shares,
including 9,148 shares exchangeable for 2,287
shares
of old stock), $1,156,929; earned
surplus, $161,022; capital stock
held in
treasury (1,200 shares), Dr$2,461; total,
$1,518,884.—V. 149, p. 2978.
Stores in operation
20,000
xl7,150
$94,545
$85,974
6,811
53,048
$118,820
7,511
79,568
$26,115
$31,741
47,500
Net profit
$61,095
Preferred dividends
Common dividends
6,443
Surplus
53,048
$1,603
Including $3,400
x
6,824
53,049
in
1938
and
$34,673
$5,400 in
1937
surtax on undistributed profits.
provision for
Federal
Consolidated Balance Sheet July 31, 1940
1940—Month—1939
1940—8 Mos.—1939
$3,626,281
$3,136,094 $26,977,728
$25,131,819
203
...
151, p. 1435.
200
(Arthur G ) McKee & Co .—Extra
Dividend—
The directors have declared
addition to a regular
stock,
458,716
23,000
$565,557
411,036
x35,700
commitments
accrued
McCrory Stores Corp.—Sales-
—Y.
425,192
$519,395
416,271
Gen., adm. & sell. exps.
Prov. for Fed. taxes
Prov. for loss on purch.
Liabilities—Accounts
Period End. Aug. 31—
Sales
$573,261
value), $1; deferred
charges, $20,903; total,
laneous
as
Magazine Repeating Razor Co.—Accumulated Dividend
$88,894
89,701
Sur$57,010
Balance, deficit
Reduce
Directors have declared a dividend of $7.50
accumulations on the preferred stock,
payable
3,104
al9,246
$57,010
Net profit
Dividends paid
a
_
$183,861
1,567
Profit
1940
meeting of stockholders on Sept. 24, a
notice disclosed on Sept. 5.
The stockholders will be asked also to
vote on a proposal to retire
6,100
shares of capital stock and to reduce the
company's capital from $2,861,737
to $2,798,259.
The stock was bought in the open market.
If the change in
capital is effected, the company will reduce its
treasury stock account
$62,040 and increase the capital surplus account
$1,438.
Stockholders further are to vote on a plan to
indemnify the officers and
directors of the company against
expenses reasonably incurred in
any
action, suit or proceedings to which they
may be a party by reason of being
officers or directors.—V. 151, p. 850.
1937
$531,703
$352,228
14,
Corp.—Director—To
proxy
Packing Co. (& Subs.)—Earnings—
and admin.
Sept.
Garden
Capital—
,
Years End. June 30—
Profit from operation
Square
an extra dividend of
50 cents per share in
quarterly dividend of 25 cents per share on the
class B
both payable Oct.
1 to holders of record
Sept. 20.
Like amounts
paid on July 1, April 1 and Jan.
2, last.
Extra of 25 cents was
paid
Oct. 2, 1939 and extras of 75
cents were paid in each of
the 8 preceding
quarters.—V. 150, p. 3830.
*
Assets—Cash, $322,761; accounts receivable (after reserves of
$12,000
for doubtful accounts,
allowances, &c.), $98,523; merchandise inventory,
$61,700; cash surrender value of insurance policies In officers'
lives, $203 313; other assets, $16,018; property, plant and
equipment (less reserve for
depreciation), $453,149; deferred charges, $28,429; total,
$1,183,894.
Liabilities—Accounts and expenses payable,
$24,443; reserve for Federal
income taxes, $24,204; reserve for
possible loss on purchase commitments,
$47,500; 7% cumulative preferred stock (par $100),
$90,800; common stock
(53,072 no par shares), $371,506; donated
surplus, $300; earned surplus,
$625,140; total, $1,183,894.—V. 149, p. 1921.
were
Massachusetts
on
_
McKeesport Tin Plate Corp.— Unit
Reai
Sold—
&
Insurance
Co.—Balance
estate
—
Corporation announced
on Sept. 9 that it has
sold the fixed assets and
Plate Division located at
McKeesport, Pennsylvania,
tojthe Jones & Laughlin Steel Corp.,
Pittsburgh, Pa.
goodwill of its
Bonding
Sheet June 30, 1940 —
Tin
Corporation will concentrate on the
operation and expansion of
the
National Can Division, which has can
manufacturing plants at Maspeth,
New York,
Baltimore, Maryland, Hamilton, Ohio, and
Boston, Mass.
It will also continue to
operate its
Lithographing Division now located at
McKeesport, Pa.—Y. 151, p. 1283.
Mortgage loans
real estate
on
Other loans
Bonds owned
—-
„.
Stocks owned
Cash and deposits
Premiums in course of collection
$2,782,199
230,500
159,933
8,129,333
11,410,658
2,264,155
2,866,010
Agents' balances (premiums)
Bills receivable
101,746
42,834
513,998
77,029
250,000
(net)
Other ledger assets
McKesson & Robbins, Inc.—Sales-—
Interest accrued
Preliminary figures just released by William J.
Wardall, trustee of
McKesson & Robbins,
Inc., disclosed an increase in sales of the
drugs and
sundries department of the
company for August of 4.01%.
Sales in this
department, largest division of the
company's operations, were $9,163,992
against $8,810,377 in August, 1939.
Sales
in
the
liquor department, according to the
preliminary figures,
$2,558,101 against $2,884,671, showing a
decrease of
10.70% for
August
were
over
total
sales
This resulted in McKesson's
$11,722,093 against $11,675,048 or an
Mr. Wardall announced that
total net sales for the
4.05%.
or
an
in¬
William J.
Wardall, trustee, issued Sept. 12 a statement
in correction of
published news report.
The trustee said:
(1) There is no thought of
resumption of service on the
$15,725,000 of
20-year 5H % convertible debentures now
outstanding. The present credit
rating of the company entitles it to a
lower interest rate and
more favorable
terms, and there is general
agreement among the committees
that the
reorganization plan should
provide for a new debenture issue
with terms
more favorable to
the company.
(2) There is no intention of
redeeming the $1,000,000 of 7% preference
stock of McKesson &
Robbins, Ltd. of Canada.
It is hoped that, in con¬
nection with the
reorganization, the claims of the Canadian
subsidiary
against McKesson & Robbins
will be settled; but these
issues are still a
matter of negotiation.
(3) The conjecture that the claims
a
a
total of
against directors and auditors will be
about $1,000,000 is
wholly unauthorized and is most
unfortunate at this state of the
proceeding.
(4) The trustee takes this
occasion to emphasize the
had from
cooperation he has
intervening committees. The statement In the
article that the
trustee was not
attempting to reach agreements with the committees in
regard to a plan of
reorganization is simply not true.
Since about April 1
of this
year, when 1939
earnings statements became available, the trustee
has been in
constant negotiation with
the committee as to a
tion plan.
reorganiza¬
(5)
The above comments indicate
that security holders should not
the news
accept
report as a correct reflection of
developments in the McKesson
& Bobbins
proceeding. The trustee has always adhered
to a policy of keep¬
ing security holders and other
interested parties
fully informed through
formal reports and
authorized statements.—V.
151,.p. 1283.
Magor Car Corp.
Years Ended June 30—
Profit from operations
Provision for deprec. of
Book value of stocks
Book value of bonds
1940
Net profit
to
1939
$386,177
$121,273
18,000
76,298
$78,738
18.000
18,246
18,000
9,134
$264,364
1,231,282
$85,027
1,201.298
1.189,972
$1,495,646
124,120
$1,286,325
8,498
46,545
$1,241,576
8,498
31,780
$1.363,028
$1,231,283
$1,201,298
.$7.86
$2.35
$1.32
\
27,515
_
..
--
Capital and surplus June 30
on
32,530 shs.
mon stock
(no par)
Earns, per share
8,498
com¬
Balance Sheet June
30, 1940
Assets—Cash, $223,113; marketable securities
(cost), $37,260; accounts
and notes
receivable, $292,178; cash surrender value of
life insurance policy,
$45,549; inventories, $422,652;
investments (Magor Car
Corp. capital stock
held in
treasury 1,500 shares common
(at cost)), $18,750; deferred
charges,
$11,407: patents and goodwill, $1; fixed
assets, $1,313,275; total, $2,364,186.
Liabilities—Accounts payable,
$87,310;
accrued wages,
$11,315; accrued
unemployment insurance and old age benefit
taxes, $10,609; reserve for
taxes, $76,298; taxes withheld,
$2,913; reserve for depreciation of
buildings,
machinery and equipment, $812,712;
7% preferred cumulative stock (par
$100), $121,400; common stock (32,530 no
par shares), $1,241,628;
total,
$2,364.186—Y. 151. P. 1284.
1,105,944
305,202
Total admitted assets
.$22,864,846
Liabilities—
Capital stock
_
$2,000,000
Surplus
3,414,669
Investigation expenses, &c
Unearned premiums
Salaries, rents, &c. payable
—
Estimated taxes payable
~
Commissions, &c_
1
Reinsurance unauthorized
-
Other liabilities
Total liabilities
—V. 146, P. 918.
_
Mathieson Alkali
A
new
„
1,250,000
8,299,893
192,500
6,383,153
142,905
481,505
543,292
61,508
95,420
.$22,864,846
,
Works, Inc.—Builds New Plant—
plant,
costing approximately $400,000, is being built by this
Niagara Falls, to produce sodium chlorite, the
newly developed
chemical that promises to have wide use in
the wood pulp, textile, aiftl other
company, at
industries.
Sodium chlorite,
through long known
as
a
laboratory chemical,
was dis¬
covered by the Mathieson research
organization to have special properties
that make it valuable for use in
many important industrial processes.
It will bleach kraft wood
pulp as white as book paper pulp without
weakening the fibers, which cannot be done with the use of
hypochlorite,
now
universally employed for bleaching this product. This makes
possible
the production of a paper that it much
stronger and whiter than anything
that could heretofore be produced.
In the textile field, it permits the
scouring and bleaching of cotton and
rayon in a single operation, instead of in two, and it
also makes possible the
simplification of other textile finishing operations.
Other industries, such as flour
milling, starch manufacturing, and straw
hat making, will also be benefitted
by the use of the new product.—•
May Department Stores Co.—$5,000,000 Loan—
The company has placed an issue of
$5,000,000 1?^% notes due 1941
1948, with the Irving Trust Co. and the National
City Bank, Cleveland.
Of the proceeds, $2,000,000 was used
to
indebtedness, while the balance
p. 3665; V. 151, p. 1435.
pay off
was
added to
previously incurred bank
working capital.—V. 150,
Merchants & Manufacturers Securities Co.—To
Issu&
$51,604
Total
Dividends paid, preferred stock
Common..
4,552,404
amortized value
to
officers and
Capital and surplus at June 30
over
$28,828,397
market value
Other assets not admitted
1938
ma¬
Provision for Federal income
taxes
Special compensation
employees
over
V. 151, p. 420.
-Earnings ■
buildings,
chinery and equipment
book value
Reserve for contingencies
Losses and claims unpaid
Trustee Corrects Nevis
Report—
settled for
over
Gross assets
Assets Not Admitted—
the comparable
period of 1939.
the month
being
for
increase of 0.40%.
eight months to Aug. 31 were
$97,469,699 against $93,67,3,952
of
crease
Market value of real estate
Debentures—
The company and the Domestic Finance
Corp. of Chicago filed with
on Sept.
13 a joint registration statement
covering $1,500,000 of
10-year AH% debentures due on Sept. 1, 1950, of Merchants and Manu¬
facturers Securities; 30,000
rights representing stock purchase warrants of
Merchants and Manufacturers
Securities attached to the debentures,
calling for 30,000 shares of common stock of Domestic Finance owned by
Merchants and Manufacturers Securities and the
30,000 shares of common
the SEC
stock of Domestic Finance to be issued
by exercise of such purchase warrants.
Domestic Finance is a wholly owned
subsidiary of Merchants and Manu¬
facturers Securities.
The debentures, with the warrants attached, are to be
offered to the
public at 101, by Smith, Burris & Co. of
Chicago and New York.
The
price to the underwriters is 95 M.
Net proceeds from sale of the first
$450,000 of debentures will be used
together with other funds of Merchants and Manufacturers
Securities,
to retire a bank loan of $450,000 of the
companies.
Net proceeds from the
remaining $1,050,000 of debentures will be used by Merchants and Manu¬
facturers Securities to purchase not to exceed
100,000 shares of unissued
,
_
,
_
,
x
_
,
common stock of Domestic Finance
Corp. at $10 per share.
The addi¬
tional capital thus afforded will be used
by Domestic Finance for working
capital.—V. 150, p. 3053.
Volume
The Commercial
151
Midland Oil Corp .—Accumulated
Stock Offered—
Inc.—Preferred
Public offering was made Sept.. 13 of 35,000 shares of $1.50
dividend cumulative convertible preferred stock by an under¬
headed by J. G. White & Co., Inc.
The stock
share.
Other members of the underwrit¬
ing group are: Bond & Goodwin, Inc.; Baker, Simonds &
Co.; Kirchofer & Arnold, Inc.; McAlister, Smith & Pate,
Inc.; G. H. Crawford Co., Inc.; Milhous, Gaines & Mayes,
Inc.; S. K. Cunningham & Co., Inc.; Clement A. Evans &
Co.; Frost, Read & Co., Inc.; Johnston, Lemon & Co.;
Kinloch, Huger & Co.; Southgate & Co., and James Conner
writing
group
is priced at $25 per
& Co., Inc.
Each share of the
new
pref. is convertible into five
shares of common
protecting against
any time upon 30
days' notice at 826.50 per share, plus accumulated unpaid dividends.
Dividends payable Q-M 15.
Pref. stock has equal voting power with
stock of the company subject to customary provisions
dilution.
The pref. is also subject to redemption at
the common, share
for share.
History and Business—Company was organized in Michigan July 27,
1933.
Its original distillation unit was completed in July, 1934.
By
September, 1935, the company had added to its topping plant and now
has a through-put capacity of 3,000 barrels of crude oil a day.
In June,
1936, the company acquired its present pipe line and in January, 1939,
leased the plant of Northern Refineries, Inc., at Alma.
This latter plant
has a topping capacity of 1,500 barrels per day.
In May, 1939, the company completed and placed in operation a new
Dubbs cracking unit designed by Universal Oil Products Co. and con¬
structed by Frick-Reid Supply Corp. at Alma, Mich., enabling it to convert
its still bottoms into a percentage of high octane gasoline and cracked fuel oil.
At the same time other additions were made to the plant, including a unit
Company has recently contracted with
its own refinery at Alma,
will increase its cracking capacity to approximately 1,900
barrels a day and it is expected that this unit will be in operation in
November, 1940.
On July 26, 1940, the company's stockholders approved an agreement
of merger with Imperial Refining Co.
Imperial (the immediate predecessor
to the present company) was incorporated in March, 1939, as the Enterprise
Refining Co.
At that time it acquired the business and assets subject
to the liabilities of Imperial
Refining Co. (Mich.), which owned and
operated a distillation unit with a through-put capacity of approximately
2,000 barrels a day, now designated "Imperial Plant No. 1."
In May,
1939, Grand River Oil Co. (Mich.) was consolidated with Imperial and
the resulting corporation completed the construction of the present pipe
line and gathering system to serve the Walker-Wyoming Oil Field.
In December, 1939, Imperial completed and placed in operation a new
modern distillation unit constructed by Frick-Reid Supply Corp. at Grandville, Mich., which is designated "Imperial Plant No. 2.
This plant has
a daily through-put capacity of approximately 4,800 barrels.
Imperial has recently contracted with Frick-Reid Supply Corp. to
construct a new Dubbs cracking unit at "Plant No. 2" having a capacity
of 2,000 barrels a day, subject to an overload of 20%.
It is expected
that this unit will be in operation in January, 1941.
Mid-West is authorized by its charter to engage in all branches of the
petroleum business.
It presently operates two refineries at Alma, Mich,
one of which it owns and one of which it leases.
Crude oil is purchased
for
catalytic
Union
and
share on account of
accumulations on the $2 cum. con v. preference stock, no par value, payable
Oct. 15 to holders of record Sept. 30.
Same amount was paid on July 15,
April 20, Jan. 20, last, and on June 20, 1938.—V. 150, p. 3832.
Refineries,
polymerization.
Frick-Reid Corp. to construct a reforming unit at
by the company from Pure Oil Co. at its Campbell Station in the PorterYost Field, Midland County, Mich., whence it is transported through the
company's own pipe line a distance of about 14 miles to the refinery at
Alma.
Here the crude is refined through a topping plant and a Dubbs
cracking unit.
The resultant products include gasoline, kerosene, distillates
(including fuel oil, Diesel engine oil and gas oil), and industrial fuel oil.
Company leases the plant of Northern Refineries, Inc., which is also
located at Alma.
This plant consists of a topping unit.
Here the company
refines crude which its transports from the Walker-Wyoming Field at
Grand Rapids.
All of the output of the Northern Refineries plant is
either sold by the company or used in its refinery for blending purposes.
During the fiscal year ended June 30, 1940, the products sold by the
company
were
approximately 48% gasoline, 31% distillates (fuel oil,
diesel engine oil and gas oil), 12% fuel oils and 9% naphtha.
Sales are
made to wholesalers including certain of the major oil companies, jobbers,
independent retailers and in some cases direct to certain consumers for
own
The combined capacity of the company and Imperial immediately after
merger will be about 11,300 barrels daily through-put capacity in
topping stills and about 1,200 barrels of cracking capacity; the company
and Imperial have contracted for additional cracking capacity, of approxi¬
mately 500 barrels at Alma and 2,000 barrels at Imperial's Grandville
plant, both units being capable of a 20% overload.
This topping capacity
includes the plant of Northern Refineries, Inc., which, in the opinion of
the management of the company, has a through-put capacity of 1,500
barrels per day, and which is operated in conjunction with the company's
plant at such times and at such capacity as.the management believes will
be profitable.
For the seven months period
total through-put at the Northern Refineries
ended July 31, 1940, the
267,996 barrels.
plant was
Upon completion of installation of these units, the company will be the
largest independent refiner in the State of Michigan.
Neither the company
nor Imperial owns or leases any oil producing properties.
Their immediate
source of crude oil has been from certain oil fields in the State of Michigan.
a
Capitalization—
$1.50 div. cum. conv.
Common stock ($1 par)
To Be
Outstanding
35,000 shs.
Authorized
pref. stock ($25 par)— 50,000 shs.
b535,000 shs.
Upon completion of the merger with Imperial Refining Co. and sale
of the pref. stock offered,
b 140,000 shares of the common stock are
being used in exchange for all of the pref. stock and all of the common
stock of Imperial Refining Co.
In addition thereto 175,000 shares are
being reserved for the conversion of the $1.50 dividend cum. conv. pref.
stock, but these 175,000 shares are not included in the 535,000 shares to
.800,000 shs.
a
be
outstanding.
Earnings—The following is a summary of the net sales and net income,
for income taxes, of Mid-West and Imperial for the fiscal
after provision
years
ended June 30:
Combined
Mid-West
Imperial
Net Income
1938
'
$42,370
$42,370
1939
a26,591
b87,911
114,502
1940
c5,589,417
dl27.803
e220,478
348,281
Three months only,
b Company's cracking unit at Alma started
operations on May 18, 1939, therefore was in operation during only six
weeks of the fiscal year,
c Includes $618,471 purchased by Mid-West
from Imperial,
d Imperial's Plant No. 2 in operation from December.
1939, or only six months of this period,
e First full year of operation of
Total Sales
$1,450,169
1,981,081
Year—
Net Income
Net Income
-
a
the cracking unit at
Alma.
Underwriting—The principal
commitment to purchase
underwriters have severally made a firm
from the company the
respective number of shares
set forth as follows;
J. G. White & Co., N. Y. City, 12,000
Goodwin, Inc., N. Y. City, 5,000 shs.; Kirchofer & Arnold,
Inc
Raleigh, N. C., 5,000 shs.; G. H. Crawford Co., Inc., Columbia,
S
C., 2.000 shs.; McAlister, Smith & Pate, Inc., Greenville, S. C., 2,000
shs.; Milhous, Gaines & Mayes, Inc., Atlanta, Ga., 1,500 shs.; Baker,
Simonds & Co., Detroit. Mich., 1.000 shs.; S. K. Cunningham & Co., Inc..
Pittsburgh, Pa., 1,000 shs.; Clement A. Evans & Co., Atlanta, Ga., 1,000
shs • Frost, Read & Co., Inc., Charleston, S. C., 1,000 shs.; Johnston,
Lemon & Co., Washington, D. C., 1,000 shs.; Kinloch, Huger & Co.,
Charleston, S. C., 1,000 shs.; Southgate & Co., Boston, Mass., 1,000 shs.;
James Conner & Co., Inc., Charleston, S. C., 500 shs.
of pref. stock
shs • Bond &
Purpose—Net proceeds after deducting estimated expenses in connection
the registration and sale of these securities will be $718,750, which
(or to reimburse the treasury for payments made
thereon subsequent to June 30, 1940) certain obligations of Imperial Re¬
fining Co., the amount of which as of June 30, 1940, was as
r
with
will be used to prepay
follows:
$64,803
for inventory
unsecured
1940, to B. J. Skinner, for general
32,500
and general corporate purposes,
Note
31,
Dec.
payable
corporate purposes
Notes payable (trade to
Balance
due
to
creditors)
various trade
Industrial Electric Co. on
Clement
30,000
30,039
purchase
1,440
of transformers
5% 1st mtge. notes due April 1, 1944, $37,920 held for
of J. G. White & Co., Inc., and $25,280 held for
of Wallace Gilroy
account
account
63,200
5,400
109
-
Lenoran Petroleum Co
Frick-Reid Supply Corp.
Gas purchase contract to
6% 1st mtge. notes to
by B. J. Skinner)
(guaranteed
4,351
386,689
above items
working capital
Balance Sheet June 30, 1940
Accrued interest at June 30, 1940, on
Balance to provide additional
Pro Forma
authorized capital stock to
of $1.50 div.
of
stock
Imperial (par $10);
fAfter giving effect to (a) increase in the
800,000 shares of common stock (par $1) and 50,000 shares
cum. conv. pref. stock (par $25); issuance of 15,000 shares
common
in exchange for the 4,450 shares of cum. pref. stock of
issuance of 125,000 shares of common stock in exchange for
of common stock of Imperial (par $1); acquisition of all properties
assets of Imperial, and cessation of separate existence
financing provided for by an underwriting agreement.]
11,700 shares
and
of Imperial; (b)
Liabilities-
Assets
$461,722
Cash
Deposit for payment of crude
Receivables
Inventories
Advances on crude oil
Investments
—
plant & equipment
(less depreciation reserve). _
Property,
Prepaid exps. & def'd charges.
Accounts
886,723
Current
41,920
205,361
$2,079,504
Total
1435.
(I.) Miller Sons Co., Inc.
Earnings for the 14
(& Subs.)—Earnings—
Months Ended April
3 J, 1940
Cost of sales
Gross profit
Administrative, store
operating, general
and selling expenses..
Operating profit
Other income
Total income
Other deductions
Net profit from
operations before special credit
set up in prior periods
Cancellation of excess reserve
profit before special
come
*
surplus
Earned
Net sales
Net
2.500
5,000
875,000
535,000
175,564
.$2,079,503
Total
-Y. 151, p.
$247,600
167,122
payable—trade
Accrued liabilities
Instalment on land
contract payable
234,154
277,735 Land contract payable
11,851 Preferred stock (par $25)
...
17,589 Common stock (par $1)
Capital (paid-in) surplus
2.
14,167
oil purchases
deductions and
taxes
in subsidiary company.
Net profit
$8,779,460
6,801,592
$1,977,869
1,877,925
$99,943
65,390
$165,333
156,245
$9,089
26,610
provision for Federal in¬
$35,699
14,948
2,288
stockholders' interest
385
$18,078
operations amounted to $126,475.
Liquidation expenses (closed plant)
Provision for Federal income taxes
Share of net profit applicable to minority
Note—Depreciation charged to
Consolidated Balance Sheet
;
April 30, 1940
for discounts
affiliated company,
merchandise inventories,
assets, $112,636; fixed
$121,429; goodwill, $1;
Liabilities—Notes payable, $725,000; accounts payable, $206,627: sundry
accounts payable and accrued expenses, $162,235; reserve for Federal in¬
taxes, $2,288; minority stockholders' interest in I. Miller & Sons,
Inc., $52,037; 8% cumulative preferred capital stock (par $50), $1,066,500;
common capital stock ($5 par), $542,060; capital surplus, $251,311; earned
Assets—Cash, $233,008; accounts receivable (less reserve
and doubtful accounts of $57,531), $898,460; due from
sundry accounts receivable, $16,480:
$1,331,020; merchandise in transit, $5,839; other
assets (less reserves), $883,393; deferred charges,
total, $3,653,072.
$50,806;
come
surplus.
use.
the
Michigan
of
Bank
inventories secured by pledge of inventories
Short-term bank loan:
Union Bank of Michigan
Mich., which
their
& Savings Bank (83 1-3%)
(16 2-3%) for purchase of
Short term bank loans: Harris Trust
Dividend—
Directors have declared a dividend of 25 cents per
Mid-West
1579
& Financial Chronicle
$645,013; total,
Minnesota &
$3,653,072.—V. 146, p. 1247.
Ontario Paper Co.—Reorganization—
the important developments in the proceedings
for
filed with
reorgani¬
by the
(C. T. Jaffray,
amended plan
with the
trustees'
it to be
mail to all
creditors of the company:
(a) Trustees' amended plan of reorganization,
dated July 16, 1940, and a summary thereof; (b) order of the court; (c) sum¬
of the advisory report of the Securities and Exchange Commission;
and (d) appropriate instructions to creditors regarding the filing of accept¬
The following are
reorganization of the company:
(1) On June 24, 1940 the Securities and Exchange Commission
the U. S. District Court its advisory report on proposed plans of
zation of the company and on amendments to the plans suggested
bondholders' committee and others.
(2) On July 16, 1940 the trustees of the company
R. H. M. Robinson and S. H. Archer) filed with the court an
of reorganization, incorporating certain amendments conforming
recommendations of the Securities and Exchange Commission.
(3) On Aug. 14, 1940 the court entered an order approving
amended plan of reorganization, dated July 16, 1940, and finding
fair and equitable, and feasible.
(4) In the same order, the court directed the trustees to
mary
trustees' amended plan of reorganization.
Terms oj Amended Plan oj Reorganization
The plan proposes that a new corporation will acquire all of
Minnesota & Ontario Paper Co. and will issue the following new
ances
of the
the assets of
securities:
bonds due Jan. 1,
$12,200,000 first and-collateral mortgage 5% income
1960 and 1,344,544 shares of common stock.
All of the new bonds and 72.59%, or 976,000 shares, of the common
are to be distributed to holders of the old first mortgage
stock
The
and to
claims
for issuance
preferred
bonds.
stock will be distributed to unsecured creditors
certain creditors of subsidiary companies upon acquisition of their
by the reorganized company.
No provision is made in the plan
or any new securities of any character to the holders of the old
stock and common stock.
!* What Bondholders Will Receive
remaining common
Under the plan
or
the holder of a
C, will receive a
$1,000 first mortgage
$500 first and collateral mortgage
bond, series A, B,
income bond
and 40
A bond
series O
from
1930, in the
series B
series
and will
be paid
new
Interest wili
be cumulative, but accumulations of interest shall not bear interest.
Ad
unpaid interest will become absolutely due and payable at maturity. Prin¬
cipal and interest will be payable in United States funds.
The
bonds will be redeemable at 100 plus all unpaid interest accrued
thereon to the redemption date; and will be secured fey a closed first and
collateral mortgage which shall be a first lien on all of the fixed properties
of the new company and will also be secured by the pledge of certain securi¬
ties.
Provision is made for the creation of a sinking fund, moneys from
which shall be used to pay Interest on or to retire the new bonds.
Among
other provisions of the mortgage are restrictionsIupon the declaration of
stock. In addition, the holder of a $1,000 series
will receive a cash payment of $7.50 and the holder of a $1,000
bond will receive a cash payment of $5, as adjustments of interest
Oct. 1, 1930, in the case of series A bonds, and from Nov. 1,
case of series C bonds, to Jan. 1, 1931 the date to which interest on
bonds was paid.
Holders of $100 and $500 bonds of the respective
will be treated on the same relative basis.
The new bonds will be dated and bear interest from Jan. 1, 1940;
be coupon bonds registersble as to principal only.
5% interest will
annually to the extent earned and subject to the provisions of the
mortgage on May 1 of each year beginning with May 1, 1941.
shares of common
new
the new stock.
bondholders' committee, will
cash dividends upon
The
behalf of all bonds on
of the plan on
of Sept. 10, 1940.
file its acceptance
deposit with the committee as
1580
The
Commercial & Financial Chronicle
excepting only any bonds the depositors of which may dissent from
the plan.
The members of the committee are:
Frank K. Shrader,
Chairman,
A. D. Cobban, Charles S.
Garland, Frank M. Gordon, Ii. P.
Matthiessen,
William A. Smart, Henry D.
Thrall, and R. S. Waldie with Harry R.
Mosser, Sec., 209 So, La Salle St.,
Chicago.
Counsel, Winston, Strawn
& Shaw,
Chicago.
Depositaries are:
National
Bank
&
Toronto,
Ont.,
co-depositaries.
First National Bank, Chicago, with
Northwestern
Co., Minneapolis, National Trust Co.,
Ltd.,
Central Hanover Bank & Trust Co., New
Trust
and
Noteholders1
The
x
Years End. June 30—
profit
Protective
Committee
Recommends
8hs.com.stk.out.(no par)
Earnings per share
meeting of the board of directors held Sept. 9, the directors
declared
a dividend of $1
per share on the common stock of the
company, payable
Oct. 15, 3940 to stockholders of record at the
close of business on
Sept. 30,
1940.
Like amounts were paid on
April 15 last and on Oct. 16, 1939.—
Y. 151, p. 1284.
of record
in
the
ratio
of four-tenths of a new
distribution will be made Sept. 30 to
holders
Sept. 20.
York
Curb
Exchange has approved
Monroe Coal
$20,735.—V. 150,
p.
Montgomery Ward & Co., Inc. C&Subs.)—Earnings —
1939
1938
1937
$228,713,417 $208556,790 $182534,888 $195746,755
.
Cost of goods sold, sell.
& other than inc.
taxes2l3,366,694 193,734,951 174,601,596 181,760,910
Deprec. of fixed
props_
of leasehold im¬
1,513,401
1,540,546
1,606,368
178,457
149,715
Net operating
profit„$13,640,396
Other income (net)
$13,102,835
112,973
34,057
Net profit before prov.
for inc. taxes
$13,674,453
Prov. for Fed. & State
income taxes
Net profit
Divs. on class A stock—
Divs. on common stock.
Earns.persh.on
$6,177,209 $12,194,823
87,317
154,821
$6,264,526
$12,3^9,644
2,900,000
1,080,000
2,300,000
45,000
1,000,000
$10,274,453 $10,315,808
$5,139,526
705,439
3,912,860
$0.85
3,400,000
705,439
5,217,147
$1.83
common
705,439
2,608,574
$1.84
Includes third quarter dividend.
x
12,035,047
1939
$
Operating
Operating
Cash
$9,049,644
x7,813,218
$1.60
Receivables
84,545,789
Inventories
97,531,648
Invest, in mtges.
&c.
expenses,
real est., &c..
4,381,959
5,683,691
Prepd. costs, <fcc.
Reserves-
7,268,751
7,180,626
Earned surplus
z
After depreciation
of
expenses
shares
no
of
common
_
17,205,091
1,130,978
14,672,318
65,315,739
52,800,194
stock,
z
par.
Total
—V.151,
p.
1284.
Gross income
'
$6,127,858
Int. to public & other
deductions
2,637,023
Int. charged to construe.
Cr5,855
1,405,802
Pref. divs. to public
Portion applicable to mi¬
nority interests
a
a
Net
6,091,924
7,345.000
$26,282,995
1,937
7.024
Dr252,677
Represented by 3,446 shares class A
par
stock
$5,443,897 $26,898,125 $26,269,511
2,941,385
10,769.941
Cr2,963
017,407
1,468,098
5,623,206
87
711
$10,522,298
$8,660,843
$2,090,868
32,629
$1,037,321 $10,522,298
30,362
102,085
$8,660,843
$2,123,497
143,886
253,201
$1,067,683
102,453
252,481
450,770
1,021,243
$1,726,410
Nat. Pole. <fe Lt. Co.—
Net equity
Other income
56
$1,037,321
Total
$712,749
$0.05
$9,152,370
(&'Subs.)—Earnings —
"1940
Earnings per share on 90.135 shares of
149, p. 1624.1
—V.
1939
[$260,309
com.
$283,896
$2.33
ft *.$2.60
stock.
Motor Wheel
Corp.—New Vice-President—
John E. Garlent has
been elected Executive
Vice-President of this company, effective
immediately. Mr. Garlent will continue to serve as VicePresident In charge of
manufacturing.
Earnings for 6 Months'Ended
June 30^
19401
Net income
Earnings per
common
Dividend—
$1
T
-
Mount Diablo Oil
1939
$1,182,506
share
—V. 151. p. 993.
97.745
Expenses, incl. taxes
Int. & other deductions.
$Toj524^383 "$8,758,588
366.330
1.162,679
Bal. carried to consol.
earned surplus
Earns, per sh. of com.stk.
Of National
a
$0.23
Power &
$1.36
$7,229,579
$1.01
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.
Period Ended July 31—
Income from subsidiaries:
Consolidated
1940—3 Mos.—1939
Expenses, incl. taxes
$1,958,594
30,362
$5,682,203
$1,663,080
143,886
Total income
Net oper. income
Int. and other deductions
from income
$1,988,956
102,453
$5,784,288
450,770
$6,616,210
$1,519,194
$1,886,503
$5,333,518
$6,249,880
102,085
$700,266
39
$0 82
™
*
Mining &]JDevelopment*Co.—Extra
Directors have
declared an extra dividend of one
cent per share in addition
the regular
quarterly dividend of like amount on the
common stock,
both payable Dec. 2 to
holders of record Nov. 15.—V.
149, p. 1769.
$6,518,465
97.745
366,330
253,201
252,481
1,021,243
1,162.679
$1,265,993
Net income
Earns.per sh.of
1940—12 Mos.—1939
$1,630,451
32,629
Other.
$1,634,022
$0.22
"$4,312,275
$5,087,201
$0.48
$0.62
com .stk.
$0.15
—V. 151, p. 1150.
Co.—Earnings—.
Earnings for Year Ended
March 31, 1940.
Gross profit from sales
$1,538,814
1,271,952
expenses
Corp., Ltd.—50-Cent Dividend—
6 Months Ended June 30—
Net income after all
charges..
11,617.581
09,442
5.999,818
20
National Radiator
Directors have declared a dividend
of 50 cents per share on the
common
stock, payable Oct. 1 to holders of record
Sept. 10.
Previously regular
quarterly dividends of 40 cents per share were
distributed.
Current declar¬
ation is payable in U. S.
funds.—V. 149, p. 3722.
Motor Finance
Corp.
1,602
$5,404,557 $26,775,425 $26,284,597
101,385
141,103
265,980
62,045
18,403
281,066
$2,090,868
equity
Operating
Moore
55,341
12,620
256,007,015 240.239.046
1940—Month—1939
1940—7 Mos.—1939
$42,691,853 $38,998,205 $284141,934
$258363,544
__
1,954,095
$5,402,620 $26,768,401
1,351
income....T67o85Tl37
Other income.
Other income deductions
Sales for Month and 7 Months
Ended Aug. 31
Sales.
1,713,511
1,106,172
1940 and $26,650,6l3'Tn~1939".
shares of $7 class A and
5,217,147 no
no par
1940—12 Mos.—1939
re¬
appropriations..
Operating
com¬
Subs.1)—Earnings—
1940—3 Mos.—1939
revenues..."$6,083,786
$28,810,948 in
Represented by 205,000
y
$
Treasury stock Dr252,677
JTotal.. v . ..256,007,015 240,239,046
x
..12,035,047 12,166.780
Statement of Income (Company Only)
1939
$
Liabilities—
47,849,190 y Capital stock.149,288,340 149,288,340
21,677,295 Accts. payable- 20,548,417
19,949,124
68,317,201 Due customers2,771,126
2,675,575
89,531,043 Accrued
taxes,
12,965,426
Total
$18,915,662 $18,848,501 $76,457,603 $82,043,574
9,288,308
9,260,640
37,004,438
38,447,836
1,830,057
2,231,146
6,592,84 0
9,967.743
revenues
Net oper.
Rent from lease of plants
xl .058,159
1940
S
xLand, pl'ts, &c. 49,313,442
120,381
5,827,999
1,609,681
12,166,780
National Power & Light Co.
Period Ended July 31—
Subsidiaries
Consolidated Balance Sheet July 31
1940
A ssets—
Surplus
.
$13,215,808
Prov. for Fed. surtax on
undistributed profits.
134,781
5,682,121
129,588
Represented by 57,133 shares preferred stock and 63,034 shares
stock,
y Includes notes.—V. 149, p. 1769.
x
124,014
provements
163.092
Accounts payableReserve for taxes__
876.054
trade-marks, &c. 1,609,681
Total
1,667,008
192,926
Amort,
162,828
2,635,938
2,275,608
%
1605: V. 139, p. 1715.
1940
S
6,055,309
and
(net)
Mining Co.—Tenders—
The Fidelity-Philadelphia Trust
Co,, Philadelphia, Pa., will until 12
o'clock noon, Sept. 20 receive bids for the
sale to it of sufficient first
mortgage
6% bonds, due Aug. 1, 1947 to exhaust the sum of
6 Mas. End. July 31—
Net sales
$
6,055,309
the
application of the
additional unissued (no
par) common
Issuance.—V. 151, p. 1436.
1939
Liabilities—
Capital stock
x
1,549
rights
Property retirement
company for the listing of 60,000
shares upon official notice of
63,371
$4.42
1940
$
4,639.911
989,770
Patent
serve
New
1939
Direct taxes
New Stock Listed—
The
Nil
(S
Phys. properties.. 4,492,639
Merchandise
2,768,805
y Accts. receivable 2,172,602
Sept. 10 approved an increase in the number of
authorized
shares to 250,000 shares from
200,000 (no par),
Wendell E. Whipp, President, states that
60,000 of the unissued shares
be allotted to present holders
share for each share held.
The
Nil
Comparative Balance Sheet June 30
on
will
1937
$853,879
403,676
190,110
mon
Monarch Machine Tool Co.—Stock Increased—
Stockholders
1938
$100,338
402,435
221,290
63,034
1940
Securities
a
1939
$284,938
401,055
110,303
63,034
After providing for taxes and
depreciation.
x
Cash
Missouri Gas & Electric Service Co.—Common
Div.—
At
(& Subs.)—Earnings-
Nil
dividends
Common dividends
A
protective committee (Serge Semenenko,
Chairman)
recommends the acceptance of the
reorganization plan.
Acceptances should
be filed before Oct. 25, 1940—V.
151, p. 1149.
1940
1940
Preferred
Acceptance
noteholders'
14.
$332,844
399,924
78,791
63,034
Net
York,
of Plan—
Sept.
National Casket Co., Inc.
Operating profit
Other income
$266,861
13,360
Total.
$280,221
72,460
22,872
Deductions from income
'
Losses of wholly-owned subsidiaries
Net
income
Earnings
$184,889
per common share
$1.21
Note—Allowances for depreciation
amounting to $243,102.54 have been
deducted in the above statement of income.
Balance Sheet March 31, 1940
Assets—Gash, $237,054: accounts receivable, trade (less
allowance for
$48,204), $376,785; inventories, $1,697,870; due from
losses and claims of
closed banks (less allowances for
loss), $10,908; mortgage
investments in and advances to
receivable. $4,000;
wholly-owned subsidiaries (less advances
payable of $49,000), $55,271;
property, plant and equipment Oess allow¬
for depreciation from March
18, 1938 of $470,554), $2,444,180;
prepaid expenses and deferred
charges, $120,599; total, $4,946,668.
Liabilities—Notes payable, banks,
$250,000; acceptances payable to
bank, $79,136: accounts payaole
(trade), 81,731; customers' credit balances,
,442; accrued liabilities, $106,961; common stock
(par $10), $1,531,900;
capital surplus, $2,683,867; earned
surplus since June 1, 1939, $209,629;
total, $4,946,668.—V. 151. p. 1150.
ances
to
(G.rC.)rMurphy"Co. —Sales—
Period End. Aug. 31—
fc
1940—Month—1939
S4'3™'™4
taowratio-n
*1940^8 Mos.—1939 1
$30,904,810 $27,022.55?
$3,468,740
202
—V. 151, p. 852.
Nachman
200
Springfilled Corp. —25-Cent Dividend—
Directors have declared
'
a dividend of
25 cents per share on the common
holders of record
Sept. 20.
This compares with
June 29. last and 25
cents paid on April
2, last.—V. 150,
Payable Oct
62^ cents paid
p.3982
National
on
1
to
Broadcasting Co.'—New
Bertram Cutler has been
elected
ofthe Board
p.
9;
®gner
1436.
a
was elected
a
Director—
recent regular monthly meeting
Vice-President
the year
Executive officers' salar'
Directors' fees and exps.
Legal fees.
of the company.—V.
151,
on
Interest
6 Months Ended June 30—
Sales
—V.
1Q40
149,
p.
1769.
iqqq
■
.
Net income after all charges..
Earnings per share on 84,825 shares.
$395,537
II I
$321,239
20 334
10 658
$0 24
$0 13
>U1
*
*
1938
$1,681,498
sale of invest..
on
notes
receiv,
Prov.
7,606
$995,382
25,422
1937
$374,452
62,051
3,645
2,775
10,489
6,206
$1,588,101
8,339
2,000
251
$302,300
9,554
"2", 589
571
"""539
$1,023,394
$1,599,011
$312,393
111,399
Dominion
tax
Net profit
Dividends
Including
b Equivalent
a
share in 1939.
921,065
151,999
113,784
105,826
54,103
7,511
al75,000
amortiz.
318,853
728
for
al35,462
225,000
32,500
of
special equipment
Dominion inc. tax paid
years
for
3,568
76,400
3,733
$1,878,378
deprec. of
bld'gs., plant & mach
come
.—Earnings—
1939
$1,082,957
76,400
Profit.
$1,864,817
Income from investments
13,561
Profit
Prov.
National Brush Co
Corp., Ltd.—Earnings—
1940
$1,957,045
77,733
3,675
10,819
Interest charges
Profit...
Provision for
director of this
company, Niles Tram-
ann0unce(* following the
National Steel Car
Years End. June 30—
Oper. profit for
in¬
b$463,460
b$630,106
$1,205,396
$160,983
351,000
305,500
260,000
Provincial taxes and also excess
profits taxes in 1940.
to $2.64 per share of
capital stock in 1940 and $3.59 per
Volume
The Commercial & Financial Chronicle
151
Balance Sheet June 30, 1940
New Mexico Gas Co.—Dividends—
Assets—Cash, $209,174; investment in bonds, $52,537; accounts receiv¬
able, $1,438,428; cash surrender value of life insurance policy, $179,500;
inventories, $3,321,861; investment in shares of Canadian Associated Air¬
craft, Ltd., $166,700: prepaid taxes, insurance, &c., $40,226; patents and
goodwill, $1; land, $396,588; buildings, machinery and equipment, $8,226,970; total, $14,031,985.
Liabilities—Bank loan (secured), $775,000; accounts payable, $1,287,104;
accrued wages, &c., $84,080; reserve for taxes, $260,775; dividend payable,
$87,750; reserve for depreciation of buildings, machinery and equipment,
$3,954,825; capital stock (175,500 no par shares), $5,092,500; capital
surplus, $17,826; earned surplus, $2,472,123; total, $14,031,985.—V. 149,
p. 1923.
National Steel Corp.— To Pay 75-Cent
Dividend—
Directors on Sept. 9 declared a dividend of 75 cents per share on the
stock, par $25, payable Sept. 30 to holders of record Sept. 20.
This compares with 50 cents paid on June 29 and March 30 last, and on
Dec. 21, 1939; 40 cents paid in the three preceding quarters; dividends of
25 cents paid in each of the four quarters of 1938 and. previously regular
common
quarterly divs. of 62^ cents per share were distributed.
In addition, an
extra dividend of 50 cents per share was paid on Dec. 24 and Sept. 30, 1937;
an extra of $1
per share was paid on Dec. 31, 1936.—V. 151, p. 994.
National Supply
Co.—Obituary—
John McAlmont Wilson, 64, Chairman of the Board died on Sept. 8.—V.
p. 853.
151,
National Union Radio Corp. (&
Years End. April 30—
1940
Gross profit.—.
Sell., adm. & gen. exps.
Interest
$468,253
358,419
22,083
67,398
7,218
Depreciation.
Exps. of n on-oper. prop.
Loss on machinery sold
or scrapped
Special charge..
1938
$422,958
392,194
16,233
69,743
-
24,173
51,007
3,090
8,551
Normal tax
Surtax on undist. profits
1937
$626,196
435,268
14,464
71,804
15,495
70,538
8,304
1,924
36,935
....
Net
x
.
...
profit..
Loss.
x$224,775
$1,494
x$96,131
Directors of this company, a part of the Southern Union Gas Co. system,
have changed the dividend payment dates on the company's 6% cumul.
conv. pref. stock from May 15 and Nov. 15 to March 15 and Sept. 15, and
have declared a dividend of $1 per share on this stock for the period from
May 15 to Sept. 15, 1940.
A dividend of 20 cents per share was declared
the common stocK, both dividends payable Sept. 16 to holders of record
Sept. 9.—V. 151, P. 1285.
on
New York & Honduras
Directors have declared an interim dividend of 75 pents per share on
the capital stock, par $10, payable Sept. 28 to holders of record Sept. 18.
Like amount was paid on June 29 and March 20 last , one of $1.25 was
paid
Dec. 29, 1939, and $1 paid on Sept. 30, June 30, and March 25,
on
—V.
1939
151, p. 708.
New York Westchester & Boston Ry.—Bondholders to
Get Less Than 10 Cents on Dollar—
Bondholders of company will receive less than 10 cents on the dollar,
according to an opinion handed down Sept. 5 by Federal Judge John O.
Knox.
The court awarded a total of $106,440 in interim allowances to
attorneys and others who had requested a total of $312,21* for services
rendered in the administration of the road's receivership.—V. 150, p. 2891.
Directors have declared a dividend of 90 cents per share on the common
stock, payable Sept. 30 to holders of record Sept. 17.
This compares
with 60 cents paid on June 29 and on March 30 last; extra of 90 cents and
quarterly of 60 cents paid on Dec. 28,1939; stock dividend of 25% and cash
dividend of 70 cents paid on Sept. 30, 1939; div. of 40 cents paid on June 30
and
on
March 31,1939, and dividends of 25 cents per share
three months periods.—V. 151, p
5,697
45,476
3,500
4,500
$47,548
'
.
Rosario Mining Co.—Interim
Dividend—
Noblitt-Sparks Industries, Inc.-—90-Cent Dividend—
Subs.)—Earnings—
1939
$370,380
425,637
1581
Consolidated Balance Sheet April 30, 1940
paid in preceding
996.
North-American Elevators, Ltd.
—Earnings —
Earnings for the Year Ended April 30, 1940
Earnings from elevation, shovelling, storage & other charges..
Sorel elevator operating
Generaland administrative
$256,611
98,954
16,178
10,000
802
—
......
Executive salaries
—
—
Legal expenses
Assets—Cash on hand and in banks, $58,304; cash collateral account,
$47,799; accounts, notes and foreign drafts (net), $305,812; merchandise
inventories, $582,898: real estate not used in the business, $18,000; fixed
assets (net), $667,987; mutual insurance deposit
(pledged), $5,550; un¬
expired insurance, factory supplies, advertising materials, &c., $28,071;
goodwill contracts and license, $1; total, $1,714,422.
Liabilities—Note payable (bank) $175,O0O; note payable, bank (accounts
receivable pledged
as
collateral—contra),
$80,187; accounts payable,
$150,315; accrued taxes, $52,873; accrued royalties, wages, interest, &c.,
$59,370; mortgage note payable—RFC, $110,754; mortgage note payable,
RFC, (due Aug. 1,1941), $76,000; real estate mortg's., $75,500; accr. mutual
insurance premiums, $5,550; reserve for Federal taxes, $5,596; reserve for
tube and condenser replacements and sales permiums, $47,865; convertible
preferred stock ($1 par), $25,0000; common stock ($1 par), $463,953; surplus
$161,457; total, $1,714,422.—V. 151, p. 250.
Directors'fees and expenses
Interest
on
555
—
33,447
bonds and loans
Depreciation
—...
64,478
11,000
— .....
buildings and equipment
Provision for income and excess profits taxes
$21,198
on
——
Net profit...
,
New Bedford Gas & Edison Light Co.—Note Sale—
The Securities and Exchange Commission on Sept. 10 approved the
issuance and sale by the company of $1,750,000 of unsecured notes to the
First National Bank, Boston.
Proceeds are to be used by the company for
the
payment
of bills incurred for construction during the period from
The notes will bear 2H % interest and will
June 1, 1940 to Dec. 31, 1941.
mature on June 30, 1943.—V.
151, p.
1150.
Assets—Cash, $55,408; accounts receivable, $10,023; stores and supplies,
$4,689; note receivable, $6,384; prepaid and deferred charges, $9,796;
(net), $1,625,359; total, $1,711,659.
Liabilities—Accounts payable, $30,907; accrued bond interest and other
expenses, $12,800; provision for income taxes, $11,192; bank loan, $100,000;
first mortgage leasehold 6H% gold bonds, $425,800; appropriation for
accumulated dividends and sinking fund account of first preference share¬
holders, $15,259; 7% cumulative first preference shares, $315,700; 7%
cumulative second preference shares, $300,000; common stock (100,000 no
par shares), $500,000; total, $1,711,659.—V. 151, p. 1437.
fixed assets
North & Judd
1940—Month—1939
$4,704,549
1940—8 Mos.—1939
$4,197,010 $31,856,070 $30,035,178
—V. 151, p. 853.
New England Gas & Electric
Addition to
kwh.
or
a
This is an increase of 178,080
2.18% above production of 8,157,102 kwh. for the corresponding
year ago.
Gas output is reported at 80,758.000 cubic feet, an increase of 3,659,000
cubic feet, or 4.75% above production of 77,099,000 cubic feet in the
corresponding week
a year ago.
Monthly Output—
For the month ended Aug. 31, New
Gas output is reported as 353,094,000 cubic feet, an increase of 24,967,000
7.61% above production of 328,127,000 cubic feet in the
corresponding month a year ago.—V. 151, p. 1436.
cubic feet, or
New
England Telephone & Telegraph Co.—Earnings—
Operating revenues$6,685,707
Uncollectible oper. rev..
21,728
Operating revenues—.
Operating expenses
$6,663,979
4,657,552
$6,381,352 $45,885,733 $44,450,859
4,523,375 31,808,143
31,322,996
Net oper. revenues...
$2,006,427
778,342
$1,170,978
820,476
774,855
Net operating incomeNet income
-
$8,627,216
5,790,267
$8,308,131
5,507,606
—V. 151, p. 1151.
New London Northern RR.—New
Judge Arthur
H.
Brown
President, &c.—
and of the Central
while Allerton C. Hickmott, of Hartford,
was appointed Treasurer, it was announced by H. A. Carson, Executive
Assistant to the directors of both companies,
Charles G. Woodward, an official of the Connecticut General Life Insur¬
ance Co. and director of Central Vermont
Ry., Inc., was named VicePresident of the two companies succeeding Judge Brown.—V. 150, p. 2889.
Transportation Co.,
New Orleans Public Service Co.—To
Pay Common Div.—
stock, payable Oct. 1 to holders of record Sept. 20.
This will be the first
dividend paid on the common shares since Jan. 3, 1933, when 14 1-6 cents
share was distributed.
More than 80% of the common shares are
owned by the Electric Power & Light Corp.—V. 151, p. 1151.
RR.—Earnings
1940—Month—1939
1940—7 Mos.—1939
revenues_$30,386,378 $27,118,164 $205753,810 $183088.884
expenses. 22,628,203
20,443,400 157,764,826 142,992,927
Net revenue from ry.
$7,758,175
3,173,564
1,162.256
$6,674,764 $47,988,984 $40,095,957
2,761,783 20,654,469 20,504,987
1,100,744
8,287,227
8,088,780
Net ry. oper. income.
$3,422,355
1,282,110
$2,812,237 $19,047,288 $11,502,190
1,100,813
9,784,376
7,534,999
$4,704,465
Miscell. deduc. from inc.
135,905
$3,913,050 $28,831,664 $19,037,189
104,283
1,030,648
910,008
-
4,085,026
Total fixed charges
will
inc.
after
charges.
x
Deficit.—V.
3,972,621
27,893,618
27,37.0,101
fixed
$483,534
—
151,
P.
was
announced
1436.
1940
Corp.—Vice-President Resigns—
Sept. 6 by E. H. Boles, President of the corpora¬
on
capacity.—V. 151, p. 111.
the company in an advisory
serve
Northern States Power Co.
*$163,854
(Del.)—Weekly Output—
Northern States Power Co. system for the week
1940, totaled 27,986,826 kilowatt-hours, as compared with
27,159,388 kwh. for the corresponding week last year, an increase of 3%.
—V. 151, p. 1437.
Electric output of the
ended Sept. 7,
Northwest Airlines,
Inc.—Earnings—
1940
$1,769,855
1 *752,676
59,420
15.677
$2,595,485
S47.631
383,852
896,259
399,845
384,459
263,094
240,183
328,598
242,634
159,657
260,409
288,057
166,479
$288,123
x$273,065
^
-
Passenger revenue
Express, freight, &c., revenue
Other operating income— ......
—
Gross
$1.550,876
84,229
32,900
$3,639,659
597,070
Years Ended June 30—
Mail revenue
income.
—
—
...
.
...
Maintenance..
-
Depreciation and amortization...
a Compensation and expenses.
A irplane fuel and supplies...
—
Insurance
........
-
....
Other transportation expenses
Traffic and advertising expenses
Administrative and general expenses...
Operating profit.....
Other
/_.
x$92,602 x$9.242,920
731,493
330,366
108,406
--
157,736
$396,529
income
Profit--...
x$115,329
Interest expense.
State income tax^s.
_
a
Of airplane crews,
hangar employees.
388
o'Roo
3,022
75,000
5,000
1.638
^
Under-provision for prior years taxes
......
1,929
$296,408
x$123,316
4,287
......
superintendents, clerks, airport and
...
.—
radio operators,
xLoss
Balance Sheet June Z0, 1940
Assets—Cash, $314,296: accounts receivable (net),
$608,528; inventories,
$104,706: other assets, $93,963; property, plant and equipment
$1,611,634; intangible assets, $48,737; deferred charges, $110,657;
(net),
total,
$2 892 522-
accrued expenses, $47,568;
$80,500; current maturities
$22,290; long-term debt,
$385,000; 5% cum. pref. stock (par $100), $45,100; common stock (230,450
no
par
shares), $1,314,500; paid-in surplus, $41,811; earned surplus,
$119,665; total, $2,892,522.—V. 150. p. 2433.
Liab'ilities—Accounts
payable,
$548,588;
Federal, 8tate and Canadian taxes on income,
of
Net
$127,931
Net profit.
Dividends paid on preferred stock
operations
Railway tax accruals...
Equip. & joint fac. rents
Total income-
def$4,500
Sundry expense.
—
Federal income and excess profits taxes—
—
Period End. July 31—
Other income.
$48,174
~~
State and local taxes for the year ended June 30,
$177,261.
to
tion, that Jesse E. White had resigned as Vice-President effective Oct. 1.
1940.
In making this announcement, Mr. Boles expressed his regret at
Mr. White's retirement after many years of very pleasant association and
further stated that an arrangement had been made whereby Mr. White
per
Railway oper.
Railway oper.
$352,931
225,000
North Star Reinsurance
It
Directors have declared a dividend of 10 cents per share on the common
New York Central
$129,074
133,574
Assets—Cash, $480,871; United States Government securities, $550,900
in other securities, $30,085; accounts and notes receivable,
$351,762; inventory (less reserves), $702,620; plant and equipment (less
reserves), $1,563,178; total, $3,679,415.
Liabilities—Accounts payable, $63,762: reserves for taxes and contingen¬
cies, $186,179; capital stock, $2,410,850; surpius, $1,018,624; totai, $3,679,415.—V. 150, p. 3982.
has been named President of this railroad,
which is leased to and operated by the Central Vermont,
Vermont
144,959
investment
$1,857,977 $14,077,590 $13,127,863
686,999
5,450,374
4,819,732
$1,228,085
Operating taxes—.....
$193,133
Consolidated Balance Sheet June 30, 1940
1940—Month—1939
1940—7 Mos.—1939
$6,400,082 $45,999,756 $44,581,488
18,730
114,023
130,629
July 31—
$468,777
115,846
England Gas & Electric Association
reports electric output of 40,713,999 kwh.
This is an increase of 1.482,896
kwh., or 3.78% above production of 39,231,103 kwh. for the corresponding
month a year ago.
Period End.
$238,377
109,303
$80,560
Balance, surplus
For the week ended Sept. 6, New England Gas & Electric Association
reports electric output of 8,335,182 kwh.
1937
1938
$299,614
106,481
$297,537
216,976
surplus..
Note—Federal,
amounted
1939
1940
$397,206
99,669
Dividends paid........
Association—System Out-
put—
week
Mfg. Co. (& Subs.)—Earnings—-
Years End. June 30—
Profit after reserve ad¬
justments...
Depreciation......
(J. J.) Newberry Co.-—Sales—
Period End. Aug. 31—
Sales..
Balance Sheet April 30, 1940
long-term
debt, $287,500; deferred income,
The Commercial <& Financial Chronicle
1582
Power
Wisconsin
Northern
Co.—Bonds
1940, due July 1, 1965.
Callable at 105 after
less one-fifth of 1 %• for each year thereafter.
A sinking fund of
S3,000 annually is provided.
Trustee, American Exchange Bank, Madison,
Bonds are dated July 1,
first year
1940
-
income.!-.:--------.--
Total
Drifting and cross-cutting
o
1940.
After providing for all cash expenditures in 1939, including construction,
reduction in accounts payable, and increased pre payments, there remained
a cash balance of $10,994 available for .fixed charges.
According to the
n
„„„„
,
.
,
budget, there should be so available on Dec. 31, 1940, the sum of $14,867
in cash, the increase over the previous year being due to improved earnings
and to a somewhat lesser estimated construction requirement in the current
year
than that which was found necessary in 1939.
issuance of these bonds has been authorized
Commission.—V. 150, p. 3669.
by the
Issuance—The
Wisconsin Public Service
Novadel-Agene Corp.—Extra
dividend of 50 cents per share in addition
quarterly dividend of 50 cents per share on the common
of record Sept. 20. Extras of $1 were
Dec. 22, 1939 and Dec. 23, 1938.—V. 149, p. 3271.
paid
on
$4,011,444
Operating revenues
$945,631
$830,464
$6,641,003
937,881
815,877
$9,542,671
3,548,805
6,580,747
,
$5,993,866
station gain totaled 34,035 as compared
with 27,944 in corresponding period last year.
V. 151, p. 997.
Ohio Service Holding
stock, payable Nov. 1 to holders of
share on the
record Oct. 15.—V. 148, p.
2438.
Ontario Steel Products
Depreciation
29,786
25.000
Pro v. for income taxes-.
60,000
36,366
12,500
32,418
$163,009
25,000
18,500
27.989
$105,641
48,440
$1.66
$62,008
48,440
$0.76
$91,520
48,440
$1.37
$101,881
51,588
$1.48
deductions
profit
par)
share
Includes net revenue from investments and interest
of $12,763, in 1940,
$9,119 in 1939. $11,162 in 1938 and $15,538 in 1937.
Balance Sheet June 30,
1940
United States funds), $116,386; ac¬
$158,068; inventories, $262,385; investments
and securities, $107,908; investment in shares of and advances to wholly
owned subsidiary company, $6,555; special accounts receivable, $4,545;
deferred charges, $7,605; real estate, buildings, plant and machinery (net) ,
$1,131,195; water power rights, $25,000; goodwill, $1; total, $1,819,649.
Liabilities—Accounts payable, $75,415; provision for preferred dividend
payable, $6,305; provision for Dominion, Provincial and other taxes,
$62,131; mortgage, $85,000; 7% cumulative preferred stock, $360,300:
common stock (48,440 no par shares), $843,060; capital surplus, $64,553;
earned surplus, $322,884; total, $1,819,649.—V. 151, p. 709.
(including
$11,696
counts receivable less reserve,
Subs.)—Earnings—
1940
1939
^
Gross revenue..
Pacific Greyhound
Directors have declared
a
$198,580
$83,629
payable Sept. 13 to holders of record Sept. 9.
share was paid on Dec. 15, 1939.—V. 147, p. 3618.
—
—
—
Pacific Power & Light Co.
revenues.
expenses
Direct taxes
res. approp
-
Gross income.
Interest
-------
—
—
$34,487
2,590
------
profit and loss charges
—
———
— -
loss,---
$31,896
Dr4,004
$35,901
—
Consolidated Balance Sheet June 30, 1940
|
Assets—Cash in banks, $1,745; accounts receivable, $7,947; crude oil
inventory, $3,501; reserve funds, $24,441; sinking fund, $13; securities,
$50; fixed assets (net), $456,218; depletable assets, $628,608; intangible
developments, $136,968; deferred charges, $5,349; total, $1,264,840.
Liabilities—Notes payable, $149,364; bank overdraft, $5,647; accounts
payable, $6,662; accrued payroll, $1,355; accrued taxes, $6,184; accrued
expenses, $600; long-term obligations, $88,000; deferred income, $3,501;
class A stock ($6 par), $753,588; class B stock ($0.01 par), $2,735; capital
surplus, $224,258; earned surplus, $22,946; total, $1,264,840.—V. 150,
p. 2739.
(J. C.) Penney Co.—Sales—
Sales for the month of August,
1940 were $24,491,690 as compared with
$20,678,985 for August, 1939. This is an increase of $3,812,705 or 18.44%.
Total sales from Jan. 1 to Aug. 31, 1940 inclusive were $170,680,628 as
compared
with $155,838,701 for the same period in
$14,841,927 or 09.52%.—V. 151, p. 856.
1939.
This is
an
Pennsylvania-Central Air Lines Corp.—Revenues—
Month of August was a record for this corporation in the month the line
flew 4,385,368 revenue passenger miles as compared with 2,136,285 in the
same month last year, an increase of 105.2%, and 4,115,946 in July this
gain of 6.5%.
Last month was the 26th consecutive month in
company's traffic has shown a gain over the corresponding month
a
of the preceding year.
In the first eight months
of this year company's passenger traffic was
1939, according to Edwin Sullivan, General
line.—V. 151, p. 1437
heavier than in the full year
1940—12 Mos. —1939
,011,045
$6,140,261
2,417,710
2,606,526
867,880
913,900
694,900
694,900
228,241
79,428
57,908
212.826
136
131
$149,008
18,536
$137,142
17,718
$1,924,799
217,085
$2,030,424
211,088
$167,544
$154,860
Drl08
$2,141,884
Dr4,409
$2,241,512
Drll4
$167,430
85,417
19,339
$154,752
85,417
18,135
$2,137,475
$2,240,835
1,025,000
70,343
57,908
Dr677
Cr 101
1,025,000
243,418
02,475
$62,674
$51,301
Divs. applicable to pref. stocks for the period
$871,532
458,478
$960,644
458,478
$413,054
Pennsylvania Glass Sand Corp.—Listing■—
has authorized the listing of $3,700,000
sinking fundjbopds, due June 1, I960.—V. 151,
The New York Stock Exchange
first
p.
mortgage
33^ %
998.
Pennsylvania Power & Light Co.—Earnings—
1940—Month—1939
1940—12 Mos—1939
3,094,054
$3,046,522 $40,015,833 $39,218,088
1,661,022
1,517,487
19,779,461
18,674,236
Tenod End. July 31—
Operating revenues
Operating expenses
250,362
Prop, retire't res. approp
Amort, of lim.-term inv
292,441
1,975,427
3,886,328
237,500
229,167
2,808,333
2,825,833
1,188
1,123
13,884
12,384
-
Net oper. revenues
Other income (net)
8,528
$1,006,304 $15,438,728 $13,819,307
8,714
96,543
116,525
$952,510
277,083
106,875
96,253
Cr2,010
$1,015,018 $15,535,271 $13,935,832
453,750
3,489,306
5,445,000
600,000
1,263,542
50,000
302,857
1,229,314
31,856
Cr7,796
Cr 97 5
Crl7,397
$943,982
$501,166
on
mtge. bonds.
77,000
10,716
Net loss before other charges..
Other
which
Dividend of $1.85
$289,428
—
95,313
73,322
39,216
-;
Direct taxes
Operating income
Other income (net)
~««.w•»-'*»—'i—
(& Subs.)-—Earnings
1940—Month—1939
$514,585
$478,219
Amort, of lim.-term inv.
Net oper. revenues
Bent from lease of plant-
—
-----—
28,347
-
Depletion
Depreciation
Traffic Manager of the
Period End. July 31—
—
A mortization
year,
Lines—7G-Cent Dividend —
dividend of 75 cents per share on the common
stock,
—
**'•'«*
'
General, administrative and office expense.
1938
$154,742
July 31—
Net loss after all charges
—V. 150, p. 3369.
$289,395
33
—
sales
increase of
Prop, retire't
$1,068,516 in 1939.—
Direct operating expenses
Oppenheim, Collins & Co.—Earnings-
Operating
Operating
429,614
$1,657,670 $1,654,273
sales...
Oil
Gas
Net
per
26,975
surplus
Total
Other revenue
1937
1938
$189,386
25,000
20,000
42.505
Years Ended
1,000,000
112,061
Earned
Ended June 30,1940
Net loss from oil operations
1939
$131,925
Assets—Cash
1,000,000
Capital stock..
429.614
Capital surplus.--
Valley Crude Oil Corp. (&
Penn
Co., Ltd.— -Earnings—
1940
$231,793
Years End, June 30—
Profit
per
12,359
depreciation of $1,126,474 in 1940 and
After
Taxes
Corp.'—Initial Dividend—
Directors have declared an initial dividend of 50 cents a
x
742,061
,
Consolidated Earnings for Fiscal Year
stations in August as compared with a
For seven months of current year,
Earnings
9,495
...
V. 151, p. 998.
5,919,138
|ain of 1,737 stations in July and an increase of 4,149 stations in August,
Shs. com.stk.out.(no
47,380
yet due)
-..-$1,657,670 $1,654,273
Gain in Phones—
Company reports a gain of 4,668
Net
14,812
69,131
Accrued taxes (not
ance, &c——
x
45,492
529,416
._
17,448
623,402
620,179
725,840
L'd, bldgs. & eq.
Total
purchases
accts. not due..
suppl's, goods in
$1,354,052 $10,990,652
523,588
4,349,649
opetafingincome-
Miscell.
rent
Acer, wages & oth.
Inv. of raw mat'ls,
$1,574,923
629,292
$90,000
-
Accts. pay. for cur¬
Prepaid int., insur¬
Net income
x
213,819
for bor¬
rowed funds
for
reserve
$3,650,807 $27,463,398 $25,426,773
2,296,755 16,472,746 15,884,102
Net oper. revenues—
common
240,670
Notes pay.
Accts. & notes rec.,
x
Operating taxes
1939
562,632
1939
1940
Liabiltties—
1940
561,485
Assets—
in banks
$4,003,878
2,428,955
Operating revenues--Operating expenses
Net
3725.
proc.&fin.g'ds.
5,772
30,1940
Government bonds, $15,705; inventory
Cash on hand and
$3,656,-579 $27,520,530 $25,463,333
7,566
3,511
$138,360
$98,835
$94,576
ended June 30, 1940, amounted to
Peck, Stow & Wilcox Co.- -Balance Sheet June 30-
36,560
Uncollectible oper. rev--
79,705
231,390
of supplies.
other companies, $53,875; mining
and equipment (net), $814,802;
development account, $133,437; total, $4,301,369.
Liabilities—Wages payable, $25,153; accounts payable and accrued
items, $48,690; reserve for taxes, $67,825; capital stock (par $1), $8,629,090;
discount on shares issued, Dr$4,115,057; deficit, $354,332; total, $4,301,369.
under power contract,
possible losses -.
57,132
69,071
$96,685; prepaid items, $9,755; shares in
properties, $2,487,994; buildings, plant
less
1940—7 Mos.—1939
1940—Month—1939
Period End. July 31—
255,984
—-
Balance Sheet June
Co.—Earnings—
Ohio Bell Telephone
.
pen
—V. 149, p.
the regular
133,510
—
Assets—Cash, $329,683; bullion on hand and in transit, $76,842; Govern¬
ment and
municipal securities at cost and accrued interest, $259,671;
other marketable securities, $22,210; accounts receivable, $710; deposit
Directors have declared an extra
to
17,346
186,402
Note—Dividends paid for the year
ft -i
Dividend—
stock, both payable Oct. 1 to holders
537,005
22,058
164,220
98,674
240,396
5,055
548,125
-----
Profit from operations
and the accrual for renewals
the approximate rate of 20% of total electric
1939 there was expended for re¬
newals and replacements of existing property and new property additions
the sum of $12,387, and it is anticipated that $10,105 will be so expended
55,218
150,304
138,829
454,408
22,287
145,786
243,646
288,196
transportation
Ore
and replacements have been at
During the year
$1,376,016
45,909
— -
Milling
General charges...
Provision for depreciation.
Provision for income taxes.
revenues.
$1,455,798
42,764
Purpose—To retire $150,000 first mortgage 6% bonds due Feb, 1,1941.
Company was incorporated in Wisconsin, March 5, 1929, as successor
to Northern Wisconsin Hydro Electric Power Co.
Company owns and
operates an electric light and power system serving the City of Bayfield
and surrounding communities fn Bayfield County, Wis., and also a water
system serving the City of Bayfield.
water
$1,352,639
23,376
Diamond drilling.
Wis.
Financial—Expenditures for maintenance
1938
$1,430,878
24,920
$1,689,754
Bullion produced
Sinking and stations
Mining
and
1939
$1,665,847
23,906
Years Ended June 30—
Other
1940
14,
Ltd.—Earnings-
Paymaster Consolidated Mines,
Sold—Bell &
Farrell, Madison, Wis., recently offered at 100H and int.
$150,000 1st mtge. sinking fund 4% bonds series A.
The
bonds, offered to residents of Wisconsin only,have been sold.
Sept.
Other int. & deductions.
Int. charged to construe.
255,292
CrlOl
fc
Gross income
Interest
Net
income
on
Interest
on
mtge. bonds.
debentures._
Other int. & deductions.
Int. charged to construe.
Balance
...
-V. 151, p. 563.
Net
income
r
Period End. July 31—
Telegraph ,Co.
Uncollectible oper. rev..
Operating revenues
Operating expenses
$6,332,981
4,442,841
revenues
$6,009,341
4,262,067
$43,037,945 $41,212,293
30,390,836
29,230,439
Balance
-V.
Net oper. revenues
property
Operating taxes
$1,890,140
$1,747,274 $12,647,109 $11,981,854
^
Net operating income.
Net income
—V.
151, p. 1153.
70
493
907,972
808,664
6,191",770
5,682,295
$982,168
$938,680
1,530,252
$6,455,339
10,931,069
$6,300,052
10,353,725
1,610,177
$7,595,771
p.
3,846,532
3,846,538
$3,749,233
857.
Peoples Drug Stores- -SalesPeriod End.
Aug. 31—
151,
1940—Month—1939
1940—8 Mos.—1939
$1,811,947 $15,082,902 $14,490,311
$1,990,013
Net sales
—Y.
Bent from lease of oper.
151,
$9,570,506
$5,723,974
Earnings —
1940—7 Mos.—1939
1940—Month—1939
$6,355,681
$6,027,141 $43,176,195 $41,339,323
22,700
17,800
138,250
127,030
Operating
$480,387
for the period
$474,309
Divs. applicable to pref. stocks
Pacific Telephone &
p.
998.
Petroleum Exploration
Inc.—40-Cent Dividend—
share on the common
14 to holders of record Sept. 4.
Previously regular
quarterly dividends of 25 cents per share were distributed.
In addition,
extra dividend of 15 cents was paid on June 15 last, one of 10 cents on March
15 last and extras of 25 cents were paid on Dec. 15, Sept. 15 and June 15.
1939.—V. 150, p. 3370.
Directors have declared a dividend of 40 cents per
stock, payable Sept.
Volume
The Commercial & Financial Chronicle
151
Pepperell Mfg. Co. (& Subs.)—Earnings
Years Ended June 30—
Net sales
To Pay 37 l^-Cent Div.—
—
1938
1939
1940
$29,343,709 $28,490,548 $26,415,097
Manufacturing and general expenses. 26,845,088
26,425,065
26,976,616
Local and social security taxes.
502,924
473,085
444,288
Inventory markdown to market value
75,094
109,060
451,338
Depreciation..
479,784
479,025
461,365
Net profit from operations
Other income
299,996
Interest paid
Miscellaneous
$1,085,198 x$l,695,882
33,782
100,288
4,983
175,000
$1,121,505
486,135
Gross income
$871,433 x$l,796,169
291,681
291,681
$635,370
Oct.
a
dividend of 37 M cents per share on the common
.
$1 on Dec. 28, 1939, and 25 cents
Oct. 2, 1939, this latter being the first dividend paid on the common
shares since Oct. 1,1937, when 50 cents per share was distributed.—V. 151,
paid
p.
on
1003.
Portland Gas & Coke Co.—Earnings'—
1940—Month—1939
Period End. July 31—
Operating revenues
Operating expenses
paid
Balance, surplus
Earnings per share on 100,000 shares of
capital stock ($100 par)
x
Indicates loss
Nil
$8.71
$11.21
Direct taxes
Prop, retire, res. approp.
Amort, of limited-term
142,754
42,722
22,917
1940—12 Mos.—1939
$3,453,413
$3,459,622
2,010,385
1,971,108
447,712
437,853
275,000
275,000
10
158
860
6,095
Net oper. revenues
Other income (net)
$68,842
$69,758
Dr250
567
$719,456
Drl,657
$769,566
1,006
Gross income
Interest on mtge. bonds.
Other int. & deductions
Int. chgd. to construct'n
$68,592
40,070
3,017
$70,325
$717,799
40,604
4,416
485,932
$770,572
487,250
35,675
54,713
_
deficit.
or
$278,309
$274,618
140,098
42,751
22,917
investments
Net profit
Dividends
This compares with
Sept. 19.
to holders of record
1
25 cents paid on July 1, and April 1, last;
$579,751 x$2,087,850
$1,440,819
19,318
charges
Prov. for Fed, & State income taxes.
Directors have declared
stock payable
$1,004,312 x$l,918,511
80,886
222,629
$1,440,819
1583
Cr698
Cr89
Net income
$25,505
$25,305
Divs. applicable to pref. stocks for the period._
$196,890
430,167
$228,698
430,167
Balance, deficit
$233,277
$201,469
Consolidated Balance Sheet June 30
1940
Assets—
S
Cash
(net).. 2,915,421
Inventories
8,525,305
rec.
deposit
on
Pepperell
52,899
99,527
a
768,321
329,533
8,158,236
($100
10 ,000,000 10,000.000
759,765
759,765
par)
Earned
surplus...
7,306,171
8 ,161,604
8,264,514
19,633,3971
20,497,300 19,633,397
Total...
b Represented by 2,773 shares at cost.—V.
150, p. 849.
Perfection Stove Co.—Extra Dividend —
Directors have declared
an extra
dividend of $3.50 per share in
addition
to the regular
quarterly dividend of 37)6 cents per share on the common
stock, par $25.
The extra is payable on Sept. 10 to holders of record
Aug. 28 and the regular quarterly dividend will be paid on Sept. 30 to
record holders
of Sept. 20.—V. 150, p. 135.
as
Philadelphia Insulated Wire Co.—Earnings —
Earnings for Six Months Ended June 30, 1940
$26,545
15,537
27,757
Gross profit on sales
Depreciation
Selling, general and administrative
expense
2,288
Other expenses (net)
$19,037
2,317
Net loss
Dividends paid
—V. 151, p. 425.
Philippine
Ry.— ■Earnings—
Period End. June 30—
Gross oper. revenues
Net oper. rev. after int.
1940—Month- -1939
1940—12 Mos.—1939
$34,116
$35,748
$530,958
$512,764
3,340
4,705
134,322
111,640
& local taxes
—V. 151, p. 254.
Pierce Oil
Pig'n Whistle Corp. (& Subs.)—Earnings—
1940
1939
1938
1937
$2,422,692
1,070,258
$2,236,682
996,952
$2,365,202
1,073,325
$2,311,884
1,048,546
1,290,988
93,648
1,182,619
1,248,270
114,457
125,139
1,161,999
118,057
$32,202
$57,347
$81,533
$16,720
Years End. June 30—
sold
Oper. expenses, excl. of
deprec. and amort
Deprec. and amortz
Loss
less
income,
int.
12,356
xl9,330
7,420
5,153
$19,846
$38,017
$74,113
$11,567
and other expenses
Net loss.
x
Includes gain on
The issue has also been
$1; total, $895,556.
Liabilities—Federal income taxes payable, $9,925; notes payable (banks),
$29,750; accounts payable, $175,014; sales tax collections, $15,797; payroll
tax collections, $14,053; accrued liabilities, $10,461; participating preferred
stock (108,000 no par shares), $108,000; capital
common
Pepco
Life
Insurance
1975.
Each
total, $895,556.—Y. 149, p. 2984.
Pittsburgh & Lake Erie RR.—Earnings—
Co., $10,000,000 first mortgage bonds, 3)4% series, due
will take one-half of the proposed issue.
The
institution
proposed bonds will be delivered to the purchasers in three installments of
approximately one-third of the principal amount on such date not later than
Sept. 13, 1940, as Pepco may designate on three days' written notice; three
months after the first date of delivery; and six months after such date.
The price will be 108.7743701, plus accrued interest, affording a net yield
to the purchasers of 2.85% and will be issued under the mortgage and deed
of trust dated July 1, 1936, between Pepco and the Riggs National Bank,
Washington, D. C.. as trustee, and indentures supplemental thereto dated
Dec. 10, 1939, and Aug. 1, 1940.
The record contains an opinion of counsel
for Pepco that the bonds will be secured by a first lien on substantially all
property and franchises and it appears that the mortgage, as
conforms substantially with all the requirements of the trust
indenture Act of 1939.
The mortgage, as amended, does not
The prior issues now outstanding
Railway oper.
Co. at par.
Co. and Mutual
Insurance Co. of New York at a
Life
.
L
Purpose—It is stated that the proceeds of the financing, together with
other funds of Pepco, will be used to maintain its normal working capital
requirements and to meet its normal construction expenditures during the
remainder of 1940 and during 1941 and those incident to the installation
of two 50,000 kilowatt turbo-generator units and related equipment and
facilities; one to be completed in the latter part of 1940 at an estimated
cost of approximately $4,075,000 and the other to be begun in 1941 and
$8,985,000.
Earnings—For the 12 months ended June 30, 1940,
estimated to cost approximately
Pepco amounted to $4,806,674 or 6.50 times
the gross income of
and 4.24 times the interest
requirements on funded debt in the amount of $738,923 and fixed charges
and preferred dividend requirements in the amount of $1,133,960, re¬
spectively.
On a pro forma basis (as at March 31, 1940,) the funded debt
interest requirements and the fixed
charges and preferred dividend re¬
quirements are earned 4.84 and 3.49 times, respectively.—V. 151, p. 1155.
Corp. of Canada, Ltd.-
Earnings—
1940
1939
1938
1937
$1,774,987
248,928
$1,707,028
$1,747,333
72,882
501,799
250,778
57,643
470,527
245,230
27,926
458,289
$1,654,491
231,084
23,920
471,949
$951,378
1,836,944
$928,080
xl,776,666
$1,015,888
xl,643,570
$927,538
xl,541,402
$2,788,322
Gross earnings
Expenses
$2,704,746
$2,659,458
$2,468,940
300,000
300,000
267,808
300,000
300,000
267,802
300,000
,300,000
300.000
300,000
223,144
$1,920,514
$0.79
$1,836,944
$0.73
Taxes
Interest
Surplus for year
Surplus forward
Total surplus
preferred.
pref—
Div.
on
on non-cum.
cum.
_
Surp. carried forward.
Earns, per sh. on com_.
267,792
$1,791,666
$0.93
$1,645,796
$0.73
Adjusted.
Balance Sheet June 30
Cr246,104
$276,225
$2,520,101
$558,741
165,620
1,511,233
935,432
C/T88.109 Crl,653,958 Crl,323,413
1940
Net ry. oper. income.
Other income
$639,676
22,648
$258,714
$2,662,826
12,456
140,014
$946,722
90,965
Total income
Total fixed charges
$662,324
98,118
3,526
$311,170
63,765
3,497
$2,802,840
461,554
23,873
$1,037,687
257,997
24,178
subs,
In
171,363
18,977,163
8,913,253
incl
259,938
261,309
Ac.
10,651
11,517
Deferred expenses.
13,579
15,768
accrued revenues
Furn. & fixts.,
accr'd liabilities.
81,644
283,901
5% debentures— 1,233,700
4H% debentures. 8,533,000
1st cum. 6% pref. 5,000,000
Non-cum .6% part.
1,276,200
8,533,000
$2,317,413
y
$755,512
Special reserve..
Common stock..
5,011,820
5,000,000
516,932
5,011,040
1,920,514
1,836,944
-Earnings—
1940
$1,867,660
239,767
$2.43
Year Ended June 30—
Net sales...
(after all charges)
Earnings per share
—V. 151. p. 1438.
Net Income
Pond Creek Pocahontas Co.-
5,000,000
5,000,000
482,495
Earned surplus...
Pittsburgh Metallurgical Co., Inc.
of—
160,710
134,277
x
$243,908
1288.
Tons of coal mined
161,703
150,000
preferred
$560,680
$
payable and
Prov.for inc.taxes
Net income after fixed
charges
1939
650,000
Divs. payable
investments 8,381,003
rec.,
$
Liabilities—
Bank loans, sec'd.
Accts.
and
affiliated cos..-18,808,840
Other
Accts.
Miscell. deduc. from inc.
$
153,498
Cash
1940
1939
$
Assets—
Inv.
Month
1939, with the
Life Insurance
price to those in¬
stitutions of 105.31.
x
$712,058
318,486
operations
Railway tax accruals—
—V. 151, p.
.
.
(c) $5,000,000 of 3)4 % bonds sold on or about Nov. 17,
aid of Dillon Read & Co. as banker agent to Metropolitan
Net revenue from ry.
Equip. & joint fac. rents
contain a sinking fund provision.
under the original mortgage, as
amended, are as follows:
(a) $15,000,000 of 3)4% bonds, due 1966, sold publicly on or about
July 1,1936, through underwriters at a price to such underwriters of 103.027
(prior to the time the applicant became a subsidiary of a registered holding
company);
(b) $5,000,000 of 3)4% bonds, due 1966, sold on or about Nov. 27,
1937, without the aid of a banker agent to Metropolitan Life Insurance
Div. on common stock-
1940—Month—1939
1940—7 Mos.—1939
$2,229,935
$1,569,745 $12,792,797
$8,917,106
expenses.
1,517,877
1,293,520
10,272,696
8,358,365
Period End. July 31—
Railway oper. revenues.
Co. and the Mutual
sell to Metropolitan Life Insurance
proposes to
Div.
surplus, $70,900; deficit, $898,103;
approved by the Public Utilities Commission of
the District of Columbia.
Years End. June 30—
tions, $14,053; accounts receivable (less allowance for losses), $9,905;
inventories, $80,579; prepaid insurance, taxes, &c., $20,516; equipment,
leaseholds and improvements (net), $723,246; goodwill and trademarks,
$1,359,760
000,000 first mortgage bonds, 3l/i% series due 1975.
The
bonds will be sold at private sale to Metropolitan Life Insur¬
ance Co. and the Mutual Life Insurance Co. of New York.
Power
disposition of capital assets ($10,200).
Consolidated Balance Sheet June 30, 1940
Assets—Cash, $31,459; sales tax collections, $15,797; payroll tax collec¬
stock,
Co.—Compensation—
Potomac Electric Power Co.-—$10,000,000 Bonds Sold
Privately—The SEC on Sept. 11 exempted from the provisions
of the Holding Company Act the issuance and sale of $10,-
of Pepco's
Sales
Other
Porto Rican-American Tobacco
Judge Henry W. Goddard in the U. S. District Court has fixed payments
and others in the reorganization of the company at
$163,897 instead of the $465,516 which had been requested.
Judge Goddard said that if the requested allowances had been granted
in full, class A stockholders of the company would get nothing and the value
of the stock of the reorganized company, which bondholders of Porto Rican
are to receive, would be impaired.—V. 151, p. 1003.
amended,
Corp.—To Delist Stock
The Securities and Exchange Commission Sept. 9 announced public
hearing on the application of the New York Stock Exchange to strike from
listing and registration the 8% cumulative convertible preferred stock,
($100).
The application stated, among other things, that the affairs of
the corporation are being handled by receivers appointed by the Court and
that the assets of the corporation, after payment of all debts, will be dis¬
tributed to holders of the preferred stock.
Common stock of Consolidated
Oil Corp. constitutes substantially all the assets of the corporation.
The
application further stated that in addition to such stock, the company has
in its treasury an uncertain amount of cash but not more than approximately
$70,000, a considerable portion of which will be consumed in liquidation.
The Exchange stated that it has been advised by the receivers that "except
for the undistributed cash, there is practically nothing left for the security
holders after the distribution of the Consolidated Oil stock,"
Hearing on
the application will be held Oct. 3.—V. 151, p. 711.
Cost of goods
a Dividends
accumulated and unpaid to July 31, 1940, amounted to
$2,727,259.
Latest dividends, amounting to $1.25 a share on 7% preferred
stock and $1.07 a share on 6% preferred stock, were paid on Oct. 1, 1938.
Dividends on these stocks are cumulative.—V. 151, p. 564.
to be made to attorneys
depreciation of $8,930,491 in 1940 and $8,507,726 in
for
reserve
219,607
Contingency res've
Capital surplus
20,497,300
After
1939.
152,896
sundry
Total
634,958
440,972
99,527
157,326
&
Plant & equip
a
250,000
500,000
&
accruals
Capital stk.
assets..
a
175,064
Mfg.
Co
Prepay.
Notes payable
Accts. payable
Tax reserves
Mutual ins. prems.
b
S
$
Liabilities—
$
646,574
2,886,584
7,408.239
588,586
;
Accts.
1939
1940
1939
1939
$982,206
120,478
$1.21
-August Output—
Aug., 1940
171,134
July, 1940
160,080
Total
x
27.627,508 28,350,373
—
27,627.508 28,350,373
Represented by 446,350 no par shares in 1940 and 446,337 no par shares
y Being the net profits on secdrities less amounts written off in¬
debentures redeemed since July 1, 1933.
in 1939.
vestments, and net discount on
—V. 150, p. 3674.
Price Bros. &
Aug., 1939
177,603
Total.
Directors have
Co., Ltd.—Preferred Dividend —
declared
a
accumulations on the 5)6%
dividend of $1.37)6 per share on account of
preferred stock, par $100, payable Oct. 1 to
The Commercial & Financial Chronicle
1584
Stock will be in arrears for one quarter after
holders of record Sept. 21.
payments.—V. 150,
current
p.
3836.
Operation
Subs.)—Earnings
1940—Mrnth—1939
1940—12 Mos.—1939
$1,345,204 $16,494,531 $16,249,109
$1,360,230
455,146
6,010,905
5,534,544
525,857
79,377
985,110
1,033,007
84,051
114,233
1,423,679
1,424,905
122,154
199,653
2,379,369
2,299,537
205,328
"
—
Maintenance..,—
-
Depreciation
Taxes
-Drll.346
$496,795
J>13,241
$5,695,468
£>rl45,528
$5,957,113
Drl65,510
$411,494
279,285
$483,5.54
310,741
$5,549,940
3,482.369
$5,791,603
3,802,608
$132,209
$172,813
preference dividend requirements-.-
$2,067,571
550,000
$1,988,995
$1,517,571
$1,438,995
1,583,970
1,583,970
$66,399
$144,975
Net oper. revenues—
Other income (net)
$422,840
Balance
Interest & amortization.
Balance—-Prior
Balance
Preferred dividend requirements
Balance, deficit.
-V. 151, p. 1438.
550,000
Puget Sound Pulp & Timber Co. (& Subs.)— -Earnings
1939
Years—
Calendar
Net sales and railway revenues
Cost of goods sold & ry. oper. exps__
1938
1937
$3,027,501
$1,765,720
2,744,537
183,720
1,662,425
126,603
$3,042,818
2,535,137
6,650
Selling, general and adminis. expenses
126,643
5,476
loss$29,960
19,194
$375,560
19,072
Provision-for doubtful accounts
Profit from
Other
$99,243
28,691
operations.
income
35,000
stock¬
holders.
The preferred stock, with one common stock pur¬
chase warrant, is offered at $5.50 a share.
The purchase
present offering represents the unsubscribed portion of
and warrants originally offered to common
shares
Puget Sound Power & Light Co. (&
Period End. July 31—
Operating revenues
14, 1940
Sept.
warrant entitles the
at $3 at any
time
up
holder to buy one share of common
to and including Dec.
stock
31,1945.
Dividends on 8% cumulative preferred stock at the rate of 40 cents per
payable Q-xvl.
Red. all or part on any div. date on 30
days' notice at $o per share plus divs.
The amended articles of incorpora¬
tion require the company to retire 8% cum. pref. stock to the extent per¬
mitted by the application, on or before July 1 in each year commencing
with 1941, of an amount equal to 25% of its net earnings for the year end¬
ing on the preceding March .31, remaining after deduction of full dividends
on the 8% cumulative preferred stock and an amount equal to 15 cents for
each share of common stock outstanding at the close of such year, such re¬
tirements to be effected by the purchase (at not exceeding the redemption
price), or by redemption of 8% cumulative preferred stock, or by the can¬
cellation of shares thereof held in its treasury on the preceding March 31,
credit to be given for any such treasury shares so canceled at the rate of
$5 per share.
Transfer agent and registrar, Peoples-Pittsburgh Trust Co.,
Pittsburgh, Pa.
In the opinion of counsel, these shares are free from per¬
sonal property tax to residents of the State of Pennsylvania.
Company and Business—Company was incorp. in Pennsylvania March 11,
1931.
Company at present time is engaged in the operation of a chain
of 17 retail drug stores, eight of which are located in Pittsburgh and suburbs.
The other nine stores are located in Beaver Falls, Greensburg, New Castle,
McKees Rocks and Ambridge, Pa.; Fairmont, Morgantown and Wheeling,
W. Va., and East Liverpool, Ohio.
Company sells through its retail drug
stores nationally-advertised products and also many articles prepared for
the company by reliable manufacturers under the company's own brands
and trademarks.
Each of the stores contains a complete prescription
share per annum,
department.
Pa., a self-ser¬
Early in May, 1940, the company opened at New Castle,
store similar to that of the super-market food stores.
vice
...
deductions
Income
Provision for Fed. income taxes
Net income
Preferred dividends.
$127,934
15,822
17,688
loss$10,765
6,769
$394,632
$94,423
74,182
Gross income
def$17,534
$248,057
44,591
187,352
83,284
63,291
148,364
Common dividend..
Assets—
Company Consolidation
$4,817,348
less res.$4,092,342
637,001
Investments
Cash.
96,668
....
...
96,668
Accts. rec., net...
475,024
475.164
Inventories......
302,343
303.147
79,614
79,614
166,675
166,957
Other assets.
Deferred charges..
of
of
Balance Sheet March 31. 1940
Property,
Authorized
Outstanding
35,000 shs. 35,000 shs.
90,000 shs. 90,000 shs.
At a meeting held Aug. 5,1940, the stockholders authorized the capitaliza*
tion to be increased from 35,000 shares of preferred stock to 70,000 shares
Capitalization as at March 31. 1940—
8% cumulative preferred stock ($5 par)
Common stock ($1 par)
Company Consolidation
Liabilities—
6% conv. pref.stk,
(par $20)
$2,472,740 $2,472,740
Com. stock (251,-
2,525,180
2.525,180
178,413
66,509
—
surplus
contr.,
Purpose—The net proceeds are to be used by the company as an addition
capital, to be used from time to time for the purchase of inventory
of accounts payable, and in connection with the acquisition
the payment
of additional
stores.
Income Account,
earned
In
Property
warrants.
to working
277,631
53,854
836 shs)
Capital surplus
Deficit
preferred stock and from 90,000 shares of common stock to 170,000 shares
common stock, of which 90,000 shares were issued and outstanding and
shares were reserved against exercise of common stock purchase
80,000
purchase
1940
60.000
Cost of sales, less discounts, &c
33,376
83,295
83,295
Acc'ts & wages pay
Dividends payable
242,640
243,058
162,889
143,278
145,528
1,711
$1,261,645
963,857
Accrued interest..
332,024
Profit
Provision for income taxes.
$5,849,668 $5,938,899
Total
$5,849,668 $5,938,899
Net
profit.
Co.—Earnings—
$46,290
Cash
receivable—trade
5,788
263,911
Total
revenues
Total expenses
Net
-
$4,921,485
4,284,673
$636,812
revenue
2,760
Security deposits
[Revenues and Expenses of Car and Auxiliary Operations]
1940—7 Mo.?.—1939
1940—Month—1939
627
40,148
Prepaid insurance and taxes1,250
Deposit In closed bank
Fixed assets (net)
$5,333,483 $34,187,158 $35,015,226
4,527,227
30,507,125
30,849.597
$806,256
Sales for
Sales
Auxiliary operations:
Total
$160,919
139,204
$173,288
137,462
$1,249,774
1,009,620
$1,229,182
996,102
Net revenue
$21,716
$35,825
$240,154
$233,080
$658,527
372,614
$842,081
511,012
$3,920,187
2,488,025
$4,398,709
2,750,509
$285,913
$331,069
$1,432,162
$1,648,200
revenues
revenue
Taxes accrued
Operating income
—V. 151, p. 1004.
$652,435
475,513
Selling, general and administrative expenses
Profit from operations for
$176,922
theyear..
Other income credits (net rental income from investment proper¬
ties, interest and commissions received, &c.)
Gross income
Prov. for Fed. & State inc. tax
8% cum, pref
Common
Earned
4,547
10,900
175,000
stock
stock.............
90,000
36.078
surplus
$360,776
Total
August and Eight Months Ended Aug. 31
1940—Month—1939
1940—8 Mos.—1939
$155,312
$111,376
$1,070,681
$889,858
Rapid Electrotype Co.—Earnings —
7 Months Ended July 31—
Net income after charges, but before Fed. taxes..
—V. 151, p. 1438.
"III.I
taxes""!!"!!!!
Net income
15,705
47,941
34,259
$110,427
Earned surplus. Jan. 1. 1939--
Adjustment of inventories
as
I.I.
662,239
32,134
of Dec. 31,1938.
Total surplus
$804,799
Preferred dividends
79 200
/
I--IIIIIIIIIIII.il!
dividends
89^435
1939
loss$18,979
Consolidated Earnings for the
sold)
...
$299,224
383,067
$83,843
Operating loss
Interest, dividend, royalty and rental income.
4,483
$79,3^0
14,379
Loss
Interest
—
Year Ended May 31, 1940
paid
Provision for bad debts
13.300
Patent attorney's fees, &c
State and capital stock taxes.
15,965
9,876
$132,879
Loss
a
76,000
Non-recurring income.
Loss before Federal taxes
on
$56,879
3,300
income..
Federal tax on income.
$60,179
Net loss
a
Value ascribed to securities received
of fluorescent
in connection with the granting
lamp license agreement.
depreciation included above $52,099.
Note—Provision for
Consolidated Balance Sheet May 31. 1940
Earned surplus, Dec. 31, 1939
$636,165
Consolidated Balance Sheet Dec. 31. 1939
Assets—Cash, $76,168; marketable securities. $76,000; trade notes and
receivable (net), $159,464; due from Commercial Credit Corp.,
$32,497; sundry accounts receivable, $3,085; inventories, $743,748; other
assets, $3,309; property, plant and equipment (net), $470,297; patents,
research and development expense, $2; deferred charges, $172,588; total,
accounts
Assets— Cash,
$172,239; accounts receivable,
$164,922; inventories,
$701,918; investments, $700,941; land, $80,000; buildings, machinery,
equipment, &c. (less reserves for depreciation of $637,873), $664,761;
patents $1; other assets, $9,632; deferred charges, $6,408; total, $2,500,823.
Liabilities—Accounts
payable,
$39,499;
accrued
accounts,
$89,004;
unclaimed dividends, &c., $865; 8% preferred stock
(par $100), $990,000;
$5),
1940
$39,228
Raytheon Manufacturing Co. (& Subs.)—Earnings
$192,627
Income charges
Provision for Federal and Canadian income
.
-
taxes
Selling, administrative and general expenses
Earnings for Year Ended Dec. 31, 1939
Gross profit from sales
«o^n°coot0^
#oUU»o^oV
Accrued
Gross profit (sales, less cost of products
Pyle National Co. (& Subs.)—Annual Report—
Common
$43,144
1,105
Accounts payable—trade
—V. 151, P. 859.
Total expenses
Total net
$17,987
Accrued payroll..
5360,776
Total
$4,165,628
$3,680,033
$38,996
Liabilities—
Inventories
Period End. July SI—
Sleeping car operations:
$22,201
4,214
Balance Sheet March 31. 1940
Accts
—V. 151, p. 1288.
Pullman
275,586
$49,917
10,920
162.889
Assets—
Total
311,120
$59,636
10,900
$48,736
1,711
taxes
1938
$1,329,899
968,861
Selling and administrative expense—
33,376
contracts
Property & equip,
Accrued
1939
$1,472,472
1,080,812
60,000
secured.
Notes payable
purch
Years Ended March 31
Sales—net
$745,290; earned surplus. $636,165; total,
loUt pi uu71«
$1,737,158.
Liabilities—Notes payable, $20,825; Commercial Credit Corp., $143,548;
accounts payable, $207,177; accrued accounts, $84,647; Federal taxes on
income (estimated), $3,300; mortgage
instalment due within one year, 500;
outstanding optional distribution warrants exchangeable for preferred and
stocks or for cash, $1,785; deferred liabilities, $60,719; real estate
common
Radiomarine
Corp. of America—Earnings
Period End. July 31—
Total oper. revenues
Net oper. revenues
Net
income
1940—Month—1939
$74,707
$82,973
9.470
17,789
mortgage, $6,500; reserves for contingencies and
—
1940—7 Mos.—1939
$529,840
78,909
$549,022
107,481
118,606
79,809
transferred
to earned
surplus
—V. 151, p. 1004.
16,039
13,555
6%
non-cumulative
preferred
stock
(par
tube replacements, $80,000;
$641.7a0; common stock
$5),
(par $0.50). $122,058; paid-in surplus, $458,191; capital surplus, $484,840;
deficit, $578,713; total. $1,737,158.—V. 147, p. 1047.
Reading Iron & Steel Co.—Organized—
Reading Iron & Steel Co. has incorporated in Pennyslvania to continue
operation of some of the plants of the old Reading Iron Co., an auxiliary
Railway & Light Securities Co .—Asset Value
as
The company reports market value of assets available for
of Aug. 31, 1940, equal to $16.68 per share,
per
V.
share on July 31, last, and with $17.17
per
—
common
stock
comparing with $16.33
share on Aug, 31, 1939 —
151, p. 564.
Rand
Pittsburgh—Stock Offered—The company, a re¬
tail drug chain operating in Pennsylvania, Ohio and Wast
Virginia, made a public offering Sept. 6 of 8% cumulative
($5 par) preferred stock with common stock purchase war¬
s,
rants.
Floyd D. Cerf Co., Chicago, and Grubbs, Scott &
Co., Pittsburgh, headed the underwriting group.
The sub¬
scription rights to common stockholders having expired, the
of Philadelphia & Reading Coal & Iron Co., now undergoing
under section 77-B of the Federal Bankruptcy Act.
reorganization,
Operations are expected to begin in about a month with a maximum of
200 employees.
The new company will buy, sell, manufacture and deal in
iron, steel and galvanized products, particularly in metal tubings and
allied articles.
Recordgraph Corp.-—Stock Offered—Public financing on
announced Sept. 12 with the
behalf of the corporation was
offering of 97,500 shares of capital stock (SI par), through
Howell & Co., Inc., of New York.
The stock offered as a
speculation, is priced at $5 per share.
The financing is being carried out to
mercial
production of the
Recordgraph,
provide funds to commence com¬
a new instrument in the sound
Volume
recording and reproduction field which makes commercially feasible the
non-photographic recording of sound on film.
Proceeds will be used for
machinery, equipment, tools and dies, research and development, and as
added working capital for carrying inventories and accounts receivable
and for general corporate purposes.
Corporation was incorporated in Delaware in February, 1939, preliminary
to production and marketing of the Recordgraph, and acquired all in¬
ventions, patents, and patent applications relating to the recording of
sound on film and owned by William L. Woolf, New York radio engineering
expert and developer of the Recordgraph process, and his associates.
The new Recordgraph method records a sound track on raw, unemulsified, safety motion picture film by means of a jewel recording stylus applied
under pressure of 70.000 pounds per square inch.
Ninety-s.x sound tracks
may be recorded along the conventional 35 mm. film stock, so that 25 feet
of film will support an hour's recording of speech or music of excellent
quality and 6H feet will support an hour's recording of intelligible speech,
at which rate the standard 1,000-foot reel of film, commonly used in the
movies for 10 minutes' entertainment, will support 160 hours of continuous
Recordgraph recording.
Recordgraph comoines hours of continuous, uninterrupted playing
with great clarity and freedom from needle scratch, as well as great durability
and serviceability, and is easily and economically adaptable to many
uses,
including amateur recording for amusement, business dictation,
aeronautical uses, broadcast recordings, police interceptor work, educa¬
tional uses including books for the blind, court work and various wartime
applications.
Corporation has no bonds or funded debt and no preferred stock out¬
standing, its capitalization consisting of an authorized issue of 360,000
shares (SI par) capital stock, of which 262,500 shares are outstanding.—
V. 151, p. 859.
paid on Sept. 1, 1939 and on June 20, 1939; one of $1 was paid on
Sept. 1, 1938, and previous payment was the,$2 distribution made on
Nov. 36. 1937.—V. 150, p. 702.
was
Sangamo Electric Co.—To Pay 373^rCent Dividend—
Directors have declared
dividend of 37 ^ cents per share on the com¬
Reed Roller Bit Co.—Extra Dividend
Directors have declared
an
1939.—V. 150, p. 2439.
Co.—Earnings—
Savannah Electric & Power
1940—12 Mos.—1939
1940—Month—1939
$201,719
$190,084
70,968
77,714
11,501
11,287
24,700
26,825
26,460
27,485
Maintenance
Depreciation
Taxes
$56,455
1,057
$691,139
6,610
$794,350
Dr6,443
$57,512
31,191
$697,749
374,798
$787,907
376,095
$28,392
Operation
$2,294,420
$59,584
31,192
revenues
$2,394,287
895,920
144,887
342,180
320,160
$58,408
1,176
Period End. July 31—
Operating
$26,321
$322,951
149,115
$411,812
149,115
$173,836
60,000
$262,697
60,000
$113,836
$202,697
Net oper. revenues
Other income (net)
Balance
Interest & amortization.
Balance
Debenture dividend requirements—
Balance
Balance for
Schiff
quarterly dividend of 25| cents per share on the common stock,
value, both payable Sept. 30 to holders of record Sept. 20. F.xtras of
March 31, last.—V. 151, p. 1155.
Republic Natural Gas Co. (Del.) (& Subs.)— -Earnings
1939
1940
$1,328,206
1,158,762
of $8,421,467.
Royalty earnings
Other operating revenues
Non-operating revenues
compared
(&Subs.)- -Earnings-
1940
1939
1938
1937
$1,998,227
$1,608,136
1,703,133
210,097
See x
1,402,094
176,359
See x
$1,155,808
1,012,062
170,562
$2,220,484
1,692,988
31—
Cost of goods
sold (est.)
Selling & admins, exps..
Prov. for depreciation..
32,294
193,066
10,127
Casinghead gas and gasoline revenues
$1,217,062 as compared with
This was a gain of 4.53%.—V. 151, p. 1004.
Schwitzer-Cummins Co.
6 Mos. End. July
Net sales.
$1,238,719
1,266,309
28,936
21,593
167,331
15,018
Oil production revenues
Company—Sales~r~
Sales for the month of August, 1940 were
share in addition
five cents per paid on June 30 and
stock and surplus
sales for August, 1939 of $1,170,132.
This was a gain of 4.01%.
Sales for the eight month period this year were $8,803,312 as
to the regular
Years Ended June 30—
Natural gas revenues
common
805,388
126,601
272,926
295,155
—V. 151, p. 1439.
with last year
—
extra dividend of 15 cents per
This compares
of record Sept. 16.
25 cents paid on July 1 and April 1, last; 75 cents paid on Dec. 22,
1939; 50 cents on Oct. 1, 1939: and 25 cents paid on July 1 and April 1,
with
Preferred dividend requirements.
Sales in August amounted to $210,267, a gain of 18.9% over sales of
$176,893 in the same month last year.
For the first eight months of this year sales totaled $1,562,382, up 7.9%
over sales of $1,446,946 in the same period of last year.
Reed Drug Co. operates a chain of retail drug stores in Wisconsin and
Illinois.—Y. 151, p. 859.
no par
a
stock, payable Oct. 1 to holders
mon
Reed Drug Co.-—Sales■—
I
1585
The Commercial & Financial Chronicle
151
176,016
21,739
x
x$29.683 1o8sx$26,817
733
422
x$84,997
1,927
Other income.
See
$329,742
478
L-
$86,924
loss$26,395
$330,220
5,000
48,000
$68,674
$25,416
loss$26,395
$282,220
72,500
$0.47
_
$30,416
18,250
eral income taxes.
$0.18
Prov. for Fed. normal in
Total
1,186,580
759,615
209,284
$2,740,515
1,205,680
787,374
334,919
6,060
38
14,544
2,400
1,000
$2,719,846
revenues
Expenses
Provision for depletion and
Interest on long-term debt
depreciation
Other interest charges
Amortization of debt discount and expense
Prov. for Fed. income taxes of wholly-owned subs-
on common
stock
Consolidated Balance Sheet June 30,
Assets—Oil and gas properties
inactive subsidiary
not
owned
notes
and
accounts
receivable
Net profit
$410,827
306,27g
1940
(net), $10,879,810; investment in whollyconsolidated, $15,000; cash, $399,948;
(net), $252,788; oil in storage, $19,068;
$6,103; other assets and deferred charges,
prepaid ins., taxes and exps.,
$130,712; total, $11,703,430.
Liabilities—Long-term debt, $5,332,000; notes payable (trade), $37,500;
accounts payable, $96,462; accrued interest, $59,784; accrued property and
general taxes, $38,295; provision for Federal income taxes of wholly-owned
subsidiaries, $2,400; long-term debt maturing within one year, $608,000;
provision for claims, litigation expenses and contingencies, $34,344; com¬
mon stock (par $2), $1,490,764; capital surplus, $2,338,977; earned surplus,
$1,664,904; total, $11,703,430.—Y. 150, p. 1004.
shs. cap.
Consolidated Balance Sheet July 31, 1940
Assets—Cash, $117,499; cash surrender value of life insurance, $13,525;
accounts and notes receivable
(net), $354,465; inventories (estimated),
$679,602; land, $73,566; buildings, machinery
612; prepaid and deferred expenses, $30,711;
50 cents
per
($1 par), $145,000; paid-in surplus,
total, $1,696,156—V. 150, p. 3986.
Rutland
1940—Month—1939
$501,461
$442,195
- — --
1156.
p.
Brothers, Inc.—Earnings—
Seeman
Years End.
1940
1939
1938
$2,124,472
1,625.016
$1,666,708
1,053,194
$1,394,474
1,046,264
1937
$3,358,011
2,706,365
165,780
Cr25,419
201,193
Drl6,437
122,397
Crl4,477
172,900
Drll,834
$359,095
307,063
$395,884
322,389
$240,291
269,689
$466,911
$52,032
Cr9,320
4,689,490
$73,495
def$29,398
Cr676
Dr 179
Cr67
4,615,320
4.644,897
4.636,920
$4,750,842
$4,689,490
'$4,615,320
$4,644,897
106.300
107,400
107,500
$3.38
$3.68
$2.23
108,000
$4.32
June 30—
Gross earnings.
Sell., adm. & gen. exp_.
Prov. for Federal, State
and city taxes.!.....
(net).
■
1940—8 Mos.—1939
$3,324,432
$2,927,253
110
107
Net income
Dividends;
Adjustments
Prev. capital & surplus.
RR.—Earnings—
1940— Month—1939
$264,894
$341,141
235,319
271,375
1940—7 Mos.—1939
$2,014,453
1,912,595
$1,896,149
1,839,740
Balance surplus
of
Shs.
no
par cap.
Net
$69,766
23,168
5,179
$29,575
$101,858
19,303
3,691
157,197
outstanding
16,207
$264,863
445,128
Net railway oper.
$41,419
4,577
inc.
$6,581
5,084
x$65,959
30,491
x$95,224
31,786
187,937
Fixed assets
$11,665
341
340
Miscell. deduc. from inc.
x$35,468
5,059
235,526
x$63,438
2,358
237,914
262,502
ties & Interest..
own
542,422
capital stock...
Accounts & notes
501,346
$12,063
charges
x
Deficit,
—V. 151, p.
x$22,417
x$276,053
xSSOSJlO"
y Includes interest accrued on outstanding bonds but unpaid.
1289.
St. Louis-San Francisco
The company
1,461,690
3,627
1,494,919
2,730,099
2,713,394
22,848
14,950
1
24.145
receivable
Other assets..
Goodwill
reorganization plan no provision
was
<3lSS0t<S
"The use of such
earnings as a basis for the exclusion of the debtor and
from further participation is the final act
gravely injured or
injuries," the brief contended.—V. 151, p. 1438.
creditors and stockholders
and serves to foreclose citizens already
seeking relief from those
Safeway Stores,
Inc.—Sales—
weeks ended Aug. 31, 1940, amounted to $30,547,230,
of 0.55% over sales of $30,380,818 reported for the four weeks
ended Sept. 2, 1939.
Sales for the 36 weeks ended Aug. 31, 1940 were $272,222,864, a gain of
4 60% over sales of $260,259,676 for the 36 weeks ended Sept. 2, 1939.
Stores in operation on
Aug. 21, 1940 totaled 2,596, compared with
Sales for the four
an
increase
2,935 on Sept. 2,
1939.—V. 151, p. 1004.
Sanford Mills—50-Cent Dividend—
declared a dividend of 50 cents per share on the common
stock, payable Sept. 16 to holders of record Sept. 10.
Dividend of $1.50
Directors have
5,074
&
payable.
other
crued liabilities.
360,396
84.146
*
85,866
159,630
122,324
Accrued taxes
for
9,557
289,729
ac¬
54,000
Mtge. payable
Long-term debt
Reserve
8,860
5L000
mdse.
83,571
92,723
2,500
2,500
x
Total
$5,673,566 $5,709,237
for depreciation of $338,382 in 1940 and $383,Represented by 125,000 shares of no par value.—V. 150,
$5,673,566 $5,709,237
Total
After deducting reserve
958 In 1939.
y
3372.
p.
Security Investment
made for
participation of present stockholders and general creditors of the Frisco.
p The brief contended the Commission erred in treating the earning record
of the Frisco as a relevant factor in fixing the capitalizable worth of its
its
1
Com.
& unset'd claims
land."
Commission's
250,000
27,593
Res. for legal exps.
the ICC's reorganization plan was "unjust, inequitable,
recognition to the rights of stockholders, discriminates
unfairly in favor of certain creditors and fails to conform to the law of
of confiscation
15,712
petitioned the Interstate Commerce Commission Sept. 4
The road said
the
3,425
Ry.—Plan Held Inequitable—
fails to afford due
& misc. payables
adjustment
"to give due recognition and
equitable treatment to the debtor's stockholders and creditors."
In
-
Deferred charges..
modify its plan of reorganization so as
to
250,000
payable
For'n acceptances.
Accounts
Post-dated checks.
33,742
Net income after fixed
Capital stock... $2,000,000 $2,000,000
2,689,490
2,750,842
Earned surplus..
Sundry time deps.
Inventory
33,592
Total fixed charges..
y
1939
1940
Liabilities—
y
Notes
Marketable securi¬
Corporation's
$45,996
Total income:
1939
$202,898
490,894
1940
Assets—
x
Cash
Other income
$7,910
Balance Sheet June 30
$56,409
135,426
10,620
459.001
stk.
Earnings per snare
(ev. from railway
operations
Railway tax accruals
Equip. & joint fac. rents
1940—7 Mos.—1939
1940—Month—1939
31—
$58,819,848 $48,259,011 $387569,774 $344485,598
151,
Net surplus
Period End. July 31—
Railway oper. revenues.
Railway oper. expenses.
$79,828; advertising
$84,016; earned surplus, $1,210,769;
Sears, Roebuck & Co.—Sales—
Period End. Aug.
Sales
Inc. & loss adjust,
10 & 25-Cent Stores—Sales—
Stores in operation
—V. 151, p. 256.
employees travel advances,
$18,855; deferred income, $1,000; common stock
certificates outstanding,
share on the no
stock, payable Sept. 14 to holders of record Sept. 7.
This
compares with 40 cents paid on June 28, and on April 18, last; $1.50 paid on
Dec. 15, 1939; 40 cents paid on Sept. 11, 1939; 30 cents paid on March 14,
1939; and $1 paid on Dec. 13, 1938.
See also V. 150, p. 2267.
Period End. Aug. 31—
and equipment (net), $422,-
accounts, $4,176; total, $1,696,156.
Liabilities—Accounts payable, $156,689; accruals,
and
notes
—
The directors have declared a dividend of
Sales
$1.94
Nil
depreciation of $23,575 in 1940, $25,993 in 1939 and
$24,469 in 1938.
par common
Rose's 5,
....
stock (par $1)
After provision for
x
—V.
Richardson Co.—Dividend
(estimated)
Cash dividends paid
Earns, per sh. on 145.000
677
$541,362
151,525
Net income
Dividends
come tax
Trust, Inc. (Denver)—$1.50 Pre¬
ferred Dividend—
Directors
have declared a dividend of
$1.50 per share on the $6 first
preferred stock payable Oct. 1 to holders of record Sept. 20.
Like amount
was paid on April 1 last; dividends of $1 were paid on Oct. 2 and April 1,
1939
and on Oct. 1, 1938, and dividends of $2 per share were paid on
April 1, 1938, and on
Oct. 1, 1937.—V. 150, p. 1948.
Shakespeare Co.—Earnings—
1939
StS""
Net
$2,4520078
$1,992,702
280,934
$1.56
203.372
$1.13
declared a dividend of 10 cents per share on
the common
with
paid
July
-31~
profit after charges
Earnings per common
and Federal taxes
share
10-Cent Dividend—
Directors have
payable Oct. 18 to holders of record Oct. 8.
This compares
paid on July 10, last; 10 cents on April 15. last, and 30 cents
Julv 1. 1939.
In addition, stock dividend of 20% was paid on
stock
30 cents
on
10
last, and stock
V.150, p. 4140.
dividend of 100%
was
paid on Oct. 2, 1939.—
The Commercial & Financial Chronicle
158G
Sheep Creek Gold Mines, Ltd.— Extra
Directors have declared an extra
adjustments recorded subsequently, but
Dividend—
dividend of one cent per share in addition
share on the common stock, both
.
quarterly dividend of four cents per
to a
payable Oct. 15 to holders of record Sept. 30.
Similar amounts
on July 15. last and on Oct. 14, 1939.—V. 150, p. 3988.,
P't140'
were paid
^affin'istrativ^OTPs"Legal service
Ltd.—Accumulated Dividend—
8,
(L. C.) Smith & Corona Typewriters,
Years Ended June 30—Net income (after all charges)
Earaings per share on 276,337 common
service.—
$1.04
«o
^T.^n fund^debt.?"
Amnrt
Edison
California
Co.,
Ltd.—May Refund
Sa{f-.-K:
151,
$
.
^
p.
713.
r>
r-
r»
.
i
|
r,.
r,i
i
,
w-.
New
England Telephone Co.—Earnings—
ment company might elect within 15 days after receipt of an
of the Square D Co. for the year 1939.
...
.
o.
The of
Instrument company elected to accept the following.
1940—Month—1939
1940—7 Mos.—1939
Operating revenues.$1,732,280
$1,601,033 $11,633,815 $10,897,052
Uncollectibleoper. rev—
2,000
3,000
16,500
25.500
shares
$1,730,280
1,191,397
Net oper. revenues...
$538,883
175,637
$495,171
$3,606,165
1,096,456
$3,284,264
145,173
$363,246
$349,998
274,367
$2,509,709
1,992,283
$2,323,788
1,810,593
Operating taxes
Net operating income.
income
288,884
— —
Period End. July 31—
$3,553,702 $89,440,371 $83,795,481
Uncollectible oper. rev-
Telephone Co.—Earnings—
Net oper. income....
income.
Net
$1,701,731 $12,778,026 $12,060,881
1.448 928
11 093 995
10 390 725
33 lft2 727
66,192,121
Odof bxds and taxes
uper, exps. ana taxes...
i.^o.uzo
ii.uuo.yyo
funded debt—
04. A97 701
b4,627,791
ao 4Q^ ocfi
60,495,28b
$17,530,807 $16,060,690 $32,676 463 $30 095 697
5:471,963
5:487,242 10,952,580 10,965:211
and expense.
Other interest (net)
693,795
69,618
695,989
116,006
1,381,371
128,293
1,386,677
190,672
on guaranteed obligations
264,012
262,391
524,669
561,490
Sundry amort, and misoellaneous deductions.
476,442
919,363
942,593
for
payments
461,015
—
Balance
--$10,554,977
Divs. on cap. stocks held
by public
4,547,859
Minority Int. In undistributed net income
335,920
—
—
$9,038,047 $18,770,187 $16,049,054
4,556,149
9,120,592
9,059,553
154,097
436,414
c-71
GM &Eler
mo
flVo
$9,213,181
$6,733,555
,n,
0m
Divs. from affiliate
175,768
200,723
201,025
------
4,398
affiliate
ExDs^ft^taxraof Stand"
Gas & Electirc Co
Consol. net incomefunded debt
Other interest
on
funded debt...
For
594,068
$4,339,926
2,139,825
23,468
$9,196,629
4,257,406
Cr650
$6,764,027
4,344,258
58,797
July 29, '37
'
x$48,442
Colorado
y Includes a dividend of $155,250 declared by Mason-Walsh-Atkinson* Kier Co. and received in June, 1940, on this corporation's minority interest
in that company (said company being a stockholder of Consolidated Builders, Inc., which is completing Grand Coulee Dam) whereas no corresponding item of income was received during the first quarter of the previous
fiscal year.
No consideration has been given in the above figures with
respect to the Ida B. Wells Housing Project in Chicago, the ultimate result
of which cannot be determined until completion.—V. 150, p. 3838.
_
.
Time, Inc.—Earnings—
6 Months Ended June 30—
1940
Income from subscriptions, newsstand sales, advertising and film rentals
$17,767,256
15,009,136
*2 7^8 119
Net
profit..
~"v«
p. 1441.
Trustees System
1939
$14,241,512
,
12.094,814
12 146 698
181,795
83,337
$2,939,914
$2,230,035
...
Federal an^B!?itish taxes on income (est.)___.
401,941
$5,774,617
2,121,121
151.
Earnings
July 25, '40 July 27, '39 July 28. '38
Total income
602,254
396,337
$2,287,371
$1,815,076
Discount Corp. of
Chicago-—Initial
T)imdend
uiviaena—
29,108
32,246
48,293
62,833
Directors have declared an initial dividend of 40 cents per
preferred stock, payable Oct. 15 to holders of record Sept.
46,779
47,165
93,933
95,339
p.
$2,097,222 b$4,797,647
$2,202,800
comparative purposes the figures for the six months and the 12
1939 have been revised to reflect equalization of
ended June 30,
Thompson-Starrett Co., Inc. (& Subs.)
3 Mos. Ended—
Net profit after deprec.
and Federal taxes
y$193,585 loss$37,508 Ioss$58,542
x These figures do not include results from operations on the
River Aqueduct contract scheduled for completion in 1938.
30,362
193,298
sa]es totaled $5,586,600
P'1007.
Onm-ating nrofit
273,072
Consol. net income—_b$3,577,458
months
glf 1940>
aga11^ $3,910,767 in the like period of 1939, a gain of 42,8%.—V.
Other income—
'047.689 $4,533,224 $9,790,697 $7,165,968
151
monthg ended Aug
402,051
Amort, of debt discount
expense
of
eighfc
175,768
401,748
Federal and State tax on
and
Thermoid Co.—Sales—
5802*245 as conipar0d witn $558»310 in August, 1939 an increase or4o.t> /o»
For
Costs and expenses-
„
^win^n^btednwwof
151, p. 1440.
Earnings—
Manufactu?if TrLrCo l's tracer atent for the common stock of this
mo transrer agent ror tne common sto.K oi
corporation. V. 151, p. 1158.
_
$4,327,801
O?
nTru^ & Sallng?UBai£' 9?lca^*
255,946
nf
of
1949
15. 1950
$1,500,000. Denom. $1,000 and registered debentures without coupons
Qf denom of $100>000 or any other denominations which company may
authorize.
1940—12 Mos.—a1939
$46,881,845 $97,588,437 $90,821,086
30 711 109
6V,ill,192
Auf.
1947
annum
Tlth c
$17,662,367 $16,170,743 $32,960,646 $30,325,800
Drl31,560
Z>rll0,053
Dr284,183
Dr230,103
Gross income
loo'.OOO
15*
1946
pe? ItnnSm
ne?
III aSSSS
2 70% III SSSSS
2 85% III ISSSS
i'lol vll a™5
3.20%. per IZlm
1 75%
Principal and int. payable at trustee's off ice.—V.
Subs.)—
Amort, of debt discount
TiaiaT$rv«
Aug' 15'
aSI'
Suberp0xmcUtmtlec^T 1940—6 Mo*.—al939
nfhor
2.25%
100 000
Operating revenues—^-$50,765,094
res.
Aug. 15, 1944
iBoioSo
$2,752,016 $21,034,038 $19,344,103
1,050,285
8,256,012
7,283,222
[Exclusive of Deep Bock Oil Corp., Pittsburgh Railways Co., and the
Appropriation to
2 00%
Auf! ill
subsidiaries of those companies, street railway subsidiaries of Philadelphia
Co. and Beaver Valley Traction Co., and its subsidiary.]
Net oper. income
1943
lOOloOO
Standard Gas & Electric Co. (&
Other income (net)
1942
15
iSi'
100 000
i,ooo,o/o
—V. 151, p. 861.
Interest
ll'
Aug
000
JMXX
$1,803,207
1,556,676
Operating taxes
Rate of
Date
Amount
*100
$2,964,652
1.161,445
Net oper. revenues...
cents
*PrhlCipal am0UntS
^
Maturity
$7,665,775 $56,279,545 $53,372,541
4,913,75 9
35,245,507
34,028,438
Operatingrevenues... $8,081,417
Operating expenses
5,116,765
a
f^oi^
1940-Month—1939
1940—'7 Mos.—1939
$8,110,583
$7,697,146 $56,497,543 $53,593,595
29,166
31,371
217,998
221,054
revenues
'
on
and previously regular quarterly dividends of 25
distributed.
Principal
Operating
.
Sutherland Paper Co.—New Debentures—
'
Bell
,
0i) 20,000
—13.„uA
of Au„
te-Four* 1 ,0
eW
Jan
Southwestern
audit report
(b) 70,000 shares of common
To Eliminate prtf. Stock—
Stockholders at their annual meeting on Sept. 18 will vote on an amendment to consider eliminating all provisions with respect to company spreferred stock. This issue was retired on June 30, last.—V. 151, p. 1440.
Ry.—Earnings—
$4,065,798
pref. stock and
conv.
on Dec- 30, 1939;
per share were
Company gained 1,824 stations in service during August and the total of
376,890, another new all time record total, was an increase of 16,486 since
Jan. 1 and 21.295 over a year ago.—V. 151, p. 861.
Gross earnings (est.)....
cum.
s#) Starrett Co.—$1 DividendDirectors have declared a dividend of $1 per share on the no-par common
stock, payable Sept. 30 to 29, last; 50 cents paid on 20. T1his compares
holders of record Sept. March 30, last, and
with 75 cents paid on June
960,476
Gain in Phaves—
Southern
5%
stock—V. 151, p. 861.
$1,598,033 $11,617,315 $10,871,552
1,102,862
8,011,150
7,587,288
Operating revenues.—
Operating expenses
Instruments and licensing others
such instruments.
Pursuant to the plan for the acquisition
and in full consideration for the business, goodwill and assets of the Kollsman
Instrument Co., Inc., including the patents, &c., the Square D. Co. assumed
the liabilities of the Instrument company and agreed to issue the following
stock:
(a) 2C.000 shares 5% cum. conv. pref. stock; (b) 35,000 shares of
common stocs; (c) either an additional 35,000 shares of common stock
or an additional 10,000 shares of 5% cum. conv. pref. stock, as the Instru-
•
et
KT
Southern
int.
$3,359,954 $30,328,503 $28,853,070
to manufacture
Period End. July 31—
on
$3,414,656
in the manufacture of aircraft measuring
7_
gold bonds series A, due July 1,
1947, has been called for redemption on Oct. 10 at 103
and accrued interest.
Payment will be made at the Continental National Bank & Trust
Co. of Chicago.—V. 151, p. 1439.
A total of $64,900 first mortgage 6%
c
1940—8 Mos.—1939
i940_Month—1939
n__
The New York Stock Exchange has authorized the listing of a maximum
of 20,000 shares of 5% cum. conv. pref. stock (par $100).
The stockholders on Dec. 28, 1939. approved the issuance of the shares
as Dart consideration for the acquisition of the assets and business of the
Kollsman Instrument Co., Inc., Elmhurst, N. Y., which firm was engaged
•Southern Colorado rower Co.— DOnas cauea~-—
Int.
A
z-_
0
on
$86,095
$908,469
'
,p*
'
Square L) Co.—Listing—
from California, the company has under
rate $73,000,000 1st &
A ref. mtge. bonds, or
$108,000,000.
The primary object of a refunding operation now
to effect savings in interest costs as both issues sold in 1935 do
not mature until 1960.—-V.
Int.
95,339
——
—.
$215,204
58,797
62,833
93,933
47,165
$300,316
$4,647,322
48,293
32,246
—;—
,
Spiegel, Inc,—bales—
Period End
According to press dispatches
'
29,283
34,000
*a (k±p ioo
i
Electric output of the public utility operating companies in the Standard
Qae & Electric Co. system for the week ended Sept. 7, 1940. totaled 125,637,122 kwh., as compared with 113,555,326 kwh. for the corresponding
week last year, an increase of 10.6%.—V. 151, p. 1440.
Bonds—
Net
—.
Net income
Weekly Output—
consideration plans for refunding at a lower interest
ref. mtge. 3H% bonds and $35,000,000 series B 1st
_,
15,410
12,000
46,779
,
Southeastern Gas & Water Co,—Delisting—
Exchange Commission announced Sept. 5 that It had
total of
«o ac7 onc
29,108
discount
of debt
^expense-
$0.96
The Securities and
a
in7 a?k
<9,078
Vqoko.
^Gr^lneomo^.... 82,497,475 82,457,90S $5,307,451
other interest
v
151
23,468
Cr650
granted the amplication of company to withdraw its 6% first lien gold bonds,
due 1941, from listing and registration on the Chicago Stock Exchange.
The apolication stated, among other things, that there has been no trading
in the bonds on the Chicago Stock Exchange since 1931, and that due to
the nresent unsatisfactory financial condition, the comnany is making every
effort to avoid expenses incurred by the continuance of the listing and
registration of the bonds on the Exchange.—V. 151, p. 1290.
would be
In 221
60,551
58,000
82,3oo
38,501
?Hnn
18,000
—
Prov. for Fed. inc. taxes
1—V, 151, p. 1157.
Southern
iVlTn
259.580'
348,162
a'avrn
.
127,387
45,754
—
—
Taxes
Inc.—Earnings—
$W,°219
$3449fiQ8
5366,219
$344,698
shares
182,609
professional
Extraord'y
share on account of
accumulations on the 6M% cumul.pref. stock, payable Nov 1 to holders of
record Oct. 17.
Like amount was paid on Aug. 1 and May 1, last; dividend
of S2.62H was paid on Feb. 1, last; $1.25 on Nov.l, Aug. 1, and on May
1, 1939; dividend of $2.25 was paid on Feb. 1, 1939 and dividends of $1.25
were paid on Nov. 1, Aug. 1 and May 2. 1938:-V.
50. p. 3988.
dividend of $1.62^ per
a
which are applicable to thos<,
approximately $483,000 of undistributed earnings of a subis required to be retained in surplus by that
company pursuant to order of the Securities and Exchange Commission,
c Bef0re deduction of income charges of Standard Gas & Electric Co.
Statement of Incorne {Company Only)
,
,
Simpson
Directors have declared
^b'lncludes
Ridiarv company, which amount
Corp.—Liquidating Div.—
Simmons Hardware & Paint
Sept. 14, 1940
share on the
14.—V. 142,
1488.
Union Twist Drill Co. —To Pay $1 Dividend —
Directors have declared a dividend of $1 per share on the common stocK,
payable Sept. 28 to holders of record Sept. 20. This compares with 7o
Volume
The Commercial & Financial Chronicle
151
cents
paid on June 29, last; 25 cents paid on March 30, last: 50 cents paid
on Dec. 29,
1939, and 25 cents paid on Sept. 29 and July 1, 1939, this
latter being the first dividend paid since Dec.
27, 1938 when a regular
quarterly dividend of 25 cents per share was distributed.—V. 150, p. 3992.
Union Premier Food
Period End.
Sales.
Stores
in
Sept. 7—
________
Stores, Inc.—Sales—
45
71
—V. 151, p. 1158.
United Biscuit Co. of America—Stock
Offered—An un¬
derwriting group headed by Goldman, Sachs & Co. and in¬
cluding Lehman Brothers, Blyth & Co., Inc., and Kidder,
Peabody & Co., offered Sept. 11 25,000 shares of 5% cumu¬
lative preferred stock ($100
par) at $102 per share and ac¬
193274
crued dividends.
The shares
issued and sold
subject
their authorization by stockholders
Sept. 13, 1940, which
to
has been done.
were
The issue has been oversubscribed.
Dividends cumulative from Sept. 1, 1940 and payable (Q-M),
Red. at
company's option, in whole or in part at any time upon at least 30 days'
notice, at $110 per share on or prior to Sept. 1, 1945 and at $107.50 per
share thereafter, plus accrued divs. in each
the common stock, to the
case.
Entitled, in preference to
prevailing redemption price per share upon
voluntary liquidation, and to $100 per share upon involuntary liquidation,
plus accrued divs. in either case.
Transfer agent, New York Trust Co.,
New York.
Registrar, Manufacturers Trust Co., New York.
Listing—Company has agreed to make application for the listing of the
preferred stock on the New York Stock Exchange.
History and Business—Company is engaged principally in the manufac¬
ture of varied lines of crackers, cookies and
biscuits, and their distribution
in package and in bulk.
The territory served by the company includes most
of the trading areas of the United
States, except the Pacific Northwest,
New York City, and certain districts in California and in the Gulf States.
Company was incorp. in Delaware in Nov., 1927, and at that time and
during the next two years acquired the capital stocks of 15 biscuit com¬
panies and a company engaged in the manufacture of paper cartons and
containers.
As a result of a corporate simplification program completed
Dec. 31, 1938, company took over the operations formerly conducted by
these subsidiaries, which then became operating divisions of the company.
Company is now primarily an operating company and has only three active
subsidiaries which are of minor importance and conduct a purely selling
business.
Approximately 5,000 people are employed by the company.
Sales,
Interest
Less
Charge &
of
Discounts,
&C.
&c.
a Profit
$1,297,123
1,376,899
1,359,899
1,316,844
1,779,223
1,477,484
1,593,943
1,651,273
628,714
$14,568,671
14,454,083
18,197,936
1935
20,214,162
1936..
22,123,512
24,740,258
1938
23,431,061
1929
22,994,098
1940(6 mos.) 11,952,448
a
Before
Disc't &c.
plywood, and related sheet and laminated products.
Capitalization—
Authorized
Preferred stock ($1.50 cumul. conv., $20 par)
Net
&c. Taxes
$223,868
Profit
$924,208
984,315
949,787
895,498
1,180,766
961,361
1,001,675
1,093,964
$149,047
172,636
170,465
134,250
337,806
219,947
239,645
287,095
260,651
265,875
250,247
297,263
295,152
158,007
295,004
262,156
35,865
434,842
offering plus
any shares
to time of the preferred
stock
mon
were
of
stock issued on conversion from time
As of June 30, 1940, 41,890 shares of com¬
common
stock.
reserved for issue upon the conversion of the preferred stock
then issued and outstanding.
Earnings for Stated Periods
Net Income
deducting interest charges, amortization of discount and
vision for
for Federal
from
Fed. Taxes
Taxes
Year Ended
Sales
Operations on Income on Income
April 30, 1938
$254,642
$252,501
$47,000
$3,976,104
April 30, 1939
378,022
377,867
69,856
5,043,579
April 30, 1940— 6,587,014
659,683
668,968
124,800
b June 30,1940___ 1,240,505
157,011
a32,910
157,473
Net
a
There amounts
are
expense
(after deducting estimated expenses) but ex¬
clusive of accrued dividends, will amount to $2,422,492, and will be applied
by the company as follows:
To cost of redemption, at $110 per share, of the 9,798 shares
of conv. 7% cumul. preferred stock
$1,077,780
(2) To be used, to the extent necessary, together with other
funds of the company for expenditures in connection with
the construction and equipment of a new
plant which may
cost in the neighborhood of $1,500,000
825,000
(3) To be used for general corporate purposes
519,712
(1)
Capitalization—Capitalization as of June 30, 1940 after giving effect to
present financing will be as follows:
Authorized
Outstanding
3 H % debentures due April 1,1955
$7,000,000
$7,000,000
a25,000 shs.
25,000 shs
750,000 shs. 459,054 shs,
_____
a A special
meeting of stockholders to authorize these shares has been
called for Sept. 13. 1940.
Underwriters—The Underwriters have agreed, severally and not jointly,
to
purchase from the company at $102 per share, plus accrued dividends
from Sept. 1, 1940, the number of shares of preferred stock set opposite
their respective names.
Goldman. Sachs & Co—
Lehman Brothers
8,500 shs.
5,500 shs.
Blyth & Co., Inc
Kidder, Peabody & Co__
Balance Sheet June 30,
A itrtt
subject to possible adjustment for additional taxes
Purpose—Net proceeds to be received by the company from the sale of
the 30,000 shares of
common
stock will be applied to replenish funds ex¬
pended
or to be expended by it, estimated in the amount of $346,051, for
expansion of production facilities in the company's plant at Seattle and other
$1,893,254
States
Government
additions,
company
is one of the company's large suppliers of plywood, to pay for
of additional facilities under construction at the plant of
advances to
the installation
that company, and to repay certain
of the general funds of the company.
Underwriters—The
of shares
of
bank loans, the balance to become part
of the principal underwriters and the number
stock which each has agreed to purchase from the
names
common
company and from certain shareholders are as follows :
25,233
Inventories
Racks,
2,112,890
containers,
Investments
and
23,427
&c._j
advances..
578,334
consolidated
3
7,563
H% debentures
Reserves
not
7% cumul.
b8,802,156
Common stock
•
Other assets
264,256
257,239
no
pref. stock.
979,800
(488,320 shs.
Dominick & Dominick
Hemphill, Noyes & Co
par)
2,400 shs.
2,400 shs.
shs.
shs.
shs
shs.
shs.
shs.
1,200 shs.
800 shs.
1,800 shs.
Otis & Co
1,200 shs.
Balance Sheet June 30, 1940
Liabilities—
Assets—
Cash
$426,631
Notes and accounts receivable
Advances
on
898,064
log purchases-.
3,305
Inventories..
Prepaid
1,535,040
and
exps.
deferred
Notes payable to banks
Accounts payable, trade
244,582
79,754
Prov. for Federal income and
157,487
profits taxes
Preferred stock (par $20)
Common stock (par $1)
excess
61,103
charges
Other asset£__._
134,044
712,357
Plant, property and equip
670,240
203,301
1,095,054
Surplus at organization
Paid-in surplus
Earned
Total.
$250,000
Accrued liabilities
217,109
853,018
surplus
$ 3,770,544
Total
$3,770,544
R. Clay Wilcox, Executive Vice-President on Sept. 11 reported that sales
of the company for the first four months of its current fiscal year, the four
months ended Aug. 31, 1940, were $2,614,724, as against sales of $1,-
992,145 for the
31.25%.
same
four months of the prior fiscal year, an increase of
Sales for the month of
August, 1940, totaled $722,900, a new all time
month in the company's history.
small percentage of
war materials and only a small percentage of aircraft parts, on which pro¬
ducts the company is enlarging its activities.'—V. 151, p. 1441.|^^i_.
high for
any
Mr. Wilcox reported that these sales include a very
.
U. S. Potash Co.—To
Pay $1.50 Dividend—
Directors have declared a dividend of $1.50 per share on the common
stock, payable Sept. 28 to holders of record Sept. 12.
This compares with
25 cents paid in three preceding quarters; $1.25 paid on Sept. 28, 1939, and
dividends of 25 cents per share paid on June 30 and March
31, 1939.—V.
150, p. 1620.
United
States Steel
under
See
Corp.—August Shipments—
"Indications of Business Activity"
on
a
preceding page.—
V. 151, p. 1293, 865. 716. 434. 262.
Milk Co.—To Pay Special Dividend—
a special dividend of 25 cents per share on the
payable Oct. 1 to holders of record Sept. 23.
Dividend of
25 cents was paid on March 25, last: special of 25 cents paid on Dec. 22,
1939, one of 25 cents paid on Oct. 2, 1939 and dividend of 50 cents per
common
stock,
share was paid on March 25, 1938.—V.
150,
p.
4145.
Vega Airplane Co.—Earnings—
Earnings jor 6 Months Ended June 30, 1940
Gross sales (less returns and
$737,062
609,060
allowances)
sold.
7,899,243
1,467,765
4,681.953
Common stock in treas
Gross profit on sales
Selling, administrative and general expenses..-.
—
cDr921,954
Operating profit
Total....
$22,142,019
$128,002
97,809
$30,193
—
Other income
8.335
—
After depreciation of $5,988,504.
United Electric Coal Cos.—Director
Resigns—
Louis Ware resigned as director of this company effective
—V. 151, p. 433.
United Funds,
Aug. 26, 1940.
Inc.—Registers with SEC—-
See list given on first page of this department.
United Gas Improvement
Co.—Weekly Output—
The electric output for the U. G. I. system companies for the week just
closed and the figures for the same week last year are as follows:
Week
ended Sept. 7,1940,101,432,840 kwh., same week last year, 93.879,878 kwh.
an
8,000
2,800
2,000
2,000
1,600
1,600
3,000 shs.
Cost of goods
b Cost of investment in former sub¬
sidiary companies (now liquidated) in cash or securities of company in
excess of book value of underlying net assets at times of acquisition,$7,835,361; goodwill of company at its inception and of former subsidiary
companies (now liquidated) at times of acquisition, $958,220; trade-marks
of company and former subsidiary companies (now liquidated), $8,573^
c 29,266 shares at cost.—Y.
151, p. 1293.
a
Shareholders
Company
12,000 shs.
4,200 shs.
3,000 shs.
59,361
conv.
Paid-in surplus
Earned surplus
c
—$22,142,019
from
asset Items
129,686
a7,580,661
Intangible assets.
Prepaid exps. and def. charges
7,000,000
deducted
Fixed assets
Total
$389,955
-
Account payable to sub. not
1,053,219
From
From
Name—•
Eastman, Dillon & Co
Merrill Lynch, E. A. Pierce & Cassatt
Directors have declared
Accounts payable...
Accruals
and munlcipal. securities..
Accounts receivable
Veneer Co., which
Algoma Plywood &
property
Van Camp
1940
Liabilities—
Cash'....
United
5,500 shs5,500 shs.
Net
Income
$205,501
308,0 0
544,168
al24,101
which may result from the enactment of a new Federal excess profits tax
law and to year-end audit,
b Two months ended June 30.
proceeds
5% cumul. pref. stock (par $100)
Common stock (no par)
Provision
Before ProNet Profit
of funded debt and Federal and State income and profits taxes.
Purpose—Net
Outstanding
33,512 shs.
70,000 shs.
Common stock ($1 par)
350,000 shs. a203,301shs.
a The number of shares of common stock which will be
outstanding after
the offering will be increased by the 30,000 shares which the company is
E. H. Rollins & Sons, Inc
G. M.-P. Murphy & Co
Provision
for Federal
Amortiz.
consolidation of United States Plywood Co., Inc., United States Plywood
Riter & Co
Earnings for Calendar Years
Gross
1587
organized in New York, May 6, 1937, by the
was
Co. of Del., Inc., and Aircraft
Plywood Corp.
Company is engaged in the
manufacture and sale of Douglas fir plywood and hardwood plywood and
in the purchase and sale of hardwood
plywood, Douglas fir and other soft¬
wood
1940—4 Weeks—1039
1940—36 Weeks—1939
$2,126,430
$1,819,812 $20,045,109 $15,816,194
operation
Company—Company
increase of 7,552,962 kwh. or
8%.—V. 151, p. 1441.
Total profitOther expenses
$38,528
15,543
4,298
__._
Provision for Federal income taxes
•$ 18,687
Net income
$0.04
Earnings per share on capital stock
^Balance Sheet June 30, 1940
...
$736,976; accounts receivable, $185,414; inventories,
$821,491; advances to manufacturers for engines, $41,500; fixed assets
(less reserve for depreciation of $31,338). $966,963; intangible assets, $64,220; deferred charges, $679,673; total, $3,496,237.
Liabilities—Accounts payable, $184,889: taxes payable, $49,860; com¬
missions payable, $4,431; customers' deposits, $5,201; advances by Lock¬
heed Aircraft Corp. on account of sub-contract and materials, $1,035,614:
accrued liabilities, $68,325; due to affiliated company, $1,380,012: capital
stock (par $1.50), $687,488; earned surplus, $80,425; total, $3,496,237.—V.
151, P. 1442.
Assets—Cash,
Virginia Electric & Power Co.—Earnings—
1940—Mbntfi-s-1939
1940—12 Mos—1939 *
Operating revenues
$1,745,816
$^605,114 $20,208,036 $18,850,299
Period End. July 31—
United States Plywood Corp.-—Stock Offered—Eastman,
Dillon & Co. headed
an
underwriting
group
which offered
and sold after the close of the market Sept. 12 50,000 shares
of common stock at an initial offering price of $25.75 per
share.
Of the 50,000 shares of common stock offered, 30,000
shares
represent
financing for the company.
The
are being sold for the account of
certain shareholders who will receive the net proceeds.
Other members of the underwriting group were Merrill
Lynch, E. A. Pierce & Cassatt, Dominick & Dominick,
Hemphill, Noyes & Co., Riter & Co., E. H. Rollins & Sons,
Inc., G. M.-P. Murphy & Co., and Otis & Co.
new
remaining 20,000 shares
644,873
Depreciation.
—
119,958
195,000
177,833
Net oper. revenues—
Other income (net)
Balance
2,354,409
2,809,604
7.294,612
1,514,118
2,208,474
2,148,406
amortization.
Balance
222,963
$495,183
7>r4,164
$455,159
357
$5,855,469
Drl4,829
$5,684,689
Dr72,171
$491,018
146,622
$455,517
145,423
$5,840,640
1,764,387
$5,612,518
1,839,244
$344,396
$310,094
$4,076,253
1,171,598
$3,773,274
1,171,596
$2,904,655
$2,601,678
Preferred dividend requirements
Balance for common stock and surplus.
—V.
7,633,285
1,555,269
262,049
Taxes
Interest &
629,200
148,712
Operation.
Maintenance
151, p. 1442.
The Commercial & Financial
1588
Vick Chemical Co.
1940
$8,986,833
111,405,384 $10,810,066
& discounts
ances
Cost of goods
—V.
$9,814,456
7,502,079
7,480,655
6,436,073
6,306,289
Profit from operations
Other income
$3,903,305
145,018
$3,329,411
153,570
$2,550,760
142,951
$3,508,167
146,168
$4,048,323
$3,482,981
$2,693,711
$3,654,335
760,000
637,210
398,966
564,563
.
Total income
for Fed., State &
Prov.
foreign income taxes,.
5,230
Miscell.
Total
1,139
17,371
$2,792,165
5,161,150
$2,795,897
$2,248,138
4,021,669
3,432,743
$2,953,515
3,413,371
$7,953,316
Net profit
Previous surplus
surplus
$6,817,566
1,680,459
$5,680,881
1,659,211
$6,366,886
2,934,142
Including depreciation
1938 and $65,075 in 1937.
>
Consolidated Balance Sheet June 30
2.230,584
4,288,644
Accts. pay.,
208.000
2,180,134
33.000
152,625
5,796,790
998,996
576,451
433,058
15,957
21,989
(trade)..
countries
132,999
750.262
(80,000 no par shares), $589,670; capital surplus,
$509,119; total, $1,674,408 —V. 149, p. 4046.
3,501,400
1,752,647
5,161,150
Dr35,732
1,021,188
30,356
Goodwill, &c
35,620
152,022
131,804
1
bNon-oper.rl.est.
Deferred charges..
$105,409; earned surplus.,
Co.-—Debentures Offered—An
3l/i% sinking food debentures
was offered Sept. 11 by a banking group headed by Merrill,
Lynch, E. A. Pierce & Cassatt.
The debentures were of¬
fered at 199 }4% and accrued interest.
Associated with
Merrill Lynch, E. A. Pierce & Cassatt in the financing are
A. G. Becker & Co., Inc., Lazard Freres & Co., Stern,
Wampler & Co., Inc., Stern Brothers & Co., and Johnson,
Lane, Space & Co., Inc. The issue has been oversubscribed.
54,012
989,492
reserve
Auto
Western
impts.,
unamort. bal
$65,000;
Supply
issue of $6,000,000 15-year
465,000
______
Bldgs., mach'y,
&c
Leasehold
(bank), $60,000; accounts payable, $237,686;
$36,603; Federal taxes on income, $34,920; long-term
for general contingencies, $36,000; capital stock
926,154
5,867,341
Treasury stock.. Dr477,071
c
accounts,
debt,
Earned surplus...
1,831,780
1938.
accrued
Cap. stk. ($5 par). 3,501,400
Capital surplus... 1,752,648
5,186
4,703
2,062,264
Invest. & advances
24,295
Land
54,012
accounts
Inventories
b
Liabilities—Note payable
$
assets, $37,920; fixed assets
deferred charges, $42,926;
$1,674,408.
276,364
& certain adjac't
Officers' & employ¬
ees'
total,
of assets in bellig.
Accts. receivable
Other receivables.
receivable, $32,658; tax stamps
(State), $12,420; inventories, $1,069,881; other
(net), $330,245; patents and trademarks, $1;
274,259
for'nine, taxes.
Short-term commi
a
Consolidated Balance Sheet June 30,1940
Assets—Cash, $148,357; trade accounts
Prov. for poss. loss
Oth. market secur.
notes..........
aggregated $64,325.
accr'd
&c—
Acer. Fed., State &
expenses,
Cr216
$127,430
$101,863
on capital stock
60,000
40,000
Note—Provision for depreciation and amortization included in 1940
profit.
Dividends paid
1939
$
Liabilities—
$
$
Assets—
V. S. Govt, secur.
1,289
7,147
19,300
Net
"
1940
1939
1940
disposal of capital assets (net)
Federal income taxes—
Adjustment for prior year Federal income taxes—
$3,432,743
$3.21
$4.23
of $99,895 in 1940, $96,829 in 1939, $85,221 in
x
10,167
5,019
323
2,074
34,920
Dr3,489
Provision for current year
$4,021.670
$5,867,341 ) $5,137,100
Earns.persh.oncap.stk_
$4.05
$4.00
Profit and loss surplus
Cash.......
Loss on
$156,841
12,000
11,391
4,067
$195,423
12,000
—
Sundry deductions
2,085,974
Dividends
income
Interest expense._________
Life insurance expense (net)
35,000
13,500
14,658
adjustments—
$145,843
10,998
11,802
—
Provision for contingencies
465,000
sale of securs.
Investment written off- on
1939
$1,630,642
1,484,799
$183,621
income-
Gross
certain adjacent coun¬
tries
1940
$1,685,358
1,501,737
administrative expenses——
Operating profit
Other
Prov. for possible loss of
assets in belligerent &
Net loss
Subs.)—Earnings—
Ended June 30—
Gross profit
Selling, general and
109,234
1,621
1,375
16,500
quotations
Weinberger Drug Stores, Inc. (&
4,412
43,847
tributed profits
Prov. for adjustment of
securities
to
market
151. P. 865.
Years
I
Federal surtax on undis¬
—
W. A. R. Realty Corp.—Bond Group Augmented—
The bondholders' committee-formed in April, 1938, for the 1st mtge.
6% bonds announced Sept. 9 in addition to the committee of H. R. Baker,
President of H. R. Baker & Co., San Francisco; Franalin Pettit, real estate,
New York, and Clermont Cartwright, Vice-President of Hill, Thompson &
Co., Inc.; Gerorge M. Englar, President of Property Management, Inc., is
Chairman of the committee.—V. 151, p. 1442.
sold, sell¬
ing,
advertising and
administrative exps__
1940
$6,280,693
Sales...
Sales, less returns, allowx
14,
1940—Month—1939
1940—11 Mos.—1939
$5,704,522 $68,171,060 $64,769,143
Period End. Aug. 31—
1937
1938
1939
Sept.
Walgreen Co.—Sales
(& Subs.)—Earnings—
Year End. June 30—
Chronicle
153,604
Dated Sept. 1, 1940; due Sept. 1,
National Bank, New York, trustee.
96,254
1
Interest payable M & S. Chase
are red for sinking fund
1955.
Debentures
principal amount thereof, together with accrued int. to the date of
redemption, plus a premium expressed in percentages of the principal
amount as follows: 1% if red. prior to Sent. 1. 1945;
if red. on or
after Sept. 1, 1945 and prior to Sept. 1, 1950: without premium if red. on
or after
Sent. 1. 1950.
Debentures are to be redeemable at option of
company (otherwise than for the sinking fund) at principal amount thereof,
together with accrued int. to date of redemption, plus a nremium expres&ed
in percentages of the principal amount as follows: 2% if red. prior to
Sept. 1, 1945; 1% if red. on or after Sent. 1, 1945 and prior to Sent. 1,
1950; Vi% if red. on or after Sent. 1, 1950.
Comoanv will reimburse to
holders resident in Penn., personal prooerty or capital stock taxes up to five
mills per annum and to holders resident in Mass., income or corporation
taxes uo to 6 % per annum of interest naid.
Purpose—Net proceeds from the sale of the debentures, after deducting
expenses and underwriting discounts in connection with the issue, will be
used to pay presently outstanding term bank loans of the face amount of
$2,000,000, plus accrued interest, and current bank loans of the face amount
of $1,000,000, and remaining net proceeds will be used for additional work¬
ing capital and for the further growth of the business, including provision
for increased inventory and opening new stores.
at
12,309,731 11,406,092
Total
11,406,092
12,309,731
Total
discounts of $29,915 in 1939
1940.
b After reserve for depreciation,
c Represented by
10,900 shares (1939 900 shares) acquired (at cost).—V. 151, p. 1442.
a
After reserve for doubtful accounts and
and $29,305 in
Viking Pump Co.—-To Redeem Preferred Stock—
Company has notified the Chicago Stock Exchange of its intention .to
preferred stock Dec. 15 at $40 a share.
Stock
to be called will be selected by lot from a list of stockholders as of the close
redeem 500 shares of no par
of business Sept.
1.—V. 151, p. 1159.
Virginia-Carolina Chemical Corp.—Earnings—
[Including Wholly-Owned Subsidiary Companies]
/
1940
1939
.$19,253,277 $16,803,362
Cost of sales, excl. of deprec. & depletion
16,175,242 13,992,786
Selling, administrative and general expenses..
1,573,243
1,481,850
Provision for doubtful accounts
218,960
110,710
Provision for depreciation and depletion
700,946
741,799
Years Ended June 30—
Net sales
...
Company—Business of the company falls into two categories. It operates
of June 30, 1940) which sell auto¬
replacement parts, oils, greases, radios,
paints, bicyles, sporting goods, electrical appliances and supplies, hard¬
ware and other lines of merchandise.
Retail sales for the first six months
of 1940 constituted approximately 61% of the total net sales of the company
for that period.
Company also sells its general line of merchandise at
wholesale to independently owned stores (numbering 1,570 as of June 30,
1940).
Wholesale sales to such independently owned stores for the first
six months of 1940 constituted approximately 39% of the total net sales of
the company for that period.
Sales are made for cash and on credit, both
at retail and wholesale.
Company does not engage in manufacturing.
All
operations are carried on in leased premises.
Net Sales and Net Income Year Ended Dec. 31
a
Profit from operations.
Other income.
..
_
Total income
Interest
on
$476,216
$584,886
217,173
220,494
$802,058
....
$696,710
31,397
58.237
bank loans and amortization of under¬
writing expense on term loan paid in July. 1939..
Expense of maintaining non-oper. properties,
exclusive of depreciation.
Net income
56,645
$727,416
111 ,956
$581,826
68,028
$615,459
...
Provision for Federal income taxes
43.244
$513,798
Net income for year—
Comparative Consolidated Balance Sheet June 30
1940
$
1940
$
Assets—
Liabilities—
depr.12,668,167 13.012,126
zDue from affil.co.
39,728
Inv. in affil. cos..
1,227,501
51,728
1,242,501
Mdse. inventory.. 5,016,920
xAccts.¬es rec. 4,867,295
Cash
2,218,643
Other assets...
186,662
Patents
y
1
Common stock.
1,000.000
551,139
900 000
Accounts payable.
162,210
101,514
Bank notes pay
4,131,544
Accrued accounts.
199,838
3,879,932
Fed. & State taxes
149,580
2,813,256
241,565
Reserve for insur._
l
176,061
445,668
157.677
167,435
3,064,527
Surplus
2,449,067
185,456
1936.
1937
After all
Total
26,427,978 25.531,111
Aircraft, Inc.-—Stock Increase Voted—
Company announced on Sept. 5 that at a special meeting in Wilmington,
Del., its stockholders had approved a proposal to increase the authorized
capitalization from 1,000,000 to 1,500,000 shares, and that this would
enable i to complete immediately the acquisition of the Stinson and BarkleyGrow Aircraft Divisions of the Aviation Manufacturing Corp.
Unfilled
orders of Vultee Aircraft were reported as more than $40,000,000.
Vultee
will issue 302,168 shares to Aviation Manufacturing in exchange for the
assets of the Stinson & Barkely-Grow divisions, making 1,052,168 shares
outstanding.—V. 151, p. 117.
Direct taxes
...
Prop, retire, res. approp.
follows:
Outstanding
15-year 3H% sinking fund debentures, due Sept. 1, 1955
Common stock ($10 par)
Underwriters—The names of the principal underwriters and
amount of debentures to be purchased by each are as follows:
Merrill Lynch, E. A. Pierce
A. G. Becker & Co., Inc
1940—Month—1939
1940—12 Mas.—1939
$952,403
$878,715 $11,238,599 $10,531,845
430,921
318,060
4,267,844
3,765,587
188,051
125,315
1,861,454
1,731,132
92,434
92,477
1,111,358
1,114,117
Gross income
Int. on mtge. bonds
Other int. & deductions.
Int.
$240,997
$342,863
1,670
1,024
$242,667
$343,887
83,042
17,313
64,167
17,995
chgd. to construct'n
Net income-
$160,505
$243,532
Dividends applicable to pref. stock for the period.
Balance
-V.
151, p. 865.
$3,997,943
34,640
$3,921,009
26,078
$4,032,583
770,000
115,363
Cr1,506
$3,947,087
995,827
98,092
Cr705
$3,148,726
622,518
$2,853,873
622,518
$2,526,208
$2,231,355
$6,000,000
751,368 she.
the principal
$2,000,000
1,200,000
& Cassatt
...
1,200,000
Lazard Freres & Co
500,000
Stern, Wampler & Co., Inc
Stern Brothers & Co
500,000
--
Johnson, Lane, Space & Co., Inc
Merrill Lynch
-
& Co., Inc
Income Account
100.000
500,000
for Slated Periods
6 Mos. End.
Years En Ac* Dec. .31
June 30, *40
1939
1938
1937
.$22,684,674 $45,302,174 $36,335,436 $36,911,994
&c
16,759,179
32,433,756
25,872,692 25,780,698
and repairs
63,931
142,437
67,327
98,832
and amort.
165,358
284,502
257,921
2l3,2l7
than inc.)_
240,194
419,756
365,995
285,323
550,330
978,209
867,952
803,054
178,304
367,708
346,761
294,814
Net sales.....
Cost of sales.
Maintenance
Depreciation
(other
Taxes
Rentals....
Net oper. revenues.._
Other income (net)
908,299
before deducting interest
Capitalization—If effect had been given to the issue and sale of the deben¬
the payment of all outstanding bank loans, the funded
capitalization of the company at June 30, 1940 would have been
Washington Water Power Co. (& Subs.)—Earnings—
Operating revenues
Operating expenses
charges including depreciation but
$867,396
2,066,014
2,475,176
2,087,840
3,169,904
debt and
as
Period End. July 31—
Net
Income
Net
1,202,435
22,684,674
1940 (6 months)..
a
a
Income
$1,024,198
2,594,016
3,370,871
2,670,927
4,020,370
tures now offered and
26,427,978 25,531,111
x After deducting reserve for doubtful debts and discounts,
y Author¬
ized, 750.000 shares, no par value; issued, 486,122 shares,
z Less reserve
for losses.—V. 149, p. 2991.
Vultee
Net
Sales
$19,217,354
25,716,570
36,911,99436,335,436
45,302,174
1935-...
and income and profits taxes.
1
__
Deferred charges..
Total
S
6% part. pref. stk.21,305,215 21.305.215
Land.bldgs., mach.
& eq.. less
1939
$
1939
chain of retail stores (numbering 249 as
mobile accessories, tires, batteries,
Bad debts
....
3,778,836
Net oper.
profit
7,089,695
6,220,013
6,393,091
$948,539
Other expenses
$3,586,107
$2,336,771
$3,042,962
Other income..
258,155
444,880
349,983
338,193
Total income
$1,206,695
34,918
$4,030,988
95,532
$2,686,755
121,415
$3,381,156
37,752
Income deductions
Prov.
for
income
and
profits taxes...
Net income
Dividends paid........
263.477
765,550
477,499
868,226
$908,299
$3,169,904
$2,087,840
$2,475,176
751,368
1.352.462
864,073
1,132,098
Volume
The Commercial & Financial Chronicle
151
Balance Sheet
as at
Assets—
June
asked
30, 1940
$2,786,789
Marketable securities
10,165
Notes and accounts receiv
3,665,939
Inventories
13,339,361
Fixed assets (net)
Deferred charges
1,282,208
453,122
...
Other assets.
29,926
secured
Unsecured time bank loans..
1,041,874
Accrued liabilities
Unsecured
time
bank
loans
(1942-44)....
Capital stock (par $10)
Paid-in surplus
Earned surplus
$21,567,508
Total
$1,000,000
325,000
2,231,448
payable..
Unearned handling charges..
Total.......
An
Notes payable to banks, un¬
Accounts
1
1,675,000
47,538
7,513,680
972,000
6,760,968
$21,567,508
Debentures Voted—
Stockholders recently approved issuance of $6,000,000 15-year debentures.
Of the proceeds about $3,000,000 will be used for debt retirement
balance for working capital and expansion.
August Sales—
and the
1940—Month—1939
Retail
$3,431,000
2,104,000
5,535,000
Wholesale
Combined.
1940—8 Mos.—1939
$2,928,000 $20,285,000 $18,130,000
1.590.000
12,692,000
9,455,000
4,518,000
32,977,000
27,585,000
—V. 151, p.1443.
Western Grocer
Co., Iowa (& Subs.)—Earnings—
July 1 39 to July 3 '38 to June 27'37 to July 1 '36 to
June 30,'40 June 30 '39
July 2, '38
June 26,'37
Net sales
$13,587,683 $13,746,882 $15,041,098 $15,577,223
Cost of goods sold (less
disc'ts & allowances). 12,077.313
12,422,365
13,527,054
13,805,777
Seli., jobbing branch &
adm. expenses
1,307,564
1,414,762
1,471,340
1,388,599
Period—
Net profit from opers.
Miscell. non-oper. inc
Int.
on
bank
$202,806
29,337
y$90,246
25,128
$42,704
27,551
$411,009
Net profit.
Preferred dividends
11,480
y$107,302
$38,727
63,329
Common dividends
52,500
Earns.persh.oncom.shs.
$0.96
Nil
Includes $7,900 for surtax on undistributed profits,
x
18,385
x71,840
$2.44-
Nil
y
Indicates loss.
Note—The net profit or loss shown above is after deducting provisions for
depreciation as follows: Period from July 1, 1939 to June 30, 1940, $84,054;
period from July 3. 1938, to June 30, 1939, $97,908; period from June 27,
1937, to July 2, 1938, $95,830; period from July 1, 1936, to June 26, 1937,
$85,320.
Consolidated Balance Sheet June 30, 1940
Assets—Cash, $318,978;receivables (net), $555,258; inventories, $2,508,267; investments and insurance deposits, $48,451; prepaid expenses and
deferred charges, $21,059; plant and equipment (net), $1,337,738; goodwill,
$1; total, $4,789,752.
Liabilities—Bank loan, $325,000; acceptances under letters of credit,
$23,369; accounts payable, $843,218; accrued taxes, $85,322; provision for
Federal income taxes, $41,246; other accrued liabilities, $29,518; real estate
mortgage (instalments due within one year), $6,600; real estate mortgage,
$69,648; 7% cumulative preferred stock, ($100 par), $887,700; common
stock ($20 par), $2,100,000; surplus from recapitalization, &c , $303,345;
earned surplus, $95,776; common stock held in treasury (2,489 shares, at
cost), Dr$20,990; total, $4,789.752.—V. 150, p. 4148.
Telegraph Co., Inc.—Earnings—
Period End. July 31—
1940—Month—193 9
1940—7 Mos.—1939
Tel. & cable oper. revs.. $8,216,689
$7,615,792 556,717,411 $53,718,299
535,896
686,261
496,601
5,085,458
498,744
683,457
496,053
4,819,853
3,584,700
4,804,285
3,286,861
34,109,885
3,559,689
4,791,882
3,145,566
33,184,652
178,142
165,276
180,596
168,635
1,283,607
1,182,694
1,310,695
1,264,262
Uncollect, oper. revenues
Taxes assignable to oper.
$1,069,055
32,867
494,928
$768,454
30,463
494,196
$8,465,379
226.870
3,432,233
$6,461,553
214,873
Operating income
Non-operating income..
$541,260
106,130
$243,795
92,312
$4,806,276
898,064
$2,823,790
856,284
$647,390
583,767
$336,107
594,628
$5,704,340
4,121,092
$3,680,074
4,161,983
$63,623
x$258,521
$1,583,248
x$481,909
Repairs
Deprec. & amortization.
All other maintenance.
_
Conducting operations..
Relief departments and
pensions
All other gen. & misc.exp
Wheeling & Lake Erie Ry.—To Pay $1 Common Div.—
Wheeling Steel Corp.-—Time for Exchange Extended—
Corporation has notified the New York Stock Exchange that the time
within which the 6% preferred stock may be exchanged for $5
convertible prior preferred stock and common stock, pursuant
of recapitalization, dated June 8, 1937,
business on Dec. 13, 1940.—V. 151, p.
White Rock Mineral Springs
Gross income
Deducts, from gross inc.
Net income
*
Loss.—V.
151, p.
250.000 shs.
x
sh.
per
com.
$82,877
$90,378
$121,804
$0.14
$0.25
$0.20
$0.32
on
stk.
the 2d pref. stock has been con¬
3841.
Which will be outstanding when all
verted into common stock.—V. 150, p.
Winnipeg Electric Co.—Earnings—
Period End.
3.422.890
1010.
Westinghouse Electric & Mfg. Co.—Makes Record Sales
August—AU-Time Company High Set by $57,352,054 Orders
"
Expanding peacetime and preparedness activity was mirrored Sept. 10
the announcement that August, 1940 was the "biggest month in the
history" of the company.
George H. Bucher, President reported that his company's orders for the
month amounted to $57,352,054 and that employment was approaching
the peak months of 1929 and 1937.
August's business, Mr. Bucher stated, showed a 68.8% Increase over
July and a 67.1% increase over the same period in 1939. The company's
previous record month was October, 1917, when orders amounted to $50.000.000.
"However," the Westinghouse executive pointed out, "a large part of
our last month's business was taken at a very moderate profit, since some
$36,000,000 of it represents emergency orders for the Government's pre¬
paredness program.
"Though Westinghouse is primarily in the business of manufacturing
peacetime products and must continue to maintain its normal production in
this field," Mr. Bucher added, "we want to do our part in this emergency.
We are expanding our facilities to handle preparedness orders."
If all emergency orders were eliminated from the August report, the
remaining peacetime business—more than $20,000,000 worth—would still
be comparable to the best peacetime months in the company's history, it
was explained.
Even in the boom year of 1929, Westinghouse orders for a
single month did not exceed $25,000,000.
Orders received by the company during the first eight months of this
in
year amount to $226,513,813, compared with $135,542,968 for the same
period in 1939.
"This advance in our business," Mr. Bucher observed, "reflects generally
improved business activity among our industrial, public utility and mer¬
chandising customers
He
1940—7 Mos—1939
$4,222,290 $4,014,670
1940—Month—1939
$540,781
$494,892
334,716
310,136
July 31—
Gross earnings
Oper. exps. and taxes—
$206,065
Net earnings
—V. 151, p. 866.
2,422,323
2,299,516
$1,799,967
$184,756
$1,715,154
Wisconsin Gas & Electric Co.—Earnings—
.Earnings jor the 12 Months Ended
July 31, 1940
Total operating revenues
$6,737,172
5,492,142
—
Operating expenses and taxes
Net operating revenues
Non-operating revenues
—
$1,245,030
Dr6,574
$1,238,455
418,256
33,935
Gross income
Interest on funded debt
Amortization of bond discount and expense
Interest during
construction charged to property
5,746
Cr6,390
reported that more than 52,300 persons were employed by Westing¬
beginning of August, an increase of approximately 9,t)00 em¬
house at the
ployees over the same month of last year.
Largest single classification in the company's August preparedness orders
includes approximately $21,000,000 for propulsion turbines and gears,
switchboards, and auxiliary equipment for marine service.
Another $11,000,000 is accounted for by gbn equipment for the Navy.
Approximately $4,000,000 is represents by Government orders for radio
equipment.
Marking the continued development of electric power production In the
United States, Westinghouse received a million dollar order in August for a
65,000-watt turbine generator to be installed on the Pacific Coast. A public
utility in the East has purchased a $1,200,000 turbine generator. This unit
will produce 80,000 kilowatts of electric power.
Four 5,OOO-watt turbine generator sets have been ordered by a large
chemical company at a cost of more than $500,000. A glass manufacturer
has ordered $117,000 in rectifier apparatus, and a locomotive works has
and plant
8,750
Other deductions
$778,159
Net income
—V. 151, p.
1296.
(& Subs.)—Earnings—
Wisconsin Public Service Corp.
Years Ended July 31—
Operating revenues
Operation
-
1939
$9,053,831
2,947,096
526,615
-
_
Provision for Federal and State income taxes
operating income
542,935
1^,875
$3,069,154
Depreciation
Net
1940
$9,528,479
2,922,786
HRi®
Maintenance
Taxes
in
1940—6 Mos.—1939
$56,264
Net prof.(after all chgs.)
Earnings
Co.—Earnings—
1940—3 Mos.—1939
Period End. June 30—
cumulative
to the plan
has been extended until the close of
1296.
Other interest charges
Net tel. & cable oper.
revenues.
authorization provides some $5,000,000 for
Directors on Sept. 10 declared a dividend of $1 per share on the common
stock, payable Oct. 1 to holders of record Sept. 24.
Like amount was paid
on July 1 and April 1 last; dividends of $4 was paid on Dec. 27, 1939, and
one of $5 per share was paid on the common shares on Dec. 18, 1937.—V.
151, p. 1296.
x
Western Union
Diesel electric
a
addition to the construction of 15 new
buildings in six different States. Another $6,000,000 has been authorized
for maintenance of the expanded plant facilities.
,
■
Since last June, Westinghouse has completed five buildipgs; nine are
under construction, and another has been provided for, according to George
Parkman, the company's construction engineer.
Two structures now nearing completion are a temporary building for
production of radio equipment for the Government at the Westinghouse
Radio Division in Baltimore, Md., and a service plant at Bridgeport,
Conn.
Two additional buildings for government radio production and a
service plant are under construction at Baltimore.
Three factory additions
and a warehouse are being built at the Westinghouse Merchandising Division
Mansfield, Ohio.
A $500,000 office building at the Westinghouse Steam Division, South
Philadelphia, and additional factory space, including a new printing plant,
at the Westinghouse Micarta Plant, Trafford, Pa., are under way.
A
$300,000 district headquarters aud service building has been authorized for
Atlanta, Ga.—V. 151, P. 1296.
$320,784
98,490
153,896
y$65,117
30,705
$160,901
62,226
loans._I
Prov. for Fed. inc. taxes;
$70,255
26,643
4,885
purchased
has
company
Mr. Bucher disclosed.
The company's expansion
$382,847
28,162
$232,143
30,582
40,660
11
$162,000 7,500-kilowatt turbine
generator.
A truck manufacturer has ordered $260,000 of small electric
power sets.
Transformers and circuit breakers costing $157,000 have been
ordered by a metallurgical company. A public utility in the Southwest has
ordered a 5,000-kilowatt turbine generator and condenser unit for $140,000.
Other significant orders for the month include a $60,000 mercury arc
rectifier substation for a railway company and a 35-yard shovel equipment
costing $50,000, the largest shovel equipment order ever obtained by
Westinghouse.
"Our records for August indicate that the demand for steam turbines
and auxiliary equipment is continuing at a very high rate," Mr. Bucher
reported. "The unprecedented activity in the marine field is self-evident.
Our orders for Diesel electric controls and equipment are evidence that this
type of locomotive is finding an encouraging market."
Westinghouse will spend mor6 than $8,500,000 during the year ending
next June, to increase its emergency and peacetime production facilities,
alkali
machine tools and equipment, in
<
Period End. Aug. 31—
_
to build electric equipment for
This order involves more than $200,000.
Westinghouse
switchers.
Liabilities—
Cash....
1589
$2,880,945
1,298,325
608,260
1,253,970
364,010
37,187
Dr2,654
$3,106,341
Interest on funded debt
1,069,920
Amortization of debt discount and expense
147,199
Other interest
15,636
Amortization of abandoned street ry. property.__
50,000
$2,878,292
1,068,253
149,015
22,163
50,000
Cr3,712
41,363
Ur30,598
49,182
$1,785,934
$1,570,275
Other income
-
Gross income
Interest
-
charged to construction
— -
-
Miscellaneous deductions
Net income
—Y. 151, p.
-
1443.
Wiser Oil Co.—To
Pay 50-Cent Dividend—
of 50 cents per share on the common
payable Oct. 1 to holders of record Sept. 11.
Previously regular
quarterly dividend of 25 cents per share were distributed.
In addition
extra dividend of 25 cents was paid on July 1, last.—V. 150, p. 3380.
Directors have declared a dividend
stock,
Woodward Iron Co.—To Pay
Common Dividends—
Company is notifying holders of its first mortgage 5% bonds due 1962
that, inasmuch as enough of these bonds and of the company's income
bonds have been retired as of Sept. 2 so that the combined aggregate now
outstanding is less than $7,306,200, the company may now
dividends on its capital stock.
declare and pay
stated that out of $14,612,400 aggregate principal amount
of first mortgage bbnds and income bonds issued, of which $7,548,000
were first mortgage bonds and $7,064,400 were income bonds, a total of
$7,310,400 was retired prior to Sept. 2.
Of the total retired, $6,380,900
were income
bonds and $929,500 were first mortgage bonds.
The re¬
maining $683,500 of outstanding income bonds have been called by the
company for redemption on Dec. 2, 1940, according to the announcement.
—V. 151, p. 1443.
I
u
The company
(F. W.) Wool^worth
Co.—Sales-
1940—Month—1939
1940—8 Mos.—1939^
$26,827,630 $24,123,080$197.370,205$187,212,589
Period End. Aug. 31—
Sales
■—V. 151, P.
-
866.
Wolverine Tube Co.—To Pay 10-Cent Common Div.—
Dividends have declared a dividend of 10 cents per share on the common
stock, payable Sept. 30 to holders of record Sept. 16.
This compares with
15 cents paid on June 29, last; 10 cents paid on April 1, last; 20 cents paid
on Dec. 26. 1939; and 10 cents paid on Oct. 2 and July 1, 1939, this latter
being the first dividend paid on the common shares since June 30, 1937,
when 20 cents per share was distributed.—V. 151, p. 718.
The Commercial & Financial Chronicle
1590
Sept.
14,
1940
The Commercial Markets and the Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY
lots.
COMMERCIAL EPITOME
closed 10 to 13 points
Coffee—Oil the 9th inst. futures
higher for the Santos contracts, with sales totaling 63
lots.
Santos coffee futures ruled firm today on a turnover
net
during the first three hours of about 9,000 bags—not large,
but still more than was done during all of last week.
De¬
cember contracts
were
The stalemate in the market is said to be
due to in¬
activity of manufacturers, who refuse to bid for cocoa.
As primary countries are refusing to offer at current market
prices, there is little doing.
In the meanwhile arrivals of
cocoa on direct purchases weeks ago by manufacturers, con¬
tinue to exceed last year's figures.
So far this month 229,322
bags have arrived compared with but 112,905 bags a year
ago.
It will be recalled that Aug., too, was a month of
big arrivals.
Warehouse stocks also are piling up. The
overnight gain was 12,700 bags, bringing the total to 1,277,590 bags against 1,328,163 bags a year ago.
Local closing:
Friday Night, Sept. 13, 1940.
>
GOODS—WOOL—ETC.
selling at 5.50c., up 8 points.
On
the seasonal low of 5.30c.
recoveries of the market from
Dec.
Dec., made in the middle of August, the 5.50c. level
has been reached several times.
Today's buying appeared
to emanate from Brazil and was said to have resulted from
for
On
4.55.
4 42* JVlar
the 12th
inst.
futures closed
unchanged to 1 point
assuring coffee
higher. Sales totaled 21 lots, all in December delivery. In
exceptionally quiet trading cocoa futures held unchanged
this afternoon.
December then stood at 4.42c. Sales to that
price would be protected from collapse.
On the 10th inst. futures closed 5 to 6 points lower for the
only 18 lots. The stalemate in the market is due
inability of sellers in primary countries to meet price
ideas of American manufacturers.
Brazil is offering some
a
statement of the President of the country
time totaled
interests that the
Santos contract, with sales of only 5
off at the close.
There was
lots.
delivery, which was
of two contracts in Rio Dec.
sale
a
one
to the
price.
Yesterday's spurt of activity and higher
no carryover.
In the A contract 500
done in Dec. at 3.75, off 1 point, while prices were
unchanged from last night's close.
The actual
were
about
market while steady in tone, was
On the
unchanged
contracts, with sales totaling 66 lots.
Twentyquiet in activity.
11th inst. futures closed 3 points net lower to
for the Santos
three Santos and
at
A notice
one
were
issued.
Sept. Santos
positions were 1
Trading to 1 o'clock ex¬
5.25c., was off 6 points, while other
point lower to 1 point higher.
Switching from Sept. dominated the
ceeded 15,000 bags.
market.
A
cable
from
Brazil,
besides
explaining
that
450,000 contos of reis credit had been granted the National
Coffee
Department
and
explaining
this
how
would
be
spent to take excess coffees off the market, went on to
say
that
a
meeting of the
of coffee producing
governors
would be held
States and other interested parties
on
Sept.
19 to discuss the coffee situation.
On the 12th inst. futures closed 14 to 15
points net higher
for the Santos contracts, with sales totaling 128 lots.
futures prices
strengthened this morning
on
Coffee
local trade
sup¬
port with December at 5.55c., up 9 points from last night.
Trading to
late hour totaled 2,750 bags.
a
There
was scat¬
tered speculative buying in the September option.
cable
A Rio
reported the Brazilian Government would spend $23,-
000,000
on
a
coffee stabilization
program
15j937,500 bags from the market.
and withdraw
Today futures closed 2
points net lower, with sales totaling only 22 lots.
Santos
futures were steady during early afternoon, with net gains
of 3 to 4 points.
The opening showed losses of 2 points.
Trading to early afternoon totaled 2,000 bags.
It is not
expected that the huge surpluses which burden primary
markets will be forced on the market since the purpose or
at least one of the purposes of the Export-Import Bank is
to obviate the necessity for dumping these stocks.
Roasted
demand for actual coffee is better under the lead of firm
primary markets.
Rio coffee prices closed
September-
as
-
.3.85
.3.93
.
Santos coffee prices closed
SeptemberDecember.
March, 1941
follows:
3.731 March.
3.79] May.
—
December-—-
as
follows:
5.401 May.
_
5.58
-
- -
—
July
5.88
--—5.98
5.77)
—
Cocoa—On the 9th inst. futures closed 7 to 6 points net
lower, with sales totaling 41 lots.
Following the general
trend, cocoa futures lost 5 to 6 points, although trading was
exceptionally dull.
Only 30 lots were traded to early after¬
noon.
At that time
pressure
Dec.
stood at
4.4c.
There
was
no
from primary markets, but neither
demand for the moment.
was there any
Warehouse stocks increased 8,900
bags over the week-end. They now total 1,249,561 bags
against 1,332,954 bags a year ago.
Local closing: Dec.,
4.39; Mar., 4.52; May, 4.61.
On the 10th inst. futures
closed unchanged compared with previous finals.
Sales
totaled
68 lots.
The market haa a
steady undertone
during most of the session.
Trading was moderate, only
65 lots changing hands up to early afternoon.
At that time
prices were 1 point lower on Dec. and unchanged on later
deliveries, Dec. selling at 4.38c. Warehouse stocks had
another sharp increase, rising 15,300 bags to a total of
1,264,896 bags.
A year ago they totaled 1,328,163 bags.
Local closmg: Dec., 4.39; Mar., 4.52.
On the 11th inst.
futures closed 3 points net higher, with sales
totaling 19
at
4^c.
a
There is
pound.
no
house stocks continued to accumulate.
prices for coffee had
bags
Africa wants a somewhat better
speculative interest in the market. Ware¬
The overnight gain
■was 14,000 bags.
Stocks now total 1,291,663 bags against
1,322,989 bags a year ago. Local closing: Sept., 4.27; Oct.,
4.28; Dec., 4.42; Jan., 4.47; Mar., 4.56.
Today futures
closed 2 points to 1 point net higher.
Transactions totaled
47 lots.
Trading in cocoa continued uninteresting, only
20 lots changing hands to early afternoon.
Prices were
steady.
Business was largely of a professional character.
Producers, supported by Government aid, refuse to meet the
lower prices prevailing here, while manufacturers refuse to
bid the market up.
Hence a deadlock which may continue
somewhat longer.
Warehouse stocks decreased 4,300 bags
over night.
They now total 1,287,304 bags compared with
1,320,178 bags a year ago. Local closing: Dec., 4.44; Mar.,
cocoa
point
.
4.57; May, 4.65.
Sugar—On the 9th inst. futures closed 1 to 3 points net
lower for the domestic contracts with sales
The world sugar contract closed 3
with sales totaling 37 lots.
Sugar
totaling 83 lots.
to 2 point3 net lower,
futures were depressed
and foreign news.
The domestic market
stood unchanged to 2 points lower during early afternoon.
On the other hand the raw sugar market was steady.
The
American Sugar Refining Co. bought a cargo of Puerto
Ricos clearing Sept. 30 for 2.71c. a pound, the same price
as
was
paid last Friday.
Other sugars were offered at
2.75c. a pound.
In the Eastern refined market the price
held at 4.35c. a pound, notwithstanding widespread reduc¬
by liquidation
tions in other
continue
areas
in the South and West.
Withdrawals
day-to-day basis, as hopes of a refined move
are
fading. The truck drivers strike has been averted.
What the trade now wants is passage of the Cummings
resolution extending the sugar act.
The world sugar market
broke 2 to 2lA points under selling for one account causing
buyers to withdraw.
On the 10th inst. futures closed un¬
changed to 1 point net higher for the domestic contract, with
sales totaling 170 lots.
The world sugar contract closed
unchanged to 1 point net higher, with sales totaling 50 lots.
Trading in sugar futures was quiet and prices fairly steady.
The turnover in the domestic market to early afternoon
on a
totaled
only a handful of contracts. Prices were un¬
changed, with Mar. selling at 1.82c. a pound.
The raw
market also was quiet and unchanged.
Most bids were
no higher than 2.70c., but Puerto Ricos and Philippines were
offered at prices ranging from 2.73 to 2.75c. for Sept. and
Oct. arrival.
The refined sugar market was unchanged.
However, it developed that a strike of truck drivers still was
threatened.
In the world sugar market futures were lA
point lower on sales of about 1,000 tons, mostly made on the
Mar. contract at 0.74, off ^ point.
News from Europe,
while more plentiful, was not of a character to affect the
market much.
On the 11th inst. futures closed unchanged
to 1 point net higher for the domestic contract, with sales
totaling 44 lots.
The world
sugar
contract closed A. to
\XA points net higher, with sales totaling 24 lots.
In the
domestic contract offerings were light, with the result
that a limited buying demand sufficed to advance prices
and was satisfied only on a scale up.
In the raw sugar
American paid 2.70c. a pound for 1,470 tons of Philippines
due Oct. 5, thus reducing the spot price, as 2,71c. had been
paid previously. Additional sugars were offered at 2.73c.
and upward.
In the world market futures were 2 to 2A
points higher up to early afternoon.
On the 12th inst. futures closed 1 point off to unchanged
for the domestic contract, with sales totaling 10 lots.
The
world sugar contract closed 1 point up to unchanged com¬
pared with previous finals, with sales totaling 30 lots. Four
September notices of delivery were issued in the domestic
market. They caused some switching out of September into
January. Trade firms were reported buyers. However, the
Volume
The Commercial & Financial Chronicle
151
turnover was
small, totaling only 400 tons. In the raw sugar
prices were steady. Duty frees were on offer at prices
ranging from 2.73c. to 2.75c. a pound, dependent upon
position.
Bids were in the market for raws at 2.70c. if in
market
desired
positions. The refined sugar market was unchanged.
was slow, but prices held.
The world or No. 4
market had a firm undertone although there was no
specific news to affect prices. Trading was fairly active with
a total of 1,350 tons to early afternoon.
Prices at that time
were 1 point higher with December at 0.72 of a cent and
March at 0.77.
Today futures closed unchanged to 1 point
higher for the domestic contract, with sales totaling 104 lots.
The world sugar contract closed unchanged to 1 point higher,
with sales totaling 25 lots.
Sugar markets wer8 firm. The
domestic futures contract was 1 point higher this afternoon,
with trading slightly in excess of 3,000 tons. A small amount
of outside buying and trade support lent strength to the
tone.
Raws were neglected, with prices unchanged.
The
steadiness of the market was attributed to news that the
Demand
sugar
Cuban House had
passed the bill providing for liquidation
perhaps clearing the way for lower
Cuban tariff, now 90c. a hundred pounds.
The same in¬
fluence was reflected in the world sugar futures market,
where prices were 1 point higher early this afternoon.
Trading to that time totaled 1,150 tons.
of Warren Bros, debt and
Prices closed
as
follows:
1.87
1.91
1.94
1.74 May
>.1.79 July
__._1.78 September
September
November
January. 1941
March
1.83
1591
Pork—(Export), mess, $23 50 (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: picnics, loose, c. a. f.—4 to 6 lbs.,
1214c.; 6 to 8 lbs., 12i4c.; 8 to 10 lbs., ll%c.
Skinned,
loose, c. a. f.—14 to 16 lbs., 18c.; 18 to 20 lbs., 16%c.
Bellies: clear, f. o. b. New York—6 to 8 lbs., ll%c.; 8 to 10
lbs., 11 %c.; 12 to 14 lbs., 1124c.
Bellies: clear, dry salted,
boxed, N. Y.—16 to 18 lbs., 8%c.; 18 to 20 lbs., 8%c.; 20
to 25 lbs., 8He.', 25 to 30 lbs., 8%c. Butter: firsts to higher
than extra and premium marks: 26 to 28%c.
Cheese:
State, held *39, 21)4 to 23c.
Eggs: mixed colors: checks to
special packs: 15% to 2314a.
Oils—Demand for linseed oil
was
at
flaxseed
a
a
crop
000,000 bushels.
Cottonseed Oil sales,
yesterday, including switches, 105
Prices closed as
Crude, S. E., val. 4%@4%.
contracts.
follows:
September
Cuban
Sugar
Exports
to
United
Cuban exports of raw sugar during the period Jan. 1 to
July 15, 1940, incl., totaled 1,411,318 Spanish long tons,
compared with 1,465,731 tons during the corresponding
period of 1939, according to official figures reported to the
U, S. Department of Commerce from the office of the Ameri¬
can
Commercial Attache at Havana.
The report
continued:
Shipments to the United States amounted to 1,016,337 Spanish long tons
during the 1940 period against 914,739 tons in the 1939 period.
so-called "world" markets
totaled 394,981
Exports to
Spanish long tons during the
period under review, compared with 550,992 tons during the like period
of
1939.
Of the 1940 total shipments to
"world" markets, 117,816 Spanish long
tons, or about 30%, were shipped to the
United States for refining in bond
and subsequent re-exportation to other countries, as
compared with 11,166
Spanish long tons, or less than 2%, in the corresponding period of 1939.
Lard—On the 9th inst. futures closed 15 to 20 points net
of
largely in sympathy with the depression in other
commodity markets.
Hog marketings were heavy at the
Western packing centers, which resulted in further losses of
10c. to 15c. today.
Sales of hogs at Chicago ranged from
$6.50 to $7.20.
Receipts of hogs at the principal packing
centers in the West totaled 68,700 head, against 59,500 head
for the same day last year.
On the 10th inst. futures closed
2 to 5 points net higher.
Trading was light and without
particular feature.
Hog marketings at 11 of the leading
packing centers in the West including Chicago last week
(5 days) were 264,432 head, compared with 185,836 head for
the same period last year (5 days).
Export shipments of
lard from New York today were light and only amounted to
30,000 pounds. During the past week shipments amounted
to 270,000 pounds, compared with 447,410 pounds for the
same week last year.
The hog market at Chicago finished
10c. lower today and throughout the session scattered sales
were reported at prices ranging from $6 to $7.10.
Western
hog marketings today were heavy again and totaled 74,400
head, compared with 57,500 head for the same day last year.
On the 11th inst. futures closed 5 to 12 points net higher.
The market displayed a steady tone today in sympathy with
grains and hogs.
Scattered short covering lifted prices 7 to
12 points over the previous finals during the early part of
lower.
The lard futures market ruled heavy during most
the day,
the session.
In the afternoon mixed commission house trad¬
ing operations held the market in check, and most of the
gains were maintained until the end.
Hog quotations at
Chicago finished 10c. higher after declining for several days
in succession, due to the much heavier marketings than
anticipated.
Sales of hogs ranged from $6.45 to $7.15.
Western hog receipts were quite heavy again today and
totaled 55,400 head compared with 49,500 head for the same
day last year.
On the 12th inst. futures closed 10 to 12 points net lower.
opening range was to 7 points lower on the active
In the late trading,
however, pressure became a little more pronounced and prices
closed at or near the lows of the day. No clearances of lard
were reported from the Port of New York today.
Hog sales
at Chicago ranged from $6.10 to $7.15.
Receipts of hogs
for" the Western run were moderately heavy and totaled
The
deliveries, but selling was not heavy.
head for the same day
Today futures closed 2 to 7 points net lower.
Trading was light and without particular feature.
The
grain markets offered little stimulus to the lard market
53,800 head, compared with 54,200
last
year.
5.44® 5.49 January, 1941
5."5®
5.45®
December
Increase in
October
November
States
First Half of 1940
low ebb following
exceeding 30,Linseed oil in tank cars is quoted 7.9 to
8.1c.
Quotations: Chinawood: Tanks, spot-—25%c. bid;
drum*—2614 bid.
Coconut: Crude: Tanks, nearby—.02%
bid; Pacific Coast—.02% bid.
Corn: West, tanks, nearby—
.05 bid normal.
Olive: Denatured: Drums, spot—$1.75 to
$1.85 nominal.
Sov Bean: Tanks. West—.04% bid; Novem¬
ber forward—.03% to .04; New York. 1. c. 1., raw—.06 bid.
Edible: Coconut—76 degrees—.08 to .08%. Lard: Ex winter
prime—7% offer; strained—7% offer. Turpentine: 37% to
39%. Rosins: $1.95 to $3.10.
the Government forecast of
5.56®
5.46
February
March
April
5.58® 5.59
5.61®
n
5.67® 5.68
5.71 @ n
Rubber—On the 9th inst. futures closed 7 points off to
1
Sales totaled 23 lots, all in the No. 1 Standard
Trading in rubber futures was dull, only 15 lots
selling to early afternoon. Prices were about 3 points lower,
but had a steady undertone, as traders ignored news of a
further increase in the export quotas of producing countries.
They expect Government orders to absorb all surplus pro¬
duction.
The London market closed %d. to %d. higher.
Certificated stocks in New York licensed warehouses in¬
creased 10 tons to a total of 1,690 tons. Tender of 140 tons
point
up.
contract.
Local closing: No. 1
On the
Transac¬
tions totaled 46 lots.
Prices were a shade lower in the early
trading.
Trade interests operated on both sides of the
market in a small way.
During early afternoon the market
was 2 to 6 points low^r, with Sept. at 19.15, a discount of 1
point from Dec.
Sales to that time totaled 19 lots. Cer¬
on
Sept. contracts was announced.
Standard: Sept., 19.18: Dec., 19.18; Mar., 19.11.
10th inst. futures closed 12 to 28 points net lower. -
tificated
total
stocks
increased 30 tons overnight.
They now
The London rubber market closed un¬
1,660 tons.
changed to %d. lower.
London cabled that the increased
quota of 90% will be in effect only during the last 3 months
of the year.
Local closing: No. 1 Standard: Sept., 19.06;
Dec., 19.06; Mar., 18.85; May, 18.75.
On the 11th inst.
futures closed 9 to 5 points net lower for the No. 1 Standard
contracts.
Sales totaled 132 lots.
Rubber futures con¬
tinued in the rut, there being very little change.
Sales were
fairly active, with the turnover to early afternoon totaling
110 lots.
Fifty tons of futures were exchanged for
physical
dry rubber from
Malaya under the restriction plan totaled 43,492 tons during
Aug.
That compared with 49,355 tons in July.
Local
closing: No. 1 Standard: Sept., 19.00; Dec., 18.97; Mar.,
rubber.
A cable reported that exports of
18.80.
points off to 2 points up
Sales totaled 81 lots, all in
Rubber futures drifted lower
On the 12th inst. futures closed 5
compared with previous finals.
the No. 1 Standard contract.
quiet trading due to absence of buying interest. October
off 11 points, December at
18.18 was off 9 points.
Sales to that time totaled 53 lots, of
which two were exchanged for physical rubber.
The London
market was unchanged to %d. lower.
Singapore also was
unchanged and %d. lower.
Local closing: No. 1,Standard:
Sept., 18.95; Oct., 18.95; Dee., 18.92; Mar., 18.82.
Today
futures closed 3 points up to 4 points off, with sales totaling
60 lots, all in the No. 1 Standard contract.
The rubber
futures market held steady in moderate dealings, sales to
in
this afternoon stood at 18.89c.,
early afternoon totaling 42 lots.
At that time December
was selling at 18.83. off 4 points.
Other active months
were 2 to 4 points lower.
There was little news calculated to
move the market out of the rut in which it is drifting.
Lon¬
rubber
don
closed
unchanged.
Local closing: Sept., 18.97; Dec.,
18.95; Mar., 18.78; May, 18.72.
Hides—On the 9th inst. futures closed 29 to 26 points
net
higher.
Transactions totaled 113 lots. Raw hide futures
opened 30 to 16 points lower. The market moved irtegularly
and at noon prices were at the low of the morning—29 to 30
points below Friday's close. Transactions up to early after¬
noon
totaled 90 lots.
The decline in prices was due to
Sat.
Mon.
September
4.90
4.72
4.75
4.87
4.77
4.72
October
4.97
5.17
4.82
5.02
4.95
5.12
4.85
5.02
4.80
4.97
5.27
6.30
5.12
6.10
4.85
5.07
5.17
liquidation precipitated by the easy tone of the stock market.
Local closing: Dec., 9.46; Mar., 9.61; June, 9.77.
On the
10th inst. futures closed 34 to 33 points net higher. Transac¬
tions totaled 128 lots.
The market opened 14 to 19 points
higher.
Prices moved higher during the morning and were
29 to 30 points higher to early afternoon.
Transactions
amounted to 76 lots up to that "time.
Buying was in sym¬
5.25
6.20
5.12
6.12
5.19
6.05
pathy with stocks and the firmness
today.
DAILY CLOSING PRICES OP
December
January, 1941
May
LARD FUTURES IN CHICAGO
Tues.
6.12
Wed.
Thurs.
Fri.
of the spot hide market.
The Commercial & Financial Chronicle
1592
Certificated stocks decreased by 1,569 bides to 640,278 hides.
Local closing: Sept., 9.71; Dec., 9.80; Mar., 9.94.
On the
11th inst. futures closed 11
to 16
points net lower. Transac¬
opening range was 20 to 29
points net higher.
The market was steady during the
morning. By early afternoon however, prices declined some¬
what from the highs of the morning and were about 15 points
higher. A leading dealer was reported as a large buyer. As
tne market neared the close, extreme weakness
developed,
prices dropping sharply. In the domestic spot markets sales
totaled 16,400 hides, including Aug.-Sept. light native cows
at 11H» River Points at 12, also Aug.-Sept.
heavy native
steers at 123^ to 12^.
On the 12th inst. futures closed net 1 point up to 4 points
off.
Sales totaled 129 lots.
Raw hide futures opened 11 to
13 points higher.
The market declined throughout the
morning and by early afternoon values were about un¬
changed from the previous close.
Sales totaled 87 lots.
There were 440,000 pounds tendered for delivery against
the September contract.
In the domestic spot market sales
totaled about 23,500 hides, including August-September.
Light native cows sold at 12c. and heavy native steers at
13c., also butt branded steers at 11c.
In the Argentine
market 5,000 August-September frigorifico extremes sold at
11 l/2d.
Local closing: Sept. 9.58; Dec. 9.65; Mar. 9.76.
Today futures closed 16 to 19 points net lower. Transactions
totaled 145 lots.
Raw hide futures opened about 3 to 5
points lower. Additional declines were registered following
the opening, and by early afternoon losses of about 16
points were in evidence. Transactions amount to 111 lots.
Today's decline was due to stop loss selling in sympathy
tions
with
totaled
a
174
lots.
The
lower stock market.
Local
closing: Sept. 9.40; Dec.
9.46; Mar. 9.60; June 9.75.
Ocean
Freights—Business in the
ocean
freight market
has been irregular, slow one day and active another.
ters
Char¬
to be watching the current war and political
developments and are cautious about making commitments.
Charters included: Grain: Plate to North Atlantic $5.50
per
ton
appear
(heavy grain), basis Buenos Aires. Plate to St. Lawrence,
$7 per ton asked nominal (corn).
South Africa to St. Law¬
$12 per ton (corn).
Time: Five to six months, North
trading, delivery Plate, September,
$3.50 per ton. Three months, West Indies trade, September,
$2.25 per ton.
West Indies trade, $2 per ton, nominal.
North of Hatteras—South African trade, $3 to $3.50
per
ton, nominal.
North of Hatteras—South American trade,
$3.50 per ton.
Round trip Pacific trade $4 per ton. Scrap
Iron: Atlantic range to Japan, $14.75 per ton. Gulf to
Japan,
$15, nominal. Pacific Coast to Japan, $90,000 lump sum,
rence,
and
f.
i.
late
per
South
American
Net
o.
Form:
North
Atlantic
September, early October,
p.
t.
to
United
Kingdom,
Gulf to Japan, $14
ton.
Coal—Although
official announcement has been made,
on Sept.
15 wholesale anthracite
coal prices will be advanced 10c. per ton for the final
monthly
rise.
The demand for anthracite has shown gradual
improve¬
ment as the date for the price change nears.
Buckwheat
sizes are still reported tight.
Anthracite mines in Pennsyl¬
vania will work three days for the week ended
Sept. 14,
under the allocation production
program for the industry,
according to reports here.
A three-day week indicates a
production of 720,000 tons.
In the week ended Sept. 7,
the output was also on a three-day work basis.
Based on a
report received from the Dominion Bureau of Statistics,
Canadian imports of Pennsylvania anthracite
during the 12
months ended July 31, reached a total of 2,757,870 net tons.
This is the highest annual level since the year ended Feb.
28,
1931.
Receipts during July from Pennsylvania amounted
to 398,521 tons, as compared with 377,406 in June.
no
operators here state that
Wool
Tops—On the 9th inst. futures closed 4 to 6 points
higher.
Transactions totaled 42 lots, or 210,000 pounds.
market was strengthened by good demand for Oct.
from spot sources, which brought that
position to a new
wide premium of 65 points over Mar.
Spot tops were
lc. or 10 points higher at $1.05 a
pound.
Local closing:
Oct., 95.0; Dec., 91.8; Mar., 88.5; May, 87.5; July, 86.0.
On the 10th inst. futures dosed 3 to 15
points net higher.
The market continued dominated
by active demand for the
Oct. delivery, which scored the largest advance of the
day,
widening its premium over Mar. by 12 points to 77.
Spot
tops were lc. or 10 points higher at $1.06 a pound.
Local
closing: Oct., 94.2; Dec., 92.3; Mar., 88.8; May, 87.8; July,
86.3.
On the 11th inst. futures closed 10
points higher to
7 points lower compared with
previous finals.
Spot tops
advanced another lc., or 10 points, to $1.07 a
pound.
Wool
top futures were active today, with steady demand for Oct.
from spot houses and contracts supplied
by liquidation on a
scale up.
A large volume of trading on the widening dif¬
ferences took place, with Oct.
exchanging from 43 to 47
points over Dec., with 47 bid late in the day, and at 81
points over Mar., with 86 prevailing at the closing.
Sales
totaled about 100 contracts, or 500,000
pounds.
Local
closing: Oct., 97.5; .Dec., 92.8; Mar., 88.9; May, 87.3;
net
The
On the 12th inst. futures closed at 3
points decline to
points up compared with previous finals.
Trading was
fairly brisk with about 90 contracts or 450,000 pounds esti¬
mated to have been sold.
Spot tops moved upward sharply
and were quoted at 110.0c., up 3c. a
pound or 30 points.
6
14,
1940
Local closing: Oct., 97.6; Dec., 93.0; Mar., 88.6; May, 97.0;
July, 82.6. Today fututes closed 2 points down to 5 poiDts
up.
The wool top futures market turned easier this morning
after having shown a more or less steady upward trend pre¬
viously this week. Moderately active selling of the October
position by the spot houses was the feature of the trading
period. Total sales on the New York exchange to midday
were estimated in the trade at about 175,000 pounds of tops.
At the best levels of the morning, which were recorded shortly
after the opening, active positions showed an advance of
4 points to a decline of 1 point from the closing levels of the
previous day, while at the lows they were 1 to 8 points below
yesterday's last quotations.
By noon the market had re¬
covered from a portion to nearly all of its earlier losses.
Local closing: Oct., 97.5; Dec., 93.2; Mar., 89.0; May, 87.5;
July, 86.0.
Silk—On the 9th inst. futures closed 2 to 2H points net
the No. 1 contract, with sales totaling 21 lots.
lower for
Silk futures
markets.
were
easier
in
sympathy with lower primary
sold at $2.53, off 2c.
The sales to early
afternoon totaled only 16 lots.
In the spot market crack
double extra silk declined 3c. to $2.59 a pound.
The Yoko¬
hama Bourse closed 6 to 11 yen lower.
Uneasiness over
Dec.
American
policy toward Japan was a cause of weakness.
closing: No. 1 Contracts: Oct., 2.54H; Dec., 2.53;
Jan., 2.52; Mar., 2.51.
On the 10th inst. futures closed
lc. net lower to He. net higher.
Sales totaled 42 lots, all
Local
in the No. 1 contract.
Demand for Oct. silk held
declining
a
trend in check.
During early afternoon prices were about
half a cent under last night's close.
Sales to that time
totaled 34 lots.
The price of crack double extra silk in the
New York spot market declined He. to $2.58H a pound.
The Yokohama Bourse closed 3 to 14 yen lower.
The
price of grade D silk in the spot market declined 15 yen to
1,375 yen a bale.
Local closing: No. 1 Contracts: Oct.,
2.54; Dec., 2.53; Jan., 2.52H; Mar., 2.50H; Apr., 2.49H*
On the 11th inst. futures closed 1H to 2Hc. net lower.
Transactions totaled 16 lots, all in the No. 1 contract.
Weakness in primary markets caused raw silk futures to
open 1 to 2c. lower, after which the market turned steady,
standing about lc. lower during early afternoon in quiet
trading.
Sales to that time totaled only 8 lots.
The pi ice
of crack double extra silk in the uptown market declined
3He. to $2.55 a pound.
The Yokohama Bourse closed 11
to 17 yen lower, while in the Yokohama spot market grade
D silk was 10 yen lower at 1,365 yen a bale.
The Japanese
market reflects the distribution of the fall silk
cocoon
crop.
Local
closing: No. 1 Contracts: Oct., 2.52H; Nov., 2.51 H;
Dec., 2.51 H; Mar., 2.48H; Apr., 2.48.
On the 12th inst. futures closed lc. net lower to He. net
higher.
Transactions totaled 23 lots, all in the No. 1 con¬
tract.
The market ruled irregular.
Prices started 1 to 2c.
lower, but firmed up during the forenoon, with the result
that by early afternoon the market was lc. net higher.
Sales to that time, totaled 23 lots.
The price of crack double
extra silk in the New York spot market remained unchanged
at $2.55 a pound.
The Yokohama Bourse was 1 yen lower
to 3 yen higher.
The price of Grade D silk in the Yokohama
spot market declined 5 yen to 1,360 yen a bale.
It now is
only 10 yen above the minimum price fixed by the Govern¬
ment.
Local closing: No. 1 contracts: Nov., 2.51H; Dec.,
2.51; Jan., 2.49H; Mar., 2.48; Apr., 2.47H.. Today futures
closed with only two contracts traded for the day, and these
were in the No. 1 Sept. contract.
Steadiness was the chief
characteristic of the silk futures market.
Prices started H
to lc. lower on the bids, and stayed around that level.
In
early afternoon the market was lc. lower on sale of only one
lot, the slowest day in a long while.
The price of crack
double extra silk in the New York spot market remained
unchanged at $2.55 a pound. The Yokohama Bourse closed
1 yen higher to 2 yen lower.
In the spot market Grade D
silk was unchanged at 1,360 yen a bale.
Local closing:
Sept., 2.51H-
*
Julv, 85.6.
Sept.
COTTON
Friday Niyhl, Sept. 13, 1940
The Movement of the
grams
Crop,
as
indicated by our tele¬
from the South tonight, is given below.
For the week
ending tnis evening the total receipts have reached 137,224
bales, against 143,187 bales last week and 111,232 bales the
previous week, making the total receipts since Aug. 1
€31,490 bales, against 1,023,274 bales for the
of
1939, showing
a
decrease
since
same
1940.
period
Aug. 1, 1940, of 391,784
bales.
Receipts at—
Galveston
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Total
413
4,609
634
329
2,527
861
304
9.373
Houston
5,761
6,807
3,763
Corpus
Christi-Beaumont
2,000
5,051
12,179
1,573
5,440
2,133
46,474
3,417
80,424
15,589
New Orleans
Mobile
6,197
3,157
6,031
648
310
82
3,601
1,012
109
117
204
112
Brownsville
1,415
Savannah
41
41
3,982
4,423
27,391
109
85
2,246
■
^
Pensacola, &c
—
m —
—
—
Norfolk
32
32
15,187
7
20,051
20.703
10,232
13,340
854
409
317
59
170
409
142
Charleston
Lake Charles
Totals this week.
304
317
178
244
56,711 137,224
Volume
Stock
1939
SinceAug
1, 1939
This
SinceAug
i, 1940
This
Week
Week
27,391
69,221
13,665
292,066
101,969
3,070
136,497
59,595
1,991
98,136
11,117
6,726
70,580
2",246
"8", 601
1,586
""5",727
32
588
304
Brownsville
80,424
15,589
Houston
Corpus Christi.
41
Beaumont
New Orleans
Gulfport
Mobile
Pensacola
2,756
"490
871
4,285
11,925
7,980
28,512
1,499
3,281
Jacksonville
"854
"2,792
Charleston
409
486
7,102
Lake Charles
317
549
4,722
1,986
303
Savannah
Wilmington
15
~
"244
Norfolk.
582,108
713,507
103,645
35,528
442,857
56,672
49,940
*
1,860
147,005
36,061
27,233
7,803
25,311
1,150
1,020
509
New York
845
Boston
3,370
925
631,490266,665 1,023,274
2,479,010 2,237,625
17
Baltimore
137,2241
Totals....
*
1939
1940
695,890
1,529
767.897
94,301
99,842
517,579
51,093
67,683
1,923
1,360
114,856
22,099
3,680
6,300
31.624
206,629
36,489
362,188
154,954
6,726
190,367
9,373
Galveston
Offerings increased later and final
compared
and the stocks tonight,
1940
Receipts to
Sept. 13
of 12 to 15 points.
prices were at the lowest
levels for the day.
Other liquidation was in evidence
preparatory to the official cotton crop estimate to be issued
Monday, while buying was restricted for the same reason.
The average guess of members of the New York Cotton
Exchange is for a crop of 12,053,000 bales, as compared witlj.
the
August Government estimate of 11,429,000 bales.
Opening prices were at losses of 3 to 5 points influenced
largely by hedge selling in October and December.
For a
while the offerings were about offset by trade price fixing at
Friday's resistance levels but the buying orders were gradu¬
ally filled and the market eased during the rest of the day.
Bombay cotton was easier following a two-day holiday.
Opening prices there showed losses equal to 33 American
points, but there were no indications of Bombay selling here.
Quotations on spot cotton at the Southern markets were
generally 10 to 30 points lower.
On the 9th inst. prices
closed 4 to 8 points net higher.
Despite a sensational in¬
crease of 1,343,000 bales in American ctton crop prospects
from a month ago, as indicated by yesterday's Government
forecast for production of 12,772,000 bales, prices for cotton
futures in the local market lost only about 5 points imme¬
diately after the report was issued and then turned steadier.
The Government estimate was 500,000 to 600,000 bales
prices reacted sharply to closing net losses
receipts, the
following table shows the week's total
The
total since Aug. 1, 1940,
with last year:
*
Stock included in Gulfport.
comparison may be made with other years,
give balow the totals at leading ports for six seasons:
In order that
we
27,391
Orleans.
New
2,246
Mobile
Savannah
854
Charleston
409
Wilmington
46,118
43,810
55,998
22,166
25,231
11,633
310
61
264
236
15
__
105,238
71,929
81,594
12,190
13,211
16,433
96,805
108,441
56,057
10.248
14,621
23,040
68,874
80,521
44,076
4,106
2,522
1,718
59,595
98,136
70,580
1,586
4,285
7,102
•9.373
80,424
Galveston
Houston.
1935
1936
1937
1938
1939
1940
Receipts at—
303
179
545
25,063
25,500
37.249
39,076
40,604
Total this wk_
137,224
266,665
227,732
347,270
340,815
265,021
corresponding week last year total exports were
136,774 bales.
For the season to date
ag egate exports
have been 78,142 bales, against 470,695 bales in the same
the
In
Below are the exports for
period of the previous season.
the week:
Sept.
13,
speculative long interest in
small
but
a
were
France
Britain
Galveston
Houston
Total
Other
China
Japan
Italy
many
1,035
then
1,035
8,605
._
....
8,605
3,579
Corpus Chrlstl._
Norfolk
3,579
-—
264
264
Total
13,483
71,224
1939.....
Total
1938
13,483
....
14,756
10.57S
32,895 136,774
55,174
13,793
12,191
7.778
9,885
3,551
Total
1,232
14,064
Exported to—
From
Aug. 1, 1940 to
Ger-
Great
13, 1940
Sept.
France
Britain
Exports from—
Houston
Italy
manj
....
4,293
4,610
43,995
3,579
1~275
"268
"""961
11,537
13,773
300
3
3
Mobile
Norfolk
356
356
.....
York...
New
45
1,161
1,847
3,579
Corpus Christi
New Orleans.
Total
Other
China
Japan
"300
3,404
37,587
Galveston
iui5
56,766
Total
Total
189,715
47,469
1939...
Total
1938...
....
"~~6
105
11,526
15,084
"""300
Los Angeles..
274
6,018
78,142
66,344
41,986
30,534
49,428
1,831
90,857
470,695
62,994
85,755
39,652
98,842
181
72,261
407,154
telegrams tonight also
of cotton on shipboard, not
In addition to above exports, our
give us the following amounts
cleared, at the ports named:
On
Shipboard. Not Cleared for—
Sept. 13 at—
Ger¬
Great
Britain
France
Other
many
wise
New
Leaving
Stock
Coast¬
Foreign
Total
2,000
__
12,100
""98
""37
Orleans
2,000
2,300
Galveston
Houston
9,800
135
Savannah
Charleston
—-
"148
"148
Mobile
Norfolk
Other ports
Total 1940-.
98
9,985
Total 1939
28,347
13",517
2,912
Total 1938
5,955
5,389
8,386
30,235
25,261
4,300
2,000
2,975
693.890
767,762
505,479
114,856
22,099
67,535
31,624
261,382
14,383 2,464.627
77,011 2,160,614
255,388
47.966
Speculation in cotton for future delivery has been rela¬
week. Attention appears to be
the Battle of Great Britain, its vast importance
tively quiet during the past
focused
on
being fully
realized.
shadowing influence
the outcome.
to
It will very likely prove an over¬
until some definite line is obtained on
Further, traders generally were not
make fresh commitments
in
volume.
have been
inclined
pending a clearer view of the
attitude of Southern farmers
move
when the crop commences to
Port receipts have ben light and
mills
absorbing the bulk of early cotton.
On the 7th inst.
Heavier hedge
prices closed 12 to 15 points net lower.
selling developed yesterday in cotton
irregular, ranging from 7
points higher to 5 points
Little Rock 25 points lower.
10th inst. prices closed unchanged to 3 points
lower, but with
the
Supported by trade buying to fix prices, the cotton
maintained a firm tone this afternoon, prices
standing unchanged to 2 points net higher.
The
futures market
Ger¬
Great
the market was of unusually
proportions, so that the larger crop total brought out
small volume of liquidation.
Southern spot markets
higher.
1940
Exports from—
Stability of the market in the
that under normal conditions would
sharp break in prices, was attributed
generally to the stabilizing effects of the Government's
cotton loan program.
At the same time, it is said that the
On
Exported to—
Week Ended
of trade expectations and was
private crop estimates.
have accounted for a
reach a
Britain.
exports for the week ending this evening
total of 13,483 bales, all of which were to Great
The
average
thousand bales higher than the most liberal
of developments
face
797.702 1,463.902 1,118,883 1,053,229
631.490 1,023.274
Since Aug. 1__
the
several hundred
834
16,283
than
larger
of the
*244
All others..__
Norfolk
1593
Commercial & Financial Chronicle
The
151
and
opening range was 3 to 5 points lower in contrast with the
firmness of prices yesterday after publication of the un¬
expectedly high crop figures. Hedge selling and offerings
by spot houses, coupled with commission house liquidation,
accounted for the lower openings.
Trade price fixing pro¬
vided the principal support.
After the initial recession, the
market turned steady when trade buying persisted.
The
trade demand centered on March, while the hedge pressure
was directed against the December position.
Trade buying
rallied March to a level of 1 point net higher before noon.
By early afternoon all of the active months were higher.
points above last night's close.
The resistance
the market is displaying to the bearish implications of the
March stood 4
large crop, continued to provoke comment.
substantial increase in cotton in the Texas
Dallas reports a
spot markets as
On the 11th inst.
lower compared with
previous finals. Cotton maintained a firm tone throughout
the greater part of the session in quiet trading featured by
price fixations. On the opening the price trend was downward
under the influence of hedge selling and Southern offerings,
initial prices having been unchanged to 2 points lower.
The
fact that Liverpool came lower than due seemed to depress
the market somewhat.
Selling was readily absorbed by
trade and mill interests as activity was moderate.
The buy¬
ing centered in October and December, the latter month
being the favorite of mills which bought to fixed prices.
Toward noon prices rallied as trade and mill buying persisted.
Information from Arkansas stated that almost complete
stagnation has prevailed in the spot market.
The Arkansas
crop is quite late.
No ginnings had been reported before
picking moves gradually northward.
prices closed 2 points higher to 1 point
September.
On the 12th
inst. prices closed
1 point off to 1 point
higher
compared with previous finals. In the absence of pressure,
cotton futures stood 1 to 5 points higher during early after¬
noon on moderate buying to fix prices.
The opening range
was unchanged
to 2 points lower in quiet trading.
Trade
principal support, while Southern sell¬
In addition, there was light
hedge selling.
Market conditions showed slight change up
to early afternoon.
At that time prices were unchanged on
December at 9.28c., but were 3 points higher on October,
which commanded a premium of 6 points over December.
March, at 9.12c., was 4 points higher than last night's close.
Trading was described as listless. A small amount of pricefixing proved sufficient to absorb offerings.
Spot interests
were credited with switching from October into December.
Reports from the South told of heavy buying of cotton by
mills during the last week.
The mills wanted cotton for
shipment from January to July.
It is said that virtually
all of that cotton has yet to be fixed in the market.
buying furnished the
ing
supplied the offerings.
The Commercial & Financial Chronicle
1594
Today prices closed 1 point off to 1 point up. The opening
was steady but quiet.
Initial prices were 1 point lower to
1 point higher.
Although Liverpool cables were 10 to 12
Option for—
tion to that market's strength.
Support on the opening came
from trade and mill accounts and spot firms.
One spot
credited with
was
buying several thousand
October and December cotton.
by local traders.
Range Since Beginning of Option
.
9.48
Sept. 11
9.48
8.98
June
Sept.
9
9.36 Sept.
7
8.25
Nov.
1 1939 10.29 Apr.
17 1940
9.15
Sept.
9
9.32
7
8.33
June
6 1940 10.18
Apr.
17 1940
6 1940 10.14
Sept. 11
14 1940
9.48
Sept. 11 1940
November
December..
Most of the selling was done
Sept.
1941—
Some scattered liquidation of October also
After the opening the mar¬
9.16
Sept. 11
9.17 Sept. 10
8.26 June
Apr.
17 1940
8.96
Sept.
9
9.13
Sept. 11
8.10 May
18 1940 10.08 Apr.
17 1940
8.77
Sept.
9
8.94
Sept. 11
8.00 May
18 1940
9.04
June 20 1940
8.59
January
Sept.
9
8.76 Sept. 12
7 1940
8.89
Aug. 12 1941
February
March
steady tone, although quotations changed
April
May
a
June
selling that
was done.
The weather map today was favor¬
able for the picking and ginning of cotton and the maturity
of the late crop.
Overnight there was moderate rains in
July
Volume of Sales for Future
Keports have reached the trade from Texas that
pickers were scarce owing to the fact that many
Projects Administration
Work
jobs.
The official quotation
New York market each
Aug.
Delivery—The Commodity
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.
moving.
pickers preferred to accept
8.59
August
Florida.
The lateness of the crop has resulted in small
ginnings to date, with the result that not much cotton is
cotton
Range for Week
9.20
September
October
bales of
Price-fixing absorbed the small amount of hedge
but little.
1940
1940—
supplied buyers with contracts.
ket maintained
14,
Range for future prices at New York for the week ended
points better than due, traders here paid no particular atten¬
house
Sept.
for middling upland cotton in the
day for the last week has been:
Sept. 7 to Sept. 13—
Sat.
Middling upland % (nominal)-- 9.57
Middling upland 15-16 (nom'l)_ 9.77
Mon.
Tues.
9.64
9.62
9.82
9.84
Wed.
Thur«.
9.63
9.83
Open
Fri.
9.64
9.84
New York
Sept.
6 Sept.
9 Sept. 10 Sept. 11 Sept. 12
7 Sept.
Contracts
9.62
9.82
Sept. 12
1946—
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 Sept. 19.
Premiums
October—
13,400
17,400
21,500
12,600
5,600
5,400
228,500
December.
32,700
29,000
66,500
24,000
18,600
15,300
470,600
14,300
3,600
5,700
6,000
7,700
2,600
12,700
9,400
5,600
6,600
2,900
2,400
2,200
7,400
2,100
800
2,500
60,300 117,500
47,300
33,400
1941—
100
January.
and discounts for
March..
tions of
May...,
July
grades and staples are the average quota¬
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
on Sept.
12.
10 markets, designated
4,200
100
10,400
155,000
186,500
64,700
Inactive months-
September, 1940
200
Total all futures.
71,200
..
31,400 1,115,700
Open
%
29-32
15-16
31-32
Inch
Inch
Inch
Inch
New Orleans
1 Inch
and
Sept.
4 Sept.
5 Sept.
6 Sept.
7 Sept.
9 sept. 10
Contracts
Sept. 10
Up
White—
1940—
Middling Fair
.36
on
.45
on
.55
on
,ol
on
Strict Good Middling
Good Middling
.31
on
.39
on
.50
on
.56
on
.62
on
.24
on
.32
on
.43
on
.50
on
.56
on
.10
on
.19
on
.30
on
....
Strict
Middling
.67
on
.36
on
.43
.18 off
.10 off
Basis
.06
on
.14
on
.70 off
.62 off
.53 off
.48 off
1.31 off
1.24 off
1.16 off
1.12 oft
1,250
2,150
2,800
300
6,450
1,200
3,650
1,500
5,300
3,550
10,700
1,850
Low
Middling
Extra
1.07 off
While—
Good Middling......
.24
Middling..
on
.32
on
.43
on
.50
on
.56
on
.19
on
.30
on
.36
on
.43
.06
on
.14
Even
.62 off
.53 off
.48 off
.42 off
1.31 off
1.24 off
1.16 off
1.12 off
1.07 off
.13 off
...
.04 off
Spotted—
Good Middling......
Strict Middling..
a
.05
.11
on
.17
on
.27 off
.18 off
.09 oft
.03 off
.03
on
.81 off
...
^Middling
.73 off
.b3 off
.59 off
.52 off
on
Middling spotted shall be tenderabie only when and If the
Secretary of Agri
culture establishes
a
ty pe for such grade
Market and Sales
New York
at
The total sales of cotton on the
spot each
week at New York are indicated in the
For
day during the
following statement.
the
convenience
of
the reader
market for spot and futures closed
on
Spot Market
—
Total
Since
the
show
1,350
1,850
1,600
3,250
1,000
31,400
2,550
950
250
600
1,750
200
30,600
how
the
Nominal
Easy
Steady
Steady
Steady
Steady
Steady
Nominal
Nominal
Nominal
Nominal
Contract
Total
500
500
50
i i it i
"loo
■
i
as
9
Tuesday
Sept. 10
Sept. 11
Thursday
Sept. 12
9.48- 9.48
9.43/1
9.37 n
9.42/1
9.30- 9.34
9.32- 9.34
9.31- 9.34
9.30
9.31
9.32
9.32
—
—
—
—
9.28 n
9.21- 9.32
9.15- 9.27
9.21- 9.28
Closing
9.21
9.25- 9.29
9.25- 9.27
9.27- 9.29
9.26
9.26- 9.28
9.28
9.27
9.26- 9.27
9.28 n
9.29/1
9.29/1
4.63d.
Stocks
13
Movement to Sept. 14, 1939
Sept.
Week
51
13,285
2,710
"977
3,761
13,243
317
7,009
85,388
2,155
3,637
86
50,082
328
Receipts
Ship¬
Stocks
ments
9
Week
Season
Sept.
85
Week
14
1,620
545
1,351
1,876
1,049
3,101
2,771
7,187
536
52,366
5,693
142
69,234
16,043
8,469
187
91,322
5,333
5,740
4
159,456
1
1
10
24,628
2,150
47,674
798
26
5,660
45
30,791
29,020
2,817
9,302
218
324
11
Hope
4,003
6,056
996
6
21
22,583
143
183
248
Jonesboro..
Rock
830
53,290
51,271
34,069
1,255
1,045
26
67
20
619
191
37,035
135
2
114,559
20,190
59,164
614
11
4,049
6,848
648
21
1
28,560
909
961
2,652
98,673
39,737
12,164
Bluff.
Ga., Albany..
Athens
Atlanta
—
Range.-
—
9.17- 9.17
9.11n
9.16n
9.29 n
Macon
Rome
—
Jan.(1941)
9.16/1
Feb.—
9.16- 9.16
9.17 n
—
La., Shrevep't
Miss., Clarksd
Columbus..
Greenwood
9.17 n
9.16 n
Jackson
1,259
9.06»
9.11n
9.13/i
Mar.—
9.02- 9.10
8.96- 9.08
Closing
April—
Range..
9.02
9.07- 9.08
Closing
May—
8.92n
—
9.04- 9.12
9.10 —
9,715
851
114
1,630
385
25,809
625
5,304
13,344
28,837
2,405
28,578
91,487
126,858
30,200
29,478
34,642
45,746
28,980
21,396
44,718
11,788
11,774
11,589
25,540
1,274
1,344
12,876
36,585
1,110
3,382
69,782
137,463
200
2,000
2,891
100
31,800
1,036
602
105
115
435
24,049
32,020
10,431
32,168
5,631
90,891
9,423
21,148
1,681
61,794
225
695
72
29,623
22,383
48,578
5,004
97,363
3,687
7,904
1,809
21,806
56
116
200
2,200
200
1,436
4,914
658
16
16
350
992
1,788
5,495
465
1,997
497
6
63
64
1,304
2,258
447
849
9.00/1
914
43
_
100
382
TOO
261
494
1,735
16,528
1,909
7
460
58
towns ♦.
225
2,468
23
S. C., Gr'ville
Tenn., Mem's
1,746
17,704
13,190
478
62,516
126,188
25,752
166
231
448,731
9,040
9.10- 9.12
9.10- 9.12
N.C., Gr'boro
9.10
9.11
9.00/1
9.01n
9.01/1
Range..
8.82- 8.92
8.77- 8.89
8.84- 8.93
Closing
8.82
8.89
8.90- 8.94
8.90- 8.94
8.91- 8.93
Austin
8.91/1
1,617
2,499
"157
8.91/1
8.92
8.91/1
Brenham
1,507
3,516
1,200
Dallas
3,231
1,470
4,640
935
2,075
813
—
—
June—
Range..
8.72 n
Paris
8.79n
1,156
50
15,902
13,317
182
4,222
2,330
20,183
2,430
442
40
570
221
49,980
1,802
1,062
146,419
12,195
2,000
49,275
16,033
4,716
16,413
2,000
56,954
190,015
33,135
564,410
663
756
1
1,168
1,831
6,330
4,994
4,154
1,620
1,229
11,207
2,998
13,237
3,965
3,265
1,929
29,365
17,859
7,946
15,974
15,922
258,654
5,454
37,978
45,459
8.82/1
8.81/1
Robstown..
987
2,658
627
1,975
535
6,136
721
2,194
Marcos
1,238
3,629
328
1,758
418
8.72- 8.74
Texarkana.
138
956
145
2,241
4,550
718
2,425
37,821
8.72
8.72
2,980
18,921
16,465
426
8.72 -8.76
4,252
29.386
San
8.59- 8.70
8.66- 8.73
8.62
8.70
8.71
—
Waco
Total, 66 towns
.
772
6,430
8.70- 8.74
8.71
8.62- 8.70
Closing.
Range..
15,376
-
8.81/1
Range..
Aug.—
390
8.81/1
July—
—
1,945
Oklahoma—
—
15
8.98n
8
234
9.08- 9.13
—
2,238
Yazoo City.
9.10
-
146,616
865
Texas, Abilene
9.13/1
278
9,301
Vicksburg..
9.13 n
7,626
362
Mo., St. Louis
9.13/1
1,558
1,917
Natchez
Range..
Closing
3.88d.
Selma
Columbus..
9.22n
Range.-
Dec.—
.
6.10d.
Montgom'y
Augusta
Range--
Closing
4.53d.
9.01d.
Ship¬
Season
Walnut Rge
9.25- 9.32
_
"6.53d".
3.91d.
Pine
9.30
.
~5~.66d*.
6.51d.
Newport
9.37 n
9.20- 9.32
.
60,000
5.33d.
14.75d.
6.33d.
'802
Eufaula
Uttle
9.30/1
9.23- 9.24
Range._
Receipts
Ala., Blrm'am
Friday
Sept. 13
9.23- 9.36
.
4.81d.
Interior
Ark., Blythev.
Forest City
Closing
Closing
1937
202,000
7.09d.
9.69d.
7.09d.
5.96d.
ments
follows:
Wednesday
1938
99,000
Movement to Sept. 13, 1940
Helena
Monday
1939
8ild.
detail below:
Towns
Range..
Closing.
the
1940
182.000
i
10,903
Nov.—
.
therefore
650
Oct.-
_
12,650
174,250
Towns, 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
highest, lowest and closing prices at New
Range..
Closing
350
3,700
Sept. 13—
Stock in Alexandria, Egypt
Middling upland, Liverpool
*
Egypt, good Giza, Liverpool
Peruvian Tanguis, g'd fair, L'pool
Broach, fine, Liverpool
C. P. Oomra, No. 1 staple, super¬
fine, Liverpool
£epf.(1940)
_
are
"loo
iiii
iiii
10,903
York for the past week have been
_
2,150
20,650
Supply of Cotton—Due to war conditions,
are not
permitted to be sent from abroad.
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:
We
■iii
•
Aug. 1
Sept.
1,000
8,250
The Visible
Week
Saturday
Sept.
7
550
7,500
50
650
Futures—The
1,350
12,250
cotton statistics
At
SALES
Spot
week.
Closing
1,100
12,050
Total all futures
days:
same
Closed
Nominal
.
also
Futures
Market
Closed
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
we
.
.
900
1,800
May...,
July
on
.10 off
.70 off
Middling
50
March..
on
.18 off
.......
Strict Low Middling
January.
on
.10
....
Strict Middling
Low
.42 off
43,300
55,400
1941—
on
Middling
Strict Low Middling
October...
December.
*
"
4,459
8,330
65,666
266,086
1,034
9,051
24,072
51,046 1893,099 195,180
556,562
Includes the combined totals of 15 towns in Oklahoma.
91,937 2590,556
Volume
The
The Commercial & Financial Chronicle
151
above
show
totals
that
have
stocks
interior
the
during the week 14,561 bales and are tonight
697,457 bales less than at the same period last year. The
receipts of all the towns have been 29,514 bales less than
increased
in the
1595
335,643 bales from the
crop
of 1938.
Number of bales of cotton ginned from the growth of 1940 prior to Sept. 1,
1940, and comparative statistics to the corresponding date in 1939 and 1938.
week last year.
same
Running
Bales
(Counting Round as Half
Bales and Excluding Linters)
State
New York Quotations
,
Below is the report in
full:
for 32 Years
quotations for middling upland at New York
Sept. 13 for each of the past 32
have been
years
1940
9.62c.
1932
7.25c.
1939
9.45c.
1931
6.70c.
1923
1938
1937
7.99c.
1930
9.09c.
1929
1936
1935
12.37c.
10.55c.
1934
1933
-12.70c.
9.60c.
1925
Alabama
1921
1928
17.65c.
1920
1927
21.40c.
1919
1926
17.25c.
24.30c.
1918
19.70c.
21.00c.
29.55c.
35.05c.
1917
21.45c.
—
Florida
.,13.25c.
1912
11.90c.
11.80c.
-13.80c.
12.70c
—
1911
1910
Louisiana
Mississippi..
Overland Movement for the Week and Since Aug. 1
give below
a
Aug. 1 in the last two
years are as
follows:
115,362
118,299
62,221
865,031
687,060
All other States
689
66,863
52,885
*606,291
*1,401,691
*1,335,643
Texas.
Since
Since
Week
Via St. Louis.
Via Mounds, &c
Week
Aug. 1
Aug. 1
20,716
20,275
2,430
4,175
16,873
18,500
1,909
c4,000
....
302
426
Via Rock Island
235
617
'298
831
3,000
1,000
21,575
28,520
3,017
6,598
25,082
31,915
..10,144
86,511
16,518
99,121
17
176
2,285
1,222
176
Via Louisville
Via Virginia points
Via other routes, &c
-
Total gross overland
42,835
Includes
32,187 bales of the
crop
counted In the supply for the season of
of 1940 ginned prior to Aug. 1 which was
1939-40, compared with 137,254 and 157,865
bales of the crops of 1939 and 1938.
The statistics in this report include 98 round bales for 1940; 16,880 for
1939 and 11,260 for 1938.
Included in the above are 259 bales AmericanEgyptian for 1940; 130 for 1939; also 70 bales Sea-Island for 1940, and
143 for 1939.
1939-
1940
Sept. 13—
Shipped—
10,623
United States
Aug. 1, as made up from telegraphic
The results for the week and since
reports Friday night.
99,582
—
statement showing the overland movement
for the week and since
178,668
150,809
438,555
South Carolina
*
We
16,953
1,295
1,918
125,079
4,119
3,038
15,704
Georgia
378
5,102
95,261
1914
1909
1922
377
Arizona
20,894
3,136
California.
1913
10.95c.
127,543
37,191
6,255
15.60c.
1915 ___._10.75c.
1916
----18.70c.
-
on
follows:
as
22.35c.
28.90c.
21.60c.
1924
1938
1939
1940
The
The statistics for 1940 in this report are subject to revision when checked
against the individual returns of the ginners being transmitted by mail.
STOCKS,
CONSUMPTION,
IMPORTS
AND
EXPORTS—UNITED
STATES
Cotton consumed during the month of July, 1940, amounted to 597,850
bales.
Cotton on hand in consuming establishments on July 31, was
973,542 bales, and in public storage and at compresses 9,122,178 bales.
The number of active consuming cotton spindles for the month was 21,The total imports for the month of July, 1940, were 18,254
bales and the exports of domestic cotton, excluding linters, were 120,388
916,700.
bales
Deduct Shipments
Overland to N. Y., Boston, &c_.
Between interior towns
Inland, &c., from South
9,642
13,502
70,483
13,695
59,706
326
..
Leaving total net overland *
66,976
9,818
..
Total to be deducted
3,374
1,286
55,046
16,028
2,823
39,415
._
._
*
Including movement by rail to Canada.
a
WORLD
STATISTICS
production of commercial cotton, exclusive of
linters, grown in 1939 as compiled from various sources was 27,987,000
bales, counting American in running bales and foreign in bales of 478
pounds lint, while the consumption of cotton (exclusive of linters in the
>United States) for the year ended July 31, 1939, was 27,748,000 bales.
The total number of spinning cotton spindles, both active and idle, is
about 145,000,000.
estimated
The
world's
Estimated
The
foregoing shows the week's net overland movement
this year has been 326 bales, against 2,823 bales for the
the
week last year, and that for the season to date
aggregate net overland exhibits a decrease from a year ago
of 23,373 bales.
Spinners'
Since
Since
Aug. 1
Week
Takings
1939-
1940
—
In Sight and
Week
Aug. 1
Receipts at ports to Sept. 13
..137,224
Net overland to Sept. 13„
326
Southern consumption to Sept. 13.110,000
631,496
16,028
694 ,000
266,665
2,823
130,000
1,023,274
39,415
810,000
247,550
14,516
1,341,518
*65,478
399,488
103,243
L872.689
160,507
Total marketed
Interior stocks in excess
Excess of Southern mill
over
takings
consumption to Sept. 1
Came into sight during week
Total in sight Sept. 13__.i
Decrease,
..
2.005,366
144,329
22,076
293,979
56,114
Not available.
a
Movement into
sight in previous
1
Bales
Week—
years:
Since Aug.
Bales
1,693,393
.2,262,516
2,177,761
1—
.498,46511938
15.
17.
18.
1938—Sept.
1937—Sept.
1936—Sept.
502,731
_
1,276,040
North, spinn's'takings to Sept. 13.
*
*27,830
a
262,066
.614,71411937
.644,77811936
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
Below
Southern
principal
markets for
cotton
each
the
day of
week:
Agricultural Department's Report on Cotton Acreage
and
Production—The Agricultural Depart¬
ment at Washington on Monday (Sept. 9) issued its report
on cotton acreage, condition and production as of Sept.
1.
None of the figures take any account of linters.
Comments
on the report will be found in the editorial pages.
Below is
Condition
the report
in full:
A United States cotton crop of 12,772,000 bales is forecast by the Crop
Reporting Board of the United States Department of Agriculture, based on
conditions as of Sept. 1, 1940.
This is an increase of 1,343,000 bales from
the forecast as of Aug. 1, and compares with 11,817,000 bales in 1939,
11,943,000 bales in 1938, and 13,547,000 bales, the 10-year (1929-38) aver¬
age.
The indicated yield per acre for the United States of 250.7 pounds is
the second highest on record being exceeded only by the record 1937 yield
of 269.9 pounds.
This 1940 yield compares with 237.9 pounds in 1939, and
198.1 pounds, the 10-year average.
It is estimated that 2.6% of the acreage
in cotton on July 1 has been, or will be, abandoned, leaving 24,406,000
acres remaining for harvest.
In computing abandonment, consideration was
given to the acreage removed in order to comply with Agricultural Adjust¬
ment Administration allotments.
On Aug. 1 the condition of the crop was about average, but during
August the influences affecting growth were unusually favorable.
As a
result the condition of the crop improved more during August this year
than in any year of record.
Condition as retorted on Sept. 1 is the highest
of record except for 1937.
The unusual improvement in prospective yields is general over the entire
Cotton Belt.
Increases are especially notable in the States from Alabama
to Texas, inclusive, although improvement in Louisiana is less than in the
States adjoining it.
About 700,000 bales of the increase is in Texas and
Oklahoma, where drought conditions on August 1 were relieved by timely
rains.
The prospective yield per acre in North Carolina and South Carolina
is the highest on record.
A slight reduction is indicated in Arizona, where
there is a shortage of water for irrigation.
Weevil damage for the Belt as a whole was reported less than a month
this source is expected to be approximately one-third
Picking began about two weeks later than usual in the
the Mississippi River, and about a week late in Georgia,
Alabama, Oklahoma, and Texas.
ago, and loss from
less than average.
States adjacent to
Closing Quotations for Middling Cotton onTuesday
Monday
Saturday
Week Ended
Thursday
Wednesday
COTTON
Friday
Sept. 13
REPORT AS
OF SEPT.
1, 1940
Crop'Reporting Board of the Agricultural Marketing Service makes
the following report from data furnished by crop correspondents, field
statisticians, and cooperating State agencies.
The final outturn of cotton
will depend upon whether the various influences affecting the crop during
the remainder of the season are more or less favorable than usual.
The
%
15-16
V*
15-16
%
15-16
Vk
15-16
H
15-16
K
15-16
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
Galveston
9.11
9.31
9.11
9.31
9.11
9.31
9.13
9.33
9.12
9.32
9.12
9.32
New Orleans-
9.25
9.45
9.30
9.50
9.30
9.50
9.30
9.50
9.30
9.50
9.20
9.45
Mobile
9.14
9.34
9.20
9.40
9.20
9.40
9.21
9.41
9.22
9.42
9.22
9.42
Savannah...
9.44
9.59
9.50
9.65
9.50
9.66
9.51
9.66
9.52
9.67
9.52
9.67
Norfolk
9.50
9.65
9.50
9.65
9.50
9.65
9.50
9.65
9.50
9.66
9.50
9.65
Montgomery.
9.40
9.50
9.35
9.45
9.35
9.45
9.35
9.45
9.35
9.45
9.30
9.40
Augusta
9.56
9.71
9.61
9.76
9.61
9.76
9.63
9.78
9.62
9.77
9.61
9.76
Memphis
9.30
9.50
9.30
9.60
9.15
9.35
9.10
9.35
9.10
Houston
9.05
9.25
9.10
9.30
9.10
9.30
9.10
9.30
9.10
9.30
9.10
Little Rock..
9.40
9.70
9.15
9.45
9.15
9.45
9.25
9.55
9.05
9.25
9.05
9.25
lim.)
Dallas
8.72
8.92
8.79
8.99
8.78
8.98
8.79
8.99
8.80
9.00
8.80
9.00
9.10
9.35
1940 Acreage
Yield
per
Acre
ProducllonlOlnn'gs) a
Bales (500 Lbs. Gross)
1940
Aband¬
For
onment
Harvest
Aver¬
{Pre¬
age
9.35
After
July 1
lim.)
1929-
9.30
Pre¬
State
Indl
Aver,
1939
1940
age
Missouri.
1.0
leading contracts in the New Orleans cotton market for
Virginia..
No. Caro.
Caro.
Crop
1929-
1939
1938
Crop
Indi¬
cated
Sept. 1
1938
1,000
1,000
closing quotations
Avge.
cated
1940
1939
1929-
1938
Acres
%
New Orleans Contract Market—The
Sept. 1 Condition
Total
%
%
Lb.
Lb.
Lb.
86
337
555
425
%
1,000
1,000
Bales
Bales
Bales
270
437
348
the past
week have been
as
87
0.6
31
73
64
90
269
191
320
37
13
21
1.8
814
70
71
88
278
296
370
658
457
630
3.0
1,235
64
77
81
251
342
350
820
871
903
Georgia--
follows:
69
1.8
1,958
63
69
74
218
227
249
1,175
915
1,018
Florida
for
391
3.1
63
69
49
79
151
75
144
34
11
736
66
75
81
250
305
320
472
449
492
215
186
210
1,200
785
899
299
1,464
1,449
So.
Saturday
Sept.
Tuesday
9
Sept. 10
Sept.
7
Wednesday
..
Sept. 11
Thursday
Friday
Tennessee
1.6
Sept. 12
Sept. 13
Alabama.
2.5
2,048
65
63
65
Mississippi
Monday
19
4.2
2,550
63
67
62
239
275
1,619
Arkansas.
3.8
2,103
59
75
82
224
319
330
1,283
1,582
1,413
9.36
9.345-9.350 9.345-9.360
Louisiana.
4.8
1,132
60
76
56
225
319
215
709
745
9.30
9.295-9.30O
Oklahoma
3.1
1,870
53
65
75
135
141
190
812
526
742
Texas.
2.1
8,779
59
65
74
149
160
190
3,876
2,846
3,479
New Mex.
2.8
106
85
82
91
420
523
501
99
102
1940—
October...
9.28 n
9.33
December.
9.22
9.315-9.33a
9.27
9.27
9.30
1941—
9.155
9.175
111
January
9.07 n
9.12 b
March
9.04
9.09o
9.115-9.120 9.13 5-9.14a 9.115-9.130 9.115-9.130
Arizona..
0.3
226
89
94
77
382
514
422
154
202
199
May
8.84
8.90ra
California
1.2
343
89
94
98
513
648
660
315
443
473
July
8.64-
8.915-8.930 8.945-8.95a 8.935-8.940 8.925-8.940
8.73
8.75
8.735-8.740 8.725-8.740
297
470
389
15
20
17
9.165
9.165
508
8.70ra
All other.
2.3
21
75
83
89
Un. States
2.6
24,406
62
70
74
Sea Isl. b
8.65
4.1
28.6
63
76
46
81
1.7
4.9
Am.Epg.c
0.9
69.6
c90
94
80
226
323
279
17
28
41
2.4
122
81
79
79
210
187
190
42
40
48
Tone—
Spot
Futures
Quiet
Steady
Quiet
Quiet
Steady
Steady
Cotton Ginned from
The
census
Steady
Steady
Quiet.
Quiet.
Steady.
Steady.
Crop of 1940 Prior to Sept. 1—
report issued
of the
on
Sept. 9 compiled from
ginners, shows
the
t>06,291 running
bales of cotton (counting round as half Mes and excluding
hnters) ginned from the crop of 1940 priil to Sept. 1, com¬
pared with 1,401,691 bales from the crop of 1939 and 1,-
individual returns
198.1 237.9 250.7 13,547 11,817 12,772
Low.
Cal.
(Old Mex¬
ico) d...
a
b
made for interestate movement of seed cotton for ginning,
Included In State and United States totals.
Sea Island grown principally
Allowances
time average,
In
American Egyptian grown principally in Arizona, c Short"
d Not included in California figures, nor in United States total.
Georgia and Florida.
The Commercial & Financial Chronicle
1596
A.
H.
Garside
Visit
to
Japan
Survey
to
Textile
Returns
Sept.
by Telegraph—Telegraphic advices to
Industry—Alston H. Garside, Economist of the New York
evening indicate that cotton has made excellent
Cotton Exchange and New York Wool Top Exchange, is to
Texas.
sail for
Japan
the SS. Argentina Maru from Los Angeles
three months' trip. He i3 to visit Japan
the textile industry of that country, with parti¬
on
Sept. 29, for
on
to survey
cular reference
a
the
to
changes that have occurred in the
last one or two years and the outlook for the future.
Mr.
Garside is to go to Japan as the guest of the Japanese
Chamber of Commerce of New York.
fields
good
opening rapidly.
are
Rain
Amarillo
Abilene
Brenham
nigh
Low
64
80
94
50
72
96
52
98
54
74
76
96
64
80
93
1.29
1
El
-Thermometer—-—
Inches
2
0.76
Paso
Mean
1
63
78
92
63
100
54
78
77
98
dry
dry
Fort W orth.
55
77
74
74
72
79
0.05
Hunts vilJe
dry
98
49
Kerrville
dry
99
48
43
Lampasas
Luling
Nacogdoches
dry
101
57
92
46
95
47
71
dry
102
50
dry
dry
—
96
46
76
71
97
69
50
dry
49
74
71
96
43
65
93
64
79
dry
dry
Orleans
Shreveport
93
dry
dry
Fort Smith
Little Rock
Louisiana—New
100
dry
dry
dry
Taylor
Weatherford
Oklahoma—Oklahoma City—
Associates of the New York Cotton Exchange, Inc.),
during
Commodity Exchange Administration
announced on Sept. 5.
This figure compares with 9,920,000
pounds traded in July, 1940 and 4,250,000 pounds in August,
Rainjall
dry
dry
dry
dry
Paris
Total for July—A total of 7,960,000 pounds of wool
tops
traded on the New York Wool Top Exchange, (Wool
96
48
98
42
1940,
The CEA added:
1939.
94
53
1
0.01
96
1
96
42
43
65
1
0.08
0.03
92
64
5
the
72
71
77
2.73
91
72
3
August,
0.17
88
70
79
93
65
2.46
92
54
79
73
0.86
0.03
95
Mississippi—Meridian
1
Birmingham.
Florida—JacksonviUe.
0.09
Georgia—Savannah.
194
Aui
dry
Atlanta
itures prices showed a net Increase from three to four and seven-tenths
pound from July 31, to Aug. 30, 1940, with the October future
closing at 95 cents on Aug. 30.
Census
Report
Cottonseed
of
Oil
1
2
Macon
cents per
in
fair.
Most
In the south picking has made
Days
was
this
progress.
That organization
August Wool Top Futures Transactions 20% Below
us
progress
In the middle coastal plains it was only
Texas—Galveston,
invited him to* visit Japan as its guest at the suggestion of
Japanese cotton shippers in this country, with the thought
that such a survey of the Japanese textile industry as Mr.
Garside is to undertake would be helpful in
promoting
mutually beneficial trade relations between this country ana
Japan.
14, 1940
1
South
Carolina—Charleston.
North Carolina—Asheville
1
55
75
97
47
61
83
44
94
49
72
76
64
77
72
0.27
2
Production—On
0.46
0.06
1
78
82
91
dry
_
69
,
89
55
Sept. 12 the Bureau of the Census issued the following state¬
ment showing cottonseed received, crushed, and on
hand,
Tennessee—-Memphis.
Chattanooga
and cottonseed products manufactured,
shipped out, on
hand, and exported for the month ended with August,
The following statement has also been received
by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
1940 and 1939:
COTTONSEED
dry
49
dry
93
40
67
dry
Nashville
93
92
41
67
64
Sept. 13, 1940
RECEIVED,
CRUSHED,
AND
ON
HAND
New
Crushed
On Hand at Mills
Aug. 1 to Aug. 31
Aug. 31
State
1939
1940
1939
1940
7,584
2,557
5,019
7,461
4,792
5,565
12,978
21,702
Mississippi
2,937
93,876
7,559
5,182
48,956
5,163
28,603
8,787
27,180
77,217
155,299
86,249
198,333
Texas
19,787
All other States
4,638
137,858
41,179
United States
124,570
233,006
*
Does not Include 38,896 and 120,626 tons
reshlpped for 1940 and 1939, respectively.
on
5,334
5,309
19,196
3,374
hand Aug,
6,207
16,697
6,638
4,269
60,647
1
.Above
zero
Nashville
Above
zero
Above
zero
Above
zero
1.1
4.2
1.4
6.2
2.5
of gauge.
Receipts from
18,382
119,267
of gauge.
of gauge.
1.8
9.1
Plantations—The
following table
movement each week from the
planta¬
tions.
The figures do not include overland
receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of tbat part of the
crop
nor 770 and 2,305
MANUFACTURED, SHIPPED OUT, AND ON
the
indicates the actual
which finally reaches the market through the outports:
Week
COTTONSEED PRODUCTS
Feet
2.5
6.3
9.8
of gauge.
of gauge.
10,600
2,534
23,198
73,659
zero
1939
Georgia...
Arkansas
Above
Shreveport
Vicksburg
Received at Mills♦
1940
Orleans
Memphis
Aug. I to Aug. 31
Alabama.
Sept. 15. 1939
Feet
(TONS)
Receipts at Ports
Stocks at Interior Towns
Receipts from Plantations
End.
1940
1939
32,919
26,190
40,690
23,331
HAND
1938
1939
1940
1938
1940
1939
1938
June
14.
Produced
Shipped Out
On Hand
Aug. 1 to
Aug. 1 to
On Hand
Aug. 1
Aug. 31
Aug. 31
Aug. 31
r
Item
Season
Crude oil, lbs...
1940-41
Refined oil. lbs.
1940-41
1939-40
1939-40
Cake
and
meal,
1940-41
1939-40
tons
Hulls, tons.....
1940-41
Llnters, running
1940-41
1939-40
bales
Hull
lb.
1939-40
fiber,
600-
bales
1940-41
1939-40
♦37,514,398
72,066,763
0495,119,677
560,035,317
81,858
119,718
22,177
77,087
133,364
479,316
1,085
24,931
19,456,211
49,786,005
240
548
777
414
12,097
13,248
719
3,965
3,701
28,328
60,622
91,502
23,234
45,866
65,560
88,935
♦24,266,657
62,521,308
0412,563,748
501,848,514
57,539
98,440
18,182
71,631
85,876
425,149
Grabbots, motes,
Ac.. 500-lb.
1940-41
bales
1939-40
12,719
30,642
1,387
9,473
♦
Includes 15,925,920 and 3,454,884 pounds held by
refining and manufacturing
establishments and 8,340,320 and 3,862,160 pounds In transit to
refiners and con¬
sumers
a
Aug. 1, 1940 and Aug. 31, 1940, respectively.
warehousemen at
9,240,611 pounds held by refiners, brokers, agents, and
places other than refineries and manufacturing establishments and
4,331,958
and 8,698,850 pounds In transit to manufacturers of
shortening, oleo¬
margarine, soap, &c. Aug. 1, 1940 and Aug. 31, 1940, respectively.
b Produced from 36,511,978 pounds of crude oil.
EXPORTS AND IMPORTS OF COTTONSEED PRODUCTS FOR
12 MONTHS
ENDED
JULY 31
Items
6,743
320,479
Imports—Oil, crude,* pounds
Oil, refined, * pounds
15,118
*
213,054
None
58,465,615
27,164
Llnters, bales of 500 pounds
714,800
12,860,309
Cake and meal, tons of 2,000 pounds
12.
27,663
19,555
33,685
19,881
58,075
26.
26,363
21,723
17,684 2061,441
32.676 2034,995
43,924 2013,138
53,593 1980,272
2.
64,982
73,527
73,404 49,379
72,192 51,885
101,982 73,033
140,844 78,102
196,344 144,055
63.176
2490.599 2053.620
Nil
2462,476 2024.282
2444,446 1997,556
Nil
4,043
5,562
Nil
40,045
3,438
17,198
1954,131
1925.P05
1910,674
1893,294
1886,703
Nil
63,370
44.437
2434,289 1978,400
2441,606
2434,071
2417,622
2408,973
300,222
The
1939-40
bales of 478
Production
Predicted—
cotton
crop of Southern Brazil is
officially
approximately 296,000 metric tons (1,367,000
pounds net), according to a report to the De¬
partment of Commerce (made public Sept. 13) from the
American Consulate General at Rio de Janeiro.
The report
added:
Included In this total
of
Sao
Paulo.
The
are
official
275,000 tons
estimate
for
(1,268,000 bales) for the State
the current season is
slightly
larger than the final estimate for the 1938-39 crop of Southern
Brazil,
to
1,349,000 bales.
Cotton exports from Southern Brazil
from March 1 to July 26 amounted to
460,000 bales, recently published
official figures show.
During July, Japan, China, Great
Britain, and
Canada were the only purchasers.
amounting
38,821
(2)
Alexandria Receipts and Shipments—The
following are
receipts and shipments for the past week and for the
corresponding week of the previous two years:
Alexandria, Egypt,
Sept. 12
1940
*1939
This week.
11.000
Since Aug. 1
25,000
18,000
75,553
1938
Receipts (cantars)—
This
Since
Week
Aug. 1
This
Week
60,000
113,576
Since
This
Week
Aug. 1
Since
Aug. 1
Exports (bales)—
To Liverpool
estimated at
1951,616
Nil
1,042,318
That, although the receipts at the outports the
past week were 137,224 bales, the actual movement from
plantations was 151,740 bales, stock at interior towns having
increased 14,516 bales during the week.
To
Cotton
7,966
6,532
3.282
The above statement shows:
(1) That the total receipts
from the plantations since Aug. 1, 1940, are
572,603 bales;
in 1939 they were 1,183,781
bales, and in 1938 were
*
Brazilian
Nil
80,721
22,595
60,375
1933.484 31,849
64,657
33.753
16.
78,606
1927,836 63,675
85,433
67,385
23.
91,740
1922,216 74,360 132.295 83,722
30. 111,232
2427,136 111,232 836,739 214,507
Sept.
6. 143,187 209,955 195,347 1878,515 2487,313
2044,616 134,999 270,132 290,308
13. 137,224 266,665 227,732 1893,099
2590,556 2198,739 151,740 369,908 381,855
9.
4,457
48,661
Amounts for Augnst not included above are
128,875 pounds refined, "with¬
drawn from warehouse for consumption."
No oil was entered direct for
consump¬
tion or for warehouse.
Increased
8,083
Nil
Aug.
180,153
4,333,628
14,310,471
Llnters, running bales
Nil
Nil
1939
5,120,097
Cake and meal, tons of 2,000 pounds...
3,658
the
1940
Exports—Oil, crude, pounds
Oil, refined, pounds
26,909
19.
bales.
Includes 12,464,845 and
36,239
July
5.
23,157,666
46,503,451
634,261,879
54,295,461
36,303
70,224
19,239
40,410
18,072
34,768
"
21.
28.
27,019 2190,925 2570,117 2119,305
24,113 2152,669 2541,961 2100,775
22,893 2100,627 2512,919 2081,164
Manchester, &c
To Continent and India.
To America
.
5",000
22,000
Total exports
5,000
4,750
4,770
1,300
27,000 15,820
Note—A cantar is 99 lbs.
7,814
12,155
49,211
2,756
2,900
8,694
9,842
10",206
500
62,512
1,830
71,936 13,600
82,878
Egyptian bales weigh about 750 lbs.
This statement shows that the
receipts for the week ended Sept. 12 were
11,000 cantars and the foreign shipments nil bales.
♦Figures for 1939
Manchester
are
for week of Sept. 5.
Market—Our report received
by cable to¬
night from Manchester states that the market
in both yarns
and
cloths
is
steadjT.
Merchants are not willing to pay
present prices.
We give prices today below and leave those
for previous weeks of this and last
year for comparison:
.
Volume
grain market.
Granting of loans is running
20% ahead of a year ago.
On the 9th inst. prices
lj/£c. to l^c. net lower.
Increasing intensity of
German attacks on London sent a chill through the grain
the
in
1939
1949
8X
32s Cop
Middl'g
32s Cop
Upl'ds
Twist
d.
Common
d.
to Finest
(1.
d.
s.
d.
s.
Cotton
Upl'ds
to Finest
ing
June
14.04
11 10H@12
5.76
4>*@12
7.82
9>*@10
9
@10
@93
12
IH
7H
9
14.22
9
14.06
12
6
@12
9
7.60
9
@10
9
@93
@93
5.66
28—
@93
@93
5.61
7.25
to almost 2c.
traders
5.62
July
up
attracted
14..
21..
wheat led a price slump, with losses rang¬
a bushel at times.
Weakness of securities
attention to the European reports, and although
market today and
d.
b.
d.
closed
Middl'g
ings,
s.
cash
almost
Lbs. Shirt¬
Common
8X
Cotton
Lbs. Shirt¬
ings,
Twist
1597
Commercial & Financial Chronicle
The
151
got
some
encouragement
resistance and attacks
on
stubborn British
from
German positions, the news was
dealers, who hastened to accept profits
Some selling was regarded as "short"
Anticipated improvement in mill and flour
result of the wheat price decline since Thursday,
too much for many
5—
14.13
12
6
@12
9
7.82
9
@10
9
12—
14.25
12
6
@12
9
7.98
9
@10
9
19-
14.19
12
6
@12
9
7.83
8>* @
9
8 10>*@ 9
3
IX
6.23
26-
9n
8 J* @ 9 J*
8 10H@
9
IX
5.28
10>*@ 9
IX
6.22
materialized to only a
on
9
14.05
12
4«@12
9
7.95
2-
14.00
12
4H@12
7>*
7.82
9-
14.04
12
7H
7.84
8 10 H@
Aug.
6.52
business
16-
14.26
12
4>*@12
6
@12
9
8.19
23..
14.37
12
6
@12
9
8.18
30—
14.51
12
6
@12
9
8.23
9M@10K
8.33
Nominal
Nominal
7.03
8.31
Nominal
Nominal
7.09
Not
6—
14.61
available
12
@12
6
I
9
@9
3
5.52
@9
9
Sept.
13—
IX
6.14
3
5.71
8 10>*@
9
on a previous page, the
United States the past week
The shipments in detail, as
from mail and telegraphic reports, are as follows:
shown
News—As
Shipping
exports of cotton fiom the
have reached
33,483 bales.
made up
Bales
Bales
NORFOLK—
HOUSTON—
264
To Great Britain.
8,605
To Great Britain
GALVESTON—
CHRISTI—
CORPUS
To Great Britain
Freights—Current rates for cotton from New
longer quoted, as all quotations are open rates.
Cotton
York
13,483
Total
3,579
,
are no
Statistics—Regulations due to the war
prohibit cotton statistics being sent from abroad.
We are therefore obliged to omit the following tables:
World's Supply and Takings of Cotton.
India Cotton Movement from All Ports.
Foreign Cotton
in Europe
Liverpool Imports, Stocks, &c.
Liverpool—The tone of the Liverpool market for spots
day of the past week and the daily closing
and futures each
prices of spot cotton have been as
follows:
Tuesday
Wednesday
Quiet
Quiet
Thursday
Friday
More
Moderate
demand
Monday
Saturday
Spot
demand
Quiet
Market,
12:15
P. M.
Mid. upl'ds
9
]
Market
Quiet,
Quiet,
Quiet,
1 to 2 pts.
1 to 2 pts.
3 to 4 pts.
1 to 3 pts.
advance
decline
dec.
Steady,
2 to 3 pts.
decline
•I
decline
P. M
9
pts.
to
dec.
3 pts.
Barely st'y
5 pts. adv.
1 to 4 pts.
to
to
1
pt.
advance
decline
below
Liverpool for each day are given
Fri.
Thur«
Wed.
Tues.
Mon.
Sat.
Sept. 7
advance
Quiet,
advance
Prices of futures at
Noon Close Noon Close
Close Noon Close Noon Close Noon Close
Sept. 13
New Contract
October, 1940...
d.
d.
d.
*
7.76
7.80
*
December
d.
d.
d.
7.70
7.75
7.74
d.
7.65
d.
7.67
d.
d.
7.70
7.75
d.
7.74
7.52
7.51
7.48
7.52
7.55
1941..
March
*
7.49
7.45
7.38
7.42
7.45
7.39
7.40
7.42
7.48
7.43
*
January,
7.26
7.21
7.15
7.19
7.22
7.19
7.20
7.20
7.27
7.21
7.06
7.05
7.05
7.04
7.11
7.05
6.90
6.90
6.91
6.89
6.96
6.90
*
7.10
7.05
6.99
7.03
*
6.94
6.89
6.83
6.87
May
July
*
advance
Barely st'y
Quiet,
6 to 7 pts.
Market
4
10
to
pts.
[
opened
8.31d.
Quiet,
Quiet,
CLOSED
(
Futures
8.22d.
8.30d.
8.24d.
8.34d.
as a
small extent, with most of the buying
the tightening cashwheat situation than anything else.
The ra4te of sealing
under loans has been running about 20% ahead of a year
a
hand to mouth basis, due more to
and already about 14% of the new crop has been
sterilized, with consuming interests taking supplies from
storage.
On the 10th inst. prices closed ^c. to %c. net
higher.
Wheat futures developed a firm tone today, but
sold off slightly from the best levels in the final minutes of
trading.
Strength in the market was in sympathy with a
better showing by securities and price advances at Min¬
neapolis.
Trading volume, however, was only fair.
The
trade also awaited the release of the United States Govern¬
ago,
report, due after the close of the trading today,
\yhich will give estimates of indicated production of corn,
spring wheat, oats and soy beans in the United States and
Canada.
The average of the private crop estimates for Aug.
as compared with the official figures, showed an increase of
8,000,000 bushels and spring wheat prospects increased about
11,000,000 bushels. Wheat under loan in the 1940 program
totaled 103,017,143 bushels on Sept. 4, the Commodity
Credit Corporation announced, compared with 86,419,966
on the same date a year ago.
It also reported that 10,014,695
bushels of 1939 wheat had been resealed under the Federal
program.
On the 11th inst. prices closed )4,e. to lAe. net
higher.
The wheat market's recovery was extended today,
but price gains that amounted to as much as a cent a bushel
at one time were reduced materially before the close. Strength
in securities and reports of improved Canadian export busi¬
ness with Great Britain and Portugal as well as better feeling
about the war situation, despite havoc being wrought in
London, helped to lift prices.
The warning of Premier
Churchill of an early German attempt at invasion and Berlin
threats of increased air attacks, chilled buying sentiment in
final dealings, however.
Some buying was attributed to the
Government insuring agency, which took 30,COO bushels at
Kansas City yesterday, bringing total purchases to 305,000
bushels.
The British bought 6 to 8 cargoes of Canadian
flour, and although the business apparently was part of
previously contracted sales, it attracted attention inasmuch
as some dealers thought increased takings of processed grain
may have some relation to the bombing of industrial targets.
On the 12th inst. prices closed % to %c. net lower.
While
grain traders awaited a definite turn in the Battle of
Great Britain, keeihng market transactions on a small scale
due to the uncertainty, wheat prices today dropped more
than lc. a bushel, but then recovered about half the loss.
Most of the selling was inspired by weakness of securities,
which grain dealers are watching closely for hints regard¬
ing sentiment in financial circles.
There were no major
market developments, although reports indicated cash wheat
good as it has been
been watching the
since the German
successes in western
Europe said the war is the funda,mental underlying factor affecting prices, and until some
signs pointing more definitely to the outcome appear, a
waiting market is to be expected.
This watchful waiting
tendency also is encouraged by the fact that this is election
demand at some
Closed.
Friday Night, Sept. 13,
Flour—There
were
no
new
1940
developments of interest in
The grain markets have
The trade appears to
be awaiting something definite in the news from abroad,
and with the invasion of Great Britain believed imminent,
the flour
been
marker the past week.
relatively quiet and
Traders therefore are
eral attitude
flour trade.
only
is
a
sluggish.
are expected shortly.
inclined to be cautious, and the gen¬
developments
momentous
highly
waiting one.
The same applies to the
continues slack, and
orders are expected while prices range
Interest in new bookings
scattered new
current levels.
prices closed J^c. to %c. net
After yielding more price ground under the pressure
of profit taking, the wheat market snapped back today to
close Y% off to ye. higher, compared with previous finals.
Buying to even up accounts as protection against any
unusual developments of the week-end and some purchasing
attributed to consuming interests, helped the rally after
prices had dipped as much as ye. to %e. in early dealings,
extending the setback from the 2 months peaks which began
Friday. Sept. wheat closed at 75 He., about a cent below the
Thursday peak but almost 9e. above the 1940 low reached
Wheat—On the 7th inst.
higher.
Aug. 16, a margin
tendency to accept
77c.
terminals was not as
recently.
Veteran traders who have
wheat market's nervous behavior ever
BREADSTUFFS
at
accounts.
ment crop
1,035
To Great Britain
up
operations.
5.40
8H@ 9H
8H@ 9M
SH @ 9H
9
@10
8
even
or
of gain in 3 weeks that encouraged the
profits. Dec. wheat closed at 76J^ to
Helping to firm wheat was
large quantities of
Government loans,
official confirmation that
the new crop are being stored under
which is tightening the supply situation
year.
Today
prices
closed
Wheat
unchanged to ^c. lower.
prices rose about VzC. at one tithe today in response to re¬
ports of better demand for North American grain from
accessible southern European nations, but all of the advance
was lost later.
Trade was restricted by the uncertainty of
most dealers regarding the war situation, and the market,
mark time. With the loan pro¬
holding hedging sales of new wheat to a minimum,
the need for outside investment support has been reduced
correspondingly, traders said.
Scattered buying in lifting
hedges on moderate quantities of wheat taken by consuming
interests constitutes the bulk of market support at present.
Cables reported that such importers as Portugal and Greece
apparently are looking to North America for supplies in
view of the poor crops in the Balkans.
Moderate quantities
of Canadian wheat have been sold to Portugal recently.
therefore, was inclined to
gram
Open interest
in wheat tonight was
DAILY CLOSING
59,255,000 bushels.
PRICES OF WHEAT
Sat.
Mon.
IN NEW YORK
Wed.
Tues.
DAILY
Sat.
75^
September
Season's High and When Made
1
September — 111 >3
Apr. 18, 19401
December
May
Thurs.
94^ 93^ 94Ji 94^
CLOSING PRICES OF WHEAT FUTURES IN
No. 2 red
85X
79X
Mon.
Wed,
Tues.
74
74^
75 X
94K
CHICAGO
Thurs.
74%
—
Fri.
74 %
Made
66% Aug. 16, 1940
Aug. 16, 1940
70
Aug. 16, 1940
Season's Low and When
September
May 27. 19401 December
Sept. 5, 1940 (May
Fri.
94M
The Commercial & Financial Chronicle
1598
DAILY CLOSING
PRICES
OF
WHEAT
Sat.
October
Fl'TURES
Man.
Tues.
Wed.
735^
73%
IN
WINNIPEG
Thurs.
73%
Fri.
73%
74%
December..
Sept.
Season's High and When Made
I
Season's Low and
September
76%
Apr. 22, 1940 September
36%
December
50%
May 29 1940 December
38%
1940
14
When Made
Aug. 19, 1940
Aug. 19. 1940
Aug. 19. 1940
—
73%
74%
..—
May
50%
July
24. 1940
May
42%
May
DAILY CLOSING PRICES
Corn—On
the
7th
prices closed 34c. to 34c. net
higher. Corn prices were kept firm by the largest shipping
business in some time, sales totaling 343,000 bushels on top
of Friday's business almost that large.
Dealers continued
to take good supplies from the country, with receipts totaling
262 cars and bookings 125,000 bushels.
Spot prices at
Chicago are almost a dime over the loan rate.
On the 9th
inst. prices closed 34c. to %c. net lower.
Corn declines were
held to fractions as country bookings, which have been
running in excess of 100,000 bushels daily, fell off to only
34,000 bushels.
Receipts, however, were 387 cars.
An
Illinois elevator firm reported ear-worm damage has ap¬
peared in corn.
On the 10th inst. prices closed unchanged
to 34°. higher.
The drop in temperatures over much of the
corn belt was watched with interest
by the trade, since an
early killing frost might cause considerable damage to the
crop.
On the 11th inst. prices closed unchanged to 34c.
higher. Trading was light, with fluctuations narrow.
On the 12th inst. prices closed y2c. lower to 34c.
higher,
compared with
since mid-July.
Today prices closed Vgc. off to 34c. up.
Although larger supplies of corn have been coming to termi¬
nal markets recently, most of it has gone
directly into
industrial and commercial hands, and some is Government
enroute to Great Britain
early
in
the
higher than
October.
Old
summer.
to
satisfy export sales made
is priced more than 6c.
corn
reflecting the loan program.
Corn
had a firm tone, with September contracts
advancing frac¬
tionally.
Open interest in
corn
tonight is 22,429,000
May
--—
DAILY
CLOSING PRICES
OF
Sat.
No. 2 yellow...
DAILY
CORN
Man.
82%
CLOSING PRICES
82%
OF CORN
Sat.
September
—
May
Season's High
May
82%
Tues.
83
IN
Thurs.
63%
57%
58%
and When Made
|
Season's Low ana
May 15. 19401 September
52%
June 12, 19401 December
53%
July 24, 19401 May
54%
Fri.
63%
56%
63%
56%
58
58
When
September... 70
December
60%
May
61%
83%
CHICAGO
Wed.
63%
57%
58%
Fri.
May
July
Aug.
FUTURES
Mon.
Tues.
33%
Oats—On the 7th inst. futures closed
34 to Mc. net
This market's firmness appeared to be influenced
higher.
by the
action of corn.
On the 9th inst. prices closed
34 to 34c.
down.
This market ruled heavy in
sympathy with the
wheat and corn markets, though no marked declines were
.experienced.
On the 10th inst. prices closed 34 to 34c. net
higher.
Light offerings were a feature of the oats market.
On the 11th inst. prices closed
34c. off to 34c. up.
Like the
corn market,
trading was relatively quiet and fluctuations
narrow.
the
12tli
inst.
prices closed 34c. net lower for all
diliveries.
Trading was light and fluctuations narrow. To¬
day prices closed unchanged to 34c. higher. There was little
trading in this market, and slight change in prices.
DAILY CLOSING PRICES
OF
OATS
Sat.
September.
29%
29%
30%
December
May
FUTURES
Mon.
Tues.
29%
29%
30%
IN
33%
34%
Thurs.
Thurs.
30
29%
29%
30%
29%
30%
Season's High and When Made
I
Season's Low and
36
Apr. 19, 1940 September
26%
34 %
June 12, 1940 December
27 %
May
32
July 30. 1940 May.
September
Fri.
29%
29%
30%
When Made
34
34%
33%
33%
35%
34%
35%
35%
iollows:
were &s
8prlng pat. high protein._5.05@5.20 Rye flour patents
.3.75@3.85
Spring patents
4.75#4.95 Seminola. bl., bulk basis
@5.55
Clears, first spring
4.35@4.55 Oats good
2.40
Hard winter straights
Cornflour
w
2.27%
Hard winter patents
4.50@4.70 Barley goods—
Hard winter clears
Nominal
Coarse
Prices Withdrawn
Fancy pearl (new) Nos.
1.2-0.3-0.2
4.75 @6.75
GRAIN
Wheat, New York—
Oats, New York—
No. 2 red, c.i.f.. domestic
Manitoba No. l.f.o.b.N.Y
No. 2 white
94%
84%
.........
.
DAILY CLOSING PRICES OF OATS
FUTURES IN WINNIPEG
Sat. Mon. Tues.
29%
29%
29%
27%
27%
27%
28%
28%
28%
-
,
October
December
May
Wed.
Thurs.
30
27%
28%
30%
28
Corn, New York—
On the 9th inst. prices closed
Traders estimated a
28%
30%
28%
28%
34 to J4c. net lower.
large percentage of the Northwestern
is going into storage for loans.
The rye futures
market ruled heavy in
sympathy with wheat.
On the 10th
inst. prices closed 34 to
34c. net higher.
The firmer wheat
and corn markets
naturally influenced the upward move¬
rye
crop
the part of
rye
commission house sources
ment
on
futures, and
was
a
fair demand from
in evidence.
On the 11th inst.
prices closed 34 to 34c. net higher.
In the early trading rye
were
firm, showing gains at one time of
from
yesterday's finals.
In the late session prices eased and lost
all early gains.
futures
tiie
On
rye
12th inst. prices closed
34 to y2c. net lower.
was firm a
good
futures market
despite
83%
Chicago,
61%
cash
50-63N
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 fo: each
of the last three years:
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Receipts at—
Chicago
Minneapolis
211,000
—
282,000
271,000
149,000
866,000
156,000
291,000
804,000
2,000
207,000
44,000
254,000
2,000
292,000
41,000
194,000
6,000
355,000
117,000
2,527,000
90,000
1,000
3,000
344,000
154,000
38,000
46,000
419,000
198,000
8,000
13,000
Louis.
12~5~666
27,000
194,000
260,000
66,000
8,000
Peoria
"H, 000
20,000
15,000
366,000
48,000
9,000
Kansas City
Omaha
64,000
25,000
338,000
220,000
20,000
151,000
13,000
627,000
38.000
20,000
St.
_
Joseph.
Wichita
39,000
137,000
Sioux City-
15,000
Tot. wk. '40
ee'ooo
8,000
3,000
17,000
12,142,000
11,983,000
5,434,000
2,224,000
660,000
2,613,000
3,513,000
671,000
12,407,000
2,630,000
3,226,000
1,834,000
2,459,000
1,293,000
2,646,000
81,151,000
29,879,000
394,000
Same wk '39
371,000
411,000
Same wk '38
Since Aug. 1
1940
1939
2,437,000
2,501,000
75,933,000
16,977,000
25,493,000
1938
2,944,000 18,171,000
5,132,000 23,646,000
2,435.000
90,652,000
24,975,000
32.448,000
9,331,000 22,493,000
19,325,000
Total receipts of flour and
for the week ended
Receipts at—
grain at the seaboard ports
Saturday, Sept. 7, 1940, follow:
New
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
York-
115,000
231,000
Rye
the momentous
happenings in
tion with the Battle of Great
Britain.
34c. net lower.
were
DAILY
connec¬
Today prices closed
Trading light and without feature.
Fluctu¬
narrow.
CLOSING
.
September
December
May
PRICES
33,000
2,000
11,000
34,000
196,000
"Tooo
4,000
Baltimore..
1,000
11,000
23,000
New Orl'ns*
8,000
12,000
46,000
76,000
13,000
21,000
2,145,000
568,000
Sat
40%
43%
46%
FUTURES
Mon.
40
43
46
Tues.
40%
40%
46%
IN
Wed.
40%
43%
46%
1.000
8,000
6,000
Lawr'ce
ports
Tot. wk. '40
*
192,000
2,607,000
697,000
62,000
9,000
8,521,000
91,462,000
23,858,000
2,953,000
1,722,000
Since Jan. 1
1940
Week 1939.
1939
*
on
288,000
3,099,000
273,000
72,000
7,000
403,000
71,663,000
14,392,000
3,501,000
534,000
4,790,000
The exports
ended
Exports from—
Wheal
Corn
Flour
Oats
Rye
Barley
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
New York
98,000
Philadelphia
20,000
Baltimore
40,000
36,360
New Orleans
8,000
"3",000
Can. Atl. ports..
2,145,000
568,000
Total week 1940.
2,303,000
22,317,000
568,000
a39,360
7,199,000
439,128
10,000
2,785,000
23,355,000
129,000
880,000
107,880
27,000
996,522
795,000
Since July 1, 1940
Total week
1939.
t
Since July 1, 1939
The
visible
supply
8,000
163,000
55,000
87.666
394,000
2,321.000
of
grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday,
Sept. 7, were as follows:
GRAIN STOCKS
Wheal
United States
New York
Philadelphia-a
Baltimore, b
New
Orleans
Galveston.
Fort
Worth
Fri.
40
Omaha
43%
46%
43
Sioux City
St. Louis
45%
from the several seaboard ports for the week
are shown in the
Saturday, Sept. 7, and since July 1
annexed statement:
40%
Thurs.
3,000
Receipts do not include grain passing through New Orleans for
foreign ports
through bills of lading.
St. Joseph
Kansas City
CHICAGO
.
1,170,000
10,392,000
Since Jan. 1
Hutchinson
RYE
4,000
Galveston..
St.
Wichita
OF
Barley
bush 56 lbs bush 48 lbs
Philadelphia
The
reactionary trend of wheat and corn values.
trading was light, things being
relatively at a
standstill in view of
ations
Barley
291,000
6,028,000
.
Indianapolis
St.
2,760,000
Rye
bush 56 lbs bush 48 lbs
2,277,000
Duluth
part of the session,
the
However,
6Q
___
40 lbs. feeding
No. 2 yellow, all rail
Fri.
Rye-^-On the 7th inst. prices closed 34 to /4c. net
higher.
Trading was light in rye futures, but the undertone was
firm.
42%
.
Rye, United States, c.i.f
j Barley, New York—
Aug. 16, 1940
Aug. 19, 1940
Aug. 16, 1940
December
Fri.
33%
CHICAGO
Wed.
29%
29%
30%
43%
WINNIPEG
Boston
On
Fri.
42%
43%
IN
Wed.
33%
33%
35%
Made
18, 1940
15, 1940
16,1940
Thurs,
43
43%
FLOUR
Buffalo
Thurs.
42%
43%
----
33%
33%
35%
Toledo
YORK
Wed.
82%
62%
56%
57%
57%
58%
NEW
FUTURES
Mon,
63
December-
IN
Tues.
WINNIPEG
—-
Sat.
Closing quotations
IN
Wed.
Tues.
42%
43%
BARLEY
October
Milwaukee
DAILY CLOSING PRICES
OF
December
new corn,
bushels.
Mon.
43%
44%
_
December
FUTURES
RYE
Sat.
previous finals.
Reports of frost in parts
of the corn belt strengthened the market in the early trad¬
ing.
Experts said the bulk of the crop will not be beyond
frost danger for two or three weeks.
Farmers have been
redeeming sealed corn at the rate of 1,000,000 bushels daily
corn
OF
inst.
Corn
Oats
Rye
Bushels
Barley
Bushels
Bushels
Bushels
Bushels
45,000
168,000
609,000
993,000
106,000
125,000
15,000
2,000
20,000
9,000
24,000
130,000
241,000
1,000
80,000
150,000
9,000
772,000
1,248,000
9,766,000
1,248,000
347,000
139,000
10,000
58,000
286,000
343,000
3,000
5,000
2,000
6,000
2,000
1,777,000
11,096,000
5,118,000
9,279,000
6,304,000
41,511,000
10,598,000
1,107,000
8,390,000
11,000
14,000
2,000
349,000
207,000
28,000
17,000
19,000
3,000
23,000
3,000
Volume
The Commercial & Financial Chronicle
151
Corn
Oats
Bushels
Bushels
Indianapolis
Bushels
Bushels
392,000
843,000
1,183,000
137,000
7,312,000
90,000
1,744,000
Peoria
Chicago
15,728,000
afloat..
Milwaukee
15,728,000
846,000
1,666,000
Minneapolis
21,795,000
Duluth
24,490,000
On Lakes
Buffalo.
4,422,000
1,268,000
277,000
289,000
1,163,000
89,000
75,000
205,000
42,000
or a
plus interest.
Sold to FSCC for export
Other sales
8,551,000
166,460,000 26,454,000
7,705,000
Total Sept.
149,503.000
9, 1939
8,737.000
9,811,000
8,784,000
9,145,000
9,067,000 13,399,000
15,109,000
10,260,000
Philadelphia also has 748,000 bushels Australian wheat In store,
Corn
Oats
Rve
Barley
Bushels
Bushels
Bushels
Ft. William &Pt. Arthur
491,000
1,278,000
2,271,000
853,000
689,000
2,485,000
1,823,000
1,630,000
1,866,000
4,027,000
4.147,000
8,085.000
8,551.000
4,040,000
8,737,000
1,823.000
9,811,000
4,027,000
j
Total Sept. 7, 1940...279,891,000
Total Aug. 31, 1940
Total Sept. 9, 1939
837,000
4,040.000
4,416,000
6,806,000
78,480,000
Other Can. & other elev. 137,270,000
329,000
657.000
269.325.000
170,248,000
-
Summary—
American
171,124,000 28,602,000
Canadian.
279,891,000
Total Sept. 7, 1940...451,015.000 28,662,000
Total Aug. 31, 1940
Total Sept. 9, 1939
435,785,000 26.454.000
319,751.000
12,591.000 10,560,000 13,838,000
12,121.000 10,414,000 13,292,000
10,260,000 21,915,000 10,933,000 21,484,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
Corn
Wheat
Since
Since
July 1,
Week
July 1,
Since
Since
Sent. 6,
July 1,
July 1,
1940
1940
1939
1940
1940
1939
Pushels
Bushels
Bushels
Bushels
Pushels
Bush-Is
No. Amer.
4,002,000
33.030.000
560,000
27,401,000
Australia
568.000
7,093,000
892,000
594",000
11,005,000
31,500,000
1,766,000
15,495,000
1,162,000
19,864.000
48,564,000
40.837.000
1,843". 000
33,458.000
Black ^ea.
Areentina.
•Sept. 6,
677,000
8.176.000
11,293,000
-
India
Other
countries
184,000
Total—
6,029.000
2,864,000
6,688,000
63,855,000 100.452,000
Reports
in
the
on
1940
Loan—Wheat
Wheat
1940 wheat loan
last year.
August and large changes in prospects for individual crops.
The storms
along the Louisiana and Carolina coasts caused losses of rice, tobacco,
peanuts, and peaches; but liberal rainfall and moderate temperatures in
northern and central portions of the corn belt and in the Southwest, caused
marked Improvement in prospects for corn, sorghums, and small grains,
and some improvement inlate hay crops, southwestern beans, flax, potatoes,
and other late crops.
Pastures and ranges were revived over a wide area
and greatly improved conditions for seeding winter wheat in Kansas and
the Southwest were reported.
On the other hand, dry weather continued
through August into early September in an area extending from eastcentral Nebraska and central Colorado northwestward, and continued
until late in August in another area extending from central Illinois and
Kentucky to New England.
Lack of rainfall in these sections damaged
boybeans, apples, and other late crops and caused a rapid decline in the
condition of local pastures and ranges.
With generally favorable conditions,
however, the forecast of grain
sorghum production was increased 20% during August.
The cotton esti¬
mate increased 12%, spring wheat 11%, oats 8%, barley and flax 5%
each, beans 3%, corn, potatoes, and sweetpotatoes, each about 2%, and
hay and sugar beets 1% each.
The chief reductions in prospects were:
Rice 5%, tobacco and apples 2% each, and peaches and peanuts 1 % each.
While the National production of feed grains this year will be sufficient
on
the 1940 crop now
...
There were widespread
the same date last year.
Total loans this year are 157,579
compared to 121,918 at this date in 1939. Wheat has been
entering the loan, Commodity Credit officials state, at the
rate o; 2,600,000 bushels per day during the past 10 days.
The Corporation also reported that 10,014,695 bushels of
1939 wheat had been resealed under th8 reseating program.
Wheat owned by the Corporation has been reduced to 1,545,280 bushels and some 98,159 bushels are in the process
of resealing or being delivered to the Corporation.
Loans made
Crop Reporting Board show.
program
placed
totaled 103,017,143 bushels valued at $74,180,190 on Sept. 4, the Com¬
modity Credit Corporation announced on Sept. 6.
This
compares with 86,419,966 bushels valued at $61,761,308 on
CCC
under loan
weather
prospects over
estimates of the
and since July 1, 1940, and July 1, 1939, are
following:
Week
Exports
on
during August has materially improved pro¬
wide areas of the United States, the September
With good growing con¬
ditions reported in the cotton belt and in the spring wheat States, and
with generous rains breaking the drought in nearly all of the corn belt,
crop jdeld prospects improved 5%
during August.
Yields per acre are
now expected to be about
1% larger than those harvested last year and
16% above the 10-year (1929-38) average.
Although several crops are late and in danger from early frosts or wet
weather, an abundant harvest now seems almost assured.
Prospects for
wheat and corn, as well as for all food grains and all feed grains combined
are now above average.
The tonnage of hay and forage saved may be
a new record and will be in excess of current need3.
Cotton is expected
to yield above a half bale per acre for the second time on record and total
production is expected to be only 6% below the 10-year average.
The
legumes—beans, soybeans and peanuts—will probably show a new high
total.
Tobacco will be below average but will be ample following last
year's outstandingly large crop.
Sweetpotato production may be 5 or 6
million bushels below average, but Irish potatoes will probably be 16
million bushels above average.
Sugar crops are well above average and
the grass and clover seed crops so far estimated show no shortage.
Fruit
production, though low compared with production last year, will probably
be ample.
Commercial vegetable production, which has been increasing
rapidly, will be large even though it may not be much above production
More, favorable
duction
ended Sept. 6
shown in the
467,777,499
Grains,
Crop Reporting Board of the United States De¬
partment of Agriculture made public late Tuesday afternoon,
Sept. 10, its forecasts and estimates of the grain crops of the
United States as of Sept. 1, based on reports and data fur¬
nished by crop correspondents, field statisticians and co¬
operating State Boards (or Departments) of Agriculture.
This report shows that the production of all wheat is
now placed at 783,580,000 bushels, as against 760,623,000
bushels, the Department's estimate a month ago, and com¬
paring with a harvest of 754,971,000 bushels in 1939, and a
10-years (1929-38) average production of 754,685,000 bushels.
The production of spring wheat is estimated as of Sept. 1 to
be 227,721,000 bushels, which compares with a production of
191,540,000 bushels in 1939, and a 10-year (1929-38) average
production of 183,619,000 bushels.
Comments concerning
the report will be found in our editorial department.
We
give below the report:
States), 2,899,000; total, 32,566,000 bushels, against 7,330,000 bushels In 1939.
Bushels
Btushels
119,339,615
267,326 751
81,111,133
&C.-—The
2,267,000; Philadelphia, 1,018,000; Baltimore, 1,084.000; Portland, 1,211,000;
Chicago, 36,000; Buffalo, 6,319.000; Buffalo afloat, 618,000; Duluth, 3,298,000;
Erie, 1,956,000; Albany, 8,592.000; on Canal, 1,422,000; In transit—rail (United
Wheat
Owned—
Agricultural Department's Official Report
bushels, against 24,000 bushels In 1939.
Barley—New York, 162,000
bushels; Buffalo, 832,000; Baltimore, 156.000; total, 1,150,000 bushels, against none
in 1939.
When—New York, 1,488,000 bushels; New York afloat, 358,000; Boston,
Bushels
or
Total
317,000
Canadian—
90,072,320
--^—5-
Loan
Corn owned by CCC
b Baltimore
O^ts—Buffalo, 317,000 bushels; total,
Lake, bay, river&seab'd 64,141,000
-
Farm stored 1938 corn under loan
Farm stored 1939 corn under loan
also has 230,000 bushels Australian wheat In store.
Note—Bonded grain not included above:
Bushels
25,282,000
3,781,919
26,057,866
34.950,535
—
-
Total
Corn Remaining Under
171,124,000 28,662,000
_
Redeemed 1937 and 1938
Redeemed 1939
-
Total Sept. 7, 1940
Total Aug. 31, 1940
a
reduction of more than 90,000,000 bushels.
Corn Disposed of—•
1,191,000
On Canal..
bushel
1,467,000
5,856,000
968,000
407,000
148,000
650,000
2,530,000
1,721,000
1,302,000
132,000
2,916,000
9 was
Most
1938 and 1939 corn released to farmers.
Farmers
recently were authorized to obtain the realease of 1937 and 1938 loan corn
at a flat price of 58 cents per bushel and 1939 loan corn at 57 cents per
467,777,499 bushels
330,000
1,473,000
3,490,000
"
afloat
16,000
622,000
1,281,000
199,000
"
1599
Total stocks of corn under loan and owned by CCC as of Sept.
of the reduction represents
225,000
2,668,000
,
Barley
Bushels
Rye
Wheat
in farm and warehouse
storage by States follow:
regional changes in growing conditions during
provide about the usual quantity per head of livestock without drawing
accumulated reserves and hay production is unusually large—probably
be fed—reports on feed crop prospects show
marked regional differences.
Prospects appear poorest In south central
Nebraska, and are very poor in a large surrounding area extending into
northwestern Kansas, northeastern Colorado, eastern Wyoming and south¬
western South Dakota.
While livestock numbers in this area are already
low as a result of previous droughts, rather close marketing is expected
again this year.
Prospects for feed crops are also poor in more limited
areas
in western Oklahoma, In the northwestern portion of the Texas
Panhandle, in the Ohio Valley, and in the central South.
Fruit production will be below the large output of last year, but if there
are no unusual losses from freezing and other causes the citrus crop from
this year's bloom should be large enough to offset the below-average
prospects for other fruits and give at least the usual per capita fruit supply.
Sept. 1 conditions Indicate the combined production of eight major fruit
crops (peaches, pears, grapes, cherries, plums, prunes, apricots, and com¬
mercial apples) to be about 13% smaller than in 1939, and about 1%
below the five-year (1934-38) average.
Production this year is expected
to be smaller than a year ago for all of these fruits except pears and plums.
Growing conditions were relatively favorable during August in most
of the important fruit and nut producing areas of the country.
Dry weather
in some parts of the New England States, New York, and Arizona, and a
period of hot temperatures in some California fruit areas, reduced prospects
in a few localities, but damage was not serious.
Production of commercial truck crops in areas supplying markets during
September will be slightly larger than in 1939 and 16% above the 1929-38
average.
Although there was a decline during August in prospects for
late crops of domestic cabbage, onions and tomatoes, conditions are more
favorable for late crops of snap beans, beets, Danish cabbage, carrots,
cauliflower and celery.
Acreages reported for some of the later crops show larger plantings of
cauliflower on Long Island, N. Y., and in the fall crop of lettuce in Cali¬
fornia, Idaho, New Jersey. Oregon, and Washington.
Celery plantings
in Indiana, New Jersey, Utah, and Washington are slightly below those
to
Bushels
on
above the amount that will
Number
Whorehouse
Storage
Storage
5,196
11
Arkansas..
Amount
S3.770.63
20
Colorado..
------
7,522
71,263
53,988.64
2,006
California
Idaho
Farm
Loans
Slate
21,179
1,483,247
1,010,740.94
991
52,459
1,541,705
844,102.26
6,471,637.54
16,797
150,770
7,957,430
Indiana
5,020
31.031
1,623,739
Iowa
2,432
30.073
1,306,791
1,000,983.45
35,526
1,799,294
24,803,517
19,047,064.23
224,129
167.591.87
Illinois
Kansas
Kentucky
Maryland
533
Michigan
419
*,
W
A*"***
22
3,200
Minnesota
'
11,864
•
-
-
-
-
8,179.06
103,944
75,121.66
1,307,780
2,742
989,976.37
4,566,147.97
58,455
6,073,090
1,786
3,661
2,172,993
1,343,020.04
14,487
791,003
6,044,934
302
6,296
260,226
4,995,924.20
194,240.31
13,705
Missouri
Montana
Nebraska
New Mexico
North
*,
1,254,722.70
2,510
Dakota
m
—
-
•
»
1.630,002
1,171,355.66
4,291
Oregon
1,482.893
1,177,967.55
1,703.761
16.539,254
13,127,117.04
626
Oklahoma
5,887
27,073
Ohio
69,932
1,542,903
41.312
30.908.39
8,480
2,254,142
1,656,587.22
244,726
191.573.60
1,011,217
15,535,066
12,132.726 10
34,439
144.844
156
Pennsylvania
6,326
South Dakota-
759
Tennessee
17,033
Texas
Utah
130
Virginia
292
Washington..
975
«»«•«»
-
32.673
90.208.83
87,270
66.032.20
2,59,4,907
1,479,063.74
/8.267
19
West Virginia.
952,960.88
7.208.54
102
Wyoming
21.649
77,186
69,268.89
157.579
5,842.523
97,174,620
174,180,190.51
1
ofaye^rago.
Plantings for the 1941 season are now under way and those reported
at this time indicate decreases below this year's acreages of 7% in arti¬
chokes in California, 3% In fall crop cabbage in North and South Carolina,
.
Total
—
Farmers
ducers since
1939
corn
Redeeming Some of Loan Corn—Corn pro¬
July 15 have been redeeming corn from 1938 and
loans at the rate of anpioximately 1,000,000
a day, the Commodity Credit Corporation announced
Sept. 10.
CCC officials said that the peak load of farm
and warehouse stored corn, plus corn owned by the Corpora¬
tion. came late in April of this year when the total reached
557,849,819 bushels of corn, of which 90.981,388 bushels
were owned by CCC.
The announcement continued:
bushels
on
and the Norfolk district
,
,
of Virginia, and 5% in the fall and winter crop
of
celery in California.
1 both the reported milk production per cow and the reported
number of eggs laid per 100 hens were new high national records for the
date.
Both production per cow and production per hen were particularly
high in the West North Central States.
With acreages showing the cumulative effects of successive changes,
some of which are the result of the Agricultural Adjustment Program, and
with yields reflecting new varieties, new cultural methods and new areas
of production, the records for some crops show new high levels of production.
Barley is expected to show a fairly good yield on a near-record acreage,
indicating a total crop of over 300 million bushels for the third time on
On Sept.
1600
record.
The Commercial & Financial Chronicle
Grain
sorghums, planted on a record acreage, have made an
outstanding recovery since the July drought in the Southwest and, even
allowing for the threat of frost damage, production is expected to reach
125 million bushels, which would be the largest crop in a dozen
years.
But rice, which was expected to be a bumper
crop, was damaged by the
Louisiana storm and the forecast has been reduced 5% to about
52,300,000
bushels, which would be about the same as production in each of the past
two years.
Buckwheat, which is gradually being replaced by other crops,
further drop to about 5,700,000 bushels, which would be
the
production since the Civil War.
The flaxseed crop, favored
by
ample rainfall, is expected to show an excellent yield on sharply increased
acreage, giving a crop that is expected to exceed 30 million bushels for
shows
a
lowest
can
hardly equal the exceptional yields of the last three years.
The acreage
large, however;, and production is expected to reach 15,100,000 bags,
would be the second largest harvested.
Soybeans were damaged
by the July and August drought in the eastern corn belt, the main pro¬
ducing area, and the yields per acre can hardly equal the record yields of
the last three years.
As it is expected that more than five million acres
of the 10 million being grown will be harvested for the
beans, production
is expected to be about 85,500,000 bushels, only a little below last
year's
record crop and more than five times the production in
any year prior
is
West
and
indicated yield per acre is 22.9 bushels
year and the
10-year average of 20.6
bushels.
The season has been especially favorable for
barley in the North
Central States where indicated 1940 yields exceed the
10-year average by
which
compared with 21.9 bushels last
as
to 1934.
Peanuts, hurt by heavy rains in the Southeast, are still expected to give
good yield on a record acreage.
The quantity picked or threshed is
expected to exceed 1,500,000,000 pounds, which would be more than
200 million pounds above the previous high record of 1938.
beet
be
materially
below last
year's outstanding
but supplies
little above average in each case.
August frost damage in New York, where over one-third of the Nation's
acreage is being grown this year, largely accounts for the lower
production
outlook.
Some frost damage occurred also in northern
Pennsylvania.
The Maryland crop was injured by continued
dry weather, while in Virginia
damage from wet weather was reported.
In the North Central States,
where a large proportion of the 1940 crops is
late, the last August rains
were beneficial.
The frost hazard in this area, however, is
greater than
usual.
bluegrass
While timothy seed production
was
considerably under the 10-year average, the quantity used has de¬
and the large carryover should prevent
any shortage.
The production of white clover seed was somewhat
larger than last year
but this increase is more than offset by a decline in imports which
normally
are more than twice domestic production.
The production of hairy vetch
and winter pea seed, used chiefly for cover
crops in the South, was nearly
twice last year's production, but crimson clover shows
only a slight increase.
Corn—Sept. 1 prospects indicate a 19<±0 corn crop of 2,297,186,000
bushels, an increase of about 49 million bushels over the Aug. 1 estimate
of 2,248,246,000 bushels.
Late July and early August rains and the
breaking of the heat wave over much of the corn belt west of the Mississippi
River resulted in improved prospects which more than offset losses in
duction
on
1939 crop,
corn
The indicated pro¬
Sept. 1 is about 12%, or 322 million bushels, shorter than the
and only slightly below the 10-year (1929-38) average of 2,-
in
the western and northern sections where the
drought was broken in
early August, offset further declines in other sections of the State where
dry weather continued until late August.
In Indiana, where drought
conditions prevailed over most of the State until late
August, deterioration
of the corn crop during that month was the
greatest of any corn belt State.
The western half of Ohio also suffered heavy
damage from the extended
drought.
The extreme variations in 1940 corn prospects in Illinois, Indiana
and Ohio are in marked contrast with those of
Sept. 1, 1939, when uni¬
formly excellent prospects prevailed.
North Dakota, Minnesota, Wisconsin
and
Michigan showed further
improvement during August.
Early August rains raised production pros¬
pects in northern Missouri while a large part of the central section remained
dry.
Corn in northeastern Kansas, eastern Nebraska and southeastern
South Dakota made a remarkable
recovery following August rains ana
more moderate temperatures.
In the western and central portions of
these three States, July heat and drought
damaged the crop beyond re¬
covery.
In South Dakota the grasshopper menace did not materialize.
For the corn belt as a whole the proportion of late corn is
larger than usual
and it is this late corn which was most benefitted
by August rains.
Because
of this late corn, however, the frost hazard is
perhaps the greatest in several
years.
Conditions
vania.
The indicated yield per acre of 15.3 bushels shows a decline of
0.8 bushels
that of Aug. 1, and compares with 15.1 bushels in
1939, and the
10-years (1929-38) average of 15.8 bushels.
from
Potatoes—Weather conditions during August were favorable for
the
development of the potato crop in many of the important
late-producing
States, and the
Sept. 1 condition indicates a net increase in the 30 late
States of 3% over the estimate of Aug. 1 in these States.
A slight increase
is indicated in production in the seven intermediate
States.
On the basis of indications to
date, the Nation's total potato production
belt and other parts of the country.
299,342,000 bushels.
The indicated production relates to the
acreage
grown for all purposes—grain, silage, forage, hogging, and grazing.
The indicated yield per acre of 26.6 bushels shows an increase of
0.6
bushel from that of Aug. 1 and compares with 29.5 bushels in
1939 and
the 10-year (1929-38) average of 23.2 bushels.
Seldom have corn prospects in the corn belt been as uneven as
they
were on Sept. 1.
In Iowa where the heat wave and drought were broken
in late July, production prospects have
improved to the extent of 31
million bushels over the Aug. 1 estimate.
In Illinois, the improvement
severe
outside the corn belt are just as variable.
Corn suffered
frost injury in many parts of New
England, New York and Pennsyl¬
Flood and hurricane damage occurred in some of the States
along
the South Atlantic coast, yet other parts of these States suffered from
dry
In eastern Texas and Oklahoma and most of Arkansas
where
the corn crop is now largely mature, the indicated
weather.
yields are above average.
Harvesting has started in Texas
and Oklahoma.
Prospects in Colorado
wide range due to the more than usual variation in rainfall in
dry¬
land corn sections and to
carying amounts of available irrigation water.
Compared with the production indicated a month ago, Sept. 1 production
prospects are about 3% lower in the North Atlantic States, and show a
decline of 5% in the East North Central
during the 1940 season is placed at 383,172,000 bushels, compared with
364,016,000 bushels in 1939 and the 10-year (1929-38) average production
of 366,949,000 bushels.
The indicated production this season is
about
5% greater than in 1939 and 4% larger than the 10-year average.
Production in the 30 late States, estimated at
298,409,000 bushels, is
1% larger than the 10-year average production and is
3% more than
production in these States in 1939.
The crop in the 18 surplus late
States,
now
estimated at 260,617,000 bushels, is about
2% above average and
4% larger than last year's production.
Production in the 12 "other"
late States is indicated to be 4% below
average and 5% smaller than
production in 1939.
in
group, a
gain of 11% in the West
North Central group, and a net gain of
4% for the North Central States
a
whole.
The indicated production is
only slightly lower than last
Atlantic, South Central and Western States.
as
month in the South
Wheat—The production of wheat in 1940 is now placed at 783,560,000
bushels, the increase of 22,937,000 bushels above the August forecast
being due to the addition of that amount to the indicated spring wheat
This
1940 production of all wheat
compares with tne 1939
754,971,000 bushels and the 10-year (1929-38) production of 754,bushels.
The prospective total wheat
crop is 3.8% aoove last
year's production, although the harvested
acreage was 2% lower than last
year and 7.4% lower than the 10-year
(1929-38) average.
Production of all spring wheat is estimated at
227,721,000 bushels, com¬
pared with 191,540,000 bushels last year and the
10-year average or 183,619,000 bushels.
The prolonged cool spring, good
filling weather in
August, and improved moisture supply in most of the
spring wheat belt
were reflected in substantial
increases in the yields indicated on Sept. 1
compared with the Aug. 1 forecasts, in
practically all States.
Durum wheat
production is estimated at 35,599,000 bushels, compared
with 34,360,000 bushels last
year and the 10-year average of 29,619,000
bushels.
The current estimate shows an increase over
Aug. 1 of 1,420,000
attriDUtable to improved outturn of the
crop in Minnesota and North
crop of
685,000
Dakota.
Production of other spring wheat is
placed at 192,122,000 bushels, or
crop 22% larger than last year's
157,180,000 bushels, and approximately
one-fourth above average.
a
Yields
of
other
spring wheat are reported higher than on Aug. 1 in
State, the only exceptions being Nebraska, Colorado,
slope States.
Indicated 1940 yields are also above last
year and above average in nearly all States with the
same exceptions.
Oats—The production of oats, on Sept. 1, is indicated to
be 1,206,901,000
bushels, an increase of 85,282,000
bushels, or 7.6% above the Aug. 1
forecast.
This compares with
937,215,000 bushels produced in 1939,
and with 1,024,852,000
bushels, the 10-year (1929-38) average production.
Sept.
1 indicated yields showed remarkable
improvement over the
Aug. 1 forecasts, ranging from an increase of one bushel in North Dakota
to five bushels in the States of
Ohio, Indiana, Wisconsin, and Minnesota.
Yields are higher than on
Aug. 1 in all of the geographic areas for which
practically
and
some
estimates
every
west
are
made
this
month.
In Illinois and
Indiana, record yields
being secured, while in Ohio the yield is
equal to the previous
high record in 1912.
In both Minnesota and Iowa
the crop is excellent,
though some damage to quality is reported to a small
part of the crop
per acre are
still unthreshed at
ever,
the
time of the late August rains.
In general, how¬
quality is excellent and test weights well above
average in all of the
Most of the imrpovement in production prospects
during August occurred
the five Central States of Michigan,
Wisconsin,
Minnesota,
Dakota,
North
South Dakota; in Nebraska, Colorado, and Washington in the
Western group; in Pennsylvania, and in the five deficit New
England States.
In New England August weather conditions were
variable but for the
most part were
moderately favorable for potatoes.
Rainfall and tem¬
peratures were below normal.
Frost in late August caused some
injury
to plants in
susceptible localities but the damage was not significant.
Prospects In Maine do not show any improvement.
While the dry weather
has prevented widespread
development of late blight in this State, it has
favored a heavy infestation of aphis and flea beetles.
The vines in many
fields were dead by Sept. 1 due to these causes.
In New York and
Pennsyl¬
vania late August frosts caused some local
damage.
But this adverse
factor caused
net reduction in
the New York crop and in
Pennsylvania
than offset by beneficial rains during the last week of
the
Ample rainfall and cool temperatures in Minnesota, North
Dakota, Michigan, and Wisconsin during August were favorable for the
development of the potato crop, and good yields are expected in these
States unless early frosts curtail production.
In Nebraska the late crop
was benefited
by lower temperatures and local showers.
In Colorado the
San Luis Valley crop has made better
progress than previously expected
because of the extensive use of pumped water to
supplement the deficiency
in the storage
supply.
The Idaho yield prospects are not as good as they
it
was
no
more
month.
wore a month ago because the hot
weather tended to hasten maturity of
the potatoes.
In the three Pacific Coast States the
irrigated potatoes
continue to show prospects of good yields, but the
dry land acreage in
western Washington and Oregon needs rain.
The California late
is
making favorable
cover a
production.
decline
at
of 20 years ago.
creased somewhat
the eastern
crop
-
will
Keports on production of some of the earlier harvested seeds for hay
and pasture crops indicate generally adequate
supplies.
The seed pro¬
duction of alsike clover, orchard grass, redtop and
Kentucky
a
bushels.
of 286,000 bushels, or about
5%, from the
on Aug. 1, placed the Sept. 1 estimate of
the 1940
5,707,000 bushels, which would be the smallest of
record which goes back to 1866.
Production in 1939 amounted to 5
739,000 bushels, the 10-year (1929-38) average to 7,617,000 bushels.
Due
to decreasing acreage, buckwheat
production is now only about half that
crop and probaoly less than the 10-year average production
of the principal types ranges from ample to burdensome.
was
to nine
seven
Buckwheat—A
buckwheat
other years.
production
as
production indicated
production is expected to exceed 10,600,000 tons, which
production in 1939, 1938 and 1933, but higher than in
would be less than
Tobacco
much
In Minnesota the quality of the crop is
good with very little damage
expected from the August rains.
In Michigan excessive August rains
will
materially affect the quality as much of the crop was still unthreshed at
the time.
In North Dakota quality is fair but not
up to average, due to
drought damage in early July.
In South Dakota quality is good with
the crop largely threshed by Sept. 1.
a
Sugar
1940
cast.
largely dependent on when growth is checked
by frost, but Sept. 1 prospects indicate one of the highest yields per acre
yet secured and a total output about 5% above last year's
near-average
crop.
Sweetpotatoes are expected to produce about an average yield
on a quite
generally reduced acreage, production being estimated at less
than 67 million bushels, or 8% under last year's
near-average crop.
Bean prospects improved sharply in California and the
Southwest, but
the yield per acre
14,
Barley—A 1940 barley crop of 304,955,000 bushels is indicated
by
Sept. 1 reports, an increase of 15,143,000 bushels above the Aug. 1 fore¬
This production is 10% larger than the 1939 crop of
276,298,000
bushels, and 35% above the 10-year (1929-38) average production of
225,486,000 bushels.
Yields were higher than expected in the important West North
Central
group of States, and materially higher in the East North Central
group.
As compared to the August forecasts, yields
per acre improved one bushel
in Ohio, Missouri, North Dakota,
South Dakota, and Nebraska; two
bushels in Illinois; 2Yi bushels in Minnesota and
Iowa; three bushels in
Michigan, and 3}4 bushels in Wisconsin.
Prospects were maintained or
improved in all other producing States except Oregon,
Nevada, Idaho,
Virginia,
Maryland.
The
the first time in 15 years.
Potato production is still
unless frosts are later than usual in norther areas,
Sept.
important producing areas,
The 1940 crop has suffered less than the usual
damage from rust, loding and sprouting in the shock.
The average yield per acre is estimated at 34.9 bushels, 2.5 bushels
higher
than indicated on Aug. 1, 6.6 bushels
higher than in 1939, and 7.5 bushels
above the 10-year average.
Estimated yields on Sept. 1 for important
producing States compare with their 10-year averages as follows: Ohio,
44.0 and 30.4; Indiana, 45.0 and 26.3; Illinois, 48.0 and 30.5;
Wisconsin,
42.0 and 30.8; Minnesota, 43.0 and 30.8; Iowa, 40.5 and 31.9;
Missouri,
27.0 and 21.2; South
Dakota, 28.0 and 21.3; Nebraska, 23.5 and 21.9;
Kansas, 28.0 and 22.3.
crop
progress
and excellent yields
sections.
are
reported in most all
Tobacco—The September estimated production of all
types of tobacco
combined is 1,241,680,000 pounds, which
represents a slight decrease from
the Aug. 1
forecast,
Last year a record high crop of 1,848,654,000 pounds
of tobacco was harvested.
The 10-year (1929-38) average production of
tobacco is 1,360,661,000 pounds.
The indicated production of 643,035,000
pounds of flue-cured tobacco
is not
significantly different from last month's estimate, but a crop of
this size would be only about 55% as
large as last year's record flue-cured
crop of 1,159,320,000 pounds.
Sharp curtailment of acreages accounts
for much of the decrease in
production, but also the prospects now are
for a yield about 46 pounds
per acre less than that secured by flue-cured
growers in
1939.
In North Carolina, where normally more than twothirds of the flue-cured crop is produced, tobacco has been
subjected to
four extremes of weather this season.
First, at time of transplanting
temperatures were below normal and early growth was retarded;
second,
late June and all of July were
very dry over most of the
belt; third,
record heat
a
wave as to high temperatures and duration occurred
the latter
part of July; and, fourth, rainfall of 15 to 25 inches at some
stations, and
above average at all other North Carolina stations
during August caused
considerable damage to tobacco.
to flue-cured tobacco in Virginia,
yield per
Excessive rainfall has been detrimental
but in South Carolina a relatively high
acre was secured while in the type
14 area of Geogria and Florida
are now complete, it
appears that a much heavier yielding crop
produced than had been anticipated earlier.
where sales
was
Production of fire-cured
tobacco is now estimated at 95,445,000
pounds,
compared with 96,530,000 forecast on Aug. I.
This decrease is largely
for by the reduction of about 2,000,000
pounds indicated for
Virginia fire-cured tobacco, which was only partially offset by increases
in prospects for the two types of fire-cured tobacco
grown in Tennessee.
accounted
If present prospects are realized the dark fired
crop would be comparable
the 95,604,000 pounds produced in 1939, but about
30% less than
10-year average production.
The production of dark fired tobacco
with
the
has been
generally on the decline in this country for several years.
Burley tobacco prospects declined during August as drought con¬
over much of the Burley belt retarded
growth, caused firing and,
sections, premature harvesting of the crop.
As a consequence,
a
Burley production of 309,570,000 pounds is now indicated, or about
7% less than last month's estimate and about 22% less than the 394,798,000
pounds produced in 1939.
In Kentucky, where about 70% of all
Burley
tobacco is grown, the crop is very irregular and
showing the effects of
dry weather.
However, good rains were received at the close of the
month and these probably will add weight to the leaf as the bulk
of the
crop was still in the field Sept. 1, but may not improve the
quality of
tobacco harvested.
In Tennessee, which is the second largest
Burley
producing State, conditions have been quite favorable and a good yielding
crop is in prospect, especially in theastern part of the State, where un¬
usually high yields are anticipatea.
Virginia, North Carolina, and MisThe
ditions
in
some
The
1S1
Volume
1601
Commercial & Financial Chronicle
REPORT AS OF SEPT. 1, 1940
GENERAL CROP
yield prospects, but in Ohio, Indiana, and West
Virginia tobacco has been damaged by drought to a considerable extentThe production of Maryland tobacco is now indicated at
pounds, compared with last year's crop of 29,796,000 pounds and the
10-year average of 26,096.000 pounds.
Maryland tobacco, in response
to recent rains and general coolness, made rapid growth during the past
four weeks and the condition on Sept. 1 was better than the month previous.
souri also report good
Board of the Agricultural Marketing Service makes
following report from data furnished by crop correspondents, field
statisticians, and cooperating State agencies.
The Crop Reporting
the
27,405,000
year
bush..
29.5
Wheat, all, bush.
13.2
14.1
14.9
Winter, bu
14.3
14.9
15.9
571,067
All spring, bu__
10.4
12.1
12.8
Durum, bu__
9.1
11.2
10.7
183,619
29,619
Yield per Acre
10.6
12.3
13.3
28.3
34.9
Barley, bu...
20.6
21.9
22.9
Rye, bu
11.4
10.3
12.1
Buckwheat, bu__
1940
1928-39
1939
1929-38
16.8
15.1
15.3
6.0
8.9
9.7
47.9
50.3
47.7
34,179
227,721
35,599
170,605
192,122
937,215 1,121,619 1,206,901
304,955
289,812
276,298
37,452
37,452
39,249
29,279
52,306
55,071
5,707
30,662
52,280
5,993
10.3
13.2
84,148
83,102
105,095
125,793
1.25
1.30
1.39
0.81
0.81
75,726
8,800
84,125
0.76
69,650
9,298
83,383
Wild
8,760
8,927
1.12
I.14
I.30
26,030
23,640
28,261
29,851
28,392
14,649
15,133
Clover and
958
1,170
10.5
1,628
21,543
27,918
28,192
11.0
6,449
5,484
6,237
13.2
13.5
15.0
North Dakota
9.1
11.0
South Dakota..
7.8
12.0
Minnesota
timothy.b..
I.94
2.00
2.19
24,597
27,035
Beans, dry edible,
100-lb. bag
c759
c898
c864
Peas, dry field, bu
16.3
18.2
13.9
13,086
4,288
13,962
3,713
15.4
20.7
17.1
27,318
Soybeans for
(OTHER THAN
SPRING WHEAT
beans, bu
DURUM)
Yield per Acre
(Bushels)
Stale
Indicated
721
634
773
1,035,243 1,179,505 1,521,705 1,511,150
120.3
124.1
84.6
84.3
83.9
816
1928-38
1939
1929-38
1940
918
864
383,172
374,314
364,106
366,949
66,894
65,673
72,679
72,436
1,360,661 1,848,654 1,262,087 1,241.680
Tobacco, lb
Sugarcane for
Maine
20.4
16.8
18.0
19.0
137
108
95
New York
18.5
19.5
204
185
214
Pennsylvania.
17.8
Ohio
17.4
16.0
20.0
15.4
18.0
21.0
182
162
16.3
25.5
1,207
612
15.9
16.0
17.5
283
304
15.0
20.0
1,211
750
920
Wisconsin
16.5
Minnesota
12.8
13.5
19.5
17,748
18,630
29,601
13.8
13.5
20.0
510
540
600
Iowa
104
36
17
43
30
40
42
1,270
1,201
e34,310
e39,380
39,460
39,280
22.4
18.6
315
Michigan
10,649
c304
1,184
663
Illinois
17.0
10,553
c272
126
Indiana
II.7
6,197
10,773
5,346
II.7
4,439
8,937
5,609
II.3
17.4
Sugar beets, ton
88
84
c259
ton
sugar,
97
22.0
21.0
1939
bu..
Sweetpotatoes, bu
Indicated
A verage
1940
Average
Potatoes,
Bushels)
3,292
85,509
111.5
Peanuts, Ib.d
Production (Thousand
30,258
87,409
Alfalfa
35,599
34,360
29,619
10.7
11.2
9.1
Three States
•
5,739
20,330
11.3
bushels
1940
1939
555,839
204,784
157,180
154,000
1,024,852
225,486
38,095
7,617
10,846
44,254
Hay, tons—
Indicated
Average
555,839
All tame
(.Thousand Bushels)
Production
Indicated
a
34,360
27.4
bushels.
Flaxseed, bu
(Bushels)
1940
563,431
191,540
Oats, bu
Rice, bu
Grain
sorghums,
Average
cated
Sept. 1,
Other spring,
10,060,000 pounds, last year
Stale
1939
2,299,342 2,619,137 2,248,246 2,297,186
783,560
760,623
754,971
754,685
26.6
Corn, all,
Indi¬
cated
1929-38
Aug. 1,
1940
Average
23.2
WHEAT
DURUM
1939
1929-38
Filler, this year, 50,783,000 pounds,
53,352,000 pounds; binder, this year 64,093,000 pounds, last
61,121,000 pounds; wrapper, this year
11,376,000 pounds.
cated
Sept. 1,
1940 a
Average
Crop
Thousands)
Indi¬
Indi¬
compared with last year by classes is:
year
Total Production (In
Yield per Acre
During August the condition of the dark air-cured types of tobacco
especially One Sucker in Kentucky and Sun-cured in
Virginia, and the production is now estimated at 41,289,000 pounds,
compared with 42,075,000 pounds on Aug. 1.
A dark air-cured tobacco
crop of 43,287,000 pounds was produced in 1939, and the 10-year average
production is 43,389,000 pounds.
On Sept. 1 the indicated production of all types of cigar tobacco was
124,936,000 pounds. This represents an increase of about 2% over the
Aug. 1 forecast and is not much below the 125,849,000 pounds grown
in 1939.
Gains were reported for filler, binder and wrapper classes of
tobacco, although individual types within each class showed losses which
were offset by gams among other types within the same class.
The quality
of the Connecticut Valley crop was lowered by frost, about half of it being
still unharvested when the frost occurred. The indicated production this year
declined somewhat,
last
STATES
UNITED
Hops, lb
100
80
170
Broomcorn, ton..
12.4
12.0
17.0
North Dakota
7.5
10.5
11.0
44,285
56,144
South Dakota
7.7
9.5
14,799
13,028
8.6
8.0
7.0
2,214
944
5.5
8.0
170
38
24,586
34,628
8.8
28.0
27.0
11,457
8,344
11.3
-
Wyoming..
13.5
25.6
Montana.,
Idaho
11.5
13.0
1,479
1,092
12.9
13.5
13.0
3,944
2,295
13.5
356
220
Utah
28.0
26.5
26.5
24.2
25.0
24.0
312
425
Washington
16.6
19.0
15.5
20,078
13,604
20.5
20.5
19.5
6,312
3,178
15,531
4,875
10.6
12.3
13.3
154,000
157,180
192,122
Oregon
United States
—
52,879
63
67
71
e26,333
81
76
e2,220
45
53
63,430
31,372
2,489
73,665
32,080
71
47
e31,047
2,526
63,639
61
69
72
76
90
76
69
74
76
2,500
76,651
figures are not based on current indications, but are carried
forward from previous reports,
b Excludes sweetclover and lespedeza. c Pounds,
d Picked and threshed,
e Includes some quantities not harvested,
f Estimates
of the commercial crop refer to the production of apples in the commercial apple
counties of each State and are not comparable with former "commercial" estimates
which represented sales for fresh consumption only in the entire State.
* Average
a
1,722
1,749
2,149
bushels..
Soybeans
384
Nevada
114,830
53,290
Pasture
284
New Mexico
11.0
116,721
e60,822
Cowpeas
3,666
13.4
143,085
e52,723
crop,
8,640
1,430
Colorado
*121,755
61
Grapes, ton.h
40,530
14.0
59
70
Pecans, lb
200
Kansas
7.8
70
57
Pears, total crop,
bushels
945
Nebraska
Per CI.
m
bushels, f
Peaches, total
17,926
Missouri
PerCt.
Apples, com'l crop
63,250
7.5
Condition Sept. 1
Per CI.
For certain crops
1934-38.
h Production
fruit, Juice, wine, and raisins.
includes all grapes for fresh
UNITED STATES
(PRODUCTION BY CLASSES) FOR THE
WHEAT
UNITED STATES
Acreage
(Thousand Bushels)
(.Winter &
Year
Red
Hard
317,963
307,231
285,620
1929-38
Average
1939
1940 b
a
Hard
Soft Red
Red
Durum a
Harvested
Crop
White
Spring
Winter
For
Average
114,244
129,706
31,049
35,230
89,250
203,296
79,508
754,971
160.445
36,671
84,562
783,560
Wheat, all
not shown separately,
Yield per Acre
(Bushels)
Production (Thousand
Indicated
—:
1939
1940
1929-38
Barley
Bushels)
Indicated
Average
Average
485 000
Rice
—
—
39.0
38.0
481
546
532
Grain sorghums
41.0
39.0
613
615
585
Cotton
39.8
40.0
38.0
3,040
2,850
Hay, all tame
.
41.0
40.0
39.0
1,520
1,521
Hay, wild
-
Massachusetts
2,873
1,586
41.0
40.0
354
410
400
Rhode Island
39.7
38.8
39.0
37.0
1,998
1,950
1,887
Connecticut
New York—
-
Hay, clover
12,019
23,263 000
12,678 000
and timothy.a
34.0
35.0
31.0
21,824
24,465
22,103
38.4
38.0
38.0
7,182
7,182
39.6
42.5
41.0
58,140
56.088
37.2
50.0
34.5
7,291
52,402
134,812
171,250
111,090
34.1
51.5
33.0
152,216
213,416
129,921
52.0
40.0
311,056
418,652
299,480
Peanuts.c—
Illinois--
34.6
37.0
34.0
44,978
58,238
54,060
Velvetbeans.b
Michigan
29.7
32.1
38.5
38.0
72,844
85,970
85,690
Potatoes
29.6
45.5
35.0
138,187
204,796
151,235
Sweetpotatoes
36.0
52.0
48.0
394,166
503,776
423,168
Tobacco
19.9
29.0
28.5
107,653
122,641
112,090
13.7
16.5
22.0
16,025
16,995
23,122
North Dakota
South Dakota
11.7
17.5
18.5
48,802
46.848
51,282
16.0
12.0
16.5
149,599
67,786
82,032
37,220
99,231
Sugar
41,580
1,737 000
edible
Peas, dry field
Soybeans for beans
Soy beans.b
Cowpeas. b
Broomcorn
New Jersey
Pennsylvania
Ohio
-
Indiana
Wisconsin
-----
Minnesota
Iowa
Missouri
.
Nebraska
12.7
3,908
4,176
3,807
33.0
15,923
18,216
26.0
25.5
32,255
36,530
35,114
28.5
26.0
12,448
12,636
18.2
19.5
18.5
13,994
48,087
45,158
13.5
14.5
13.5
25,433
24,152
36,941
Beans, dry
7.5
10.5
6,038
8,620
22.3
25.0
22.0
64,084
70,400
61,952
68,500
10.1
11.0
8.5
104.6
13,290.000
105.5
3,086,000
373,000
3,168,000
138.7
1,095,000
105.4
81.0
98.4
9,523,000
118.2
24,406,000
102.5
60,573,000
103.8
10,978,000
21,768,000
100.7
13,838,000
1,751,000
236,000
5,011,000
102.5
10,286,000
114.0
104.5
112.7
115.7
204,000
4,226,000
9,023,000
2,476 000
3,059,000
104.7
1,427 000
2,923,000
1,859,000
1,955,000
105.2
107 000
161,000
167,000
103.7
000
3,027,000
102.0
860 000
862,000
3,087,000
797,000
1,674 000
2,014,000
1,437,000
71.3
3,296
118.6
92.5
216 000
180,000
190,000
105.6
249 000
288,000
104.0
792 000
277,000
145,000
917,000
332 000
223,000
133 000
—
beets—
29 000
Hops
31,000
123,000
84.8
913,000
275,000
123.3
33,000
105.5
99.6
-
Total (excl.
dupl.)
Excludes sweetclover
and
112.5
34,585,000
1,682
4,756 000
sirup
.Sugarcane for sugar..
Sugarcane for sirup
45,892
9.2
42,517
22,306
41,328
6,871
92.4
111.7
108.6
000
Sorgo for
a
13,494,000
1,654,000
17,758,000
3,330,000
14,428,000
263 000
16,863
24.7
Georgia
315,909,000
b Grown alone for all purposes,
330,577,000 311,921,000
and lespedeza.
101.3
c
Picked
threshed.
Weather
Report for the
Week Ended Sept. 11—The
21.5
Louisiana
Oklahoma
Texas
61,741
41,253
34,080
43,025
13.0
38,526
35,488
15.5
20.5
30,246
15.0
20,908
22,620
shine, and
14.5
20.0
33,168
37,540
low
16.0
19.0
75,556
32,318
23,325
27,216
73,376
39,117
41,451
15.0
15.4
Arkansas
12.5
12.5
13.2
Mississippi
general summary of the weather bulletin issued by the
Department of Commerce, indicating toe influence of the
weather for the week ended Sept. 11, follows:
The week was characterized by warm weather for the season, much sun¬
14.5
Alabama.
10.0
14.4
Tennessee
20.0
15.0
Kentucky
52,700
12.8
Florida
94,107
of
—
25.0
i
1,768
2,044
10.2
2,107
14,838
1,138
1,771
8,043
8,517
13.0
2,847
2,552
2,314
9.5
Wyoming
14.0
34.5
36.0
10.2
Idaho
13.0
35.1
Montana
11.0.
10.0
10.4
10.5
13.6
13.5
+—
Colorado
New Mexico--
1,346
1,231
1,116
1,690
15.3
Utah
-
Washington
Oregon
California
United States
12.5
15.0
494
275
435
24.6
Arizona
Nevada
27.0
36.0
22.0
Virginia
West Virginia
North Carolina
South Carolina
29.0
31.2
Maryland
13.5
27.5
Kansas.
Delaware-
16.0
7,396 000
33,166 000
55,808 ,000
000
alfalfa..
Hay,
2,284,000
1,039,000
8,055,000
23,805,000
68,347,000
10,898,000
20,828,000
924 000
38.7
Vermont-.
379,000
000
1,868
Flaxseed
1940
1939
Rye
Buckwehat..
41.2
Hampshire
98.1
3,035 000
14,381 000
37,005 000
10,795 000
3,250 ,000
Other spring
of
97.2
52,680,000
34,922,000
17,416 000
All spring..
ALL
Slate
New
86,306,000
39,453 000
Oats
Maine
88,803,000
63,696,000
37,802,000
15,894,000
3,066,000
12,828,000
33,070,000
12,600,000
3,811,000
66,869 000
Durum
CORN,
1929-38
1940
98,986 000
Corn, all
216,262
1940.
b Indicated
0
1939
1929-38
202,180
in States for which estimates are
Per Ct.
1939
754,685
Winter
Includes durum wheat
19
Harvest,
Total
Spring)
25.0
25.0
468
475
500
26.7
30.0
28.0
50
60
112
34.4
34.5
35.0
30.2
31.0
30.0
1,862
1,891
1,015
1,650
32.6
34.0
34.0
2,368
2,040
2,142
23.2„-
29.5
26.6
2,299,342
2,619,137
2,297,186
1,148
1,104
moderately
interior
of
attended by
mostly light rainfall, except that temperatures were
in the Northeastern States, the extreme Southeast, and the
California.
However, at the close of the week an extensive mass
dense, polar air had overspread the northern Great Plains,
a sharp drop in temperature to below the freezing point at some stations.
In this area there was a wide range in temperature from the first to
last parts of the week.
Maximum readings of 100 degrees or
on
the 3rd and 6th contrasted with minima of below freezing at
the
higher
the close of
^0 "W
In the west Gulf area also the maxima were high, reaching 100 degrees
in parts of Texas.
The highest reported from a first-order station was
108 degrees at Phoenix, Ariz., on tne 9th, and the lowest 31 degrees at
Williston, N. Dak., on the 10th.
In the Northeastern States and the ex¬
treme Southeast, the weekly mean temperatures were mostly 3 degrees to
5 degrees below normal, but in the interior and central-northern districts
they ranged generally from 4 degrees to as many as 9 degrees above normal.
f
1602
The Commercial & Financial Chronicle
Except in the southeastern Plains and western
Arkansas, where some
heavy rains occurred, precipitation was
generally light.
Some fairly
heavy falls were reported from the lower Rio Grande
Valley, parts of the
upper Lake region, in Idaho, Utah.
Nevada, northern Arizona, eastern
Colorado and western
Kansas, but the western Plains in general had
very
little
High temperatures for the season and
mostly abundant sunshine were
favorable for maturing crops rather
generally in the principal agri¬
sections of the country,
although it was rather cool in parts of
the East and there was too much
cloudy weather and rain locally in some
very
cultural
While
areas.
several
sections
of
the
country need moisture,
principally the western part of the Great Plains, for the
country as a whole
soil-moisture situation is normally favorable.
There is a moderate
some
the
need
of rain
for
late
crons
in
good
a
to
the
places from
many
sections
Great
South
in
Plains States conditions
fairly good
Carolina
considerably, with
vary
eastern
shape, but rain is needed in
Montana, western
Dakota, much of South Dakota, central and western
Nebraska, and
western third of OKlahoma, while it is
rather dry in parts of Kansas.
condition
some
rainfall.
In
the
In
South
central
and
eastern
portions
of the
main
Winter Wheat Belt
plowing made good progress, although moisture is
scanty locally in the
western Ohio Valley.
However, in the more western belt rain is
rather
generally needed as it is too dry for plowing and
seeding in many places.
Dakota and central and western
Nebraska, moisture is defi¬
cient generally.
Good rains occurred in the eastern
half of Kansas, but
elsewhere it is rather too dry for fall
seeding, excent in the extreme north¬
west; from 10 to 25 percent of wheat has been
sown in the western third
and seeding is beginning elsewhere; the
early cron is making good growth.
Rain is needed in much of the wheat
sections of Oklahoma, but
conditions
are
generally favorable in Texas.
Recent showers have been
very favor¬
intheJPacific Northwest and much of the Great Basin.
*
1
Corn—i<i the Northeastern States, because
of relatively low
able
tures,
the
the
corn
crop
Corn
main
In the
Belt
warm
some
late
Ohio
eastern
made rather slow
tempera¬
progress toward
maturity, but in
were favorable.
was fairly
good to good; in the
much improvement.
In
Kansas
weather and
Valley progress of late corn
section
fields
show
much
sunshine
the crop that survived the
drought is doing well.
Good development is
extreme eastern Nebraska, but
there has been further de¬
terioration elsewhere with much being cut for
fodder and
silage.
In Minnesota high temoeratures were
favorable.
Some corn is now
safe from frost in Wisconsin, but most
of it needs about 10
days more.
In Iowa good progress Is reported, but
there is still less than
one-fourth
of the crop safe from frost, 17
% less than normal and
approximately weeks
later than in an
reported from
average year.
<
Cotton—The weather continued favorable
for the
development of the
cotton crop in practically all sections of
the belt.
In Texas progress was
good to excellent, except poor to only fair in
parts of the middle coastal
plains and locally in central districts;
picking made rarid advance in all
sections, except for some interruption
by showers in the northwest and
extreme south.
In Oklahoma progress was
only fair in the western third,
but good elsewhere,
although there was considerable
interruption by rain¬
fall to picking in some sections.
In the central 8tates of the belt
conditions continued
generally favorable,
although in the north bolls are opening
slowly, with some reports indi¬
cating the crop is about 2 weeks late; in the south
most fields are open¬
ing rapidly and picking made good progress.
In the eastern belt
develop¬
ment was mostly good except in the
recently flooded areas, with improve¬
ment
noted
north
as
lina;
in the extreme north.
Picking
South Carolina, and fair advance in
some
picking
was
reported in Virginia.
The weather bulletin furnished
conditions in different States:
made good progress as
far
extreme eastern North
Caro¬
over;
Maryland and Delaware—Baltimore:
following
of
resume
picking early apples.
rately
warm
and
sunshiny,
except cloudy with rain on 2 days.
Vegetation growth and outdoor work
favored.
Growing crops good.
Grass and pastures
good to excellent.
Early corn maturing; some cut.
Late corn filling out.
Digging early
potatoes; late potatoes maturing in
west.
Digging sweet potatoes on
southern Eastern Shore.
Harvesting
tomatoes, tree fruits,
cantaloupes,
watermelons and truck.
Tree fruits plentiful.
South Carolina—Columbia:
Dry, warm, sunshiny days favored
ment and harvests of
develop¬
early crops.
Progress and condition of cotton
good;
about matured in south and
central; rapid opening and
good progress
picking in south; becoming fairly active in
north; ginning increasing.
Rain needed locally for late
corn, truck and gardens.
North
Carolina—Raleigh: Generally subnormal rain,
except locally too
much in east; ample sunshine.
Condition of cotton fair to
in flooded area;
good, except
picking fairly active in extreme east.
Condition of
corn
mostly fairly good to good, except
only fairly good in mountain
account rain damage of
region
previous week.. Tobacco
mostly harvested in
east; fair to good condition
elsewhere, except considerable
damage in west.
Outside work mostly normal.
Georgia—Atlanta: Favorable warmth; little
rain; soil drying rapidly
but moisture mostly
ample.
Cotton picking rapid
progress in south and
in central;
fairly active
opening favored in north.
Late corn
Growth of most crops favored.
improved.
Truck and pastures
need rain.
Harvest¬
ing sweet potatoes, peanuts and some
pears locally in south.
Florida—Jacksonville: Favorable
warmth; ample rain.
Progress and
condition of cotton
fairly good; picking good
progress; moderately favor¬
able for weevil activity.
Corn harvested; good
crop.
fall truck; seed beds
Preparing land for
doing well.
Citrus promises
good crop.
Strawberry
plants show good growth.
some
progress
northern areas.
rain; favorable warmth.
Cotton
picking; condition mostly fair, but
middle
Mississippi—Vicksburg: Mostly
ing rapidly
general
on
open¬
good
Harvesting other
mental, except to gardens in
pasturage.
in
crops, and dry weather not detri¬
and south.
Cattle good on
warm
ample
days; little
rain.
Cotton open¬
to slow;
picking becoming
favorable for
checking weevil.
maturing rapidly; condition
mostly rather
on uplands, with lowlands
moderate
uplands, beginning on lowlands;
Late-planted
corn
too
poor.
dry for gardens, pastures and truck.
Louisiana—New Orleans: Cotton
opening rapidly;
ress; condition
poor in much of south and east
to
Soil
picking good prog¬
locally good in northwest.
Good progress harvesting
early corn; progress of late
fair; condition poor
to fair.
Most early rice cut; late
varieties ripening.
Fall truck and
gardens doing well.
Sweet potatoes
poor to fair.
Cane doing well; con¬
dition mostly fair.
Much hay saved.
Texas—Houston:
Favorable
warmth;
central and extreme
south, and soil
helpful
rains
occurred
in
west-
moisture mostly
ample, except middle
coastal plains and local central
areas.
Preparing land for winter-wheat
seeding good progress; some sown in
northwest.
to excellent condition.
Gathering corn; in good
Progress and condition of cotton
poor to only fair
in parts of middle coastal
plains and locally in
central; elsewhere good to
excellent; picking rapid progress
generally, but slowed somewhat
In northwest and extreme
by rain
south; about all picked in
extreme south.
Citrus,
truck, gardens,
ranges and feedstuff helped by rains in extreme
south;
generally good condition elsewhere,
rain
needed.
Rice
harvest
good.
except on middle coastal plains
where
progressing
and
progress
sections.
cotton mostly good, but
only fair in
depleted soil moisture: main crop late;
early opening
early averages good. Favorable
ate poor to excellent; condition corn very good to excellent; progress of
for curing and
housing tobacco.
Much hay cut and saved.
Late potatoes, garden truck
and pastures
deteriorating some areas, very good in others.
Plowing and
seeding under way.
some
areas
account
(jenerally.
Condition of
THE
DRY GOODS TRADE
New
York—Friday Night, Sept. 13, 1940
Trading in the markets for dry goods was more or less
spotty and less active during the past week.
The volume
of sales
below
that of the week previous, but this was
not
surprising in view of the fact that prices are higher with
many
buyers having covered their needs for the next 30
days or so.
Inquiry, however, has been consistent enough to indicate
that there are still numerous
buyers who have yet to cover
essential requirements for the fall season.
In some
was
quarters,
the letdown was attributed to less
favorable news from
Europe
but the majority of merchants were more
inclined to view
the diminution of
activity
breathing spell which usually
as a
follows
a period of unusual
trading and rising prices.
Further
wanted deliveries on a number of items were
more,
to
and this also served
arrange
amount business booked.
orders continued to reach
difficult
to
check
temporarily the
Meanwhile, defense inquiries and
the market in
large volumeand
served to strengthen the situation in
a number of
directions.
Drills, ducks and speciality sheetings appeared to
comprise
Army business during the past week.
Wholesale markets,
except for the continued flow of
Government buying, were less active.
Bidding for gray
goods was quite active, but actual business was more or
less
light.
Buyers endeavored to secure print cloths and sheet¬
ings at slight concessions but without success either in the
the bulk of the
first hand
or the second hand
markets.
Tfiat distributors
continuance of firm prices was indicated
by the
paucity of second hand offerings, and it was predicted that
the prices that ruled
during the summer were not likely to
appear again for some time.
It was pointed out that be¬
cause
many buyers failed to participate in the recent
look for
a
favorably.
Livestock
they will shortly be obliged to enter the market.
Even
should business continue to
drag for the next few weeks, it is
claimed that mills have sufficient
business booked to with¬
stand pressure.
in
Domestic Cotton Goods—A
letup in demand
a number of sections of the
domestic
generally
was
noted
dry goods markets
during the past week.
Merchants continued to feel en¬
couraged, however, because retailers were disposed to cover
on may classes of
goods despite the firm prices.
New orders
and re-orders
necessity.
came
forward from retailers because of
seasonal
were well pleased at the
way in which
Merchants
retail business throughout the
country was progressing and
expressed the opinion that this factor alone would continue
to force buyers to
operate irrespective of the higher prices.
Having brought prices up to a level where they are showing a
return
in many
directions, merchants
effort to hold these levels.
was the fact that
jobbers
an
will
naturally make
Another encouraging factor
throughout the country were cover¬
continuously and on a greater variety of items.
Comparing unfilled orders with stocks, mills are said to be in
as favorable
position as they were in September of last year
following the buying boom caused by the outbreak of the
European war.
Prices for print cloths were as follows:
39-inch 80s,
6%c; 39-inch 72-76s, 6^c; 39-inch 68-72s.
5^c; 383^-inch 64-60s, 5c, and 383^-inch
60-48s, 4%c.
ing
more
—-4^c.
Woolen
Alabama—Montgomery: Little
ing rapidly; good
losses
activity,
the
Virginia—Richmond: Warmth near normal;
moderate rain In extreme
northwest, light in central, negligible In extreme
south.
Cutting corn,
filling silos, harvesting late hay and soy beans, and
sowing rye and clover
favored.
Tobacco harvest about over.
Cotton improved;
picking begun.
rains; new growth putting on some tubers,
outheast truck good.
Peach harvest
Seanuts show effects of heavy
hog
Tennessee—Nashville: Progress of
Temperatures were generally favorable,
although low readings were
reported at the close of the week in the northern Great
Plains.
The freeze
was slightly earlier than the
normal date of first killing frost in fall.
Nor¬
mally Killing frost, or freezing temperatures, overspreads
extreme northern
Minnesota, northern and western North
Dakota, and western South Dakota
by September 15, and by October 1 the frost line
usually reaches extreme
southern Minnesota and overspreads most of
South Dakota and much of
Nebraska.
completed.
heavy
rice; harvest begun.
West of the Plains conditions were
favorable, with local showers beneficial
in Rocky Mountain sections, the
Great Basin and the Pacific
Northwest.
Farm work made
generally good progress, except in local areas of
heavy
Small Grains—While there were local showers in the
West and North¬
west, conditions continued favorable for
harvesting and threshing grain
in the more northern and elevated
sections.
Threshing is now largely
good condition;
counties.
past critical stage;
good; gathering early.
Water turned off early
Late rice heading; "white
tip" persists and is severe
Hay cutting and baling rapid progress.
Picking apples
and pears.
Strawberry beds good growth.
Favorable for maturing sweet
potatoes.
Seeding fall oats and winter legumes.
North
the
1940
Arkansas—Little Rock: Warm days: lack of rain felt
during greater
part.
Mostly favorable for maturing crops and
germination of recent
plantings.
Soil moisture generally ample, but in few
sections soil too
dry
for planting fall
crops.
Progress of cotton good; blooming and
fruiting
satisfactorily; opening slowly; crop 2 weeks late; little
picking; favorable
for checking weevil; scattered rust
damage.
Late corn
Mississippi, and locally in the Ohio Valley, but
elsewhere from the
Mississippi Valley eastward moisture is mostly ample.
In
14,
rain, but more needed, in west third.
Some winter wheat sown, but soil too
dry in many principal counties.
Corn maturing slowly; some
gathered; yields good, except poor in south¬
west.
Progress of cotton fair in west third, but
good elsewhere; condition
poor in 'much of west due to previous
drought, but good to very good
elsewhere; picking fairly active but
delayed by rains; will be general about
15th; some corn damage and some flood
losses.
Grain sorghums and
pastures generally improved.
Cattle
precipitation.
interior
Sept.
Oklahoma—Oklahoma City: Warm days;
washing rains in northeast and
north-central, with heavy crop losses in northeast
and heavy
erosion in north-central.
Good
extreme
Goods—Government
the market for woolen
goods.
800,000 yards of woolen fabrics
purchases
Contracts for
were
and included
again featured
more
than 7,-
placed during the week
overcoating, serge, light serge, flannel shirtings
and
blankets.
Clothing manufacturers for civilian con¬
sumption were also good buyers, demand in many sections
of the country
being stimulated by the unseasonably cool
weather.
Foreign Dry Goods—Linen prices
are
not
active.
excessive
with
The
the
result
are
that
higher but they
demand
continues
industry abroad is working hard to provide
adequate supplies and it is estimated that 60% of the
foreign
looms are engaged in
producing linens for United States'
needs.
Despite the war and its disruption of normal
ship¬
ping, importers have not experienced as much
difficulty as
might be expected in obtaining shipments on their orders.
Trading in burlaps was more or less quiet.
The undertone,
however, was steady, being influenced by firm advices from
Calcutta.
Domestically, lightweights were quoted at 5.05c.
and heavies at 7.05c.
I
The
151
Volume
1603
Commercial & Financial Chronicle
Page
Basis
Price
Amount
Maturity
Rate
Name
1314 Fort Bend Co. R. D. No. 4, Texas.IX
1941-1950
500,000
100.30
1.69
2-2X
2-2#
1943-1950
16,000
100.20
2.14
1943-1952
710,000
100.20
2.14
1312
Franklin Co., N. C
Franklin Co., N. C
1312
Freeport, N. Y. (2 issues)
1312
Specialists in
1941-1955
Illinois & Missouri Bonds
Galveston
1314
Co.
Water
Control
21,000
1941-1955
143,000
100.19"
1.66
1942-1951
1.70
2#
1170 Fresno Co., Calif.
27.000
100.47
2.91
100
&
5
5
IX
1314 Goldendale, Wash
3X
1028 Graham Co.,N.C
4#
1312 Granite Falls, N. C
4
1310 Gratiot Twp., Mich
4#
1026 Greeley, Neb
.3#
1029 Greenwood Co., 8. C
2
1026 Hackensack, N. J
2.30
882 Haddon Twp., N. J
4
1174 Hamburg 8. D. No. 5, N. Y
2
1171 Hamlet-Davis Twp. Con. School
Corporation, Ind
2#
1024 Harrison Co., Iowa
__2
1312 Harrison Water Dist. No. 2, N. Y.2.60
25 years
25,000
1941-1948
1025 Gardiner, Me
15 years
Founded 1890
<175,000
1941-1975
105 W. Adams St.
CHICAGO
314 N. Broadway
DIRECT
WIRE
MUNICIPAL
ST.
BOND SALES
LOUIS
IN AUGUST
detailed li^t of the municipal
bond issues put out during the month of August, which the
crowded condition of our columns prevented our publishing
We
at
present herewith our
the usual time.
the
given on page 1453
7.
The total awards during
$74,012,089.
This total does not
"Chronicle" of Sept.
month' stand
the
at
include Federal loans
or
of municipalities issuing bonds in
the number of separate issues was 323.
ber
Name
Rate
1314 Aberdeen Ind. S. D.. S. Dak^
2
1174 Abercrombie Com. 8. D., N. Dak_3#
Page
884 Akron,
884
Akron,
Ohio
Ohio
1308
Calif
Allentown 8. D., Pa
Alexandria, 8. Dak
Amityville, N. Y. (2 issues)
Anderson School City, Ind
1456
Argyle,
880 Alameda Co..
885
1029
882
Minn
1309 Arkansas City,
Kan
(2 issues)
880 Ashton, Idaho (2 issues)
1029 Austin,
1311
Texas.
Babylon 8. D. No. 7, N. Y
1173 Bancroft,
Maturity
1941-1953
3
194&-1954
3
1941-1950
l#-4
1940-1950
1
1941-1950
3X
1941-1953
1.70 1941-1954
IX
1941-1951
Neb
1176
Bellalre, Ohio (3 Issues)
1026
Belleville, N. J. (3 issues)
1941-1949
1941-1950
1942-1960
1941-1960
1941-1955
I960
Beeville, Texas
1312
IX
3
3-4
l#-2#
1.90
2X
IX
2X
IX
IX
1026 Benton Harbor, Mich
1173 Berlin, N. H
1176
Bertram,
1941-1950
1941-1959
1942-1950
1941-1947
Texas..
1311 Bethlehem and New
1941-1970
1941-1949
1941-1950
1941-1950
1941-1960
Bridgeport, Conn
IX
1942-1950
Brockton, Mass
IX
1941-1950
Brooklyn, Iowa
2X
1942-1956
Brownsville 8. D. 7, N.Y. (2 lss.).1.70 1941-1955
Buckley, 111
4
1945
Burke Co., N. C. (2 issues)
2X
1948-1952
Burke Co., N. C
2#-2#
1943-1955
Burlington, N. C
2#-3
1942-1951
2.10
No. 6, N. Y
Dak
___.4
1314 Big Sandy Ind. 8. D., Texas
4
892 Biioxi, Miss. (2 issues)
4
1171 Bossier Parish 8. D. 26, La
3-3#
1025
1309
882
1171
1028
1028
1028
881 Burton & Davison Twps.
4
....
4
La...2#-3
Calcasieu Parish 8. D., La...2#-3#
1314 Calalien Ind. 8. D., Texas
Calcasieu Parish 8. D.,
881
1029 Campbell Co., Tenn
1024 Comanche,
Iowa
1028 Catawba, N. C
885 Cecil Twp. 8. D„ Pa..
4#
—.4
2X
1941-1960
1941-1955
1952-1958
1943-1957
1944-1950
885 Cement 8. D., Okla
730 Cerro Gordo Co., Fla
1311
Cham plain, N. Y
882
1176
1176
1172
1171
1308
880
1028
1170
1175
1029
1172
1176
1309
1023
884
1026
880
884
1460
1170
r923,532
360,000
110.000
227,000
r4,000
53,500
r40.000
38,000
9.000
5,000
r92,000
450,000
44,000
10,000
20,000
50,000
157,000
13,500
35.000
45,000
120,000
r34,000
25,000
73,000
30,000
r780,000
150,000
<Z122,000
60,000
2,500
r26.000
53,000
30,000
IX
2X
l#-3#
IX
2
1941-1950
1941-1950
1941-1960
1941-1960
18.000
30,000
100,000
185,000
2.50,000
27,000
10.000
35,000
/ 3,500
80,000
25,000
1944-1969 d1,800,000
C
1941-1955
55.000
Chelmsford W. D., Mass
1941-1960
30,000
Chesterfield, N. Y. (2 issues)
.3X
7135,000
Childress Ind. 8. D., Texas.
3,000
Carmine 8. D., Texas
1941-1955
Cass Co. Con. 8. D. 14.Minn.2H-4
1941-1955
rlO.OOO
1942-1946
Clay Twp. Sch. Twp., Ind
3
1942-1946
7,000
1941-1955
Clay Twp. 8ch. Twp., Ind
2
1941-1955
19,500
Charleston, 111
—
130,000
Clrcleville. Ohio
IX 1942-1944
3,000
Clark Co., Ala
-45,000
Clark Co., Ohio
IX 1945-1950
33,737
Clearfield Co., Pa
0.75 1941-1944
7100,000
Clinton, Miss
5
1941-1953
r13,400
Clinton, Tenn
„
3X 1940-1949
25,000
Clive Ind. 8. D., Iowa
3
1941-1946
3,000
Coconino Co., Ariz
IX 1942-1944
<125,000
Colerain Twp. 8. D., Ohio
2X 1942-1954
25.000
Columbia, Miss
2X
1-7 years
27,500
Columbus, Ind
IX 1941-1960
96,000
Columbus, Ohio
IX 1944-1948
223.500
Commerce, Texas (2 issues)
4
35,000
Connecticut (State of)
l#-2
1944-1971 4,400,000
1029 Charleston, 8
881
$100,000
19.000
Price
100.17
100.10
100.29
100.29
100.06
100.04
100
100.26
100.77
1171 Coon Rapids, Iowa
--2X
(2 issues)
3-3#
885 Copan 8. D., Okla
2.14
1176 Corpus Christl, Texas
...3
1314 Corpus Christ! Ind. 8. D., Texas..2X
1175 Cyril 8. D., Okla
2-2X
1030 Cooper, Texas
1313
1173
1310
1176
1171
880
1310
1028
1313
1029
1171
1026
1310
881
1171
1028
1310
1942-1960
1941-1959
1943-1945
1941-1950
1943-1947
1942-1953
Danville. Ky
1941-1960
Defiance City 8. D., Ohio
1942-1961
Dobbs Ferry, N. Y..__
1.40 1941-1943
Dodge Co. 8. D. No. 28, Minn.,.3
1941-1945
Douglas Co., Wis
2X 1941-1950
Dunkerton, Iowa
2X 1943-1958
Du Page Co., IU
IX ——
Duluth, Minn
2X 1941-1958
Duplin Co., N. C. (2 Issues)
3% 1960-1961
East Cleveland, Ohio
4
1941-1956
East8ide, Ore.
4
East Side Levee <fe San. Dist., 111.-3#
1960
Edina. Minn.
IX 1942-1950
Elmira. Minn. (2 issues)
-.2
1943-1956
Everett, Mass. (2 issues)
IX 1941 1955
Fayette H. 8. Co.. Ky. (3 iss.)__2-3
1941-1957
Fayetteville, N. C
2#-2# 1943-1957
Ferndale 8. D., Mich
3#-3# 1942-1958
1170 Daeons, Colo
1024
Basis
102.19
100.50
100.02
100.13
100
100.42
100.13
100.04
100.41
1.98
2.96
2.96
1.13
0.99
3.50
1.65
1.35
1.30
2.90
1.86
1.88
2 75
1.68
2.73
1.74
1.64
9,000
Hill Co. R. D. No. 5, Texas
1173
Hoboken, N. J
Herkimer, N. Y
1030 Highgate, Vt
100.20
100
100.12
100.18
100.85
100.20
100.29
100
100.10
100.10
100.01
2.08
4.00
1.65
4.00
2.42
2.42
2.92
4X
2X
2X
25.000
35,000
6.500
425,000
200,000
9,000
<Z7,500
55,000
246,500
9,000
r5.000
200,000
15,000
740,000
931,500
r72,000
48,000
15,000
r100,000
20.000
28,000
115,000
rd319,000
150,000
7500,000
100
4.00
100
100.01
100.01
4.00
2.96
2.73
101.06
4~ 49
100.32
3.98
1941-1949
62,000
100.57
1941-1955
7225,000
100.20
2.27
1941-1965
100,000
45,000
100.08
3.99
100.11
1.99
15,000
100.83
2.12
1941-1960
28,000
50,000
100.52~
2.55
1942-1951
6,500
d40,000
1941-1956
232,000
3.97
2.08
1.31
1941-1955
1.99
3.75
733,000
100.90
2.41
28,000
100.93
2.36
1967-1959
7634,000
94.63
1941-1950
100.27
1.20
1942-1951
100,000
14,671
100.40
2.18
1941-1960
23,000
100.73
50,000
185,000
100
Too
1942-1971
100.47
2.46
14,000
100
3.00
101
1.78
1,250
1946-1965
300,000
103.06
1170 Kern Co., Calif..
3
3
1941-1950
40,000
100.71
2.86
100.76"
2.15
IX
2.20
1942-1950
105.000
Labette Co., Kan
1312
Lake George, N. Y
1176
Laboldt Ind. 8. D. No. 1, 8. Dak.4#
1942-1959
8,000
4X
1941-1965
25,000
2
1944-1947
1025 Lafayette, La
880 LaJuntz,
1171
1030 Lake Geneva, Wis
1312
2.20
2
2 #-3
3X
Lake George, N. Y
1172 Lawrence, Mass
1026
Lei and, Miss
1172
Leland Colored 8. D., Miss
1170
1943-1960
1941-1970
1941-1960
1941-1959
1941-1949
Littleton, Colo.Lucas Co., Ohio
1313
Lynn, Mass
1308
-
1029
885
McHenry Twp., Ill
5
Mahaska Co., Iowa
2X
Maiden, Mass. (3 issues)
1
Malhuer Co. H. 8. D. No. 3, Ore.2#
Manhelm Twp. 8. D., Pa
IX
1309
1024
2X
3
Nacogdoches, Texas
3
New Bern, N. C
4 #-4#
New Boston, Ohio
2X
New Boston City 8. D., Ohio—--2#
New Britain, Conn.
0.75
New Brunswick, N. J
2.40
New Brunswick, N. J
IX
New Hope Con. 8. D., Miss
4#
New Philadelphia, Ohio
— IX
New York, N. Y. (4 issues)
2#
New York State Bridge Authority,
1029 Montgomery Co.,
1314
1312
884
1028
1173
1173
1310
1029
882
100. is"
1.18
20,000
100.16
1.47
100.04
1.24
1942-1951
80,000
100*"""
"5*06
5,000
40,000
100.14
2.24
1941-1950
105,000
100.08
0.98
1941-1954
7<Z36,000
<185,000
27.500
100.27
1.98
100.27
1.46
100.24
274,000
100.50
1941-1952
270,000
1950-1952
1941-1965
100,000
1941-1945
1941-1955
1942-1964
126,000
726,500
N.
1309
Owensboro,
1309
1312
102.50
101.56
100.02
100
100.65
100.70
100
100.05
2.23
4.50
2.14
1945-1954
18,500
100.91
2.14
1941-1945
170,000
100.09
0.73
1941-1957
225,000
100.29
2.36
30.000
100.03
1941-1946
1941-1950
2.09
1.39
3.00
2.62
2.18
1171
Pinellas
1941-1970 30,000,000
2.50
3.74
Portland,
101
101.14
100.17
1.66
1.86
1.22
100.10
100.10
2.43
3.35
Me
Princeton,
882
1311
1308
1170
882
1172
—-
Plattsburgh, N. Y
1309
1026
1172
1310
100.09
2.11
3,100
100.19
1.68
100,000
107.52
1942-1974
<1500,000
102.55
2.35
1942-1974 dl,500,000
100.05
2.49
1941-1953 7<f3,150,000
100.36
29,000
90,000
100.17
1.70
1.17
100
2.50
15,000
32,500
100.13
1.88
1941-1970
109,000
100.69
3.19
1953
<fl 1,000
101.24
2.75
1953-1955
100,000
9,000
110.35
2.86
100
3.00
100
4.00
1.48
1941-1955
1946-1954
7322,000
1941-1960
IX
IX
3#
2#
1941-1957
D. 12,
Ind....
Pulaski, Tenn
Ripley, Ohio
Rochelle 8. D., Texas..
Rockvllle Centre, N. Y. (3 issues).2
Ruggles Twp. 8. D., Ohio
3
Ruleville, Miss
3
Rumson, N.J
2#
Runnemede, N. J
3X
Rush City, Minn...
2#
Rushville, 111
4
Sacramento Co., Calif
3
St. Joseph, Mo
1#
St. Michael, Minn. (2 issues)
St. Paul, Minn
1#
Sanilac Co., Mich
4
San Mateo Co. 8. D., Calif._.l#-2
Saranac Lake, N.Y
1#
1312 Saugertles, N. Y
1.70
1310 Sault Ste. Marie 8. D., Mich..1-1#
883
Schleswlg Ind. 8. D„ Iowa
1.30
71,200,000
880
1309
2.77
7113,550
1941-1956
5,
4-4#
Pinellas Co. Spec. Tax 8.
1309
1026
1*23
100.139
1945
4-4 x
Co. Spec. Tax 8. D.
Ha
883
~
100.13
1943-1953
1943-1958
-4
Dist. No. 6, Fla
1029
25,000
43,000
1308
1314
1.49
710,000
Ky
8. D.
190
3#
Peterson, Iowa
3
3#
Phoenix, Ariz
Pine Co. 8. D. 5, Minn
3
Pinellas Co. Spec. Road & Bridge
1175
4.62
100.68
1173 Passaic Twp., N. J...
1314
2.99
100.30
60,000
1.20 1941-1950
2X
-
Fla
2.21
3.00
2.78
100.10
1956-1960
Oyster Bay and Huntington
No. 11, N.Y
100.17
100
100.05
100.03
100
2.25
101.81
1942-1951
Owensboro 8. D., Ky
883
100
15,000
7100,000
2,300,000
.—
1308
1.30
i'ei
10,000
2-2#
—1#
Oconto Co., Wis. (2 issues)
3
Ohio County, W. Va
2X
Ohio County, W. Va
2X
Ohio State Bridge Commission,
Ohio (2 issues)
1#
Olney, 111.
1311
100
lbl"""
1941-1955
Y
883 Olean, N. Y
1023
101.28
1942-1955
1310 Northville, Mich.
1459 Norwood, Ohio
1171
15,000
20,000
56,000
<7225,000
,
1024
1.71
1.81
100.15
390,000
Tenn
1175 Morgan Co.. Ohio
1.71
100
*2*50
100
Michigan State College of Agric.
100.10
103.02
1.95
100.39
100.129
1941-1950
Montezuma, Iowa
1024
6,000
35,000
1172
1314
85,000
1941-1965
3
&
Applied Science, Mich
3
Midland, Texas...
3
Mtneola, N. Y
1.30
Monroe Co. R. D. No. 5, 111-.3
Monroe Twp. Sch. Twp., Inda.-.l#
Montana (State of)
...3#
1027
2.15
1941-1950
2X
Co., Miss
.....
1172 Meridian, Miss. (3 issues)
882 Marion
1310
1.48
100.70
15,620
1941-1945
1374 McMullen Co., Texas..
1309
102.27
5,000
—IX
IX
-1#
3
LuczsCo., Ohio
1309
21,500
44,000
105,000
26,000
10,000
5
1029 Livingston, Tenn
884
100*22"
50,000
Colo
Lake Co., Ind
101.94
1.66
1.34
l".18
106.44"
13,000
1941-1970
1309
1313
...—
4.18
10,000
1314
100.79
100.95
101
1941-1951
1.74
1.20
2.13
1.46
100.24
1944-1960
1941-1954
3
Kentiand, Ind
1025 Kentucky (State of)
1.70
100.12
100.84
—
«.
1309
104.11
2.10
«
191,830
52,000
1176
0.71
5.00
-
1941-1950
1176
100.45
100.09
100
100.93
-
.2
1311 Jackson, Miss....
1308 Jenkins Co., Ga
1.39
100.05
100
5.80
86
77,500
IX
1175 Hubbard, Ohio
2#
1172 Huntington, Mass
2X
1460 Huron, 8. Dak
_.4
1313 Ironton, Ohio
2X
1030 Island Co. Con. 8. D. No. 202,
Wash..
3
883
100.76
100.03
4,000
886 Houston, Texas
729
100.25
101.09
-
35,000
1314 Mesquite, Texas
1.22
1.35
-
-
35,000
3X
1312
-
-
1943-1962
..
1314
Henderson, Ky.
100 28
1941-1948
3#
IX
2X
2X
5
881
881
8. D. 9,
Mich
881
Amount
Scotland 8. D.
884 Beulah 8. D. 27, N.
729
The num¬
August was 256 and
;
1174 Ashtabula Co., Ohio
promised
grants actually made or
municipalities during the month.
to States and
6, Texas..
1030 Highgate S. D.,Vt
The review of the month's sales was
of
1314 Harrison Co. 8. D. No
5.00
50,000
Impt. Dist. No. 3, Texas
1025 Gaar's Mill 8. D., La
Stifel.Nicolaus & CoJnc.
_
2#
7360,000
286.000
100.14
1950
785,000
100.46
1943-1980
500,000
100.57
1943-1957
30,000
100.76
1.85
2.66
75,000
26,000
1941-1959
74,000
1,400
1941-1950
100.17
1.98
100
3.00
10,000
1941-1955
11,500
1944-1975
795,000
710,000
1942-1951
1941-1955
22,000
26,000
1945-1960
7127,000
20,500
1941-1950
275,000
1941-1945
1941-1951
1941-1944
1941-1955
1*00*22"
2*22
100
3.50
101
2.07
100.40"
2*95
100.09
1.74
100.12"
1.48
28,850
100.15
3.94
55,000
100.54
1.87
17,000
100.03
1.23
60,000
100.33
1.65
1.07
1941-1945
45,000
100.03
1941-1959
36,000
101.34
1604
The Commercial & Financial
Chronicle
Page
Name
1309
Rate
Scbleswig Ind. 8. D„ Iowa
Schuyler Co., N. Y
1174
Amount
Maturity
2)4
Price
35,000
Basle
1.20
Seneca Falls, N. Y
2H
Seneca & Medina Twps. 8. D. 6,
Mich
1 H
1029 Shaker Heights, Ohio
1941-1945
25,000
100.20
2H
1945-1954
r240,000
101.51
1314
2
1942-1960
28,000
100.10
2
1941-1946
12,500
100.05
1.98
1963
2,000
112.37
3.50
1941-1950
95,000
100
2.50
1174
1941-1949
32.000
100.28
1.15
1941-1980
130,000
100.57
2.21
881
Slxellburne, Vt
;
882 South Amboy, N. J. (2 issues)
1027 South River, N. J
,...4.30
1457 South River, N. J..
2H
885 South Strabane Twp. 8. D., Pa—2
1029 South Union Twp., Pa._
4
1175 Springfield, Ohio
1171
Springfield Twp. S. D„ Ind
1312
Statesvllle, N. C
1171
886
1030
1176
1311
1175
1024
1.99
37,000
101.06
100.19
1311
Municipal Deposit Agreements Termi¬
Municipal Bondholders' Protective Com¬
announce on Sept. 10 that the
deposit agreement with
respect to bonds of the cities of Arcadia, Vero
Beach, Mel¬
1.78
100.10
2.56
5,000
—
1941-1947
719,500
iob~3i ~
1.92
National Bank of Jacksonville in
7405,000
100.57
3.70
Vero
16.806
102.25
7-30 yrs.
426,300
11-25 yrs.
39,500
100
100
6,000
1946-1950
385,000
100.87*
1942-1950
714,000
100
3.00
10,000
100.51
1941-1970
425,000
100.00
1.99
100
2.25
1943-1952
d3,000
ld27 Victor, Farmington, East Bloomfield & Perlnton 8. D. 1, N. Y..2
1172
Wadena Co. Jt. 8.D. 3, Minn
1171
Walnut, Iowa
1029
Ware Shoals 8. D. 2, S. C
24
3,000
...4
2 XA
Washington Sub. San, Dist., Md.25^
Watertown, N. Y. (2 Issues)
1,10
Waterville, Ohio
—4
1024 Wauconda, III
4 H
106.66
In
1941-1980
100.78*
2.70
260,000
100.33
1.03
1941-1945
—
750,000
1941-1950
883
1175
4,000
100
Wayland Twp. 8. D., Mich......1)4
1029 West Reading 8. D„ Pa
1)4
4.00
30,000
1942-1953
1314
1941-1945
100.13*
1.45
60,000
100.55
22,500
100.67
2.18
1*4
1941-1952
25,500
101.08
1.59
2.20
1941-1960
1174
38,000
100.33
2.16
2.40
1941-1960
15,000
100.21
2.38
West
Pottsgrove Twp, 8. D., Pa..24
Webster, N. Y
Wheatland 8. D. 3, N. Dak
1174
3 A
Wheeling, W. Va
1176 Whitney, Texas..
1171 Wichita, Kan.;
1171
Will lams port,
1943-1959
724,000
2)4
1176
1941-1974
1,200,000
1941-1950
7159,500
4
3
Winters, Calif
2 H
881 Wiota, Iowa
1%
1456 Wright Co. Ind. 8. D. 71, Minn..
1941-1956
16.000
1943-1949
Yolo
County, Calif
1028 Yonkers, N. Y. (3
issues)
1028 Yonkers. N. Y
3,600
1459
100
1.75
770,000
..2
101.62
22,000
100.59
3-3.30
1.89
1,063,000
100.08
7825,000
100.08
3.13
1945-1954
275,000
101.38
2.09
Chairman of the Local Government Board of
New Jersey.
Total bond sales for August (256
municipali¬
ties, covering 323 separate issues)
The proposed Government
levy would terminate
locations between Federal and
State taxes which
$74,012,089
d
Subject to call prior to maturity,
Mayor LaGuardia said.
k Not including $77,719,826 temporary
funds obtained by States and
municipalities from agencies of the Federal
Government,
r Refunding bonds.
loans
or
Name
Rate
Maturity
Price
$15,000
d38,000
1941-1951
.3*4
—2 H
1313 Conemaugh Twp., Pa.
(June).. .2*4
1172 Genesee Twp. 8. D. 14, Mich.. ,A
2.70
100.04
m —
-
-
MM.**.
-
-
-
20,000
—
100.17
2 46
1943-1952
100
5 00
1941-1970
50.000
100.05
2.25
A
Toledo,
6,000
.24
881
1942-1951
5.000
100.50
1.66
1941-1954
10,000
*4
Iowa
------
All of the above sales
(unless otherwise indicated) are for
July issues will make the total
sales (not
including temporary or Federal loans) for that
month $81,749,912.
The following items included in our
totals for the previous
July.
These
additional
months should be eliminated from
the same.
We give the
page number of the issue of our
paper in which reasons for
these eliminations
may
Page
be found.
Name
Columbus, Miss. (July)..
880 Ocheyeden, Iowa
(July)
Page
1176
STATES
$200,000
POSSESSION
Name
ISSUES
Rate
Maturity
2)4
Puerto Rico (Govt. of)..
1940-1950
IN
1176
$500,000
1030 Prince Edward Island
(Prov.
1460 Summerland, B. C
Verdon Catholic Sch.
*
*40,000,000
172,500
99.03
3.61
175,000
100.79
450,000
99.50
4.06
1 year
300,000
3
1941-1955
241,611
3
1942
1,000,000
4
1941-1950
Com., Que..5
.3)4-4
4
rl ,358,000
15,000
99.78*
3*03
100
3.00
1945
1970
1941-1950
1941-1950
1941-1958
1941-1960
lob"""
Too
100.50
3.45
450,000
99.50
4.10
50,000
143,000
101*"""
4*88
was
2,149,111, the
retention
Public Works Administration—Construction
Programs
Nearing Completion—The following is the text of a press
release (No. 46), made public
by the above named Federal
agency on Sept. 11:
18,000
35,000
of
98.05"
98.59
a report on construction
status, Public Works Commissioner, Colonel
E. W. Clark, advised Federal Works
Administrator John M. Carmody
that of the 6,149 PWA non-Federal projects allotted
under the 1938 PWA
Act, only 180 are yet to be completed—and most of
these. Colonel Clark
stated, are well on the way to completion.
While the 5,969 projects
completed represent 97% of the total allotted, the 180
uncompleted pro¬
jects represent about 30% of the total estimated cost of the
program which
$1,448,866,431.
Toward this cost, PWA made total grants of
$636,390,791 and repayable
loans of $34,590,865.
To date PWA has made grant payments to
project
owners of
4.17
$543,802,225.
Among the 180 projects still under construction are some of the
largest
jobs in the history of the country—the $18,000,000 Boston
water
works; the
$70,000,000 superhighway in
Pennsylvania (to be
dedicated in October, 1940); New York's $18,000,000 Criminal
Courts
Building; Baltimore's $20,000,000 municipal improvement plant: New
York's $51,000,000 Queen's Midtown Tunnel under the East
River; Chi¬
cago's subway at a cost of $46,000,000; a new $9,000,000 water works for
Toledo; Louisville's $6,000,000 street building program; a $5,000,000 citywide school system for San Francisco, and several
large power projects in
South Carolina, Nebraska, Texas, Oklahoma and Tennessee.
When the last of the 180 projects has been
completed, PWA will have
built 34,468 projects—17,820 Federal projects constnicted under
direct
supervision of various Federal departments and agencies and 16,648 nonFederal constructed in partnership with cities, counties and
States, the
actual work being done by private contractors and construction
firms.
construction
$4,510,011
its
$45,000-a-month pension
in operation in the
nation, ac¬
program, the most generous
an Associated Press
dispatch from Denver to the
"Wall Street Journal" of
Sept. 12.
The first attempt to
repeal the pension
majority of more than 100,000 votes in
The last of the PWA programs created
by the Congress in 1938 is rapidly
being completed.
is
40,000
Colorado—Old Age Pension
Amendment Up for Vote in
November-—The State of
Colorado, which spends nearly a
$65,000,000 annual income on old
age pensions,
is splitting into
warring factions again for another November
1921-1931,
In
40,000
1943
1941-1960
4
3)4
of)..4
4)4
4
cording to
10 years,
Dr. J. V.
3.73
1950
fourth of its
on
The increase in the
preceding
department said.
Four-fifths of the population gain was contributed
by Greater New York
(57.5%) and the three suburban counties, Nassau
(13), Suffolk (4.4) and
Westchester (6.4).
News Items
test
State—Population Gain Reported Smallest on
of the State, according to pre¬
liminary returns on the 1940 Census, is 13,370,559, an
increase of 782,493 over the 1930
Census, the State Health
Department announced oa Sept. 6:
population
2.48
1941-1945
Total Canadian
municipal bonds sold In Aug..
Temporary loan, not included in total for
month.
election
New York
Record—The
Basis
1941-1960
-AH
Manitoba (Province of)
Nelson, B. C
1030 New Brunswick
(Prov. of)
886 Palmereton, Ont._
1176
Sly of Princeton University discussed "replacement
taxes"
which
are
taking the place of the general property tax and outlined
the problems
accompanying their expansion.
Price
4
Hamilton, Ont
Kitchener, Ont. (2 Issues)
1176 Windsor, N. S
1176 Wolfeville, N. S
1176 Wolfeville, N. S
in
100.14
AUGUST
Amount
4
Forest Hill, Ont..
Halifax, N. S
1030 Halifax, N. S
1030
1176
localities
Deporte, Director of the Division of Vital
Statistics, said the
rate of growth
during the past decade—6.2%—was the smallest in the
history of the State.
3)4
1030
1176
to
9,500
DEBENTURES SOLD BY CANADIAN
MUNICIPALITIES IN AUGUST
Page
Name
Rate
Maturity
Amount
Price
Basis
1176 Antigonlsh, N. S
4
1941-1951
$11,000
99.29
4.13
1030 Beams vllle, Ont
3}4
1941-1950
11,000
100.77
3.35
1030 Canada (Dominion
of)
*40,000,000
1460 Canada (Dominion
of)
886
refunded
said were: A regulation
which many charitable
organizations found themselves unable to
obtain exemptions to which
they were entitled; an "altogether too elaborate
formula" covering out-of-town
sales; and a "misinterpretation of the law"
by which individuals and firms moving into the
city were being taxed 2%
on numerous items of
personal property which they
brought with them.
A live-and-Iet-live tax
policy that is considerate of the problems of the
taxpayer will bring his cooperation and
goodwill, Mr. McGoldrick added.
Mr. Darby discussed tax problems in
New Jersey and Professor John F.
Amount
882
UNITED
be
never
under
101.75
8,000
4.
would
He observed,
but
policies.
•
.»«•**
1943-1946
H
which
consumed.
some years,
unemployment.
As for taxation, the
Comptroller urged a personalization of tax collection
Among the many inconsistencies in the administration of emer¬
gency taxes which finance New York
City's relief he
100.17
r28,000
r35,000
1941-1945
1.49
101.36
20,000
1941-1954
Basis
100
22,000
-2 H
-2
Amount
1941-1970
is
overlapping and dis¬
is causing
confusion,
eventually will have to be employed as an
Other levies might be
similarly dealt with
however, that this plan
has been popular.
Comptroller McGoldrick, who opened the tax
conference, assailed the
"pickpocket methods" of tax collection and
urged a conference of tax
administrators to cut red tape and to
cooperate with taxpayers instead of
harassing them.
He also declared that "relief will be
here for many years
to come" at a level somewhere
between the low point and the
peak of
following additional sales for
.2*4
AH
the product
has been studied for
previous months:
Page
It
economic necessity, he added.
he said, including excise taxes
which
We have also learned of the
re¬
by speakers including the Mayor, Joseph D.
McGoldrick,
Comptroller of New York City, and Walter R.
Darby.
3.13
1941-1960
2H
Youngstown, Ohio
1941-1960
3
writ of mandamus
corporate taxes with a fixed percentage of the levies refunded
to the States,
thereby working toward uniformity in taxes.
His suggestion was made in an address
before the National
Tax Association in New
York, whose meeting was featured
1.21
2.61
1941-1950
..
1024
100.23
101.07
peti¬
a
Municipal Budgets Seen Rising—Uniformity of Taxa¬
Urged—Mayor LaGuardia of New York suggested on
Sept. 9 that the Federal Government levy all income and
38,000
880
the Act Justice Thomas McAllister
general review of the objections to the
Act, and denied a
tion
3.50
2.42
736,000
AH
Ind
100
101.44
a
Harry H. Baker, of Oakland County, for
quiring the land board to take back the deed it had
given him, and return
his money.
Mr. Baker had purchased, at a scavenger
sale, lots in Burton
Township he had forfeited to the State under the provisions of
the Act.
Justice McAllister said the legislature had
been within its rights in cut¬
ting the redemption time for delinquent owners from
five years to 18 months.
1.42
1941-1962
886 West Salem 8. D., Wis
1174 Webster, N. Y
upholding the constitutionality of
delivered
tion of
3,500
1172
of Arcadia and
Land Board Act was constitutional and
validated the thous¬
ands of land titles the board has issued to
purchasers at the
State's "scavenger" land
sales, according to a dispatch from
Lansing to the Detroit "Free Press" of Sept. 7.
42,000
1025
case
Michigan—Supreme Court Upholds Tax Land Sale—The
Michigan Supreme Court ruled on Sept. 6 that the State
0.95
1945-1958
4)4
the
2.16
87,356
d70,000
100.21
1941-1958
Wyo
that final
Beach, and Barnett National Bank of Jacksonville in
the case of Melbourne and Sarasota.
Objections to these
accountings must be filed with the depositary within the
next 30 days,
according to the notice.
1941-1968 7dl,587.000
4
1460 Upton,
been terminated and
1949-1959
2
Tampa. Fla. (2 Issues)..
3*4
Tempe, Ariz. (2 Issues)
Texarkana, Texas (3 Issues)..3)4-4
Texas, State of (8 Issues)....3^-4
Texas, State of (6 Issues)
3H-4
Todd Co. 8. D. 13, Minn
3
Toledo, Ohio
2H
Topeka, Kan. (3 issues)
1
Tucumcarl, N. Mex
Sarasota have
accounting of the committee's receipts, expenses and dis¬
bursements has been filed with its
depositaries, Florida
100
Underwood Ind. 8. D. 5. Minn...3
882
Florida—Certain
bourne and
101~36 "
22,000
rll4,000
1940
nated—The Florida
3.98
1942-1952
14,
mittee
1.85
20,000
726,687
1313 Stay ton, Ore
1023
2.08
rioo.ooo
1942-1955
2
2H~2*4
1172 Stillwater Co. 8. D. 32, Mont
1024 Stronghurst Twp., Ill
1943-1952
1950-1953
Sept.
Opponents of the $45 program this year initiated a new
proposed amend¬
ment for a "guaranteed $30"
pension and are trying to convince
voters
that the aged will
actually fare better if it is enacted.
Arrayed against them is the National Annuity
League, a pensioners'
organization which not only succeeded in
writing the $45 plan into the
constitution in 1936, but also beat back
the 1938 repeal effort.
101
amendment
1938.
was
crushed
by
a
The
total
years is
estimated
cost
of all
PWA
projects allotted during its
seven
$6,001,988,546.
United States Housing Authority—Local Units Schedule
Note Sales—The United States
Housing Authority announced
on
Sept. 10 that 28 local housing authorities would sell
$44,580,000 of temporary loan notes to private bidders
offering the lowest interest rates.
This paper will be offered
Volume
The
151
publicly in t\vo groups, one to be advertised for opening of
bids on Sept. 19 and the other for opening of bids on Sept. 26.
Since Nov., 1939, when the first of these notes was offered for sale,
various local housing authorities have issued about $361,000,000 of such
paid.
After the coming
$233,000,000 will be outstanding and not yet due.
Some have matured and been
notes.
the
tional
ruled
sales about
thus obtained, the local housing authorities will
repay to the USHA all moneys already advanced to them, with accrued
interest.
With the remainder they will meet the costs of construction
of their USHA-aided projects during the term of the notes.
CAMDEN, Ark.—BOND ELECTION—It is reported that an election
on Oct. 8 in order to have the voters pass on the issuance of
bonds aggregating $45,000;
$30,000 airport, $8,000 street
repair, and $7,000 sanitary sewer bonds.
LITTLE ROCK,
.
820,000
Holyoke, Mass....
in
1941
Jan.
Sept. 12, Bid Opening
Advertisement
(Notes dated Oct.
in 1941
Amount
City—
Memphis, Tenn... $7,800,000
1,400,000
Montgomery, Ala.
Apr.
Apr.
Apr.
Maturity
City-r-
Feb.
10
Oct.
10
Zanesville, Ohio
.
Apr.
Sept. 26
Toledo, Ohio......
in 1941
Apr. 10
Apr. 10
Amount
$575,000
1,100,000
Opening Sept. 26
(Notes dated Oct. 10, 1940)
Advertisement Sept. 19, Bid
Maturity
Maturity
City—
Amount
in 1941
Apr. 10 Los Angeles County,
Calif
$4,080,000
Mar. 10
500,000
Apr. 10 Marietta, Ga
1,135,000
Apr. 10 Muncie, Ind
Feb. 10 Washington, D. C._ 1,325,000
Amount
City—
$900,000
Beverly, N. J
300,000
Bridgeport, Conn.. 1,700,000
Athens, Ga........
Houston, Texas
4,150,000
Los Ang.City, Calif.
in
1,750,000
notes
1941
Apr.
Feb.
special continuing tax levy
The city will furnish the printed
Loughborough, Dobyns & House of Little
legality.
Enclose a certified check for 2% of the
Rock, approving their
amount of each issue bid on,
States—fax
to
payable to the city.
the offering report
10
given in our issue of
10
Apr.
Revenue
Sources Reflect
Municipals
California
BANKAMERICA COMPANY
Changes —
The study shows
that 42% of the total receipts
the results of taxes
Those levies were on income,
of all taxing bodies for
absent in the tax system of 40 years ago.
payrolls, motor fuel, motor
vehicles, gifts and
inheritances.
Compared with today's revenue structure, comments the report of the
the tax system of the early 1901 s was a relatively simple affair.
The property tax contributed for more than half the total revenues of
that day and met the major part of the State and local Government needs,
it is pointed out.
In contrast, the property tax now only provides about
one-tnird of the total revenue.
Last year it was 33.2 %.
It was noted that over the 40-year period sales and occupation taxes
have contributed about the same proportion of revenue.
Customs have
survey,
slipped from second to last place among the major revenue sources.
Relative positions of the various revenue sources for 1939, as compiled
for the study by the Federation of Tax Administrators, and comparisons
with earlier years, follow:
—Percentage of Total Tax Revenues—
Property..
Sales and occupational
Motor fuel
'.
—
1939
33.2
....11.2
7.1
1932
57.0
7.7
6.2
5.8
Levy—'
...
Liquor
Tobacco...
Death and gift
Motor vehicle
...
Customs..
0.2
—
13.3
1902
51.1
11.3
3.6
2.4
3.6
4.0
3.2
14.0
3.8
2.8
2.0
4.8
...
13.8
18.4
___
14.1
28.6
1.3
0.2
1.4
0.5
1.4
were obtained from the annual reports of the Secretary
publications of the Census Bureau on State and mu¬
17.6
1.4
Income..
Miscellaneous.
Data for the study
of the Treasury
1912
59.8
8.1
0.6
4.8
4.5
3.5
2.7
2.2
10.8
Payroll
1922
44.9
11.1
and
New York
52 Wall
and Negotiations
of
151, p.
1308—taking a total of
equal to 108.43, a
$5,943,000 bonds and paying
basis of about 1.79%, to
high, bidding a
headed by Blyth & Co.,
Boston Corp.
$6,115,000 bonds and a
group headed by Lehman Bros, bid the same premium for $6,194,000 bonds.
CALIFORNIA, State of— WARRANTS SOLD—The State awarded on
Sept. 10 two issues of warrants, totaling $4,934,280 to Kaiser & Co. of
San Francisco.
The offering consisted of $2,934,924 general fund warrants,
for which a premium of $4,324 was paid; and $1,999,356 unemployment
relief warrants for which a premium of $2,946 was paid.
Both issues were
purchased at lMs and are reoffered to yield 1%.
The warrants are dated
Sept. 14, and have an estimated maturity of Aug. 27, 1941.
FRESNO COUNTY (P. O. Fresno), Calif.—NOTES OFFERED—It Is
stared that sealed bids were received until 10 a.m. on Sept. 13, by E. Dusenberry, County Clerk for the purchase of $1,200,000 not exceeding 5% notes.
A syndicate headed by Harris, Hall & Co., was second
premium of $999 for $6,027,000 bonds.
A group
Inc., offered a like premium for $6,050,000 bonds.
First
syndicate was fourth with the same premium for
Due on Dec. 31, 1940.
$100,000.
O. Ventura), Calif.—SCHOOL BOND
by L. E. Hallowed, County Clerk, that
10 a.m. on Sept. 17, for the purchase of
$7,500 Somis Union Elementary School District 2% semi-annual bonds.
Denom. $500.
Dated Oct. 1, 1940.
Due $1,500 on June 1 in 1941 to
(P.
COUNTY
OFFERING—We are informed
he will receive sealed bids until
Prin. and int.
certified check for
(J-D) payable at the County
2% of the bid is
BENNETT, Colo.—BONDS SOLD—The
refunding bonds have been sold.
ARIZONA BONDS
DENVER,
Colo.—MUNICIPAL
Town Clerk states that
TOBACCO TAX
$18,000
ADOPTED—This
which includes a one-cent-aof Tax Administrators reports.
between 6 and
sell a full carton of
itself, rather than to the
..
nl
Denver, they are.
City, Chipley,
cigarettes with tax stamps affixed to the carton
individual packages.
^
_
Nine cities levy municipal taxes on tobacco.
Besides
Kaasas City and St. Louis, Mo., and Pensacola, Panama
Issues
Marianna and
ELY,
Treasurer's office.
has adopted a municipal tobacco tax
package tax on cigarettes, the Federation
Tobacco priced five cents or less goes tax-free.
Amounts
15 cents are taxed one cent, and over 15 cents, two cents.
An usual feature of the ordinance permits retailers to
city
REFSNES,
required.
COLORADO
SALE—The
Market* in all Municipal
$6,443,999.99,
Due July 1
final maturity.
$368,000 in 1941; $379,000 in 1942; $391,000 in 1943; $402,000
In 1944; $415,000 in 1945; $427,000 in 1946; $440,000 in 1947; $453,000 in
1948; $467,000 in 1949; $481,000 in 1950; $495,000 in 1951; $510,000 in
1952: $525,000 in 1953, and $190,000 in 1954.
The Bridge Authority had asked for bids that would return a flat sum of
$6,443,000 cash plus not more than $1,000 premium for the lowest amount
of bonds.
Proceeds of the sale will be used to purchase the Carquinez
and Antioch bridges from the American Toll Bridge Co., and to supply
$350,000 working cash as a bond reserve fund.
follows:
as
A
JEFFERSON COUNTY
(P. O. Birmingham), Ala .— WARRANT
$81,000 issue of refunding road warrants offered for sale at
public auction on Sept. 11—V
151, p. 1307—was awarded to a group
composed of the Merchants National Bank of Mobile, Watkins, Morrow
& Co
and Marx & Co., both of Birmingham, as 2%s, paying a price of
97.40. a basis of about 2.77%.
Due on April 1 in 1951 and 1952.
3-3470
CALIFORNIA
1945 incl.
ALABAMA
Telephone WHitehall
St.
VENTURA
Bond Proposals
Representative
CALIFORNIA TOLL BRIDGE AUTHORITY (P. O. Sacramento).
Calif.—BOND SALE—It is stated by Frank C. Durkee, Department
Public Works, that Kaiser & Co., and Sargent, Taylor & Co., both of San
Francisco, jointly, were the successful bidders for the $6,850,000 3% semi¬
annual Carquinez Toll Bridge revenue bonds offered for sale on Sept. 11—V.
Denom.
nicipal finance.
Los Angeles
San Francisco
which
tax revenues.
were
security.
(The above notice supersedes
Sept. 7—V. 151, P. 1454.)
governmental units depend on so-called
"road" levies for revenue is brought out in a survey of the
various sources of income.
Last year, the study shows,
motor vehicle and motor imposts accounted for 10% of all
1939
principal and interest
sufficient to pay the
and provide for a safe margin of
bonds and the opinion of Rose,
10
10
Apr.
a
are
United
Extent
order on 30 days' notice on any
and accrued interest.
March 1, as follows: $2,000 in
1954, $3,000 in 1955 to 1957,
$3,500 in 1958 to 1960 and $4,000 in 1961.
Dated Oct. 1, 1940.
The bonds bear interest at the rate of 4% per
annum, but are convertible to a lower rate of interest at the option of the
purchaser on such terms that the city will pay and receive substantially the
same amount of money as upon the 4% bonds at the price bid.
The bonds
will not be sold for less than par on a basis of bonds bearing 5% interest.
The bonds will be issued under authority of Amendment No. 13, to the
State Constitution, and were authorized at the election held on Aug. 23.
They will be general obligation bonds of the city, and will be secured by
non-cadable, wholly exempt from Federal taxes and in
most cases also exempt from
State taxes.
Since the bidders will pay
for opinion of bond counsel and for the paying agent, the interest rates
will represent the net cost to the local housing authority.
The
inverse numerical
paying date after Jan. 1,1944, at par
47,500 park improvement bonds.
Due
1944 to 1950, $2,500 in 1951 to
10, 1940)
Maturity
Callable in
interest
Feb.
—
_
will be received
the purchase
$300,000 airport improvement bonds.
Due March 1, as follows: $5,000 in
in 1944 to 1947, $6,000 in 1948 to 1950; $7,000 In 1951 to 1953,
$8,000 in 1954 and 1955; $9,000 in 1956 to 1958, $10,000 in 1959,
$12,000 in 1960, $13,000 in 1961, $14,000 in 1962, $15,000 in
1963, $16,000 in 1964, $17,000 in 1965, $18,000 in 1966, $19,000
in 1967, $20,000 in 1968, $21,000 in 1969 and $23,000 in 1970.
3
Apr.
Ark.—BOND OFFERING—Sealed bids
until 8 p.m. on Sept. 16, by H. C. Graham, City Clerk, for
of the following 4% coupon semi-annual bonds, aggregating $347,500:
Maturity
City—
Amount.
in 1941
Jan.
3 New Haven, Conn.$2,400,000
560,000
Jan.
3 Norwalk, Conn
2,500,000
Oct.
3 Savannah, Ga
1,400,000
Apr.
3 Springfield, 111
500,000
Apr.
3 Waco, Texas
1,070,000
Apr.
3 Wheeling, W. Va.
355,000
Jan.
3 Williamson, W. Va.
Mar. 3
collateral on bank loans to finance addi¬
purchases.
In reviewing this section, the Arkansas Supreme Court
that bonds acquired with treasury cash should not be used as loan
will be held
Opening Sept. 19
(Notes dated Oct. 3, 1940)
Maturity
purchase of bonds.
by which bonds pur¬
$1,000,000 of treasury cash for
the Act had a pyramiding feature
the following
Adterslisement Sept. 12, Bid
Amount
Atlantic City, N. J.$1,720.000
Augusta, Ga
2,090.000
Corpus Christ!, Tex.
900,000
Fort Wayne, Ind._.
275,000
Gary, Ind__
880.000
Hammond. Ind
850,000
Hartford, Conn
1,545,000
used
collateral.
The last offering of these short-term notes. $51,000,00o, was sold in
July at interest rates ranging from 0.456 to 0.57 of 1%.
Local housing authorities in the following cities will participate in the
present offering:
City—
has
State
In its original form,
chased would have been used as
With part of the funds
1
1605
Commercial & Financial Chronicle
BECK &, CO.
PHOENIX, ARIZONA
Fla., all of which levy taxes on cigarettes
which taxes cigars, cigarettes and tobacco.
also had a cigarette tax.
De Funiak Springs,
only; and Birmingham, Ala.,
Until July 1, New York City
Town Clerk states that
bonds approved by the voters last April, have been
Schlessman. Owen & Co. of Denver.
LA JUNTA, Colo.—BONDS VOTED—At the election held on Aug. 20
the voters approved the issuance of the $50,000 2.60% funding bonds that
were sold prior to the election, as noted here—V. 151, p. 1170.
LITTLETON, Colo.—BONDS SOLD—A $10,000 issue of 1K% semiann
street improvement bonds is said to have been purchased by the
United States National Bank of Denver.
Denominations $1,000 and $500.
Dated Sept. 1, 1940.
These bonds are part of a total authorized issue of
$34 500, the remainder of which will be sold next year.
(This notice confirms the preliminary report given here on Aug. 24—
GUNNISON,
Colo.—BONDS SOLD—The
$24,000 refunding sewer
purchased by Brown,
ARIZONA
TEMPE, Ariz.—BOND SALE DETAILS—The City Clerk states that
the $16,635.96 (not $16,805.65) improvement bonds sold at a price of
102.25, as noted here—V. 151, p. 1023—were purchased as 6s by a local
investor as follows:
Jan. 1 as follows:
$5,795.65 District No. 30 bonds.
Due on
1941, and $600 in 1942 to 1950.
$395.65 in
1 as follows:
$840.31 in
10,840.31 District No. 31 bonds.
Due on Jan.
1941, $1,000 in 1942 to 1946, $1,500
and 1949, and $1,500 in 1950.
BOND
OFFERING
in 1947, $1,000 in 1948
No. 32 bonds will be placed
ARKANSAS
ARKANSAS, State of—BOND TENDERS INVITED—On tenders
15 the Arkansas investment board will purchase $2,000,000 of State
bonds using 50% of the average daily treasury balance as authorized by
Oct.
a
1937 Act.
accounts from
V. 151, p.
CONTEMPLATED—The City Clerk states tnat a
$25,000 issue of 6% Improvement District
on the market some time in October.
Securities thus acquired by
which cash is withdrawn.
the State will be held for the
Since effective date of the Act,
1170.)
LOVELAND, Colo.—BONDS SOLD—A $70,000 issue
have been awarded recently to a group
bonds is said to
of water extension
composed of Gray
all of
100.06
and asso¬
the International Trust Co., and Boettcher & Co.,
Denver, as follows: 100.06 for 2.16s on the first two maturities, and
for 2.20s on the remaining three maturities.
The next best bid was entered by Sullivan & Co. of Denver,
B
Gray,
Inc.,
2.3Cs, or 100.566 for 2 Vi&.
COLLINS WATER DISTRICT (P. O. Fort Collins),
Colo.—BOND PURCHASE AGREEMENT— The District Secretary states
that $25,000 water extension bonds have been contracted for.
ciates,
offering 100.168 for
NORTH FORT
1606
The Commercial & Financial
Chronicle
CONNECTICUT
STAMFORD (Town of), Conn.—BOND SALE—The
$239,000 coupon
1455—were awarded to Smith,
Barney
price of 100.406, a basis of about
bonds offered Sept. 10—V.
151, p.
Sc Co. of New York, as 1
)4s, at a
will be held
Int. Rate
R.L. Day & Co. and
Cooley & CoMercantile Commerce Bank and Trust Co. and
Alex.
-
Brown & Sons
Halsey, Stuart
&
Co., Inc
1M%
1H %
1 H%
114%
1)4%
1)4%
First of
Michigan Corp. and R. D. White & Co
Harris Trust &
Savings Bank
Salomon Bros. & Hutzler
F. S. Moseley & Co. and
Bacon, Stevenson
Kean, Taylor & Co
& Co. and F. W.
100.079
100.019
1)4%
—
Home & Co
1)4%
100.40
100.31
1)4%
1)4%
Estabrook & Co. and Putnam & Co
Union Securities
Corp. and Equitable Securities Corp.
Kidder, Peabody & Co. and Graham, Parsons & Co_
.
100.91
100.755
100.75
100.627
100.50
100.409
'
100.20
100.31
DELAWARE
DELAWARE (State of)—BOND ISSUE
REPORT—The Board of Trus¬
of the Delaware State
Hospital on Sept. 5 approved a program of
capital improvements involving the issuance of
$1,185,500 bonds.
The
tees
report was submitted for approval of the
State Permanent
mission and subsequent
transmission to the General
Budget Com¬
Assembly.
FLORIDA
FLORIDA, State of—BOND AND NOTE TENDERS
INVITED—It is
by W. V. Knott, State Treasurer, that, pursuant
to Chapter
15891, Laws of Florida, he will receive until
Sept. 27, at 10 a. m.
GEORGIA
announced
(EST),
original or refunding road and
bridge or highway bonds, time
warrants, certificates of
and (or) negotiable notes
indebtedness,
of the
following Florida counties and special road
and
sealed offerings of matured
or
ATLANTA, Ga.—BONDS VOTED—Vie quote in part as follows
from the
Atlanta "Constitution" of
Sept. 8:
Atlantans voted on a $4,000,000 bond issue
in last
Wednesday's election,
and 19,357 favorable votes were
necessary to comply with a State
con¬
stitution stipulation that a
maiority of the registered voters must vote
favorable before the bonds can be
validated no matter how
unmatured
bridge districts:
Brevard, Charlotte, De Soto, except Dists. Nos.
1,2,7, Charlotte Harbor
Hardee, Hernando, Levy Dist. No. 7,
Martin, Mon¬
roe, Okeechobee, Palm Beach
Dists. Nos. 4, 8, 12, 16, 17 and
18 only, and
St. Lucie,
including Jensen R, & B. Dist. and
Quay Bridge Dist. and ex¬
cepting
and McCall, Glades,
County-wide R. & B. Refunding and Dists. Nos. 2
and 3.
All
offerings submitted must be firm for 10
days subsequent to the date
of opening, i.
e., through Oct. 7, 1940, and must
state full name,
tion and serial numbers
descrip¬
of bonds, interest
rate, date of issue, date of ma¬
turity and price asked.
The offer must
specifically state exactly what
coupons are attached: and will be
delivered with the bonds for
the price
asked.
Bonds that are in default of
Interest must be offered at a
flat price
which price shall be
understood to be the price asked for
such bonds with all
maturities of past
due, defaulted or unpaid coupons
attached and notice
is hereby
given that if any such
coupons have been detached
prior to deliv¬
ery of any bonds
accepted and (or) purchased hereunder,
tne face value
of such
missing coupons will be deducted from
purchase price, and
must be submitted on
offerings
this basis.
Sealed envelope
containing offerings of bonds pursuant to this
notice shall
on Its face
plainly state
that it is
a
proposal for sale of
road and bridge
Separate tenders shall be
submitted covering the bonds of
each
county, but any number of such
sealed offerings
may be enclosed in one
mailing envelope.
The right is reserved to
reject any and all
or portions
bonds.
of
offerings
offerings.
HIALEAH, Fla.—TENDERS ACCEPTED—It is
City Secretary-Treasurer, that as a result
of
ney.
of
Aug. 28,
on
stated by P. E. Hack¬
the call for tenders as
refunding bonds, the City Council on
Sept.
flowing offers: .$4,000 at 74.00; $8,000 at 74.50; $1,000
S-Lpoo at 75.00, all plus accrued interest.
at
74.625, and
(P. O. Tavares), Fla.—BOND
stated by the Board of
OFFERING—It is
County Commissioners that it will receive
bids until 10
sealed
a.m. on
Sept. 20, for the purchase of the
bonds
following refunding
aggregating $5,896,000:
General
Road and
$229,000
402,000
bridge
Leesburg Special
Road
and Bridge District No.
1
South Lake Special
Road and Bridge District
No. 2
Special Road and Bridge District No. 3
East Lake Special Road
and Bridge District
No. 6
Special Road and
Bridge District No. 7
543,000
250,000
139,000
469,000
514,000
4
1
Special Road and
Bridge District No. 8
Special Road and
Bridge District No. 9
Special Road and
Bridge District No. 10
Special Road and
Bridge District No. 14
Lady Lake Special Road and
Bridge District No. 15
1,083,500
946,500
803,000
466,000
51,000
°*
'Bradenton), Fla.—BONDS NOT
is stated by R. R. Roadman, Chairman of the
Board of County
Commissioners, that the following 4% bonds
3r77
r»
Road
10
were
V'
rejected:
151,
p.
1455—were
not
overwhelming
the vote in favor of
passage.
Following is the official tabulation of the election on the
bond issues:
Grady hospital and Battle Hill sanatorium: 19,230 for to
1,160 against,
only 127 votes short of the required number to insure
passage.
Schools: 18,551 for to 1,807
against, 806 votes short of passage.
Fire
Improvements: 18,961 for
SPRINGFIELD
BONDS SOLD—It
voters on
aggregating $1,875,950,
as all bids received
sold
$94,400 Myakka Special
Read and Bridge
District, series 1939 bonds,
denominations $1,000 and $600.
Due July 1, as follows:
$1,000
ftlA4Aan0 1045; $1,600 in 1946 to 1948; $2,600 in 1949 to 1953;
?2&0CftnA954 to 1958; $4,600 in 1959 to 1963; $5,600 in 1964 to
-71
con i967,: !7sP00 M I968' and ®3-600 in
1^69.
71,800 Parrish Special
Road and
Bridge District, series 1939 bonds.
Denominations $1,000 and $650.
Due July 1 as follows:
ft i944^0 1^5°: &2.°°0 in 1951 to 1957; $3,650 in 1958 to$1,000
1962;
114 7*n
114,750 Palmetto i,*? lQ67j 85.650 in 1968, and $3,650 in 1969.
Special Road and Bridge
District series 1939 bonds.
i
#1.°00 and ®750Due July 1 as follows:
$1,750
S2,(!f5 1Ll9l7,to !949; $3,750 in 1950 to 1953;
1 ruM
S£'7a50 in 1958: S75° in 1Q59 and I960;
^ik57'600 in 1962: $6,000 in 1963 to 1965, and $7,000
in 1966 to
1969.
SCHOOL
is
stated
to 1,521
against, 396 votes short of
passage
DISTRICT
(P.
O.
that $15,000 school
Springfield),
Ga.—
by the
Springfield.
bonds approved
May 22 have been purchased by the Exchange Bank
of
HAWAII
HAWAII, Territory of—BOND OFFERING—It is stated
by W. C
McGonagle, Territorial Treasurer, that he will receive
sealed bids at the
Bankers Trust Co., Corporate Trust
Department, 16 Wall St., New York
City, until 10 a.m. (DST), on Sept. 27, for the
purchase of $2,400,000
coupon refunding bonds.
Interest rate is not to exceed
3
Denom. $1,000.
1950 incl.
Dated Nov.
1, 1940.
to
It is stated
also that
Due $300,000
%, payable M-N.
Nov. 1 in 1943
on
an
option will be given successful bidder
for the
above bonds to buy all or none of
$800,000 refunding bonds, dated
1941, denomination $1,000, maturing
$100,000, Jan. 6,
same price and
terms, such option to be exercised on
the
1940.
6 accepted the
COUNTY
(P. O.
election
15 in order to have the voters
pass on the issuance of
VOLUSIA COUNTY (P. O. De
Land), Fla.—BOND OFFERING—
Sealed bids will be received until
10 a.m. on Sept. 19,
by the Board of
County Commissioners, for the purchase of the
following refunding bonds
aggregating $2,798,000:
Halifax Special Road and
Bridge District
$302,000
Daytona Beach Special Road and Bridge District
264,000
Turnbull Special Road and
Bridge District
783,000
New Smyrna Special Road and
Bridge District
119,000
DeLeon Springs-Seville Special Road and
Bridge District
105,000
DeLand-Lake Helen Special Road and
Bridge District
656,000
Orange City-Enterprise Special Road and
Bridge District
197,000
DeLeon Springs-Glenwood
Special Road and Bridge District
26,000
Orange City-Lake Helen Special Road and
Bridge District
90,000
County Commissioners Districts Nos. 2 and 3--256,000
VOLUSIA COUNTY (P. O. De
Land), Fla .—BOND OFFERING—
It is stated that sealed bids will be
received until 10 a. m. on
Sept. 19, by
the Board of Public
Instruction, for the purchase of the
following refunding
bonds aggregating $1,721,000:
$817,000 Special Tax School District No.
6 bonds.
19,000 Special Tax School District No.
7 bonds.
181,500 Special Tax School District No.
8 bonds.
19,000 Special Tax School District No.
9 bonds.
325,000 Special Tax School District No. 12 bonds.
46,000 Special Tax School District No.
13 bonds.
100,500 Special Tax School District No. 23 bonds.
46,000 Special Tax School District No. 32
bonds.
21,500 Special Tax School District No. 39 bonds.
146,000 Special Tax School District No.
41 bonds.
100.113
134 %
1M%
Company
Oct.
ST.
Rate Bid
1H%
on
PETERSBURG, Fla.—BIDS REJECTED—It is stated by T. L.
Crossland, Director of Finance, that all bids received on
Sept. 5 for the
purchase of $3,000,000 water revenue bonds were
rejected.
He reports
that sealed bids will be called for
at an early date.
$150,000 outdoor poor and unemployment relief bonds.
Due $15,000 on
Sept. 1 from 1942 to 1951 incl.
89,000 capital improvement bonds.
Due Sept. 1 as follows:
$9,000 In
1942 and $10,000 from 1943 to 1950 incl.
All of the bonds will be dated
Sept. 1,1940.
Other bids:
Bidder—
Harriman Ripley & Co., Inc
Lehman Bros., Blair & Co., Inc. and
Bridgeport City
14, 1940
$90,000 building addition and
improvement bonds.
1.18%.
Sale consisted of:
Sept.
ST. LUCIE COUNTY SPECIAL SCHOOL
DISTRICT NO. 2
Fort Pierce), Fla .—BOND
ELECTION—It is reported that an
Jan. 6,
1943 to 1950. at
before Dec. 6,
or
Proceeds of
both issues will be used to
call, approximately 10 years from
maturity, a like amount of public improvement bonds
issued in 1920.
During the 20 years the bonds have been
outstanding, there has accumu¬
lated in a sinking fund, the
following reserves for redemption:
$1,274,270.68 against the outstanding $2,400,000
issue, and
424,756.67 against the outstanding issues
totaling $800,000.
These funds will be increased
annually and used as required for the
new serial
maturities.
Both refunding issues will be
approved by the President of the United
Principal and interest payable in legal tender at
the Bankers
Trust Co., New York, or at the
office of the Territorial
States.
Honolulu.
Bidders will be required to
Treasurer in
name one
interest rate, not to exceed
3% per
annum for all maturities.
Right is reserved to reject any or all bids.
Interest rate must be named in
multiples of M or l-lO of 1%.
Bids speci¬
fying net yield basis without naming interest rates
are not
acceptable.
No price less than
par, plus accrued interest, will be
considered.
Award
will be based on lowest interest
cost to the
territory.
No special form of
proposal required.
Bonds will be printed at
expense of the territory and
delivered in New York City.
General obligations against consolidated
revenues
of
the
Territory.
Approving opinion of Thomson, Wood &
Hoffman of New York will be furnished
to the purchaser without
cost.
No further Hawaiian Territorial
bonds are subject to refund until
June 1,
1942.
No new public improvement
issue can be authorized until
after
the next Legislature meets in
February, 1941.
Each proposal must be for the
entire $2,400,000
issue, and accompanied
by a certified check for 2% of the above
amount, on a bank
satisfactory
to the Territorial
Treasurer, and in the event the successful bidder deter¬
mines to exercise his option to
purchase the remaining $800,000 of
bonds,
a similar certified
check for 2% of that amount shall
accompany his notifi¬
cation of exercise of the
option.
Itwift
S
IHnn
S?'i?
132,000 court house and
jail bonds.
in
1 129 nnn
1,122,000
road
Denomination $1,000.
1944 to 1953;
$6,000 in
$8;?09 ft 1962 aPd
bridge
series
and
1963. and $9,000
1939
Due July 1
1954 to 1957, and
in 1964 to
bonds.
1967.
Denomination $1,000.
$25,000 in 1944; $39,000 in 1945; $65,000
in 10$
1949; $1,000 in 1950; $12,000
iVo9^ ?32.000 in 1958; $45,000 in 1962; $108,000 in 1963;
fn 1QR7- «innfi?§m
i" 1965: $133,000 in 1966; $148,000
icr nnn ft
96/' $158.000 in 1968, and $84,000 in 1969.
18b,000 Manatee-Oneco
Special Road and Bridge
District, series 1939
P,ue Ju]y 1 ^ follows: $1,000
PUin^^ToaAAA0lloys:
$i§^°ffinnP9fIi:i13.,920AiAn
IDAHO
HAILEY, Idaho—BOND SALE—The
$27,000 street improvement bonds
that were scheduled for award on
Aug. 29, the sale of which was deferred
until Sept. 3, as noted
here—V. 151, p. 1455—were purchased
by Sudler,
Wegener & Co. of Boise, as 3s,
paying a premium of $50, equal to 100.18
according to the City Clerk.
TETON COUNTY RURAL
HIGH SCHOOL DISTRICT NO. 2
AND COMMON SCHOOL
DISTRICT NO. 51 (P. O.
Victor), Idaho—
BONDS SOLD—It is reoorted
by F. C. Gillette, District Clerk, that $24,000
construction bonds, approved
by the voters at a recent election, have
been purchased by the State
Department of Public
Investments.
WILDER
SCHOOL DISTRICT
(P. O. Wilder),
Idaho—BONDS
SOLD—The District Clerk
reports that $20,000 construction bonds have
been purchased
by the State Board of Public Investments.
P«enn^-nafe$ll090A
ft into' fo'PRR ft PP? to 1948: $7>000
in 1949 to 1952; $3,000
9 ®itnnk9?8'i^9'00° in !959 to 1963; $10,000
AKnnn ft 1964 ft 1968,. and $1,000 in 1969.
45,000 Terra Ceia
Special Road and
Bridge District, series 1939 bonds.
Denomination $1,000.
Due July 1 as
follows" $1 000 in 1944
ft 1954; $2,000 in 1958 to 1963; $3,000 in 1964 to 1966 $4,000
i in nnn ft IPS.' $5,000 in 1968, and $4,000 in
1969.
110,000 Gulf Shore Spedial
Road and Bridge
District, series 1939 bonds.
Denomination $1,000.
Due
in
oi:tSn S
July
fn tSSv*3#®
ftco957 to 1961:
iyb8.
^
1
as
follows:
$2 000
in
1944
iS to
SLOW in
$6,000 in 1962
1952 to 1956; $5,000
1966, and $7,000 in 1967 and
Dated July 1, 1939.
(b)
of deposit that have been issued
by the First* National
to the plan of composition of
Melbourne, and
refunding bonds, dated Jan.
1,
2LChici^' Pursuant
City of Melbourne
I he amount
of
by the
1938.
certificates and bonds to be
purchased will be determined
Offerings must be firm, for at
least, 10 days
City Commission.
or the same
wdl not be
considered.
inclusive.
BREESE, 111.—BONDS SOLD—An issue of $15,000
3% electric plant
improvement bonds was sold last
May to the State Bank of Breese at par.
Dated May 15,1940 and due $3,000
annually on Nov. 15 from 1941 to 1945,
incl.
Callable
on
states that it will
City Commission
receive sealed
tenders until Sept.
24, at 7 30 p m
of/ki
SOLD—An issue of $13,150 (not $13,500
150, p. 4007) 3M% judgment bonds was sold
early in
June to Doyle, O'Connor &
Co. of Chicago, at par.
Due July 20 as follows:
$150 in 1950; $1,000 from 1951 to
1957 incl. and $2,000 from 1958 to 1960
reported in Y.
any
interest
date.
Interest
Coupon bonds.
INVITED—The
■nSV Certificates
ILLINOIS
BARRINGTON, 111.—BONDS
as
FREEBURG,
III.—BONDS
SOLD—The
M-N.
Municipal
Denom.
Bond
$500.
Corp.
of
Chicago purchased the issue of $80,000 water works and
sewage revenue
bonds authorized at an election
last April.
MOLINE, 111 —BOND ISSUE DETAILS—'The $37,500 hospital recon¬
struction and equipment bonds sold earlier
in the year to the
White-Phillips
Corp. of Davenport—V. 151, p. 730—were issued
at a price of 100.216.
Dated July 1, 1940.
One bond for $500, others $1,000 each.
Due Dec. 1
as follows:
$9,000 from 1951 to 1953 incl. and $10,500 in 1954.
Volume
The
151
PARIS, III.—BOND ELECTION—It is reported that an election will be
Oct. 15 on the question of issuing bonds for a municipal light and
held
plant.
power
1607
Commercial & Financial Chronicle
VERMONT, 111—PROPOSED FINANCING—George E.
DANVILLE, Ky.—BONDS SOLD—A $21,000
funding bonds is said to have been
Louisville, at a price of 102.50.
Carrick, Village
Clerk, reports that Doyle, O'Connor & Co. of Chicago are handling the
$67,000 water system bonds approved at an election last February. There
are $44,000 revenue and $25,000 general obligation bonds.
issue of 3% school
Ky.—BOND ELECTION—This city is preparing to
election a $1,500,000 bond issue to pay
settlement of damages that might occur from the
LOUISVILLE,
submit to the voters at the Nov. 5
for rights-of-way and
flood wall.
Amount of the proposed bond issue will be swelled
sewerage plans now under study are included
project, said Director of Law, Hal O. Williams.
certain
INDIANA
ELWOOD, Ind.—BOND OFFERING—Calvin D. Sizelove, City ClerkTreasurer, will receive sealed bids until 4 p.m. on Sept. 17 for the purchase
of $15,000 not to exceed 4H% interest refunding bonds.
Dated Sept. 1,
1940.
Denom. $1,000.
Due $1,000, Jan. 1 and July 1 from 1952 to
1958 incl. and $1,000 Jan. 1, 1959.
Bidder to name a single rate of in¬
terest, expressed in a multiple of }4 of 1%.
Interest J-J.
The bonds are
direct obligations of the city, payable out of unlimited ad valorem taxes.
A certified check for $1,000, payable to order of the city, must accompany
each proposal.
The approving legal opinion of Matson, Ross, McCord
& Ice of Indianapolis will be furnished the successful bidder.
COUNTY
council chambers
without the
issuance
board have
expressed a desire to hold the relief rate to 40 cents and if this should be
done, the total rate with that aeduction, would be $8.21 when it reaches
the adjustment board.
The proposed city rate is $1.26, the school rate
Board
soon,
of
a
Tax
Adjustment, when it meets in the city
relief rate of 55 cents sufficient to pay all bills
of bonds.
Some members of the 1941 adjustment
poor
96 cents and the State rate 15 cents.
<
McCAMERON TOWNSHIP SCHOOL TOWNSHIP (P. O. Burns
City), Ind.—BOND SALE—The $4,250 school bonds offered Sept. 9—
1±71—were awarded to the Union Bank of Loogootee.
Dated
Sept. 1, 1940 and due as follows: $500, June 30 and Dec. 31 from 1941 to
McCRACKEN COUNTY PUBLIC
interest date, at par and accrued interest.
at
the Peoples
National Bank, Paducah.
1945.
MADISON COUNTY SCHOOL CORPORATION (P. O. Richmond),
Ky.—BONDS OFFERED TO PUBLIC—The Bankers Bond Co. of Louis¬
ville, heading a group which included Stein Bros. & Boyce, Almstedt Bros.,
both of Louisville, and the Security & Bond Co. of Lexington, is offering
for general investment an issue of $130,000 3% semi-ann. refunding bonds
at prices to yield from 1.50% to 2.74%, according to maturity.
Dated
Sept. 15, 1940.
Due March 15, as follows: $5,000 in 1943, $15,000 in
1944, $16,000 in 1945, $17,000 in 1946 to 1948, $6,000 in 1949, $5,000
in 1950 to 1956, and $2,000 in 1957, callable in inverse order of maturity
interest payment date on 30 days' notice at 103 up to and including
15, 1945; thereafter at 102 up to and including Sept.
15, 1950;
at 101 up to and including Sept. 15,
1955; and thereafter
at par.
These bonds are part of a total authorized issue of $140,000.
Prin. and int. payable at the Madison Southern National Bank & Trust Co.,
Richmond.
Legality approved by Grafton & Grafton of Louisville.
(This notice supersedes the offering report given in our issue of Sept. 7
—V. 151, p. 1456.)
on any
Sept.
thereafter
NEWPORT, Ky.—BOND ELECTION—It is
City Clerk, that a $350,000 issue of
mitted to the voters at the
PAINTSV1LLE,
MUNCIE, Ind.—BOND OFFERING— John D. Lewis, City Comptroller,
23 for the purchase of $39,600
not to exceed 4H% interest judgment funding bonds.
Dated Sept. 15,
1940.
One bond for $600, others $1,000 each.
Due Jan. 1 as follows:
$5,000 from 1943 to 1949 incl. and $4,6<X) in 1950.
Rate of Interest to be
in multiples of
of 1%, payable J-J.
Each Didder must name the exact
number of bonds upon which he bids, and the amount of cash to be paid
for the number of such bonds, and any bidder may bid for part or all of the
issue.
Award will be made to the responsible bidder namihg the lowest
rate of Interest on the bonds bid for.
Each bid must be accompanied by
an affidavit of non-collusion, as provided by law.
Legal opinion of competent bond counsel of the City of Indianapolis as to validity of the bonds
will be furnished on request of the successful bidder.
stated by A. C. Joseph,
flood protection bonds will
general election in November.
be sub¬
Ky.—BONDS OFFERED FOR INVESTMENT—'The
both of Louisville, are offering
Bankers Bond Co. and Stein Bros. & Boyce,
public
maturity
$72,000 4% coupon gas distribution system revenue bonds for
subscription at prices to yield from 2.00% to 4.00%, according to
desired.
Denom. $1,000.
Due on Aug. 1 as follows:
$6,000, 1941
1943; $7,000, 1944 and 1945,
to
Callable on any
and $8,000 in 1946 to 1950.
date in whole or in part in inverse order of numbering
at 100 and interest, plus 34 of 1% for each year or fraction thereof between
the redemption date and the final maturity date of the bonds.
Principal and
interest (F-A 1) at the Second National Bank, Paintsville.
interest payment
LOUISIANA
EAST BATON ROUGE
will receive sealed bids until 10 a.m. on Sept.
Principal and interest payable
Legality approved by Grafton
& Grafton of Louisville.
V. 151, p.
1944 incl. and $250, June 30.
by $1,000,000 if
in the flood-wall
SCHOOL CORPORATION (P. O.
Paducah), Ky.—BONDS OFFERED FOR INVESTMENT—The Bankers
Bond Co. of Louisville, is offering $10,000 4% semi-annual coupon first
mortgage bonds for public improvement at prices to yield from 2.00% to
4.00%, according to maturity.
Dated Aug. 1, 1940.
Denom. $1,000.
Due $1,000, Aug. 1, 1942 to 1951, callable after Aug. 1, 1944, upon any
(P. O. Indianapolis), Ind.—TAX RATE RE¬
DUCED—Heeding the public demand for genuine tax reduction and the
specific suggestions of tax organizations, the county council recently lopped
$318,074.20 from requested appropriations for the county general, welfare
and tuberculosis hospital requests and fixed a 1941 tax rate of 44 cents,
five cents under the prevailing 1940 rate.
The county group's action was
in sharp contrast to the attitude of the city council, which had approved,
without change the $8,062,474.32 civil city budget as drafted and sub¬
mitted by the city administration.
Dipping into appropriations it con¬
sidered excessive, the county council trimmed $50,865.50 from the requests
of departments in the general fund, sucn as the county commissioners.
Treasurer, Sheriff, &c., took $38,440.8e> from requests for the tuberculosis
hospital and shaved $228,767.82 from the request of Thomas L. Neal,
County Welfare Director.
Final passage of the county budget still left the total rate for Center
Township inside Indianapolis, largest single taxpaying unit in the county,
larger than the 1940 rate when it is submitted to the Marion County
Board of Tax Adjustment.
The present rate for that unit is $3.28, made
up of a city rate of $1.28, a county rate of 49 cents, a school city rate of
96 cents, a poor relief rate of 40 cents and a State rate of 15 cents.
The
County Auditor, as required by law, will submit to the Marion County
MARION
re"
purchased by W. L. Lyons & Co. of
PARISH (P. O. Baton Rouge),
La.—BOND
SALE—The $100,000 issue of semi-ann. public welfare bonds offered for
on
Sept. 10—V. 151, p. 881—was awarded to Lamar, Kingston &
Labouisse, of New Orleans, paying a price of 100.105, a net interest cost
of about 1.65%, on the bonds divided as follows: $57,000 as 134s, due on
April 1; $9,000 in 1941 and 1942; $10,000 in 1943; $9,000, 1944:
1945 and 1946; the remaining $43,000 as 1 %b, maturing on April 1:
in 1947; $10,000, 1948, and $11,000 in 1949 and 1950.
sale
$10,000.
$11,000
NEW
by Horace P. Phillips,
that the fifteenth allot¬
ORLEANS, La.—BOND CALL—It is stated
Secretary of the Board
of Liquidation, City Debt,
4% constitutional bonds, consisting of 623 bonds
and 154 bonds of $500 each, are being called for payment on
ment of
of $1,000 each
Jan. 1,1941.^
MAINE
IOWA
ATLANTIC,
Iowa—BOND SALE—The $11,126.89
3% annual street
151, p. 1455—were
Co., both of Kansas
improvement bonds offered for sale on Sept. 7—V.
awarded to the Baum, Bernheimer Co., and Soden &
City, jointly, according to the City Treasurer.
BOARDMAN TOWNSHIP (P. O. Elkader),
Iowa—BOND OFFERING
auction bids will be received by Edward
H. Ehrhardt, Township Clerk, until Sept. 16, at 7.30 p.m., for the pur¬
chase of $4,600 fire equipment bonds.
Interest rate is not to exceed 4%,
payable semi-annually.
Due in 10 years, callable five years after issuance.
The bonds are issued in accordance with Sections 5570.1-5570.2-5570.3-1
5570.4 of the 3939 Code of Iowa.
Purchaser to furnish bonds.
Lega
opinion of H. K. Roggensack, County Attorney to be final.
—It is stated that both sealed and
CASCADE, Iowa—BOND SALE—The $8,000 sewer bonds offered for
public auction on Sept. 9—V. 151, p. 1455—were awarded to W. D.
Hanna & Co. of Burlington, as 3s, paying a premium of $10, equal to
100.125, a basis of about 2.97%.
Dated Aug. 15, 1940.
Due $1,000 on
Nov. 1, 1941 to 1948.
sale at
FLOYD COUNTY (P. O. Charles
City), Iowa—BOND OFFERING—
E. Laun, County Treasurer, that he will receive sealed
and open bids until Sept 26, at 1:30 p. m., for the purchase of $240,000
court house bonds.
Dated Oct. 1, 1940.
Due on Jan. 1 as follows:
$10,000 in 1942 and 1943; $15,000 in 1944 to 1947; $18,000 in 1948 to 1955,
and $16,000 in 1956.
Prin. and int. will be payable at the office of the
County Treasurer.
Bidders should specify the rate of interest, but no
award will be made on any bid of less than par and accrued interest.
All
other things being equal, preference will be given to the bid of par and
accrued interest or better which specifies the lowest coupon interest rate.
In order to assure competitive bidding on a uniform and impartial basis,
sealed bids should be submitted on bidding blanks which may be obtained
from the County Treasurer.
All open bids are to be made on condition
that before final acceptance thereof, they will be reduced to writing on one
of the said bidding blanks.
The purchaser must agree to furnish the blank
bonds and reimburse the county in the sum of $350 for the cost of legal
It is stated by C.
proceedings and the approving opinion of Chapman & Cutler of Chicago,
and all bids must be so conditioned.
A certified check on a State or Nation¬
al bank for 3% of the principal amount of bonds bid for, as guarantee of
good faith, must be furnished by bidders.
Iowa—BOND SALE DETAILS
—The County Treasurer states that the $28,000 2% semi-annual funding
bonds sold to Vieth, Duncan & Wood of Davenport, as noted in these
columns—-V. 151, p. 1024—were purchased at a price of 100.089. and
mature on Nov. 1 as follows: $3,000 in 1948; $15,000, 1949 and $10,000
in 1950 and 1951, giving a basis of about 1.99%.
HARRISON COUNTY (P. O. Logan),
KELLOGG,
Iowa—BONDS
SOLD—-The
Town
$4,400 roadway district fund bonds were purchased
Kellogg Savings Bank at a price of 103.409.
that
Sept. 9 by the
Clerk states
on
MONROE COUNTY (P. O. Albia), Iowa—BOND SALE—A $30,000
issue of county jail bonds was offered for sale on Sept. 9 and was awarded
at public auction to the Pella National Bank of Pella as 134s, paying a
premium of $105, equal to 100.35, a basis of about 1.19%.
Due
on Oct. 1 in 1945 to 1947, according to the County Treasurer.
$10,000
$2,000 5% annual electric light
plant bonds offered for sale on Sept. 9—V. 151. p. 1309—were awarded
to the Renwick Savings Bank at a price of 108.75, according to the Town
RENWICK, Iowa—BOND SALE—The
Clerk.
Winfield) Kan.—BONDS SOLD—We are
134% coupon public
informed by the County Accountant that $20,000
works relief bonds were purchased on Sept. 3 by the
Topeka, paying a price of 101.575. Denom. $1,000.
Due on Aug. 28, 1950. Interest payable F-A.
Rhodes-Seltsam Co. of
Dated Aug. 28, 1940.
KENTUCKY
COVINGTON, Ky.—BONDS SOLD—A $90,000 issue
ssaid to have been sold recently at a price of 106.236.
16
of funding bonds
$1,000.
Legal opinion
the
MARYLAND
SALISBURYj Md.—BOND OFFERING DETAILS—The $35,000 not
to exceed 4% interest sanitary sewer bonds to be sold on Sept. 16, as
reported in V. 151, p. 1456, will be dated Oct. 1, 1940.
made on basis of the bid figuring the lowest net interest cost to the city.
Principal and semi-annual interest payable at the Farmers &
Bank, Salisbury.
Coupon bonds, registerable as to principal in
kept for that purpose at the City Treasurer's office.
A
$500 must accompany each bid.
Award will be
Merchants
books
certified check for
WASHING I ON COUNTY (P.
O. Hagerstown),
Md.—BOND ELEC¬
asked
5
Black, County Clerk, states that the voters will be
issue of $400,000 courthouse building bonds at the Nov.
TION—J. R. R.
to approve an
election.
MASSACHUSETTS
offered
BEVERLY, Mass.—NOTE SALE—The issue of $100,000 notes
Sept. 11 was awarded to the Beverly Trust Co. of Beverly at
count. Dated Sept. 12, 1940 and due Sept. 5, 1941.
Other
0.13% dis¬
bids:
Discount
nifider
Beverly National Bank
First National Bank of Boston
National Bank of Boston
Second National Bank of Boston
R. L. Day & Co
-
-
Merchants
_
0.14%
0.14%
0.155%
0.16%
0.16%
(P. O. Salem), Mass.—BOND SALE—-The $26,000
coupon County Duck Bridge bonds offered Sept. 6 were awarded toK. L.
Day & Co. of Boston as 0.50s at 100.41, a basis of about 0.28% .
Sept. 15, 1940.
Denom. $1,000.
Due Sept. 15 as follows: $10,000
1941 and 1942 and $6,000 in 1943.
Principal and interest (M-S 15) pay¬
able at the Merchants National Bank of Boston, or at holder s option, at
the National Shawmut Bank of Boston.
Legality to be approved by
Ropes, Gray, Best, Coolidge & Rugg of Boston.
The following
bids specified an interest rate of 0.50%, except the offer by R. W. Pressprich & Co. which was for Is.
,
ESSEX COUNTY
Dated
In
other
Hale Biu
Bidder—
}Q8'92§
National Bank, Gloucester
National Bank of Boston
Gloucester
The First
100.16/
-
Cape Ann National Bank, Gloucester
Bates. Converse & Co., Boston
100.299
{bU.io
-
Estabrook & Co., Boston
i0ni9
Beverly National Bank
Manchester Trust Co., Manchester. Mass..
Merchants National Bank, Salem. Mass..
Naumkeag Trust Co., Salem, Mass
Moseley & Co., Boston
Lee, Higginson Corp., Boston..
Lyons & Shafto, Boston...
R. F. Marshall & Co., Boston
F. S.
R. W.
KANSAS
COWLEY COUNTY (P. O.
AUGUSTA, Me.—BOND OFFERING—Alfred J. Lacasse, City Treas¬
urer, will receive sealed bids until 10 a.m. (DST) on Sept.
for the pur¬
chase of $100,000 refunding bonds.
Dated Oct. 1, 1940.
Denom.
Due $10,000 on Oct. 1 from 1941 to 1950 incl.
Coupon bonds. Bidder
to name rate of interest in multiples of 3i of 1 %.
Principal and interest
(A-O) payable at the National Shawmut Bank of Boston.
of Ropes, Gray, Best, Coolidge & Rugg of Boston will be furnished
successful bidder.
-
—
inn no
fXn
oi
}0U.2i
-
Tnn'Aao
-
Tnn'oif
TrSr? in
Pressprich & Co
NEWBURYPORT, Mass .—BOND
OFFERING—Charles E. Houghton
until 12:15 p.)m. (DST) on Sept. 17
municipal relief bonds. Dated Sept.1,
1940.
One bond for $500, others $1,000 each.
Due Sept. 1 as
$7 000 from 1941 to 1943 incl.; $6,500 in1944 and $6,0001from 1945 to 1950
incl
Bidder to name the rate of interest in a multiple of H of 1 % ■ Principal
and semi-annual interest payable at the Merchants National Bankof Boston.
Legality approved by Storey, Thorndike, Palmer & Dodge of Boston.
PEABODY, Mast.—BOND SALE— The $70,000 coupon naunicipa''
bonds offeredlSept. 10—V. 151, p.( 1456—were awarded to Tyler & Co.
City Treasurer,
for the
will receive sealed bids
purchase of $63,500 coupon
The Commercial & Financial Chronicle
1608
of
Boston, as l>4s, at a price of 100.899, a basis of about 1.33%.
Dated
Sept. 1,1940 and due $7,000 on Sept. 1 from 1941 to 1950 incl.
Other bids:
Bidder—
Int. Rate
J landman
Ripley & Co., Inc
R. K. Webster & Co
National Shawmut Bank of Boston
Rate Bid
134%
134 %
134%
134%
l%%
-
Halsey, Stuart & Co., Inc
Estabrook & Co
Pohl & Co., Inc.; Season good & Mayer and Walter,
Woody & Heimeroinger.
The bankers reoffered the bonds on a yield to optional dates from
100.656
100.60
100.59
100.459
100.289
OTHER
Cray,
MICHIGAN
&
Peninsular State
Wat ling, Lerchen &
TRAVERSE
CITY, Mich.—NOTE SALE—The $20,000 tax anticipa¬
Sept. 9—V. 151, p. 1456—were sold at 2 3i% interest,
$5,000 each to the following:
First-Peoples State Bank of
Traverse City,
Traverse City State Bank, Bankers Finance Corp. of
Michigan, and Michigan Mutual Auto Insurance Co.
tion notes offered
Mich.—BONDS VOTED—At
an issue of
334 % interest locker and shower house bonds, to
$30,000
an
not to exceed
in
mature in five years.
DETROIT, Mich.—PROPOSED FINANCING—It
effect
McFawn
composed of H. V. Sattley & Co., Inc.;
McDonald, Moore & Hayes; Paine, Webber
Co.;
Co.:
urer, will receive bids until 11 a. m.
discount of $400,000 revenue anticipation notes of 1940.
Dated Sept. 19,
1940 and due $200,000 each on April 17, 1941 and Sept.
18, 1941, at the
National Shawmut Bank of Boston.
Legal opinion of Storey, Thorndike,
Palmer & Dodge of Boston.
may
BIDS—A syndicate
Petter;
Co.; Ryan, Sutherland & Co.; Siler, Reese &
Co., and Donovan, Gilbert & Co., bid a price
of 100.249 ior the bonds to bear
3% interest to callable dates and 4%
thereafter.
An account composed of Braun, Bosworth &
Co.; First of
Michigan Corp.: Stranahan, Harris & Co., Inc., and Crouse & Co., bid
a premium of 66 cents per bond,
naming a rate of 234 % to May 1, 1944,
and 4% thereafter, and 3% to each of the
succeeding optional dates and
4% thereafter.
&
G. F. Coker, City Treas¬
(DST) on Sept. 18 for the purchase at
city
blocks
of
is reported that the
offering of $9,600,000 refunding bonds about Sept. 24.
an
MINNESOTA
The issue would mature serially from 1942 to 1962 incl.
FLANS TO REFUND $70,901,000 OF CALLABLE
DEBT—Mayor Ed¬
ward Jefferies, Detroit, Mich., has approved a schedule of
maturities for
ANOKA COUNTY (P. O. Anoka), Minn.—BOND SALE—The
$50,000
13i % semi-annual public welfare bonds offered for sale on Sept. 7
-—V. 151, p. 1310—was awarded to the Northwestern National Bank
&
issue of
refunding at lower interest rates the entire $70,901,000 callable bonds of
the City of Detroit.
It is not the intent of the city to refund all of these
bonds at one time, but to permit of the best
possiole job being done it is
necessary to consider the whole matter at this time.
An effort is being
Trust Co. of
NORTH
I sound the sentiment of the other
two members,
Attorney General Thomas
Read and Auditor-General Vernon J.
Brown, when I say I predict the
be promptly given and will Be
unanimous,"
Commission's approval will
continued Mr. Dunckel.
"This plan will come before the
Public Debt Commission at its
next
meeting which will be on Sept. 12," said Lee H.
Bierce, the Secretary of
the Commission.
Data furnished the Commission
indicate a saving of
$21,455,387.13 in interest charges if the
average rate on the refunding
bonds is not more than 3
%.
A schedule
showing the proposed plan for readjusting maturities of
$70,901,000 outstanding callable bonus shows how
heavy maturities in
the years 1953, 1960 and 1963 would
spread over the
years so as
off
to level
total debt service
requirements,
lor instance, in 1953 debt
service
requirements would be decreased through
refunding by $2,732,000, while
in 1960 the decrease would
amount to $10,447 ,000.
If the entire plan were
made effective debt service
requirements after refunding would be reduced
in the amount of
$21,455,000.
DETROIT, Mich.—TENDERS WANTED— Donald
Slutz, City Con¬
troller, will receive sealed tenders of callable
refunding bonds, 1962-1963
maturities, in the amount of about $150,000.
Offers will
be received until
10 a. m. (EST) on
Sept. 25, and shall remain firm until 3
p. m. the fol¬
lowing day.
Tenders must be made under the
following conditions:
(a)
(b)
are
offered at
a
premium:
When the interest rate is
434% or higher, the yield shall be
puted to the first call date.
When the interest rate is less than 4
34%. the yield shall be
puted to the sixth call date.
ST. LOUIS PARK, Minn.— WARRANT
OFFERING—Sealed bids will
be received until 8 p.m. on Sept. 16, by Joseph
Justad, Village Recorder,
for the purchase of $5,967.51 not to exceed
5% annual coupon sewer war¬
rants.
Dated Sept. 15, 1940.
Denominations $500 and $200, one for
$467.51.
Due Jan. 15, as follows: $1,167.51 in 1942 and $1,200 in
1943
to 1946.
The warrants will be issued pursuant to
authority of Chapter 312,
Laws of Minnesota 1903, as amended, as
general obligations with the
full faith and credit of the village
pledged for their payment.
The warrants
will be printed without cost to the
purchaser and opinion supporting their
validity by Fletcher, Dorsey, Barker, Colman & Barber of
Minneapolis,
will be furnished the purchaser without cost.
MISSISSIPPI
MADISON
COUNTY SCHOOL DISTRICTS (P. O.
Canton), Miss.
SOLD—The following funding bonds
aggregating $15,750, are
said to have been purchased at par by the J. 8. Love Co. of
Jackson:
—BONDS
$8,000 3% semi-annual School District No. 3 bonds.
Due
Sept. 1 in 1941 to 194».
7,750 334% semi-annual School District No. 5 bonds.
Due
as follows:
$250 in 1941, and $500 in 1942 to 1956.
terest to be in
multiples of 34 of 1 %.
The full faith, credit and
of the State are
irrevocably pledged to the payment of
the bonds and interest thereon when due.
The bonds will be
com¬
resources
com¬
issued and sold pursuant to Chapter
description
The approving opinion of Chapman &
Cutler, of
Chicago, to the effect that such bonds are valid and
legally
binding obligations of the State, will be delivered to the purthereof.
chftSfir without ch8.r^6«
2,000,000 highway, seventh series bonds.
Dated Aug. 1, 1940.
Due
$500,000, Feb. and Aug. 1, 1960 and 1961.
The State will
have the option of redeeming the bonds in inverse numerical
order on Aug. 1, 1944, and on any interest
payment date there¬
after at par and accrued interest.
Interest payable Feb. and
Aug. 1.
Bidders shall specify the rate or rates of interest such
bonds are to bear in multiples of
M of 1 %.
The bonds are pay¬
able as to both principal and interest from such
portion of the
gasoline or motor fuel taxes levied by the State as
may be
necessary and fully sufficient for such purpose, or in accordance
date only.
WANTED—Donald
Slutz, Secretary, announces that the
Board of Trustees of the
City Retirement Fund will receive sealed
offerings
for city non-callable
bonds until Sept. 17, at 10 a.m.
(EST), in the amount
of
approximately $250,000 under the following conditions:
All
offerings shall be in writing and shall be sealed.
Offerings shall show the purpose, the rate of
interest, date of maturity,
the dollar value and the
yield.
The Board of Trustees reserves
the
with
and
bonds authorized, issued and permitted under
the Act, enjoy
prior pledge of such portion of the revenues as
may be neces¬
on the basis of the
highest yield.
The Board of Trustees reserves
the right to reject
any or all offerings.
Tenders shall remain firm until 1
p.m. (EST), of the
following day.
EAST GRAND
RAPIDS, Mich.—BOND SALE—The $54,000
special
assessment refunding bonds offered
Sept. 9—V. 151, p. 1456—were awarded
to the First of
Michigan Corp. of Detroit, as
134s, at a price of 100.021.
So
t0f
Dated Oct. 1, 1940 and due Oct. 1 as follows:
$9,000 in 1946 and $15,000 from 1947 to
1949 incl.
Halsey, Stuart & Co.,
Inc. submitted the next best
bid.
a
sary for the prompt payment of the principal of and interest on
the bonds, and it is recited, covenanted
and agreed that the
taxes, to the amount necessary as aforesaid, shall be irrevocable
until all of the bonds have been
paid in full as to principal and
The bonds will be issued and sold
pursuant to Chap¬
130, Laws of Mississippi, 1938, and resolutions adopted
by
the State Bond Commission, reference to
which is made for a
more detailed
description thereof.
The approving opinion of
Chapman & Cutler of Chicago, to the effect that such bonds
are valid and
legally binding obligations of the State payable
solely as aforesaid will be delivered to the purchaser without
charge.
interest.
ter
HAMTRAMCK, Mich.—NOTE OFFERING—Albert
J. Zak, City Clerk,
Sept. 17 for the purchase of $450,000
b% interest unpaid current
(1940-1941) fiscal year tax notes.
Dated Wept. 1, 1940 and due on
or before
Aug. 31, 1941.
Said notes to
be issued in
anticipation of the collection of the
unpaid current (1940-1941)
fiscal year taxes, and the full
faith and credit of the
city to be irrevocably
pledged for the payment of
will receive sealed bids until
8 p.m. on
not to exceed
said
to
notes and interest
thereon when due.
the bidder whose bid
produces the lowest interest
Bids shall be conditioned
upon the unqualified opinion of
the purchaser's
attorney approving legality of the notes.
Cost of opinion to be
paid for
th<? city, as will expense of printing the notes.
A certified check for
2% of the
notes, payable to order of the
City Treasurer, is required.
LANSING, Mich.- TO REDEEM
BONDS—City Council has
31^ co*bi $98,000 welfare emergency refunding bonds on Oct.
Dated April 15,
MIDLAND, Mich.—BOND SALE—'The
sment
sewcjr
Detroit,
as
bonus
2s, at
offjr<jti
a
price
Sept..
of
1940«
11
were
100.025,
a
voted t°
15,
1935, and due April 15, 1942.
1940-
the provisions and definitions contained in
the aforesaid
Chapter 130, Laws of Mississippi, 1938.
Under the terms of
as permitted
by the Act, the bonds, together with the other
right on bonds purchased, which are
1940, to pay accrued interest up to that
Offerings will be accepted
to the city.
Denom. $1,000.
No bid of less than par and accrued interest will
be
coasidered.
Principal and interest payable at the State Treasurer's office,
or at the Chemical Bank
& Trust Co,, New York.
The bonds shall be
registerable as to principal only.
Enclose a certified check for 2% of the
par value of the bonds bid for payable to the
State Treasurer.
PONTOTOC COUNTY (P.
O. Pontotoc), Miss .—ADDITIONAL
INFORMATION—It is now reported that the $730,000
334 % semi-annual
refunding bonds offered by the First National Bank of Memphis, as noted
here—V. 151, p. 1456—were
originally purchased at par by a group com¬
posed of Leftwich & Ross, M. A. Saunders & Co., the First
National Bank,
all of Memphis, and the Leland
Speed Co. of Jackson.
Dated Aug. 1,
1940.
Due on Aug. 1 in 1941 to 1961 incl.
YAZOO
$8,300
coupon special
awarued
basis jot
to
Crouse
about
&
asses¬
Co.
of
1.99%. Dated
CITY, Miss.—BONDS SOLD—A $25,000 issue of street inter¬
section refunding bonds is said to have been
purchased jointly by two
Yazoo City banks as 234s.
paying a premium of $in, equal to 100.04, a
basis of about 2.24%.
Dated Aug. 1, 1940.
Due on Aug. 1 as follows:
$1,000 in 1941 to 1945, and $2,000 in 1946 to 1955.
n™KN?hC°miTL(P;-°'
Por\tiac>>
$821,000 (issue reduced Mich.—ADDITIONAL SALE
from $831,000)
highway im¬
refunding bonds awarded to Hood,
Truettner & Thisted, of
Detroit, and associates, as
previously reported in V.
151, p. 1456
were
sold at a price of 100.052, at a
net interest cost
basis of about 2.93
bonds are dated Sept. 20 1940
%.
The
and mature
May 1, 1958.
They are optional
starting on Nov. 1, 1943 and in the bid
the
DETAILS—The
MISSOURI
provement
interest rates
r
A
tno
erotnn
of either
234%
motumtTr
Hoio
successful
or
group
specified
3% to the call date, and
4% thereafter
A
i—
107, Laws of Mississippi,
1940, and resolutions adopted by the State Bond
Commission,
reference to whiph is made for a more detailed
be in writing and shall be sealed.
Tenders shall show the
purpose, the rate of interest, date of
maturity,
the dollar value and the
yield.
Tenders will be accepted on the basis of
the highest net yield to the
city
as computed from
the dollar price.
The city reserves the
right on bonds purchased, which are delivered
subsequent to Oct. 2, 1940, to pay accrued interest
up to that
ihey shall be awarded
.
v.
«
•>
'
.
_
_
.
BOLLINGER COUNTY (P. O. Marble
Hill), Mo.—BONDS SOLD—
County Clerk states that $52,723.12 3% semi-annual funding bonds
have been purchased at par
by Soden & Co. of Kansas City.
Dated Aug. 15,
1940.
Due in 10 years.
Legal approval by Charles & Trauernicht of
The
St. Louis.
_.
MONTANA
£ 1, 1951, and then 4%, and 3% to May 1, 1952, and thereafter at
Bonds are callable on May 1 as
follows: $53,000 in 1941$81 000
1942; $71,000, 1943; $70,000, 1944;
$73,000,
1946- $67 000
1947: $70,000, 1948; $70,000 in 1949 and
$192,000 in
4%.
1
$1,000,000 refunding, first series bonds.
Interest rate is not to exceed
5%,
payable A-O.
Dated Oct. 1, 1940.
Due $250,000, Oct. 1,
1944, April and Oct. 1, 1945 and April 1, 1946.
Rate of in¬
All tenders shall
cost
on
Sept.
State of—BOND OFFERIN G—Sealed bids will be re¬
ceived until 10 a.m. on Sept. 18,,by Greek L. Rice,
Secretary of the State
Bond Commission, for the purchase of the
following coupon bonds aggre¬
gating $3,000,000:
are offered at
par or less than par:
Yield shall be computed to the
date of maturity.
delivered subsequent to
Sept. 24,
date only.
$1,000
on
MISSISSIPPI,
If bonds
TENDERS
a
BRANCH,
Minn.—BOND SALE—This $27,000 issue o
municipal light and power plant bonds offered for sale on Sept. 9—V. 151
p. 1456—was awarded to the Allison-Williams Co. of Minneapolis,
according
to the Village Clerk.
Dated Sept. 16, 1940.
Denom. $1,000 and $500.
Due Sept. 16 as follows:
$1,000 in 1943 to 1945, $2,000 in 1946 to 1951,
$2,500 in 1952 to 1955, and $2,000 in 1956.
All of the bonds maturing
on or subsequent to Sept. 16, 1948, shall be callable in
inverse order as to
number and maturity upon any interest
payment date on or after Sept. 16,
1948, at par and accrued interest upon 30 days' notice.
city to meet.
The plan was presented to the Public Debt
Commission
by City Controller Donald Slutz.
The refunding law, Act 13 of the Public
Acts of 1932 (1st Ex. Sess.) as
amended, provides in part—...
no instalment of
principal shall
be less than one-fourth of the amount of the
largest instalment and one
instalment shall fall due not later than two years from date
of issue, unless
the Commission shall otherwise
approve."
The schedule of maturities
has been presented to the Public Debt
Commission for preliminary
study
and approval because, of
necessity, the above provision of the Act cannot
be complied with if a comprehensive schedule of
maturities is to be adopted.
"I known of no reason
why the Public Debt Commission shouldn't co¬
operate with the City of Detroit and
approve this entire plan," said State
Treasurer Miller Dunckel, Chairman of the Commission.
"And I am sure
Minneapolis, paying a premium of $257, equal to 100.514,
0.90%.
Dated Aug. 1, 1940.
Due on Feb. 1, 1942.
basis of about
made to arrange maturities of the callable bonds so when
they are combined
with the maturities of the non-callable bonds the
combined maturities will
produce a comprehensive, graduated schedule it will be
possible for the
If callable bonds
1% to
Legality approved by Berry & Stevens of Detroit.
3%.
SALEM, Mass.—NOTE OFFERING—Charles
ANN ARBOR SCHOOL
DISTRICT,
election on Sept. 9 the voters authorized
Sept. 14. 1940
PURCHASERS—The successful bidder was a syndicate
composed o
Hood, Truettner & Thisted, Inc.: Campbell-McCarty Co.; Miller, Kenowe
& Co.; Ballman & Main; Fox, Einhorn & Co.,
Inc.; P. E. Kline, inc.
1945?$74,000.
1950
*0''u^u'
MINERAL COUNTY (P. O.
Superior), Mont.—BONDS NOT SOLD
—The $30,000 issue of not to exceed
6% semi-annual hospital bonds that
was scheduled to
be offered on Sept. 5—V.
151, p. 1172—was not sold
as
the bonds
were
withdrawn, due
garding the legality of the
to
the
Attorney General's opinion
re¬
election.
It is understood that the bonds will
be resubmitted to the voters at the
general election on Nov. 5.
Volume
The
151
12,000 general refunding bonds.
Due Dec. 1 as follows:
and 1946; $2,000, 1947; $3,000, 1948; $2,000, 1949
1,000 in 1951.
Interest J-D.
All of the bonds will be dated Sept. 1, 1940.
Other bids:
NEBRASKA
Neb.—BONDS SOLD—An issue of $868,000 3K%
bonds is said to have been purchased by Stifel,
Princell & Co.. both of Chicago and associates.
Dated July I, 1940.
Denom. $1,000.
Due July 1, 1960. Callable on
any interest payment date on 30 days' published notice at par and accrued
interest, plus a premium of 2M% if called prior to July 1, 1942; and the
said premium is reduced 14 of 1 % for each subsequent full year during
which the bonds may be outstanding and if redeemed on or after July 1,
1951, the bonds are redeemable at par and accrued interest.
Principal and
interest payable at the Manufacturers Trust Co., New York.
These bonds, in the opinion of counsel, are issued for the purpose of
acquiring the privately owned toll bridge, crossing the Missouri River
at Nebraska City by the city under and in full compliance with the pro¬
visions of Chapter 87, Senate File No. 296, of the Sessions Laws of the
State, 1935, as amended, and pursuant to a trust agreement with the
NEBRASKA CITY,
Campbell & Co
Colyer, Robinson
Outwater & Wells
L.
Denver, ac¬
1, 1940.
in 1942
$6,000 in
1953 to 1959, callable on 30 days' notice on and after Sept. 1, 1948, at 102
and accrued interest.
Prin. and int. payable at the First National Bank,
Albuquerque.
Legality approved by Pershing, Nye, Bosworth & Dick,
the city,
or limi¬
of Denver.
the
and agrees with each and every holder of any of
the vehicular toll bridge and will
fix and maintain such resaonable rates of toll, and collect and account for
the income and revenues derivable therefrom, sufficient to pay the reason¬
able cost of maintenance, repairing and operating the bridge, and to pro¬
vide and maintain the interest and sinking fund so as promptly to pay the
principal of and the interest on this issue as the same become due.
approved by Chapman & Cutler of Chicago.
public subscription at prices to yield
maturity.
offered the above bonds for
to
3.50%, according to
from 1.00%
Municipal Bonds - Government Bonds
Housing Authority Bonds
Legality
No. 1 (P. O.
INVESTMENT—The successful bidders re-
FOR
OFFERED
BONDS
bonds that it will continuously operate
PLATTSMOUTH SCHOOL DISTRICT
of 4% cou-
Co., Oswald F. Benwell, and Donald F. Brown & Co., all of
cording to Loren Allen, City Clerk and Treasurer.
Dated Sept.
Denom. $1,000.
Due Sept. 1 as follows: $2,000 in 1941; $3,000
to 1946; $4,000 in 1947 to 1950; $5,000 in 1951 and 1952, and
tations.
Plattsmouth),
the Secretary of the Board of Edu¬
construction bonds were offered for sale on Sept. 10
and were awarded to the Baum, Bernheimer Co. of Kansas City, as 2s.
paying a premium of $451, equal to 101.288, a basis of about 1.77%.
on July 1 as follows: $4,000 in 1942 to 1946, and $3,000 in 1947 to 1951,
Neb.—BONDS SOLD—It is stated by
MEXICO
BONDS SOLD—An $85,000 issue
Eon asemi-ann. water extension revenue bonds Brown, Schlessman, Owen &
y
group composed of Boettcher & Co., was purchased recently at par
Fund," and this bond does not constitute an indebtedness of
within the meaning of any constitutional or statutory provisions
_T
100.243
100.208
100.17
3%
3%
3%
*
.
Co
&
Par
100.676
100.569
3%
3%
NEW
and
maintaining,
be set
and in¬
The city covenants
Allen
100.281
2%%
Bank
PORTALES, N. Mex.
the
the
Trust
are
Co.,
M. M. Freeman & Co.
Co., New York, as trustee for the holders of
payable solely from the revenues to be derived from
collection of tolls, from traffic passing over the bridge, which income
revenue after the payment therefrom of the cost of operating,
repairing and insuring the bridge and its approaches, is required to
aside as a special fund for the purpose of paying such principal
terest and identified as the "Toll Bridge Revenue Bond and Interest
bonds, and
&
National
100.046
100.39
2h%
2%%
,
Joseph G. Kress & Co.
Minsch, Monell & Co.
H.
Rate Bid
2H%
J. B. Hanauer & Co
Hillsdale
$1,000 in 1945
and 1950, and
int. Rate
Bidder—
semi-annual bridge revenue
Nicolaus & Co., and Seipp,
Manufacturers
1609
Commercial & Financial Chronicle
Tilney & Company
cation that $35,000
Due
NEW YORK, N. Y.
76 BEAVER STREET
Telephone: WHitehall 4-8898
Bell System Teletype: NY 1-2395
all incl.
NEVADA
refund¬
Industrial
YERINGTON, Nev.—BONDS SOLD—A $40,000 issue of 2^%
ing bonds is said to have been purchased recently by the Nevada
Commission, paying a premium of $150, equal to 100.375.
NEW
12
awarded
100.28, basis
Due Aug. 1
1960 incl.
Moore of
JERSEY
NEW
J.
RIVER JOINT COMMISSION (P. O. Camden), N.
—CITY PLANS TO TAX BRIDGE PROPERTIES—Maurice H. Clyman,
President of the Camden Board of Assessors, has announced that Delaware
DELAWARE
River Bridge property in Camden will be assessed for taxation next year by
the city.
In preparation for such a move, Mr. Clyman has asked an
itemized statement from the Delaware River Joint Commission, which ad¬
ministers bridge business, showing the value placed by the Commission
in its real estate and personal property holdings in Camden.
He also has
requested a financial report setting forth revenues and disbursements
the opening of the bridge in 1926 and a balance sheet and income and
expense statement for 1939.
Mr. Clyman said he would be unable to
determine the amount of the assessment until he receives a reply, but
estimated it would be "$10,000,000 or more."
On the basis of the city's
$4.44 tax rate, $10,000,000 is equivalent to a $444,000 tax.
"Camden has lost millions of dollars in ratables since the coming of the
since
stated.
is
bridge because of properties razed to make way for it," Mr. Clyman
"The bridge is one of the most lucrative businesses in this section and
the most heavily traveled bridge or tunnel in the country.
I can see no
reason why it should not pay a fair return out of its profits to the city.
"I realize objections probably will be raised from a legal standpoint on
grounds that the Delaware River Joint Commission is an interstate
corporation of a quasi-public nature.
"But I have read the statute creating this body and I find, among other
the
acquire property and hold it for possible
condemn all the property it thinks it
collect rents in the meantime and escape
things, that it is given the right to
use.
That means it can
future
might need at some remote date,
taxation.
An agency given such
broad powers certainly
should be liable to
taxation.
"The Commission's
bonds are held by private
investors whose interest
bridge.
I
payments depend upon the profitable operation of the
can see
nothing in the law which makes the State or any other public agency
for the Commission's obligations.
Clearly, it operates in the nature of a
liable
private business."
The bridge originally cost $37,085,100.
Later the Commission built a
high-speed transit line, a structure to house its maintenance forces
new toll buildings to increase the total cost to $45,506,873.
Mr. Clyman
cited construction of the new toll houses to refute any agrument that taxa¬
tion might prevent the bridge from becoming toll free.
He declared:
"The bridge was supposed to become free of taxes by 1938.
For that
reason temporary toll gates were built on the Camden site.
In 1938, the
year tolls were to have been ended, the temporary gates were replaced
expensive, permanent buildings.
That hardly indicates any
to eliminate tolls."
A report by the Commission covering last year's operation cited a new
record for bridge business with 13,378,235 vehicles, an increase of 557,897,
or 4.35%
over 1938, which was the previous big year.
Traffic on the
Camden-Philadelphia span exceeds that of the Holland or Lincoln tunnels,
the George Washington Bridge, Triborough, Bronx-Whitestone, Golden
Gate in California, or any other span or tunnel in the United States.
The
1938 report shows a net income of $1,125,138 remaining out of gross oper¬
ating receipts of $3,155,259 after maintenance, operation and debt service
charges.
The Commission's bonds bear coupon rates of 4 )4 % and are
callable in 1943.
and
by
intention
FORT LEE
SCHOOL DISTRICT, N.
J.—SEEKS BOND TENDERS—
Trust Co. of Bergen County, fiscal agent for the Borough
District of Fort Lse, N. J., trust department, announces that
under the plans of composition of the debts of the Borough and School
District of Fort Lee, that it has available $21,090.79 for the retirement of
The
Peoples
and School
1.
principal of school refunding bonds of the district 3j^%-4%, due June
1979, and calls for the tender of such bonds at a price not exceeding par and
accrued interest until Sept. 27, at 3 p.m., at its office, 210 Main St.,
Hackensaek.
This call is made in accordance with the provisions of
Resolution III, Article VI, Section 4 of the Plans of Composition of the
Debts of the Borough and School District of Fort Lee.
In the event that a greater amount of bonds is tendered at the same price
purchased with the applicable moneys (after all bonds tendered
if any, shall have been purchased), then any of the school
tendered at the price shall be purchased at the price
such manner and order as the fiscal agent shall prescribe.
than can be
at
lower prices,
refunding bonds so
in
N. J.—BOND OFFERING—George P. Dennis, Bor¬
will receive sealed bids until 8 p.m. (DST) on Sept. 24 for the
HIGHTSTOWN,
ough Clerk,
registered water
purchase of $19,500 not to exceed 6% interest coupon or
bonds.
Dated Sept. 1, 1940.
One bond for «500, others
Due Sept. 1 as follows: $1,000 from 1941 to 1959 incl. and
Bidder to name one rate of interest, expressed in a multiple
Principal and interest (M-S) payable at the Hightstown
Hightstown.
The sum required to be
at
$19,500.
The bonds are unlimited tax obligations
$1,000 each.
$500 in 1960.
of K of 1%.
National Bank,
obtained
sale of the bonds is
of the borough and
the approving legal opinion of Hawkins. Delafield & Longfellow of New
York City will be furnished the successful bidder.
A certified check for
2% of the bonds offered, payable to order of the borough, must accompany
each proposal.
or registered
H. B. Boland
$103.60, equal to
HILLSDALE, N. J.—BOND SALE—The $36,000 coupon
offered Sept. 10—V. 151, p. 1173—were awarded to
Co. of New York, as 2Ks, at par plus a premium of
bonds
&
of about 2.44%. Sale consisted of:
public improvement assessment funding bonds.
Due $1,000 on
Sept. 1 from 1941 to 1947 incl.
Interest M-S.
public improvement funding bonds.
Due Sept. 1 as follows: $4,000
in 1941: $3,000, 1942 and 1943; and $1,000 from 1944 to 1950 incl.
100.287, a basis
$7 000
17 000
Interest
MS.
YORK
BUCHANAN, N. Y.—BOND SALE— The issue of $6,500 coupon or
registered public works of 1940 caving bonds offered Sept.
was
to.R. K. Webster & Co. of New York, as 2}4s, at a price of
a
of about 2.20%.
Dated Aug. 1, 1940.
Denom. $250.
as follows: $500 from 1941 to 1944 incl. and $750 from 1945 to
Interest F-A.
Legality approved by Dillon, Vandewater &
New York City.
Other bids:
Rate Bid
1945237680
. Rate
100.123
2.40%
100.279
2.70%
100.25
Mahopac National Bank
2% %
N. Y.
DOYLE FIRE DISTRICT NO. 1 (P. O. Cheektowaga),
BOND SALE—The $30,000 coupon or registered fire hall bonds offered
Sept. 11 were awarded to the Manufacturers & Traders Trust Co. of
Buffalo, as 3.20s, at par plus a premium of $99.30, equal to 100.331, a
basis of about 3.17%.
Dated Sept. 15, 1940.
Denoms. $1,000 and $500.
Due June 16 as follows: $1,500 from 1941 to 1944 incl. and $1,000 from
1945 to 1968 incl.
Principal and interest (J-D) payable at the Manu¬
facturers & Traders Trust Co. of Buffalo, with New York exchange.
Legal
opinion of Dillon, Vandewater & Moore of New York City.
FALLSBURGH, N. Y.—SALE OF SHELDRAKE SEWER DISTRICT
BONDS—The National Bank of Liberty was awarded on Sept. 5 an issue
of $5,500 sewer bonds as 3s, at par.
Dated Sept. 1, 1940. Denom. $500.
Due $500 on Sept. 1 from 1941 to 1951 incl.
Principal and interest (M-S)
payable at the First National Bank, Woodridge, with New York exchange.
Other bids: George B. Gibbons & Co., Inc., 100.01, 3.20s; A. C. Allyn
& Co., Inc., 100.133, 3.50s; Cooperative Fire Insurance Co. of Sullivan
In
Bidder—
C. E. Weinig,
White & Co
---u-
D. White & Co
Ii.
County,
Woodridge par for
3.50s.
HARTFORD, ARGYLE, GRANVILLE,
CENTRAL SCHOOL DISTRICT NO. 1
HEBRON AND FORT ANN
(P. O. Hartford), N. Y.—
sealed bids
OFFERING—Jess Gibson. District Clerk, will receive
until 1 p.m. (EST) on Sept
20 for the purchase of $7,500 not to
6% interest coupon or registered school bonds.
One bond for $500, others $1,000 each.
Due Oct. 1 as follows*
from 1941 to 1947 incl. and $500 in 1948.
Bidder to name a
of interest, expressed in a multiple of % or 1-10 of 1%.
interest (A-O) payable at the National Bank of Argyle.
unlimited tax obligations of the district and the approving
BOND
exceed
Dated Oct. 1, 1940.
$1,000
single rate
Principal and
The bonds are
legal opinion
of Reed. Hoyt, Washburn & Clay of New York City will be furnished the
successful bidder.
A certified check for $150, payable to order of the
Board of Education, must accompany each proposal.
or registered
awarded to
of 100.318, a
15 as follows:
LARCHMONT, N. Y.—BOND SALE—The $56,250 coupon
bonds offered Sept. 10—V. 151, p. 1312—were
H. Rollins & Sons, Inc., New York, as 2.20s, at a price
basis of about 2.16%.
Dated Sept. 15, 1940 and due Sept.
$3,000 from 1941 to 1946 incl.; $3,250 in 1947;
incinerator
E.
and $4,500
Bidder—
1955 incl.
from 1950 to
Other bids:
$4,000 in 1948 and 1949,
Rate Bid
t
Co., Inc_...
-Manufacturers & Traders Trust Co
George B. Gibbons &Co
R. D. White & Co.
H. L. Allen & Co
-
Weigold, Inc
Roosevelt &
(P. O.
MAMARONECK
$56 250 coupon or
100.077
2.20%
2M%
2H%
2M%
2.70%
A. C. Allyn &
Mamaroneck), N. Y.—BOND
registered incinerator bonds
100.289
100.146
100.446
100.321
100.38
SALE—The
offered Sept. 12—V, 151,
Vernon, as
awarded to the First National Bank of Mount
Dated Oct. 1-, 1940. Due Oct. 1 as follows:
$5,000 from 1942 to 1950, incl. and $6,000 in 1951.
^
1
1457—were
ks
M
$5,250 in 1941;
Other bids Rate Bid
at par.
Int* Rate
Bidder—
George B. Gibbons & Co., Inc
Adams, McEntee & Co., Inc
100.177
100.169
100.013
--
i*XX,<?
1.90%
Co. of White Plains
E. H. Rollins & Sons, Inc
R. D. White & Co_
Manufacturers & Traders Trust Co
A. C. Allyn & Co., Inc
H. L. Allen & Co.
County Trust
100.368
2%
2%
2.10%
2.10%
2M%
100.089
100.15
100.087
100.15 J
New
York),
HOUSING AUTHORITY (P. O.
N
Y
BOND OFFERING—Chairman Gerard Swope announces that
sealed "bids will be received at the office of the housing authority, 122 East
42nd St
New York City, until noon (DST) on Sept. 19 for the purchase
of $8 046,000 bonds, as follows: $6,708,000 first issue, series A and $1,NEW
,
338 000
Sept
YORK CITY
15
series A. The bonds of said issues
denomination of $1,000 each bear interest
second issue,
1940 in
be determined as hereinafter
M-S 15, and mature serially on the
rates to
years
arid in the following amounts:
Amount
Amount
First Issue
Year—-
1945-
-
$773,000
225,000
234.000
242,000
251,000
259,000
269,000
278,000
289,000
298,000
Second Issue
will be dated
at the rate or
provided, payable semi-annually on
15th day of March in the following
Amoun
$156,000
1952
1953
49,000
52.000
53,000
55,000
57.000
60,000
$309,000
321,000
1951
45,000
47.000
48,000
1955
331,000
343,000
353,000
364,000
374.000
387,000
398,000
.
1954
1956
—
First Issue
Year—
.
.
1957
1958
1959
410.000
1960
Total
..
.$6,708,000
Amount—
Second Issue
$61,000
63,000
66.000
68,000
70,000
73.000
75,000
77,000
80,000
83,000
$1,338,000
1610
The
Commercial & Financial Chronicle
The bonds of each issue will be numbered
from one
consecutively upwards in order of their
maturity and will be redeemable at the option of
the
Authority on any interest payment date prior to their
maturity, but only
after or simultaneously with the
retirement of the series 13 bonds
of said
issue (which are to be sold to the
United States Housing
Authority), as a
whole or in part, in the inverse order of their
numbers, at a redemption
price of par and accrued interest to the date of
redemption plus a premium
of 4% of their par value if
redeemed on or before Sept.
15, 1945, or a pre¬
mium of 3H% of their par value if
redeemed thereafter but on or
before
Sept. 15, 1950, or a premium of
3% of their par value if redeemed there¬
after but on or before
Sept. 15, 1955, or a premium of
2y2% of their par
value if redeemed thereafter.
Proposals
must be submitted in
duplicate originals.
SEWANHAKA CENTRAL HIGH SCHOOL
DISTRICT (P.
O.
Floral Park),
Hempstead, N. Y.—BONDS VOTED—J. Edward
Pureed,
District Clerk, reports that the voters
The proposal must
authorized
8ta(a)'
construction
The maturities of the bonds bid for.
Such maturities must
include
the first 13 maturities of both issues and
may include any number of addi¬
tional consecutive maturities
(beginning with the 14th maturity) provided
that not less than all the bonds of both
issues
must be
(b)
maturing in any
included.
The interest rate
or
rates
,
which
the bonds are to
must be expressed in
one
,
bear and which
,
...
,
,
.
,
,,,
,
,
.
..
Kings County Trust Co
Manufacturers Trust Co..
The
The
The
The
Marine
Midland Trust Co. of
New York
National City Bank of
New York
New York Trust
Co
1
NORTH
ASHEBORO CENTRAL FALLS SANITARY
DISTRICT
N. C.—BOND OFFERING—Sealed, bids will be re¬
11 a.m. (EST), on Sept. 17,
by W. E. Easterling, Secretary
of the Local Government
Commission, at his office in Raleigh, for the
purchase of $50,000 water and sewer bonds.
Dated July 1, 1940.
Due
on July
1; $1,000, 1945 and 1946, $2,000, 1947 to 1950; $4,000, 1951 to
1960, without option of prior payment.
There will be no action.
Denom..
$1,000; principal and interest (J-J) payable in lawful
money in New York
City; coupon bonds not registerable; general obligations; unlimited
tax;
delivery at place of purchaser's choice.
Bidders are requested to name the interest rate or
rates, not exceeding
6% per annum in multiples of M of 1%.
Each bid may name one rate for
part of the bonds (having the earliest maturities) and another rate for the
balance, but no bid may name more than two rates, and each bidder must
specify in his bid the amount of bonds of each rate.
The bonds will be
awarded to the bidder offering to purchase the bonds at the
lowest interest
cost to the district, such cost to be determined
by deducting the total
amount of the premium bid from the
aggregate amount of interest upon
all of the bonds until their respective maturities.
No bid of less than par
(P. O. Asheboro),
ceived until
J. P.
Morgan
80,000
200,000
and accrued interest will be entertained.
Bids must be accompanied by a certified
bank
80,000
280,000
furnished
80,000
320,000
1,520,000
$40,000,000
NIAGARA FALLS, N.
Y.—CERTIFICATE OFFERING—W. D. RobManager, will receive sealed bids
for
bins, City
the
until 10 a.m. (EST) on
purchase of
Sept. 16
$62,000 not to exceed
5% interest certificates of in¬
issued for home
relief purposes.
due Sept.
Dated Sept. 20, 1940 and
19, 1941.
Bidder to name one
rate of
multiple of H or 1-10
interest, expressed in a
of 1%,
Principal and interest, latter
maturity of loan, will be
payable at
payable at the Power
Falls.
City Trust Co., Niagara
Certificates will be payable
to
bearer,
butregisterafcle as to principal
>
and will be a general
obligation of the city, payable from
unlimited taxes.
A certified
check for
$1,240, payable to order of the
v
l
l^sal opinion of
xork City will be
Dillon, Vandewater & Moore of New
furnished the
successful bidder.
ONE1 DA
COUNTY (P. O.
Utica), N. Y.—BOND OFFERING—John
/naoii
County Comptroller,
Sept.
i
will
receive sealed bids until 2
19 for the purchase
p.m.
of $100,000 not
to exceed
6% interest
armory bonds.
Dated Sept.
1,
1940.
Denom.
Las follows: $12,000 from 1941 to 1945 incl. and
1946 to 1950 incl.
Bidder to name a
expressed in a
single rate of interest,
multiple of li or 1-10 of
payable at the
1%.
Principal and interest (M-S)
County Treasurer's office or at
lTU8t Co.,
the First Citizens Bank &
Utica.
The bonds are
issued for the
funds to pay the
purpose of providing
cost of the
acquisition and
armory.
The bonds are
improvement of a site for an
unlimited tax obligations
of the
approving legal opinion of
county and the
Hawkins, Delafield & Longfellow of New York
City will be furnished the
successful bidder.
A certified check for
payable to order of the
$2,000,
County Comptroller, is
required.
(.US!)
Iq
$8,000
on
°£* re&jstered
Due
from
nmw
Denom. $1,000, excepting one bond of $500;
principal and interest (M-S)
payable in lawful money in New York City; coupon bonds
registerable as
principal only and as to both principal and interest; general obligations;
to
unlimited tax;
e.^)°phs
refunded.
maturing in the next
of which
$194,000 represents
Of the
the bonds just
fiscal
year
total
approximately
$830,000 remaining, refunding issues which cannot be
$670,000 will be refunded with
and $160,000
paid from next
authorized
year's tax
^»
N-
FACILITIES—The city
latter
s
distribution
of
Plattsburg
generating plant is nearing
completion.
city, said the agreement
was
contingent
Commission, the Securities and
Administration
and
revenue.
PURCHASE
POWER DISTRIBUTION
reached on Sept.
11, a tentative
York State Gas &
Electric Co. for purchase of the
facilities here for
about $200,000.
The
agreement with the New
Harry P. Kehoe,
on approval
city's
A separate
Exchange Commission,
the Public Works
New York Federal
Court, super¬
of the Associated
Gas & Electric Co.,
the second
district
visor of the
company, a
which is under
subsidiary
bankruptcy proceedings. The
agreement terminates four
litigation in which the
utility sought to prevent the
structing its own
city from con¬
generating
years of
plant.
¥£H£ST15»,
N*
that the city will issue
FINANCING— It is reported
$2,000,000 tax and special
local assessment notes to
.1.
yn'TrZEMP0RARY
bid for each separate issue
There will be no
(not less than par and accrued
interest) is requirea.
Bidders are requested to name the interest rate or
rates, not exceeding 6% in multiples of H of
1%; each bid may name one
part of the bonds of either issue (having the earliest maturities)
and another rate for the
balance, but no bid may name more than two
rates for either issue, and each
bidder must specify in his bid the amoimt
of bonds of each rate.
The bonds will be awarded to the bidder offering
to purchase the bonds at the
lowest interest cost to the county, such cost
to be determined
by deducting the total amount of the
rate for
premium bid from
the aggregate amount of interest
upon all of the bonds until their respective
maturities.
Bids must be accompanied
by a certified check
upon
an
incorporated
bank or trust company,
payable unconditionally to the order of the State
Treasurer for $2,730.
The right to reject all bids is reserved.
The ap¬
proving opinion of Storey, Thorndike, Palmer & Dodge, Boston, will be
furnished the purchaser.
NORTH
DAKOTA
ROLETTE COUNTY SCHOOL DISTRICT NO. 1
(P. O. Dunseith),
N. Dak.—CERTIFICATES NOT
SOLD—The
the $4,500 not
to
District Clerk states that
7% annual certificates of indebtedness offered
1028—were not sold as no bids were received.
Due on Aug. 26, 1941.
exceed
Aug. 26—V. 151,
Dated Aug. 26, 1940.
on
p.
OHIO
ALLIANCE, Ohio—BOND
OFFERING— F. H. Greneisen, City Auditor,
Sept. 25 for the purchase of $94,000
3% series D-1940 coupon or registered refunding bonds.
Dated Sept. 15,
1940.
Denom. $1,000.
Due Oct. 15 as follows: $15,000 in 1942 and
1943 and $16,000 from 1944 to
1947 incl.
Bidder may name a different
rate of interest,
expressed in a multiple of H of 1% and payable A-O.
A certifiea check for
$940, payable to order of the city, is required.
The
approving legal opinion of Taft, Stettinius & Hollister of Cincinnati
will
be furnished the successful
bidder.
will receive sealea bids until
own
counsel for the
by the Federal Power
delivery at place of purchaser's choice.
auction.
ONONDAGA COUNTY
(P. O.
ING ISSUE—
Syracuse), N. Y —PLANS REFUND¬
County intends to make an
bonds, according to
offering of $670,000 refunding
report.
$1,024,000,
purchaser.
inclusive; $10,000, 1963, and $15,000, 1964 and 1965.
71,500 general refunding bonds maturing annually $5,500, 1958; $5,000,
1959 to 1961, inclusive; $10,000, 1962 and
1963; $15,000, 1964,
and $16,000, 1965.
debtedness,
an»
the
RUTHERFORD COUNTY (P. O.
Rutherfordton), N. C —BOND
OFFERING—Sealed bids will be received until 11 a.m.
(EST), on Sept. 17,
by W. E. Easterling, Secretary of the Local Government Commission,
at his office in Raleigh, for the
purchase of the following bonds, dated
Sept. 1,1940, due on March 1 as follows, without option of prior
payment:
$65,000 school refunding bonds maturing annually $5,GG0, 1958 to 1962,
400,000
80,000
& Co
or
ing opinion of Reed, Hoyt,Washburn & Clay, New York City, will be
2,014,000
280,000
'
check upon an incorporated
trust company, payable
unconditionally to the order of the State
Treasurer for $1,000.
The right to reject all bids is reserved.
The approv¬
1,120,000
5,759,000
1,120,000
Public National Bank
& Trust Co. of
New York
Title Guarantee &
Trust Co
United States Trust
Co. of New York
lowest
of interest
City, will be furnished the purchaser.
3,000,000
7,289,000
1,560,000
5,276.000
2,000,000
120,000
1,720,000
the
HOPE MILLS, N. C.—BONDS SOLD TO
RFC—The Secretary of the
Local Government Commission states that
$49,000 4% semi-annual water
and sewer bonds were
purchased at par on Sept. 10 by the Reconstruction
Finance Corporation.
480,000
440,000
Chemical Bank & Trust Co
The Commercial
National Bank and Trust
Co. of New York..
The Continental
Bank & Trust Co. of
New York
Corn Exchange Bank
Trust Co
Empire Trust Co
The Fifth Avenue
Bank of New York.
The First National
;
Bank of the
City of New York
Fulton Trust Co. of New
York
Guaranty Trust Co. Of New
York
Irving Trust Co
bonds will
at
deducting the
all of the bonds until their respective maturities.
No bid of less
than par and accrued interest will be entertained.
Bids must be accompanied
by a certified check upon an incorporated
bank or trust
company, payable unconditionally to the order of the State
Treasurer for $460.
The approving opinion of Reed,
Hoyt, Washburn
& Clay, New York
Amount
$3,222,000
1,560,000
City of New York
purchase
upon
follows:
Brooklyn Trust Co.
Central Hanover Bank &
Trust Co_.
The Chase National
Bank of the
CAROLINA
a.m.
aggregate amount
YORK, N. Y.—$-40,000,000
;
11
be awarded to the bidder
offering to purchase the bonds
interest cost to the town, such cost to be
determined by
total amount of the premium bid from the
REVENUE BILLS
troller Joseph D.
SOLD—Comp¬
McGoldrick announced that he
had sold by allotment
Sept. 11 an issue of
$40,000,000 revenue bills at an interest rate
of
0.30%.
They are dated Sept. 12,
1940, and are payable Nov. 6,
The institutions and
1940.
their allotments
Bank of the
Manhattan Co
Bank of New York
100.139
100.29
100.27
of
on
as
Rate Bid
100 145
2.70%
2.75%
2.80%
3.30%
$23,000 water works and sewer refunding bonds, dated
8ept. 1, 1940,
and maturing annually on
Sept. 1, $2,000, 1947 to 1957, and $1,000,
1958,
without option of prior payment.
There will be no auction.
Denom.
$1,000; principal and interest (M-S) payable in lawful
money in New York
City; coupon bonds registrable as to both
principal and interest; general
obligations; unlimited tax, delivery at place of purchaser's
choice.
Bidders are requested to name the interest rate or
rates, not exceeding
6% per annum in multiples of Y\ of 1%.
Each bid may name one rate
for part of the bonds
(having the earliest maturities) and another rate for
the balance, but no bid
may name more than two rates, and each bidder
must specify in his bid the amount of
bonds of each rate.
The
,
Upon the acceptance
of any proposal the
check submitted
therewith will be applied in
with the Contract of
accordance
Purchase, and the checks of unsuccessful
be returned.
bidders will
The right is reserved
to reject
any and all proposals.
The validity of the
bonds will be
approved by Hawkins, Delafield &
Longfellow, bond counsel of the
Authority, New York City, whose opin¬
ions on both
issues, together with a record of the
the issuance of the
proceedings authorizing
bonds, will be delivered to the
purchaser free of charge*
A circular
containing the notice of sale,
information for bidders, forms
of opinions of bond
counsel and official form
of proposal
on application
may be obtained
at the said office of
the Authority.
are
$70,000
OFFERING— Sealed bids will be
received
(EST), on Sept. 17, by W. E. Easterling,
Secretary of the
Local Government
Commission, at his office in Raleigh, for the
All proposals to purchase
the bonds must be
submitted on the official
form of "Proposal for
Housing Authority Bonds (First and Second
Series A," furnished
Issues)
by the Authority, without any additions or
alterations
therein except such as are
necessary to fill in the blanks, and to execute the
same, and must be accompanied
by a certified check or checks drawn on, or
a chashier's or
treasurer's check of, a National
or State
the principal office of which
banking institution,
is located in the
City of New York, payable to
the Authority in an
amount equal to
2% of the principal amount of bonds
bid for to secure the
faithful performance of the
bid.
Institution—
Int. Rate
NORTH
bear
Bankers Trust Co
of
ASHEBORO, N. C.—BOND
until
amount of
NEW
issue
WATER
Bacon, Stevenson & Co
for in the bid, if
any, bear interest at the rate
3%, and that the bonds of Second Issue not
bid for in the bid, if
any,
interest at the rate of
3M%, and subtracting from such total the
premium bid, if any.
of
—SALE OF
R. D. White & Co
par and accrued interest.
The bonds will be sold to the
bidder whose bid results In the
lowest in¬
terest cost to the Authority on all of
the bonds of both issues
offered for
sale.
Such interest cost will be
determined by computing the total
amount
of interest from
Sept. 15, 1940 to the respective
maturities of the bonds
(disregarding the redemption provisions of the
bonds) on the entire $8,046,000 bonds of both issues offered
for sale on the
assumption that the bonds
of the First Issue not bid
.
an
Sept. 9.
Bidder—
inclusive, 3M %',
First Issue, bonds
maturing after 1953,3%; Second Issue, bonds
maturing in
the years 1941 to
1953, both inclusive, 3K%; Second
issue, bonds matur¬
ing after 1953, 3 Y\ %■
(c) The price offered for the bonds bid
for, which must not be ,
less than
,
on
George B. Gibbons & Co
Greramel & Co.
of interest.
All bonds of the same issue
maturing in the same year must bear the
same
rate of interest,
bonds of any maturity of one issue
may bear a different
rate of Interest from bonds of
the other issue
maturing in the same year.
The maximum interest rate of the
bonds shall not exceed the
following:
First Issue, bonds maturing in the
years 1941 to 1953, both
,
election
an
DISTRICT BONDS—The
$9,000 Shrub Oak-Mohegan Water District bonds
offered Sept. 10—V.
151,
p. 1458—were awarded to Roosevelt
& Weigold, Inc., New
York, as 2.70s
at a price of
100.22, a basis of about 2.64%.
Dated 8ept. 1, 1940. and
due $500 on Sept. 1 from 1941 to
1958 incl.
Other bids:
multiples of l-10th or H of 1%.
Bonds of different
maturities, though of the same issue, may bear
different rates
„
bonds at
YORKTOWN, N. Y
year
^
Sept. 14, 1940
provide for routine expenses and to cover cost of
removing a technical high
school.
Tax collections are
running well ahead of a year ago and if the
city can keep up the pace it will wind
up with the best annual collection
average in recent years.
City Treasurer said that collections on the
1940
levy to Aug. 31 warrant a hope that between 94 and
95% of the levy may
be collected before Dec. 31.
In 1939. when the
city had a good collection
year, 93.071 % of the levy was collected within
the calendar year.
In 1938
collections yere about 90%.
If the 1940 collection does reach the
94.5%
it will mean that about
$1,000,000 will remain to be collected.
ASHLAND,
noon on
Ohio—PROPOSED
BOND
$250,000 4% municipal building bonds.
due in 25 years.
ISSUE—City plans to issue
Dated about Dec. 1, 1940 and
BARBERTON, Ohio—BOND
voters
bonds.
will
be
ELECTION—At the Nov. 5 election the
asked to approve an issue of $160,000
municipal building
BUTLER COUNTY (P. O.
$31,000 refunding bonds offered
to the
of
Hamilton), Ohio—BOND SALE—The
Sept. 6—V. 151, p. 1174—were awarded
Second National Bank of
Hamilton, as 1 H&, at par plus a premium
$125, equal to 100.403,
a
basis of about 1.15%.
Dated Aug. 1, 1940
The
151
Volume
and due Oct. 1 as follows:
1946, and
Bidder—
Charles A. Hinsch & Co., Inc.,
Pohl & Co., Inc.,
$4,000, 1943; $5,000,
$4,000 in 1947. Other bids:
Rate of Int.
Premium
Cincinnati
1M %
$114.70
$4,000, 1941; $5,000, 1942;
1944; $4,000, 1945; $5,000,
1M%
Stranahan, Harris & Co., Toledo
Ryan, Sutherland & Co., Toledo
Braun, Bosworth & Co., Toledo
Mitchell, Herrick & Co., Cleveland
Van Lahr, Doll & Isphording, Cincinnati
1M %
1)4%
*
1)4%
1 1M%
/
34.10
6-70
1M%
114%
Cleveland
Paine, Webber & Co., Chicago
Otis & Co.,
CINCINNATI. Ohio—BOND
ELECTION—C. O. Sherill City Manager,
Nov. 5 election the voters will be asked to authorize
issues: $2,000,000 municipal auditorium; $2,000,000
vocational school and $4,000,000 street improvement.
reports that at the
the following bond
CONNEAUT, Ohio—NOTES SOLD— The City Sinking
an issue of $9,200 3% street improvement notes
Sept. 1, 1940 and due Sept. 1, 1942.
purchased
COSHOCTON, Ohio—BOND OFFERING—W.
will receive sealed bids until noon (EST) on Sept.
Fund Trustees
at par.
Dated
J. Beall, City Auditor,
30, for the purchase of
street improvement bonds.
Dated Oct. 1, 1940.
One bond for $276.39, others $1,000 each.
Due Oct. las 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 1950.
Bidder may name a different rate
of interest, expressed in a multiple of M of 1%.
Principal and interest
(A-O) payable at the City Treasurer's office.
Legal opinion of Squire,
Sanders & Dempsey of Cleveland will be furnished the successful bidder.
A certified check for $800, payable to order of the city, must accompany
$39,276.39 3%
$4,027,
$958,619 deficiency bonds sold as 2 Ms at par plus a premium of
equal to 100.42, a basis of about 2.20%.
Dated Sept. 1,
and due Sept. 1 as follows:
$192,619 in 1947, $192,000 in
and 1949, and $191,000 in 1950 and 1951.
63.75
63.00
39.00
131.00
100.00
10.00
1M%
Cincinnati
BancOhio Securities Co., Columbus
1611
Commercial & Financial Chronicle
coupon
37,000 park improvement bonds sold as 2s at par
equal to 100.059, a basis of about 1.99%.
and due Sept. 1 as follows:
$4,000 from
$3,000 from 1949 to
1940,
1948
plus a premium of $22,
Dated Sept. 1, 1940,
1942 to 1948 incl., and
1951 incl.
issues follows:
A list of the bids for the
$958,619 Deficiency
For
Bonds
Interest
Premium
Fox, Einhorn & Co., Cincinnati and Associates
$4,027
Stranahan, Harris & Co., Inc., Toledo; Ryan, Suther¬
Rate
Bidder—
land
Toledo;
Co.,
&
Braun,
Bosworth & Co.,
Toledo; Provident Savings Bank & Trust Co.,
Cincinnati; The Weil, Roth & Irving Co., Cin¬
cinnati; Van Lahr, Doll & Isphording, Inc., Cin¬
cinnati; Siler, Roose & Co., Toledo
BancOhio Securities Co.,
Columbus; Otis & Co.,
Cleveland: Merrill,
Turben & Co., Cleveland;
11,329
2 K%
8,440
2M%
Fahey,
Clark &
Co., Cleveland; McDonald,
Coolidge & Co., Clevelana: Lowry, Sweney, Inc.,
Columbus; Edw. W. Brockhaus & Co., Cincinnati
Blyth & Co.. Inc., New York; Field, Richards & Co.,
Cleveland;
Hayden, Miller & Co., Cleveland;
$37,000 Park
For
1)4%
7,861
Cleveland
Hawley, Huller & Co.,
2 M%
Improvement Bonds
Interest
Rate
Premium
Bidder—
Fox, Einhorn & Co.,
2%
2)4%
1)4%
$22.22
Cincinnati, and Associates
445.00
437.00
each proposal.
Co., Columbus, and Associates
Stranahan, Harris & Co., Toledo, and Associates—
Blyth & Co., New York, and Associates
,
Cleveland), Ohio—OTHER BIDS—'The
$1,600,000 refunding bonds awarded to Field, Richards & Co. of Cleveland,
and associates, on a bid of 100.01 for a combination of 3Ms and 1Mb, or
a net interest cost of about 1.87 %, as previously reported in v. 151, p. 1459,
WASHINGTON TOWNSHIP (P. O. Toledo), Ohio— BOND
ING—The Township Trustee will receive sealed bids until
p.
Oct. 1 for the purchase of $14,000 4% indebtedness liquidating
Dated Sept. 30, 1940.
Denom. $1,000. Due on Sept.
CUYAHOGA COUNTY (P. O.
were
Int. Rate
Nicolaus & Co.; First
& Co., Inc.; Pohl & Co.;
Seasongood & Mayer; Wells-Dickey Co.; Walter,
Woody & Heimerdinger; Charles A. Himsch & Co.;
Inc.: Seufferle & Kountz, and Commerce Union Bank
Rate Bid
Allyn & Co., Inc.; Stifel,
Cleveland Corp * Fox, Einhorn
C.
100.27
2%
R. S. Dickson & Co
and P. E. Kline, Inc
Bank & Trust Co.; Ryan, Sutherland
Roth & Irving Co.; VanLahr, Doll &
Isphording; Assel, Goetz & Moerlein, Inc.; Prudden
& Co., and W. E. Hutton & Co
100.178
2M%
100.557
2M %
Co.; Weil,
2)4 %
1943 to 1946 incl.
Bidder may name a
expressed in a multiple of )4 of 1% and payable
payable to order of the City Treasurer, is
1942 and $7,400 from
rate of interest
certified check for $370,
GREENE TOWNSHIP
Oct. 3 for the purchase of $18,000 3)4% ad
bonds.
Dated April 1, 1940.
Denoms. $1,000 and $500.
as follows: $1,000 from 1946 to 1960 incl. and $500 from 1961
noon
different
A-O. A
required.
(P.O.WoosteTT,
RURAL SCHOOL DISTRICT
District Clerk will receive
OFFERING—The
Ohio—BOND
until
on
sealed bids
valorem tax
Due Oct. 1
to 1966 incl.
expressed in a multiple of
)4 of 1%.
Interest A-O.
A certified check for 5% of the bid, payable to
order of the Board of Education, must accompany each proposal.
Bidder
may
name
a
OREGON
Ore—BOND SALE— The $25,750 street and sewer
bonds offered for sale on Sept. 5—V. 151, p. 1313—were awarded jointly
to E. M. Adams & Co., and the Federal Securities Co., both of Portland,
at a price of 100.37, according to the City Auditor.
different rate of interest,
Toledo), Ohio—OTHER BIDS—The $20,900
awarded Aug. 29 to Stranahan, Harris & Co. of Toledo
of $32, equal too 100.16, a basis of about
also bid for as follows:
LINN COUNTY SCHOOL DISTRICT No. 65 (P- O. Sweet
Ore.—WARRANT OFFERING—Sealed bids will be received until
Sept. 16, by Alice P. Storey, District Clerk, fof the
not to exceed 6% annual interest-bearing warrants.
Dated Aug.
Due on Oct. 1 as rollows: $257 in 1943 and $500 in 1944 to 1951.
fied check for 5% of the bid is required.
lHs at par plus a premium
1.47%—V. 151, p. 1313—were
as
Prem.
$12.60
106.85
1M%
64.44
2%
144.00
MALTA, Ohio—BONDS SOLD—The issue of $15,000 street improve¬
ment bonds approved by the voters at an election on Aug. 6 has been sold.
MUSKINGUM WATERSHED CONSERVANCY DISTRICT (P. O.
New Philadelphia), Ohio—BOND OFFERING—Bryce C. Browning, Secre¬
tary-Treasurer, will receive sealed bids until noon on Sept. 27 for the
purchase of $304,000 4% coupon district bonds.
Dated Oct. 1, 1940.
Denom. $1,000.
Due Nov. 1 as follows: $7,000 in 1941; $8,000, 1942 to
1945 incl.; $9,000, 1946 to 1948 incl.; $10,000, 1949 to 1952 incl.; $11,000,
1953 to 1955 incl.; $12,000, 1956 to 1958 inc .; $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.
Bidder may name a different rate of interest, pro¬
vided that fractional rates are expressed in a multiple of )4 of 1 %.
Interest
M-N.
The bonds are issued for the purpose of raising money in anticipa¬
tion of the collection of the instalments of a special assessment heretofore
levied to pay a portion of the cost of the execution of the Official Plan of
the District, including superintendence of construction and administration
under authority of the Conservancy Act of Ohio and pursuant to a certain
resolution of the district passed on Aug. 28.
The purchaser will receive
and pay for the bonds on or before Oct. 1.
Enclose a certified check for
1% of the amount of bonds bid for, payable to order of the district.
NEW LONDON, Ohio— BOND OFFERING—J. W. Nelson, Village
Clerk, will receive sealed bids until noon on Sept. 21 for the purpose of
$45,000 4% sanitary sewer bonds.
Dated Aug. 1, 1940. Denom. $450.
Due as follows: $900, Oct. 1, 1941; $900, April 1 and Oct, 1, 1942; $900,
April 1 and Oct. 1 from 1943 to 1965 incl. and $900, April 1, 1966.
Bidder
may name a different rate of interest, expressed in a multiple of )4 of 1%.
Interest A-O.
A certified check for $450, payable to order of the Village
Bidder—
Braun, Bosworth &
Co. and Ryan, Sutherland &
Seasongood & Mayer.
Charles A. Hinsch & Co
Ford R. Weber & Co
Int. Rate
Co. 1)4%
1M%
required.
(These bonds were originally offered Aug. 31 and
that time because of an error in the notice of.sale.)
Treasurer, is
could not be sold at
Ohio—TENDERS WAN TED—Ruth B. Faragher.
will receive tenders until noon on Oct. 9 of refunding bonds •
A sum of $5,000 is available for such purpose and the
will purchase bonds at the lowest price of not more than par.
PEPPER
PIKE,
Village Clerk,
dated Jan. 1,
village
1940.
UNIVERSITY HEIGHTS (P. O. South Euclid), Ohio—BOND
OFFERING—W. A. Horky, Village Clerk, will receive sealed bids until
noon (EST) on Sept. 27 for the purchase of $105,000 4% refunding bonds,
1940-B.
Dated Oct. 1, 1940.
Due $10,500 on Oct. 1 from 1945 to 1954
incl.
Bidder may name a different rate of interest provided that fractional
rates are expressed in a multiple of )4 of 1%.
Interest A-O. Principal
and interest payable at the Village Clerk's office.
The legal opinion of
Squire, Sanders & Dempsey of Cleveland may be obtained by the
purchaser
at
Conditional bids will not be accepted. A certified
required.
Ohio—BOND SALE—The two issues of bonds aggregating
which sealed bids were invited until Sept. 10—V. 151, p.
his own expense.
check for 1%
of the issue is
TOLEDO,
$995,619 for
1175, 1313—were
awarded to a syndicate composed of Fox, Einhorn &
Cincinnati; Ford R. Weber <fc Co., Toledo; First Cleveland
Cleveland; Commerce Union Bank of Nashville; Fullerton & Co.,
Columbus; Seasongood <fe Mayer, Pohl & Co., Walter, Woody & Heimer¬
dinger, P. E. ICline, Inc., and Katz & O'Brien, all of Cincinnati, as follows:
Co.,
Inc.,
Corp.,
Home),
8 p. m.
purchase of $4,257
12. 1940.
A certi¬
on
Ore.—BOND SALE—The $55,000 semi-annual sewer
151, p. 1313—were purchased by
of the Federal Securities Co., E. M. Adams & Co.
Co., all of Portland, as 4Ms, paying par, according
Recorder,
Dated July 15, 1940.
Due on July 15 in
PRINEVILLE,
bonds offered for
sale on Aug. 30—V.
group composed
and Paine, Rice &
a
to
to
the City
1965.
Ore—BOND SALE— The $5,000 coupon semi-ann.
hospital bonds offered for sale on Sept. 9—V. 151, p.
at a price of 100.40, according
purchased by two local investors,
City Recorder.
Dated Sept. 1, 1940.
1459—were
to the
1943
CITY,
PRAIRIE
general obligation
Due $500 from 1945 to
1954
incl.
'
LUCAS COUNTY (P. O.
county home bonds
Okla.
$6,000
31 to R. J. Edwards, Inc.
3 Ms, the remaining $3,000
Due on Jan. 1 in 1943 to
GRANTS PASS,
100.226
G1RARD, Ohio—BOND OFFERING—P. J. Wilson, City Auditor
will receive sealed bids until noon on Sept. 23 for the purchase of $36,622.20
3% coupon street improvement bonds.
Dated Oct. 1, 1940. One bond
for $3,222.20. others for $3,700 each.
Due Oct. 1 as follows: $7,022.20
in
Nov. 5 election
street repair and
DISTRICT NO. 11 <P. O. Hillsdale),
informed by the District Clerk that
school building bonds were sold on Aug.
of Oklahoma City, divided as idlows: $3,000 as
as 3Ms.
Denom. $500.
Dated Oct. 1, 1940.
1949 Incl.
Interest payable J-J.
100.82
Provident Savings
'
HILLSDALE SCHOOL
—BONDS SOLD—We are
coupon
Blyth & Co.; Blair & Co., Inc.; Hayden, Miller & Co.;
Hawley, Huller & Co.; Fahey, Clark & Co.; Lowry,
Sweney, Inc.; Paine, Webber & Co.; First of Michigan
Corp., and Breed & Harrison
Lehman Bros.; Phelps, Fenn & Co., Inc.; Eastman,
Dillon & Co.; Paul H. Davis & Co.; C. F. Childs &
&
each proposal.
OKLAHOMA
100.30
2%
Turben &
& Co., and Fullerton & Co__
Halsey, Stuart & Co., Inc.; Kidder, Peabody & Co.;
E. H. Rollins & Sons, Inc.; Hemphill, Noyes Co., and
Co.; McDonald-Coolidge
Co.; Wm. J. Mericka & Co.,
Interest M-S.
township, must accompany
WILMINGTON, Ohio—BOND ELECTION—At the
asked to approve the issuance of $35,000
$20,000 swimming pool and park bonds.
2%
Otis & Co.; Merrill,
after.
8:30
m. on
bonds.
30, 1949. Callable
Sept. 30, 1943, or on any interest paying date there¬
A certified check for $150, payable to order of the
the voters will be
of Nashville
BancOhio Securities Co.;
1)4%
304.00
OFFER¬
in whole or in part on
also bid for as follows:
Bidder—
A.
BancOhio Securities
PENNSYLVANIA
BUTLER, Pa .—BOND
city bonds offered
Blair & Co., Inc. and Stroud
price of 101.385, a basis
1 as follows: $10,000
1952; $40,000 in 1953 and $21,000 in 1954.
SALE— The $121,000 coupon
Sept. 10—V. 151, 0. 1313—were awarded to
& Co., both of Philadelphia, jointly, as 1Mb, at a
of about 1.63%.
Dated Sept. 1, 1940 and due Sept.
in 1950;
$20,000, 1951;
Other Dids, also for
$30,000,
kMs, were as follows:
Bate Bid
-.101.30
.101.19
Bidder—
of Pittsburgh
Inc. and Edward Lowber Stokes & Co
Schmidt, Poole & Co
Harriman Ripley & Co., Inc. and Merrill Lynch, E. A.
Union Trust Co.
E. H. Rollins & Sons,
—
.101.173
Pierce
....
& Cassatt.
101.09
& Lynch
100.683
and George B.
Dougherty, Corkran & Co. and Moore, Leonard
Hemphill, Noyes & Co.; Phillips, Schmertz & Co.,
Applegate
Halsey, Stuart & Co., Inc
—
100.55
100.398
Peoples-Pittsburgh Trust Co
100.156
BUTLER, Pa.—BOND SALE—The issue of $121,000 coupon city bonds
offered Sept. 10—V. 151, p. 1313—was awarded to Blair & Co., Inc. and
Stroud & Co.. Inc., Philadelphia, jointly, as 1 Ms, at par plus a premium of
$1,675.85, equal to 101.389, a basis of about 1.63%. Dated Sept. 1, 1940
and due Sept. 1 as follows: $10,000 in 1950; $20,000, 1951; $30,000, 1952;
$40,000 in 1953 and $21,000 in 1954.
Reoffered to yield from 1.45% to
1.60%, according to maturity. Other bids, also for 1 Ms, were as follows:
W. H.
Newbold's Son & Co.
and
Premium
$1,450.79
1,419.33
1,294.70
826.43
—
703.01
481.58
369.80
Bidder—
& Sons, Inc
Co
—
—
& Co., Inc
Dougherty, Corkran & Co. and Moore, Leonard &
Hemphill, Noyes & Co. and Phillips, Schmertz &
Halsey, Stuart & Co., Inc
Union Trust Co. of Pittsburgh.
E. H. Rollins
Schmidt, Poole &
Harriman Ripley
-
Lynch
Co
Peoples-Pittsburgh Trust Co
Singer, Deane & Scribner
188.76
153.00
-
City Clerk,
for the purchase
CHESTER, Pa.—BOND OFFERING—Benjamin Newsome,
sealed bids until 10 a. m. (EST) on Sept. 24
$515,000 1, 1M. 1)4, 1M. 2, 2M, 1)4, 2M, or
coupon,
as
to
principal only, funding bonds.
Dated Oct.
$1,000.
Due Oct. 1 as follows:
$25,000 from
to
will receive
3%
of
registrable
1, 1940. Denom.
1945 incl., and $26,000 from 1946 to 1960 incl.
Bidder to name one rate of interest for all
of the bonds, payable A-O.
The bonds will be issued subject to the
favorable legal opinion of Townsend, Elliott & Munson of Philadelphia.
A certified check for 2% of the bonds bid for, payable to order of the City
1941
Treasurer,
is required.
t
improvement
H. E. Bence of
CREEKSIDE, Pa.—BOND SALE— The $2,500 6% street
bonds offered Aug. 29—V. 151, p. 1175—were awarded to
4.55%. Dated July 15. 1940
1945 incl. and $500 in 1946.
DEEMSTON (P. O. Fredericktown, R. D. 1), Pa.—BOND SALE—
The $17,000 refunding and improvement bonds offered Sept. 7—V. 151,
p. 1313—were awarded to Moore, Leonard & Lynch of Pittsburgh, as 2s
at par plus a premium of $74, equal to 100.435, a basis of about 1.87%.
Indiana, at a
and due July
price of 104.40, a basis of about
15 as follows: $400 from 1941 to
Dated Sept. 1, 1940 and due Sept. 1 as
incl. and $2,000 from 1944 to 1947 incl.
second high bidder, offered par for 2s.
follows: $3,000 from 1941 to 1943
The Citizens Bank of Washington,
.—BOND SALE—The
Sept. 4—V. 151, p. 1175—
of Cincinnati. Dated
1941 to 1950 incl.
DICKSON CITY SCHOOL DISTRICT, Pa
$60,000 coupon operating revenue bonds offered
awarded as 4s to Fox, Einhorn & Co., Inc.
Sept. 1, 1940 and due $6,000 on Sept. 1 from
were
1612
The Commercial & Financial
Chronicle
HARMONY TOWNSHIP (P. O.
Ambridge), Pa.—BOND SALE-—The
$16,(XX) coupon bonds offered Sept. IP—V. 151,
p. 1313—were awarded to
E. H. Rollins & Sons, Inc. of
Philadelphia, as 2s, at par plus a premium of
$119.84, equal to 100.749, a basis of about 1.92%.
Dated Sept. 1, 1940
and due Sept. 1 as follows: $l,000from
1945 to 1950 incl.; $2,000 in 1951 and
$4,000 in 1952 and 1953.
Second high bid of 100.537 for 2s was
made by
Phillips. Schmertz & Co. of Pittsburgh.
HARRISON TOWNSHIP
(P. O. Natrona), Pa.—BOND OFFERING
—Chester A. Grove, Township
Secretary, will receive sealed bids until
6:30 p. m. (EST) on Sept. 23 for the
purchase of $10,000 not to exceed
4% Interest coupon township bonds.
Dated Oct. 1,1940.
Denom. $1,000.
Due $1,000 on Oct. 1 from 1941 to
1950 incl.
Bidder to name a
single
rate of interest, expressed in a
multiple of M of 1%, and payable A-O.
Sale of bonds is subject to
approval of proceedings by the Pennsylvania
Department of Internal Affairs.
Purchaser will be furnished with
legal
opinion of Burgwin, Scully & Churchill of
Pittsburgh.
A certified check
for $500, payable to order of the
Township Secretary, is
ROCHELLE SCHOOL DISTRICT (P. O.
RocHelle), Texas—BOND
SALE DETAILS—The
Superintendent of Schools reports that the $26,000
bonds sold recently, as noted here—V.
151, p. 1314—were
purchased by the State Board of Education as
3Ks, at a price of 101.00,
and mature on March 1 as
follows: $500 in 1941 to 1959:
$1,000, 1951 to
1957: $1,500, 1958 to 1961, and $2,000 in
1962 to 1965, giving a basis of
required.
construction
JEFFERSON TOWNSHIP SCHOOL DISTRICT
(P. O. Large), Pa.
—BOND SALE—The $100,000
coupon building bonds offered Sept.
10—
V. 151, p. 1313—were awarded to an
account composed of
Hemphill,
Noyes & Co., Philadelphia: Phillips, Schmertz & Co. and
George G. Applegate, both of Pittsburgh, as 2Ms at par plus a
premium of $2,247, equal
to 102.247, a basis of about
2.03%.
Dated June 1, 1940, and due $5,000
on Dec.
1 from 1942 to 1961 incl.
Reoffered by the group to
yield from
0.75% to 2.10%, according to maturity.
Second high bid of 100.719 for
2J4s was made by Singer, Deane & Scribner of
Pittsburgh.
MIDDLEBURG SCHOOL DISTRICT, Pa.—BOND SALE—The
about 3.41%.
ROSEBUD, Texas—BONDS
water
in 1941 to 1948.
TENAHA, Texas—WARRANT OFFERING— It is
stated by Mayor
Dave McNeill that he will receive
sealed bids until Sept. 17, or the
purchase
of $14 500
5% semi-ann. water works revenue warrants. Due in 20
Bank, of Richfield, purchased on Aug. 30 an issue of
$16,000 3%
at 103 186, a basis of about
2.70%.
Dated Sept. 1, 1940.
Denom. $500.
Due $1,000 on Sept. 1 from 1945 to 1960
incl.
building bonds
PHILADELPHIA, Pa.—TAXABLE BASIS LOWER—A decrease of
$40,000,000 each in real estate and personal
property assessments was
reported by Mayor Lamberton to the Board of
Revision of Taxes on Sept. 5.
Despite the projected loss of $840,000 in tax revenue,
the Mayor is reported
to have reiterated his intention
to bring about a 17 K~cent cut in
the real estate
tax rate.
Stating that there would be no increase in taxes. Mr.
Kamberton
announced that "we will balance the
budget by cutting the departmental
expenses to fit the income from present
taxes,"
The 1941 estimates of
total assessed valuations were divided as
follows: Real estate,
$2,482,029,908; personal property, $750,000,000.
For 1940 the figures were
$2,521-
892,208 and $792,883,050,
respectively.
Valuations have been
consistently
lower since 1931.
UNIONTOWN, Pa.'—BOND SALE—The $80,000 coupon revenue
10—V. 151, p. 1313—were awarded to
E. H.
Rollins & Sons, Inc., and
Singer, Deane & Scribner of
Pittsburgh, jointly,
as 2Mb at a
price of 100.869, a basis of about
2.08%.
Dated Nov. 1, 1940,
and due $8,000 on Nov. 1 from
1941 to 1950 incl.
Reoffered to yield from
0.70% to 2.15%, according to maturity.
Second high bid of 100.515 for
2 14b was made by an account
composed of Hemphill, Noyes &
Co.; Phillips,
Schmertz & Co.. and
George G. Applegate.
deficiency bonds offered Sept.
RHODE
ISLAND
SOLD—A $17,000 issue of 3 Ml
% semi-ann.
improvement and extension bonds is said to have
been purchased
at a price of 102.49.
Due on Aug. 15
by the First National Bank of Rosebud
Rich¬
field
WAELDER, Texas—BONDS
SOLD—A $20,000 issue of electric
system
revenue bonds is said to have
been purchased by the Columbian
Securities
Corp. of San Antonio.
VIRGINIA
NORFOLK, Va.—BOND SALE—The $572,000 issue of 3%
semi-annua
general refunding of 1940 bonds offered for
sale on 8ept. 10—Y.
151, p.
1314—was awarded to a syndicate
composed of Lehman Bros.; Hemphill,
Noves & Co., Eldredge &
Co., all of New York, and Stein Bros. &
Boyce
of Baltimore,
paying a price of 106.1799, a basis of about
2.55%.
Dated
Due on June 1 in 1953 to 1962
inclusive.
BONDS OFFERED FOR
INVESTMENT—'The successful bidders re¬
offered the above bonds for
general subscriptions at prices to
yield from
2.35% to 2.55%, according to maturity.
June 1, 1940.
WASHINGTON
KING
enom.
WEST
WARWICK,
R.
bonds.
SCHOOL
shall run for a period
20 years, said Period of time
being (as near as practicable)
equivalent to the life of the improvement to be
acquired by the
use of said bonds.
Provided, that the district
I .—BOND OFFERING— The Town
Treasurer
Sept. 24 for the purchase of $100,000
of
to
pay or redeem said bonds, or
any
two years from the date
thereof.
Principal
close
and
interest payable
certified check for
a
to the
AQUILLA CONSOLIDATED
RURAL HIGH SCHOOL
DISTRICT
(P. O.
Hillsboro), Texas—BOND DISPOSAL REPORT—It is
reported that
$5,000 4% semi-annual
refunding bonds are being handled through
Walker,
& Waggener of Dallas.
Dated June 1, 1940.
Due on June
1
1954.1®
PROPOSAL
in
REJECTED—A
proposed
$1,700,000 bond issue to finance
construction of a
municipally owned
natural gas distribution
system to compete with facilities owned
and oper¬
ated by United Gas
Corp. was defeated on Sept. 10. Vote was
4.738 against
the proposed bond issue and
4,159 in favor. |
GONZALES INDEPENDENT
SCHOOL DISTRICT (P. O. Gonzales), Texas—BONDS OFFERED—Sealed bids
were received until
Sept.12
by the Secretary of the Board of
Trustees, for the purchase of $90,000
school building bonds.
Dated Oct. 1, 1940.
Due serially in 28
yearsoptional in 25 years.
These bonds were
approved by tho voters on Sept.
5.'
COOKE COUNTY JUSTICE PRECINCT NO. 1 (P. O.
SALE DETAILS—It is
stated by the
the $17,000
County Judge that
2}4 % semi-ann. road
refunding,
series
of 1940
at par, as
bonds sold
to
noted here—V. 151,
p. 1460—
dated Julv 10, 1940, and mature on
April 10 as follows: $5,000 in 1941
1943, and $2,000 in 1944. Prin. and
int. (A-O) payable at the
Gainesville
are
to
the
County Treasurer's
par value of the
office.
En¬
bonds bid for, payable
VIRGINIA
VIRGINIA, State of—BOND SALE—The $480,000 coupon
registered semi-annual road bonds offered for sale
on Sent. 10—V. 151,
p. 1460—were awarded to a
syndicate composed of Lazard Freres &
Co.,
Goldman, Sachs & Co., both of New York, and R. S.
Dickson & Co., Inc.,
of Charlotte, for a premium of
$418. equal to 100.087, a net interest cost
of about 1.64%, on the bonds
divided as follows:
$40,000 as lHs due
$20,000 on Sent. 1 in 1941 and 1942;
$80,000 as 4s. due $20,000 from
Sept. 1, 1943 to 1946: the
remaining $360,000 as l^s, due $20,000 from
Sept. 1, 1947 to 1964 incl.
or
OPTION GRANTED—The said
syndicate was also awarded an option
until Sept. 13. at 1 p. m.
(EST), on an additional $240,000 bonds at the
price and rates.
same
BONDS OFFERED FOR
INVESTMENT—'The successful
offered the original block of bonds for
public subscription at
from 0.20% to
National Bank.
bidders re¬
prices to yield
1.75%, according to maturity.
WISCONSIN
Gainsville)'
_
County Permanent School Fund
at
5% of the
County Treasurer.
WEST
Austin
the
reserves the right
of them, at any time after
•
WEST
TEXAS
Texas—BOND
O.
reserves the right
to pay or redeem said
bonds, or any of them, at
any time after
five years from the date thereof.
5,500 School District No. 120 bonds.
Said bonds
Dated Sept. 1, 1940.
from 1950 to 1959 incl.
LAUDERDALE COUNTY (P. O.
Ripley), Term.—BONDS SOLD—
The Clerk of the
County Court states that $60,000 3% semi-annual
refund¬
ing bonds have been purchased
by Nunn, Shwab & Co. of
a
Nashville, for
price of 100.291.
Dated July 1, 1940.
BEAUMONT,
(P.
Said bonds shall run tor a
period
of 23 years, said Period of time
being (as pear as practicable)
equivalent to the life of the improvement to be
acquired by the
use of said bonds.
Provided, that the district
TENNESSEE
1941 to
DISTRICTS
$17,100 School District No. 221 bonds.
will receive sealed bids
until 8 p.m. on
sewer
COUNTY
Seattle), Wash.—
BOND OFFERING—Sealed bids will be
received until 11 a.m. on Oct.
1,
by Ralph S. Stacy, County Treasurer, for the
purchase ol 6% semi-annual
school bonds aggregating
$22,600, as ioIIows:
I.—BOND ISSUE DETAILS—'The
$500,000 2%%
refunding bonds purchased by the First National Bank of
Boston—V. 151,
Interest M-S,
years.
No bid at less than
par and accrued interest is acceptable.
PAWTUCKET, R.
B 1460—were sold at$50,000 annually on Sept. 1
par and accrued interest.
$1,000. Due
Sept. 14, 1940
$45,000 of bonds maturing In 1949 and
$50,000 in 1950 to 1951. When
the successful bidder is notified
of the acceptance of his
bid, the city will
at the same time exercise or
waive this ontion.
Prin. and int. payable at
the National
City Bantc, New York.
These are the bonus authorized at
the election held on Sept. 3.
All issues are supported by an ad
valorem
tax on all taxable
property within the city limits.
It is believed that these
bonds will be ready for
delivery to the purchaser about Nov. 1.
The
city will furnish at its expense
lithographed bonds with the proper interest
coupons, and will also supply the
approving opinion of the Attorney-Gen¬
eral and the
approving opinion of Chapman & Cutler of
Chicago.
The
First National Bank, Port
Arthur, will certify as to the genuineness of the
signatures of the officials signing the bonds and
also as to the seal of the
city impressed thereon.
Enclose a certified check for
2% of the face value
of the bonds bid
for, payable to the city.
MARSHFIELD,
Wis,—BOND DISPOSAL REPORT—The
City Clerk
$180,000 refunding bonds authorized
by the Common Council
Aug. 6 were handled by the
White-Phillips Corp. of
states that
on
Davenport.
MAYVILLE
JOINT* FREE
HIGH
SCHOOL
DISTRICT
(P.
O.
Mayvillel, Wis.—BOND SALE—The $21,700 2H% semi-annual
general
obligation
Texas—BOND DISPOSAL
REPORT— The City Clerk
states that $225,000
4% water works purchase and extension
bonds, ap¬
proved by the voters at an election
held on July 7, are
being handled through
the
refunding bonds offered for sale on Sept. 9—V.
151, p. 1460—
awarded to Daniel F. Rice & Co. of
Chicago, for a premium of $1,001,
equal to 104.612. a basis of about
1.58%.
Dated Sept. 10, 1940.
Due
on March 10 In 1941 to
1950 inclusive.
HOUSTON INDEPENDENT
SCHOOL DISTRICT
(P. O. Houston)
Texas—RFC TO PURCHASE
BONDS—It is
at par
FREEPORT,
Ranson-Davidson
Co. of San Antonio.
Due in 1960.
stated by H. L.
Mills, Business
Manager of the Board of
Education, that the $550,000
field house bonds
4% stadium and
are
to be purchased
by the Reconstruction Finance
Corporation.
JEFFERSON COUNTY (P. O.
Beaumont), Texas—BONDS VOTED
is stated
by Charles A. Howell,
County Judge, that the voters
approved
?tlAanc2,0/
e 8800,000 county airport bonds on Aug. 31
by a count
2,150 to 814.
-—It
of
•
$100,000
Te*a8—MATURITY— The City Secretary states that the
3% semi-annual water system
bonds sold to
Rauscher, Pierce
Dallas, at a price of 101.289, as
noted in these
columns—V. 151,
Ft'i^1477T?£e dFe,,as
SfniJn
Dzisis Ox aoout 2
•87
%
•
WAUKESHA, Wi*.—NOTES
$75,000 corporate
SOLD—The
City Treasurer states that
on Aug. 31 to the Marine
purpose notes were awarded
National Exchange Bank of
Milwaukee, at 0.35%, plus
a
premium of $5.00.
WAUKESHA, Wia.—BONDS SOLD—The City
Attorney states that
$15,000 school heating plant bonds have been sold to
the City Pension
Board and Cemetery Commission.
Denom. $5,000.
Dated Sept. 1, 1940.
Due on July 1, 1941: with the
option by the city to redeem the notes
on April 1, 1941, or
any time there¬
after prior to
maturity.
in 1942; $2,000, 1943;
1948« 810,000, 1950 to 1953;
1958, and $4,000 in 1959, giving
•
to
-r ORANGE
INDEPENDENT SCHOOL DISTRICT (P. O.
Texas—BOND SALE—The
Or.ng.),
$125,000 issue of school bonds
offered for
on
sale
Sept
5—V. 151, p. 1314—was
awarded to
Mahan, Dittmar & Co. of
Antonio and
associates, paying par for the
bonds as 4s and 4^s.
Dated Sept. 1, 1940.
Due on March 1 in
1941 to 1970.$
San
PORT ARTHUR,
Texas-—BOND OFFERING—Sealed
bids will be re¬
m
on Sept.
17, by B. N. Taylor,
City Manager, for
following bonds aggregating
$372,000:
«
$246,000 street improvement bonds.
Due on^Jan. 1 as
follows: $22,000
1 oA94
1944• 840'000,'„1945'- 837,000, 1946: $22,000,
AO nnn
i 7• o20-00^ 1948 and 1949, and $25,000 in 1950 and 1951.
48,000 drainage improvement
bonds.
Due on Jan. 1 as
follows: $8,000
in 1947, and
$10,000 in 194<s to 1951.
53,000 police and fire station
bonds.
Due on Jan. 1 as
follows: $3,000
in 1946 and $10,000 in
1947 to 1951.
25,000 barge terminal bonds.
Due $5,000 on Jan. 1
in 1947 to 1951 incl.
Denom. $1,000.
Dated Nov. 1, 1940.
The bidder is asked to
name a
coupon rate that will
justify a bid of par, or better.
The rate may be ex¬
pressed in quarters of 1%
but split,
ceived until 7:30 p.
the purchase of the
5nSnnn00i°n!iG
rates are prohibited
and will not be
considered.
It is desirable, but
not a
requirement, that all issues carry
the same coupon rate.
The city reserves
the privilege of
from the successful bidder for
repurchasing
investment purposes and at the bid
price
SAUKVILLE, Wis.—BONDS SOLD—The Village Clerk states that
$60,000 4% semi-ann. water and sewer revenue bonds
have been purchased
by T, E. Joiner & Co. of Chicago. Denominations
$1,000 and $500.
Due on May 1 in 1943 to 1967.
Jollows: $1,000
$5,000, inA an(i 1955; $10,000,
1954 and
1956
ft
were
WYOMING
FREMONT COUNTY SCHOOL DISTRICT NO.
27 (P. O.
Wyo.—BOND OFFERING—Sealed bids will be received until Hudson),
10 a.m. on
Sept. 30, by Edward Theis, District Clerk, for the
purchase of $1,500 not
4% annual coupon school bonds.
Denom. $500.
Dated Sept. 1,
Due $500 on Sept. 1 in 1942 to
1944 incl.
to exceed
1930.
CANADA
CARLETON COUNTY (P. O.
of Toronto was awarded
$40,251
July 2, 1940.
Other bids:
Bidder
Fairclough & Co
Frank L. Craig & Co
John Graham & Co
Ottawa), Ont.—BOND SALE—Bank
3K % bonds at a price of 102.08.
Dated
Rate Bid
101.272
.100.75
100.537
Bidder—
Rate Bid
Dyment, Anderson & Co—100.53
Harris, Ramsay & Co
100.277
Dominion Securities
99.17
HALIFAX. N. S.—CORRECTION—'The report in V.
151, p. 1460 of
the sale by the City of
Sydney of $50,000 refunding bonds to Stanbury
& Co. of Halifax, was
incorrect, in that the financing actually was done
by the municipality of Halifax.
As a result of this sale and the
pooling of
all sinking fund accounts, the
city is now in position where no
refunding
will be required for the next six
years.
In that period, according to
report,
a
total of $1,000,000 bonds mature and
sufficient funds are assured for
full payment.
@FedFRASER